Exhibit 10.3


 


THIS PROMISSORY NOTE (THIS “NOTE”)
AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE.  THIS
NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND THIS NOTE AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME. THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY TO THE EFFECT
THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.  


 


SOCIAL LEVERAGE
ACQUISITION SPONSOR I LLC

PROMISSORY NOTE


 


	Principal Amount: $[●]	Dated as of [●], 2022



 


FOR VALUE RECEIVED and subject to the terms and conditions
set forth herein, Social Leverage Acquisition Sponsor I LLC, a Delaware limited liability company (“Maker”), promises
to pay the amount of [●] U.S. Dollars to [●] (“Payee”), together with all accrued and unpaid interest due
on such outstanding balance, in lawful money of the United States of America. All payments on this Note shall be made by check or wire
transfer of immediately available funds or as otherwise determined by Maker to such account as Payee may from time to time designate by
written notice in accordance with the provisions of this Note.


 


1. Principal.
All unpaid principal under this Note shall only be due and payable ten business days following the effective date by which Social
Leverage Acquisition Corp. I completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses (a “Business Combination”) pursuant to its Amended and Restated Certificate
of Incorporation (as may be amended from time to time) (the “Maturity Date”), unless accelerated upon the occurrence
of an Event of Default (as defined below). If no Maturity Date is triggered, then the amount of this promissory note will be treated as
a Capital Contribution pursuant to Article III of the Maker’s Second Amended and Restated Limited Liability Company Agreement.
Any outstanding principal under this Note may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or shareholder of Maker, be obligated personally for
any obligations or liabilities of Maker hereunder.


 


2. Interest.
From the date hereof until the payment in full of this Note, the unpaid principal balance of this Note shall bear interest at the rate
of 10% per annum and shall be due and payable in full on the Maturity Date, if any.


 


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 payment in full of any accrued and unpaid interest on this
Note, and 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 occurrence of any of the following shall constitute an event of default (“Event of Default”):


 


(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount and interest due pursuant to this Note on the Maturity Date,
if any.


 


(b) Voluntary
Bankruptcy, Etc. The commencement by 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 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 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 sixty (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) or 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.


 






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8. 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.


 


9. Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.


 


10. 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.


 


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


 


12. Successors
and Assigns.  Subject to the restrictions on transfer in Section 13 below, the rights and obligations of Maker and Payee
hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of any party hereto (by operation
of law or otherwise) with the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void.


 


13. Acknowledgment.
Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection
with, any distribution thereof. Payee understands that the acquisition of this Note involves substantial risk. Payee has experience as
an investor in securities of companies and acknowledges that it is able to fend for itself, can bear the economic risk of its investment
in this Note, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and
risks of this investment in this Note and protecting its own interests in connection with this investment.


 


[Signature page follows]


 






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IN WITNESS WHEREOF, Maker, 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.


 


	 	SOCIAL LEVERAGE ACQUISITION SPONSOR I LLC
	 	 	 	 
	 	By: 	
	 	 	Name: 	                                
	 	 	 	 
	 	 	Title:	 


 


	Acknowledged and agreed as of the day and year first above written.	 
	 	 	 	 
	[●]	 
	 	 
	By: 	    	 
	 	Name: 	                   	 
	 	Title: 	 	 
	 	 	 	 


 


[Signature Page to Promissory Note]


 


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