# EDGAR Filing Document

**Accession Number:** 0001849475
**File Stem:** 0001104659-23-002467
**Filing Date:** 2023-1
**Character Count:** 35161
**Document Hash:** 0f4d77c42a99d6b46d80317f73e8988a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-002467.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001104659-23-002467

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230106

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Newcourt Acquisition Corp
- **CENTRAL INDEX KEY:** 0001849475
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40929
- **FILM NUMBER:** 23519843

**BUSINESS ADDRESS:**
- **STREET 1:** 2201 BROADWAY, SUITE 705
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 27 83 294 3837

**MAIL ADDRESS:**
- **STREET 1:** 2201 BROADWAY, SUITE 705
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

?xml version="1.0" encoding="utf-8"?

**United States**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

**Current Report**

**Pursuant to Section 13 or 15(** **d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **January 10, 2023 (January 6, 2023)**

**Newcourt Acquisition Corp**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-40929** | N/A |
| (State or other jurisdiction of<br> incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**2201 Broadway, Suite 705**

**Oakland, CA 94612**

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(510) 214-3750**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading <br> Symbol(s)** | **Name of each exchange on <br> which registered** |
| Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one Redeemable Warrant | NCACU | The Nasdaq Stock Market LLC |
| Class A ordinary share, par value $0.0001 per share, included as part of the units | NCAC | The Nasdaq Stock Market LLC |
| Redeemable warrants, each exercisable for one Class A ordinary share for $11.50 per share, included as part of the units | NCACW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01 Entry into a Material Definitive Agreement.**

**On January 6, 2023, Newcourt Acquisition Corp (the "Company") held an extraordinary general meeting of shareholders (the "EGM") for the purpose of considering and voting on the Charter Amendment and the Trust Agreement Amendment (each as defined below) and, if presented, the proposal to adjourn the EGM to a later date.**

*Charter Amendment*

 

**At the EGM, the shareholders of the Company approved an amendment (the "Charter Amendment") to the Company's Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial business combination for an initial three (3) months from January 22, 2023 to April 22, 2023 and up to three (3) times for an additional one (1) month each time from April 22, 2023 to July 22, 2023 (which is 21 months from the closing of our IPO). Under Cayman Islands law, the Charter Amendment took effect upon approval by the shareholders. The Company plans to file the Charter Amendment with the Cayman Islands General Registry within 15 days of the EGM.**

**The foregoing description is qualified in its entirety by reference to the Charter Amendment, a copy of which is attached as Exhibit 3.1 hereto and is incorporated by reference herein.**

*Trust Agreement Amendment*

**At the EGM, the shareholders of the Company also approved the amendment to the Company's investment management trust agreement, dated as of October 19, 2021, by and between the Company and Continental Stock Transfer & Trust Company (the "Trust Agreement Amendment"). Pursuant to the Trust Agreement Amendment, the Company will deposit into the Company's trust account (the "Trust Account"), (i) as soon as practicable after the effective date of the Trust Agreement Amendment, for the initial three-month extension, the lesser of (a) $247,500 and (b) $0.165 for each Class A ordinary share outstanding after giving effect to the redemption, and (ii) for each additional one-month extension, the lesser of (a) $82,500 and (b) $0.055 for each Class A ordinary share outstanding after giving effect to the redemption.** 

**The foregoing description of the Trust Agreement Amendment is a summary only and is qualified in its entirety by reference to the full text of the Trust Agreement Amendment, a copy of which is attached as Exhibit 10.1 hereto and is incorporated by reference herein.** 

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

**In connection with the Trust Agreement Amendment, Newcourt SPAC Sponsor LLC (the "Sponsor") has agreed to make available to the Company an aggregate amount of up to US$495,000, pursuant to a promissory note in favor of the Sponsor (the "January 2023 Note"). The January 2023 Note is non-convertible and bears no interest, and the principal balance is payable by the Company on the Maturity Date, as defined in the January 2023 Note. The issuance of the January 2023 Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.**

**The foregoing description is qualified in its entirety by reference to the January 2023 Note, a copy of which is attached as Exhibit 10.2 hereto and is incorporated herein by reference.**

**Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year**

**The information disclosed in Item 1.01 of this Current Report on Form 8-K is herein incorporated by reference.** 

**Item 5.07 Submission of Matters to a Vote of Security Holders.**

On January 6, 2023, the Company held the EGM for the purposes of considering and voting upon the Charter Amendment, the Trust Agreement Amendment and, if presented, the proposal to adjourn the EGM to a later date. As of the record date of December 5, 2022, there were a total of 32,675,000 ordinary shares, including 26,140,000 Class A ordinary shares and 6,611,500 Class B ordinary shares, issued and outstanding and entitled to vote at the EGM. There were 27,099,656 ordinary shares present at the EGM in person or represented by proxy, or approximately 82.94% of the total shares issued and outstanding and entitled to vote at the EGM, representing a quorum.

