Amendment to Promissory Notes between American Boarding Company and Reza Noorkayhani
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.
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:
- 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.
- 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