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 THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $175,000	
         Dated as of July
        24, 2020

         New York, New York

 

Tenzing Acquisition
Corp., a British Virgin Islands corporation (“Maker”), promises to pay to the order of Tenzing LLC, a Delaware
limited liability company, or its registered assigns or successors in interest or order (“Payee”), the principal
sum of up to One Hundred Seventy Five Thousand Dollars ($175,000.00) in lawful money of the United States of America, on the terms
and conditions described below.  All payments on this Note (unless the full principal is converted pursuant to Section
15 below) shall be made by check or wire transfer of immediately available funds to such account as Payee may from time to time
designate by written notice in accordance with the provisions of this Note.

 

		1.	Repayment. The
principal balance of this Note shall be payable on the earliest to occur of (i) the date on which Maker consummates its initial
business combination and (ii) the date that the winding up of Maker is effective (such date, the “Maturity Date”).
The principal balance may be prepaid at any time, at the election of Maker.

 

		2.	Interest. This
Note shall be non-interest bearing.

 

		3.	Drawdown
Requests. Payee, in its sole and absolute discretion, may fund up to One Hundred Seventy Five Thousand Dollars ($175,000.00)
for costs reasonably related to Maker’s consummation of an initial business combination. The principal of this Note may
be drawn down from time to time until the date on which Maker consummates its initial business combination, upon written request
from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down,
and must be in multiples of not less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee, in its
sole discretion, shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided,
however, that the maximum amount of drawdowns collectively under this Note shall not exceed One Hundred Seventy Five Thousand
Dollars ($175,000.00). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even
if prepaid. Except as set forth herein, no fees, payments or other amounts shall be due to Payee in connection with, or as a result
of, any Drawdown Request by Maker.

 

		4.	Application
of Payments. All payments received by Payee pursuant to this Note shall be applied first to the payment in full of any
costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees,
and then to the reduction of the unpaid principal balance of this Note.

 

		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 the principal amount due pursuant to this Note within five (5) business
days of 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 60 consecutive days.

 

		6.	Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 5(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 5(b) and 5(c) hereof, the unpaid principal balance of this Note and
all other amounts payable hereunder, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

		7.	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.

 

		8.	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.

 

		9.	Notices. All notices, statements or other
documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally or sent by first class
registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing,
(ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated
in writing by such party and (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.

 

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

 

		11.	Severability. Any provision contained
in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

     

     

    

 

		12.	Trust Waiver.  Notwithstanding anything
herein to the contrary, Payee hereby waives any claim in or to any distribution of or from the trust account (the “Trust
Account”) established in connection with Maker’s initial public offering (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 initial business combination, Maker shall repay the principal balance of
this Note out of the proceeds released to Maker from the Trust Account.

 

		13.	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.

 

		14.	Assignment.  No assignment or transfer
of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without
the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void; provided,
however, that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms of this Note.

 

		15.	Conversion.

 

(a)
Notwithstanding anything contained in this Note to the contrary, at Payee’s option, at any time prior to payment in full
of the principal balance of this Note, Payee may elect to convert all or any portion of the unpaid principal balance of this Note
into that number of units, each unit consisting of one ordinary share of the Maker and one warrant exercisable for one ordinary
share of the Maker (the “Conversion Units”), equal to: (x) the portion of the principal amount
of this Note being converted pursuant to this Section 15, divided by (y) $10.00, rounded up to the nearest whole number of units.
The Conversion Units shall be identical to the units issued by the Maker to the Payee in a private placement upon consummation
of the Maker’s initial public offering. The Conversion Units and their underlying securities, 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, shall be entitled to the registration rights set forth
in Section 16 hereof.

 

(b)
Upon any complete or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted
and such converted portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver this Note,
duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion Units, (iii) Maker
shall promptly deliver a new duly executed Note to Payee in the principal amount that remains outstanding, if any, after any such
conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction of Payee, deliver
to Payee (or its members or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion
Units, which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker
and Payee and applicable state and federal securities laws.

 

(c)
The Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion
Units upon conversion of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer
taxes resulting from any transfer requested by the Holders in connection with any such conversion.

 

(d)
The Conversion Units shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all
applicable provisions of law.

 

     

     

    

  

		16.	Registration
Rights.

 

(a)
Reference is made to that certain Registration Rights Agreement between Maker and the parties thereto, dated as of August 20,
2018 (the “Registration Rights Agreement”). All capitalized terms used in this Section 16 shall have the same
meanings ascribed to them in the Registration Rights Agreement.

