Amendment to Promissory Notes between American Boarding Company and Reza Noorkayhani

Contract Categories: Business Finance Note Agreements
Summary

American Boarding Company and Reza Noorkayhani have agreed to amend several promissory notes previously issued by the company to Mr. Noorkayhani. The amendment removes any provisions that allowed the notes to be converted into the company's stock. All other terms of the original notes remain unchanged and in effect. This agreement ensures that the notes can no longer be exchanged for shares in the company.

EX-10.2 7 ex10_2.htm EXHIBIT 10.2

AMENDMENT TO PROMISSORY NOTES

WHEREAS, American Boarding Company, a Delaware corporation, (“Maker”) has issued certain Promissory Notes to Reza Noorkayhani in the principal amounts, and on the dates, set forth below (collectively, the “Notes”):

Name of Creditor Document Date Principal Amount
Reza Noorkayhani Promissory Note 9/28/14 $5,500
Reza Noorkayhani Promissory Note 11/24/14 $3,975
Reza Noorkayhani Promissory Note 6/30/15 $8,750
Reza Noorkayhani Promissory Note 12/1/15 $17,619
Reza Noorkayhani Promissory Note 12/1/15 $30,000
$65,844.00

 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

  1. All provisions set forth in the Notes, or any of them, providing that any amounts due under the Notes are convertible to capital stock of the Maker are hereby deleted. The Notes shall not be convertible to common stock, or any other class of capital stock, of the Maker.
  2. All other terms of the Notes not specifically modified by this Amendment shall remain in full force and effect.

 

 

/s/ Reza Noorkayhani

Reza Noorkayhani

American Board Company

 By: /s/ Reza Noorkayhani

Reza Noorkayhani, President and CEO