Amendment to Convertible Note between H/Cell Energy Corporation and Holder (February 8, 2019)
H/Cell Energy Corporation and the holder of a convertible note originally dated January 2, 2018, have agreed to amend the note. The interest rate is reduced from 12% to 10% per year, effective February 8, 2019. Additionally, the fixed conversion price for converting the note into company stock is set at $0.50 per share, subject to adjustments for certain corporate actions. The amendment is signed by the company's Chief Financial Officer and accepted by the holder.
Exhibit 10.3
ALLONGE TO CONVERTIBLE NOTE DATED JANUARY 2, 2018
Reference is hereby made to the Convertible Note dated January 2, 2018 (the “Note”) issued by H/Cell Energy Corporation, a Nevada corporation (the “Company”) to ______________ (the “Holder”). Terms used herein and not otherwise defined herein shall have the meaning set forth in the Note.
The Company and the Holder agree to amend the terms of the Note in accordance with the following terms:
| 1. | All references in the Note to the interest rate shall be changed from 12% per annum to 10% per annum, effective as of February 8, 2019. | |
| 2. | Section 2.1(d) is hereby amended and restated in its entirety to read as follows: |
“Fixed Conversion Price” means $0.50, as adjusted for stock splits, stock dividends, stock combinations or other similar transactions.
Dated: February 8, 2019
| H/CELL ENERGY CORPORATION | ||
| By: | ||
| Name: | Matthew Hidalgo | |
| Title: | Chief Financial Officer | |
ACCEPTED AND AGREED:
Dated: February 8, 2019
