Document:

Exhibit
10.3

 

Execution
Version

 

PROMISSORY
NOTE 

 

	US$950,000.00	New
    York, New York
	 	December
    29, 2021

 

FOR
VALUE RECEIVED, the undersigned, FREIGHT APP, INC., a company organized and existing under the laws of the State of Delaware
(“Borrower”), promises to pay to the order of HUDSON CAPITAL INC. (f/k/a China Internet Nationwide Financial
Services Inc.), a corporation organized and existing under the laws of the British Virgin Islands (“Lender”),
at its office at 19 West 44th Street, Suite 1001, New York, New York, 10036, or at such other place as the holder of this
Promissory Note shall specify by written notice to Borrower, in lawful money of the United States of America, the loan amount of NINE
HUNDRED AND FIFTY THOUSAND DOLLARS (US$950,000.00) (the “Principal Amount”), together with interest thereon
as specified herein.

 

1.
Interest. The outstanding Principal Amount due from time to time hereunder shall bear interest at a rate per annum equal
to 0.17% from and after the date hereof until the date this Promissory Note is paid in full, whether at maturity or prepayment. Computations
of interest shall be made by Lender on the basis of a year of 360 days for the actual number of days elapsed (including the first day
but excluding the last day) during any applicable interest period.

 

2.
Repayment. All payments made by Borrower hereunder shall be first applied to interest and, thereafter, the balance
to Principal Amount. The entire then-outstanding Principal Amount, together with all accrued but unpaid interest thereon, shall become
due and payable on September 28, 2022. If any Principal Amount or interest on this Promissory Note falls due on a day which is not a
business day for banks in New York, New York, such due date shall be extended to the next succeeding business day and interest shall
be payable in respect of any such extension of Principal Amount. In the event that all or any portion of the Principal Amount and/or
accrued and unpaid interest thereon should become due and payable by Borrower pursuant to this Promissory Note, whether at maturity as
provided above, in connection with a prepayment by Borrower as set forth below, upon acceleration of this Promissory Note in connection
with the occurrence and continuation of an Event of Default as provided below, or otherwise, Borrower shall be entitled in its sole discretion
to offset any such payment obligation against any and all amounts then-owing by Lender and its affiliates to Borrower, including, without
limitation, any such amounts owing by Lender and its affiliates to Borrower pursuant to the Merger Agreement. As used herein, “Merger
Agreement” means that certain Merger Agreement among Borrower, Lender, Hudson Capital Merger Sub I Inc. and ATW Master
Fund II, L.P. dated as of December 13, 2021, as the same may have been amended through the date of this Promissory Note and from time
to time hereafter. Lender hereby consents to any such offset by Borrower.

 

3.
Prepayment. Borrower may prepay this Promissory Note in whole or in part at any time or from time to time without
penalty or premium by paying the portion of the then-outstanding Principal Amount to be prepaid, together with accrued interest thereon
to the date of prepayment.

 

4.
Events of Default. The occurrence of any of the following shall constitute an “Event of Default”
hereunder:

 

(i)
Borrower fails to pay any Principal Amount of this Promissory Note or interest hereunder if and when due, and such failure continues
for 14 days;

 

(ii)
the commencement by Borrower of, or the consent by Borrower to, a voluntary case or proceeding under any applicable federal or state
or other bankruptcy, insolvency, reorganization or other similar law, or any other case or proceeding to be adjudicated bankrupt or insolvent,
or the filing by Borrower of, or consent by Borrower to, a petition or answer or consent seeking reorganization or relief under any applicable
federal or state or other law or the appointment or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator,
or other similar official of Borrower or any substantial party of Borrower’s property; or

 

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(iii)
an involuntary proceeding shall be commenced or an involuntary petition shall be filed, seeking (A) liquidation, reorganization or other
relief in respect of Borrower or its debts or of any substantial portion of its assets under any Federal or state or other bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (B) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for Borrower or for a substantial part of Borrower’s assets in any Federal or state or other jurisdiction,
and, in any such case of clause (A) or (B), such proceeding shall continue undismissed and unstayed for thirty (30) days or an order
or decree approving or rendering any of the foregoing shall be entered.

 

5.
Remedies. Upon the occurrence of an Event of Default and at any time thereafter during the continuance of such Event of
Default, the entire then-outstanding Principal Amount of this Promissory Note, together with all accrued and unpaid interest thereon
and all other amounts payable hereunder, to be immediately due and payable, and/or exercise any and all rights, powers or remedies that
may be available to Lender under applicable law.

