FORM OF LETTER AGREEMENT C-BOND SYSTEMS, INC.Convertible Promissory Note • December 6th, 2023 • C-Bond Systems, Inc • Investors, nec
This letter agreement (“Agreement”) documents our understanding regarding that certain Original Issue Discount Senior Convertible Promissory Note issued by C-Bond Systems, Inc. (the “Company”) to Mercer Street Global Opportunity Fund, LLC (“Mercer”) dated October 15, 2021 (“Note”). Provided that the Company continues making the Payments (defined and described below) and meets its obligations under this Agreement, Mercer shall not have the right to convert the Note into Common Stock. The Company shall make the Payments on the 15th of every month (with a five-day cure period with no notice required). “Payments” shall mean $15,000 per month for 35 months with a balloon payment of $580,090 on the 36th month (“Balloon Payment”). The Payments are detailed on Schedule B. Additionally, the Company shall pay Mercer 20% of the gross proceeds from capital raised by the Company through the issuance of securities or incurrence of any Debt (regardless of whether the incurrence of debt includes of th
