Document:

Exhibit 10.1

 

[●],
2021

 

Fat Projects Acquisition Corp

27 Bukit Manis Road

Singapore, 099892

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this
 “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
 “Underwriting Agreement”) to be entered into by and between Fat Projects Acquisition Corp, a Cayman
Islands exempted company (the “Company”) and EF Hutton, division of Benchmark Investments, LLC formerly
known as Kingswood Capital Markets, division of Benchmark Investments, LLC, as representative (the
 “Representative”) of the underwriters (each, an “Underwriter” and collectively,
the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”), of up to 11,500,000 of the Company’s units (including up to 1,500,000 units that may be purchased to
cover over-allotments, if any) (the “Units”), each comprised of one Class A ordinary share, having a par
or nominal value of US $0.0001 per share, of the Company (the “Ordinary Shares”), and one-half of one
redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase
one Ordinary Share at a price of US $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant
to a registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the
U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are
defined in Paragraph 11 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Fat Projects SPAC Pte. Ltd. (the “Sponsor”)
and each of the undersigned individuals, each of whom is a member of the Company’s board of directors, management team and/or senior
advisory board (each, an “Insider” and collectively, the “Insiders”), hereby agrees
with the Company as follows:

 

1.                 
The Sponsor and each Insider agree that if the Company seeks shareholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote all Founder Shares and any Ordinary Shares owned by it, him or her
in favor of any proposed Business Combination and (ii) not redeem any Ordinary Shares owned by it, him or her in connection with such
shareholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, each Insider agrees
that it, he or she will not seek to sell its, his or her Ordinary Shares to the Company in connection with such tender offer.

 

2.                  The
Sponsor and each Insider hereby agree that in the event that the Company fails to consummate a Business Combination within 18 months
from the closing of the Public Offering or such later period approved by the Company’s shareholders in accordance with the
Company’s Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days
thereafter, subject to lawfully available funds therefor, redeem 100% of the Ordinary Shares sold as part of the Units in the Public
Offering (the “Offering 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 to pay its taxes (less up to US $100,000 of interest to pay dissolution expenses), divided by the number of then
outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ rights as shareholders of
the Company (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and
the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agree not to
propose any amendment to the Company’s Charter that would modify (i) the substance or timing of the Company’s obligation
to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 18 months from the closing of
the Public Offering or (ii) the other provisions relating to shareholders’ rights or pre-initial business combination
activities, unless the Company provides its Public Shareholders with the opportunity to redeem their Offering Shares upon approval
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 (which interest shall be net of amounts released for payment of taxes) divided by the number of then outstanding
Offering Shares. The Sponsor and each Insider agree to waive its redemption rights with respect to Ordinary Shares and Founder
Shares owned by it in connection with a shareholder vote to approve an amendment to the Company’s Charter (A) to modify the
substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a
Business Combination within 18 months from the closing of the Public Offering or (B) with respect to any other provision relating to
shareholders’ rights or pre-initial business combination activity.

 

     

     

    

 

The Sponsor and each Insider
acknowledge that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any
other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The
Sponsor and each Insider hereby further waive, with respect to any Founder Shares and Offering Shares held by it, him or her, if any,
any redemption rights it, he or she may have in connection with the consummation of a Business Combination, including, without limitation,
any such rights available in the context of a shareholder vote to approve such Business Combination or in the context of a tender offer
made by the Company to purchase Ordinary Shares (although the Sponsor, the Insiders and their respective affiliates shall be entitled
to liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within
18 months from the date of the closing of the Public Offering).

 

3.                  During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or
establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16
of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, with
respect to any Units, Ordinary Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary
Shares owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of any Units, Founder Shares and Ordinary Shares, Warrants or any securities convertible
into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, whether any such transaction is to be settled by
delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in
clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or
waiver, of the restrictions set forth in this Paragraph 3 or Paragraph 7 below, the Company shall announce the
impending release or waiver by press release through a major news service at least two business days before the effective date of
the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date of such
press release. The provisions of this Paragraph will not apply if the release or waiver is effected solely to permit a transfer not
for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the
extent and for the duration that such terms remain in effect at the time of the transfer.

 

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4.                 
In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any
other shareholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability,
claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become
subject as a result of any claim by (i) any third party (other than the Company’s independent accountants) for services rendered
or products sold to the Company or (ii) a prospective target business with which the Company has entered into a letter of intent, confidentiality
or other similar agreement for a Business Combination (a “Target”); provided, however, that such
indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for
services rendered (other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce
the amount of funds in the Trust Account to below (i) US $10.00 per share of the Offering Shares or (ii) such lesser amount per share
of the Offering Shares held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation
of the Trust Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to
pay taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access to
the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933. In the event that any such executed waiver is deemed to be unenforceable against such third
party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor shall have the right
to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written
receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

5.                  To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to automatically surrender
to the Company for no consideration, for cancellation at no cost, a number of Founder Shares in the aggregate equal to the product
of 375,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 minus the number of Units purchased by the Underwriters
upon the exercise of their over-allotment option, and (ii) the denominator of which is 1,500,000. The surrender will be adjusted to
the extent that the over-allotment option is not exercised in full by the Underwriters so that the number of Founder Shares will
equal of 20% of the sum of total number of Ordinary Shares and Founder Shares outstanding at such time. The
Sponsor and Insiders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company
will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to the
consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total number
of Ordinary Shares and Founder Shares outstanding at such time.

