AMENDMENT TO PROMISSORY NOTE
AMENDMENT TO PROMISSORY NOTE
This
AMENDMENT, dated as of February 18, 2021 (“Amendment”), to that
certain 6% Secured Promissory Note, dated February 15, 2019, in the
original principal amount of $300,000 (the “Note”) of Youngevity
International, Inc. (the “Borrower”) held by Xxxxxx
Xxxx (“Lender”), is entered into
by and between the Borrower and Lender. Capitalized terms used
herein and not defined shall have the meanings set forth in the
Note.
WITNESSETH:
WHEREAS, the
Maturity Date of the Note is February 15, 2021;
WHEREAS, the Company
and the Holder desire to extend the Maturity Date as set
forth below.
NOW,
THEREFORE, in consideration of the mutual covenants
contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree to amend the Note as follows:
1.
As inducement fee,
Borrower shall issue to Lender 45,000 shares of Borrower’s
restricted common stock.
2.
The first sentence
of Section 1.1 is hereby deleted in its entirety and replaced with
the following:
“FOR VALUE
RECEIVED, Youngevity International, Inc., a Delaware corporation
with a principal place of business at 0000 Xxxxxxx Xxxx, Xxxxx
Xxxxx, XX 00000 (the “Borrower”), promises to pay to
the order of Lender (named above or “Holder”) the
Principal Sum with interest at the rate of 16.0% per annum on the
Principal Sum.”
3.
Section 1.2(a) is
hereby deleted in its entirety and replaced with the
following:
“Payments of
accrued interest shall be paid in monthly installments commencing
after the date hereof. In addition, Borrower shall make payments of
principal in accordance with the following schedule: April 15, 2021
$30,000; May 15, 2021 $30,000; June 15, 2021 $45,000; July 15, 2021
$45,000; August 15, 2021 $75,000; and September 15, 2021
$75,000.”
4.
The Maturity Date
shall mean, and be extended to, February 15,
2022.
5.
The Note, as
amended by this Amendment, contains the entire agreement between
the parties hereto regarding the subject matter thereof, and there
are no agreements, warranties or representations which are not set
forth therein or herein. This Amendment may not be modified or
amended except by an instrument in writing duly signed by or on
behalf of the parties hereto.
6.
This Amendment
shall be governed by and construed and enforced in accordance with
the local laws of the State of Florida applicable to agreements
made and to be performed entirely within the State, without regard
to conflict of laws principles.
7.
This Amendment may
be executed simultaneously in any number of counterparts, each of
which shall be deemed an original but all of which together shall
constitute one and the same instrument.
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By: /s/ Xxxx
Xxxxxxxx
Name: Xxxx Xxxxxxxx
Title: CFO
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By: /s/ Xxxxxx
Xxxx
Name: Xxxxxx Xxxx
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