Document:

Exhibit 10.2

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE.
THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT, (B) AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES LAWS OR (C) AN OPINION OF COUNSEL, REASONABLY SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN VIOLATION
OF THESE RESTRICTIONS SHALL BE VOID.

 

1% SENIOR UNSECURED CONVERTIBLE NOTE

 

	$2,500,000	January 18, 2022

 

FOR VALUE RECEIVED,
NETWORK CN INC., a Delaware corporation (the “Company”), hereby promises to pay to the order of WONG YUK CHOR,
holder of Hong Kong Identity Card No.: K446579(2), whose address is at Flat C, 7/F., 114 Broadway Street, Mei Foo Sun Chuen, Kowloon,
Hong Kong (the “Holder”), or its registered assigns or successors in interest or order, without demand, the sum of
TWO MILLION FIVE HUNDRED THOUSAND US DOLLARS ($2,500,000) (the “Principal”), plus accrued and unpaid interest thereon
on January 19, 2027 (the “Maturity Date”). The following terms shall apply to this Note:

 

ARTICLE I

 

INTEREST

 

1.1       Interest Rate.  The
Company hereby agrees to pay interest to the Holder in respect of the outstanding Principal, at a per annum rate equal to one percent
(1%) in cash. Such interest shall accrue on the outstanding Principal from and after the date hereof, and shall be payable semi-annually
in arrears with the first interest payment due on July 18, 2022 and succeeding interest payments due on the 18th Day of each  July
and January thereafter (each, an “Interest Payment Date”). All computations of interest hereunder shall be made on
the basis of a year of 365 days for the actual number of days (including the first but excluding the last day) occurring in the period
for which such interest is payable. As used in this Note, “Business Day” means a day, excluding a Saturday, Sunday,
legal holiday or other days on which banks are required to be closed in the People’s Republic of China, Hong Kong or New York.

 

1.2       Default
Redemption.  Notwithstanding anything to the contrary herein, upon the occurrence and during the continuation of any Event
of Default (as defined in Article 4 hereof), the Holder shall have the right, at its option, to require the Company to repurchase
this Note (or any part thereof), in accordance with the terms set forth in Article 5 hereof.

 

1.3       No
Prepayment.  The Company may not prepay all or any part of the amounts outstanding under this Note at any time without the
express written consent of the Holder. For the avoidance of doubt, any redemption pursuant to Article 5 hereof shall not be deemed
a prepayment.

 

1.4       Taxes
and payment. Any and all payments by the Company to or for the account of the Holder under this Note shall be made free and clear
of and without deduction for any taxes, except as required by applicable law.  If the Company shall be required by any applicable
law to deduct any taxes from or in respect of any sum payable under this Note to the Holder, (i) the sum payable shall be increased
as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this ‎
Section 1.4 ), the Holder receives an amount equal to the sum it would have received had no such deductions been made, (ii) the
Company shall make such deductions, (iii) the Company shall pay the full amount deducted to the relevant taxation authority or other authority
in accordance with applicable law, and (iv) as promptly as practicable after the date of such payment, the Company shall furnish to the
Holder the original or a certified copy of a receipt evidencing payment thereof.

 

    	 	 	 

    	 

    

 

ARTICLE II

 

CONVERSION

 

2.1       Note
Conversion. The Holder shall have the right, but not the obligation, to convert all or any part of the outstanding Principal of this
Note, together with any accrued and unpaid interest thereon to the date of such conversion, into such number of fully paid and non-assessable
shares of the Company’s common stock, par value US$0.001 per share (the “Common Stock”) or other securities of
the Company as and if required pursuant to Section 2.3(b), at any time and from time to time prior to the later of the Maturity
Date or the date on which this Note is paid in full, subject to the terms and conditions set forth in this Article 2, at a conversion
price per share of Common Stock equal to US$1.25 (the “Conversion Price”), as the same may be adjusted from time to
time in accordance with this Note and as proportionally adjusted for any subdivision, consolidation, reclassification or similar event
of the Common Stock) calculated in accordance with Section 2.3.

 

2.2       Conversion
Procedures

 

(a)       In
the event that the Holder elects to convert this Note, the Holder shall give notice of such election by delivering an executed and completed
notice of conversion (a “Notice of Conversion”) to the Company, which Notice of Conversion shall provide a breakdown
in reasonable detail of the Principal, accrued and unpaid interest amounts being converted and the name of the entity to be issued the
Shares of Common Stock upon conversion.  The date specified in the Notice of Conversion, or if no date is specified, then the
date of the delivery of the Notice of Conversion, shall be referred to as the “Conversion Date.”  A form
of Notice of Conversion to be employed by the Holder is annexed hereto as Exhibit A.

