Contract
Exhibit 10.3
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
New York, NY 10022
March 30, 2023
Xxxxxxx Xxxxxxx, Xx. and Xxxx Xxxxxxx
0000 X. Xxxxx Dr.
Meridian, Id 83642
Attention: Xxxxxxx Xxxxxxx, Xx.
Xx. Xxxxxxx,
Reference is made to that certain Conversion Agreement, dated July 26, 2022 (the “Conversion Agreement”) by and between 1847 Holdings LLC, a Delaware limited liability company (the “Company”), 1847 Cabinet Inc., a Delaware corporation (“Cabinet”) and Xxxxxxx Xxxxxxx, Xx., and Xxxx Xxxxxxx (together, the “Holder”). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Conversion Agreement.
The Company, Cabinet and the Holder desire and agree to amend the Conversion Agreement as follows: (i) Section 2 of the Conversion Agreement is hereby amended such that payment of the sum of $642,544, which represents the full Vested principal amount of the Note, plus accrued interest and amendment fee, shall be payable in accordance with the schedule set forth on Exhibit A hereto; and (ii) the parties hereto agree that the amendment described above is effective retroactively to October 1, 2022.
By signing below, the Holder hereby consents and agrees to amend the terms of the Note and agrees to the Amendment Fee as consideration therefor, as set forth herein.
| Very truly yours, | ||
| 1847 Holdings LLC | ||
| By: | /s/ Xxxxxx X. Xxxxxxx | |
| Name: | Xxxxxx X. Xxxxxxx | |
| Title: | Executive Chairman | |
| AGREED, CONSENT TO AND ACKNOWLEDGED: | ||
| 1847 Cabinet Inc. | ||
| By: | /s/ Xxxxxx X. Xxxxxxx | |
| Name: | Xxxxxx X. Xxxxxxx | |
| Title: | Executive Chairman | |
| HOLDER: | ||
| /s/ Xxxxxxx Xxxxxxx, Xx. | ||
| Xxxxxxx Xxxxxxx, Xx. | ||
| /s/ Xxxx Xxxxxxx | ||
| Xxxx Xxxxxxx | ||
2
EXHIBIT A
PAYMENT SCHEDULE
| Payment Date | Payment Amount | Balance | ||||||
| April 5, 2023 | $ | 64,254 | $ | 642,544 | ||||
| June 30, 2023 | $ | 289,145 | ||||||
| July 30, 2023 | $ | 289,145 | ||||||
| TOTAL: | $ | 642,544 | ||||||
3