 

(b)
The Holders shall be entitled to one Demand Registration, which shall be subject to the same provisions as set forth in Section
2.1 of the Registration Rights Agreement.

 

(c)
The Holders shall also be entitled to include the Conversion Units and their underlying securities in Piggyback Registrations,
which shall be subject to the same provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however,
that in the event that an underwriter advises Maker that the Maximum Number of Securities has been exceeded with respect to a
Piggyback Registration, the Holders shall not have any priority for inclusion in such Piggyback Registration.

 

(d)
Except as set forth above, the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set
forth in the Registration Rights Agreement.

 

 

 

[Signature Page Follows]

   

     

     

    

     

   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.

  

	 	TENZING ACQUISITION CORP.	 
	 	 	 	 
	 	By:  	/s/ Rahul Nayar	 
	 	 	Name: Rahul Nayar	 
	 	 	Title: Chief Executive Officer	 

   

 

 

[Signature Page to Promissory Note]Exhibit

FIRST AMENDMENT TO THE
AFLAC INCORPORATED EXECUTIVE DEFERRED COMPENSATION PLAN
(As amended and restated effective January 1, 2020)

THIS AMENDMENT to the Aflac Incorporated Executive Deferred Compensation Plan (the “Plan”) is effective as stated below.

WITNESSETH:
WHEREAS, Aflac Incorporated (the “Company”) has previously established the Plan for the benefit of its eligible employees and their beneficiaries; and
WHEREAS, pursuant to Section 10.1 of the Plan, the Retirement Plan Administrative Committee (the “Committee”) is authorized to amend the Plan; and

WHEREAS, the Committee wishes to amend the Plan to (i) modify the provisions regarding permitted distribution election changes for deferral, matching and discretionary subaccounts attributable to years from 2005 through 2016; (ii) provide that spousal beneficiary designations will automatically be  revoked upon divorce; and (iii) remove  the  maximum distribution period for Executive Employer Contributions.

NOW, THEREFORE, effective as of July 1, 2020, the Plan is hereby amended as follows:

		
	1.
	Section  5.2(c)(i)(A) is  amended to read as follows:

(A)Contributions Related to Plan Years Before 2017. With respect to amounts attributable to Plan Years beginning before January 1, 2017, a Participant may make one or more elections to (i) delay the payment (or commencement) of the portion of his Post-409A Account attributable to a selected Plan Year’s Base Salary Contributions, Annual Bonus Contributions, Matching Contributions or Discretionary Contributions, and/or  (ii) change the  form  of payment to: (A) have such portion of his Post-409A Account paid in the form of annual installment payments as described above, (B) change the number of installment payments elected, or (C) change installments to a lump sum. Solely with respect to an SLDCP Primary Payment Date, a Participant may change the form of payment to: (A) have the amounts payable on such SLDCP Primary Payment Date paid in the form of annual installment payments as described in Section 5.2(b)(ii), (B) change the number of installment payments elected, or (C) change installments to a lump sum. Any election under this subsection  will  specify the number of installment payments elected, if any.

		
	2.
	Section 5.6(c) is amended to read as follows:

(c) Change in Form of  Payments.  A  Participant  may  make  a  one-time election to change a form of payment otherwise applicable under subsections (a) and (b) to any other form permitted under this Section, only if such election  is  made  at least 12  months  before the Payment Date described in subsection (a) hereof; provided, to the extent any such change in payment form is effective, the Payment Date for the applicable benefit will be delayed 5 years.

		
	2.
	Section 11.1(a) is amended by adding the following sentence to the end thereof:

Notwithstanding the foregoing, in the event that a Participant has designated his spouse as Beneficiary then subsequently become divorced from that spouse, the spouse will be treated as having predeceased the Participant unless and until either
(i) the Participant submits a new Beneficiary designation naming that former spouse as Beneficiary, or (ii) the Participant remarries such former spouse.

		
	3.
	Except as specifically amended hereby, the Plan will remain in full form and effect.

IN WITNESS WHEREOF, an officer of  Aflac Incorporated has executed this Amendment as of the date written below.

	
	
	AFLAC INCORPORATED

	 

	 

	/s/ Matthew D. Owenby

	Matthew D. Owenby

	Date: July 1, 2020

2

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