SEC Contract Filing

Filing Date: 2023-05-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ea178949ex10-2_partsid.htm
<DESCRIPTION>FORM OF UNSECURED CONVERTIBLE PROMISSORY NOTE, DATED MAY 19, 2023
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">THIS UNSECURED CONVERTIBLE PROMISSORY NOTE (&ldquo;NOTE&rdquo;) HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;) OR ANY STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR
INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS NOTE IS STRICTLY SUBORDINATED TO ANY PRESENT OR FUTURE INDEBTEDNESS
OWING FROM THE MAKER TO JGB CAPITAL, LP, JGB PARTNERS, LP AND JGB (CAYMAN) GLENEGEDALE LTD. AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS
PURSUANT TO THE TERMS SET FORTH IN SECTION 6 HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNSECURED CONVERTIBLE PROMISSORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May 19, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Amount: $[__]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FOR VALUE RECEIVED</B>, PARTS iD, Inc., a Delaware corporation (the
&ldquo;<B>Maker</B>&rdquo;), promises to pay to the order of [__], or its registered assigns or successors in interest (the &ldquo;<B>Payee</B>&rdquo;),
or order, the principal sum of up to [__] dollars ($[__]) with interest accruing on the outstanding principal amount of this unsecured
convertible promissory note (this &ldquo;Note&rdquo;) at the rate of seven and three-fourths percent (7.75%) per annum, compounded semi-annually,
computed on the actual number of days elapsed based on a 365-day year. Interest shall commence with the date hereof and shall continue
accruing on the outstanding principal until paid in full or otherwise converted pursuant to the terms herein. All payments on this Note
shall be made by wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may
from time to time designate by written notice in accordance with the provisions of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. Payment; Maturity. </B>All payments in cash on the principal
balance of this Note shall be in lawful money of the United States of America. The principal balance may be prepaid at any time, at the
election of Maker. Under no circumstances shall any individual, including but not limited to any executive officer, director, employee
or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. All payments shall be
applied first to unpaid accrued interest, and thereafter to principal of this Note. If any payments on this Note become due on a Saturday,
Sunday or a public holiday under the laws of the State of Delaware, such payment shall be made on the next succeeding business day. If
not otherwise converted earlier in accordance with the terms of Section 4 below or repaid in full, the outstanding principal balance of
this Note, including any accrued but unpaid interest thereon (the &ldquo;<B>Note Amount</B>&rdquo;) shall become fully due and payable
upon May 19, 2025 (such date, the &ldquo;<B>Maturity Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. Optional Conversion Upon Maturity Date</B>. Effective on the
Maturity Date, if the Note Amount has not otherwise been repaid by Maker in accordance with the terms and conditions set forth herein,
then at the option of the Payee, the Note Amount shall convert into that number of fully paid and nonassessable shares of the Company&rsquo;s
Class A common stock, par value $0.0001 per share (the &ldquo;<B>Common Stock</B>&rdquo;), at a conversion price equal to the Note Amount
divided by the Conversion Price (as defined herein). For purposes of this Section 4, &ldquo;<B>Conversion Price</B>&rdquo; shall mean,
for a share of the Company&rsquo;s Common Stock on the Maturity Date, the closing bid price on the NYSE American or applicable trading
market as reported by a reliable reporting service (&ldquo;Reporting Service&rdquo;) designated by the Company (i.e. Bloomberg) or, if
the NYSE American is not the principal trading market for the Company&rsquo;s Common Stock, the closing bid price of such Common Stock
on the principal securities exchange or trading market where such Common Stock is listed or traded or, if no closing bid price of such
Common Stock is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such Common
Stock that are listed in the &ldquo;pink sheets&rdquo;. If the Conversion Price cannot be calculated for the Company&rsqu