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Exhibit 10.1
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 PROVIDENT ACQUISITION CORP. THAT SUCH REGISTRATION IS NOT REQUIRED.
PROMISSORY NOTE
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	Principal Amount: $400,000
	Dated June 29, 2022

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FOR VALUE RECEIVED and subject to the terms and conditions set forth herein, Provident Acquisition Corp., a Cayman Islands exempted company and blank check company (the “Maker”), promises to pay to the order of Provident Acquisition Holdings Ltd., a Cayman Islands exempted company, or its registered assigns or successors in interest (the “Payee”),  or order, the principal sum of Four Hundred Thousand U.S. dollars ($400,000) or such lesser amount as shall have been advanced by the Payee to the 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 wire transfer of immediately available funds in U.S. dollars or as otherwise determined by the Maker and the Payee 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 entire unpaid principal balance of this Note shall be due and payable in full on the earlier of (i) the date on which the Maker consummates an initial business combination (the “Business Combination”) contemplated under the Agreement and Plan of Merger dated as of March 3, 2022, by and among the Maker, Perfect Corp. and others (the “Business Combination Agreement”) and (ii) the date on which the winding up of the Maker is effective (such earlier date of (i) and (ii), the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). Subject to Section 7(a) hereof, the principal balance may be prepaid at any time by the Maker at its election and without premium or penalty. 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.

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	2.
	Drawdown Requests. The Maker and the Payee agree that the Maker may request from time to time up to Four Hundred Thousand U.S. dollars ($400,000) in aggregate in drawdowns under this Note to be used for the Maker’s working capital needs. The principal of this Note may be drawn down from time to time prior to the Maturity Date upon request from the Maker to the Payee (each, a “Drawdown Request”). Each Drawdown Request shall state the amount to be drawn down. The 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 outstanding under this Note at any time may not exceed (i) Four Hundred Thousand U.S. dollars ($400,000) minus (ii) any repaid amounts in connection with any prior drawdowns made pursuant to this Note. No fees, payments or other amounts shall be

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due to the Payee in connection with, or as a result of, any Drawdown Request by the Maker.
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	3.
	Interest. No interest shall accrue on the unpaid principal balance of this Note.

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	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.

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

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		(a)
	Failure to Make Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five (5) business days of the Maturity Date specified above.

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		(b)
	Voluntary Bankruptcy, Etc. The commencement by the 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 the 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 the Maker generally to pay its debts as such debts become due, or the taking of corporate action by the 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 the 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 the 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 sixty (60) consecutive days.

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	6.
	Remedies.

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		(a)
	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, the Payee may, by written notice to the 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.

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		(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 the Payee.

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	7.
	Waivers.

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		(a)
	The Maker covenants and agrees that it will use all proceeds from this Note to pay the PAQC Transaction Expenses as defined in the Business Combination Agreement. In the event that the Payee causes the Maker’s breach of the foregoing covenant, the Payee hereby irrevocably waives the repayment of the principal balance of this Note and any and all other rights and remedies which may be available to the Payee under law or in equity.

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		(b)
	The 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 the Payee under the terms of this Note, and all benefits that might accrue to the 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 the 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 the Payee.

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	8.
	Unconditional Liability. The 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 the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the 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 the Maker or affecting the Maker’s liability hereunder.

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	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 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.

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	10.
	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

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	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.

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	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 the Maker’s initial public offering of its securities, 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 subject to Section 7(a) hereof, Maker may repay the principal balance of this Note out of proceeds released to the Maker from the Trust Account in connection with a Business Combination.

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	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.

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	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.

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[Signature page follows]
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IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.
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	PROVIDENT ACQUISITION CORP.

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	a Cayman Islands exempted company

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	By:
	/s/ Michael Aw

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	Name: Michael Aw

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	Title: Chief Executive Officer

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	Agreed and acknowledged:

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	PROVIDENT ACQUISITION HOLDINGS LTD.

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	a Cayman Islands exempted company

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	By:
	/s/ Michael Aw

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	Name: Michael Aw

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	Title: Director

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[Signature Page to Promissory Note]Document

						
	Exhibit 10.1
	
	Form of Non-Qualified Stock Option
	Award Agreement - 2005 Plan
	

NON-QUALIFIED 
STOCK OPTION AGREEMENT

Agreement made this [•] day of [•], [•] (“Grant Date”) between Cullen/Frost Bankers, Inc., a Texas corporation (the “Company”), and [•] (“Employee”).
To carry out the purposes of Cullen/Frost Bankers, Inc. 2005 OMNIBUS INCENTIVE PLAN (the “Plan”) by affording Employee the opportunity to purchase shares of the $.01 par value common stock of the Company (“Stock”), the Company and Employee hereby agree as follows:
1.Grant of Option.  The Company hereby irrevocably grants to Employee the right and option (“Option”) to purchase all or any part of an aggregate of [•] shares of Stock, on the terms and conditions set forth herein and in the Plan, which is incorporated herein by reference as a part of this Option.
2.Purchase Price.  The purchase price of Stock purchased pursuant to the exercise of this Option shall be [•] per share, which is deemed to be not less than the fair market value of the Stock at the date of grant of this option.
3.Exercise of Option/Expiration Date.  (a)  Subject to the earlier expiration of this Option as herein provided, this Option may be exercised for Shares, by written notice to the Company, at any time and from time to time after the date of grant hereof, but this Option shall not be exercisable for more than a percentage of the aggregate number of Shares offered by this Option determined by the number of full years from the date of grant hereof to the date of such exercise, in accordance with the following schedule:

									
	Vesting Date		Cumulative Shares Vested
	[First anniversary of award]
		25%
	[Second anniversary of award]
		50%
	[Third anniversary of award]
		75%
	[Fourth anniversary of award]
		100%
			

(b)    This Option is not transferable by Employee otherwise than by will or the laws of descent and distribution, except as may be permitted in the discretion of the Compensation and Benefits Committee. This Option may be exercised only by Employee during his/her lifetime and while he/she remains an employee of the Company, except that:
(i)    If Employee’s employment with the Company terminates for cause or voluntarily by Employee without the written consent of the Company, this Option shall immediately terminate and shall no longer be exercisable.
(ii)    If Employee’s employment with the Company terminates other than due to death, Retirement or as provided in (a) above, Employee may exercise this Option at any time during the period of [90 days] following the date of such termination, but only as to the number of shares Employee was entitled to purchase hereunder as the date his/her employment so terminates.
(iii)    If Employee terminates employment due to Retirement from the Company, the Option shall continue to become exercisable in accordance with the schedule set forth in Section 3(a) above and shall be exercisable through the earlier of the end of the original expiration date of the Option (as described below) or the fifth (5th) anniversary of the date of Employee’s Retirement.  Notwithstanding the foregoing, if Employee dies after Retirement but before the Option has lapsed or been fully exercised, Employee’s estate, or the person who acquires this Option by bequest or 

inheritance or by reason of the death of Employee, may exercise this Option at any time during the period of one year following the date of Employee’s death (provided that the one year period does not exceed the original expiration date of the Option), but only as to the number of shares Employee was entitled to purchase hereunder as of the date of Employee’s death.  
(iv)    If Employee dies while in the employ of the Company thru the original expiration date, Employee’s estate, or the person who acquires this Option by bequest or inheritance or by reason of the death of Employee, may exercise this Option in full at any time during the period of one-year following the date of Employee’s death (provided that the one year period does not exceed the expiration date of the option).
(c)    This Option shall not be exercisable in any event after the tenth (10th) anniversary of the Grant Date. Subject to the limitations set forth in this Agreement, this Option may be exercised in whole or in part from time to time by written request to the Company, attention of the Secretary. Payment of the exercise price shall be made in cash or in shares of Stock which have been held by the Employee for more than six months, or any combination of both cash and shares of Stock; in such case, shares of Stock delivered to the Company as payment for Stock issued upon exercise of an Option shall be valued at their fair market value (as determined by the Committee) or their par value, if higher. Payment in full in cash and/or Stock shall be made at the time of each exercise. Unless and until a certificate or certificates representing such shares shall have been issued by the Company to Employee or evidence of electronic transfer of ownership of such shares has been provided to the Employee, Employee (or the person permitted to exercise this Option in the event of Employee’s death or incapacity) shall not be or have any of the rights or privileges of a shareholder of the Company with respect to shares acquirable upon an exercise of this Option.
4.Change in Control. If at any time there shall occur a Change in Control (as defined in the Plan), then the time at which this Option may be exercised shall be accelerated and this Option shall immediately become exercisable in full.

Notwithstanding anything in the foregoing to the contrary, no Change in Control shall be deemed to have occurred for purposes of this Agreement by virtue of any transaction which results in Employee, or a group of Persons which includes Employee, acquiring, directly or indirectly, 20 percent or more of the combined voting power of the Company’s Voting Securities. Notwithstanding anything in the foregoing to the contrary, if any of the payments provided for in this Agreement would constitute a “parachute payment” (as defined in Section 280G(b) (2) of the Code) (considered without regard to any other payments not provided for under this Agreement), such parachute payments pursuant to this Agreement shall be reduced to the largest amount as will result in no portion of such payments being subject to the excise tax imposed by Section 4999 of the code: provided, however, that the determination as to whether any reduction in the payments under this Agreement pursuant to this paragraph is necessary shall be made by the Employee in good faith, and such determination shall be conclusive and binding on the Company with respect to its treatment of the payment for tax reporting purposes.
Notwithstanding any provisions to the contrary, the Board of Directors (“Board”) reserves the right to provide the Employee with additional benefits, including, but not limited to, providing benefits hereunder in excess of the limitations described above, which the Board determines are appropriate in its sole discretion.
5.Employment.  Nothing in the Agreement shall interfere with or limit in any way the right of the Company to terminate any Employee’s employment at any time nor confer upon any Employee any right to continue in the employ of the Company.
6.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under Employee.
7.Governing Law.  The Plan and this Agreement shall be construed in accordance with and governed by the laws of the State of Texas.

    

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officers thereunto duly authorized, and Employee has executed this Agreement, all as of the day and year first above written.

CULLEN/FROST BANKERS, INC.
			
	

By: [•]
			
	

Employee’s Signature

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