PASSUR AEROSPACE, INC.

(PSSR)
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Delayed OTC Markets  -  05/11 11:43:56 am EDT
0.4000 USD   +32.45%
04/12PASSUR AEROSPACE, INC. : Submission of Matters to a Vote of Security Holders (form 8-K)
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PASSUR AEROSPACE, INC. : Entry into a Material Definitive Agreement (form 8-K)

05/05/2021 | 03:38pm EDT

Item 1.01Entry into a Material Definitive Agreement

On April 16, 2021 (the "PSP3 Closing Date"), PASSUR Aerospace, Inc. ("the Company"), a New York corporation, signed a Payroll Support Program 3 Agreement (the "PSP3 Agreement") with the U.S. Department of the Treasury ("Treasury") with respect to the Payroll Support Program 3 (the "PSP3") under Section 7301 of the American Rescue Plan Act of 2021, and returned it to be countersigned by the Treasury. The fully executed agreement was received by the Company on April 30, 2021.




PSP3 Agreement



Pursuant to the PSP3 Agreement, Treasury is to provide the Company with financial assistance to be paid in installments (each, an "Installment") expected to total in the aggregate approximately $1.3 million, to be used exclusively for the purpose of continuing to pay employee salaries, wages and benefits. The first Installment, in the amount of approximately $654,000 (representing 50% of the current expected total payment), has been received by the Company. The remaining Installment is anticipated to be paid as follows: (i) the remaining 50% of the total payment is anticipated to be paid in the second quarter of 2021 and (ii) a possible additional final payment could be made subsequently, based on any adjustments by Treasury to the initial expected total payment.

Under the PSP3 Agreement, the Company agreed to (i) refrain from conducting involuntary furloughs or reducing employee rates of pay or benefits through the later of September 30, 2021 or the date all payments received under the PSP3 have been expended, (ii) limit executive compensation through April 1, 2023 and (iii) suspend payment of dividends and stock repurchases through September 30, 2022. The PSP3 Agreement also imposes certain Treasury-mandated reporting obligations on the Company.

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