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GRANDPARENTS.COM, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement

May 6, 2014



Item 1.01 Entry into a Material Definitive Agreement.

On May 6, 2014, and effective as of April 30, 2014, Grandparents.com, Inc. (the "Company") entered into amendments (each a "Note Amendment" and collectively the "Note Amendments") to each of those certain promissory notes dated as of February 26, 2013 (each, a "Promissory Note" and collectively, the "Promissory Notes") with each of (i) Steven Leber, the Company's Chairman and Co-Chief Executive Officer, (ii) Joseph Bernstein, the Company's Co-Chief Executive Officer, Chief Financial Officer and Treasurer, (iii) Meadows Capital LLC, an entity controlled by Dr. Robert Cohen, a member of the Company's Board of Directors, and (iv) Mel Harris, a current security holder and advisor to the Company (each, a "Lender") evidencing loans made by each Lender to the Company to fund operations. Each Promissory Note was issued in the original principal amount of $100,000. Pursuant to the Note Amendments, the maturity date of each Promissory Note was extended until the earlier of (i) June 30, 2014, (ii) the closing of a single transaction (whether debt, equity or a combination of both) that results in aggregate gross proceeds to the Company of $1,500,000 or (iii) the acceleration of the maturity of the Promissory Note upon the occurrence of an Event of Default (as defined in each of the Promissory Notes).

The foregoing description of the Note Amendments does not purport to be complete and is qualified in its entirety by reference to the form of Note Amendment to be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2014 and incorporated herein by reference.


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Source: Edgar Glimpses


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