Document:

Exhibit 10.2

 

AERKOMM
INC.

 

CONVERTIBLE
BOND 

 

December
7, 2022

 

FOR
VALUE RECEIVED Aerkomm Inc., a Nevada corporation (the “Company”), with an office at 44043 Fremont Blvd., Freemont,
CA 94538, hereby promises to pay to World Praise Limited, a Samoa registered company (the “Holder”), with an address
at Vistra Corporation Services Center, Ground Floor NFP Building, Beach Road, Apia, Samoa, the principal sum of Twenty-One Million
One Hundred Seventy-Three Thousand Two Hundred U.S. Dollars (US $23,173,200) (the “Base Amount”), such Base Amount
to be comprised of the Conversion Amount plus the Initial Additional Loan Amount, plus the aggregate unpaid principal amount of all additional
advances that may be made to the Company after the date hereof over and above the Base Amount up to a maximum aggregate principal amount,
including the Base Amount, of Thirty Million U.S. Dollars ($30,000,000), to the Holder (together, “Advances”) outstanding
on the second anniversary of the date of this convertible bond (the “Maturity Date”) when all amounts due hereunder
shall be due and payable in lawful money of the United States of America and in immediately available funds.

 

In
no event shall the amount payable by the Company as interest or other charges on this convertible bond (this “Bond”)
exceed the highest lawful rate permissible under any law applicable hereto.

 

This
Bond is being issued under, and in accordance with the terms of, that certain Investment Conversion and Bond Purchase Agreement by and
between the Company and the Holder dated of even date herewith (the “Agreement”). Capitalized terms not otherwise
defined herein shall have the meanings given to them in the Agreement.

 

If
any payment under this Bond shall be specified to be made on a day which is not a business day, it shall be made on the next succeeding
day which is a business day. For purposes of this Bond, a “business day” shall mean any day other than Saturday, Sunday or
other day in which banks are authorized to close in the State of New York.

 

The
Company and the Holder shall each endorse on Schedule1 annexed to this Bond all Advances hereafter made to the Company and all
payments of the principal amounts in respect of such Advances or in respect of the Base Amount, which endorsements shall, in the absence
of manifest error, be conclusive as to the outstanding principal amount of all Advances and as to the outstanding principal amount of
the Base Amount; provided, however, that the failure to make such notation with respect to any Advances or payment shall not limit or
otherwise affect the obligations of the Company under this Bond. The Holder shall promptly deliver a copy of Schedule 1 to the
Company for its approval and signature each time that Schedule 1 is modified.

 

1.
Payment of Base Amount and Advances under the Bond. The outstanding portion of the Base Amount plus the outstanding portion of
all Advances shall be payable in one lump sum due on the Maturity Date. Payments of principal are to be made to the Holder at the Holder’s
address designated above or at such other place as the Holder shall have notified the Company in writing.

 

2.
Payment of Interest on this Bond. Interest shall accrue on the unpaid portion of the Base Amount and the unpaid portion of all
Advances outstanding from time to time at a fixed rate of interest equal to four percent (4%) per annum and shall be payable in one lump
sum due on the Maturity Date. Payments of interest hereunder are to be made to the Holder at the Holder’s office address designated
above or at such other place as the Holder shall have notified the Company in writing.

 

3.
Prepayment.

 

(a)
The outstanding portion of the Base Amount and the interest thereon and the outstanding portion of any Advances hereunder and the interest
thereon may be prepaid in whole or in part at any time without penalty or premium of any kind; provided, however, that the Company shall
give the Holder at least five (5) days advance written notice of the Company’s intention to make a repayment and provide the Holder
with the opportunity to convert this Bond in accordance with Section 5 below prior to such prepayment if the Bond is, at such time, convertible.
The amount of each prepayment of such principal shall be applied in the order that such principal becomes due hereunder.

