At January $1,2024,$ NCI Industries, Incorporated was indebted to First Federal Bank under a $$254,000,10\%$ unsecured note.

The note was signed January $1,2017,$ and was due December $31,2025.$

Annual interest was last paid on December $31,2022.$

NCI was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement.

First Federal agreed to reduce last year$$s interest and the remaining two years$$ interest payments to $$14,138$ each and delay all payments until December $31,2025,$ the maturity date.

Forgive the interest for $2023$ and $2024.$

Reduce the remaining two years$$ interest payments to $$2$ million each and delay the first payment until December $31,2025.$

Reduce the unpaid principal amount to $$23$ million.