The Charter Amendment was approved by a special resolution of the Company's shareholders, and received the following votes:

<u>For</u> <u>Against</u> <u>Abstain</u> <br> 27,099,654 2 0

The Trust Agreement Amendment was approved by ordinary resolution of the Company's shareholders, and received the following votes:

---

| | | |
|:---|:---|:---|
| **For** | **Against** | **Abstain** |
| 27099654 | 2 | 0 |

---

The adjournment proposal was not presented to the stockholders because there were sufficient votes to approve the Charter Amendment and the Trust Agreement Amendment.

In connection with the EGM, shareholders holding 23,497,468 ordinary shares (the "public shares") exercised their right to redeem their shares for a pro rata portion of the funds in the Company's Trust Account. As a result, approximately $247. million (approximately $10.35 per public share) will be removed from the Trust Account to pay such holders and approximately $15.55 million will remain in the Trust Account. Following redemptions, the Company will have 1,502,532 public shares outstanding.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Exhibits*

 

The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [3.1](tm232749d1_ex3-1.htm) | [Amendment to Amended and Restated Memorandum and Articles of Association of the Company](tm232749d1_ex3-1.htm) |
| [10.1](tm232749d1_ex10-1.htm) | [Amendment to the Investment Management Trust Agreement, dated January 6, 2022](tm232749d1_ex10-1.htm) |
| [10.2](tm232749d1_ex10-2.htm) | [Promissory Note, dated January 6, 2023](tm232749d1_ex10-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **NEWCOURT ACQUISITION CORP.** | **NEWCOURT ACQUISITION CORP.** |
| By: | /s/ Marc Balkin |
| Name: Marc Balkin | Name: Marc Balkin |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

---

Dated: January 10, 2023

## Exhibit 3.1

**Exhibit 3.1**

**PROPOSED AMENDMENT TO THE**

**AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**NEWCOURT ACQUISITION CORP**

**Extension Amendment Proposal**

"RESOLVED, as a special resolution, that the Amended and Restated Memorandum and Articles of Association of the Company be amended by the deletion of the existing Article 49.7 and Article 49.8 in their entirety and the insertion of the following language in its place:

&nbsp;&nbsp;&nbsp;&nbsp;49.7 The Company has until 15 months from the closing of the IPO
to consummate a Business Combination, provided however that if the Directors anticipate that the Company may not be able to consummate
a Business Combination within 15 months of the closing of the IPO, the Company may, at the request of the Sponsor, extend the period
of time to consummate a Business Combination up to four (4) times, as follows: (i) one (1) time for an additional three (3) months from
January 22, 2023 to April 22, 2023, followed by (ii) three (3) times for an additional one (1) month each time from April 22, 2023 to
July 22, 2023 (for a total of up to 21 months to complete a Business Combination), subject to the Sponsor depositing additional funds
into the Trust Account prior to the applicable deadline in accordance with terms as set out in the investment management trust agreement,
dated as of October 19, 2021 (the "Trust Agreement"), by and between the Company and Continental Stock Transfer & Trust
Company and referred to in the Registration Statement. In the event that the Company does not consummate a Business Combination by 15
months after the closing of the IPO or 21 months from the date of the closing of the IPO (subject in the latter case to valid extensions
having been made in each case) or such later time as the Members may approve in accordance with the Articles), the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cease all operations except for the purpose of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as promptly as reasonably possible but not more than ten business
days thereafter, redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the
Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes
payable

and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Public Shares in issue, which redemption will completely extinguish public Members' rights as Members (including the right to receive further liquidation distributions, if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly as reasonably possible following such redemption, subject
to the approval of the Company's remaining Members and the Directors, liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;49.8 In the event that any amendment is made to the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to modify the substance or timing of the Company's obligation
to allow redemption in connection with a Business Combination or redeem 100 per cent of the Public Shares if the Company does not consummate
a Business Combination within 15 months after the closing of the IPO or 21 months from the date of the closing of the IPO pursuant to
Article 49.7 (subject in the latter case to valid extensions having been made in each case), in the event the Company has elected to
extend the amount of time to complete a Business Combination for three months, or such later time as the Members may approve in accordance
with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other provision relating to Members'
rights or pre-Business Combination activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such amendment at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares. The Company's ability to provide such redemption in this Article is subject to the Redemption Limitation."

