In a shallow dish, wide enough to fit the bread flat in, whisk together eggnog and eggs.
Add rum extract, cinnamon and nutmeg and mix to combine.
Heat a medium skillet or griddle over medium heat and add one tablespoon of butter and let it melt. (If you can fit more than three pieces of bread, use two tablespoons of butter.)
Meanwhile, dip bread slices, one at a time, into the eggnog mixture coating both sides thoroughly, the place in the skillet. You can cook as many as will fit in the skillet without crowding them. Cook until the bottom side is nicely browned, then gently flip and do the same.
Repeat in as many batches as necessary, adding more butter with each batch.
Serve warm with maple syrup and a sprinkling of powdered sugar (and more cinnamon), if desired!