Document:

Exhibit 10.1

 

PROMISSORY
NOTE

 

	$___________	As of September __, 2021_

 

FoxWayne
Enterprises Acquisition Corp. (“Maker”) promises to pay to the order of _________________ or its successors or assigns (“Payee”)
the principal sum of _____________________________ ($____________) 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, share
exchange, asset acquisition or other similar business combination with one or more businesses or entities (a “Business Combination”).
Holder 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.

 

    	-1-

     

     

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 agree that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to them or affecting their liability hereunder.

 

8.
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:

______________

______________

______________

 

If to Payee:

______________

______________

______________

 

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.

 

9.
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.

 

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.

 

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

 

	 	FOXWAYNE ENTERPRISES ACQUISITION CORP.
	 	 	       
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	-2-Exhibit 1

  

   

  

  
    DELIVERED BY E-MAIL

    

    

    January 25, 2022

    

    

    TCI Fund Management Limited

      CIFF Capital UK LP

      The Children’s Investment Master Fund 7

      Clifford Street, London W1S 2FT, United

      Kingdom

    

    

    

    

    Attention:  Christopher Hohn

    

    

    

    

    Dear Mr. Hohn:

    

    

    Letter Agreement

    

    

    This letter agreement sets forth the agreement between TCI Fund Management Limited (TCI), CIFF Capital UK LP and The Children’s Investment Master Fund, and each of their
      respective affiliates, directors, officers, employees, or authorized agents (together, the TCI Parties) and Canadian National Railway Company (CN or the Company) regarding the withdrawal of a requisition by CIFF Capital UK LP and The Children’s Investment Master Fund, dated September 16, 2021 (the Requisition), for a
      shareholders’ meeting of CN.

    

    

    	1	
            Board Size; Composition.

          

    

    

    	

          	(a)	
            Subject to (i) [Redacted: Conditions for qualification subject to confidentiality understanding], and (ii) [Redacted: Conditions for qualification subject to
                confidentiality understanding], the Board of Directors of CN (the Board) shall take such actions as are necessary to appoint [Redacted: Name subject to confidentiality understanding] as a director of CN. The Company agrees to include [Redacted: Name
                subject to confidentiality understanding] as a director nominee in its management information circular for election at the 2022 annual meeting of shareholders of CN (the 2022 AGM) and the 2023
              annual meeting of shareholders of CN (the 2023 AGM) and shall solicit proxies on behalf of and recommend to its shareholders that they vote in favour of the management nominees, including [Redacted: Name subject to confidentiality understanding].

          

    

    

    	

          	(b)	
            Subject to [Redacted: Conditions for qualification subject to confidentiality understanding] and paragraph 1(c), by no later than the 2022 AGM, appoint [Redacted:

                Name subject to confidentiality understanding] as a director of CN ([Redacted: Name subject to confidentiality understanding] together with [Redacted: Name
                subject to confidentiality understanding], the New Directors). The Company agrees to include [Redacted: Name subject to confidentiality understanding]
              as a director nominee in its management information circular for election at each of the 2022 AGM and the 2023 AGM and shall solicit proxies on behalf of and recommend to its shareholders that they vote in favour of the management nominees,
              including [Redacted: Name subject to confidentiality understanding].

          

    

    

    	

          	(c)	
            If CN, acting in good faith, determines that (i) [Redacted: Name subject to confidentiality understanding] is not an appropriate candidate by virtue 1(a)(i) or 1(a)(ii) or (ii) [Redacted: Name subject to confidentiality understanding] is not an appropriate candidate by virtue of an unresolved conflict, then, by the 2022 AGM, CN shall work with TCI on identifying one or two (as
              the case may be) mutually acceptable independent director candidates with North American railroad experience.

          

    

    

    

    

    
      1

      
        

    

    

    

    Concurrently with the appointment of [Redacted: Name subject to confidentiality understanding] or an alternate candidate under paragraph 1(c), one
      non-Canadian resident director of CN (other than [Redacted: Name subject to confidentiality understanding] or [Redacted: Name subject to confidentiality understanding] alternate

      under paragraph 1(c)) shall come off the Board. The appointment of the New Directors will be conducted in a manner that complies with the Canada Business Corporations Act (CBCA),

      the constating documents of CN and the rules and policies of any applicable stock exchange.

