Item 1.02 Termination of a Material Definitive Agreement.
On December 30, 2022, Sonasoft Corp. (the "Company") and Information Visibility
Technology, LLC ("IVT") entered into a certain termination agreement (the
"Termination Agreement") in which the parties agreed to terminate a Development
License and Reseller Agreement, dated as of August 10, 2021 (the "License
Agreement") in accordance with the provisions of the Termination Agreement and
the License Agreement. Under License Agreement, Sonasoft licensed certain
artificial intelligence and machine learning applications, and the parties
intended to collaborate on the marketing and sale of AI applications. After
utilizing commercially reasonable efforts, the parties determined it was in
their mutual best interests to terminate the License Agreement and pursue
alternative endeavors. The parties have agreed to a mutual full release of the
liabilities and obligations under the License Agreement.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed herewith.
Exhibit No. Description
10.1 Termination Agreement dated as of December 30, 2022 by and between
the Company and IVT
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