EXHIBIT 10.2

 

FIRST AMENDMENT TO LEASE DOCUMENTS

 

THIS FIRST AMENDMENT TO LEASE DOCUMENTS (“Amendment”) is made and effective this
14 day of June, 2017 (“Effective Date”), by and between 1847 NEESE INC., a
Delaware corporation and NEESE, INC., an Iowa corporation (individually and
collectively, "Lessee") and UTICA LEASECO, LLC, a Florida limited liability
company (“Lessor”).

 

Recitals

 

A. Lessor and Lessee entered into a certain capital lease transaction (the
“Transaction”) pursuant to that certain Master Lease Agreement dated on or about
March 3, 2017, together with the Riders and Schedules executed in connection
therewith, including, without limitation, the Equipment Schedule NEESE-0001
(“Schedule 1”) dated on or about March 3, 2017 (as, amended, collectively, the
“Lease Agreement”) with respect to certain Equipment (as defined in the Lease
Agreement) (the Lease Agreement, Schedule 1 and other documents executed in
connection therewith are, collectively, the “Lease Documents”).

 

B. Lessee has requested and Lessor has agreed to, among other things, amend the
payments due under the Lease Documents.

 

C. Lessor and Lessee now wish to amend the Lease Agreement upon the terms and
conditions set forth herein.

 

Agreement

 

NOW, THEREFORE, in consideration of the mutual promises set forth herein, and
other consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

 

 

1. Lessee has requested and Lessor has agreed to extend the Interim Term and
Base Lease Commencement Date. Accordingly, Section 2 of Schedule 1 shall be
amended and restated as follows:

 

TERM. Upon and after the date of execution hereof, the Equipment shall be
subject to the terms and conditions provided herein and in the Lease.

 

A full term of lease with respect to said Equipment shall commence on the date
hereof and shall extend for forty-eight (48) months after January 3, 2018 (the
"Base Lease Commencement Date").

 

 

2. The payment schedule set forth in Section 3(b) of Schedule 1 shall be deleted
and replaced with the following payment schedule.

 

  1

   

 

Payment Date

 

Amount

 

4/3/2017

 

$ 53,000.00

 

5/3/2017

 

$ 53,000.00

 

6/3/2017

 

$ 53,000.00

 

7/3/2017

 

$ 53,000.00

 

8/3/2017

 

$ 53,000.00

 

9/3/2017

 

$ 53,000.00

 

10/3/2017

 

$ 53,000.00

 

11/3/2017

 

$ 53,000.00

 

12/3/2017

 

$ 53,000.00

 

1/3/2018

 

$ 53,000.00

 

2/3/2018

 

$ 85,321.63

 

3/3/2018

 

$ 85,321.63

 

4/3/2018

 

$ 85,321.63

 

5/3/2018

 

$ 85,321.63

 

6/3/2018

 

$ 85,321.63

 

7/3/2018

 

$ 85,321.63

 

8/3/2018

 

$ 85,321.63

 

9/3/2018

 

$ 85,321.63

 

10/3/2018

 

$ 85,321.63

 

11/3/2018

 

$ 85,321.63

 

12/3/2018

 

$ 85,321.63

 

1/3/2019

 

$ 85,321.63

 

2/3/2019

 

$ 85,321.63

 

3/3/2019

 

$ 85,321.63

 

4/3/2019

 

$ 85,321.63

 

5/3/2019

 

$ 85,321.63

 

6/3/2019

 

$ 85,321.63

 

7/3/2019

 

$ 85,321.63

 

8/3/2019

 

$ 85,321.63

 

9/3/2019

 

$ 85,321.63

 

10/3/2019

 

$ 85,321.63

 

11/3/2019

 

$ 85,321.63

 

12/3/2019

 

$ 85,321.63

 

1/3/2020

 

$ 85,321.63

 

2/3/2020

 

$ 85,321.63

 

3/3/2020

 

$ 85,321.63

 

4/3/2020

 

$ 85,321.63

 

5/3/2020

 

$ 85,321.63

 

6/3/2020

 

$ 85,321.63

 

7/3/2020

 

$ 85,321.63

 

8/3/2020

 

