Exhibit 10.3

 

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ADDENDUM 1 TO

EQUIPMENT LEASE SCHEDULE NO. 4 (“Schedule 4”)

TO MASTER EQUIPMENT LEASE NO. 2017-223 (“Master Lease”)

DATED AS OF 3/31/2017

BETWEEN NFS Leasing, Inc. (“Lessor”)

AND GlyEco, Inc. and GlyEco West Virginia, Inc. (Each an “Individual Lessee” and
collectively the “Lessee”)

 

This Addendum is made part of and modifies the Master Lease as it pertains ONLY
to Schedule 4. Capitalized terms used but not otherwise defined herein shall
have the same meaning ascribed to them in the Master Lease and Schedule 4, as
applicable. To the extent of any conflict between this Addendum and the terms
and conditions of the Master Lease and/or Schedule 4, this Addendum shall
prevail.

 

Lessor and Lessee agree to the following additional terms:

 

1.Within seven (7) days of Lessee’s receipt of funds from Lessor pursuant to
Schedule 4, Lessee shall provide Lessor with proof of payment (“Proof of
Payment”) evidencing payments made to various accounts payables in accordance
with Paragraph 4 and Exhibit A of the Affidavit of Richard Steven Geib executed
on or about the date hereof for all accounts in excess of $5,000.00.

 

2.Failure of Lessee to provide Lessor with any Proof of Payment shall constitute
an Event of Default under Section 9 of the Master Lease for which Lessee shall
have two (2) days to cure upon written notice from Lessor.

 

Except as amended hereby, the Master Lease and is restated and shall remain in
full force and effect.

  

LESSOR: NFS Leasing, Inc.

 

 

 

By:_____________________________________

 

Name: Mark Blaisdell

 

Title: Chief Financial Officer / Chief Credit Officer

 

Date:____________________________________

LESSEE: GlyEco, Inc. and GlyEco West Virginia, Inc.

 

Individual Lessee: GlyEco, Inc.

 

By:______________________________________

 

Name:____________________________________

 

Title:_____________________________________

 

Date:_____________________________________

 

Individual Lessee: GlyEco West Virginia, Inc.

 

By:______________________________________

 

Name:____________________________________

 

Title:_____________________________________

 

Date:_____________________________________