Company: BKYI
Filing Date: 2025-10-03
Form Type: 8-K
Source: 0001437749-25-030493
Chunk: 1

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-10-03
Form: 8-K
Item: Item 2.03
Chunk 1
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 raised in such transaction and (ii) the full amount due under the Note.

The Note provides for customary events of default, including, among other things, the event of non-payment of principal, interest, fees or other amounts, a representation or warranty proving to have been incorrect when made, failure to perform or observe covenants within a specified period of time, the bankruptcy or insolvency of the Company or of all or a substantial part of its property, and monetary judgment defaults of a specified amount. Upon the occurrence of an Event of Default, Lender may (i) cause interest on the outstanding balance to accrue at an interest rate equal to the lesser of twenty two (22%) or the maximum rate permitted under applicable law, and (ii) accelerate all amounts due under the Note plus an amount equal to (a) fifteen percent (15%) of the amount due under the Note for each default that is considered a major trigger event (as defined), and (b) five percent (5%) of the amount due under the Note for each occurrence of any default that is considered a minor trigger event (as defined), in any case not to exceed twenty five percent (25%).

The Note also contains certain covenants, including the Company timely filing all reports with the SEC and maintaining the listing of its common stock on the Nasdaq Stock Market.

The foregoing descriptions of the Purchase Agreement, Note, and related transaction documents do not purport to be complete and are qualified in their entirety by reference to the complete text of such agreements, copies of which are filed as exhibits to this Current Report on Form 8-K.