SEC Contract Filing

Filing Date: 2025-06-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10-3.htm
<DESCRIPTION>REVOLVING LOAN AGREEMENT AMENDMENT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="slsn-8k_053025.htm">Solesence, Inc. 8-K</A></P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.3</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Third Amendment is dated
as of May 27, 2025 and is by and between <B>SOL&Eacute;SENCE, INC.</B>, a Delaware corporation (F/K/A <B>NANOPHASE TECHNOLOGIES CORPORATION)</B>
(&ldquo;Borrower&rdquo;) in favor of <B>BEACHCORP, LLC</B>, a Delaware limited liability company (&ldquo;Lender&rdquo;) and amends that
certain Business Loan Agreement dated as of January 28, 2022 ( as amended, &ldquo;Loan Agreement&rdquo;) between Borrower and Lender (the
&ldquo;Loan Agreement&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Borrower
and Lender hereby agree to amend the Loan Agreement as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1(b) is hereby amended in its entirety to read as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.4in; text-align: justify; text-indent: 0.5in"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving
Loans.</B> Lender will make Loans on a revolving basis (individually a &ldquo;Revolving Loan&rdquo; and collectively the &ldquo;Revolving
Loans&rdquo;) to Borrower until the Revolving Maturity Date in such amounts as Borrower may request in accordance with this Agreement;
provided that the aggregate outstanding principal amount of Revolving Loans may not exceed at any time the lesser of (i) the $10,000,000.00
and (ii) the Borrowing Base, as calculated using the Borrower&rsquo;s inventory balances calculated in conjunction with the closing of
its financial statements for each month. Each Revolving Loan shall be in the minimum amount of $10,000.00. Borrower shall pay interest
on the Loans in accordance with Section 1.5 hereof, with payment thereof in arrears to be made on the last day of each calendar quarter,
with the first such payment due on June 30, 2025. Each Revolving Loan shall be repaid in full on the sooner of (a) a determination that
the Revolving Loans exceed the Borrowing Base established based on the most recently provided Borrowing Base Certificate, and (b) the
Revolving Maturity Date. The Revolving Loans shall be evidenced by the Revolving Note. The Revolving Loans may be prepaid at any time
without penalty or fee.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 is hereby amended by amending the definition of &ldquo;Revolving Maturity Date&rdquo; in its entirety to read as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.4in; text-align: justify">&ldquo;<B>Revolving
Maturity Date.</B> The words &ldquo;Revolving Maturity Date&rdquo; mean &ldquo;April 30, 2027.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7.1 is hereby amended by amending the definition of &ldquo;Revolving Note&rdquo; in its entirety to read as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.4in; text-align: justify">&ldquo;<B>Revolving Note.</B> The words
&ldquo;Revolving Note&rdquo; mean the Second Replacement Promissory Note (Revolving Note) from Borrower to Lender dated as of May 27,
2025 in the principal amount of $10,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations
of, and substitutions for such promissory note.&rdquo;</P>

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