Agreement to Extend or Convert Tecogen Inc. Promissory Note with John N. Hatsopoulos

Contract Categories: Business Finance › Note Agreements
Summary

This agreement between John N. Hatsopoulos and Tecogen Inc., represented by CEO Abinand Rangesh, allows Tecogen to either extend the maturity date of a $500,000 promissory note by one year to October 10, 2025, or to repay the note by converting the outstanding principal and interest into Tecogen common stock. The number of shares issued will be based on the average closing price over the thirty days before conversion. This provides Tecogen with flexibility in repaying its debt.

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EX-10.27 2 jnhletterreloan.htm EX-10.27 Document

John N. Hatsopoulos


March 21, 2024
Mr. Abinand Rangesh, CEO
Tecogen Inc.
45 First Ave.
Waltham, MA 02451

Re: Extension or Conversion of Tecogen Promissory Note


Dear Abinand:

This letter confirms my agreement to:

(1) extend the maturity date of the Tecogen Inc. Promissory Note in my favor dated October 10, 2023 in the original principal amount of $500,000 (the “Promissory Note”) by one year, making the maturity date October 10, 2025; or

(2) accept Tecogen Inc. common stock as payment in full of Tecogen’s payment obligation under the Promissory Note, consisting of the nearest whole number of shares determined by dividing (i) the outstanding principal and interest on the Promissory Note at the time of conversion of the debt to equity, by (ii) the average closing price per share for Tecogen common stock during the thirty-day period prior to the date of conversion.

Sincerely,

/s/ John N. Hatsopoulos

John N. Hatsopoulos