Company: FGBI
Filing Date: 2025-06-09
Form Type: 8-K
Source: 0001408534-25-000045
Chunk: 0

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-06-09
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01

Entry into a Material Definitive Agreement

First Amendment to Promissory Note

On June 4, 2025, First Guaranty Bancshares, Inc. (“ First Guaranty or the "Company”) entered into the First Amendment to the Promissory Note (the “ Promissory Note Amendment”) with Smith & Tate Investment, L. L. C. (“ Smith & Tate), which amends that certain Promissory Note, dated as of October 5, 2023, by and between First Guaranty and Smith & Tate, as successor to Burke & Herbert Bank & Trust Company, as successor to Summit Community Bank, Inc. (as amended, the “ Promissory Note”). Smith & Tate is a company controlled by Edgar Ray Smith, III, a director and principal shareholder of First Guaranty.

Prior to the Promissory Note Amendment, the Promissory Note provided for the payment of thirty-nine (39) quarterly installments of principal in the amount of $1,007,812.50 (the “ Principal Payments”) plus all accrued but unpaid interest, beginning on December 31, 2023, and continuing on the last day of each consecutive calendar quarter thereafter, followed by a final payment on October 5, 2033, equal to the then-outstanding principal balance and all accrued but unpaid interest, penalties and fees due thereon.

The terms of the Promissory Note Amendment provide for the waiver of the Principal Payment for the four (4) consecutive calendar quarters beginning on the June 30, 2025, interest payment date and ending on the March 31, 2026, interest payment date (the “ Promissory Note Modified Payment Period”). Each interest payment that becomes due and payable during the Promissory Note Modified Payment Period will be made, at First Guaranty’s option, either (a) in cash, as provided in the Promissory Note, or (b) in shares of common stock of First Guaranty, $1.00 par value (the “ Common Stock”), with the number of shares of Common Stock to constitute each such interest payment equaling (i) the cash payment due as of such interest payment date based on the then-applicable interest rate as provided in the Promissory Note; divided by (ii) the consolidated closing bid price per share of the Common Stock on the trading day immediately preceding the interest payment date. The number of shares of Common Stock to be issued will