 

(b)       Pursuant
to the terms of the Notice of Conversion, the Company shall deliver, or cause to be delivered, such number of Shares of Common Stock (or
other securities of the Company as and if required pursuant to Section 2.3(b)) as determined pursuant to this Note (the “Conversion
Shares”) via physical certificates to the Holder or its assignee (if and as designated in the Notice of Conversion and to the
extent permitted by applicable securities laws). In the case of the exercise of the conversion rights set forth herein, the conversion
privilege shall be deemed to have been exercised and the Conversion Shares issuable upon such conversion shall be deemed to have been
issued upon the Conversion Date.  The Holder or its assignee (if and as designated in the Notice of Conversion) shall be treated
for all purposes as the beneficial holder of such Conversion Shares, unless the Holder provides the Company written instructions to the
contrary.  

 

(c)       The
number of Conversion Shares to be issued upon each conversion of this Note pursuant to this Article 2 shall be the quotient obtained
by dividing the Principal and accrued interest by the then applicable Conversion Price.  No fractional shares of Common Stock
shall be issued upon any conversion of this Note.  In lieu of the Company issuing any fractional shares to the Holder upon any
conversion of this Note, the Company shall make an adjustment and payment in cash to the Holder.

 

    		-2-	

    	 

    

 

(d)        The
Company shall deliver or cause to be delivered certificates representing the Conversion Shares within seven (7) business days of the Conversion
Date (the “Certificate Delivery Date”). If the Holder has made a sale or transfer of any such Conversion Shares either
pursuant to Rule 144 or pursuant to a registration statement and (1) the Company shall fail to deliver or cause to be delivered to the
Holder by the Certificate Delivery Date, a certificate representing such Conversion Shares and (2) following the Certificate Delivery
Date the Holder, or any third party on behalf of the Holder, purchases (in an open market transaction or otherwise) shares of Common Stock
to deliver in satisfaction of a sale by the Holder of such Conversion Shares (a “Buy-In”), then, the Company shall
pay in cash to the Holder (for costs incurred either directly by such Holder or on behalf of a third party) the amount by which the total
purchase price paid for Common Stock as a result of the Buy-In (including brokerage commissions, if any) exceed the proceeds received
by such Holder as a result of the sale to which such Buy-In relates. The Holder shall provide the Company written notice indicating the
amounts payable to the Holder in respect of the Buy-In.

 

2.3       Adjustment
Events. The Conversion Price and number and kind of shares or other securities to be issued upon conversion shall be subject to adjustment
from time to time upon the happening of certain events while this conversion right remains outstanding, as follows:

 

(a)       Merger,
Sale of Assets, etc.  If (i) the Company effects any merger or consolidation of the Company with or into another entity,
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer (whether by the Company or another entity) is completed pursuant to which holders of Common Stock are permitted
to tender or exchange their shares for other securities, cash or property, (iv) the Company consummates a stock purchase agreement or
other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
one or more persons or entities whereby such other persons or entities (such other persons or entities, the “Purchasers”)
acquire more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the Purchasers or such
other persons or entities associated or affiliated with the Purchasers), or (v) any “person” or “group” (as these
terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall become the “beneficial owner” (as defined
in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate Common Stock of the Company (in any such case, a “Fundamental
Transaction”), this Note, as to the Principal and accrued and unpaid interest thereon, shall thereafter, at the Holder’s
election, be deemed to evidence the right to convert into such number and kind of shares or other securities and property as would have
been issuable or distributable on account of such Fundamental Transaction, upon or with respect to the securities subject to the conversion
right immediately prior to such Fundamental Transaction.  The foregoing provision shall similarly apply to successive Fundamental
Transactions of a similar nature by any such successor or purchaser. Without limiting the generality of the foregoing, the provisions
of this Section 2.3 shall apply to such securities of such successor or purchaser after any such Fundamental Transaction.

 

(b)       Reclassification,
etc.  If the Company at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different
number of securities of any class or classes, this Note, as to the Principal hereof and accrued and unpaid interest hereon, shall thereafter
be deemed to evidence the right to convert into an adjusted number of such securities and kind of securities as would have been issuable
as the result of such change with respect to the Common Stock immediately prior to such reclassification or other change.

 

(c)       Stock
Splits, Combinations and Dividends.  If the shares of Common Stock are subdivided or combined into a greater or smaller
number of shares of Common Stock (whether by a stock split or otherwise), or if a dividend is paid on the Common Stock in shares of Common
Stock, the Conversion Price shall be proportionately reduced in case of subdivision of shares or stock dividend or proportionately increased
in the case of combination of shares, in each such case by the ratio which the total number of shares of Common Stock outstanding immediately
after such event bears to the total number of shares of Common Stock outstanding immediately prior to such event.