    

    

    	2	
            TCI Parties Standstill.  Upon execution of this letter agreement by the parties until the completion of the earlier to occur of (i) the 2023 AGM; or (ii) 13 June 2023 (the Restricted Period),
              except with the prior written consent of CN (in its sole discretion), the TCI Parties and their affiliates shall not, directly or indirectly, or jointly or in concert with any other person, do any of the following: (i) engage in, participate
              in, or in any way initiate, directly or indirectly, any “solicitation” (as such term is defined in the Canada Business Corporations Act (CBCA) and in any
              applicable securities laws) of proxies or consents, with respect to the voting of any shares or other securities of CN; (ii) take action in any other manner in order to encourage, advise or influence in any manner whatsoever any person, with
              respect to the voting or disposition of any shares or other securities of CN; (iii) deposit any shares or other securities of CN in any voting trust or subject any shares or other securities of CN to any arrangement or agreement with respect
              to the voting of any such shares or other securities; (iv) seek, alone or jointly or in concert with others to, (A) requisition or call a meeting of securityholders of CN, (B) obtain representation on, or nominate or propose the nomination of
              any candidate for election to the Board, or (C) effect the removal of any member of the Board or otherwise alter the composition of the Board; (v) submit, or induce any person to submit, any shareholder proposal pursuant to the CBCA; (vi)
              commence, encourage or support any derivative action in the name of CN, or any action against CN or any of its current or former officers or directors; (viii) make any public or private disclosure of any consideration, intention, plan or
              arrangement inconsistent with any of the foregoing, including any request to amend, waive or terminate any provision of this letter agreement that would require CN to make a public disclosure; or (ix) enter into any discussions, agreements or
              understandings with any person with respect to the foregoing, or advise, assist, support, or encourage any person to take any action inconsistent with the foregoing. Nothing in this Section 2 shall prevent TCI dealing in any way whatsoever
              with its investment in the Company, whether by way of selling, purchasing, tendering, or undertaking any other market transaction in shares of the Company.

          

    

    

    	3	
            Voting. The TCI Parties agree, in respect of any annual or special meeting of shareholders during the Restricted Period, to vote (and cause to be voted) any and all shares of CN which they beneficially own or have control over,
              directly or indirectly:

          

    

    

    	

          	(a)	
            in favour of the election of all CN management director nominees recommended by the Board for election at the 2022 AGM and the 2023 AGM. The TCI Parties agree that they will  not change or withdraw their votes in favour of such
              resolutions;

          

    

    

    

    

    
      2

      
        

    

    

    

    

    

    	

          	(b)	
            against any nominations for director that are not approved and recommended by the Board for election at the 2022 AGM and the 2023 AGM;

          

    

    

    	

          	(c)	
            against any proposals or resolutions to remove any member of the Board; and

          

    

    

    	

          	(d)	
            against any waiver, amendment or modification to the Company’s articles of incorporation or by-laws unless such waiver, amendment or modification is being proposed by the Board.

          

    

    

    	4	
            Breach of Agreement. A breach of any term of this letter agreement by the TCI Parties on the one hand and CN on the other hand or any of their respective representatives (with the TCI Parties on the one hand and CN on the other hand
              being responsible for the actions of their respective representatives), will immediately entitle the other party to equitable remedies (including specific performance or injunctive relief) in addition to any claim for damages or any other
              legal remedy. Furthermore, the Company and each TCI Party agrees that the breaching party will not plead in defense of the foregoing that there would be an adequate remedy at law and agrees to waive any bonding requirement under any
              applicable law, in the case any other party seeks to enforce the terms by way of equitable relief. For the purposes of this Section 4, the term “representatives” shall mean a party’s directors, trustees, members, general partners, managers,
              officers, employees, agents, and other representatives.

          

    

    

    	5	
            Non-Disparagement. Each of the TCI Parties and CN agrees that, during the Restricted Period, it shall not do, say, publish, or communicate, in any media or forum, any matter or thing that would reasonably be expected to undermine,
              disparage or reflect adversely on the reputation, qualifications, character, conduct or behaviour of any other party or any of its respective directors, officers, employees, agents or representatives in connection with any matter arising  out
              of or relating to CN.

