Adhoc Pinnacle Board Meeting Minutes
April 3rd, 2026
Attendees: Pam Kaplan, Kelly Cunningham, Alex Roosenburg & Kurt Simione.
Absentees: Kathleen Reardon, Beth Marquis, Monica Sava & Kristen McQuaide.
Meeting Purpose:
The Board met to authorize a new line of credit through Bank of NH for $400,000. This will replace the existing Bangor loan. There is a $3,000 upfront fee and the loan will close on April 10th. The commitment letter must be signed within 7 days of its March 31st delivery to remain valid.
Amount: $400,000
Term: 7 months (matures Sept 30th)
Interest: WSJ Prime + 50% (~6.5%)
Collateral: First-party lien on business assets
Covenant: Pay off the Bangor loan at closing
Fees: A $3,000 non-refundable upfront fee is required:
Commitment Fee: $2,500
Documentation Fee: $500
Insurance Requirements:
Property: Due within 5 days of closing. Kelly will negotiate this deadline with Bank of NH.
Kelly will negotiate the LOC's 5-day property insurance deadline with BoNH and source a quote for the lease's required liability coverage.
D&O Decision Postponed: The board deferred the decision on Directors & Officers (D&O) insurance coverage ($1M vs. $2M) to consult with Kurt.
The board authorized Pam Kaplan and Michelle Stressberger to sign the commitment letter for a new $400k LOC from Bank of New Hampshire.
Entity Documentation: Bank of NH requires several documents within two weeks of closing, including the LLC certificate of formation and operating agreement.
Next Steps:
Kelly: Negotiate the 5-day property insurance deadline with Bank of NH.
Source a quote for the lease's required liability insurance.
Consult with Kurt on the D&O insurance coverage decision.
Michelle & Pam: Sign the Bank of NH commitment letter within the 7-day deadline.
Michelle: Locate the lease document and send the insurance requirements paragraph to Kelly.
The meeting was adjourned.