Document:

Exhibit 10.23

 

 

May 20, 2021

 

 

 

 

HillCour, Inc. (“HillCour”) agrees
to provide Marpai, Inc. and its subsidiaries (collectively, “Marpai”) funding and financial support necessary to fund Marpai’s
operating expenses, defined as expenses Marpai incurs through its business operations in the normal course of business, through July 31,
2022. This letter supersedes the prior letters dated March 13, 2021.

 

		1.	HillCour is currently the largest single shareholder of Marpai, holding approximately 44% of Marpai’s
outstanding equity securities (if HillCour’s convertible notes are converted).

		2.	HillCour is committed to the success of its investment in Marpai and understands that it may be necessary
that HillCour provide additional funding to pay for Marpai’s operating expenses as Marpai continues its current path to an initial
public offering.

		3.	It is our understanding that Marpai’s cash position as of March 31, 2021 was approximately $4.7
million, which is projected to cover Marpai’s operating expenses until September 30, 2021.

		4.	If Marpai does not:

a) complete its proposed
initial public offering,

b) raise sufficient capital to fund
its operating expenses through private rounds of financings; or

c) secure sufficient operating cash
to fund its operating expenses,

 

HillCour agrees, subject to such further conditions,
and in a form to be mutually determined, to provide additional funds to pay for Marpai’s operating expenses so Marpai can continue
to operate in its normal course of business through July 31, 2022.

 

It is our understanding that, based on Marpai’s
current projections, Marpai’s total un-funded operating expenses until July 31, 2022 are estimated to be between $8.0 million to
$10.0 million.

 

		5.	This letter is effective as of the date hereof and shall continue in effect until July 31, 2022.

		6.	The provisions of this letter shall be construed and enforced in accordance with the laws of the State
of Florida without giving effect to principles regarding conflicts of laws.

		7.	This letter may be amended, supplemented, or changed, and any provision hereof may be waived, only by
a written instrument making specific reference to this letter signed by HillCour, Inc.

		8.	The personal financial statements of the principal of HillCour have been provided under separate cover.

 

 

 

	 	HILLCOUR, INC.	 
	 	 	 
	 	/s/ Damien F. Lamendola	 
	By:	Damien F. Lamendola	 
	Its	President	 

 

 

    4830 W. Kennedy Blvd., Suite 100, Tampa, FL 33609 ∙ Phone: 863-825-4171Exhibit 10.24

 

 

August 19, 2021

 

HillCour, Inc. (“HillCour”) agrees
to provide Marpai, Inc. and its subsidiaries (collectively, “Marpai”) funding and financial support necessary to fund Marpai’s
operating expenses, defined as expenses Marpai incurs through its business operations in the normal course of business, through September
30, 2022. This letter supersedes the prior letter dated May 20, 2021.

 

	1.	HillCour is currently the largest single shareholder of Marpai, holding approximately 44% of Marpai’s
outstanding equity securities (if HillCour’s convertible notes are converted).

	2.	HillCour is committed to the success of its investment in Marpai and understands that it may be necessary
that HillCour provide additional funding to pay for Marpai’s operating expenses as Marpai continues its current path to an initial
public offering.

	3.	It is our understanding that Marpai’s cash position as of June 30, 2021 was approximately $1.9 million,
which is projected to cover Marpai’s operating expenses until September 30, 2021.

	4.	If Marpai does not:

a) complete its proposed
initial public offering,

b) raise sufficient capital to fund
its operating expenses through private rounds of financings; or

c) secure sufficient operating cash
to fund its operating expenses,

 

HillCour agrees, subject to such further conditions,
and in a form to be mutually determined, to provide additional funds to pay for Marpai’s operating expenses so Marpai can continue
to operate in its normal course of business through September 30, 2022.

 

It is our understanding that, based on Marpai8’s
current projections, Marpai’s total un-funded operating expenses until September 30, 2022 are estimated to be between $8.0 million
to $10.0 million.

