EX-10.3 5 ex10-3.htm EX-10.3

 

Exhibit 10.3

 

FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT

 

This FIRST AMENDMENT TO THE REGISTRATION RIGHTS AGREEMENT (THIS “AMENDMENT”), is made and effective as of May 11, 2026, by and among Black Titan Corporation, a Cayman Islands exempted company (the “Company”), and the holder of registration rights under the Registration Rights Agreement (defined below) signatory hereto (the “Holder”).

 

RECITALS

 

WHEREAS, on January 16, 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”), by and between the Company and the Holder, pursuant to which the Holder purchased a Senior Unsecured Convertible Note (the “Note”) from the Company upon the terms and conditions set forth in the Purchase Agreement and the Note;

 

WHEREAS, on January 16, 2026, the Company agreed to provide certain registration rights with respect to the Registrable Securities (as defined in the Registration Rights Agreement) to the Holder pursuant to that certain Registration Rights Agreement, dated as of January 16, 2026 (the “Registration Rights Agreement”);

 

WHEREAS, Section 10 of the Registration Rights Agreement provides that the provisions of the Registration Rights Agreement may be amended only with written consent of the Company and the Holder;

 

WHEREAS, the Company and the Holder party hereto desire to amend the Registration Rights Agreement on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and sufficient of which are hereby acknowledged, the parties to this Amendment, each intended to be legally bound, hereby agree as follows:

 

1.Definitions. Capitalized terms used but not defined in this Amendment shall have the respective meanings ascribed to such terms in the Registration Rights Agreement.
   
2.Amendments to the Registration Rights Agreement:

 

a. Section 1(p) of the Registration Rights Agreement shall be amended and restated in full as follows:

 

“(p) Required Registration Amount” means, as of any time of determination, the sum of (i) the maximum number of Conversion Shares issuable upon conversion of the maximum number of Initial Notes issuable pursuant to the Securities Purchase Agreement (assuming for purposes hereof that (x) the Initial Notes are convertible at the Floor Price (as defined in the Notes) as of the date hereof, (y) interest on the Initial Notes shall accrue through the two (2) year anniversary of the Initial Closing Date, and will be converted in Ordinary Shares at a conversion price equal to the Floor Price as of the date hereof and (z) any such conversion shall not take into account any limitations on the conversion of the Initial Notes set forth in the Initial Notes and (ii) the maximum number of Additional Conversion Shares issuable upon conversion of the Additional Notes (assuming for purposes hereof that (x) the Additional Notes are convertible at the Floor Price (as defined in the Additional Notes) as of Additional Closing Date, (y) interest on such Additional Notes shall accrue through the two (2) year anniversary of the applicable Additional Closing Date, as applicable, and will be converted in Ordinary Shares at a conversion price equal to the Floor Price as of such Additional Closing Date and (z) any such conversion shall not take into account any limitations on the conversion of the Additional Notes set forth in the Additional Notes, all subject to adjustment as provided in Section 2(d) and/or Section 2(f) herein.”

 

 
 

 

3.Miscellaneous.

 

a. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the applications of the laws of any jurisdiction other than those of the State of New York.

 

b. Except as set forth in this Amendment, the provisions of the Registration Rights Agreement are in all respects ratified and confirmed, and all such terms, provisions and conditions thereof shall be and continue to remain in full force and effect.

 

c. In the event of any inconsistency or conflict between the provisions of the Registration Right Agreement and this Amendment, the provisions of this Amendment will prevail and govern. All references to the Registration Rights Agreement shall hereinafter refer to the Registration Rights Agreement as amended by this Amendment.

 

d. This Amendment, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators, and legal representatives.

 

e. This Amendment may be executed in two or more identical counterparts, each of which shall be deemed an original, but all of which 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.

 

f. The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Amendment.

 

g. This Amendment and the Registration Rights Agreement and the documents referred to herein and therein, constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

 

[Remainder of page intentionally blank; signature page follows]

 

 
 

 

IN WITNESS WHEREOF, the Holder and the Company have caused this First Amendment to the Registration Rights Agreement to be duly executed by their respective duly authorized officers as of the date first above indicated.

 

BLACK TITAN CORPORATION  
     
By: /s/ Chay Weei Jye  
Name: Chay Weei Jye  
Title: Co-Chief Executive Officer  
     
HOLDER:  
     
ATW DIGITAL ASSET OPPORTUNITIES XII LLC  
     
By: /s/ Antonio Ruiz-Gimenez  
Name: Antonio Ruiz-Gimenez  
Title: Authorized Signatory  

 

Principal Amount: $1,515,000

 

[Signature Page to Amendment to the Registration Rights Agreement]