TruGolf Holdings, Inc. (TRUG) Form 8-K — Sep 24, 2026
TruGolf Holdings (TRUG) disclosed that Christopher Jones voluntarily resigned on September 22, 2026 from all employment, officer, director and committee positions with the Company and its subsidiaries, effective immediately. Under the accompanying Separation and Settlement Agreement, the Company will pay Jones a $100,000 severance lump sum plus twelve months of COBRA premiums, repay a $1,444,000 demand loan (10% upfront, 90% in twelve months at 12% interest), and repurchase franchise rights for $500,000 on similar deferred terms. The Company also unconditionally committed to pay $654,604 to the Audree Redd Jones Trust by September 30, 2026, with a 24% default rate if missed.
Key figures
- Loan balance
- $1,444,000 (10% due on Initial Payment Date, 90% due 12 months later)
- Consulting rate
- $100 per hour
- Severance payment
- $100,000 lump sum
- Loan interest rate
- 12% per annum simple; 18% default rate
- Trust default rate
- 24% per Trust Notes original terms
- Trust payoff amount
- $654,604 due on or before September 30, 2026 ($650,000 principal + $4,604 interest)
- Cobra subsidy months
- 12
- Franchise buyback price
- $500,000 ($50,000 upfront, $450,000 due at Maturity Date)
- Class a shares outstanding
- 12065115
- Series a preferred outstanding
- $1.76 million stated value as of September 21, 2026
- Series a conversion price reset
- $1.00 per share
AI analysis
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