 

    		-3-	

    	 

    

 

(d)       Share
Issuance.  So long as any amount of this Note is outstanding, if the Company shall issue any Equity-Linked Securities (as
defined below), except for securities issued or issuable pursuant to an Exempt Issuance (as defined below), prior to the full conversion
or payment of this Note, for a consideration that is less than the Conversion Price, then, and thereafter successively upon each such
issuance, the Conversion Price shall be reduced to such other lower issue price.  For purposes of this Note, “Equity-Linked
Securities” means any equity securities of the Company (including any Common Stock) and any equity-linked securities of the
Company (including any instruments, warrants, options or rights to acquire any equity securities of the Company). For purposes of this
adjustment, the issuance of any Equity-Linked Securities shall result in an adjustment to the Conversion Price upon the issuance of such
Equity-Linked Security, and again upon the issuance of shares of Common Stock upon exercise of such conversion or purchase rights if such
issuance is at a price lower than the then applicable Conversion Price. For purposes of this Article 2, “Exempt Issuance”
shall mean (a) the issuance of shares of Common Stock to employees, consultants, service providers, officers or directors of the Company,
pursuant to any other stock or option plan duly adopted for such purpose by the Company, (b) the issuance of securities upon the exercise
or exchange of or conversion of any securities issued hereunder and/or other securities exercisable or exchangeable for or convertible
into shares of Common Stock issued and outstanding on the date of this Note, provided that such securities have not been amended since
the date of this Note to increase the number of such securities or to decrease the exercise, exchange or conversion price of such securities,
and (c) the issuance of securities to bona fide third party purchasers on an arm’s length basis.

 

(e)       Replacement
Note. In the event of any partial conversion of the outstanding Principal and any accrued and unpaid interest under this Note, the
Holder agrees to surrender this Note to the Company and the Company shall issue to the Holder a replacement Note in the amount of the
remaining Principal (and accrued and unpaid interest, if applicable) after giving effect to such partial conversion.

 

2.4       Notice
as to Adjustments. Whenever the Conversion Price is adjusted pursuant to this Article 2, the Company shall promptly mail to
the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a statement of the facts requiring such
adjustment.

 

2.5       Reservation
and Registration.  The Company covenants that it will at all times reserve and keep available out of its authorized and
unissued shares of Common Stock for the sole purpose of issuance upon conversion of this Note, free from all mortgages, charges, pledges,
liens, hypothecations or other security interests (“Liens”), preemptive rights or any other actual contingent purchase
rights of persons other than the Holder, not less than the aggregate number of shares of the Common Stock as shall be issuable (taking
into account the adjustments and restrictions of this Article 2) upon the conversion of this Note.  The Company covenants
that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable
and, pursuant to the Registration Rights Agreement, shall be registered for public sale in accordance therewith.  The Company
agrees that its issuance of this Note shall constitute full authority to its officers, agents, and transfer agents who are charged with
the duty of executing and issuing stock certificates to execute and issue the necessary certificates for shares of Common Stock upon the
conversion of this Note.

 

2.6       Transfer
Taxes.  The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge
to the Holder hereof for any documentary, stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates.

 

2.7       Note Transferable.
Subject to compliance with applicable laws and the transfer restrictions set forth in the Agreement, under which this Note was issued,
this Note and all rights hereunder may be transferred, in whole or in part, without charge to Holder (except for transfer taxes), and,
thereafter, upon surrender of this Note properly endorsed and in compliance with the provisions of the Agreement; provided, however,
that in the event Holder desires to sell or otherwise transfer this Note to any third party, Holder shall provide the Company with prior
written notice of such sale or transfer (including the terms and conditions of such proposed sale or transfer) and the Company shall have
a right of first refusal for thirty (30) days following the Company’s receipt of such notice, at the Company’s option
to prepay or redeem this Note or purchase this Note on the terms set forth in such notice.

 

    		-4-	

    	 

    

 

ARTICLE III

 

COVENANTS

 

3.1       Affirmative
Covenants of the Company. The Company covenants and agrees that, so long as all or any of the Principal of this Note remains outstanding,
it shall:

 

(a)       pay
and discharge all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or upon any properties
belonging to it before the same shall be in default; provided, however, that the Company shall not be required to pay any such tax, assessment,
charge or levy which is being contested in good faith by proper proceedings and adequate reserves for the accrual of same are maintained
if required by generally accepted accounting principles;

 

(b)       preserve
its corporate existence and continue to engage in business of the same general type as conducted as of the date hereof; and

 

(c)       comply
in all respects with all statutes, laws, ordinances, orders, judgments, decrees, injunctions, rules, regulations, permits, licenses, authorizations
and requirements (the “Requirement(s)”) of all governmental
bodies, departments, commissions, boards, companies or associates insuring the premises, courts, authorities, officials, or officers,
which are applicable to the Company or its property; except wherein the failure to comply would not have a materially adverse on (i) the
business, property, results of operations or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole or
(ii) the ability of the Company to perform its obligations under this Note, the Exchange Agreement, the Registration Rights Agreement
or the Letter Agreement (collectively, the “Transaction Documents”); provided that
nothing contained herein shall prevent the Company from contesting the validity or the application of any Requirements. As used in this
Note, “Subsidiary” means, with respect to a person, any corporation, company (including
any limited liability company), association, partnership, joint venture or other business entity of which at least a majority of the total
voting power of the voting stock is at the time owned or controlled, directly or indirectly, by such person, and, in respect of the Company,
shall also include any corporation, company (including any limited liability company), association, partnership, joint venture or other
business entity from time to time organized and existing under the laws of the People’s Republic of China whose financial reporting
is consolidated with the Company in any audited financial statements filed by the Company with the Commission in accordance with the Securities
and Exchange of 1934 as amended, together with the rules and regulations promulgated thereunder from time to time in effect.

