EX-1.1 2 btbd_ex11.htm AMENDMENT NO. 1 TO EQUITY DISTRIBUTION AGREEMENT DATED NOVEMBER 21, 2025 btbd_ex11.htm

EXHIBIT 1.1

 

BT BRANDS, INC.

 

AMENDMENT NO. 1 TO EQUITY DISTRIBUTION AGREEMENT

 

November 21, 2025

Maxim Group LLC

300 Park Avenue, 16th Floor

New York, New York 10022

 

Ladies and Gentlemen:

 

Reference is made to that certain equity distribution agreement, dated as of December 13, 2024 (the “Sales Agreement”), by and between BT Brands, Inc., a Wyoming corporation (the “Company”), and Maxim Group LLC (the “Agent”). Capitalized terms used herein but not otherwise defined are used herein as defined in the Sales Agreement.

 

The Company and Agent (collectively, the “Parties”) wish to amend the Sales Agreement, pursuant to Section 15 of the Sales Agreement, on the terms and conditions set forth in this letter (this “Amendment No. 1”). Therefore, for and in consideration of the mutual covenants and agreements herein contained, and contained in the Sales Agreement, the Company, on the one hand, and the Agent, on the other hand, the Parties therefore hereby agree as follows effective as of the date hereof:

 

1. Increase in the Aggregate Offering Price of Shares. The reference to “$3,005,000” in the heading, introductory paragraph, Sections 2 and 7 of the Sales Agreement regarding the aggregate offering price of the shares of Common Stock is hereby amended and replaced with “$3,565,880.”

 

2. Definition of Prospectus Supplement. The Parties agree that the definition of “Prospectus Supplement” under Section 1(a)(i) of the Sales Agreement shall include the prospectus supplement to the Base Prospectus, dated the date hereof, filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act.

 

3. Legal Fees for the Agent. Upon the execution of this Amendment No. 1, the Company shall reimburse the Agent $40,000 for its legal fees. For the avoidance of doubt, Section 3(g) of the Sales Agreement shall continue to remain in full force and effect following the execution of this Amendment No. 1.

 

4. Governing Law. THIS AMENDMENT NO. 1 SHALL BE SUBJECT TO THE PROVISIONS REGARDING APPLICABLE LAW AND WAIVER OF JURY TRIAL SET FORTH IN SECTIONS 12 AND 16 OF THE SALES AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

 
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5. Counterparts. This Amendment No. 1 may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment No. 1 by one party to the other may be made by facsimile or electronic transmission.

 

6. Agreement Remains in Effect. Except as provided herein, all provisions, terms and conditions of the Sales Agreement shall remain in full force and effect. As amended hereby, the Sales Agreement is ratified and confirmed in all respects. On and after the date of this Amendment No. 1, each reference in the Sales Agreement to the “Agreement”, “hereinafter”, “herein”, “hereinafter”, “hereunder”, “hereof”, or words of like import shall mean and be a reference to the Sales Agreement as amended by this Amendment No. 1.

 

[Signature Page Follows]

 

 
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If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company the enclosed duplicate of this Amendment No. 1 to the Equity Distribution Agreement, whereupon this letter and your acceptance shall represent a binding agreement between the Company and the Agent in accordance with its terms.

 

 

Very truly yours,

 

BT BRANDS, INC.

       

By:

/s/ Gary Copperud

 

Name:

Gary Copperud

 
 

Title:

Chief Executive Officer

 

 

Confirmed as of the date first above mentioned.

 

Very truly yours,

 

 

 

MAXIM GROUP LLC, as Agent

 

 

 

By:

/s/ Ritesh M. Veera

 

Name:

Ritesh M. Veera

 

Title:

Co-Head of Investment Banking

 

  

[Signature Page to Amendment No. 1 to Equity Distribution Agreement]

 

 
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