SEC Contract Filing

Filing Date: 2024-04-08

Document Content:
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<TYPE>EX-10.1
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<FILENAME>tm2411272d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right; text-indent: 0.5in"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right; text-indent: 0.5in">April 5, 2024</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[NOTEHOLDER NAME]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Note
Conversion Inducement Offer and Notice of Conversion </U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear MultiSensor AI Noteholder:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">MultiSensor AI Holdings, Inc.
(the &ldquo;<U>Company</U>&rdquo;) is pleased to offer to you the opportunity to receive newly issued shares (&ldquo;<U>Inducement Shares</U>&rdquo;)
of the Company&rsquo;s common stock, par value $0.0001 (&ldquo;<U>Common Stock</U>&rdquo;) in consideration for the conversion of the
Convertible Promissory Note, dated December 19, 2023 (the &ldquo;<U>Note</U>&rdquo;) currently held by you (the &ldquo;<U>Holder</U>&rdquo;).
The Company is making the offer under the letter agreement pursuant to its efforts to meet listing criteria specific to the rules of The
Nasdaq Stock Market LLC (&ldquo;<U>Nasdaq</U>&rdquo;). See &ldquo;Background and Risk Disclosure Regarding the Listing Status of the Company&rsquo;s
Securities&rdquo; below. <B>Capitalized terms not otherwise defined herein shall have the meanings set forth in the Note. </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Offer</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration for the conversion
of the principal and interest amount of your Note, as reflected by the execution hereof, the Company hereby offers to issue to you or
your designees an amount of shares of the Company&rsquo;s Common Stock (the &ldquo;Inducement Shares&rdquo;) equal to the number of Conversion
Shares to be issued with respect to the principal amount of the Note as of March 31, 2024. The Inducement Shares and the Conversion Shares
will be delivered via book entry by the Company&rsquo;s transfer agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Offer Acceptance, Representations, and Covenants
</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Holder may accept this
offer by signing this letter below, with such acceptance constituting the Holder&rsquo;s conversion of the Note as provided by the terms
of the Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Representations, Warranties
and Covenants of the Company</U>.</B> The Company hereby makes the following representations and warranties to the Holder:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>(i) Registration Statement</U>.
As soon as practicable and in any event within thirty calendar days of the effective date of this letter agreement, the Company shall
file a registration statement on Form S-1, providing for the resale by the Holders of the Inducement Shares issued. The Company shall
use commercially reasonable best efforts to cause such registration to become effective as soon as reasonably practicable and to keep
such registration statement effective at all times until no Holder owns any Inducement Shares or the Inducement Shares are eligible for
sale pursuant to Rule 144(b)(1)(i) under the Securities Act of 1933, as amended.</P>

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