Document:

Exhibit 10.1

 

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 MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	 	 Dated as of April 6, 2022
	 	 
	Principal Amount: $115,000	New York, New York

  

Ackrell SPAC Partners
I Co., a Delaware corporation (“Maker”), promises to pay to the order of North Atlantic Imports, LLC or
its registered assigns or successors in interest (“Payee”) the principal sum of One Hundred Fifteen Thousand Dollars
($115,000) 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, without setoff or counterclaim, to such account as Payee
may from time to time designate by written notice in accordance with the provisions of this Note.

 

1. Maturity. Subject
to Section 1(b), the principal balance of this Note shall be due and payable by Maker upon the closing of a Repayment Trigger Event, as
such term is defined below (the “Maturity Date”). The principal balance may be prepaid in whole or in part at any time
and from time to time prior to the Maturity Date without premium or penalty upon written notice by Maker to Payee.

 

 (a) A “Repayment Trigger Event” means the consummation of the Business Combination as defined in the Certificate of Incorporation of Maker, as amended (the “COI”).

 

Maker shall provide Payee
at least 10 days’ prior notice of any Repayment Trigger Event and to the extent applicable a copy of the material terms of the 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.

 

(b) Form
of Repayment. All amounts due under this Note shall be repaid in cash. In the event that a Business Combination has not been consummated
prior to the Termination Date (as defined in the COI), no payment shall be due hereunder and the principal balance of this Note shall
be forgiven.

 

2. Interest. This
Note will be non-interest bearing and unsecured.

 

3.  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 attorneys’ fees, and then to the reduction of the unpaid principal balance
of this Note.

 

4. Use
of Proceeds. On the date of this Note, Payee shall remit the full principal amount to Maker in accordance with the wiring instructions
attached here to as Exhibit A. Maker hereby represents, warrants and covenants to Payee that the entire principal amount will be
used by Maker solely for purposes of paying certain fees owed by the Maker to The Nasdaq Stock Market LLC.

 

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 any principal amount due pursuant to this Note within five (5) business days of
the Maturity Date.

 

(b)  Breach
of Use of Proceeds. Failure by Maker to comply with the provisions of Section 4 of this Note. 

 

     

     

    

 

(c) 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.

  

(d)   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) or Section 5(b) 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(c) and 5(d), 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. Enforcement
Costs. In case any principal of on this Note is not paid when due, Maker shall be liable for all costs of enforcement and collection
of this Note incurred by Payee and any other Holders (as defined below), including but not limited to, reasonable attorneys’ fees
and expenses.  

 

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 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.

 

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. Any failure of Payee to exercise any right hereunder shall
not be construed as a waiver of the right to exercise the same or any other right at any time and from time to time thereafter. Payee
may accept late payments, or partial payments, even though marked “payment in full” or containing words of similar import
or other conditions, without waiving any of its rights.

 

10.  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. As of the date of this Note, the following addresses are designated for notices: (a) if to Maker, Ackrell
SPAC Partners I Co., 2093 Philadelphia Pike #1968, Claymont, DE 19703, Attn: Long Long, email: long@spacpartners.com; (b) if to Payee,
North Atlantic Imports, LLC, 513W 2500 N Logan, Utah 84341, Attn: Vincent Chen, email: vincent@blackstoneproducts.com.

  

    2

     

    

 

11.  Construction;
Governing Law; Venue; Waiver of Jury Trial; Etc.  THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. MAKER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY
AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW. NOTHING IN THIS NOTE SHALL AFFECT ANY RIGHT THAT PAYEE OR ANY OTHER HOLDER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS NOTE AGAINST MAKER OR ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION. MAKER WAIVES PERSONAL SERVICE
OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO MAKER AT ITS ADDRESS
SET FORTH IN SECTION 10 OR TO ANY OTHER ADDRESS AS MAY APPEAR IN PAYEE’S OR SUCH OTHER HOLDER’S RECORDS AS THE ADDRESS OF
MAKER. IN ANY ACTION, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS NOTE, PAYEE AND MAKER WAIVE TRIAL BY JURY, AND EACH OF MAKER
AND PAYEE WAIVES (I) THE RIGHT TO INTERPOSE ANY SET-OFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION, (II) ANY OBJECTION BASED ON FORUM
NON CONVENIENS OR VENUE, AND (III) ANY CLAIM FOR CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES.

 

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, but subject to the following sentence of this Section 13, 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 which the proceeds of the initial public offering (the “IPO”)
conducted by Maker (including the deferred underwriters’ discounts and commissions) and the proceeds of the sale of the units issued
in a private placement that occurred prior to the closing of the IPO were deposited, as described in greater detail in Maker’s Registration
Statements on Form S-1 (File No. 333- 251060 and 333- 251537) filed with the Securities and Exchange Commission in connection with the
IPO (the “Registration Statement”), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever. Notwithstanding the foregoing, Payee does not waive any Claims and
does not waive its rights to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for distributions
of remaining funds released to Maker from the Trust Account following redemptions or other distributions to Maker’s public stockholders.

