Item 1.02. Termination of a Material Definitive Agreement
Sonasoft and FIS have reached a settlement agreement to end their original
partnership contract. As part of this settlement agreement, FIS has made a
significant compensation payment to Sonasoft. This settlement frees Sonasoft to
pursue engagements with other financial service providers and was considered
preferable to the more restrictive terms of the original partnership. The
contract was exited amicably by both parties. While the settlement agreement was
signed in December of 2021, it made provisions for further negotiation of a
Statement of Work structure for the potential development of three AI bots for
FIS by Sonasoft. As of May 4th, Sonasoft has elected to withdraw from these
negotiations.
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