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

 

	 	 Dated as of November 18, 2022
	 	 
	Principal Amount: Up to $686,690	New York, New York

  

KludeIn I Acquisition Corp.,
a Delaware corporation and a special purpose acquisition company (the “Maker”), promises to pay to the order of Near
Intelligence Holdings Inc., a Delaware corporation, or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to Six Hundred Eighty Six Thousand Six Hundred and Ninety U.S. Dollars ($686,690) (the “Principal
Amount”) 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 Note shall be due and payable by the Maker on the earlier of (such date, the “Maturity Date”),
subject to Section 12 below, (a) the date that Maker consummates the Maker’s initial business combination and (b) the date of the
liquidation of the Maker. Under no circumstances shall any individual, including, but not limited to, any officer, director, employee
or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

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

 

3. Drawdown
Requests. Payee will fund up to the Principal Amount into the trust account of Maker established in connection with its initial public
offering (the “Trust Account”), such amounts to be for the benefit of the Maker’s unredeemed shares of Class
A common stock upon redemption or liquidation of the Maker, all in accordance with the Company’s amended and restated certificate
of incorporation. The principal of this Note may be drawn down in two or more instalments with $343,345 being the first withdrawal in
November 2022, upon written request from the Maker to the Payee, up 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 be made before the
12th of each applicable month or any such date as mutually agreed between the parties and state the amount to be drawn down.
Payee shall fund each Drawdown Request via a wire transfer directly to the Trust Account no later than the 17th of each applicable
month; provided, however, that the maximum amount of drawdowns collectively under this Note shall not exceed the Principal Amount.
Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests. 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 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 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 the 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 the 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 the 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 the Maker generally to pay its debts as such debts become due, or the taking of corporate
action by the 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 the 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 the 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 sixty (60) consecutive
days.

 

6. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, the Payee may, by written notice to the 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), 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 the Payee.

 

7. Waivers. 
The 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 the Payee
under the terms of this Note, and all benefits that might accrue to the 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 the 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 the Payee.

 

8. Unconditional
Liability.  The 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 the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the 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 the Maker or affecting the Maker’s liability hereunder.

 

    2

     

    

 

9. Notices. 
All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (a)
personally or sent by first class registered or certified mail, or overnight courier service to the address designated in writing, (b)
by facsimile to the number most recently provided to such party or such other fax number as may be designated in writing by such party
or (c) 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 CONFLICT OF LAW 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, the 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 the Maker (including
the deferred underwriters’ discounts and commissions) and the proceeds of the sale of the warrants 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 Statement on
Form S-1 (333-251337) filed 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. The provisions of this Section
12 shall be in addition to, and not in limitation of, any releases of Claims provided by the Payee pursuant to any other agreement between
the Payee and the Maker, including, without limitation, that certain Agreement and Plan of Merger, dated as of May 18, 2022, by and among
the Maker, Payee and the other parties thereto.

 

13. 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.

 

14. Assignment. No assignment
or transfer of this Note or any rights or obligations hereunder may be made by the Maker (by operation of law or otherwise) without the
prior written consent of the Payee and any attempted assignment without the required consent shall be void.

 

[Remainder of page intentionally left blank.
Signature page follows.]

 

    3

     

    

 

IN WITNESS WHEREOF,
the 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. 

 

	 	KludeIn I Acquisition Corp.
	 	 	 
	 	By:	/s/ Mini Krishnamoorthy
	 	 	Name:  	Mini Krishnamoorthy
	 	 	Title: 	Chief Financial Officer 

 

Acknowledged and Agreed:

 

Near Intelligence Holdings Inc.

 

	By:	/s/ Anil Matthews	 
	 	Name: 	Anil Mathews	 
	 	Title:	Chief Executive Officer and President	 

 

 

4Exhibit
10.23

 

ZHONG YUAN BIO-TECHNOLOGY HOLDINGS LIMITED 

CODE
OF BUSINESS CONDUCT AND ETHICS 

I.
PURPOSES 

The
Board of Directors (the “Board”) of CGL Logistics Holdings Limited (the “Company”) has adopted this Code of Ethics
(this “Code”), which is applicable to all directors, officers, and employees (to the extent that employees are hired in the
future) (each a “person,” as used herein) of the Company, with the intent to:

·
promote honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships; 

·
promote the full, fair, accurate, timely, and understandable
disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the “SEC”),
as well as in other public communications made by or on behalf of the Company; 

·
promote compliance with applicable governmental laws,
rules, and regulations; 

·
deter wrongdoing; and 

·
require prompt internal reporting of breaches of, and
accountability for adherence to, this Code. 

This
Code may be amended only by resolution of the Board. In this Code, references to the “Company” mean CGL Logistics Holdings
Limited, and include, in appropriate context, the Company’s subsidiaries.

II.
HONEST, ETHICAL AND FAIR CONDUCT 

Each
person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair, and candid. Deceit,
dishonesty, and subordination of the Company’s interests to personal interests are inconsistent with integrity. Service to the
Company should never be subordinated to personal gain or advantage.

Each
person must:

·
Act with integrity, including being honest and candid
while still maintaining the confidentiality of the Company’s information where required or in the Company’s interests. 

