Document:

Exhibit 10.9

 

THIS 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: $100,000.00	Dated as of December 17, 2021

 

Verity Acquisition Corporation,
an exempted company incorporated in the Cayman Island with Limited Liability (the “Maker”), promises to pay to the
order of WKA Asset Management (Hong Kong) Limited (the “Payee”) the principal sum of one hundred thousand ($100,000.00)
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 or as otherwise determined by the Maker to such account as the 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 Promissory Note (this “Note”) shall be payable promptly after the date
on which the Maker consummates an initial public offering of its securities or the date on which the Maker determines not to conduct an
initial public offering of its securities. The principal balance may be prepaid at any time.

 

		2.	Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

		3.	Non-Convertible; Non-Recourse. This Note shall not be convertible into any securities of Maker,
and Payee shall have no recourse with respect to Payee’s ability to convert this Note into any securities of Maker.

 

		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 following shall constitute an event of default (“Event of Default”):

 

		(a)	Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five
(5) business days following the date when due.

 

		(b)	Voluntary Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy,
insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by,
a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for 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 similar law, for the appointing
of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of the affairs of Maker, 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 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 Sections 5(b) and 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.

 

		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 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.

 

		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.

 

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		9.	Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified
mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery
service providing receipted delivery or (iv) sent by facsimile or (v) to the following addresses or to such other address as either party
may designate by notice in accordance with this Section:

 

If to Maker:

 

Verity Acquisition Corporation

Office E, 7/F, 45 Pottinger Street,

Central, Hong Kong

 

If to Payee:

 

WKA Asset Management (Hong Kong) Limited

Unit C, 9/F., Neich Tower

128 Gloucester Road

Wan Chai, Hong Kong

 

Notice shall be deemed given on the earlier of (i) actual
receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected on a signed delivery
receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.

 

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

 

		11.	Jurisdiction. The courts of New York have exclusive jurisdiction to settle any dispute arising
out of or in connection with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection
with this agreement) and the parties submit to the exclusive jurisdiction of the courts 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.

 

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		13.	Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and
all right, title, interest or claim of any kind (“Claim”) in or to any amounts contained in the trust account in which
the proceeds of the initial public offering (the “IPO”) conducted by the Maker and the proceeds of the sale of securities
in a private placement to occur prior to the effectiveness of the IPO, as described in greater detail in the registration statement and
prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, will be placed, and hereby agrees not to
seek recourse, reimbursement, payment or satisfaction for any Claim from the trust account or any distribution therefrom 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 the Maker and the 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.

 

		16.	Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to
be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require
as may be necessary to give full effect to this Promissory Note.

 

IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed on the day and year first above written.

 

	 	Verity Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:	Bing Lin
	 	 	Title:	CEO

 

[Signature Page to Promissory Note]

 

 

4EX-10.17

 Exhibit 10.17 

ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT 

by and among 

QUEEN’S GAMBIT GROWTH CAPITAL, 

PIVOTAL HOLDINGS CORP, 

and 
 CONTINENTAL STOCK
TRANSFER & TRUST COMPANY 
 Dated as of [____________], 2022 

 ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT 

THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT (this “Agreement”), dated [_________], 2022, is made by and among
Queen’s Gambit Growth Capital, a Cayman Islands exempted company with limited liability (“SPAC”), Pivotal Holdings Corp, a British Virgin Islands business company limited by shares incorporated under the laws of the British
Virgin Islands (“Holdings”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such capacity, the “Warrant Agent”) and amends the Warrant Agreement (the
“Existing Warrant Agreement”), dated January 19, 2021, by and between SPAC and the Warrant Agent. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Existing Warrant Agreement.

 WHEREAS, pursuant to the Existing Warrant Agreement, SPAC issued (a) 5,933,333 Private Placement Warrants to the Sponsor and (b)
11,500,000 Public Warrants; 
 WHEREAS, on July 28, 2021, SPAC, Holdings, Swvl Inc. (“Swvl”), Pivotal Merger Sub
Company I (“Cayman Merger Sub”) and Pivotal Merger Sub Company II Limited entered into a business combination agreement (as amended, modified or supplemented, from time to time, the “Business Combination
Agreement”); 
 WHEREAS, all of the Warrants are governed by the Existing Warrant Agreement; 

WHEREAS, pursuant to the Business Combination Agreement, among other things, SPAC will merge with and into Cayman Merger Sub (the
“SPAC Merger”), with Cayman Merger Sub surviving such merger; 
 WHEREAS, in connection with the SPAC Merger, among other
things, each Ordinary Share shall be automatically cancelled, extinguished and converted into the right to receive one Holdings Class A ordinary share of par value US $0.0001 per share (the “Holdings Common Shares A”); 

WHEREAS, upon consummation of the SPAC Merger, as provided in Section 4.4 of the Existing Warrant Agreement, the Warrants will no longer
be exercisable for Ordinary Shares but instead will be exercisable (subject to the terms of the Existing Warrant Agreement as amended hereby) for Holdings Common Shares A; 

WHEREAS, the Board has determined that the consummation of the transactions contemplated by the Business Combination Agreement will constitute
a Business Combination; 
 WHEREAS, as of and with effect on and from the SPAC Merger Effective Time (as defined in the Business Combination
Agreement), SPAC desires to assign all of its rights, interests and obligations in and under the Existing Warrant Agreement to Holdings and Holdings wishes to accept such assignment; and 

WHEREAS, Section 9.8 of the Existing Warrant Agreement provides that SPAC and the Warrant Agent may amend the Existing Warrant Agreement
without the consent of any Registered Holders for the purpose of adding or changing any other provisions with respect to matters or questions arising under the Existing Warrant Agreement as the parties may deem necessary or desirable and that the
parties deem shall not adversely affect the interest of the Registered Holders. 

