UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 4, 2022 (December 30, 2021)
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Item 1.01. Entry into a Material Definitive Agreement.
On December 30, 2021, Appian Corporation (“Appian”) and Silicon Valley Bank (“SVB”) entered into a First Loan Modification Agreement (the “Modification”) to the Third Amended and Restated Loan and Security Agreement between Appian, as Borrower, and SVB dated as of November 1, 2017 (the “Loan Agreement”).
The Modification provides for the extension of the maturity date of amounts due under the Loan Agreement until November 1, 2025. In addition, the Modification replaces LIBOR as a benchmark rate for advances under the Loan Agreement with the Term Secured Overnight Financing Rate (“SOFR”). The remaining terms and conditions of the Loan Agreement generally continue in the form existing prior to the Modification. As of January 3, 2022, no amounts are outstanding under the Loan Agreement.
The foregoing description of the Modification is qualified in its entirety by reference to the full text of the Modification, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending December 31, 2021, and the full text of the Loan Agreement previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 2, 2017, each of which are incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Appian Corporation | |||||||||||
| Date: January 4, 2022 | By: | /s/ Mark Lynch | |||||||||
| Mark Lynch | |||||||||||
| Chief Financial Officer | |||||||||||