Agreement to Extend Payment Date of 12% Secured Promissory Note between Plastic2Oil, Inc. and Richard Heddle
Plastic2Oil, Inc. (also known as JBI, Inc.) and its CEO, Richard Heddle, have agreed to extend the payment deadline for a $1 million secured promissory note originally due on August 31, 2018. Under this agreement, the new due date for all principal and interest payments is December 1, 2018. This extension is formalized in writing as required by the original note terms.
Agreement to Extend Time for Payment of August 29,2013
“12% Secured Promissory Due Note August 31, 2018”
This Agreement to Extend Time for Payment of August 29, 2013 “12% Secured Promissory Note due August 31, 2018” is entered into by and between Plastic20il, Inc. aka JBI, Inc., a Nevada corporation (the “Company”) and Richard Heddle, the Company’s Chief Executive Officer and a member of the Company board of directors (“Holder”) effective August 31, 2018.
WHEREAS, on August 29,2013, the Company entered into a Subscription Agreement (the “Purchase Agreement”) with Holder;
WHEREAS, pursuant to the Purchase Agreement the Company sold to Holder a $1 million principal amount “12% Secured Promissory Note due August 31, 2018” (the “August Note”);
WHEREAS, the August Note issued by the Company provides inter alia that all principal and interest on the Note is due and payable in full by the Company on August 31, 2018;
WHEREAS, the Company and Holder desire to extend the date when payment of all principal and interest is due and payable to December 1, 2018; and,
WHEREAS, the August Note provides that, to be effective, such an extension of the time for payment must be agreed in writing by Holder;
NOW, THEREFORE, the Company and Holder agree that the time for payment of all principal and interest due and payable on the August Note is hereby extended from August 31, 2018 to December 1, 2018.
| “Holder” | “The Company” | ||
| Plastic20il, Inc. | |||
 | |||
| By: | /s/ Richard Heddle | ||
| Richard Heddle | Richard Heddle | ||
| Chief Executive Officer | |||