## Exhibit 10.1

**Exhibit 10.1**

**AMENDMENT TO THE**

**INVESTMENT MANAGEMENT TRUST AGREEMENT**

This Amendment No. 1 (this "Amendment"), dated as of January 6, 2023, to the Investment Management Trust Agreement (as defined below) is made by and between Newcourt Acquisition Corp (the "Company") and Continental Stock Transfer & Trust Company, as trustee ("Trustee"). All terms used but not defined herein shall have the meanings assigned to them in the Trust Agreement.

WHEREAS, the Company and the Trustee entered into an Investment Management Trust Agreement dated as of October 19, 2021 (the "Trust Agreement");

WHEREAS, Section 1(i) of the Trust Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances described therein;

WHEREAS, at an extraordinary general meeting of the Company held on January 6, 2022 (the "EGM"), the Company's shareholders approved (A) a proposal to extend the date by which the Company must consummate an initial business combination for an initial three (3) months from January 22, 2023 to April 22, 2023 and up to three (3) times for an additional one (1) month each time from April 22, 2023 to July 22, 2023 (which extension and later date we refer to as the "Extension" and the "Extended Date," respectively) by amending the Company's amended and restated memorandum and articles of association; and (B) a proposal to amend the Trust Agreement to allow the Company to extend the Combination Period for an initial three (3) months from January 22, 2023 to April 22, 2023 and up to three (3) times for an additional one (1) month each time from April 22, 2023 to July 22, 2023 by depositing into the trust account, (i) as soon as practicable after the effective date of the amendment of the Trust Agreement, for the initial three-month extension, the lesser of (a) $247,500 and (b) $0.165 for each Class A ordinary share outstanding (the "First Extension Payment") after taking into account any redemptions in connection with the solicitation of such shareholder approval at the EGM, and (ii) for each additional one-month extension, the lesser of (a) $82,500 and (b) $0.055 for each Class A ordinary share outstanding (each a "One-Month Extension Payment") after taking into account any redemptions in connection with the solicitation of such shareholder approval at the EGM; and

NOW THEREFORE, IT IS AGREED:

&nbsp;&nbsp;&nbsp;&nbsp;1. Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety as follows:

"(i) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter from the Company ("***Termination Letter***") in a form substantially similar to that attached hereto as either <u>Exhibit A</u> or <u>Exhibit B</u>, as applicable, signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer or Chairman of the board of directors (the "***Board***") or other authorized officer of the Company (and in the case of <u>Exhibit A</u>, jointly signed by the Representative), and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including any amounts representing interest earned on the Trust Account, less interest previously released to, or reserved for use by, the Company in an amount up to $100,000 to pay dissolution expenses (as applicable) and less any other interest released to, or reserved for use by, the Company to pay taxes as provided in this Agreement only as directed in the Termination Letter and the other documents referred to therein; *provided* that, in the event that a Termination Letter has not been received by the Trustee by (A) the date that is 15 months after the closing of the IPO ("***Closing***"); or (B) if the President, Chief Executive Officer or Chairman of the Board extends the time to complete the Business Combination by three (3) months, the date that is 18 months after the Closing, provided that the Company deposits the First Extension Payment into the Trust Account on or prior to the date that is 15 months after the Closing; or (C) if the President, Chief Executive Officer or Chairman of the Board further extends the time to complete the Business Combination by an additional one-month period, the date that is 19 months after the Closing, provided that the Company deposits the One-Month Extension Payment into the Trust Account on or prior to the date that is 18 months after the Closing; or (D) if the President, Chief Executive Officer or Chairman of the Board further extends the time to complete the Business Combination by an additional one-month period, the date that is 20 months after the Closing, provided that the Company deposits the One-Month Extension Payment into the Trust Account on or prior to the date that is 19 months after the Closing; or (E) if the President, Chief Executive Officer or Chairman of the Board further extends the time to complete the Business Combination by an additional one-month period, the date that is 21 months after the Closing, provided that the Company deposits the One-Month Extension Payment into the Trust Account on or prior to the date that is 20 months after the Closing; but if the Company has not completed the Business Combination within the applicable monthly anniversary of the Closing ("***Last Date***"), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as <u>Exhibit B</u> hereto and distributed to the Public Shareholders as of the Last Date. For example, if during the six-month period spanning 15 months and 21 months after the Closing, the Company does not deposit the One-Month Extension Payment into the Trust Account by the last day of the fourth month, then the Last Date shall be the last day of the fourth month. The form of any extension contemplated by this Section 1(i) shall be in substantially the form attached hereto as <u>Exhibit E</u>. The Trustee agrees to serve as the paying agent of record ("***Paying Agent***") with respect to any distribution of Property that is to be made to the Public Shareholders and, in its separate capacity as Paying Agent, agrees to distribute such Property directly to the Company's Public Shareholders in accordance with the terms of this Agreement and the Company's amended and restated memorandum and articles of association in effect at the time of such distribution;"