 

     

     

    

 

(b)
In the event of a Change of Control (as defined below), the Company shall, contemporaneously with the closing of such Change of Control,
prepay the entire outstanding portion of the Base Amount and any Advances hereunder and accrued and unpaid interest thereon; provided,
however, that the Company shall give the Holder at least ten (10) days’ advance written notice of the Change of Control and provide
the Holder with the opportunity to convert this Bond in accordance with Section 5 below prior to the Change of Control. For purposes
of this Bond, “Change of Control” means (i) a liquidation, dissolution or winding up of the Company, (ii) an acquisition
of the Company by another person or entity by means of any transaction or series of related transactions to which the Company is a party
(including, without limitation, a merger, consolidation or other corporate reorganization), other than an acquisition in which the capital
stock or other voting securities of the Company immediately prior to such acquisition continue to represent, or are converted into or
exchanged for capital stock (or other voting securities) that represent, immediately after such acquisition and by virtue of the acquisition,
a majority of the total outstanding voting power of the surviving or acquiring person or entity; (iii) a sale, lease, exclusive license
(unless granted in the ordinary course of business) or other disposition of all or substantially all of the assets of the Company, except
where such sale, lease, exclusive license or other disposition is to a wholly owned subsidiary of the Company; or (iv) a transaction
or series of related transactions to which the Company is a party (whether by merger, consolidation, stock acquisition or otherwise)
in which a majority of the total outstanding voting power of the Company is transferred. Notwithstanding the foregoing sentence, a transaction
shall not constitute a Change of Control if the primary purpose is to change the jurisdiction of the Company’s incorporation, create
a holding company that will be owned in the same proportions by the persons who held the Company’s securities immediately before
such transaction, change the corporate form of the Company from a corporation to a limited liability company or other form, or engage
in a bona fide equity financing transaction.

 

4.
Events of Default. The existence of any of the following conditions shall constitute an event of default hereunder (an “Event
of Default”):

 

(a)
The failure by the Company to pay when due any portion of the Base Amount or any Advance, or the failure by the Company to pay when due
any interest under this Bond; or

 

(b)
If the Company:

 

(i)
shall commence any case or proceeding under any bankruptcy, insolvency or other similar law or seek reorganization, arrangement, readjustment
of its debts, dissolution, liquidation, winding-up, composition or any other relief under any bankruptcy, insolvency, reorganization,
liquidation, dissolution, arrangement, composition, readjustment of debt or any other similar act or law, of any jurisdiction, domestic
or foreign, now or hereafter existing; or

 

(ii)
shall admit the material allegations of any petition or pleading in connection with any such case or proceeding; or

 

(iii)
makes an application for, or consents or acquiesces to, the appointment of a receiver, conservator, trustee or similar officer for the
Company or for all or a substantial part of the Company’s property; or

 

(iv)
makes a general assignment for the benefit of the Company’s creditors; or

 

(v)
is unable or admits in writing its inability to generally pay the Company’s debts as they mature; or

 

(c)
The (i) commencement of any case or proceeding against the Company under any bankruptcy, insolvency, or other similar law or seeking
reorganization, arrangement, readjustment of its debts, liquidation, dissolution, winding-up, composition or any other relief under any
bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt or any other similar
act or law of any jurisdiction, domestic or foreign, now or hereafter existing, (ii) appointment of a receiver, trustee or similar officer
for the Company or for all or a substantial part of the Company’s property, or (iii) issuance of a warrant of attachment, execution
or similar process against any substantial part of the property of the Company, and such case, proceeding, receiver, trustee, officer,
warrant, execution or process shall not be dismissed, bonded or discharged, as applicable, within sixty (60) days of the commencement,
appointment or issuance thereof.