          

    

    

    	6	
            Directors’ obligations. The parties agree and acknowledge in respect of each of the New Directors that the New Directors shall be governed by the same statutory and Company obligations regarding confidentiality, conflicts of
              interest, fiduciary duties, trading and disclosure policies and other governance guidelines as are currently applicable to all directors of the Board, which shall include the New Directors (or their alternates) not accepting any compensation
              from any Shareholder.

          

    

    

    	7	
            Withdrawal of Requisition. The TCI Parties agree that automatically and without any additional action by any party, upon the execution of this Agreement, the TCI Parties will be deemed to have irrevocably withdrawn the Requisition
              for a meeting of the Company’s shareholders. The TCI Parties acknowledge that the Company shall be permitted to take all necessary steps to cancel the special meeting of the Company’s shareholders called in response to the Requisition.

          

    

    

    	8	
            Reimbursement of Expenses. Within ten (10) days following the receipt of appropriate documentation, CN will reimburse the TCI Parties for the reasonable out-of-pocket fees and expenses incurred by or on behalf of the TCI Parties
              prior to the execution of this letter agreement and in connection with its proxy campaign, including, without limitation the fees and disbursements of legal counsel and the strategic shareholder advisor and proxy solicitation agent to the TCI
              Parties (the Expense Reimbursement); provided, however that the Expense Reimbursement will not exceed CAD$2.5 million.

          

    

    

    

    

    
      3

      
        

    

    

    

    	9	
            Public Dissemination. Unless otherwise agreed by the parties, not later than 4:30 p.m. Eastern Time on January 26 2022, the Company shall issue a press release with the language set out in Exhibit A (the “Press Release”). Except as required by law, including the rules or policies of any applicable stock exchange, neither CN nor the TCI Parties will make any public statements with respect to the matters covered by this Agreement
              (including in any Schedule 13D filed by the TCI Parties with the SEC) that are inconsistent with, or otherwise contrary to, the statements in the Press Release. The parties agree that the names of the proposed directors shall be redacted
              prior to any filing of this Agreement. CN shall publicly file this Agreement within one business day of announcement of this Agreement.

          

    

    

    	10	
            Representations and Warranties. Each of the TCI Parties on the one hand and CN on the other hand represents and warrants: (a) it has the power, capacity and authority to execute, deliver and carry out the terms and provisions of
              this letter agreement and to consummate the transactions contemplated hereby; and (b) this letter agreement  has  been  duly authorized, executed and delivered by it and constitutes a legal, valid and binding obligation enforceable against it
              in accordance with its terms. The TCI Parties hereby confirm that they beneficially own or have control or direction over, directly or indirectly, jointly own 36,699,825 shares of CN as at the date hereof and such shares constitute all of the
              securities of CN beneficially owned or controlled, directly or indirectly, by the TCI Parties and their affiliates as at the date hereof.

          

    

    

    	11	
            Governing Law. This letter of agreement shall be governed by and construed in accordance with, the laws of the Province of Quebec and the laws of Canada applicable therein. Any legal action or proceeding with respect to this letter
              of agreement shall be brought exclusively in the Courts of the Province of Quebec, and by the execution of this letter of agreement, each of the parties irrevocably consents to the exclusive jurisdiction of such Courts.

          

    

    

    	12	
            Assignment. This letter agreement, including any of the rights, duties or obligations herein, is not assignable or transferable by the TCI Parties without the prior written consent of CN. Any attempt to assign any of the rights,
              duties or obligations in this letter agreement without such written consent is void.

          

    

    

    	13	
            Severability. If at any time subsequent to the date hereof, any provision of this Agreement is held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision will be of no force and effect, but the
              illegality or unenforceability of such provision will have no effect upon the legality or enforceability of any other provision of this Agreement.

          

    

    

    	14	
            No Waiver. No failure or delay by any party in exercising any right or remedy hereunder will operate as a waiver thereof, nor will any single or partial waiver thereof preclude any other or further exercise thereof or the exercise
              of any other right or remedy hereunder.

