Document:

Exhibit 10.9

 

THIS PROMISSORY NOTE (“NOTE”) AND
THE SECURITIES INTO WHICH THE NOTE 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.  THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND THIS NOTE AND THE
SECURITIES INTO WHICH THIS NOTE MAY BE CONVERTED 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: $836,364	 November 8, 2021

 

Concord Acquisition Corp III, a
Delaware corporation (“Maker”), promises to pay to the order of CA2 Co-Investment LLC, a Delaware limited liability
company, or its registered assigns or successors in interest (“Payee”),
or order, the principal sum of Eight Hundred Thirty Six Thousand Three Hundred and Sixty Four Dollars ($836,364), or such lesser amount
as shall have been advanced by Payee to Maker and shall remain unpaid under this Note, in lawful money of the United States of America,
on the terms and conditions described below.  All payments on this Note (unless the principal is converted pursuant to Section 5
below) 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. The
principal balance of this Note shall be payable on the date (the “Maturity Date”) on which Maker consummates its initial
merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses
(the “Business Combination”). The principal balance may not be prepaid, and is only payable upon consummation
by Maker of a Business Combination. 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.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests. Maker and Payee agree that Maker may request Eight Hundred Thirty Six
Thousand Three Hundred and Sixty Four Dollars ($836,364) to fund the trust account (the “Trust Account”) established
in connection with Maker’s initial public offering (the “IPO”) to a value of $10.20 per public share sold in
the IPO (the “Trust Account Funding Level”), on the date of the consummation of the IPO, solely for deposit into the
Trust Account. The remaining undrawn principal of this Note may be drawn down on each date, if any, of the consummation of the underwriters’
over-allotment option in connection with the IPO (which may be the date identified in the first sentence of this Section 3), solely
for deposit into the Trust Account to ensure that the Trust Account Funding Level is maintained at $10.20 per share sold in the IPO, in
an amount proportionate to the exercise of such over-allotment option. Once an amount is drawn down under this Note, it shall not be available
for future drawdown. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any payments under
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.  In the event that a Business Combination is not consummated
by Maker within the time prescribed in Maker’s amended and restated certificate of incorporation, as amended from time to time,
the principal balance hereunder held in the Trust Account, as well as any interest earned thereon, shall be distributed solely to Maker’s
public stockholders upon Maker’s liquidation or dissolution.

 

     

     

    

 

5.            Conversion.

 

(a)            Optional
Conversion. On or before the Maturity Date, at the option of Payee, any amounts outstanding under this Note may be converted
into warrants (“Warrants”) at a conversion price of $1.00 per Warrant (the “Warrant Conversion
Price”). Each Warrant will contain terms identical to those of the warrants issued by Maker in a private placement (the
 “Private Placement”) simultaneously with the closing of the IPO, entitling the holder thereof to purchase one
share of Class A common stock, par value $0.0001, of Maker (each, a “Share”) at an exercise price of $11.50
per Share as more fully described in the prospectus for the IPO. Before this Note may be converted under this Section 5(a),
Payee shall surrender this Note, duly endorsed, at the office of 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. 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. For the avoidance of doubt, in the event that all principal on this Note has been paid in full on or
prior to the Maturity Date, then Payee shall not be entitled to convert any portion of this Note into Warrants. The Warrants and the
Shares underlying the Warrants, and any other equity security of Maker issued or issuable with respect to the foregoing by way of a
stock dividend or stock split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or
reorganization (the “Warrant Securities”), shall be entitled to the registration rights set forth in that certain
registration rights agreement between Maker and the parties thereto, dated as of November 3, 2021.

 

(b)            Remaining
Principal. All accrued and unpaid principal of this Note that is not then converted into Warrants shall continue to remain outstanding
and to be subject to the terms and conditions of this Note.

 

(c)            Fractional
Warrants; Effect of Conversion. No fractional warrants shall be issued upon conversion of this Note. In lieu of issuing any fractional
warrants to Payee upon the conversion of this Note, Maker shall pay to Payee an amount in cash equal to the product obtained by multiplying
the Warrant Conversion Price by the fraction of a warrant not issued pursuant to the previous sentence. Upon conversion of this Note in
full and the payment of any amounts specified in this Section 5(c), 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.

 

6.            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 in Section 1 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.

 

(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.

 

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7.            Remedies.

 

(a)            Upon
the occurrence of an Event of Default specified in Section 6(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 6(b) or 6(c) hereof, 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 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 or personal 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.

 

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.

 

10.            Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be in writing and delivered (i) personally
or sent by first class registered or certified mail, overnight courier service to the address designated in writing by such party, (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 mail, 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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11.            Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

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 in which a portion of the proceeds
of the IPO and the Private Placement were deposited, as described in greater detail in the registration statement and prospectus filed
by Maker 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; provided however, that upon the consummation
of the Business Combination , Maker shall repay the principal balance of this Note out of the proceeds released to Maker from the Trust
Account.

 

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.  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.

 

	 	CONCORD ACQUISITION CORP III
	 	 
	 	By:	/s/ Jeff Tuder
	 	Name:  Jeff Tuder
	 	Title:    Chief Executive Officer

 

    5Document

Exhibit 10.1
Execution Version

SECOND AMENDMENT TO
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

This SECOND AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT (this “Amendment”) is entered into as of October 21, 2021, by and between PULMONX CORPORATION, a Delaware corporation (“Borrower”), and CANADIAN IMPERIAL BANK OF COMMERCE (“Lender”).

W I T N E S S E T H:

WHEREAS, Borrower and Lender are parties to that certain Amended and Restated Loan and Security Agreement originally dated as of February 20, 2020, as amended on April 17, 2020, as further amended on December 28, 2020, as amended and restated on March 29, 2021, and as further amended pursuant to that certain First Amendment to Amended and Restated Loan and Security Agreement, entered into as of June 17, 2021 (collectively, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which Lender committed to make loans and other financial accommodations to Borrower upon the terms and conditions set forth therein;

WHEREAS, Borrower has requested that certain terms and conditions of the Loan Agreement be amended; and

WHEREAS, Lender has agreed to the requested amendments on the terms and conditions provided herein;

NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.Amendments to the Loan Agreement.

(a)Exhibit A of the Loan Agreement is hereby modified and amended by deleting therefrom the following terms “Amortization Date” and “Amortization Schedule” set forth therein (and their related definitions) and replacing said terms and their related definitions with the following:

“Amortization Date” means February 20, 2023.

“Amortization Schedule” means an amortization schedule of 24 months.

2.No Other Amendments, Consents or Waivers. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Lender under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents. Except for the amendments expressly set forth above, the text of the Loan Agreement and the other Loan Documents shall remain unchanged and in full force and effect and Borrower hereby ratifies and confirms its obligations thereunder. This Amendment shall not constitute a modification of the Loan Agreement or any other Loan Documents or a course of dealing with Lender at variance with the Loan Agreement or the other Loan Documents such as to require further notice by Lender to require strict compliance with the terms of the Loan Agreement and the other Loan Documents in the future, except as expressly set forth herein. Borrower acknowledges and expressly agrees that Lender reserves the right to, and does in fact, require strict compliance with all terms and provisions of the Loan Agreement, as amended herein, and the other 

Loan Documents. Borrower has no knowledge of any challenge to claims by Lender (a) arising under the Loan Agreement or any of the other Loan Documents or
(b) to the effectiveness of the Loan Agreement or the other Loan Documents.

3.Conditions Precedent to Effectiveness. This Amendment will become effective on the date on which Lender receives one or more counterparts of this Amendment, duly executed and delivered by Borrower and Lender.

4.Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement. In proving this Amendment in any judicial proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Any signatures delivered by a party by facsimile transmission or by other electronic transmission shall be deemed an original signature hereto.

5.Reference to and Effect on the other Loan Documents. Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement”, “thereunder,” “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended hereby. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. Unless otherwise stated, references in this Amendment to Sections are to sections of the Loan Agreement.

6.Headings.  The heading of each provision of this Amendment is for descriptive purposes only and shall not be deemed to modify or qualify any of the rights or obligations described in each such provision.

7.Severability. Each provision of this Amendment is severable from every other provision in determining the enforceability of any provision.

8.Construction. The parties acknowledge that each party and its counsel have reviewed this Amendment and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Amendment or any amendments, schedules or exhibits thereto.

9.Entire Agreement. This Amendment, the Loan Agreement and the other Loan Documents constitute the entire agreement and understanding between the parties hereto with respect to the transactions contemplated hereby and thereby and supersede all prior negotiations, understandings and agreements between such parties with respect to such transactions.

10.GOVERNING LAW. THIS AMENDMENT IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

11.Loan Document. This Amendment shall be deemed to be a Loan Document for all purposes.

12.Amendment Fee. In connection with the parties entering into this Amendment, Borrower agrees to pay to Lender a non-refundable amendment fee in the amount of Five Thousand Dollars ($5,000).
 [Remainder of page intentionally left blank.]
2
        

    IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the day and year first written above.

						
		BORROWER:

		PULMONX CORPORATION 

By:      /s/ Derrick Sung            
Name:  Derrick Sung, Ph.D.
Title:  Chief Financial Officer

Second Amendment to Amended and Restated Loan Agreement

						
		LENDER:

		CANADIAN IMPERIAL BANK OF COMMERCE

By:      /s/ Jeff Chapman            
Name:      Jeff Chapman                
Title:    Authorized Signatory

By:      /s/ Corey Perlmutter            
Name:      Corey Perlmutter            
Title:    Authorized Signatory

Second Amendment to Amended and Restated Loan Agreement

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