$ 85,321.63

 

9/3/2020

 

$ 85,321.63

 

10/3/2020

 

$ 85,321.63

 

11/3/2020

 

$ 85,321.63

 

12/3/2020

 

$ 85,321.63

 

1/3/2021

 

$ 85,321.63

 

2/3/2021

 

$ 85,321.63

 

3/3/2021

 

$ 85,321.63

 

 

 

2

   

 

4/3/2021

 

$ 85,321.63

 

5/3/2021

 

$ 85,321.63

 

6/3/2021

 

$ 85,321.63

 

7/3/2021

 

$ 85,321.63

 

8/3/2021

 

$ 85,321.63

 

9/3/2021

 

$ 85,321.63

 

10/3/2021

 

$ 85,321.63

 

11/3/2021

 

$ 85,321.63

 

12/3/2021

 

$ 85,321.63

 

 

 

3. Exhibit A to Schedule 1 shall be deleted and replaced in its entirety with
Exhibit A attached hereto.

 

 

 

 

4. Exhibit B to Schedule 1 shall be deleted and replaced in its entirety with
Exhibit B attached hereto.

 

 

 

 

5. Lessee shall pay to Lessor an amendment fee equal to Two Thousand Five
Hundred and 00/100 ($2,500.00) Dollars, which shall be deemed fully earned by
Lessor and be added to the principal balance due under the Lease.

 

 

 

 

6. Capitalized terms not defined herein share the definition described to them
in the Lease Documents. Except as modified herein, the Lease Documents shall
remain in full force and effect.

 

 

 

 

7. In the event of any conflict between the terms of this Amendment and the
terms of the Lease Documents, the terms of this Amendment shall govern and
control.

 

 

 

 

8. This Amendment shall be governed by, and interpreted in accordance with, the
laws of the State of Michigan, without regard to conflict of law principles.
This Amendment may not be modified or amended, except in a writing signed by the
parties.

 

signatures on following page

 

  3

   

 

[signature page to First Amendment to Lease Documents]

 

IN WITNESS WHEREOF, this Amendment is executed by the parties as of the
Effective Date.

 

UTICA LEASECO, LLC

Lessor

      By:

/s/ James B. Junker

Name:

James B. Junker

  Title:

Vice President

 

 

 

1847 NEESE INC.

Lessee

 

By:

/s/ Ellery W. Roberts

Name:

Ellery W. Roberts

  Title:

CEO

 

 

 

NEESE, INC.

Lessee

 

By: /s/ Ellery W. Roberts

Name:

Ellery W. Roberts   Title: CEO  

 

  4

   

 

EXHIBIT A

 

Payment Date

 

Percentage

 

4/3/2017

 

 

110.0000 %

5/3/2017

 

 

110.0000 %

6/3/2017

 

 

110.0000 %

7/3/2017

 

 

100.0000 %

8/3/2017

 

 

100.0000 %

9/3/2017

 

 

100.0000 %

10/3/2017

 

 

100.0000 %

11/3/2017

 

 

100.0000 %

12/3/2017

 

 

100.0000 %

1/3/2018

 

 

100.0000 %

2/3/2018

 

 

98.3666 %

3/3/2018

 

 

96.7169 %

4/3/2018

 

 

95.0507 %

5/3/2018

 

 

93.3678 %

6/3/2018

 

 

91.6681 %

7/3/2018

 

 

89.9514 %

8/3/2018

 

 

88.2175 %

9/3/2018

 

 

86.4663 %

10/3/2018

 

 

84.6976 %

11/3/2018

 

 

82.9112 %

12/3/2018

 

 

81.1069 %

1/3/2019

 

 

79.2846 %

2/3/2019

 

 

77.4441 %

3/3/2019

 

 

75.5851 %

4/3/2019

 

 

73.7076 %

5/3/2019

 

 

71.8113 %

6/3/2019

 

 

69.8960 %

7/3/2019

 

 

67.9616 %

8/3/2019

 

 

66.0078 %

9/3/2019

 

 

64.0345 %

10/3/2019

 

 

62.0415 %

11/3/2019

 

 

60.0285 %

12/3/2019

 

 

