Letter Agreement, dated November 29, 2022, between Smart for Life, Inc. and Sasson E. Moulavi
Exhibit 10.9
Smart for Life, Inc.
990 Biscayne Blvd., Suite 503
Miami, FL 33132
November 29, 2022
Dr. Sasson E. Moulavi
1210 W 13th Street
Riviera Beach, FL 33404
Dr. Moulavi:
Reference is made to that certain Six Percent (6%) Secured Subordinated Promissory Note in the principal amount of Three Million Dollars ($3,000,000) issued by Smart for Life, Inc., a Delaware corporation (the “Company”) to you (the “Holder”) on July 1, 2021 (the “Original Note”). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Note.
The Company and the Holder previously agreed informally to extend the first payment under the Amortization Schedule and now desire to formally extend the note payments by executing an Amended and Restated Note. The Amended and Restated Note, which includes a revised Amortization Schedule, is attached hereto as Exhibit “A”.
In consideration for the execution of the Amended and Restated Note, the Company hereby agrees to (i) issue to the Holder One Hundred Thousand (100,000) shares of its common stock under the Company’s 2022 Equity Incentive Plan and (ii) pay to the Holder a fee of $50,000 in cash, which shall be paid upon completion of the Company’s anticipated debt financing expected by December 31, 2022 (the “Amendment Fee”).
By signing below, the Holder hereby consents and agrees to execute the Amended and Restated Note and agrees to the Amendment Fee as consideration therefore, as set forth herein.
Very truly yours, | |||
Smart for Life, Inc. | |||
By: | /s/ A.J. Cervantes | ||
Name: | A.J. Cervantes | ||
Title: | Executive Chairman | ||
AGREED AND ACKNOWLEDGED: | |||
/s/ Dr. Sasson E. Moulavi | |||
Dr. Sasson E. Moulavi |