 

3.2       Negative
Covenants of the Company. The Company covenants that so long as all or any of the Principal of this Note remains outstanding, it shall
not, and shall ensure that none of its Subsidiaries shall, without the prior written consent of the holders of a majority of the principal
amount of the Notes: 

 

(a)       Charter
Documents. Except with respect to any amendment of the Company’s certificate of incorporation to implement a reverse stock split
and increase or decrease the authorized shares of the Company; modify, alter, repeal or amend the Company’s certificate of incorporation,
by-laws or other organizational documents or effect any change of legal form of the Company; provided, however, that the number of Conversion
Shares issuable hereunder shall be adjusted to prevent the dilution of such shares in the event of a reverse stock split as contemplated
under Section 2.3(c) hereof;

 

    		-5-	

    	 

    

 

(b)       Dividends.
Declare or pay dividends or other distributions by the Company or any of its Subsidiaries in respect of the equity securities of such
entity other than dividends or distributions of cash which amounts during any 12-month period that do not exceed ten percent (10%) of
the consolidated net income of the Company based on the Company’s most recent audited financial statements disclosed in the Company’s
annual report on Form 10-K (or equivalent form) filed with the U.S. Securities and Exchange Commission.

 

(c)       Redemptions
or Repurchases. Except for any redemption pursuant to Article V hereof, redeem or repurchase shares of Common Stock or any
other securities of the Company unless the Holders shall have first received, in respect of the Notes or the Conversion Shares, an amount
in cash equal to the greater of (i) the Redemption Price and (ii) the amounts the Holders would be entitled to receive assuming the Conversion
Shares are subject the redemption or repurchase.

 

ARTICLE IV

 

EVENTS OF DEFAULT

The occurrence of any of the following events shall constitute an event of default (“Event of Default “):

 

4.1       Failure
to Pay Principal or Interest.  The Company shall fail to pay the Principal, when due, or any interest or other sum when
due under this Note.

 

4.2       Breach
of Covenant or Representations and Warranties.  The Company breaches any covenant or other term or condition of the Transaction
Documents (including but not limited to the conversion obligations in Article 2) in any material respect, which failure is not
cured, if possible to cure, within five Business Days after the Company has become or should have become aware of such failure, or any
representation or warranty of the Company made in Transaction Documents shall be false or misleading in any material respect as of the
date hereof.

 

4.3       General Assignment.  The
Company or any Subsidiary makes an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or
trustee for them or for a substantial part of their property or business; or such a receiver or trustee shall otherwise be appointed.

 

4.4       Bankruptcy.
Bankruptcy, insolvency, reorganization, or liquidation proceedings or other such proceedings or relief under any bankruptcy, insolvency
or restructuring law or any law, or the issuance of any notice in relation to such event, shall be instituted by or against the Company
or any Subsidiary.

  

4.5       Judgments.
Any judgment against the Company or any Subsidiary or any of their property or other assets with actual damages, net of insurance proceeds,
in excess of $1,000,000 and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of
thirty (30) calender days.

 

4.6       Delisting.
The Common Stock shall not be eligible for listing or quotation for trading on a Trading Market for a period of ten (10) consecutive trading
days, and shall not be eligible to resume listing or quotation for trading thereon within thirty (30) trading days. As used in this Note,
“Trading Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading
on the date in question: the OTC Bulletin Board, the New York Stock Exchange, NYSE Alternext U.S. (formerly known as the American Stock
Exchange), the Nasdaq Global Market or the Nasdaq Capital Market.

 

    		-6-	

    	 

    

 

4.7       Stop
Trade. Stop trade order imposed judicially or by the U.S. Securities and Exchange Commission or by the OTC Bulletin Board or other
exchange trading suspension with respect to Company’s Common Stock and such stop order not being rectified and resumed within thirty
(30) trading days.

 

4.8       Non-Registration.
The failure to timely file the registration statements covering the Conversion Shares in accordance with the Registration Rights Agreement.

 

4.9       Reservation
Default. Failure by the Company to have reserved for issuance upon conversion of this Note the amount of Common Stock as set forth
in this Note and the Transaction Documents.

 

4.10       Cross
Default. A default by the Company or any of its Subsidiaries under any loan, mortgage, indenture, notes, debentures or any other
instrument evidencing any indebtedness of the Company or any of its Subsidiaries in excess of $1,000,000, that results in acceleration
of the maturity of such debt or liability, or failure to pay any such debt when due.

  

ARTICLE V

 

REDEMPTION

 

5.1       Optional
Redemption Rights.  If there is an occurrence of any Event of Default hereunder, the Holder shall have the right, at its
option, to require the Company to repurchase this Note (the “Redemption Rights”) from the Holder for an aggregate purchase
price in cash equal to 110% of the aggregate Principal and any accrued and unpaid interest (the “Redemption Price”).  

