EX-10.1




 Exhibit 10.1 

THIS PROMISSORY NOTE (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 TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 SOCIAL CAPITAL SUVRETTA HOLDINGS CORP. III 

PROMISSORY NOTE 
  

			
	 Principal Amount: Up to U.S.$1,500,000
 (See
Schedule A)
	  	April 20, 2022

 FOR VALUE RECEIVED and subject to the terms and conditions set forth herein, Social Capital Suvretta Holdings
Corp. III, a Cayman Islands exempted company (the “Maker”), promises to pay to SCS Sponsor III LLC, a Cayman Islands limited liability company (including its registered assigns and successors in interest, the
“Payee”), or order of Payee, the principal sum of One Million Five Hundred Thousand U.S. Dollars (U.S.$1,500,000) or such lesser amount as shall have been advanced by the Payee to the Maker as set forth on Schedule A hereto
in lawful money of the United States of America; which schedule shall be updated from time to time by the parties hereto to reflect all advances and readvances outstanding under this Note. Any advance hereunder shall be made by the Payee upon a
request of the Maker and shall be set forth on Schedule A. 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 entire unpaid principal balance
of this Note shall be due and payable in full on the earlier of (i) July 2, 2023 and (ii) the effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the
Maker and one or more businesses (such earlier date of (i) and (ii), the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). The outstanding principal balance under this Note may
be prepaid at any time by the Maker, at its election and without penalty. Under no circumstances shall any individual, including but not limited to any member, manager, officer, director, employee or equity holder of the Maker, be obligated
personally for any obligations or liabilities of the Maker hereunder. 
 2. Drawdown Requests. The Maker and the Payee agree that the Maker
may request, from time to time, up to One Million Five Hundred Thousand U.S. Dollars (U.S.$1,500,000) in drawdowns under this Note. The principal amount of this Note may be drawn down from time to time prior to the Maturity Date upon written request
from the Maker to the Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down and must not be an amount less than Ten Thousand U.S. Dollars (U.S.$10,000) unless mutually agreed by the Maker
and the Payee. The Payee shall fund each Drawdown Request no later than ten (10) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding under this Note at any time may not exceed
One Million Five Hundred Thousand U.S. Dollars (U.S.$1,500,000). No fees, payments or other amounts shall be due to the Payee in connection with, or as a result of, any Drawdown Request by the Maker, except as expressly set forth herein. 

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

4. Application of Payments. All payments by the Maker hereunder 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 occurrence of any of the following shall constitute an event of
default (“Event of Default”): 
 (a) Failure to Make Required
Payments. Failure by the Maker to pay the unpaid principal balance due pursuant to this Note on the Maturity Date. 
 (b)
Voluntary Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by
a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of its creditors, or the failure of the
Maker generally to pay its debts as such debts become due, or the taking of corporate action by the 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
over the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Maker or in respect of any
substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive
days. 
 6. Remedies. 
 (a) Upon the
occurrence of an Event of Default specified in Section 5(a), the Payee may, by written notice to the Maker, declare the unpaid principal balance of this Note to be immediately due and payable, whereupon such unpaid principal balance, 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. 
 (b) Upon the occurrence of an Event of Default specified in Sections 5(b) or 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 the Payee. 

7. Waivers. The 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 this Note, all errors, defects and imperfections in any proceedings instituted by the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any 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. The Maker further 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 the Payee. 
 8. Unconditional Liability. The 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 the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the 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 the Maker or affecting the Maker’s liability hereunder. 

9. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be in writing and
(i) delivered personally or sent by first class registered or certified mail or overnight courier service to the address designated in writing by the recipient party, or (ii) sent by electronic mail to the electronic mail address most
recently provided by the recipient party or such other electronic mail address as may be designated in writing by the recipient party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if
delivered personally or if sent by electronic transmission, one (1) business day after delivery to an overnight courier service if sent by overnight courier service or five (5) days after mailing if sent by mail. 

10. Governing Law. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
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 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 distribution of or from the trust account in which proceeds of the Maker’s initial public offering of its
securities (the “IPO”) (including the deferred underwriting discounts and commissions related thereto) and proceeds of the sale of the Class A ordinary shares issued by the Maker in a private placement that occurred in
connection with the IPO were deposited, as described in greater detail in the registration statement and prospectus filed by the Maker with the Securities and Exchange Commission in connection with the IPO on June 29, 2021, and hereby agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account 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 (in the case of an amendment) or the written consent of the party entitled to the benefit of such
provision (in the case of a waiver). No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other provision hereof, whether or not similar. Each such waiver or consent shall be effective only in
the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent. 
 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. The rights and obligations of the Maker and the Payee hereunder shall be binding upon and benefit the successors, permitted assigns, heirs, administrators and transferees of any party hereto. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this
Note to be duly executed by the undersigned as of the date first above written. 
  

			
	SOCIAL CAPITAL SUVRETTA HOLDINGS CORP. III
		
	By:	 	/s/ Chamath Palihapitiya
		 	Name: Chamath Palihapitiya
		 	Title: Chief Executive Officer


  

			
	ACKNOWLEDGED AND AGREED:
	
	SCS SPONSOR III LLC
		
	By:	 	/s/ Chamath Palihapitiya
		 	Name: Chamath Palihapitiya
		 	Title: Chief Executive Officer


  
 [Signature Page to
Promissory Note] 












 SCHEDULE A 

Subject to the terms and conditions set forth in the Note to which this schedule is attached, the principal balance due under the Note shall
be set forth in the table below and shall be updated from time to time to reflect all advances and readvances outstanding under the Note. 
  

					
	 Date
	  	 Drawing
	  	 Principal Balance