Document:

Exhibit 10.3

 

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

 

PROMISSORY NOTE

 

	Principal Amount: Up to $170,000	Effective as of November 4, 2022

 New York, New York

 

Fortune
Rise Acquisition Corporation, a Delaware corporation (“Maker”), promises to pay to the order of Lei Xu, or her
registered assigns or successors in interest or order (“Payee”), the principal sum of up to One Hundred and Seventy
Thousand Dollars ($170,000.00) 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 Maker to such account
as Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.
Repayment. The principal balance of this Note shall be payable by Maker on the earlier of (such date, the “Maturity
Date”), subject to Section 12 below, (a) the date on which Maker consummates its initial business combination and (b) the date
of the liquidation of Maker. The principal balance may be prepaid at any time, at the election of Maker. 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. This Note shall be non-interest bearing.

 

3. Reserved.

 

4.
Application of Payments. All payments received by Payee pursuant to this Note shall be applied first to the payment in
full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s
fees, and then 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
date specified above.

 

(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.

 

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(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 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 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 this 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 property 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 Note shall be: (i) in writing and delivered personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may
be designated in writing by such party and (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.

 

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10. Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS 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, 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 (the “Trust Account”)
established in connection with Maker’s initial public offering, and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the Trust Account for any reason whatsoever; provided, however, that upon the consummation of the initial
business combination, Maker shall repay the principal balance of this Note out of the proceeds released to Maker from the Trust Account.

 

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

 

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; provided, however, that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms
of this Note.

 

[Signature Page Follows]

 

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

 

	 	Fortune Rise Acquisition Corporation
	 	 	 
	 	By:	 
	 	 	Name: Yuanmei Ma
	 	 	Title: CFO  

 

	Acknowledged and Agreed:	 
	 	 
	Lei Xu	 
	 	 
	 	 

 

[Signature Page to Promissory Note]

 

    4Document

Exhibit 10.1

Twilio Inc.

Amended and Restated Non-Employee Director Compensation Policy

The purpose of this Amended and Restated Non-Employee Director Compensation Policy (the “Policy”) of Twilio Inc., a Delaware corporation (the “Company”), is to provide a total compensation package that enables the Company to attract and retain, on a long-term basis, high- caliber directors who are not employees or officers of the Company or its subsidiaries (“Outside Directors”). 

In furtherance of the purpose stated above, all Outside Directors who will continue as a member of the Board of Directors following the Company’s Annual Meeting of Stockholders shall receive, as compensation for services provided to the Company, grants of restricted stock units on the dates and with the Values as set forth below.  Such grants shall vest as set forth below; provided, however that all grants and all vesting shall cease if the director resigns from our Board of Directors or otherwise ceases to serve as a director (or in the case of committee retainers or lead independent director retainer, ceases to serve on the applicable committee, or in their capacity as a lead independent director), unless the Board of Directors determines that the circumstances warrant continuation of vesting. An Outside Director must be in service to the Company as an Outside Director on the date of grant in order to be eligible to receive such grant.

I.    Equity Retainers and Annual Grant

(a)    Annual   Equity Retainer   for  Board  Membership:  

$45,000 for general availability and participation in meetings and conference calls of our Board of Directors.
(b)    Additional Equity Annual Retainers for Committee Membership:

Audit Committee Chairperson:  $26,000

Audit Committee member (other than Chairperson):  $13,000

Compensation and Talent Management Committee Chairperson:  $20,000

Compensation and Talent Management Committee member (other than Chairperson):  $10,000  
Nominating and Corporate Governance Committee Chairperson:  $12,000 
Nominating and Corporate Governance Committee member (other than Chairperson):  $6,000

(c)    Additional Annual Equity Retainer for Lead Independent Director:  

$30,000 for serving as lead independent director of our Board of Directors.

(d)    Annual Grant

Each Outside Director who will continue as a member of the Board of Directors following such Annual Meeting of Stockholders will be entitled to receive a grant of restricted stock units (the “Annual Grant”) with a Value of $250,000.