 

5.2       Redemption
Procedures.  The Holder may exercise the Redemption Rights under Section 5.1 by delivering written notice to the
Company (the “Redemption Notice”).  The Company shall pay the Holder the Redemption Price not later than
thirty (30) Business Days after delivery of such Redemption Notice by the Holder (the “Redemption Date”), and this
Note shall be immediately cancelled and retired.   If the Redemption Notice shall have been duly given, and if on the Redemption
Date the Redemption Price payable upon repurchase of this Note is paid or tendered for payment or deposited with an independent payment
agent so as to be available therefor, then notwithstanding that this Note shall not have been surrendered by the Holder, interest with
respect to this Note shall cease to accrue after the Redemption Date and all rights with respect to this Note (other than the right to
receive the Redemption Price) shall forthwith after the Redemption Date terminate.

 

5.3       Failure
to Pay.  In the event that the Holder exercises the Redemption Rights and the Company does not have sufficient funds to
pay the Redemption Price in full, this Note and the then outstanding Principal plus all accrued and unpaid interest thereon shall, notwithstanding
the Holder’s surrender of this Note to the Company pursuant to Section 5.2, remain outstanding until the date the Holder
receives the Redemption Price in full and the Holder shall maintain all of its rights and remedies under this Note.  For the
avoidance of doubt, interest on the Principal shall continue to accrue to the extent provided in Section 1.1 until the date the
Holder receives the Redemption Price in full.

 

    		-7-	

    	 

    

 

ARTICLE VI

 

STATUS OF NOTE

 

6.1       Status
of Note.  Except for obligations arising from Permitted Liens, and subject to Section 6.2 below, the obligations
of the Company under this Note shall rank senior to all indebtedness of the Company, whether now or hereinafter existing. “Permitted
Liens” means the individual and collective reference to any: (a) Liens for taxes, assessments and other governmental charges
or levies not yet due, or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate
proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established in accordance
with U.S. generally accepted accounting principals, consistently applied, and duly reflected in the Company’s financial statements;
(b) Liens imposed by law which were incurred in the ordinary course of the Company’s business, such as carriers,’ warehousemen’s
and mechanics’ liens, statutory landlords’ liens, and other similar liens arising in the ordinary course of the Company’s
business, and which (i) do not individually or in the aggregate materially detract from the value of such property or assets or materially
impair the use thereof in the operation of the business of the Company and its consolidated Subsidiaries or (ii) are being contested in
good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale
of the property or asset subject to such Lien; and (c) Liens incurred in connection with lease obligations, purchase money indebtedness
of up to two million dollars ($2,000,000), in the aggregate, incurred in connection with the acquisition of capital assets and lease obligations
with respect to newly acquired or leased assets, provided that such liens are not secured by assets of the Company or its Subsidiaries
other than the assets so acquired or leased.

 

6.2       Unsecured
Debt and Bank Loan Facilities. Notwithstanding anything to the contrary in Section 6.1 above: (a) the Company may issue unsecured
debt ranking pari passu with this Note so long as the maturity date (and any other repayment or prepayment date) for such new indebtedness
or any other provision allowing for such indebtedness to be redeemed or put to the Company is later than the Maturity Date; and (b) the
Company may enter into bank loan facilities that are senior to this Note.

 

6.3       Liquidation.
Upon any Liquidation Event, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with
respect to, any other indebtedness of the Company or any class of capital stock of the Company, an amount equal to the Principal plus
all accrued and unpaid interest thereon.  For purposes of this Note, “Liquidation Event” means a liquidation
pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment
for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company.

 

ARTICLE VII

 

MISCELLANEOUS

 

7.1       Non-Waiver
and Other Remedies. No course of dealing, failure or delay on the part of the Holder of this Note in exercising any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

7.2       Notices.
Any notice required or permitted pursuant to this Note shall be given in writing and shall be given either personally or by sending it
by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below (or at such other address
as such party may designate by fifteen (15) days’ advance written notice to the other parties to this Note given in accordance with
this section):

 

    		-8-	

    	 

    

 

	If to the Holder:	WONG YUK CHOR
	 	Flat C, 7/F., 114 Broadway Street, Mei Foo Sun Chuen, Kowloon, Hong Kong
	 	 
	 	 
	 	 
	 	 
	If to the Company:	Network CN Inc.
	 	Unit 802B-803, 8/F, Tower 2, South Seas Centre, 75 Mody Road, Tsim Sha Tsui, Kowloon, Hong Kong.
	 	Email: e.leung@ncnmedia.com
	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	SCOTT KLINE
	 	KLINE LAW GROUP PC
	 	15615 Alton Parkway, Suite 450

Irvine, CA 92618
	 	Office: (949) 271-6355
	 	Fax: (949) 271-6301
	 	Mobile: (415) 745-0314

 

 

Where a notice is sent by next-day
or second-day courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by
next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery,
and to have been effected at the expiration of two (2) days after the letter containing the same is sent as aforesaid. Where a notice
is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice
through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as
aforesaid.

 

7.3       Assignability.  This
Note shall be binding upon the Company and its successors and assigns, and shall inure to the benefit of the Holder and its successors
and assigns. Subject to applicable laws and regulations, this Note and all rights hereunder may be transferred or assigned in whole or
in part by the Holder, and the Company shall assist the Holder in consummating any such transfer or assignment. The Company may not assign
this Note without the consent of the Holder. A transfer of this Note may be effected only by a surrender hereof to the Company and the
issuance by the Company of a new note or notes in replacement thereof, which shall be registered by the Company in accordance with Section
7.4 hereof once an executed copy of the replacement note has been executed by the transferee.

