Amendment to Promissory Note between NextNRG Inc. and Alcourt LLC, Effective May 21, 2025

Contract Categories: Business Finance › Modification Agreements
Summary

NextNRG Inc. and Alcourt LLC have agreed to amend their original promissory note dated March 31, 2025. Under this amendment, Alcourt will receive 26,000 shares from NextNRG Inc. in exchange for extending the note's maturity date to May 31, 2025. Despite the share issuance, a $150,000 extension fee will still be due on the new maturity date. All other terms of the original note remain unchanged.

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EX-10.3 4 ex10-3.htm EX-10.3

 

Exhibit 10.3

 

AMENDMENT TO PROMISSORY NOTE

 

This AMENDMENT TO PROMISSORY NOTE (the “Amendment”) is dated effective as of May 21, 2025 (the “Amendment Effective Date”), by and between NextNRG Inc., a Delaware Corporation (the “Company”) and Alcourt LLC a Delaware LLC (“Alcourt” and together with the Company, the “Parties”).

 

WHEREAS, the Company and Alcourt entered into and executed a Promissory Note, dated as of, March 31, 2025 (the “Note”); and

 

WHEREAS, the Company and Alcourt would like to amend the Note to change certain terms to the Note.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants of the parties hereinafter expressed and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, each intending to be legally bound, agree as follows:

 

1. Recitals. The recitations set forth in the preamble of this Amendment are true and correct and incorporated herein by this reference.

 

2. Capitalized Terms. All capitalized terms used in this Amendment shall have the same meaning ascribed to them in the Note, except as otherwise specifically set forth herein.

 

3. Conflicts. In the event of any conflict or ambiguity by and between the terms and provisions of this Amendment and the terms and provisions of the Note, the terms and provisions of this Amendment shall control, but only to the extent of any such conflict or ambiguity.

 

4. Amendment to Note.

 

In exchange for the issuance of 26,000 shares to Alcourt, Alcourt shall extend the Maturity Date of the Note until May 31, 2025. Notwithstanding the issuance of the shares, the Extension Fee of $150,000 shall be due on the new Maturity Date.

 

5. Effect on Note. Except as expressly amended by this Amendment, all of the terms and provisions of the Note shall remain and continue in full force and effect after the execution of this Amendment, are hereby ratified and confirmed, and incorporated herein by this reference.

 

 
 

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written.

 

  NextNRG Inc.
            
  By:  
  Name: Michael D. Farkas
  Title: Executive Chairman and CEO
     
  Alcourt LLC
     
  By:  
  Name:  
  Title:  

 

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