 

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6.                 
The Sponsor and each Insider hereby agree and acknowledge that: (i) the Underwriters and the Company would be irreparably injured
in the event of a breach by such Sponsor or an Insider of its, his or her obligations, as applicable, under Paragraphs 1, 2,
3, 4, 5, 6, 7(a), 7(b), and 9 of this Letter Agreement, (ii) monetary damages may not
be an adequate remedy for such breach, and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other
remedy that such party may have in law or in equity, in the event of such breach.

 

7.                 
(a)The Sponsor and each Insider agree that it or he shall not Transfer any Founder Shares (or Ordinary Shares issuable upon
conversion thereof) until the earlier of (A) six months after the date of the Company’s initial Business Combination or (B) subsequent
to the Company’s initial Business Combination, (x) if the reported last sale price of the Ordinary Shares equals or exceeds
US $12.00 per share (as adjusted for share subdivisions, share dividends, right issuances, reorganizations, recapitalizations and the
like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business
Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar
transaction that results in all of our shareholders having the right to exchange their shares for cash, securities or other property (the
 “Founder Shares Lock-up Period”).

 

(b)              
The Sponsor and each Insider agree that it, he or she shall not Transfer any Private Placement Warrants or Ordinary Shares
issued or issuable upon the exercise of the Private Placement Warrants, until 30 days after the completion of the initial Business Combination
(the “Private Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up
Periods”).

 

(c)               Notwithstanding
the provisions set forth in Paragraphs 7(a) and 7(b), Transfers of the Founder Shares, Private Placement Warrants and
Ordinary Shares issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares that are
held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this Paragraph 7(c)), are
permitted (a) to the Company’s officers, directors or advisor, any affiliate or family member of any of the Company’s
officers, directors or advisor or any members of the Sponsor or any affiliates of the Sponsor; (b) in the case of an individual, by
gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such
individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of an
individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of an individual, pursuant
to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of an initial
Business Combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of the
Company’s liquidation prior to the completion of an initial Business Combination; (g) by virtue of the laws of Cayman Islands
or the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (h) to the Company for no value for
cancellation in connection with the consummation of an initial Business Combination, or (i) in the event of the Company’s
liquidation, merger, share exchange, reorganization or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the
Company’s completion of an initial Business Combination; provided, however, that in the case of clauses (a)
through (e), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer
restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting, the Trust
Account and liquidating distributions).

 

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8.                 
The Sponsor and each Insider represent and warrant that it, he or she has never been suspended or expelled from membership in any
securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.
Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is
true and accurate in all respects and does not omit any material information with respect to the Insider’s background. Each Insider’s
questionnaire furnished to the Company is true and accurate in all respects. The Sponsor and each Insider represent and warrant that:
it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation
to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been
convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of
another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal
proceeding. The Company represents and warrants that, to its knowledge, (i) none of its advisors has been suspended or expelled from membership
in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked, (ii) each advisor’s biographical information furnished to the Company (including any such information included in the
Prospectus) is true and accurate in all respects and does not omit any material information with respect to such advisor’s background
and each advisor’s questionnaire furnished to the Company is true and accurate in all respects, (iii) none of its advisors is subject
to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction; and (iii) none of its advisors has been convicted of, or pleaded
guilty to, any crime (x) involving fraud, (y) relating to any financial transaction or handling of funds of another person, or (z) pertaining
to any dealings in any securities and none of its advisors is currently a defendant in any such criminal proceeding.

 

9.                  (a)Except
as disclosed in the Prospectus and cash or other compensation to the Company’s officers or advisors to be engaged subsequent
to the consummation of the Public Offering (which will be disclosed in the Company’s other filings with the Commission),
neither the Sponsor nor any individual who is an officer, director or advisor of the Company as of the date hereof nor any affiliate
thereof shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of
a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the
Company’s initial Business Combination (regardless of the type of transaction that it is), other than the following, none of
which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination:
repayment of a loan and advances up to an aggregate of US $300,000 made to the Company by Fat Projects SPAC Pte. Ltd.; reimbursement
for any out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination; payment to an
affiliate of the Sponsor of US $10,000 per month, for up to 18 months, for office space, utilities and secretarial and
administrative support; and repayment of non-interest bearing loans, if any, and on such terms as to be determined by the Company
from time to time, made by the Sponsor or any of the Company’s officers or directors to finance transaction costs in
connection with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business
Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts
so long as no proceeds from the Trust Account are used for such repayment. Up to US $1,500,000 of such loans may be convertible into
warrants, at a price of US $1.00 per warrant at the option of the lender, upon consummation of the initial Business Combination. The
warrants would be identical to the Private Placement Warrants.

