Amendment to Promissory Note between AMP Holding Inc. and Stephen Burns (June 5, 2012)

Contract Categories: Business Finance › Modification Agreements
Summary

This agreement amends a previous promissory note dated October 31, 2011, between AMP Holding Inc. and Stephen Burns. The amendment extends the repayment deadline for the $200,000 loan, with 10% annual interest, to September 30, 2012. It also requires AMP Holding Inc. to use proceeds from any equity financing exceeding $500,000 to repay the note. Both parties have agreed to these new terms by signing this amendment.

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EX-4.10 7 ex410.htm EXHIBIT 4.10 ex410.htm
Exhibit 4.10
 
Stephen Burns
c/o AMP Holding Inc.
100 Commerce Boulevard
Loveland, Ohio 45140

June 5, 2012

AMP Holding Inc.
100 Commerce Boulevard
Loveland, Ohio 45140

Attention: James Taylor, CEO

 
Re:
Promissory Note (the “Note”) dated October 31, 2011 in the amount of $200,000 between AMP Holding Inc. (“Maker”) and Stephen Burns (“Holder”)

Dear Mr. Taylor:

Reference is hereby made to the Note.  As set forth in the Note, the principal and interest on the outstanding balance was to be paid by Maker to Holder on November 30, 2011.  The parties, by executing below, hereby agree that the first paragraph of the Note is hereby amended and restated as follows:

“AMP Holding Inc., a Nevada corporation (the "Maker "), for value received, hereby promises to pay to Stephen Burns or registered assigns (the "Holder"), the principal sum of TWO HUNDRED THOUSAND AND OO/XX ($200,000) Dollars in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. Maker further promises to pay interest on the unpaid principal balance hereof at the rate of ten percent (10%) per annum, principal and interest on the outstanding balance to be paid by September 30, 2012 (the "Maturity Date") .  Interest shall be calculated on the basis of a 360 day year and actual days elapsed. In no event shall the interest charged hereunder exceed the maximum permitted under the laws of the State of Ohio. In the event that the Maker raises in excess of Five Hundred Thousand ($500,000) dollars in an equity financing, then the Maker will use part of its proceeds to payoff this note.”

We kindly request that you execute this letter below indicating that you agree with the above amendment.
 
 
Sincerely,
  
       
 
 
 /s/ Stephen Burns  
   
Stephen Burns
  
       
       


AGREED AND ACKNOWLEDGED:

AMP Holding Inc.

By: /s/ Richard J. Calme
Name: Richard J. Calme
Title: Interim CFO