 

7.4       Transfer
Register. In the event of a transfer, the Company shall maintain a register (the “Register”) for the registration
or transfer of this Note, and shall enter the names and addresses of the registered holders of this Note, the transfers of this Note and
the names and addresses of the transferees of this Note. The Company shall treat any registered holder as the absolute owner of this Note
held by such holder, as indicated in the Register, for the purpose of receiving payment of all amounts payable with respect to this Note
and for all other purposes.  The Note and the right, title, and interest of any person in and to such Note shall be transferable
only upon notation of such transfer in the Register.  Solely for purposes of this Section 7.4 and for tax purposes only, the
keeper of the Register, if it is not the Company, shall be the Company’s agent for purposes of maintaining the Register.  This
Section 7.4 shall be construed so that this Note is at all times maintained in “registered form” within the meaning
of Sections 163(f), 871(h)(2) and 881(c)(2) of the United States Internal Revenue Code (the “Code”) and any related
regulations (and any other relevant or successor provisions of the Code or such regulations).

 

    		-9-	

    	 

    

 

7.5       Collection
Costs; Attorneys’ Fees. If default is made in the payment of this Note, the Company shall be obligated to pay the Holder hereof
reasonable costs of collection, including attorneys’ fees and, in addition, the Company and of any amendment or modification of
any of the foregoing requested by the Company or arising following an Event of Default.

 

7.6       Governing
Law; Rules of Construction. THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE COMPANY HEREUNDER SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA.

 

7.7       Consent
to Jurisdiction and Service of Process. ALL JUDICIAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS NOTE, OR ANY OBLIGATIONS HEREUNDER,
MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA.

 

7.8       Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF THIS NOTE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED
IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.

 

7.9       Usury
Savings Clause. This Note is subject to the express condition that at no time shall the Company be obligated or required to pay interest
at a rate which could subject the Holder to either civil or criminal liability as a result of being in excess of the maximum rate which
Company is permitted by law to agree to pay. If, by the terms of this Note, the Company is at any time required or obligated to pay interest
on the outstanding balance at a rate in excess of such maximum rate, the rate of interest under this Note shall be deemed to be immediately
reduced to such maximum rate and interest pay able hereunder shall be computed at such maximum rate and the portion of all prior interest
payments in excess of such maximum rate shall be applied and shall he deemed to have been payments in reduction of the outstanding balance.

 

7.10       United
States Dollars. All references to “$” or dollars in this Note shall refer to the currency of the United States.

 

7.11       Section
Headings. Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise affect, in any
matter, or be deemed to interpret in whole or in part any of the terms or provisions of this Note.

 

*    *    *

 

[Remainder of Page Left Blank Intentionally]

 

    		-10-	

    	 

    

 

IN WITNESS WHEREOF, this Note
has been executed and delivered on the date specified above by the duly authorized representative of the Company.

 

  

 

	 	NETWORK CN INC.	 
	 	       	 	 
	 	       	 	 
	 	By: 	              	
	 	Name: Earnest Leung
	 	Title: Chief Executive Officer

 

    		 	

    	 

    

 

Exhibit A

 

NOTICE OF CONVERSION

 

The undersigned hereby elects to convert the following
amount of the outstanding principal and accrued and unpaid interest thereon under that certain 1% Senior Unsecured Convertible Promissory
Note, due January 19, 2027 of NETWORK CN INC., a Delaware corporation (the “Company”), into shares of Common Stock
according to the conditions therein, as of the date written below.  No fee will be charged to the holder for any conversion.

 

 

	Conversion calculation: 	 

 

 

	Date to Effect Conversion: 	 

 

 

	Number of shares of Common Stock to be issued: 	 

 

 

	Shares of Common Stock to be issued in the name of: 	 

 

 

 

 

 

HOLDER:          

 

  

 

	 	 
	By: WONG YUK CHOR	 

 

    		 	

    	 

    

 

Exhibit B

 

NOTICE OF SALES OR TRANSFER

 

I, WONG YUK CHOR, Hong Kong
Identity Card No.: K446579(2), (the “Holder”) of 1% Senior Unsecured Convertible Promissory Note (“the Note”),
due January 19, 2027 of NETWORK CN INC., hereby give notice that the note was sold or ownership transferred to:

 

Name (“New Holder”):

Passport No.:

Date of sales or transfer:

Address:

Contact No.:

Bank Accounts information:

Beneficiary Bank:

Beneficiary Bank Address:

Beneficiary A/C Name:

Bank Code:

Beneficiary A/C No.:

SWIFT code for beneficiary bank:

 

 

 

 

 

	HOLDER:          	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	By: 	                                     	 
	Name: WONG YUK CHOR
	 	    	 
	 	 	 
	 	 	 
	NEW HOLDER:             	 
	 	 	 
	 	       	 
	(Print Name of Holder) 
	 	 	 
	By:	             	 
	Name:	 

 

 

13EX-10.1

 Exhibit 10.1 

Execution Version 

ECP Environmental Growth Opportunities Corp. 

