Addendum No. 2 to Promissory Note between CorpHousing Group Inc. and THA Family II LLC (March 15, 2022)
This addendum modifies a $2,000,000 promissory note originally issued by CorpHousing Group Inc. to THA Family II LLC. It states that if CorpHousing completes an initial public offering (IPO) raising at least $10 million, half of the note's principal and interest (plus a prepayment premium) will automatically convert into shares and warrants at a discounted price. The original 20% prepayment premium is also reinstated. The agreement is signed by both parties' representatives.
Exhibit 10.8.2
Addendum No. 2 to Note
March 15, 2022
The promissory note, made by CorpHousing Group Inc., formerly Corphousing LLC (“Maker”) as of October 15, 2021, in the principal sum of $2,000,000 to THA Family II Limited Liability Company (“Holder”) is hereby modified as follows:
| 1. | Notwithstanding anything to the contrary contained in the Note, Maker and Holder agree that upon consummation of an initial public offering of the common stock of Maker for gross proceeds of $10 million or more (an “IPO”), at the closing of the IPO, 50% of all principal and interest on this Note (together with a prepayment premium on such portion of the principal) shall be converted into the shares of common stock and Warrants (and any other securities) comprising the units sold in the IPO, at a conversion price equal to 80% of the per-unit offering price in the IPO. |
| 2. | For clarity, all original prepayment premiums of 20% of principal prepaid as prescribed by the original Note are reinstated and apply. |
| CORPHOUSING GROUP INC. |
| By: | /s/ Brian L. Ferdinand | |
| Title: | CEO |
| THA FAMILY II LIMITED LIABILITY COMPANY |
| By: | /s/ Andrea Ferdinand | |
| Title: | Manager |
