Second Amendment to Third Amended and Restated Promissory Note between the Company and Tronco Energy Corporation dated January 31, 2023

Contract Categories: Business Finance - Note Agreements
EX-10.2 3 ex10-2.htm

 

Exhibit 10.2

 

SECOND AMENDMENT TO THIRD AMENDED

AND RESTATED PROMISSORY NOTE

 

Salt Lake City, Utah

 

Reference is made to that certain Third Amended and Restated Loan Promissory Note executed by Tronco Energy Corporation, a Delaware corporation (“Maker”) for the benefit of Superior Drilling Products, a Utah corporation or its assigns (“Lender”) dated July 6, 2020 in the original principal amount of $7,091,162.00, as amended by that certain First Amendment to Third Amended and Restated Promissory Note dated December 31, 2022 (collectively, the “Existing Note”). All defined terms contained herein shall have the same meaning as contained in the Existing Note. This Second Amendment to Third Amended and Restated Promissory Note is made as of this 31st day of January, 2023 (the “First Amendment”) and makes the following revision to the Existing Note:

 

1.The defined term “Maturity Date” contained in the Existing Note that provides for a Maturity Date of January 31, 2023, shall be deleted from the Existing Note and substituted therefore shall be a Maturity Date of March 31, 2023.

 

2.All other terms and conditions contained in the Existing Note shall remain in full force and effect except as specifically amended by this First Amendment.

 

EXECUTED AS OF THIS 31st DAY OF JANUARY, 2023.

 

  MAKER:
   
  TRONCO ENERGY CORPORATION
   
  By: /s/ G. Troy Meier
    G. Troy Meier, President

 

AGREED TO AND ACCEPTED as of this 31st day of January, 2023.

 

  LENDER:
   
  SUPERIOR DRILLING PRODUCTS, INC.
   
  By: /s/ Chris Cashion
    Chris Cashion
    Chief Financial Officer