Exhibit 10.1


 


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.


 


PROMISSORY NOTE


 


	Principal Amount: $200,000	Dated as of January 13, 2021


 


Model
Performance Acquisition Corp., a British Virgin Islands company (the “Maker”), promises to pay to the
order of First Euro Investments Limited or his registered assigns or successors in interest (the “Payee”) the
principal sum of Two-Hundred Thousand Dollars ($200,000) 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 public offering of its securities or the date
on which the Company determines not to conduct an initial public offering of its securities. The principal balance may be prepaid
at any time.



 


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



 


	3.	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.



 


	4.	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.




     


     


    


	5.	Remedies.



 


		(a)	Upon the occurrence of an Event of Default specified in Section 4(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 thereunder, 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.



 


		(b)	Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(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.



 


	6.	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.



 


	7.	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.





     


     


    

	8.	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:


 


Model Performance Acquisition Corp.


Ritter House


Wickhams Cay II


PO Box 3170


Road Town, Tortola VG 1110


British Virgin Islands


 


If to Payee:


 


First Euro
Investments Limited


263 Main
Street, Road Town


Tortola, BVI


 


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.


 


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



 


	10.	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.



 


	11.	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.



 


	12.	Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any
and all right, title, interest or claim of any kind (“Claim”) in or to any amounts contained in the trust account
in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker and the proceeds of
the sale of securities in a private placement to occur prior to the effectiveness of the IPO, as described in greater detail in
the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, will
be placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim from the trust account
or any distribution therefrom for any reason whatsoever.




     


     


    


	13.	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.



 


	14.	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.



 


	15.	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.



 


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


 


	 	MODEL PERFORMANCE ACQUISITION CORP.
	 	 	 
		By:	/s/ Serena Shie
	 	 	Name: Serena Shie

Title:   Director