 

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10.             
The Sponsor and each Insider, represent and warrant to the Company that it, she or he has full right and power, without violating
any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any
employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer, a director on the board
of directors, and/or an advisor on the Senior Advisory Board, of the Company and hereby consents to being named in the Prospectus as an
officer, a director, and/or an advisor, of the Company.

 

11.              As
used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, stock
purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii)
 “Founder Shares” shall mean the 2,875,000 Class B ordinary shares, having a par or nominal value of US
$0.0001 per share, initially held by the Sponsor (up to 375,000 Shares of which are subject to complete or partial forfeiture by the
Sponsor if the over-allotment option is not exercised in full by the Underwriters); (iii) “Initial
Shareholders” shall mean the Sponsor and any other holder of Founder Shares immediately prior to the Public Offering;
(iv) “Private Placement Warrants” shall mean the Warrants to purchase up to 1,357,500 Ordinary Shares (or
up to 1,432,500 Ordinary Shares if the over-allotment option is exercised in full) that will
be acquired by the Sponsor for an aggregate purchase price of US $2,715,000 (or up to US $2,865,000 if the Underwriters exercise
their option to purchase additional units), or US $1.00 per Warrant, in a private placement that shall close simultaneously with the
consummation of the Public Offering (including Ordinary Shares issuable upon conversion thereof); (v) “Public
Shareholders” shall mean the holders of securities issued in the Public Offering; (vi) “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the
Private Placement Warrants shall be deposited; (vii) “Transfer” shall mean the (a) sale or assignment of,
offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or
agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with
respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public
announcement of any intention to effect any transaction specified in clause (a) or (b), and (viii)
 “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as
the same may be amended and/or restated from time to time.

 

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12.             
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by all parties hereto.

 

13.             
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. Any purported assignment in violation of this Paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor
and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

14.             
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties
hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and
exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.

 

15.             
This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

16.             
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

17.             
This Letter Agreement 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. The
parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such
courts represent an inconvenient forum.

 

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18.             
 Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand
delivery or facsimile transmission.

 

19.             
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the
Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is
not consummated and closed by October 31, 2021; provided further that Paragraph 4 of this Letter Agreement shall survive such liquidation.

 

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	 	Sincerely,
	 	 
	 	Fat Projects Acquisition Corp
	 	 
	 	By:	 
	 	 	Name:  David Andrada
	 	 	Title:    Co-Chief Executive Officer
	 	 
	 	By:	 
	 	 	Name:       
	 	 
	 	By:	 
	 	 	Name:       
	 	 
	 	By:	 
	 	 	Name:       
	 	 
	 	By:	 
	 	 	Name:       
	 	 
	 	By:	 
	 	 	Name:       
	 	 
	 	Fat Projects SPAC Pte. Ltd.
	 	 
	 	By:	 
	 	 	Name:David Andrada
	 	 	Title: Director

 

    9Exhibit 10.2

 

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 $300,000.00	Dated as of May 6, 2021

 

 

Fat Projects
Acquisition Corp, a newly organized blank check company incorporated as Cayman Islands exempted company (the “Maker”),
promises to pay to the order of Fat Projects SPAC Pte. Ltd. or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to Three Hundred Thousand and No/100 Dollars ($300,000.00) 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 this Note shall be payable by the Maker on the earlier of: (i) October 31, 2021
or (ii) the date on which Maker consummates an initial public offering of its securities. 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. Maker and Payee agree that Maker may request up to Three Hundred Thousand and No/100 Dollars ($300,000.00)
for costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down
from time to time prior to the earlier of: (i) October 31, 2021 or (ii) the date on which Maker consummates an initial public offering
of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must
state the amount to be drawn down, and must not be an amount less than Five Thousand and No/100 Dollars ($5,000.00) unless agreed upon
by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided,
however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand and No/100 Dollars ($300,000.00).
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. Notwithstanding the foregoing,
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, and then to the reduction of 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 (each, an “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 date specified in Section 1.

 

(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, 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 hereunder,
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 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 or 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 Note shall be made in writing
and delivered: (i) 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 CAYMAN ISLANDS, 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 to be established in which the proceeds
of the initial public offering (the “IPO”) to be conducted by the Maker (including the deferred underwriters
discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur prior to the
closing 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 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 CONTAINED ON FOLLOWING PAGE]

 

     

     

    

 

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

 

	 	EXECUTED AS A DEED
    for and on behalf of
	 	Fat Projects Acquisition Corp
	 	 
	 	By: 	/S/ David Andrada
	 	Name: David Andrada
	 	Title: Director / Co-Chief Executive Officer

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