PROMISSORY NOTEPromissory Note • August 2nd, 2023 • Superior Drilling Products, Inc. • Oil & gas field machinery & equipment
FOR VALUE RECEIVED, the undersigned, Superior Drilling Products, Inc., a Utah corporation (“Borrower”), hereby promises to pay to the order of Vast Bank, National Association, a national banking association (“Lender”), on or before July 28, 2028 (the “Term Maturity Date”), the principal amount of One Million Seven Hundred Nineteen Thousand Two Hundred and No/100 Dollars ($1,719,200.00), the amount of the Term Loan made by Lender to Borrower under that certain Loan Agreement of even date herewith between and among Borrower, Lender, and the Guarantors party thereto (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Loan Agreement”, capitalized terms used but not defined herein having the meanings assigned to them in the Loan Agreement).
FIRST AMENDMENT TO THE COMMERCIAL LEASECommercial Lease • August 2nd, 2023 • Superior Drilling Products, Inc. • Oil & gas field machinery & equipment
This First Amendment (the “First Amendment”) to the Commercial Lease by and between Commercial Lease between Ernest M. Cherry, Jr., as Trustee of The Ernest M. Cherry, Jr. Revocable Trust Dated July 1, 1992, and Carole A. Cherry, as Trustee of The Carole A. Cherry Revocable Trust Dated July 1, 1992 (the “Lease”) with reference to the Premises, as defined in the Lease, is entered into between Landlord and Tenant. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Lease.
LOAN AGREEMENT dated as of July 28, 2023 between Superior Drilling Products, Inc., as Borrower, SUPERIOR DRILLING SOLUTIONS, LLC, EXTREME TECHNOLOGIES, LLC, and HARD ROCK SOLUTIONS, LLC as Guarantors, the other Guarantors from time-to- time party...Loan Agreement • August 2nd, 2023 • Superior Drilling Products, Inc. • Oil & gas field machinery & equipment • Oklahoma
This LOAN AGREEMENT (this “Agreement”) is entered into as of July 28, 2023, by and among Vast Bank, National Association (together with its successors and assigns, “Lender”), Superior Drilling Products, Inc., a Utah corporation (“Borrower”); Superior Drilling Solutions, LLC, formerly Superior Drilling Products, LLC, a Utah limited liability company (“SDS”); ; Extreme Technologies, LLC, a Utah limited liability company (“ET”); ; Hard Rock Solutions, LLC, a Utah limited liability company (together with SDS,, ET,, the “Existing Subsidiaries” and each an “Existing Subsidiary”), and each of the Guarantors (as defined below) party hereto from time to time.
