SEC Contract Filing

Filing Date: 2023-10-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>nbhi_ex10-2.htm
<DESCRIPTION>THIRD AMENDMENT TO LOAN AGREEMENT BETWEEN GREGORY MCCABE AND NEXT BRIDGE HYDROCARBONS, INC., DATED OCTOBER 1, 2023.
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">Exhibit 10.2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">THIRD AMENDMENT TO <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">LOAN</FONT>
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This THIRD AMENDMENT TO
LOAN AGREEMENT (this &#8220;<B><I>Agreement</I></B>&#8221;) is entered into effective as of October 1, 2023 (the &#8220;<B><I>Amendment
Effective Date</I></B>&#8221;), among NEXT BRIDGE HYDROCARBONS, INC., a Nevada corporation (the &#8220;<B><I>Borrower</I></B>&#8221;),
each of the other Loan Parties under the Loan Agreement (defined below), and <FONT STYLE="text-transform: uppercase">Gregory McCabe</FONT>,
individually (as successor by assignment to Meta Materials Inc., a Nevada corporation (&#8220;<B><I>Meta</I></B>&#8221;)) (the &#8220;<B><I>Lender</I></B>&#8221;).
Unless otherwise expressly defined herein, capitalized terms used but not defined in this Agreement shall have the meanings specified
in the Loan Agreement (as defined below).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">RECITALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Borrower,
Torchlight Energy, Inc., a Nevada corporation (&#8220;<B><I>TEI</I></B>&#8221;), Torchlight Hazel, LLC, a Texas limited liability company
(&#8220;<B><I>Hazel</I></B>&#8221;), Hudspeth Oil Corporation, a Texas corporation (&#8220;<B><I>HOC</I></B>&#8221;), Hudspeth Operating,
LLC, a Texas limited liability company (&#8220;<B><I>Operating</I></B>&#8221; and, together with the Borrower, TEI, Hazel, HOC and Operating,
the &#8220;<B><I>Loan Parties</I></B>&#8221;) and Meta, as Lender, have entered into that certain Loan Agreement, dated as of September
2, 2022 (as amended by that certain First Amendment to Loan Agreement, dated as of December 21, 2022, that certain Second Amendment to
Loan Agreement, dated March 31, 2023 and that certain Limited Waiver, Consent and Amendment Agreement, dated April 17, 2023 and as may
be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the &#8220;<B><I>Loan Agreement</I></B>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS, </B>pursuant
to that certain Loan Sale Agreement, dated August 7, 2023, Meta assigned its rights, title, interests and obligations in and to the Loan
Agreement, certain related agreements and instruments and the Loans to the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Borrower
has requested that the Lender extend the Maturity Date upon the terms and conditions set forth herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Lender
is willing to extend the Maturity Date and increase the commitments under the Loan Agreement, in each case, subject to the terms and conditions
set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and confessed, the Borrower, other Loan Parties and Lender hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments to the Loan Agreement. </B>Subject to the satisfaction of each condition precedent set forth in <U>Section 2</U>, and
in reliance on the representations, warranties, covenants and agreements contained in this Agreement, the Loan Agreement shall be amended
effective as of the Amendment Effective Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>1.1</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1.01 of the Loan Agreement is hereby amended by amending and restating the definition of &#8220;Maturity Date&#8221; as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 12pt 0; text-align: justify; text-indent: 0in">&#8220;<I>Maturity Date</I>&#8221;
means January 3, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
Precedent.</B> The amendments contained in <U>Section 1</U> shall only be effective upon t