Safe & Green Development Corp. Enters Material Definitive Agreement

TL;DR

SGMD inks new deal, creating financial obligation. Details in 8-K.

AI Summary

Safe & Green Development Corp. entered into a material definitive agreement on October 14, 2024. This agreement creates a direct financial obligation for the registrant. The filing also includes financial statements and exhibits related to this event.

Why It Matters

This filing indicates a significant new financial commitment or contract for Safe & Green Development Corp., which could impact its future financial performance and operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet them.

Key Players & Entities

• Safe & Green Development Corp. (company) — Registrant
• October 14, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 SGD The Nasdaq Stock Market LLC I
• $148,300 — rmo in the original principal amount of $148,300.00, as subsequently modified to increas
• $200,000 — ied to increase the principal amount to $200,000.00, to extend the maturity date to Marc

Filing Documents

• ea0217986-8k_safe.htm (8-K) — 27KB
• ea021798601ex10-1_safe.htm (EX-10.1) — 11KB
• 0001213900-24-088933.txt ( ) — 213KB
• sgd-20241014.xsd (EX-101.SCH) — 3KB
• sgd-20241014_lab.xml (EX-101.LAB) — 33KB
• sgd-20241014_pre.xml (EX-101.PRE) — 22KB
• ea0217986-8k_safe_htm.xml (XML) — 4KB

01. Entry Into a Material Definitive

Item 1.01. Entry Into a Material Definitive Agreement. On October 14, 2024, Safe and Green Development Corporation (the "Company") entered into a Modification Agreement with Palermo Lender LLC ("Palermo"), effective as of October 2, 2024 (the "Modification Agreement"), to modify the Deed of Trust (the "Security Deed") securing the Company's promissory note issued to Palermo in the original principal amount of $148,300.00, as subsequently modified to increase the principal amount to $200,000.00, to extend the maturity date to March 1, 2025 and to change the interest rate from 10.99% with ACH to 11.99% without ACH. The foregoing description of the Modification Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1, and which is incorporated herein in its entirety by reference.

03 Creation of a Direct Financial Obligation or an Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of a Registrant. The information set forth under Item 2.01 above of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits The following exhibits are filed with this Current Report on Form 8-K: Exhibit Number Exhibit Description 10.1 Modification Agreement, effective October 2, 2024, between Safe and Green Development Corporation and Palermo Lender LLC 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Safe and Green Development Corporation Dated: October 18, 2024 By: /s/ Nicolai Brune Name: Nicolai Brune Title: Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR