Document:

Exhibit 10.1

 

CONVERTIBLE PROMISSORY NOTE

 

THIS CONVERTIBLE PROMISSORY NOTE (THIS “NOTE”)
AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE.  THIS
NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND
THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE MAKER MAY REQUIRE AN OPINION OF COUNSEL REASONABLY
SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER TO THE EFFECT THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS.  

 

BRIGHT LIGHTS ACQUISITION CORP.

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: Up to $1,500,000.00	Dated
as of January 18, 2022

 

Bright Lights Acquisition
Corp., a Delaware corporation (“Maker”), promises to pay to Bright Lights Sponsor LLC, a Delaware limited liability
company (“Payee”), or order, the principal balance as set forth on Schedule A hereto in cash in lawful money
of the United States of America, on the terms and conditions described below; which schedule shall be updated from time to time by the
parties hereto to reflect all advances and re-advances outstanding under this Note; provided that at no time shall the aggregate
of all advances and re-advances outstanding under this note exceed one million five hundred thousand dollars ($1,500,000.00) (the “Maximum
Amount”). Any advance hereunder shall be made by the Payee upon a request of Maker and shall be set forth on Schedule A.
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. Principal.
All unpaid principal under this Note shall be due and payable in full on the earlier of: (i) the date by which Maker has to complete
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses
(a “Business Combination”) pursuant to Section 9.2(d) of its Amended and Restated Certificate of Incorporation (as
it may be amended from time to time), and (ii) immediately prior to the Effective Time (as defined in the Business Combination Agreement,
dated November 22, 2021, by and among Maker, Bright Lights Parent Corp., Mower Intermediate Holdings, Inc., Mower Merger Sub Corp., Mower
Merger Sub 2, LLC, and Manscaped Holdings, LLC) (such earlier date of (i) and (ii), the “Maturity Date”), unless accelerated
upon the occurrence of an Event of Default (as defined below). Any outstanding principal under this Note may be prepaid at any time by
Maker, at its election and without penalty; provided, however, that Payee shall have a right to first convert such principal balance pursuant
to Section 6 below upon notice of such prepayment. Under no circumstances shall any individual, including but not limited to any
officer, director, employee or stockholder of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.

 

2. Drawdown
Requests. Maker and Payee agree that Maker may request, from time to time, up to the Maximum Amount in drawdowns under this Note to
be used for working capital purposes. The principal of this Note may be drawn down from time to time prior to the Maturity Date upon 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 ten thousand dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall 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 the Maximum Amount. No fees, payments or other amounts shall be due to
Payee in connection with, or as a result of, any Drawdown Request by Maker. Prior to the date hereof, Payee advanced two hundred thousand
dollars ($200,000) to Maker as set forth on Schedule A, which advance Maker and Payee agree shall be deemed to have been a
drawdown under this Note.

 

     

     

    

 

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 occurrence of any of 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 on 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 sixty (60) consecutive days.

 

6. Conversion

 

(a) Optional
Conversion. At the option of Payee, at any time on or prior to the Maturity Date, any unpaid principal amount outstanding under this
Note (or any portion thereof) up to $1,500,000 in the aggregate may be converted into whole warrants of Maker to purchase Class A common
stock of Maker (“Warrants”) at a conversion price (the “Conversion Price”) equal to $1.00 per Warrant.
If Payee elects such conversion, the terms of such Warrants issued in connection with such conversion shall be identical to the warrants
issued to Payee pursuant to the Private Placement Warrants Purchase Agreement, dated as of January 6, 2021, by and between Payee and Maker,
in connection with Maker’s initial public offering that closed on January 11, 2021 (the “Private Placement Warrants”),
including that each Warrant will entitle the holder thereof to purchase one share of Class A common stock of Maker at a price of $11.50
per share, subject to the same adjustments applicable to the Private Placement Warrants. Before this Note may be converted under this
Section 6(a), Payee shall surrender this Note, duly endorsed, to Maker and shall state therein the amount of the unpaid principal
of this Note to be converted and the name or names in which the certificates for Warrants are to be issued (or the book-entries to be
made to reflect ownership of such Warrants with Maker’s transfer agent); provided that such principal amount is no greater
than $1,500,000. To the extent that this Note is not converted and/or repaid in full, a replacement Note shall be issued to Payee reflecting
the remaining unpaid principal amount not so converted and/or repaid. The conversion shall be deemed to have been made immediately prior
to the close of business on the date of the surrender of this Note and the person or persons entitled to receive the Warrants upon such
conversion shall be treated for all purposes as the record holder or holders of such Warrants as of such date. Each such newly-issued
Warrant shall include a restrictive legend that contemplates the same restrictions as the Private Placement Warrants. The Warrants and
shares of Class A common stock of Maker issuable upon exercise of the Warrants shall each constitute a “Registrable Security”
pursuant to that certain Registration Rights Agreement, dated as of January 6, 2021, by and between Maker and each of Payee and the other
parties thereto.

 

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(b) Remaining
Principal. All accrued and unpaid principal of this Note that is not converted into Warrants shall continue to remain outstanding
and to be subject to the conditions of this Note or such replacement Note referred to in Section 6(a).

 

(c) Fractional
Warrants. No fractional Warrants shall be issued upon conversion of this Note. In lieu of any fractional Warrants that would otherwise
be issuable to Payee upon conversion of this Note, Maker shall pay to Payee an amount equal to the product obtained by multiplying the
Conversion Price by the fraction of a Warrant not issued pursuant to the previous sentence.

 

(d) Effect
of Conversion. Upon conversion of this Note and the payment of any amounts specified in Section 6(c) and otherwise remaining
outstanding, this Note shall be cancelled and void without further action of Maker or Payee, and Maker shall be forever released from
all its obligations and liabilities under this Note.

 

7. Remedies.

 

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

 

8. Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

9. 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.

 

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10. 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 or overnight courier service to the address most recently provided to such
party or such other address as may be designated in writing by such party, (ii) by facsimile to the number most recently provided
to such party or such other facsimile 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 delivered or 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.

 

11. Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

12. 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.

 

13. 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 established in which proceeds of Maker’s initial
public offering (including the deferred underwriters discounts and commissions) and proceeds of the sale of the Private Placement Warrants
were deposited, as described in greater detail in the registration statement on Form S-1 (File No. 333-251513) filed by Maker with the
Securities and Exchange Commission, that was declared effective on January 6, 2021, and the related prospectus, and hereby agrees not
to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

14. 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.

 

15. Assignment;
Successors and Assigns. Subject to Section 16, no assignment or transfer of this Note or any rights or obligations
hereunder may be made by either party hereto (by operation of law or otherwise) with the prior written consent of the other party hereto
and any attempted assignment without the required consent shall be void. This Note shall be binding upon and benefit the permitted successors
and permitted assigns of a party hereto.

 

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16. Transfer
of this Note or Securities Issuable on Conversion.  With respect to any sale or other disposition of this Note or securities
into which this Note may be converted, Payee shall give written notice to Maker prior thereto, describing briefly the manner thereof,
together with (i) except for a Permitted Transfer, in which case the requirements in this clause (i) shall not apply, a written opinion
reasonably satisfactory to Maker in form and substance from counsel reasonably satisfactory to Maker to the effect that such sale or other
distribution may be effected without registration or qualification under any federal or state law then in effect and (ii) a written undertaking
executed by the desired transferee reasonably satisfactory to Maker in form and substance agreeing to be bound by the restrictions on
transfer contained herein. Upon receiving such written notice, reasonably satisfactory opinion, or other evidence, and such written acknowledgement,
Maker, as promptly as practicable, shall notify Payee that Payee may sell or otherwise dispose of this Note or such securities, all in
accordance with the terms of the note delivered to Maker. If a determination has been made pursuant to this Section 16 that the
opinion of counsel for Payee, or other evidence, or the written acknowledgment from the desired transferee, is not reasonably satisfactory
to Maker, Maker shall so notify Payee promptly after such determination has been made. Each Note thus transferred shall bear a legend
as to the applicable restrictions on transferability in order to ensure compliance with the Securities Act, unless in the opinion of counsel
for Maker such legend is not required in order to ensure compliance with the Securities Act. Maker may issue stop transfer instructions
to its transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this Note shall be registered upon
registration on the books maintained for such purpose by or on behalf of Maker. Prior to presentation of this Note for registration of
transfer, Maker shall treat the registered holder hereof as the owner and holder of this Note for the purpose of receiving all payments
of principal hereon and for all other purposes whatsoever, whether or not this Note shall be overdue and Maker shall not be affected by
notice to the contrary. For purposes hereof “Permitted Transfer” shall have the same meaning as any transfer that would
be permitted for the Private Placement Warrants under the Letter Agreement, dated January 6, 2021, by and between Maker and each of Payee
and the other parties thereto.

 

17. Acknowledgment.
Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection
with, any distribution thereof. Payee understands that the acquisition of this Note involves substantial risk. Payee has experience as
an investor in securities of companies and acknowledges that it is able to fend for itself, can bear the economic risk of its investment
in this Note, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and
risks of this investment in this Note and protecting its own interests in connection with this investment.

 

[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.

 

	 	BRIGHT LIGHTS ACQUISITION CORP.
	 	 
	 	By:	/s/ Michael Mahan
	 	 	Name: 	Michael Mahan
	 	 	Title:	Chief Executive Officer

 

Acknowledged and agreed as of the day and year
first above written.

 

	BRIGHT LIGHTS SPONSOR LLC	 
	 	 
	By:	/s/ Michael Mahan	 
	 	Name: 	Michael Mahan	 
	 	Title:	Chief Executive Officer	 

 

 

6Exhibit 4.2

   

  	NUMBER

          C-	SHARES

  	

   

  SEE REVERSE FOR CERTAIN DEFINITIONS

   

  CUSIP [ ● ]

   

  HEARTLAND MEDIA ACQUISITION CORP.

    INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

    CLASS A COMMON STOCK 

    THIS CERTIFIES THAT _______________________is the owner of _______________

    FULLY PAID AND NON-ASSESSABLE SHARES OF CLASS A COMMON STOCK, PAR VALUE $0.0001,

    OF

    HEARTLAND MEDIA ACQUISITION CORP.

    (THE “CORPORATION”)

   

  transferable on the books of the Corporation
    in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

   

  The Corporation will be forced to redeem
    all of its shares of Class A common stock if it has not completed a business combination by _________, 2023 (or during any extended
    time that the Corporation has to complete a business combination beyond 18 months as a result of either (a) the election of the
    Corporation to extend such period of time up to an additional three months, subject to certain conditions, including the deposit
    of $1,750,000 (or $0.10 per unit) into the trust account established in connection with the Corporation’s initial public
    offering or (b) a stockholder vote to amend the Corporation’s amended and restated certificate of incorporation), all as
    more fully described in the Corporation’s final prospectus dated _______, 2022.

   

  This certificate is not valid unless countersigned
    by the Transfer Agent and Registrar of the Corporation.

   

  Witness the seal of the Corporation and
    the facsimile signatures of its duly authorized officers.

   

  Dated: ________________________

   

  [Corporate Seal]

    Delaware

   

  	
          Secretary

           

        	 	
          Chief Executive Officer

           

        
	
          Transfer Agent

           

        	 	 

  Heartland Media Acquisition Corp.

   

  The Corporation will furnish without charge
    to each stockholder who so requests, the powers, designations, preferences and relative, participating, optional or other special
    rights of each class of stock or series thereof of the Corporation and the qualifications, limitations, or restrictions of such
    preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held subject to all the
    provisions of the Corporation’s amended and restated certificate of incorporation and all amendments thereto and resolutions
    of the Corporation’s Board of Directors providing for the issue of securities (copies of which may be obtained from the secretary
    of the Corporation), to all of which the holder of this certificate by acceptance hereof assents. 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. 
  

  

  
     

    
      

    

  

   

  For value received, hereby sells, assigns and transfers unto

   

  (PLEASE INSERT SOCIAL
    SECURITY OR OTHER IDENTIFYING NUMBER(S) OF ASSIGNEE(S))

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

   

  Shares of the capital stock represented
    by the within Certificate, and does hereby irrevocably constitute and appoint ___________________ Attorney to transfer the said
    stock on the books of the within named Corporation with full power of substitution in the premises.

   

  	Dated:_________________________	 	 
	 	 	Shareholder

  Notice: The signature(s) 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:

   

  By ____________________________________

   

  	 	 
	 	 

   

  

  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 RULE)).

   

  In each case, as more fully described in
    the Corporation’s final prospectus dated , 2022, 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 its initial public offering only in the event
    that (i) the Corporation redeems the shares of Class A common stock sold in its initial public offering and liquidates because
    it does not consummate an initial business combination by the date set forth in the Corporation’s amended and restated certificate
    of incorporation (or such later date as the Corporation’s amended and restated certificate of incorporation may be amended
    to provide for), (ii) the Corporation offers to redeem the shares of Class A common stock sold in its initial public offering
    in connection with a stockholder vote to amend the Corporation’s amended and restated certificate of incorporation (A) to
    modify the substance or timing of the Corporation’s obligation to allow redemption in connection with the Corporation’s
    initial business combination or to redeem 100% of such Class A common stock if it does not consummate an initial business combination
    by the date set forth in the Corporation’s amended and restated certificate of incorporation or (B) with respect to any other
    provision relating to stockholders’ rights or pre-initial business combination activity, and the holder(s) of this certificate
    elect(s) to have the shares of Class A common stock held by him, her or it redeemed pursuant to that offer, or (iii) if the holder(s)
    seek(s) to redeem for cash his, her or its respective shares of Class A common stock in connection with a tender offer (or proxy
    solicitation, solely in the event the Corporation seeks stockholder 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.

   

   

  

  2

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