Jet.AI Inc. Waiver of Accrued Interest and Redemption Premium under Term Sheet (Michael Winston)
This agreement is a waiver by Michael Winston, an investor, in connection with a Term Sheet dated September 11, 2023, between Jet.AI Inc. and certain investors. Michael Winston agrees to give up his right to receive any accrued interest, redemption premium, or increase in the principal amount of a note issued to him under the Term Sheet, even in the event of default. The waiver is addressed to Jet.AI Inc. and the other investors involved in the Term Sheet.
Exhibit 10.2
Jet.AI Inc.
10845 Griffith Peak Dr.
Suite 200
Las Vegas, Nevada 89135
The other Investors party to the Term Sheet (as defined below)
September 13, 2023
Re: Waiver
Gentlemen:
In connection with the binding Term Sheet, dated September 11, 2023 (the “Term Sheet”), among Jet.AI Inc. (the “Company”), myself and the other Investors set forth in the signature page thereto, I hereby waive any right to received accrued interest on the principal amount of the Note to be issued to me pursuant to the Term Sheet, as well as any Redemption Premium (as defined in the Term Sheet) related to such Note or any increase in the principal amount thereof in connection with an Event of Default (as defined in the Term Sheet).
| Sincerely, | ||
| /s/ Michael Winston | ||
| Michael Winston |
