Veritone Inc (VERI)

[GBR]

This is the 2nd clause that was terminated from the original agreement.

Buyer shall: (ii) provide the funding subject to and in accordance with the Business Plan and Budget

Under the original agreement, here is the definition of Business Plan and Budget:

“Business Plan and Budget” means the business plan and annual budgets for the Company for the period immediately following the Closing Date and ending on the last day of the 2022 Earn-Out Period as set forth in Exhibit B attached hereto, which annual budgets shall contain monthly revenue targets and quarterly revenue targets for the Company.

So as of this agreement dated Sept 6,

- Veritone wants to cease funding Pando's business plan and budget?

-Veritone no longer wants to be required to keep Pando as a separate business unit

- Veritone wants to be allowed to terminate management shareholders of Pandologic.