 

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.  This
Note binds and is for the benefit of the successors and permitted assigns of Maker and Payee. 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, that (i) upon the announcement
of a Business Combination or occurrence and during the continuation of an Event of Default, Payee shall have the right to assign this
Note in its discretion without the consent of Maker and (ii) Payee shall be permitted to collaterally assign its respective rights under
this Note to any lender or lenders providing financing to Payee.

 

[Signature page follows]

 

    3

     

    

 

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. 

 

	 	Ackrell SPAC Partners I Co.
	 	
     
	 
	 	By:	/s/ Long Long
	 	 	Name: 	Long Long
	 	 	Title: 	Chief Financial Officer

 

    4

     

    

 

EXHIBIT A

 

[Intentionally Omitted]

 

 

5Document

Exhibit 10.1

Robert Latta
Compensation Committee Chairman
rlatta@wsgr.com

April 6, 2022

Kenneth A. Vecchione

Subject:          Terms of Employment

Dear Ken:

This letter amends and restates your May 1, 2017 offer letter with Western Alliance Bank (“WAB”) and Western Alliance Bancorporation (“WAL”) (collectively WAB and WAL are the “Company”) and provides the terms of your continued employment in the position of CEO of the Company (the “Letter Agreement”).

									
	Effective Date:		The terms of this Letter Agreement will be deemed effective as of January 1, 2022 (“Effective Date”), with any make-whole compensation or benefit adjustments occurring in the next regularly scheduled payroll or as soon as reasonably practical thereafter. 
			
	Position/Duties:		You will continue to serve as Chief Executive Officer (“CEO”) of the Company, reporting to WAL’s Board of Directors (the “Board”), until you or the Company terminate your employment. You will continue to serve as a member of the Board of both WAL and WAB. As CEO of the Company, you will have such duties and responsibilities as are commensurate with such position at similarly-situated companies and such additional duties as may be assigned by the Board of both WAL and WAB.
			
	Principal Place
of Employment:
		Subject to reasonable travel, you will perform your duties on behalf of the Company at its offices in Phoenix, Arizona.

______________________________________
1 The Company does not pay directors who are also employees of the Company additional compensation for their service as directors.
_______________________________________________________________________
One East Washington Street, Suite 1400 Phoenix, AZ 85004

Kenneth A. Vecchione
April 6, 2022
Page 2 of 5

									
	Base Salary:		Beginning as of the Effective Date and subject to your continued employment, you will receive an annual base salary of $1,300,000, paid on the Company’s regular payroll schedule and subject to all applicable withholding. Subject to your continued employment, your annual base salary will increase to the below amounts as follows:

January 1, 2023: $1,400,000
January 1, 2024: $1,500,000

			
	Annual Bonus:		For each of the fiscal years 2022 through 2024 and subject to your continued employment, you will be eligible to participate in the WAL Annual Bonus Plan and eligible to receive an annual cash award (“Annual Bonus”) based on the Company’s actual performance relative to pre-established targets. Your target Annual Bonus opportunity will be 150% of your then-current annual base salary. The performance criteria required to be satisfied to earn such Annual Bonus, and the actual amount earned (if any) with respect to each such fiscal year, will be as determined in the sole discretion of the Compensation Committee of the WAL Board (the “WAL Compensation Committee”).
			
	Long Term Incentive:		For each of the fiscal years 2022 through 2024 and subject to your continued employment through the applicable grant date, you will receive annual grants of incentive equity equal to the following total fair value on the date of grant:

2022: $3,250,000
2023: $3,500,000
2024: $3,750,000

The Company expects the form of such incentive equity to be performance-based stock units and restricted stock, with the allocation between stock units and restricted stock, the legal terms of the award agreement, the performance criteria required to be satisfied to earn such award, and the actual amount earned (if applicable) with respect to the performance year(s) being determined by the WAL Compensation Committee in its sole discretion. The legal terms of your award agreements will be at least as favorable as similarly situated executives at WAL.

Kenneth A. Vecchione
April 6, 2022
Page 3 of 5

									
	Special One-Time
Long Term Incentive:
		In 2022 only and subject to your continued employment through the applicable grant date, you will receive a special one-time grant of performance-based stock units as part of a special retention grant designed by the WAL Compensation Committee for certain executive officers of WAL. The grant date fair value of your special grant will be $3,250,000. The legal terms of the award agreement, the performance criteria required to be satisfied to earn such award, and the actual amount earned (if applicable) with respect to the performance year(s) will be determined by the WAL Compensation Committee it its sole discretion, with the performance criteria and legal terms of the grant being at least as favorable as similarly situated executives at WAL who are included in this retention program. 
			
