WECAST NETWORK, INC. AMENDMENT NO. 6 TO CONVERTIBLE PROMISSORY NOTE
Exhibit 10.1
WECAST NETWORK, INC.
AMENDMENT NO. 6 TO
CONVERTIBLE PROMISSORY NOTE
This AMENDMENT NO. 6 TO CONVERTIBLE PROMISSORY NOTE (the “Amendment”), effective as of December 31, 2016 (the “Effective Date”), is by and among WECAST NETWORK, INC., a Nevada corporation (the “Company”), and SHANE MCMAHON (the “Payee”).
WHEREAS, the Company and the Payee are parties to that certain Convertible Promissory Note of the Company, dated as of May 10, 2012, as amended as of May 18, 2012, as of October 19, 2012, as of May 10, 2013, as of January 31, 2014, and as of December 30, 2014 in principal amount of $3,000,000.00 (the “Note”); and
WHEREAS, the Company and the Payee desire to amend the Note as provided herein;
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
| 1. | Effective as of the Effective Date, Section 2(a) of the Note shall be deleted in its entirety and, in lieu thereof, the following new Section 2(a) is inserted: |
Payments. Unless earlier converted pursuant to Section 3; provided that upon the conversion of the Series E Preferred stock owned by C Media into common stock (pursuant to which all Series E Preferred Stock will be automatically converted) Section 3(d) of the Note shall be deemed deleted so that the Note is no longer convertible into Series E Preferred Stock and only convertible into Common Stock at a conversion price of $1.50 per share, the Principal Amount and all accrued interest on this Note shall be due and payable to Payee by wire transfer of immediately available Funds upon written demand by the Payee at any time following the date hereof thru December 31, 2018 (the “Maturity Date”).
| 2. | Except as expressly amended by this Amendment, the terms and conditions of the Note are hereby confirmed and shall remain in full force and effect without impairment or modification. |
| 3. | This Amendment shall be governed by and construed in accordance with the laws of the State of New York without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. |
| 4. | This Amendment may be executed electronically via email or facsimile and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. |
[Remainder of Page Intentionally Left Blank]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the day and year first above written.
| WECAST NETWORK, INC. | ||
| By: | /s/ Bing Yang | |
| Name: Bing Yang | ||
| Title: Chief Executive Officer | ||
[Signature Page to Shane McMahon Promissory Note Amendment]
| SHANE MCMAHON | |
| /s/ Shane McMahon | |
| Shane McMahon |
[Signature Page to Shane McMahon Promissory Note Amendment]
