|SEVEN STARS CLOUD GROUP, INC. filed this Form 10-Q on 11/13/2017|
SEVEN STARS CLOUD GROUP, INC.
AMENDMENT NO. 7 TO
CONVERTIBLE PROMISSORY NOTE
This AMENDMENT NO. 7 TO CONVERTIBLE PROMISSORY NOTE (the “Amendment”), effective as of November 9, 2017 (the “Effective Date”), is by and among SEVEN STARS CLOUD GROUP, INC., a Nevada corporation (the “Company”), and SHANE MCMAHON (the “Payee”).
WHEREAS, the Company and the Payee are parties to that certain Convertible Promissory Note of the Company, dated as of May 10, 2012, as amended as of May 18, 2012, as of October 19, 2012, as of May 10, 2013, as of January 31,
2014, as of December 30, 2014 and as of December 31, 2016 in principal amount of $3,000,000.00 (the “Note”); and
WHEREAS, the Company and the Payee desire to amend the Note as provided herein;
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Payments. Unless earlier converted into Common Stock at a conversion price of $1.50 per share, the Principal Amount and all accrued interest on this Note shall be due and payable to Payee by wire transfer of immediately available Funds upon written demand by the Payee at any time following the date hereof through December 31, 2019 (the “Maturity Date”)
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