 

5.
Conversion. The Holder may, at any time while this Bond is outstanding, elect to convert the outstanding portion of the Base Amount,
plus all outstanding Advances, plus accrued, but unpaid interest thereon, into the Company’s common stock, par value $0.001 per
share (the “Common Stock”), at a conversion price that is equal to $6 per share, subject to equitable adjustments
for stock splits, stock combinations, recapitalizations or similar transactions (the “Conversion Price”). The number
of shares of Common Stock issuable upon conversion is equal to the quotient of the amount to be converted divided by the Conversion Price.
The Holder may make such election by notifying the Company of the same in writing. The date of such notice shall be the conversion date.
On the conversion date, the outstanding principal amount of and all accrued but unpaid interest on this Bond through the date of conversion
shall be converted without any further action by the Holder and whether or not the Bond is surrendered to the Company. The Company shall
be obligated to issue and deliver to the Holder certificates representing the securities issuable upon conversion unless the securities
are generally in uncertificated form. Unless otherwise agreed to by the Company, no fractional securities shall be issued upon conversion
of this Bond. In lieu of such fractional securities, the Company shall round up any fractional share into one additional share.

 

    2

     

    

 

6.
Rights and Remedies. In the event that one or more Events of Default shall have occurred and be continuing, the Holder may at
the Holder’s option by written notice to the Company declare the Base Amount and all Advances hereunder and the accrued and unpaid
interest on this Bond to be immediately due and payable, and thereupon the same shall become so due and payable, without presentment,
demand, protest or further notice, all of which are hereby waived by the Company. No course of dealing or delay on the part of the Holder
in exercising any right under this Bond shall operate as a waiver thereof or otherwise prejudice the right of the Holder. Subject as
aforesaid, no remedy conferred hereby shall be exclusive of any other remedy referred to herein or now or hereafter available at law,
in equity, by statute, other agreement or instrument, or otherwise.

 

7.
Lost Documents. Upon receipt by the Company of (i) evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
of this Bond, (ii) in the case of loss, theft or destruction, indemnification satisfactory to the Company, and (iii) in the case of mutilation,
surrender and cancellation of this Bond, the Company will cancel this Bond on its books and make and deliver in its place a new Bond
in the then unpaid principal amount of this Bond, of like tenor to this Bond, dated and bearing interest from the date next following
the date through which interest has been paid on the unpaid principal amount of this Bond.

 

8.
Costs and Expenses. Upon the occurrence of any Event of Default, the Company shall pay all fees, costs and expenses incurred by
the Holder (including, without limitation, court costs and attorneys’ fees) in preserving, protecting, maintaining or enforcing
the Holder’s rights and remedies hereunder, including, without limitation, all costs and expenses of collection.

 

9.
Assignment. This Bond may not be sold, offered for sale, pledged, hypothecated or otherwise encumbered, transferred or disposed
of by the Holder without the prior written consent of the Company. The Company shall not assign any or all of its obligations hereunder
without the prior written consent of the Holder.

 

10.
Cancellation. After the principal balance of this Bond and all accrued interest thereon has been satisfied, the Holder shall surrender
this Bond to the Company for cancellation.

 

11.
Miscellaneous.

 

(a)
  Parties in Interest. All covenants, agreements and undertakings in this Bond by and on behalf of the Company and the Holder
hereof shall, subject to the provisions of Section 9 hereof, bind and inure to the benefit of the parties hereto and their respective
permitted successors and assigns, whether so expressed or not.

 

(b)
Notices. All notices, requests, communications, consents and demands shall be made in writing and shall be (i) sent by registered
or certified mail, first class, postage prepaid, return receipt requested or (ii) delivered by hand, electronic mail, facsimile transmission
or messenger to the Company or to the Holder hereof, as the case may be, at their respective addresses set forth at the beginning of
this Bond, or at such other respective addresses as may be furnished in writing to each other. All such notices, requests, communications,
consents and demands shall be deemed given if mailed, three business days after mailing, and if personally delivered, the day so delivered.

 

(c)
Governing Law. This Bond shall be governed by, and construed and interpreted in accordance with, the laws of the State of California.

