Document:

EX-10.11

 Exhibit 10.11 

THIS PROMISSORY NOTE (THIS “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: Up to $300,000	  	Dated as of February 2, 2021

 USHG Acquisition Corp., a Delaware corporation and blank check company (the “Maker”),
promises to pay to the order of New Malted Holdings II LP, a Delaware limited partnership, and Daniel H. Meyer Investment Trust Dated 05/15/92 (each a “Payee” and together the “Payees”) the principal sum of Three
Hundred Thousand Dollars ($300,000) or such lesser amount as shall have been advanced by Payees to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) 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 Payees may from time to time designate by written notice
in accordance with the provisions of this Note. 
 1. Principal. The Payees shall be jointly obligated to lend to the Maker amounts up
to Three Hundred Thousand Dollars ($300,000). The entire unpaid principal balance of this Note, as reflected on Schedule A hereto (such schedule to be updated from time to time by Maker as amounts are borrowed from the Payees up to Three
Hundred Thousand Dollars ($300,000) shall be payable on the earlier of: (i) December 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of (i) and (ii), 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. Drawdown Requests. Maker and Payees agree that Maker may request, from
time to time, up to Three Hundred Thousand Dollars ($300,000) in drawdowns under this Note to be used for costs and expenses related to Maker’s formation and the proposed initial public offering of its securities (the “IPO”).
Principal of this Note may be drawn down from time to time prior to the Maturity Date upon written request from Maker to Payees (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not
be an amount less than Ten Thousand Dollars ($10,000), unless agreed upon in writing by Maker and Payees. Payees shall be jointly obligated to fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request;
provided, however, that the maximum amount of drawdowns outstanding under this Note at any time may not exceed Three Hundred Thousand Dollars ($300,000). No fees, payments or other amounts shall be due to Payees in connection with, or as a result
of, any Drawdown Request by Maker. 

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

 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 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. 

5. Events of Default. 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 due pursuant to this Note within five
(5) business days of the Maturity Date. 
 (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 60 consecutive
days. 
 6. Remedies. 

(a) Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payees 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 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 Payees. 

 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 this Note, all errors, defects and imperfections in any proceedings instituted by Payees 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 Payees. 
 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 Payees, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payees 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: (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 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, each 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 to be established in which the proceeds of the IPO conducted by the
Maker (including the deferred underwriters discounts and commissions) and the proceeds of the 

 
sale of the warrants issued in a private placement to occur prior to the consummation of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus
to be 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 Payees. 
 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 pages follow] 

 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. 
  

			
	 USHG ACQUISITION CORP.
 a
Delaware corporation

		
	By:	 	 /s/ Adam D. Sokoloff

		 	Name: Adam D. Sokoloff
		 	Title: Chief Executive Officer

 [Signature Page to Promissory Note] 

 Accepted and agreed as of the date first written above. 

New Malted Holdings II LP 
  

			
	By:	 	 /s/ Kris Galashan

		 	Name: Kris Galashan
		 	Title: Partner

 [Signature Page to Promissory Note] 

 Accepted and agreed as of the date first written above. 

Daniel H. Meyer Investment Trust Dated 05/15/92 
  

			
	By:	 	 /s/ Mike McQuinn

		 	Name: Mike McQuinn
		 	Title: Trustee

 [Signature Page to Promissory Note] 

 Schedule A 

 

			
	 Payee
	  	 Principal Amount

	New Malted Holdings II LP	  	One Hundred Fifty Thousand Dollars ($150,000)
		
	Daniel H. Meyer Investment Trust Dated 05/15/92	  	One Hundred Fifty Thousand Dollars ($150,000)EX-4.1

 Exhibit 4.1 

SPECIMEN UNIT CERTIFICATE 

NUMBER UNITS 
 U-                 
 SEE REVERSE FOR

 CERTAIN 
 DEFINITIONS 

Oaktree Acquisition Corp. III 

CUSIP [] 
 UNITS
CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-FIFTH OF ONE WARRANT TO PURCHASE ONE CLASS A ORDINARY SHARE 

THIS CERTIFIES THAT ________________________________________________________ 

is the owner of ________________________________________________________ Units. 

Each Unit (“Unit”) consists of one (1) Class A ordinary share, par value $0.0001 per share (“Ordinary Shares”), of Oaktree
Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), and one-fifth (1/5) of one warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to
purchase one (1) Ordinary Share for $11.50 per share (subject to adjustment). Each Warrant will become exercisable (30) days after the Company’s completion of a merger, share exchange, asset acquisition, share purchase, reorganization or
other similar business combination with one or more businesses (each a “Business Combination”), and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the
Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”). The Ordinary Shares and Warrants comprising the Units represented by this certificate are not transferable separately
prior to __________, 2021, unless [•] and [•] elect to allow earlier separate trading, subject to the Company’s filing with the Securities and Exchange Commission of a Current Report on Form 8-K
containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the initial public offering and issuing a press release announcing when separate trading will begin. No fractional warrants will be issued upon
separation of the Units. The terms of the Warrants are governed by a Warrant Agreement, dated as of __________, 2021, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York,
New York 10004, and are available to any Warrant holder on written request and without cost. 
 This certificate is not valid unless
countersigned by the Transfer Agent and Registrar of the Company. 
 This certificate shall be governed by and construed in accordance with
the internal laws of the State of New York. 
 Witness the facsimile signatures of its duly authorized officers. 

 

							
	By	 	  
	  		 	  

		 	Chief Executive Officer	  		 	Chief Financial Officer

  

 Oaktree Acquisition Corp. III 

The Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

															
	TEN COM	 	—	 	as tenants in common	 	UNIF GIFT MIN ACT    	 	—	  	  
	 	Custodian	 	  

								
	TEN ENT	 	—	 	as tenants by the entireties	 		 		  	(Cust)	 		 	(Minor)
						
	JT TEN	 	—	 	as joint tenants with right of survivorship and not as tenants in common	 		 		  	 under Uniform Gifts to Minors Act

		 		 		 		 		  	(State)

 Additional abbreviations may also be used though not in the above list. 

  
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 For value received, ____________________ hereby sells, assigns and transfers unto ____________________

  

			
	  
	 	

 PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	  

 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

________________________________________ Units represented by the within Certificate, and do hereby irrevocably constitute and appoint
________________________________________ Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the premises. 
  

					
	Dated	 	  
	 	
			
		 	Notice:	 	  
 The signature to this assignment
must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

  

			
	Signature(s) Guaranteed:
	  

	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
PURSUANT TO S.E.C. RULE 17Ad-15 OR ANY SUCCESSOR RULES).

 In each case, as more fully described in the Company’s final prospectus dated __________, 2021, the holder(s) of this
certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering only in the event that
(i) the Company redeems the Class A Ordinary Shares sold in its initial public offering and liquidates because it does not consummate an initial business combination within the period of time set forth in the Company’s amended and
restated memorandum and articles of association, (ii) the Company redeems the Class A Ordinary Shares sold in its initial public offering in connection with a shareholder vote to amend the Company’s amended and restated memorandum and
articles of association (a) to modify the substance or timing of the Company’s obligation to redeem 100% of the Class A Ordinary Shares if it does not consummate an initial business combination within the time period set forth therein
or (b) with respect to any other provisions relating to the rights of holders of the Company’s Class A ordinary shares, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective Class A Ordinary Shares
in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial business combination) setting forth the details of a proposed initial business combination. In no other
circumstances shall the holder(s) have any right or interest of any kind in or to the trust account. 

  
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