          

    

    

    
      4

      
        

    

    

    

    
      	15	
              Entire Agreement. This letter agreement and the confidentiality agreement between the Company and the TCI Parties contain the entire understanding of the parties hereto with respect to the subject matter hereof. There are no
                restrictions, agreements, promises, representations, warranties, covenants or other undertakings other than those expressly set forth in this letter agreement. This letter agreement may be amended only by a written instrument duly executed
                by all of the parties or their respective successors or assigns.

            

      

      

      	16	
              Miscellaneous. All modifications of and amendments to this letter agreement or any part hereof must be in writing signed on behalf of all parties. Waivers of any terms and provisions of this letter agreement shall be in writing
                signed on behalf of all parties. Time is of the essence.

            

      

      

      

      

      Please sign this letter agreement in the space provided below to confirm the mutual understandings and agreements contained herein, and return a signed copy to the undersigned by e-mail to Sean.finn@cn.ca on or
        before 3:00 p.m. (Eastern time) on January 25, 2022, failing which this letter shall be null and void. An executed copy of this letter agreement may be transmitted by email and the transmission of a signature by such means constitutes effective
        delivery.

    

    

    

    [signature page follows]

    

    

    

    

    
      5

      
        

    

    

    

    Yours truly,

     

    

     

    

    
      	 	
              CANADIAN NATIONAL RAILWAY

              COMPANY

              

            	 
	 	 	 	 
	 	 	 	 
	

            	
               

              Per

            	(signed) Sean Finn

            	 
	 	 	Name:	Sean Finn

            	 
	 	 	Title:	
              Executive Vice President Corporate

              

              Services and Chief Legal Officer

              

            	 
	 	 	 	 

    

     

    

    

    Acknowledged and agreed this 25th day of January, 2022.

     

    

     

    

    
      
        	 	TCI FUND MANAGEMENT LIMITED

              	 
	 	 	 	 
	 	 	 	 
	

              	Per:

              	(signed) Christopher Hohn, James Hawks

              	

              
	 	 	Name:	Christopher Hohn James Hawks

              	 
	 	 	Title:	
                Authorised Signatories

                

              	 
	 	 	 	 

      

    

     

    

     

    

    
      
        
          	 	CIFF CAPITAL UK LP

                	 
	 	 	 	 
	 	
                  Acting by its investment manager TCI Fund
                    Management Limited

                    

                  

                	 
	 	 	 	 
	 	 	 	 
	

                	Per:

                	(signed) Christopher Hohn, James Hawks

                	

                
	 	 	Name:	Christopher Hohn James Hawks

                	 
	 	 	Title:	
                  Authorised Signatories

                  

                	 
	 	 	 	 

        

      

    

     

    

     

    

    
      
        
          	 	
                  THE CHILDREN’S INVESTMENT MASTER

                  

                  FUND

                  

                	 
	 	 	 	 
	 	
                  Acting by its investment manager TCI Fund

                   Management Limited  

                  

                	 
	 	 	 	 
	 	 	 	 
	

                	Per:

                	(signed) Christopher Hohn, James Hawks

                	

                
	 	 	Name:	Christopher Hohn James Hawks

                	 
	 	 	Title:	
                  Authorised Signatories

                  

                	 
	 	 	 	 

        

      

    

     

    

    

    
      6

      
        

    

    

    

    Exhibit A

    

    

    Press release will announce, among other things, the new CEO, new Board appointments, and agreement with TCI. Below are the sections that are relevant to TCI, with unrelated information excluded.

    

    

    	●	
            Sub-heads:

          

    	

          	o	
            CN reaches Resolution Agreement with TCI and Requisition for Special Meeting of Shareholders on March 22, 2022 has been withdrawn

          

    

    

    	●	
            Body of release:

          

    	

          	o	
            The appointments of two identified new independent directors, or their alternates with North American railroad experience, to be mutually agreed by CN and TCI, as well as the appointment of [REDACTED] as president and CEO, have been
              mutually agreed between CN and CIFF Capital and TCI (collectively “TCI”) in a Resolution Agreement. As part of that Resolution Agreement, TCI has agreed to withdraw its requisition for a Special Meeting of Shareholders, which was previously
              scheduled to be held on March 22, 2022, and to support the election of all CN director nominees at the 2022 and 2023 AGMs.

          

    

    

    

    

    

    

  

  7

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