 

(d)
Submission To Jurisdiction. Each of the Company and the Holder hereby irrevocably and unconditionally submits in any legal action
or proceeding relating to this Note, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of any state or federal court sitting in the county nearest to where the Company’s executive office is then based;
consents that any such action or proceeding may be brought in such courts, and waives any objection that such party may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same; agrees that service of process in any such action or proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party, at the address
set forth in the preamble hereof; and agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction.

 

(e)
WAIVERS OF JURY TRIAL. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS NOTE AND FOR ANY COUNTERCLAIM THEREIN.

 

[Signature
Page Follows]

 

    3

     

    

 

IN
WITNESS WHEREOF, this Note has been executed and delivered on the date set forth at the beginning of this Bond by duly authorized representatives
of the Company and the Holder.

 

		THE
    COMPANY
	 	 	 	 
	 	AERKOMM
    INC.
	 	 	 	 
	 	By:	/s/
    Louis Giordimaina
	 		Name: 	Louis
    Giordimaina
	 		Title:	Chief
    Executive Officer

 

	AGREED
    TO AND ACCEPTED	 
	 	 	 	 
	THE
    HOLDER:	 
	 	 	 	 
	WORLD
    PRAISE LIMITED	 
	 	 	 	 
	By:	/s/
    Leroy Lau	 
	 	Name: 
    	Leroy
    Yau	 
	 	Title:
    	Director	 

 

    4

     

    

 

SCHEDULE
1 TO CONVERTIBLE BOND

 

	DATE	AMOUNT
    OF ADVANCE (+) 

    OR
    PRE-PAYMENT (-)
	UNPAID
    PRINCIPAL BALANCE OF BOND	INVOICE
    NUMBER, IF APPLICABLE	 

     

    COMPANY
    SIGNATURE
	 

     

    HOLDER
    SIGNATURE

	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 
	 

     
	 	 	 	 	 

 

 

 

5Exhibit 10.1

 

AMENDMENT TO THE INVESTMENT MANAGEMENT TRUST
AGREEMENT

 

THIS AMENDMENT TO INVESTMENT MANAGEMENT TRUST AGREEMENT (this
“Amendment Agreement”), dated as of December 7 2022, is made by and between Clarim Acquisition Corp., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the
“Trustee”).

 

WHEREAS, the parties hereto are
parties to that certain Investment Management Trust Agreement, dated as of January 28, 2021 (the “Trust Agreement”);

 

WHEREAS, following the closing of
the Offering and as of February 2, 2021, a total of $287,500,000 of the net proceeds from the Offering was placed in the Trust Account;

 

WHEREAS, Section 1(i) of the Trust
Agreement provides that the Trustee is to liquidate the Trust Account and distribute the Property in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest
to pay dissolution expenses) only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the
Company in a form substantially similar to that attached to the Trust Agreement as Exhibit A or Exhibit B, as applicable, or (y) the date
which is the later of (1) 24 months after the closing of the Offering and (2) such later date as may be approved by the Company’s
stockholders in accordance with the Company’s amended and restated certificate of incorporation if a Termination Letter has not
been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached to the Trust Agreement as Exhibit B and the Property in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest
to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date;

 

WHEREAS, Section 6(d) of the Trust
Agreement provides that Section 1(i) of the Trust Agreement may only be modified, amended or deleted with the affirmative vote of sixty
five percent (65%) or more of the then outstanding Class A common stock, par value $0.0001 per share (the “Class A Common Stock”)
and Class B common, par value $0.0001 per share, of the Company (the “Class B Common Stock”) voting together as a single
class; and

 

WHEREAS, pursuant
to a special meeting of the stockholders of the Company held on the date hereof, sixty five percent (65%) of the then issued and outstanding
Class A Common Stock and Class B Common Stock, voting together as a single class, voted affirmatively to approve this Amendment Agreement;

 

WHEREAS, pursuant to a special meeting
of the stockholders of the Company held on the date hereof, stockholders of the Company have passed a special resolution to amend the
Company’s amended and restated certificate of incorporation; and

 

WHEREAS, each of the Company and the Trustee
desires to amend the Trust Agreement as provided herein.

