Document:

Exhibit 10.7

 

 

PROMISSORY NOTE ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

THIS PROMISSORY NOTE ASSIGNMENT AGREEMENT (“Agreement”)
is made and entered into as of December 13, 2021, by and among (i) José Augusto Gonçalves
de Araújo Teixeira (the “Assignor”); (ii) Patria SPAC LLC, a Cayman Islands limited liability company
(the “Assignee”); and (iii) Patria Latin American Opportunity Acquisition Corp., a Cayman Islands exempted company
and blank check company (the “Maker”).

 

WHEREAS, the Assignor is a party to a Promissory
Note, dated March 3, 2021, with Maker as borrower (the “Promissory Note”); and

 

WHEREAS, the Assignor desires to assign, and the
Assignee desires to assume, the Promissory Note.

 

NOW THEREFORE, for good and valuable consideration,
the parties hereto agree as follows:

 

1.       Assignment.
The Assignor hereby assigns to the Assignee all of the Assignor’s right, title and interest under the Promissory Note.

 

2.       Assumption.
The Assignee hereby accepts the assignment from the Assignor set forth in Paragraph ‎1 hereof and assumes all of the Assignor’s
right, title and interest under the Promissory Note.

 

3.       Consent.
Pursuant to Section 13 of the Promissory Note, Maker consents to the assignment provided for in this Agreement.

 

4.       Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICTS OF LAW PRINCIPLES OF SUCH JURISDICTION.

 

5.       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns.

 

6.       Severability.
If any provision of this Agreement shall be held invalid, illegal or unenforceable, the validity, legality or enforceability of the other
provisions of this Agreement shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid,
legal and enforceable provision as similar as possible to the provision at issue.

 

7.       Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and
all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange by facsimile of executed counterparts
of this Agreement shall be deemed execution and delivery thereof.

 

[Signature pages follow]

 

    

     

    

IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed and delivered as of the date first written above.

 

	 	
    ASSIGNOR:

     

    José Augusto Gonçalves
    de Araújo Teixeira

    

	 	 
	 	 
	 	By:	/s/ José Augusto Gonçalves de Araújo Teixeira
	 	 	Name:	José Augusto Gonçalves de Araújo Teixeira

 

  

[Signature Page to Assignment and Assumption
Agreement of Promissory Note]

 

    

     

    

	
    ASSIGNEE:

     

    Patria SPAC LLC

     
	 
	 	 
	 	 
	By:	/s/ José Augusto Gonçalves de Araújo Teixeira	 
	 	Name:	José Augusto Gonçalves de Araújo Teixeira	 
	 	Title:	Manager	 

 

 

 

[Signature Page to Assignment and Assumption
Agreement of Promissory Note]

 

    

     

    

 

 

	
    MAKER:

     

    Patria Latin American Opportunity Acquisition Corp.

    
	 
	 	 
	 	 
	By:	/s/ José Augusto Gonçalves de Araújo Teixeira	 
	 	Name:	José Augusto Gonçalves de Araújo Teixeira	 
	 	Title:	CEO	 

 

 

[Signature Page to Assignment and Assumption
Agreement of Promissory Note]Exhibit 10.8

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this “Agreement”),
effective as of March 3, 2021, is made and entered into by and between Patria Latin Acquisition Corp., a Cayman Islands exempted company
(the “Company”), and Jose Augusto Gonçalves de Araujo Teixeira (the “Buyer”).

 

RECITALS:

 

WHEREAS, the Buyer wishes to subscribe
for an aggregate of 7,187,500 Class B ordinary shares (the “Shares”), par value $0.0001 per share, of the Company, and the
Company wishes to issue the Shares to the Buyer, on the terms and subject to the conditions set forth in this Agreement.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of the
premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

The terms defined in this Article I shall
have for all purposes of this Agreement the respective meanings set forth below:

 

“Agreement” shall have the meaning
set forth in the preamble to this Agreement.

 

“Buyer” shall have the meaning set
forth in the preamble to this Agreement.

 

“Class B ordinary shares” shall have
the meaning set forth in the recitals to this Agreement.

 

“Closing” shall have the meaning set
forth in Section 2.3 of this Agreement.

 

“Closing Date” shall have the meaning
set forth in Section 2.3 of this Agreement.

 

“Company” shall have the meaning set
forth in the preamble to this Agreement.

 

“Consent” means any consent, approval,
notification, waiver, or other similar action that is necessary or convenient.

 

“Governmental Body” shall mean any
legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar recognized organization or body
of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar
powers or authority.

 

“Law” shall mean any law (statutory,
common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar authority enacted, adopted, promulgated
or applied by any Governmental Body.

 

“Lien” shall mean a mortgage, deed
of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise, including, without limitation,
any lien for taxes), security interest, preference, participation interest, priority or security agreement or preferential arrangement
of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing and the filing of any document under the law of any applicable
jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’ or other Liens incurred in the Company’s
ordinary course of business or (ii) Liens for taxes incurred but not yet due.

 

“Order” shall mean an order, ruling,
decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental
Body or arbitrator.

 

    

     

    

“Permit” shall mean a permit, license,
certificate, waiver, notice or similar authorization.

 

“Purchase Price” shall have the meaning
set forth in Section 2.2 of this Agreement.

 

“SEC” shall mean the United States
Securities and Exchange Commission.

 

“Securities Act” shall mean the United
States Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and regulations promulgated and
in effect from time to time thereunder.

 

“Shares” shall have the meaning set
forth in the recitals to this Agreement.

 

ARTICLE II

PURCHASE OF THE SHARES

 

Section 2.1 Purchase and Sale of the Shares.
Subject to the terms and conditions hereof and in reliance upon the representations and warranties of the parties contained or incorporated
by reference herein, simultaneous with the execution hereof, the Company shall issue to the Buyer, and the Buyer shall subscribe for the
Shares, in consideration of the payment of the Purchase Price noted herein.

 

Section 2.2 Purchase Price. As payment
in full for the Shares being purchased under this Agreement and against issue of such Shares, prior to the execution hereof, the Buyer
shall pay $25,000 to, and at the direction of the Company, by wire transfer of immediately available funds or by such other method as
may be reasonably acceptable to the Company (the “Purchase Price”).

 

Section 2.3 Closing. The closing of the
purchase and sale of the Shares (the “Closing”) shall be held on the date of this Agreement (“Closing Date”) at
the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York 10017, or such other place as may be agreed upon
by the parties hereto.

 

Section 2.4 Closing Deliveries. All actions
taken at the Closing shall be deemed to have been taken simultaneously.

 

(a) Buyer Deliveries. At the Closing the
Buyer shall deliver to the Company the Purchase Price.

 

(b) Company Deliveries. At the Closing,
or within a reasonable time after the Closing, the Company shall issue to the Buyer the Shares and make the necessary entries in the Register
of Members of the Company.

 

Section 2.5 Further Assurances. The parties
hereto shall execute and deliver such additional documents and take such additional actions as any party reasonably may deem to be practical
and necessary in order to consummate the transactions contemplated by this Agreement.

 

Section 2.6 Legend. Any certificate evidencing
the Shares and any certificate issued in exchange for or upon the transfer of any Shares shall be stamped or otherwise imprinted with
a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED
IN VIOLATION OF SUCH ACT AND LAWS.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND BETWEEN THE COMPANY AND THE SPONSOR. COPIES OF SUCH AGREEMENT
MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.”

 

Section 2.7 Surrender. The Buyer hereby
irrevocably surrenders to the Company for cancellation and for nil consideration the one Class B ordinary share standing in his name in
the register of members of the Company.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants that the statements
contained in this ARTICLE III are correct and complete as of the date of this Agreement.

 

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Section 3.1 Investment Representations.

 

(a) The Buyer has received, has thoroughly read,
is familiar with and understands the contents of this Agreement.

 

(b) The Buyer hereby acknowledges that an investment
in the Shares involves certain significant risks. The Buyer acknowledges that there is a substantial risk that it will lose all or a portion
of its investment and that it is financially capable of bearing the risk of such investment for an indefinite period of time. The Buyer
has no need for liquidity in its investment in the Shares for the foreseeable future and is able to bear the risk of that investment for
an indefinite period. The Buyer understands that there presently is no public market for the Shares and none is anticipated to develop
in the foreseeable future. The Buyer’s present financial condition is such that the Buyer is under no present or contemplated future
need to dispose of any portion of the Shares subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness.
The Buyer’s overall commitment to investments which are not readily marketable is not disproportionate to his net worth and the
investment in the Company will not cause such overall commitment to become excessive.

 

(c) The Buyer acknowledges that the Shares have
not been and will not be registered under the Securities Act, or any state securities act, and are being sold on the basis of exemptions
from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration
of the Shares thereunder. Reliance on such exemptions, where applicable, is predicated in part on the accuracy of the Buyer’s representations
and warranties set forth herein. The Buyer acknowledges and hereby agrees that the Shares will not be transferable under any circumstances
unless the Buyer either registers the Shares in accordance with federal and state securities laws or finds and complies with an available
exemption under such laws. Accordingly, the Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate
its investment in the Company.