40 Beechwood Road Summit, 
 New
Jersey 07901 
 January 20, 2022 
 Goldman
Sachs Asset Management 
 200 West Street, 3rd Floor 

New York, NY 10282 
 Attention: Kyri Loupis 

Re: Forward Purchase Agreement – Side Letter 

Reference is made to that certain Forward Purchase Agreement, dated as of January 24, 2021, by and among ECP Environmental Growth
Opportunities Corp., a Delaware corporation (the “Company”), ENNV Holdings, LLC, a Delaware limited liability company (the “Sponsor”), and Goldman Sachs Asset Management, L.P., in its capacity as
investment adviser on behalf of its clients (the “Purchaser” and, together with the Company and the Sponsor, each a “Party” and, collectively, the “Parties”), as amended by that
certain First Amendment to Forward Purchase Agreement, dated as of January 31, 2021, and that certain Letter Agreement, dated as of July 18, 2021 (as so amended, the “Forward Purchase Agreement”). Capitalized terms
used but not defined herein shall have the meanings set forth for such terms in the Forward Purchase Agreement. 
 In accordance with
Section 4(c)(iv) of the Forward Purchase Agreement, the Purchaser has provided irrevocable written consent to the Company confirming its commitment to purchase twenty-five million dollars ($25,000,000) of Forward Purchase Units in connection
with the closing of the FR Business Combination (the “Closing”). 
 This letter (this “Letter
Agreement”) supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof solely with respect to the FR Business Combination, and for the
avoidance of doubt, does not apply to any other Business Combination that the Company may pursue should it not consummate the FR Business Combination. 

1. Terms of Agreement. Notwithstanding anything to the contrary contained in the Forward Purchase Agreement, if the Purchaser acquires
any shares of Class A Common Stock (i) on or after the date of this Agreement but prior to 4:00 p.m. New York City time on January 25, 2022 (the “Cutoff Time”) and does not exercise any right to redeem such
shares in connection with the Company’s redemption of Class A Common Stock in accordance with the Company’s organizational documents in connection with the Closing (the “Redemption”) (and, if necessary to
revoke any prior redemption elections made with respect to such shares, does so effectuate such revocation) or (ii) on or after the Cutoff Time but prior to February 1, 2022 and delivers evidence reasonably satisfactory to the Company that
(a) the stockholder from whom such shares were acquired had, prior to such acquisition, validly elected to redeem such shares in connection with the Redemption and (b) such stockholder or the Purchaser, as applicable, has, prior to
Closing, 

 
validly revoked such election to redeem such shares in connection with the Redemption (such shares of Class A Common Stock described in clauses (i) and (ii), the “Eligible
Shares”), and, in each case, does not Transfer (as defined below) such Eligible Shares prior to the date of the Closing (the “Closing Date”), then such Eligible Shares shall be “Non-Redeemed Shares,” and the number of Forward Purchase Units the Purchaser is obligated to purchase under the Forward Purchase Agreement will be reduced by the number of
Non-Redeemed Shares; provided, that, the Purchaser must deliver to the Company a certificate in the form attached hereto as Exhibit A by 12:00 p.m. New York City time on February 1, 2022,
and shall further, upon the Company’s request, promptly provide such additional documents reasonably requested by the Company relating to the Eligible Shares; and provided, further, that, notwithstanding any such reduction in the number
of Forward Purchase Units that the Purchaser is obligated to purchase under the Forward Purchase Agreement, upon consummation of the sale of such Forward Purchase Units, the Company shall issue to the Purchaser a number of redeemable warrants, each
of which is exercisable to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, which warrants shall have the same terms as the Private Placement Warrants (the “Additional Warrants”), such
that the Purchaser shall receive 625,000 Forward Purchase Warrants and Additional Warrants in the aggregate. “Transfer” means any (i) sale, offer to sell, contract or agreement to sell, hypothecate, pledge, grant any
option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, with respect to any relevant securities, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any relevant securities,
or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii). 
 2. Material Non-Public Information. Each of the Company and the Sponsor hereby represents and warrants to the Purchaser that it has not provided any information to the Purchaser that could reasonably be expected to
constitute material non-public information with respect to the Company or Fast Radius. 
 3.
References. All references in the Forward Purchase Agreement to the “Agreement” shall be deemed to refer to the Forward Purchase Agreement, as amended and modified by this Letter Agreement. 

4. Entire Agreement. This Letter Agreement, together with the Forward Purchase Agreement and any documents, instruments and writing that
are delivered pursuant hereto or referenced herein, constitute the entire agreement and understanding of the Parties in respect of its subject matter and supersedes all prior understandings, agreements or representations by or among the Parties,
written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 
 5. No Other
Amendments. This Letter Agreement shall not constitute an amendment or waiver of any provisions of the Forward Purchase Agreement not expressly referred to herein. Except as expressly amended hereby, the Forward Purchase Agreement is and
shall remain in full force and effect in accordance with the terms thereof. 