 

	5.	This letter is effective as of the date hereof and shall continue in effect until September 30, 2022.

	6.	The provisions of this letter shall be construed and enforced in accordance with the laws of the State
of Florida without giving effect to principles regarding conflicts of laws.

	7.	This letter may be amended, supplemented, or changed, and any provision hereof may be waived, only by
a written instrument making specific reference to this letter signed by HillCour, Inc.

	8.	The personal financial statements of the principal of HillCour have been provided under separate cover.

 

 

 

	 	HILLCOUR, INC.	 
	 	 	 
	 	/s/ Damien F. Lamendola	 
	By:	Damien F. Lamendola	 
	Its	President	 

 

 

 

 

4830 W. Kennedy Blvd., Suite 100, Tampa,
FL 33609 ∙ Phone: 863-825-4171Exhibit 10.25

 

THIS DRAWDOWN PROMISSORY NOTE
HAS NOT BEEN REGISTERED, INCLUDING UNDER THE SECURITIES ACT OF 1933. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE
TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, OR AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT, AND (2) SUBJECT TO THE PROVISIONS OF ANY OTHER APPLICABLE LAW AND OF
THE THEN CURRENT BY-LAWS AND CERTIFICATE OF INCORPORATION OF THE COMPANY.

 

DRAWDOWN PROMISSORY NOTE

 

Up to $3,000,000

July 29, 2021

 

FOR VALUE RECEIVED, the undersigned,
Marpai, Inc., a Delaware corporation (the “Company”), hereby promises to pay to the order of Hillcour Investment Fund LLC
(the “Lender”), the unpaid principal balance of the Drawdowns (as defined below), together with interest thereon which shall
accrue at a rate equal to six percent (6%) per annum.  All payments on this Drawdown Promissory Note (this “Note”) shall
be due and payable in lawful money of the United States of America.

 

1.   Purpose
of Note. This Note evidences, and is given in consideration of, a loan in the principal amount of up to three million dollars
($3,000,000). This is a revolving credit facility and unless extended or renewed shall be payable in full on the Maturity Date (defined
below).

 

2.   Drawdown
Requests. If no Event of Default has occurred and is continuing, the principal of this Note may be drawn down from time to time
(the “Drawdowns”) prior to the Maturity Date (as defined below), upon written request from the Company to Lender (each, a
 “Drawdown Request”), which Drawdown Request must state the amount to be drawn down. If no Event of Default has occurred and
is continuing, Lender shall fund each Drawdown Request within five (5) Business Days (as defined below) after receipt of a Drawdown Request;
provided, however, that the maximum amount of Drawdowns collectively under this Note is three million dollars ($3,000,000).  

 

3.   Terms
of Drawdown Requests. The Company and Lender agree that the Company may request up to three million dollars ($3,000,000) for
general working capital.

 

4.   Interest
Rate. Interest shall accrue on the outstanding principal balance hereof, up to and including the maximum amount available under
this Note, at an annual rate of six percent (6%).  Notwithstanding anything to the contrary herein, the liability of the Company
for payment of interest under this Note shall not exceed the maximum amount permitted by law, and if any payment by Company includes interest
in excess of such maximum amount, Lender shall apply such excess to the reduction of principal or, if none is due, such excess shall be
refunded to Company. Interest shall be computed on the basis of a 360-day year.

 

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5.   Maturity
Date. All outstanding principal and accrued interest hereunder shall be due and payable on earlier of (i) the six (6) month anniversary
date hereof or (ii) the initial public offering (the “IPO”) date of the Company (the “Maturity Date”).

 

6.   Prepayment. This
Note may be prepaid, in whole or in part, at any time or times without premium or penalty. All amounts prepaid by the Company to Lender
shall be available for re-advancement.

