Exhibit 10.1


 





PROMISSORY NOTE


 


	$500,000	 	As of December 19, 2022


 


JAWS Hurricane Acquisition
Corporation (“Maker”) promises to pay to the order of Hurricane Sponsor LLC or its successors or assigns (“Payee”)
the principal sum of Five Hundred Thousand Dollars and No Cents ($500,000) in lawful money of the United States of America, on the terms
and conditions described below.


 


1. Principal.
The principal balance of this Note shall be repayable on the consummation of the Maker’s initial merger, stock exchange, asset acquisition,
stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (a “Business
Combination”). Payee understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts
owed hereunder will be forgiven except to the extent that the Maker has funds available to it outside of its trust account established
in connection with its initial public offering.


 


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 attorneys’ 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 Events 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
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state 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 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 the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker 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 60 consecutive days.


 


5. Remedies.


 


(a)  Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due
and payable, whereupon the 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, 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. Conversion.
Upon consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the principal balance
of this Note, in whole or in part at the option of the Payee, into Private Placement Warrants (as defined in that certain Warrant Agreement,
dated June 15, 2021, by and between the Maker and Continental Stock Transfer & Trust Company), at a price of $2.00 per Private Placement
Warrant. As promptly after notice by Payee to Maker to convert the principal balance of this Note, which must be made at least 24 hours
prior to the consummation of the Business Combination, as reasonably practicable and after Payee’s surrender of this Note, Maker
shall have issued and delivered to Payee, without any charge to Payee, a warrant certificate or certificates (issued in the name(s) requested
by Payee), or made appropriate book-entry notation on the books and records of the Maker, for the number of Warrants of Maker issuable
upon the conversion of this Note.


 


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 agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice
to them or affecting their 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,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party
may designate by notice in accordance with this Section:


 


If to Maker:


 


JAWS Hurricane Acquisition Corporation

1601 Washington Avenue, Suite 800


Miami Beach, FL


 


If to Payee:


 


Hurricane Sponsor LLC

1601 Washington Avenue, Suite 800


Miami Beach, FL


 


Notice shall be deemed given on the earlier
of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the
date on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the
date reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail
or delivery service.


 


10. 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 established in which proceeds of the Makers initial public offering of securities
(“IPO”) (including the deferred underwriters discounts and commissions) and proceeds of the sale of the warrants issued in
a private placement which occurred in connection with the consummation of the IPO are 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.


 






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11. Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State
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.


 


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Intentionally Left Blank]


 






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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 Financial Officer the day and year first above written.


 


	 	 
	 	JAWS Hurricane Acquisition Corporation
	 	 
	 	By:	
     /s/ Michael Racich

	 	Name: 	 Michael Racich
	 	Title:	 Chief Financial Officer



 


	Agreed and Acknowledged:	 
	 	 
	Hurricane Sponsor LLC	 
	a Delaware limited liability company	 
	 	 
	By:	/s/ Michael Racich	 
	 	Name:	 Michael Racich	 
	 	Title:	 Authorized Signatory	 


 


[Signature Page to Promissory
Note]


 


 





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