Extension Letter Agreement for Promissory Notes between Ludwig Enterprises, Inc. and Noteholders
Ludwig Enterprises, Inc. and various noteholders have agreed to extend the due date of certain promissory notes to April 3, 2025. If Ludwig uplists to a major stock exchange before this date, the company will repay the principal, and any interest will convert to common stock at $0.10 per share. If the uplisting does not occur by the new maturity date, the agreement is void and the original terms apply. This extension is formalized by mutual signature.
Exhibit 4.35
LUDWIG ENTERPRISES, INC.
1749 Victorian Avenue, #C-350
Sparks, Nevada 89431
October 1, 2024
[●]
| Re: | Extension of Due Date of |
| Promissory Note Dated [●] | |
| Current Balance: $[●] (“Note”) |
Gentlemen:
This will confirm our oral agreement pursuant to which you agreed to extend the due date of the Note to April 3, 2025 (the “Maturity Date”), in consideration of the following:
| 1. | if, prior to the Maturity Date, the Company completes an uplisting to Nasdaq, NYSE American or similar exchange (the “Uplisting”), then, in connection with such uplisting, the Company shall repay all then-due principal under the Note; |
| 2. | concurrently, all then-due OID and any other interest shall automatically convert into shares of Company common stock at an exercise price of $0.10 per share; and |
| 3. | should the Uplisting not occur prior to or on the Maturity Date, this letter agreement shall become null and void and all rights held and monies owed prior to execution of hereof shall be enforceable by you against the Company. |
If you are in agreement with the foregoing, please sign below in the space indicated and return a signed copy to me.
Thank you for your continued support of our company.
| Sincerely, | ||
| Scott Silverman | ||
| Chief Financial Officer | ||
| AGREED: | ||
| [●] | ||
| By: | ||
Schedule of Signors
| Holder | Date of Issuance | Current Balance | ||||
| Homeopathic Partners, Inc. | November 1, 2022 | $ | 100,000.00 | |||
| Michael Magliochetti, Jr. | August 30, 2022 | $ | 50,000.00 | |||
| Michael Magliochetti, Jr. | August 30, 2022 | $ | 100,000.00 | |||
| Homeopathic Partners, Inc. | October 1, 2022 | $ | 150,000.00 | |||
| Homeopathic Partners, Inc. | February 7, 2022 | $ | 150,000.00 | |||
| Homeopathic Partners, Inc. | November 4, 2021 | $ | 250,000.00 | |||
| Steven Preiss | September 1, 2022 | $ | 60,000.00 | |||
| Christopher Wald | August 31, 2022 | $ | 80,000.00 | |||
| William Yahner | January 16, 2023 | $ | 100,000.00 | |||