Exhibit 10.1

(e)    General Terms

The grants set forth in clauses (a), (b), (c) and (d) above shall be referred to in the aggregate as the “Retainer and Annual Grants.”

The Retainer and Annual Grants shall be granted in four installments over the course of the year that commences on the date of each Annual Meeting of Stockholders, with such grants to be made on each (1) September 15, (2) December 15, (3) March 15 and (4) the earlier of (i) June 15; or (ii) the day that is immediately prior to the next subsequent Annual Meeting of Stockholders (each such date, a “Quarterly Date,” and each such grant, a “Quarterly Grant”). The value of each Quarterly Grant shall be equal to the Value of the portion of the Retainer and Annual Grants applicable to the period beginning on the day after the immediately preceding Quarterly Date and ending on the then-current Quarterly Date (the “Quarterly Period”), based on the Board and committee roles held by the Outside Director during such Quarterly Period.  Each Quarterly Grant shall be fully vested upon the date of grant.

II.    Initial Equity Grant

Upon initial election or appointment to the Board of Directors, each new Outside Director will receive an initial, one-time grant of restricted stock units (the “Initial Grant”) with a Value of $575,000, that vests annually over three years; provided, however, if a new Outside Director is elected or appointed on a date other than at the Company’s Annual Meeting of Stockholders, one-third (1/3rd) of such Value shall be pro-rated by the amount of time between such election or appointment and the one-year anniversary of the Annual Meeting of Stockholders held most recently prior to such election or appointment (such date, the “Initial Vesting Date”), and such pro-rated portion shall vest on the Initial Vesting Date. The other two-thirds (2/3rds) of the Initial Grant shall vest as follows: one-third (1/3rd) of the Initial Grant shall vest on the one year anniversary of the Initial Vesting Date and the other one-third (1/3rd) of the Initial Grant shall vest on the two year anniversary of the Initial Vesting Date. This Initial Grant applies to Outside Directors who are first elected or appointed to the Board of Directors effective as of or subsequent to June 1, 2020.  For the avoidance of doubt, the Initial Grant may only be granted once to any Outside Director.

III.    General

All grants of equity awards to Outside Directors pursuant to this Policy will be automatic and nondiscretionary and will be made in accordance with the following provisions:
Value. For purposes of this Policy, “Value” means with respect to  any award of restricted stock units, the product of (A) the average closing market price on the New York Stock Exchange (or such other market on which the Company’s Class A common stock is then principally listed) of one share of the Company’s Class A common stock over the 30-day period ending five business days immediately before the effective date of grant, and (B) the aggregate number of shares pursuant to such award.  If the Value of each grant of restricted stock units is denominated in dollars, the number of shares of restricted stock units that are granted pursuant to each award shall be rounded down to the nearest whole share.

Revisions. The Compensation Committee in its discretion may change and otherwise revise the terms of awards to be granted under this Policy, including, without limitation, the number of 

Exhibit 10.1

shares subject thereto, for awards of the same or different type granted on or after the date the Compensation Committee determines to make any such change or revision.

Sale Event Acceleration. In the event of a Sale Event (as defined in the Company’s 2016 Stock Option and Incentive Plan (as amended from time to time, the “2016 Plan”)), the equity retainer awards granted to Outside Directors pursuant to this Policy shall become 100% vested.

IV.    Expenses

The Company will reimburse all reasonable out-of-pocket expenses incurred by Outside Directors in attending meetings of the Board of Directors or any Committee thereof.

V.    Maximum Annual Compensation

The aggregate amount of compensation, excluding expense reimbursement paid to any Outside Director in a calendar year period shall not exceed $750,000 (or such other limit as may be set forth in Section 3(b) of the 2016 Plan or any similar provision of a successor plan). For this purpose, the “amount” of equity compensation paid in a calendar year shall be determined based on the grant date fair value thereof, as determined in accordance with ASC 718 or its successor provision, but excluding the impact of estimated forfeitures related to service-based vesting conditions.

Date Policy Approved: May 7, 2016, as amended on April 12, 2017, June 14, 2018, March 13, 2019, June 1, 2020, May 7, 2021, March 16, 2022 and September 15, 2022.

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