Exhibit 10.9


 


THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). 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 COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.


 


P
R O M I S S O R Y N O T E


 


	Principal Amount: $460,000	Dated as of November 10, 2020


 


AGBA
Acquisition Limited, a British Virgin Islands company (the “Maker”), promises to pay to the order of AGBA Holding
Limited or its registered assigns or successors in interest (the “Payee”) the principal sum of Four Hundred
and Sixty Thousand U.S. Dollars ($460,000) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or 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.


 


	1.	Principal. The principal balance of this Promissory Note (this “Note”)
shall be payable promptly after the date on which the Maker consummates an initial business combination (a “Business Combination”)
with a target business (as described in its initial public offering prospectus dated May 14, 2019 (the “Prospectus”)).
In the event that a Business Combination does not close prior to February 16, 2021 or as extended, this Note shall be deemed to
be terminated and no amounts will thereafter be due from Maker to Payee under the terms hereof. The principal balance may not be
prepaid without the consent of the Payee.



 


	2.	Conversion Rights. The Payee has the right, but not the obligation,
to convert this Note, in whole or in part, into private units (the “Units”) of the Maker, as described in the
Prospectus, by providing the Maker with written notice of its intention to convert this note at least one business day prior to
the closing of a Business Combination. The number of Units to be received by the Payee in connection with such conversion shall
be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such Payee by (y) $10.00.



 


		(a)	Fractional Shares. No fractional Units will be issued upon conversion
of this Note. In lieu of any fractional Units to which Payee would otherwise be entitled, Maker will pay to Payee in cash the amount
of the unconverted principal balance of this note that would otherwise be converted into such fractional share.



 


		(b)	Effect of Conversion. If the Maker timely receives notice of the
Payee’s intention to convert this note at least one business day prior to the closing of a Business Combination,
this Note shall be deemed to be converted on the date the Business Combination closes. At its expense, the Maker will, as soon
as practicable after receiving this Note for cancellation after the closing of a Business Combination (assuming receipt of timely
notice of conversion), issue and deliver to Payee, at Payee’s address set forth on the signature page hereto or such other
address requested by Payee, a certificate or certificates for the number of Units to which Payee is entitled upon such conversion
(bearing such legends as are customary pursuant to applicable state and federal securities laws), including a check payable to
Payee for any cash amounts payable as a result of any fractional shares as described herein.



 




     


     


    

 


	3.	Interest. No interest shall accrue on the unpaid principal balance of this Note.



 


		4.	Application of Payments. All payments shall be
applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note.



 


	5.	Events of Default. The following shall constitute an event of default (“Event of Default”):



 


		(a)	Failure to Make Required Payments. Failure by Maker to pay the principal
of this Note within five (5) business days following the date when due.



 


		(b)	Voluntary Liquidation, Etc. The commencement by Maker of a proceeding
relating to its bankruptcy, insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment
of, or taking possession by, a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for
Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any
of the foregoing.



 


		(c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief
by a court having jurisdiction in the premises in respect of maker in an involuntary case under any applicable bankruptcy, insolvency
or similar law, for the appointing of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
for Maker or for any substantial part of its property, or ordering the winding-up or liquidation of the affairs of Maker, and the
continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.



 


		6.	Remedies.



 


		(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof,
Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount
of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents
evidencing the same to the contrary notwithstanding.



 




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		(b)	Upon the occurrence of an Event of Default specified in Sections 5(b) and
5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately
become due and payable, in all cases without any action on the part of Payee.



 


		7.	Waivers. Maker and all endorsers and guarantors
of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note,
and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate
that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold
upon any such writ in whole or in part in any order desired by Payee.



 


		8.	Unconditional Liability. Maker hereby waives all
notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any
manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to
any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to Maker or affecting Maker’s liability hereunder.



 


		9.	Notices. Any notice called for hereunder shall
be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched
by any form of private or governmental express mail or delivery service providing receipted delivery or (iv) sent by facsimile
or (v) to the following addresses or to such other address as either party may designate by notice in accordance with this Section:



 


If to Maker:


 


AGBA Acquisition Limited Room 1108, 11th Floor,
Block B


New Mandarin Plaza, 14 Science Museum Road Tsimshatsui
East, Kowloon, Hong Kong


Attn: Gordon Lee


 


If to Payee:


AGBA Holding Limited


Room 1108, 11th Floor, Block B


New Mandarin Plaza, 14 Science Museum Road





Tsimshatsui East, Kowloon, Hong Kong Attn: Samuel
Chan


 






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Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission
confirmation, (iii) the date reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery
or dispatch by express mail or delivery service.


 


		10.	Construction. THIS NOTE SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.



 


		11.	Jurisdiction. The courts of New York have exclusive
jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute relating to any non-
contractual obligations arising out of or in connection with this agreement) and the parties submit to the exclusive jurisdiction
of the courts of New York.



 


		12.	Severability. Any provision contained in this
Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.



 


		13.	Trust Waiver. Payee has read the Prospectus
and understands that Maker has established the trust account described in the Prospectus, initially in an amount of $46 million
for the benefit of the public stockholders and the underwriters of Maker’s initial public offering (the “Underwriters”)
and that, except for certain exceptions described in the Prospectus, Maker may disburse monies from the trust account only: (i)
to the public stockholders in the event of the conversion of their shares or the liquidation of Maker; or (ii) to Maker and the
Underwriters after consummation of a Business Combination.



 


Notwithstanding anything
herein to the contrary, Payee hereby agrees that it does not have any right, title, interest or claim of any kind in or to any
monies in the trust account (the “Claim”) and hereby waives any Claim it may have in the future as a result
of, or arising out of, any negotiations, contracts or agreements with Maker and will not seek recourse against the trust account
for any reason whatsoever.


 


		14.	Amendment; Waiver. Any amendment hereto or
waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.



 


		15.	Assignment. No assignment or transfer of this
Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior
written consent of the other party hereto and any attempted assignment without the required consent shall be void.



 


		16.	Further Assurance. The Maker shall, at its
own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents,
acts and things as the Payee may from time to time require as may be necessary to give full effect to this Promissory Note.



 




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IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed by its Chief Executive Officer the day and year first above written.


 


	 	AGBA ACQUISITION LIMITED
	 	 	 
	 	 	 
	 	Name:	Gordon Lee
	 	Title:	Chief Executive Officer



 





	Accepted and Agreed:	 
	 	 	 
	AGBA HOLDING LIMITED	 
	 	 	 
	By:	 	 
	Name: 	Samuel Chan	 
	Title: 	Director	 



 


 


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