As previously reported, on July 12, 2023, Agrify Corporation issued a junior secured promissory note in favor of CP Acquisitions LLC, an entity that is controlled and partially owned by Raymond Chang, the Company?s Chairman and Chief Executive Officer. The Note provided for a maximum loan amount of $3,000,000, bears interest at 10% per annum, and may be prepaid without any fee or penalty. On December 4, 2023, CP and the Company amended and restated the Note (the ?Note Amendment?).

Pursuant to the terms of the Note Amendment, the maximum principal amount that may be loaned by CP to the Company was increased to $4,000,000.