&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit E of the Trust Agreement is hereby amended and restated in its entirety as follows:

**EXHIBIT E**

**[Letterhead of Company]**

**[Insert date]**

Continental Stock Transfer & Trust Company<br> 1 State Street, 30th Floor<br> New York, New York 10004<br> Attn: Francis Wolf & Celeste Gonzalez

Re:

Trust Account No. [ ] Extension Letter

Dear Mr. Wolf and Ms. Gonzalez:

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Newcourt Acquisition Corp ("**Company**") and Continental Stock Transfer & Trust Company, dated as of October 19, 2021 ("**Trust Agreement**"), this is to advise you that the Company is extending the time available to consummate a Business Combination for an additional [three (3) months / one (1) month], from to (the "**Extension**").

This Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

In accordance with the terms of the Trust Agreement, we hereby authorize you to deposit the [First Extension Payment/One-Month Extension Payment], which will be wired to you, into the Trust Account investments upon receipt.

This is the ____ of up to four Extension Letters.

Very truly yours,

---

| |
|:---|
| NEWCOURT ACQUISITION CORP |
| By: |
| Name: |
| Title: |

---

cc: Cantor Fitzgerald & Co.

&nbsp;&nbsp;&nbsp;&nbsp;3. All other provisions of the Trust Agreement shall remain unaffected by the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to
be one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile
signature or electronic signature shall be deemed to be an original signature for purposes of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section 6(c)
of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby ratified,
intentionally waived and relinquished by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;6. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

 

 

*[signature page follows]*

IN WITNESS WHEREOF, the parties have duly executed this Amendment to the Investment Management Trust Agreement as of the date first written above.

---

| | |
|:---|:---|
| CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee | CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee |
| By: | /s/ Francis Wolf |
| Name: | Francis Wolf |
| Title: | Vice President |
| NEWCOURT ACQUISITION CORP | NEWCOURT ACQUISITION CORP |
| By: | /s/ Marc Balkin |
| Name: | Marc Balkin |
| Title: | Chief Executive Officer |

---

## Exhibit 10.2

**Exhibit 10.2**

**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 MAKER REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.** 

**PROMISSORY NOTE**

---

| | |
|:---|:---|
| Principal Amount: Up to $495,000 | Dated as of January 6, 2023 |

---

Newcourt Acquisition Corp, a Cayman Islands exempted company (the "**Maker**"), promises to pay to the order of Newcourt SPAC Sponsor LLC, or its registered assigns or successors in interest (the "**Payee**"), or order, the principal sum of up to $495,000, or such lesser amount as shall have been advanced by Payee to Maker and shall remain unpaid under this Note, 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 Note shall be payable on the date on which Maker consummates an initial business combination (the "**Maturity Date**"). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

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

**3.** **Drawdown Requests**. The principal of this Note may be drawn down from time to time prior to the Maturity Date, upon request from Maker to Payee (each, a "**Drawdown Request**"). Payee shall fund each Drawdown Request within two (2) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is $495,000. Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

**4. 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Failure to Make Required Payments</u>. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date specified in Section 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Voluntary Bankruptcy, Etc</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Involuntary Bankruptcy, Etc</u>. 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 60 consecutive days.

**6. Remedies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Default specified in Section 5(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Payee.

**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 agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker's liability hereunder.

**9. Notices.** All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered (i) personally or sent by first class registered or certified mail, overnight courier service to the address designated in writing by such party, (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 mail, 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 THE STATE 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 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 a portion of the proceeds of the Maker's IPO and concurrent Private Placement 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 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.

[*Signature Page Follows*]

**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.

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| | |
|:---|:---|
| NEWCOURT ACQUISITION CORP | NEWCOURT ACQUISITION CORP |
| By: | /s/ Marc Balkin |
| Name: | Marc Balkin |
| Title: | Chief Executive Officer |

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