Exhibit 10.16


 


AMENDMENT
TO THE SECURED LOAN

AND REVENUE PARTICIPATION AGREEMENT


 


This
Amendment (the “Amendment”) to the October 9, 2019 Secured Loan and Revenue Participation Agreement (the “Agreement”)
entered into by and between Chartwell Capital US LP (“Chartwell”) and Solajet Financing Company LLC (“Solajet”)
is now being amended pursuant to Section 8.7 of the Agreement (each, Chartwell and SolaJet are referred to herein individually
as a “Party” to this Amendment, and collectively as the “Parties” to this Amendment). Other than the amendments
specified herein, no other terms of the Agreement shall be modified or affected by this Amendment. The Parties intend to make
the following amendments effective, February 24, 2020 (hereinafter, the “Effective Date”):


 


	 	●	Section
    1.2, Interest Loan - as of the Effective Date, by mutual written consent of the Parties, the Interest Loan section 1.2
    of the Agreement on page 1, shall be deleted in its entirety and replaced by the following:


 


Interest
Loan. During the Term, as defined in Section 1.4 (below), the Loan shall accrue simple interest (no compounding) of 18.2%
per annum, for a total interest amount of $43,680 to be accrued during the Term. In case of an Event of Default, as described
in section 5.1 (below), the Borrower shall begin to accrue interest at the Default Rate as further specified in the Note.


 


	 	●	Section
    1.5, Repayment of Loan - as of the Effective Date, by mutual written consent of the Parties, the Repayment of Loan section
    1.5 of the Agreement on page 2, shall be deleted in its entirety and replaced by the following:


 


Repayment
of Loan. (i) Borrower shall make a monthly repayment in the amount of $2,160 to Lender in forty-eight (48) instances on the
ninth (9th) calendar day of each month during the Term starting with November 9th, 2019 with the Loan to be repaid
in full on October 9th, 2023; and if the 9th calendar day falls on a Saturday, Sunday or public holiday
under the laws of the State of New York, the due date for the payment shall be extended to the next succeeding business day; (iv)
Nothing in the terms of this Agreement or the Note will prevent the Borrower from repaying any portion or the entire amount of
the Loan, together with interest, to the Lender at any time prior to the Maturity Date, or at any other time provided that the
total interest due on the Loan shall be adjusted proportionally.


 


	 	●	Section
    7.1, Revenue Share - as of the Effective Date, by mutual written consent of the Parties, the Revenue Share section 7.1
    of the Agreement on page 5, shall be deleted in its entirety and replaced by the word “OMITTED.”


 


This
Amendment shall constitute the final agreement and understanding of the Parties on the subject matter hereof. Any modifications
to addendums and/or exhibits to the agreement that are required to be made as a result of this amend are hereby deemed to be made.
This Amendment may be modified only by a further writing signed by the Parties. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.


 




    	 



     


    

 


IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed as of the 24th day of February, 2020.


 


	Chartwell
    Capital US LP	Solajet
    Financing Company LLC
	 	 	 	 	 
	 	 	 	 	/s/
    Steve Howe
	Name:	 	 	Name:	Steve
    Howe
	Title:	 	 	Title:	Manager