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RICEBRAN TECHNOLOGIES

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RICEBRAN TECHNOLOGIES : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

04/16/2020 | 03:34pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an

           Off-Balance Sheet Arrangement of a Registrant.



On April 15, 2020, RiceBran Technologies (the "Company") received a loan in the amount of approximately $1.8 million from Spirit of Texas Bank SSB, (the "Loan"), pursuant to the Paycheck Protection Program (the "PPP") administered by the United States Small Business Administration (the "SBA"). The PPP is part of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which provides for forgiveness of up to the full principal amount and accrued interest of qualifying loans guaranteed under the PPP.

The Loan was granted pursuant to a Promissory Note (the "Note") dated April 15, 2020 issued by the Company. The Note matures on April 15, 2022 and bears interest at a rate of 1.00% per annum. Principal and accrued interest are payable monthly in equal installments through the maturity date, commencing on November 15, 2020, unless forgiven as described below. The Note may be prepaid at any time prior to maturity with no prepayment penalties. Loan proceeds may only be used for the Company's eligible payroll costs (with salary capped at $100,000 on an annualized basis for each employee), rent, and utilities, in each case paid during the eight-week period following the Loan disbursement. However, at least 75 percent of the Loan proceeds must be used for eligible payroll costs. The Loan will be fully forgiven if (1) proceeds are used to pay eligible payroll costs, rent, and utilities and (2) full-time employee headcount and salaries are either maintained during the applicable eight-week period or restored by June 30, 2020. If not so maintained or restored, forgiveness of the Loan will be reduced in accordance with the regulations issued by the SBA. The Company will carefully monitor all qualifying expenses and other requirements necessary to maximize loan forgiveness.

The foregoing description of the Note does not purport to be complete and is qualified in its entirety by reference to its full text, a copy of which is attached as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits



Exhibit No.   Description

  10.1        Promissory Note dated as of April 15, 2020
  99.1        Press Release issued April 16, 2020


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© Edgar Online, source Glimpses

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