 

NOW, THEREFORE, in consideration
of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree as follows:

 

1. Definitions.
Capitalized terms contained in this Amendment Agreement, but not specifically defined in this Amendment, shall have the meanings ascribed
to such terms in the Trust Agreement.

 

     

     

    

 

2. Amendment
to the Trust Agreement. Effective as of the execution hereof, Section 1(i) of the Trust Agreement is hereby amended and restated in
its entirety as follows:

 

“(i) Commence liquidation of the Trust Account
only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company
(“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Secretary or Chairman
of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the
case of a Termination Letter in a form substantially similar to the attached hereto as Exhibit A, acknowledged and agreed to
by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to
$100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to
therein, or (y) the Deadline Date (as such term is defined in the Company’s amended and restated certificate of incorporation,
as amended), if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall
be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in
the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to
pay its taxes (less up to $100,000 of interest to pay dissolution expenses) shall be distributed to the Public Stockholders of
record as of such date;”

 

3. Amendment
to Exhibit B. Effective as of the execution hereof, Exhibit B of the Trust Agreement is hereby amended and restated in its entirety
with Exhibit B attached hereto.

 

4. No
Further Amendment. The parties hereto agree that except as provided in this Amendment Agreement, the Trust Agreement shall continue
unmodified, in full force and effect and constitute legal and binding obligations of all parties thereto in accordance with its terms.
This Amendment Agreement forms an integral and inseparable part of the Trust Agreement.

 

5.
References.

 

(a) All
references to the “Trust Agreement” (including “hereof,” “herein,” “hereunder,”
“hereby” and “this Agreement”) in the Trust Agreement shall refer to the Trust Agreement as amended
by this Amendment Agreement. Notwithstanding the foregoing, references to the date of the Trust Agreement (as amended hereby) and references
in the Trust Agreement to “the date hereof” and terms of similar import shall in all instances continue to refer to
January 28, 2021.

 

(b) All
references to the “Certificate of Incorporation” in the Trust Agreement (as amended by this Amendment Agreement) and
terms of similar import shall mean the Company’s amended and restated certificate of incorporation.

 

6. Governing
Law and Jurisdiction. This Amendment Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of
another jurisdiction. The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New
York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS- CLAIM OR COUNTERCLAIM IN ANY WAY RELATING
TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

7. Counterparts.
This Amendment Agreement may be executed in several original or facsimile counterparts, each of which shall constitute an original, and
together shall constitute but one instrument.

 

8. Other
Miscellaneous Terms. The provisions of Sections 6(f) and 6(j) of the Trust Agreement shall apply mutatis mutandis to this Amendment
Agreement, as if set forth in full herein.

 

[Signature Pages Follow]

 

    2

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment Agreement to be duly executed by their duly authorized representatives, all as of the day and year first
above written.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST
	 	COMPANY, as Trustee
	 	 
	 	By:	/s/ Francis Wolf
	 	Name:	Francis Wolf
	 	Title:	Vice President
	 	 
	 	CLARIM ACQUISITION CORP.
	 	 
	 	By:	/s/ James F. McCann
	 	Name:	James F. McCann
	 	Title:	Chief Executive Officer

 

[Signature Page to the Amendment
to Investment Management Trust Agreement]

 

    3

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert
date]

 

Continental Stock Transfer & Trust Company 

1 State Street
Plaza, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account — Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Clarim Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of January 28, 2021 (as amended, restated, supplemented
or modified from time to time, the “Trust Agreement”), this is to advise you that the Company has been unable
to effect a business combination with a Target Business within the time frame specified in the Company’s Amended and Restated Certificate
of Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein
shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into a segregated
account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company has selected [●]
as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly
to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate
of Incorporation of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise
provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	CLARIM ACQUISITION
    CORP.
	 	 
	 	 	         
	 	Name: 	James F. McCann
	 	Title:	Chief Executive Officer

 

cc: Jefferies LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]