Exhibit 10.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On November 8, 2023, Zircon Corporation (“Zircon”), a subsidiary of ZRCN Inc. (the “Company”), entered into an amendment (the “Amendment”) to the Loan Agreement, dated as of January 23, 2023, and the related Commercial Promissory Note (Base Rate) dated January 27, 2023 in the original principal amount of $12,000,000 (the “2023 Note”) and that certain Commercial Promissory Note (Base Rate) dated September 30, 2019 in the original principal amount of $300,000 (the “2019 Note,” and together with the 2023 Note, the “Notes”) with U.S. Bank National Association (the “Bank”), as successor in interest to Union Bank, N.A. Capitalized terms used and not otherwise defined in this section of this report have the meanings ascribed to such terms in the Loan Agreement and the Notes.
ZRCN and Zircon executed an Amendment To Loan Agreement And Notes, Guaranty, and Borrowing Resolutions of their respective Boards of Directors and in return Bank waived the default of terms and conditions of the Loan Agreement that resulted from the reverse merger involving Zircon and the Company.
The description above is only a summary of the material provisions of the Amendment and does not purport to be complete and is qualified in its entirety by reference to the provisions in such Amendment, a copy of which is attached hereto as Exhibit 10.1.
| Exhibit No. | Exhibit Description | |
| 10.1 | Amendment To Loan Agreement And Notes, dated November 8, 2023, by and between Zircon Corporation and U.S. Bank National Association, as successor in interest to Union Bank, N.A. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ZRCN, Inc. | ||
| Date: November 13, 2023 | By: | /s/ John Stauss |
| John Stauss | ||
| Chief Executive Officer | ||
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Exhibit 10.1