Exhibit 10.1


 


THIS PROMISSORY NOTE (“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: $1,500,000	 	Dated as of June 13, 2022


 


Jiya Acquisition Corp., a Delaware company and blank check company
(the “Borrower”), promises to pay to the order of Samsara BioCapital, L.P., a Delaware limited partnership, or its
registered assigns or successors in interest (the “Lender”), or order, the principal sum of up to one million and five
hundred thousand U.S. dollars ($1,500,000) 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 Borrower
to such account as the Lender may from time to time designate by written notice in accordance with the provisions of this Note.


 


1. Principal. The principal balance of this Note shall be payable
on the earlier of: (i) November 23, 2022 or (ii) the date on which Borrower consummates a business combination (the “Due Date”);
provided, however, that the Borrower may prepay the principal balance at any time prior to the Due Date.


 


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


 


3. Drawdown Requests; Application of Payments. Borrower and
Lender agree that Borrower may request up to one million and five hundred thousand U.S. dollars ($1,500,000) for the Borrower’s
ongoing working capital requirements. The principal of this Note may be drawn down from time to time prior to the Due Date (each, a “Drawdown
Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than One Thousand Dollars
($1,000) unless agreed upon by Borrower and Lender. Lender shall fund each Drawdown Request no later than three (3) business day after
receipt of a Drawdown Request. No fees, payments or other amounts shall be due to Lender in connection with, or as a result of, any Drawdown
Request by Borrower. 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. No Conversion. Borrower shall pay the principal amount
due pursuant to this Note in cash in accordance with the terms of this Note. For the avoidance of doubt, Lender and Borrower acknowledge
and agree that the unpaid balance of this Note shall not be convertible into shares of common stock or warrants exercisable for shares
of common stock of the Borrower.


 


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


 


(a) Failure to Make Required Payments. Failure by Borrower to
pay the principal amount due pursuant to this Note within five (5) business days of the date specified above.


 


(b) Voluntary Bankruptcy, Etc. The commencement by Borrower
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 Borrower 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 Borrower generally to pay its debts as such debts become due, or the taking of corporate action by Borrower 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 Borrower 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 Borrower or for 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
6(a) hereof, Lender may, by written notice to Borrower, 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
6(b) and 6(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 Lender.


 


7. Waivers. Borrower 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 Lender under the terms of this Note, and all benefits that might
accrue to Borrower 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 Borrower 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 Lender.


 


8. Unconditional Liability. Borrower 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 Lender, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Lender with respect to the payment or other provisions of this Note, and agrees
that additional Borrowers, endorsers, guarantors, or sureties may become parties hereto without notice to Borrower or affecting Borrower’s
liability hereunder.


 


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


 


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. 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 Lender 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 the proceeds of the initial public offering (the “IPO”) conducted by the Borrower
(including the deferred underwriting discounts and commissions) and the proceeds of the sale of the shares of common stock issued 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 with the Securities and Exchange Commission in connection with the IPO, 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 Borrower and the Lender.


 




     


     


    

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.


 


[Signature page follows]


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




     


     


    

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


 


 





	 	JIYA ACQUISITION CORP.
	 	a Delaware company
	 	 
	 	 
	 	By:	/s/ Rekha Hemrajani
	 	 	Name: Rekha Hemrajani
	 	 	Title: CEO


 





	 	Samsara BioCapital, L.P.,
	 	a Delaware limited partnership
	 	 
	 	 
	 	By:	/s/ Srinivas Akkaraju
	 	 	Name: Srinivas Akkaraju
	 	 	Title: Managing General Partner


 


 


 



 


 


 


 


 


 


[Signature Page to Promissory Note]



     


     


    



SCHEDULE OF BORROWINGS


 


The following increases or decreases in this Promissory
Note have been made:





 


	
    Date of Increase or Decrease
	
    Amount of decrease in Principal
Amount of this Promissory Note
	
    Amount of increase in Principal
Amount of this Promissory Note
	
    Principal Amount of this Promissory
Note following such decrease or increase