Material Agreement, Financial Obligation (Form 8-K)

On May 4, 2026, Lifeloc Technologies, Inc. (the "Company") entered into a loan transaction with Vern Kornelsen, the Company's Chief Financial Officer and Chairman of the Board. The transaction consists of a Promissory Note dated May 1, 2026 (the "Note") in the principal amount of $500,000. The proceeds will be used to fund the continued development of the Company's SpinDetect™ product.

The Note bears interest at an initial rate of 10.5% per annum, with interest-only payments through December 31, 2026. Beginning January 31, 2027, the Note is payable in sixty (60) equal monthly installments of principal and interest, with the entire unpaid balance due and payable on December 31, 2031. The interest rate is subject to upward adjustment based on changes in the prime rate. The Note may be prepaid at any time without penalty.

The Note is secured by a Deed of Trust on the Company's principal office located at 12441 West 49th Avenue, Wheat Ridge, Colorado, and by a security interest in substantially all of the Company's assets, in each case subordinate to the Company's existing senior indebtedness to Citywide Banks.

The foregoing description of the Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Note, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information set forth under Item 1.01 above is incorporated herein by reference.