Form of Promissory Note (the “Note”)Promissory Note • December 6th, 2024 • Transportation & Logistics Systems, Inc. • Transportation services • Nevada
FOR VALUE RECEIVED, the undersigned TRANSPORTATION AND LOGISTICS SYSTEMS, INC., a Nevada corporation (the “Borrower”), promises to pay to the order of [_______], its successors or assigns (the “Lender”), $[______] (the “Face Amount”) by the 6 month anniversary of the date hereof (the “Maturity Date”), together with simple interest on the principal amount outstanding from time to time at the interest rate of 10% per annum, calculated on the basis of actual days elapsed and a 365-day year (the “Interest Rate”), as provided herein or on such earlier date as this Note is required or permitted to be repaid as provided hereunder.
FORM OF COMMON STOCK PURCHASE WARRANTSecurity Agreement • December 6th, 2024 • Transportation & Logistics Systems, Inc. • Transportation services • New York
THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, ____________, or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the fifth year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Transportation and Logistics Systems, Inc., an Nevada corporation (the “Company”), up to _____________ shares of Common Stock (subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Warrant Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant issued pursuant to a the issuance of a convertible note (the “Convertible Note”) entered into as of the Initial Exercise Date between the Company and the initial Holder.