 

6.
Additional Costs; Certain Taxes. In addition to and not in limitation of the foregoing, Borrower further agrees to pay
all expenses, including reasonable attorney’s fees and legal expenses, incurred by the holder of this Promissory Note in connection
with (a) collecting or attempting to collect any amounts payable hereunder which are not paid when due, whether by acceleration or otherwise
or (b) exercising remedies in furtherance of the events set forth in Paragraph 2 or Paragraph 4 above. Any such costs incurred by Borrower
will be added to the outstanding Principal Amount and will become immediately due. Any and all payments made by Borrower hereunder shall
be made free and clear of, and without deduction for, any present and future taxes (including, without limitation, value-added taxes
and withholding taxes), levies, imposts, deductions, charges or withholdings and all liabilities with respect thereto. In addition, Borrower
agrees to pay any present or future stamp or documentary taxes or any other excise of property taxes, charges or similar levies which
arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Promissory
Note.

 

7.
Transfer of Promissory Note. Borrower may not sell, transfer, assign or convey this Promissory Note without the prior written
consent of Lender.

 

8.
Amendment; Modification; Waiver. No amendment, modification or waiver of any provision of this Promissory Note or consent
to departure by Borrower therefrom shall be effective unless the same shall be in writing and signed by Lender. No delay or omission
on either party in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall
any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or of any other right on any future occasion.

 

9.
Legal and Tax Representation. Each party to this Promissory Note represents and warrants that it has had the opportunity
to seek the advice of independent legal and tax counsel of its choosing, and has either been duly represented or has by its own volition
chosen not to be represented in executing this Promissory Note.

 

10.
Successors. The terms and conditions of this Promissory Note shall inure to the benefit of and be binding jointly and severally
upon the successors, heirs, survivors and personal representatives of Borrower and shall inure to the benefit of any holder, its legal
representatives, and successors.

 

11.
Breach of Promissory Note. No breach of any provision of this Promissory Note shall be deemed waived unless it is waived
in writing. No course of dealing and no delay on the part of Lender in exercising any right will operate as a waiver thereof or otherwise
prejudice Lender’s rights, powers, or remedies. No right, power, or remedy conferred by this Promissory Note upon Lender will be
exclusive of any other rights, power, or remedy referred to in this Promissory Note, or now or hereafter available at law, in equity,
by statute, or otherwise.

 

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12.
Waiver of Presentment. All parties to this Promissory Note hereby waive presentment for payment, notice of dishonor, protest,
and notice of protest of this Promissory Note.

 

13.
Governing Law. The validity, construction and performance of this Promissory Note will be governed by the laws of the State
of New York, excluding that body of law pertaining to conflicts of law. Any controversy or dispute arising out of or relating to this
Promissory Note shall be brought exclusively in the United States District Court for the Southern District of New York, or, if such court
does not have subject matter jurisdiction, in the State courts of the State of New York located in New York County. Borrower and Lender
hereby irrevocably accept and submit to the exclusive jurisdiction and venue of such courts in personam, with respect to any such
controversy or dispute, and waive any claim that such forum is inconvenient or any similar claim. THE PARTIES HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM THAT IS RELATED TO OR ARISES OUT OF
THIS PROMISSORY NOTE OR THE ACTS OR FAILURE TO ACT OF OR BY LENDER IN THE ENFORCEMENT OF ANY OF THE TERMS OR PROVISIONS OF THIS PROMISSORY
NOTE. To the extent that Lender has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself
or its property, Lender hereby irrevocably waives such immunity in respect of this Promissory Note, and, without limiting the generality
of the foregoing, agrees that the waivers set forth in this Paragraph 13 shall have the fullest scope permitted under the Foreign Sovereign
Immunities Act of the United States of 1976 or are intended to be irrevocable for purposes of such Act.

 

[Signatures
to follow]

 

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Execution
Version

 

IN
WITNESS WHEREOF, Borrower and Lender have executed this Promissory Note the day and year first written above.

 

	 	BORROWER:
	 	 
	 	FREIGHT
    APP, INC.
	 	 	 
	 	By:	/s/
    Paul Freudenthaler
	 	 	Paul
    Freudenthaler
	 	 	Chief
    Financial Officer

 

	 	Address
    for Notices:
	 	 
	 	2001
    Timberloch Place - Suite 500
	 	The
    Woodlands, TX 77380. 
	 	Attention:
    Paul Freudenthaler, CFO
	 	Email
    Address: paul.freudenthaler@fr8hub.com
	 	 
	 	With
    a copy to:
	 	 
	 	RPCK
    Rastegar Panchal LLP
	 	One
    Grand Central Place
	 	60
    East 42nd Street – Suite 2410
	 	New
    York, NY 10165
	 	Attention:
    Chintan Panchal 
	 	Email:
    chintan.panchal@rpck.com

 

	 	LENDER:
	 	 	 
	 	HUDSON CAPITAL, INC.
	 	 	 