 

7.   Events
of Default. Each of the following shall constitute an “Event of Default” hereunder:

 

The Company fails to make
any payment of principal or interest when due under this Note;

 

The Company assigns this Note
without Lender’s consent, or

 

The Company (i) applies for
or consents to the appointment of a receiver, trustee or liquidator of itself or any of its property, (ii) admits in writing its inability
to pay debts as they mature, (iii) makes a general assignment for the benefit of creditors, (iv) is adjudicated bankrupt or insolvent,
(v) files a voluntary petition in bankruptcy or a petition or an answer seeking reorganization or an arrangement with creditors or to
take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer
admitting the material allegations of a petition filed against it in any proceeding under any such law, or (vi) takes any action for the
purpose of effecting any of the foregoing:

 

Any order, judgment or decree
is entered by any court of competent jurisdiction (i) approving a petition seeking reorganization of the Company or all or a substantial
part of the assets of the Company, or (ii) appointing a receiver, sequester, trustee or liquidator of the Company or any of its property,
and such order, judgment or decree continues unstayed and in effect for a period of sixty (60) days or more.

 

8.   Remedies
Upon Default. Upon the occurrence of any Event of Default (a) the entire unpaid principal balance hereunder plus all interest
accrued thereon shall, at the option of Lender, become due and payable immediately without presentment, demand, notice of nonpayment,
protest, notice of protest or other notice of dishonor, all of which are hereby expressly waived by the Company.

 

9.   Remedies
Cumulative. No right or remedy conferred upon or reserved to Lender under this Note, or now or hereafter existing at law or in
equity or by statute or other legislative enactment, is intended to be exclusive of any other right or remedy, and each and every such
right or remedy shall be cumulative and concurrent, and shall be in addition to every other such right or remedy, and may be pursued singly,
concurrently, successively or otherwise, at the sole discretion of Lender, and shall not be exhausted by any one exercise thereof but
may be exercised as often as occasion therefore shall occur. 

 

10. No Conversion.   The
principal amount of this Note and any accrued interest may not be converted into shares of the Company’s capital stock.  

 

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11. Miscellaneous.

 

a. Waivers, Amendments, etc. The
provisions of this Note may from time to time be amended, modified or waived, only if such amendment, modification or waiver is in a writing
signed by the Company and Lender. No failure or delay on the part of Lender in exercising any power or right under this Note shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof
or the exercise of any other power or right.

 

b. Notices. All
notices and other communications required or permitted to be given under or in connection with this Note shall be in writing and shall
be deemed given if delivered personally or by facsimile transmission (receipt verified), express courier service (signature required),
or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at
such other address for a party as shall be specified by like notice; provided that notices of a change of address shall be only upon receipt
thereof):

 

If to the Lender:

 

Hillcour Investment Fund LLC

4830 W. Kennedy Blvd.

Suite 100

Tampa, FL 33609  

Attn: Damien Lamendola

 

If to the Company:

Marpai, Inc.

5701 East Hillsborough Ave.

Tampa, FL 33610

Attn: Edmundo Gonzalez, Secretary

 

c.   Severability. Any
provision of this Note which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Note or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

d.   Governing
Law and Venue. This Note shall be governed by the internal laws of the State of Florida without giving effect to it principles
of conflicts of law. Any dispute relating to this Note shall only be brought in the Circuit Court for the thirteenth judicial circuit
in Hillsborough County, Florida.

 

e.   Successors
and Assigns. This Note shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,
administrators, successors and permitted assigns. The Company may assign this Note only with Lender’s consent, which shall not be
unreasonably withheld.

 

 

[ Signatures
Page Follows]

 

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IN WITNESS WHEREOF, the Company
has executed this Note as of the day and year first above written.

 

	 	THE COMPANY:
	 	 
	 	MARPAI, INC.
	 	 
	 	By:	/s/ Edmundo Gonzalez
	 	Name:	 Edmundo Gonzalez
	 	Title:	President & Secretary

 

 

Approved and Agreed:

 

 

	THE LENDER:	 
	 	 
	Hillcour Investment Fund LLC	 
	 	 
	By:	 /s/ Damien Lamendola	 
	Name:	Damien Lamendola	 
	Title:	Manager	 

 

 

[SIGNATURE PAGE TO DRAWDOWN PROMISSORY NOTE]

 

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