 

(d) There are substantial risk factors pertaining
to an investment in the Company. The Buyer acknowledges that it has read the information set forth above regarding certain of such risks
and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from the fact that the Company
is an entity with limited operating history and financial resources; and the Buyer is fully able to bear the economic risks of such investment
for an indefinite period, and can afford a complete loss thereof.

 

(e) The Buyer has been given the opportunity to
(i) ask questions of and receive answers from the Company and its designated representatives concerning the terms and conditions of the
offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company
possesses or can acquire without unreasonable effort or expense that is necessary to assist the Buyer in evaluating the advisability of
the purchase of the Shares and an investment in the Company. The Buyer further represents and warrants that, prior to signing this Agreement,
it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the
merits and risks of the purchase of the Shares and an investment in the Company. The Buyer is not relying on any oral representation made
by any person as to the Company or its operations, financial condition or prospects.

 

(f) The Buyer understands that no federal, state
or other governmental authority has made any recommendation, findings or determination relating to the merits of an investment in the
Company.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Section 4.1 Incorporation and Good Standing.
The Company is an exempted company duly incorporated, validly existing, and in good standing under the laws of the Cayman Islands.

 

Section 4.2 Power and Authority; Enforceability.
This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with
its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The
Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations
hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed, and delivered
by, and is enforceable against, the Company.

 

Section 4.3 No Violation; Necessary Approvals.
Neither the execution and delivery of this Agreement by the Company, nor the consummation or performance by the Company of any of the
transactions contemplated hereby,

 

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will: (a) with or without notice or lapse of time,
constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance
of any obligation required under any Law, Order, contract or Permit to which the Company is a party or by which it is bound or any of
its assets are subject, or any provision of the Company’s organizational documents as in effect on the Closing Date, (b) result
in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any Consent under any contract or
organizational document to which the Company is a party or by which it is bound; or (d) require any Permit under any Law or Order other
than (i) required filings, if any, with the SEC and (ii) notifications or other filings with state or federal regulatory agencies after
the Closing that are necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions
contemplated hereunder; or (e) trigger any rights of first refusal, preferential purchase or similar rights with respect to any of the
Shares.

 

Section 4.4 Authorization of the Shares.
The Shares have been duly authorized and, when issued in accordance with this Agreement, the Shares will be duly and validly issued, fully
paid and non-assessable Class B ordinary shares of the Company and will be free and clear of all Liens and claims, other than restrictions
on transfer imposed by the Securities Act and applicable state securities laws.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1 Entire Agreement. This Agreement,
together with any certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement
and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations
by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions
contemplated hereby.

 

Section 5.2 Successors. All of the terms,
agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and
are enforceable by, the parties hereto and their respective successors.

 

Section 5.3 Assignments. Except as otherwise
provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the
prior written approval of the other party. Any purported assignment in violation of this Section 5.3 shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee.

 

Section 5.4 Waiver of Jury Trial. THE PARTIES
HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR
ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING,
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE
THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND
THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO
THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO
ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE
EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 

Section 5.5 Counterparts. This Agreement
may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and
the same instrument.

 

Section 5.6 Headings. The article and section
headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of
this Agreement.

 

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Section 5.7 Governing Law. This Agreement,
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law
or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the Cayman Islands, without giving
effect to its choice of laws principles.

 

Section 5.8 Amendments. This Agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

Section 5.9 Severability. The provisions
of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability
of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance,
is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree
that the Governmental Body, arbitrator, or mediator making such determination will have the power to modify the provision in a manner
consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such
provision will then be enforceable and will be enforced.

 

Section 5.10 Expenses. Except as otherwise
expressly provided in this Agreement, each party hereto will bear its own costs and expenses incurred in connection with the preparation,
execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses
of agents, representatives, financial advisors, legal counsel and accountants.

 

Section 5.11 Construction. The parties
hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise
favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state,
local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless the
context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless
expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation,
warranty, or covenant.

 

Section 5.12 Waiver. No waiver by any party
hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend
to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising
because of any prior or subsequent occurrence.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the undersigned have
executed this Agreement to be effective as of the date first set forth above.

 

	 	
    COMPANY:

     

    PATRIA ACQUISITION CORP.

    

	 	 
	 	 
	 	By:	/s/ Jose Augusto Goncalves de Araujo Teixeira
	 	 	Name:	Jose Augusto Goncalves de Araujo Teixeira
	 	 	Title:	Director

 

	 	
    BUYER:

    

	 	 
	 	 
	 	By:	/s/ Jose Augusto Goncalves de Araujo Teixeira
	 	 	Name:	Jose Augusto Gonçalves de Araujo Teixeira

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