First Amendment to Promissory Note between Borealis Foods Inc. and Oxus Capital PTE LTD (December 30, 2024)
Borealis Foods Inc. and Oxus Capital PTE LTD have agreed to amend their original promissory note dated February 7, 2024. This amendment extends the maturity date for repayment of the $7,601,661 loan from February 7, 2025, to February 7, 2026. All other terms of the original promissory note remain unchanged. The amendment is effective as of December 30, 2024.
Exhibit 10.1
FIRST AMENDMENT TO PROMISSORY NOTE
This First Amendment to Promissory Note is entered into as of this 30th day of December 2024 (“Effective Date”) by and between Borealis Foods Inc. (the “Maker”) and Oxus Capital PTE LTD., (the “Holder”).
WHEREAS, the Maker executed a promissory note dated February 7, 2024, for the benefit of the Holder, in the amount of US$7,601,661 (the “Promissory Note”);
WHEREAS, the Promissory Note is due to mature on February 7, 2025 (the “Maturity Date”);
WHEREAS, the Maker and the Holder have agreed to extend the Maturity Date;
NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
| A. | That the definition of “Maturity Date” as set forth in the Promissory Note be changed to February 7, 2026: |
| B. | That all other the terms of the Promissory Note continue to be in full force and effect. |
IN WITNESS WHEREOF, the parties hereby have caused this Amendment to be executed by their authorized agents effective as of the date first above written.
| MAKER: BOREALIS FOODS INC. | ||
| /s/ Reza Soltanzadeh | ||
| By: | Reza Soltanzadeh | |
| Its: | President & CEO | |
| Date: | December 30, 2024 | |
| HOLDER: Oxus Capital PTE, Ltd. | ||
| /s/ Pavel Mynzhanov | ||
| By: | Pavel Mynzhanov | |
| Its: | Director | |
| Date: | December 30, 2024 | |