  
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 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties
hereto agree as follows: 
 ARTICLE I 

ASSIGNMENT AND ASSUMPTION; CONSENT. 

SECTION 1.01. Assignment and Assumption. As of and with effect on and from the SPAC Merger Effective Time (as defined in the
Business Combination Agreement, the “Initial Closing”): 
 (a) SPAC hereby assigns to Holdings all of SPAC’s rights,
interests and obligations in and under the Existing Warrant Agreement (as amended hereby); and 
 (b) Holdings hereby assumes, and agrees to
pay, perform, satisfy and discharge in full, as the same become due, all of SPAC’s liabilities and obligations under the Existing Warrant Agreement (as amended hereby) arising on, from and after the Initial Closing. 

SECTION 1.02. Consent. The Warrant Agent hereby consents to (a) the assignment of the Existing Warrant Agreement by SPAC to
Holdings pursuant to Section 1.01(a) and the assumption of the Existing Warrant Agreement by Holdings from SPAC pursuant to Section 1.01(b), in each case effective as of the Initial Closing, and
(b) the continuation of the Existing Warrant Agreement (as amended by this Agreement), in full force and effect from and after the Initial Closing. 

ARTICLE II 

AMENDMENT OF EXISTING WARRANT AGREEMENT. 

Effective as of the Initial Closing, SPAC and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in this Article
II, and acknowledge and agree that the amendments to the Existing Warrant Agreement set forth in this Article II are to provide for the delivery of Alternative Issuance pursuant to Section 4.4 of the Existing Warrant Agreement (in
connection with the SPAC Merger and the transactions contemplated by the Business Combination Agreement). 
 SECTION 2.01.
References to the “Company”. All references to the “Company” in the Existing Warrant Agreement (including all Exhibits thereto) shall be references to Holdings. 

SECTION 2.02. References to Ordinary Shares. All references to “Ordinary Shares” in the Existing Warrant Agreement
(including all Exhibits thereto) shall be references to Holdings Common Shares A. 

  
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 SECTION 2.03. References to Business Combination. All references to
“Business Combination” in the Existing Warrant Agreement (including all Exhibits thereto) shall be references to the transactions contemplated by the Business Combination Agreement, and references to “the completion by the Company of
an initial Business Combination” and all variations thereof in the Existing Warrant Agreement (including all Exhibits thereto) shall be references to the Closing (as defined in the Business Combination Agreement). 

SECTION 2.04. Notice Clause. Section 9.2 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of
any Warrant to or on Holdings shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed
(until another address is filed in writing by Holdings with the Warrant Agent), as follows: 
 Swvl Inc. 

The Offices 4, One Central 

Dubai, United Arab Emirates 

Attention: Mostafa Kandil, Chief Executive Officer 

Email: mk@swvl.com 
 with a copy
to: 
 Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: O. Keith Hallam, III; Nicholas A. Dorsey; Richard Hall 

Email: khallam@cravath.com; ndorsey@cravath.com; rhall@cravath.com 

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by Holdings to or on the
Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Warrant Agent with Holdings), as follows: 
 Continental Stock Transfer & Trust Company 

1 State Street, 30th Floor 
 New
York, NY 10004 
 Attention: Compliance Department 

Email: Compliance@continentalstock.com 

  
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 ARTICLE III 

MISCELLANEOUS PROVISIONS. 

SECTION 3.01. Effectiveness of the Amendment. Each of the parties hereto acknowledges and agrees that the effectiveness of this
Agreement shall be expressly subject to the occurrence of the SPAC Merger and substantially contemporaneous occurrence of the Initial Closing and shall automatically be terminated and shall be null and void if the Business Combination Agreement
shall be terminated for any reason. 
 SECTION 3.02. Successors. All the covenants and provisions of this Agreement by or for
the benefit of SPAC, Holdings or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 

SECTION 3.03. Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement shall be
governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the parties hereto hereby agrees that
any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereto hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

SECTION 3.04. Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

SECTION 3.05. Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and
shall not affect the interpretation thereof. 
 SECTION 3.06. Severability. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

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

			
	QUEEN’S GAMBIT GROWTH CAPITAL
		
	By:	 	
                     

	Name: Victoria Grace
	Title: Chief Executive Officer

  
  
  

 
  

SIGNATURE PAGE TO 

ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT 

 
			
	PIVOTAL HOLDINGS CORP
		
	By:	 	              

	Name:	 	            
	Title:	 	            

  
  
  

 
  

SIGNATURE PAGE TO 

ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT 

 
			
	CONTINENTAL STOCK TRANSFER &
	TRUST COMPANY, as Warrant Agent
		
	By:	 	
                     
            

	Name:	 	            
	Title:	 	            

  
  
  

 
  

SIGNATURE PAGE TO 

ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT

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