	 	By:	/s/
    Warren Wang
	 	Name:	Warren
    Wang
	 	Title:	Chief
    Executive Officer

 

	 	Address
    for Notices
	 	 
	 	19
    West 44th Street, Suite 1001
	 	New
    York, NY 10036
	 	Attention:
    Warren Wang
	 	Email:
    warren@hudsoncapitalusa.com
	 	 
	 	With
    a copy to:
	 	 
	 	Sichenzia
    Ross Ference LLP
	 	1185
    Avenue of the Americas, 31st Floor
	 	New
    York, NY 10036
	 	Attention:
    Benjamin Tan, Esq.
	 	Email:
    btan@srf.law

 

    	4Exhibit
10.4

 

AMENDMENT
NO. 1 TO MERGER AGREEMENT

 

This
Amendment No. 1 to the Merger Agreement (the “Agreement”), dated as of December 29, 2021, by and among Hudson Capital
Inc. (f/k/a China Internet Nationwide Financial Services Inc.), a British Virgin Islands corporation (“Parent”), Hudson
Capital Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Parent (“MergerSub), Freight App, Inc., a
Delaware corporation (the “Company”), and ATW Master Fund II, L.P., a Delaware limited partnership, as the representative
of the stockholders of the Company (the “Stockholders’ Representative”). All capitalized terms used, but not
otherwise defined herein, have the meanings given to them in the Merger Agreement (as defined below).

 

Preliminary
Statement

 

WHEREAS,
pursuant to Section 13.2 of the Merger Agreement, the Merger Agreement may be amended in a writing signed by Parent, Purchaser, Merger
Sub, the Company and the Stockholders’ Representative; and

 

WHEREAS,
Parent, Merger Sub, the Company and the Stockholders’ Representative desire to amend the Merger Agreement to reflect changes agreed
among the Parties and to clarify certain terms and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises set forth in this Amendment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.
The definition of Merger Consideration is hereby deleted in the entirety and replaced with the following:

 

“Merger
Consideration” means in the aggregate, 40,147,876 shares of Parent issuable to the Stockholders and in such amounts and classes
set forth opposite each Stockholder’s name on Schedule 1.38, subject to update immediately prior to Closing to reflect any adjustments
to the capital stock of the Company or Parent, including a reverse stock split, or the issuance of shares of additional shares of capital
stock as may be approved and agreed by the Parties, including such issuances contemplated by the Company financings set forth on Schedule
6.1.”

 

2.
Schedule 6.1 of the disclosure schedules is hereby deleted in its entirety and replaced with the Schedule 6.1 attached hereto as Exhibit
A.

 

3.
Section 12.4(b) is hereby deleted in its entirety and replaced with the following:

 

“In
the event that the transaction contemplated by this Agreement is not consummated by the Outside Closing Date, as extended by Parent pursuant
to Section 12.1(a), for any reason, a breakup fee of $2,450,000 shall be paid within three Business Days following the Outside Closing
Date, by Parent to the Company.

 

4.
Except as expressly provided in this Amendment, the Merger Agreement shall remain in full force and effect, and all references to “this
Agreement” in the Merger Agreement shall mean the Merger Agreement as amended by this Amendment.

 

5.
This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will
constitute but one and the same instrument. This Amendment will become effective when duly executed and delivered by each of the parties
hereto. Counterpart signature pages to this Amendment may be delivered by electronic delivery (i.e., by email of a PDF signature page)
and each such counterpart signature page will constitute an original for all purposes.

 

[Signature
page follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each of the Parties has caused this Amendment to be duly executed and delivered as of the day and year first above written.

 

	 	Parent:
	 	 
	 	Hudson
    Capital Inc. (f/k/a China Internet Nationwide Financial Services Inc.)
	 	 
	 	By:	/s/
    Warren Wang
	 	Name:	Warren
    Wang
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Merger
    Sub:
	 	 
	 	Hudson
    Capital Merger Sub I Inc.
	 	 
	 	By:	/s/
    Warren Wang
	 	Name:	Warren
    Wang
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Company/Surviving
    Corporation:
	 	 
	 	freight
    APP Inc.
	 	 
	 	By:	/s/
    Paul Freudenthaler
	 	Name:	Paul
    Freudenthaler
	 	Title:	CFO
	 	 	 
	 	Stockholders’ Representative:
	 	 	 
	 	ATW Master Fund II, L.P.
	 	 	
	 	By:
    	/s/
    Antonio Ruiz-Gimenez, Jr.                                  
	 	Name:
    	Antonio
    Ruize-Gimenez, Jr.
	 	Title:
    	Member

 

    	 

    	 

    

 

Exhibit
A

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