  
 2 

 6. Miscellaneous. 

(a) Governing Law. This Letter Agreement and the rights and obligations of the Parties shall be construed in accordance with and
governed by the laws of Delaware applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. 

(b) Jurisdiction. The Parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of
Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Letter Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Letter Agreement except in
state courts of Delaware and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Letter Agreement or the
subject matter hereof may not be enforced in or by such court. 
 (c) Severability. In the event that any court of competent
jurisdiction shall determine that any provision, or any portion thereof, contained in this Letter Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it
reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Letter Agreement shall
nevertheless remain in full force and effect. 
 (d) Execution. This Letter Agreement may be executed in one or more counterparts,
all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to the other Party, it being understood that both Parties need not sign the
same counterpart. In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf such signature
is executed) with the same force and effect as if such signature page were an original thereof. 
 (e) Termination. In the event that
certain Agreement and Plan of Merger, dated as of July 18, 2021, as amended on December 26, 2021, by and among the Company, Fast Radius and ENNV Merger Sub, Inc., a Delaware corporation, is terminated prior to the closing of the FR
Business Combination, this Letter Agreement shall automatically terminate and be of no further force and effect. 
 [Signature pages
follow] 

  
 3 

 IN WITNESS WHEREOF, the undersigned have executed this Letter Agreement to be
effective as of the date first set forth above. 
  

			
	GOLDMAN SACHS ASSET MANAGEMENT, L.P., in its capacity as investment adviser on behalf of its clients, including the Permitted Fund Assignees
		
	By:	 	/s/ Ganesh Jois
		 	 Name: Ganesh Jois

		 	 Title: Managing Director

	
	 Address for Notices: 200 West Street

	
                 New York, NY
10282

	 E-mail: Ganesh.Jois@gs.com

 [Signature Page to Letter Agreement] 

			
	ECP ENVIRONMENTAL GROWTH OPPORTUNITIES CORP.
		
	By:	 	/s/ Tyler Reeder
		 	 Name: Tyler Reeder

		 	 Title: President and Chief Executive Officer

	
	 ENNV HOLDINGS, LLC

		
	By:	 	/s/ Tyler Reeder
		 	 Name: Tyler Reeder

		 	 Title: President and Chief Executive Officer

 [Signature Page to Letter Agreement] 

 EXHIBIT A 

PURCHASER CERTIFICATE 

Reference is made to that certain Forward Purchase Agreement, dated as of January 24, 2021, by and among ECP Environmental Growth
Opportunities Corp., a Delaware corporation (the “Company”), ENNV Holdings, LLC, a Delaware limited liability company (the “Sponsor”), and Goldman Sachs Asset Management, L.P., in its capacity as
investment adviser on behalf of its clients (the “Purchaser” and, together with the Company and the Sponsor, each a “Party” and, collectively, the “Parties”), as amended by that
certain First Amendment to Forward Purchase Agreement, dated as of January 31, 2021, that certain Letter Agreement, dated as of July 18, 2021 and that certain Letter Agreement, dated as of January 20, 2022 (as so amended, the
“Forward Purchase Agreement”). Capitalized terms used but not defined herein shall have the meanings set forth for such terms in the Forward Purchase Agreement. 

Pursuant to Section 1 of that certain Letter Agreement, dated as of January 20, 2022 (the “Letter
Agreement”), the Purchaser hereby certifies as follows: 
 (i) The Purchaser wishes to decrease the number of Forward Purchase
Units that it is obligated to purchase under the Forward Purchase Agreement by ____________ Forward Purchase Units, which amount equals the number of Non-Redeemed Shares that the Purchaser beneficially owns as
of the date hereof. 
 (ii) The Purchaser hereby represents, warrants and agrees that the
Non-Redeemed Shares referenced in clause (i) will qualify as Non-Redeemed Shares as of the Closing Date. In connection therewith, the Purchaser agrees and
acknowledges that in order to qualify as Non-Redeemed Shares, such shares of Class A Common Stock were acquired (i) on or after the date of the Letter Agreement but prior to the Cutoff Time and the
Purchaser did not exercise any right to redeem such shares in connection with the Redemption (and, if necessary to revoke any prior redemption elections made with respect to such shares, has so effectuated such revocation) or (ii) on or after
the Cutoff Time but prior to February 1, 2022 and the Purchaser has delivered evidence reasonably satisfactory to the Company that (a) the stockholder from whom such shares were acquired had, prior to such acquisition, validly elected to
redeem such shares in connection with the Redemption and (b) such stockholder or the Purchaser, as applicable, has validly revoked such election to redeem such shares in connection with the Redemption, and, in the case of clause (i) and
(ii), has not Transferred, and will not Transfer prior to the Closing, such Eligible Shares. 
 [Signature page follows] 

  
 6 

 
			
	GOLDMAN SACHS ASSET MANAGEMENT, L.P.,
	in its capacity as investment adviser on behalf of its clients, including the Permitted Fund Assignees
		
	By:	 	                        
	 Name: Ganesh Jois

	 Title: Managing Director

  
 7

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