eGain extends promissory note to June 2012, reduces interest to 8%

eGain and lender CEO Roy agree on $5.56 million outstanding principal

By Marisa Wong

Madison, Wis., April 5 - eGain Communications Corp. entered into an amendment to its restated subordinated secured promissory note dated Sept. 24, 2008 with investor Ashutosh Roy, the company's chief executive officer and a director, according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, which became effective on March 31, the promissory note has been extended by 90 days to June 29, 2012.

eGain and the lender have agreed that as of April 1, the face amount of the note is $5,561,945. That amount reflects the reduced interest rate on the note of 8% beginning April 1.

The company has also agreed to prepay the note in full or in part prior to maturity without interest penalty.

eGain develops customer service and contact center software and is based in Sunnyvale, Calif.

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