Daniel Kurnos

Michael Kupinski

Dan Kurnos

Patrick McCann

- Direct Digital Holdings, Inc. (DRCT) entered into a **Ninth Amendment** to its Term Loan and Security Agreement on **October 14, 2025**, converting **$10.0 million** in term loans and other debt obligations into newly authorized Series A Preferred Stock.  **[1880613_0001880613-25-000123_a101-amend9xninthamendment.htm:0]** **[1880613_0001880613-25-000123_drct-20251014.htm:1]** 
- The amendment added a **$3.5 million** fee to the principal balance of the term loans, resulting in **$9.99 million** in remaining outstanding term loans and an aggregate of **$35.0 million** in issued and outstanding Series A Preferred Stock.  **[1880613_0001880613-25-000123_drct-20251014.htm:1]** 
- New financial covenants include maintaining a minimum unrestricted cash balance of **$0.45 million** at all times, a minimum quarterly consolidated EBITDA loss of **$(0.652 million)** for Q4 2025 and **$(1.921 million)** for Q1 2026, and minimum quarterly sell-side revenue of **$2.5 million** for Q4 2025 and Q1 2026, increasing to **$5.0 million** thereafter.  **[1880613_0001880613-25-000123_drct-20251014.htm:2]** 
- The Series A Preferred Stock, with a stated face value of **$1,000 per share**, carries a cumulative dividend rate of **10% per annum**, compounded monthly, and has a conversion price of **$2.50 per share** of Class A Common Stock.  **[1880613_0001880613-25-000123_a31-directdigitalholdingsi.htm:1]** **[1880613_0001880613-25-000123_drct-20251014.htm:5]** 
- An exit fee of **$35.0 million** is payable upon the full redemption of the Series A Preferred Stock, with provisions for waiver or reduction if redeemed on or prior to **December 31, 2026**, or through redemptions and conversions.  **[1880613_0001880613-25-000123_drct-20251014.htm:1]**

Direct Digital Holdings (DRCT)