	Auto Allowance:		Subject to your continued employment, you will continue to be eligible for a monthly auto allowance equal to $1,000/month.
			
	Agreement to Revisit
Terms of Employment:
		This Letter Agreement is predicated on the assumption that your role as CEO will be managing the Company’s operations in accordance with its current business plans, as expanded over that period by anticipated organic growth. However, if the Company’s operations are materially expanded during the years 2022 through 2024 as the result of one or more acquisitions of, or mergers with, other businesses, resulting in a substantially greater role for you as CEO, then the WAL Compensation Committee will negotiate with you in good faith to increase your compensation package commensurate with your increased responsibilities (informed by market data for the compensation of public company CEOs with similar levels of responsibilities).
			
	At Will Employment: 		You are an at-will employee. Nothing in this Letter Agreement confers any right to continue employment for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or you to terminate your employment at any time for any reason.
			
	Severance and 
Change in Control: 
		Any severance payments and benefits owed to you will be determined pursuant to the terms and conditions of the WAL Severance and Change in Control Plan, as amended and restated on July 28, 2021, and your Executive Participation Agreement (the “WAL Severance Plan”).

Kenneth A. Vecchione
April 6, 2022
Page 4 of 5

									
	Benefits:		Subject to proper documentation and applicable Company policies, you will be reimbursed for ordinary and necessary business expenses. You will be eligible for the same benefits as similarly situated executives (including with respect to vacation and paid time-off policies), and you will be able to participate in any group benefits plan established by the Company for which you are or may be eligible, including medical plans, disability insurance plans, life insurance plans, 401(k), restoration plans, profit sharing or other similar plans. These benefits are governed by the terms and conditions contained in the applicable plans or policies, and they are subject to change or discontinuation at any time in the sole discretion of the Company. You will be covered as an executive officer under the Company’s D&O insurance policy during the course of your employment, and for no less than 5 years following your last day of employment. 
			
	Withholding:		Any amount or benefit payable under this Letter Agreement will be subject to all applicable taxes and withholding and will be paid in accordance with the payment practices of the Company then in effect.
			
	Governing Law
and Venue:
		The terms of your employment shall be governed by the laws of the State of Arizona for so long as you are an employee of the Company, and thereafter, by the laws of the State in which WAL’s successor in interest has its main office. The jurisdiction and venue for any disputes arising under, or any action brought to enforce, or otherwise relating to, this Letter Agreement will be exclusively in the courts in the State of Arizona, Maricopa County, including the federal courts located therein (should federal jurisdiction exist).
			
	Attorneys’ Fees:		In any contested action or proceeding arising out of the terms of this Letter Agreement, the successful party shall be entitled to receive reasonable attorneys’ fees from the other party.
			
	Employment Policies:		You agree to observe and comply with all applicable Company policies and guidelines, including, without limitation, WAL’s Code of Business Conduct and Ethics, Corporate Governance Guidelines, the restrictive covenants under the WAL Severance Plan and Related Party Transactions Policy.

Kenneth A. Vecchione
April 6, 2022
Page 5 of 5

									
	Code Section 409A:		Notwithstanding anything herein to the contrary, any payment(s) or benefit(s) payable under this Letter Agreement are intended to be exempt from or otherwise comply with Section 409A of the Internal Revenue Code of 1986 and the regulations thereunder (the “Code Section 409A”), including the exceptions for short term deferrals, separation pay arrangements, reimbursements, payments upon a change in control event, and in-kind distributions, and shall be administered, construed and interpreted in accordance with such intent. If any payment(s) or benefit(s) under this Letter Agreement fail to qualify for exemption under Code Section 409A, such payment or benefit shall be paid or provided in accordance with the requirements of Code Section 409A, including any required delay due to your being a “specified employee”. The Company may amend these terms to the minimum extent necessary to satisfy the applicable provisions of Code Section 409A. The Company cannot guarantee that the payments and/or benefits provided hereunder will satisfy all applicable provisions of Code Section 409A.
			
	Compensation
Recovery Policy:
		Payment(s) and benefits(s) under this Letter Agreement may be subject to any Compensation Recovery Policy established by the Company and amended from time to time.
			
	Complete Agreement:		This Letter Agreement embodies the complete agreement and understanding among the parties and supersedes and preempts any prior understandings, agreements, or representations by or among the parties, written or oral, which deal with the matters set forth herein.

If you agree to these terms, please sign where indicated below.

Sincerely,

Robert Latta

AGREED:

Kenneth A. Vecchione

Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]