57.9954 %

1/3/2020

 

 

55.9420 %

2/3/2020

 

 

53.8680 %

3/3/2020

 

 

51.7733 %

4/3/2020

 

 

49.6577 %

5/3/2020

 

 

47.5209 %

6/3/2020

 

 

45.3627 %

7/3/2020

 

 

43.1829 %

8/3/2020

 

 

40.9814 %

9/3/2020

 

 

38.7578 %

10/3/2020

 

 

36.5120 %

11/3/2020

 

 

34.2437 %

12/3/2020

 

 

31.9528 %

1/3/2021

 

 

29.6389 %

2/3/2021

 

 

27.3019 %

3/3/2021

 

 

24.9416 %

4/3/2021

 

 

22.5576 %

5/3/2021

 

 

20.1498 %

6/3/2021

 

 

17.7179 %

7/3/2021

 

 

15.2617 %

8/3/2021

 

 

12.7809 %

9/3/2021

 

 

10.2754 %

10/3/2021

 

 

7.7447 %

11/3/2021

 

 

5.1888 %

12/3/2021

 

 

2.6073 %

 

  5

   

 

Exhibit B

 

Early Termination Payment

 

Date

 

Termination Value

 

4/3/2017

 

 

N/A

 

5/3/2017

 

 

N/A

 

6/3/2017

 

 

N/A

 

7/3/2017

 

$ 3,499,200.00

 

8/3/2017

 

 

3,499,200.00

 

9/3/2017

 

 

3,499,200.00

 

10/3/2017

 

 

3,499,200.00

 

11/3/2017

 

 

3,499,200.00

 

12/3/2017

 

 

3,499,200.00

 

1/3/2018

 

 

3,499,200.00

 

2/3/2018

 

 

3,446,278.37

 

3/3/2018

 

 

3,392,827.53

 

4/3/2018

 

 

3,338,842.18

 

5/3/2018

 

 

3,284,316.97

 

6/3/2018

 

 

3,229,246.52

 

7/3/2018

 

 

3,141,225.36

 

8/3/2018

 

 

3,085,047.98

 

9/3/2018

 

 

3,028,308.84

 

10/3/2018

 

 

2,971,002.30

 

11/3/2018

 

 

2,913,122.69

 

12/3/2018

 

 

2,854,664.30

 

1/3/2019

 

 

2,795,621.31

 

2/3/2019

 

 

2,735,987.89

 

3/3/2019

 

 

2,675,758.14

 

4/3/2019

 

 

2,614,926.10

 

5/3/2019

 

 

2,553,485.73

 

6/3/2019

 

 

2,491,430.96

 

7/3/2019

 

 

2,396,355.65

 

8/3/2019

 

 

2,333,053.58

 

9/3/2019

 

 

2,269,118.49

 

10/3/2019

 

 

2,204,544.05

 

11/3/2019

 

 

2,139,323.86

 

12/3/2019

 

 

2,073,451.47

 

1/3/2020

 

 

2,006,920.36

 

2/3/2020

 

 

1,939,723.93

 

3/3/2020

 

 

1,871,855.54

 

4/3/2020

 

 

1,803,308.48

 

5/3/2020

 

 

1,734,075.93

 

6/3/2020

 

 

1,664,151.06

 

7/3/2020

 

 

1,561,126.95

 

8/3/2020

 

 

1,489,796.59

 

9/3/2020

 

 

1,417,752.93

 

10/3/2020

 

 

1,344,988.84

 

11/3/2020

 

 

1,271,497.10

 

12/3/2020

 

 

1,197,270.44

 

1/3/2021

 

 

1,122,301.52

 

2/3/2021

 

 

1,046,582.91

 

3/3/2021

 

 

970,107.11

 

4/3/2021

 

 

892,866.55

 

5/3/2021

 

 

814,853.60

 

6/3/2021

 

 

736,060.51

 

7/3/2021

 

 

656,479.49

 

8/3/2021

 

 

576,102.66

 

9/3/2021

 

 

494,922.06

 

10/3/2021

 

 

412,929.65

 

11/3/2021

 

 

330,117.33

 

12/3/2021

 

 

246,476.87

 

 

 

6