EXHIBIT
10.2


 


FIRST
AMENDMENT TO
EQUIPMENT
RENTAL AGREEMENT


 


THIS
FIRST AMENDMENT
TO EQUIPMENT
RENTAL
AGREEMENT
(hereinafter
the “Amendment”)
is made and entered
into as of the 2nd
day of May
2022 (hereinafter
the “Effective
Date”), by and
between First
New Haven
Mortgage
Company LLC, a Connecticut
limited liability
company (the “Lessor”)
and Basanite
Industries LLC,
a Delaware limited
liability
company (the “Lessee”).
Lessor and
Lessee are
each referred
to herein as
a “Party”
and collectively
as the “Parties”.


 


W I T N E S S E T H


 


WHEREAS
Lessor and
Lessee entered
into the Equipment
Rental Agreement
(hereinafter
“Rental Agreement”)
on or about 27th day of April,
2022, which contained
description of the Equipment
under Exhibits A and
B of the Rental Agreement;


 


WHEREAS
Parties
desire to amend the description
and quantity
of the Equipment; and


 


NOW, THEREFORE,
for and in consideration
of the mutual promises contained
herein, and
other good and
valuable consideration,
the Parties
agree
as follows:


 


		1.	Description
and Quantity
of Equipment.
Parties
understand
that due
to an oversight
by the Parties
as to the quantity
of Equipment as described
in the Rental Agreement
remained as
Three, which was
intended
to be as One. Parties
hereby agree
to amend the description
of the Equipment
under both Exhibits A and
B of the Rental Agreement
to be as follows:



 


BASAMAXTM
Tetrad Basalt Rebar
Pultrusion
Machine–
Quantity One


 


BasaMaxTM
pultrusion manufacturing
systems are Pultrusion
composite manufacturing
equipment, specifically
designed for the manufacture
of Basalt fiber reinforcing
bar or “rebar.” The
Tetrad machine
(quad cavity)
is capable of running four (4)
product lines
and are equipped with
point of use electrical
and programming systems, and feature monitoring
systems wireless
data recording capability.


 


		2.	Miscellaneous.
The representatives
of the Parties
executing
this Agreement
have full authority on behalf
of the Parties
to bind the Parties
as to the terms
of this Amendment.
In the event
any provisions of this
Amendment conflicts
in whole or in part with the terms of the Rental
Agreement,
the terms of this Amendment
shall control. All capitalized
terms not otherwise defined
herein shall
have the same meaning
ascribed
to such term in the Rental
Agreement.
The terms of this Amendment
shall be deemed
effective as
of the Effective
Date.
This Amendment may be executed
in two or more parts, each
of which shall be deemed
an original but all
of which together
shall be one and the same
instrument.
An electronic
copy of
this Amendment and
any signatures
affixed
hereto that are
obtained through any
electronic means
(including through
DocuSign)
and shall be considered
for all purposes
as originals.



 




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IN WITNESS
WHEREOF the Parties
have
executed
this Amendment
as of the
Effective Date.


 


 


 


LESSOR’S SIGNATURE:


First New
Haven Mortgage
Company LLC, a Connecticut
limited
liability
company


 


 


 


 


	By: 	/s/
    Richard A. LoRicco	 


Richard A.
LoRicco


Manager


 


 


 


LESSEE’S SIGNATURE:


Basanite
Industries LLC
a Delaware limited
liability company


 


 


 


 


	By: 	/s/ Simon R. Kay	 


Simon
R. Kay


President
and Chief Executive
Officer




 


 


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