    	 

    	 

    

 

·
Observe all applicable governmental laws, rules, and
regulations. 

·
Comply with the requirements of applicable accounting
and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company’s
financial records and other business-related information and data. 

·
Adhere to a high standard of business ethics and not
seek competitive advantage through unlawful or unethical business practices. 

·
Deal fairly with the Company’s customers, suppliers,
competitors, and employees. 

·
Refrain from taking advantage of anyone through manipulation,
concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. 

·
Protect the assets of the Company and ensure their proper
use. 

·
Refrain from (i) taking for themselves corporate or
business opportunities that are discovered through the use of corporate assets, (ii) using corporate assets, information, or position
for personal gain, and (iii) competing with the Company. 

·
Avoid conflicts of interest, wherever possible, except
as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board). Anything that would
be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family or a close
relative. Examples of conflict of interest situations include, but are not limited to, the following: 

·
any significant ownership interest in any supplier or
customer; 

·
any consulting or employment relationship with any customer,
supplier, or competitor; 

·
any outside business activity that detracts from a person’s
ability to devote appropriate time and attention to his or her responsibilities with the Company; 

·
the receipt of any money, non-nominal gifts, or excessive
entertainment from any entity with which the Company has current or prospective business dealings; 

·
being in the position of supervising, reviewing, or
having any influence on the job evaluation, pay, or benefit of any close relative; 

    	 

    	 

    

 

·
selling anything to the Company or buying anything from
the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell; 

·
any other financial transaction, arrangement, or relationship
(including any indebtedness or guarantee of indebtedness) involving the Company; and 

·
any other circumstance, event, relationship, or situation
in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the interests
of the Company as a whole. 

III.
DISCLOSURE 

The
Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and
other public communications shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards,
including standards of materiality, where appropriate. Each person must:

·
not knowingly misrepresent, or cause others to misrepresent,
facts about the Company to others, whether within or outside the Company, including to the Company’s independent auditors, governmental
regulators, self-regulating organizations, and other governmental officials, as appropriate; and 

·
in relation to his or her area of responsibility, properly
review and critically analyze proposed disclosure for accuracy and completeness. 

In
addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company
(or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company
must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial
operations of the Company.

Each
person must promptly bring to the attention of the Chairperson of the Audit Committee of the Board (the “Audit Committee”)
(or the Chairperson of the Board if no Audit Committee exists) any information he or she may have concerning (a) significant deficiencies
in the design or operation of internal and/or disclosure controls which could adversely affect the Company’s ability to record,
process, summarize, and report financial data or (b) any fraud, whether or not material, that involves management or other employees
who have a significant role in the Company’s financial reporting, disclosures, or internal controls.

    	 

    	 

    

 

IV.
COMPLIANCE 

It
is the Company’s obligation and policy to comply with all applicable governmental laws, rules, and regulations. It is the personal
responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules, and regulations,
including those relating to accounting and auditing matters.

V.
REPORTING AND ACCOUNTABILITY 

The
Board or Audit Committee, if one exists, is responsible for applying this Code to specific situations in which questions are presented
to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential
breach of this Code is required to notify the Chairperson of the Board or Audit Committee promptly. Failure to do so is itself a breach
of this Code.

Specifically,
each person must:

·
Notify the Chairperson promptly of any existing or potential
violation of this Code. 

·
Not retaliate against any other person for reports of
potential violations that are made in good faith. The Company will follow the following procedures in investigating and enforcing this
Code and in reporting on this Code: 

·
The Board or Audit Committee, if one exists, will take
all appropriate action to investigate any breaches reported to it. 

·
If the Audit Committee, if one exists, determines by
majority decision that a breach has occurred, it will inform the Board. 

·
Upon being notified that a breach has occurred, the
Board by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation
with the Audit Committee, if one exists, and/or the Company’s counsel, up to and including dismissal or, in the event of criminal
or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. 

No
person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee
thereof to discharge, demotion, suspension, threat, harassment, or, in any manner, discrimination against such person in terms and conditions
of employment.

    	 

    	 

    

 

VI.
WAIVERS AND AMENDMENTS 

Any
waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal
financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined
below) to this Code is required to be disclosed in the Company’s Annual Report on Form 20-F or in a Current Report on Form 6-K
filed with the SEC.

A
“waiver” means the approval by the Board of a material departure from a provision of this Code. An “implicit waiver”
means the Company’s failure to take action within a reasonable period of time regarding a material departure from a provision of
this Code that has been made known to an executive officer of the Company. An “amendment” means any amendment to this Code
other than minor technical, administrative, or other non-substantive amendments hereto.

All
persons should note that it is not the Company’s intention to grant or to permit waivers from the requirements of this Code. The
Company expects full compliance with this Code.

VII.
INSIDER TRADING AND DISSEMINATION OF INSIDE INFORMATION 

Each
person shall comply with the Company’s Policy Regarding Insider Trading and Dissemination of Inside Information.

VIII.
FINANCIAL STATEMENTS AND OTHER RECORDS 

All
of the Company’s books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately
reflect the Company’s transactions and must both conform to applicable legal requirements and to the Company’s system of
internal controls. Unrecorded or “off the books” funds or assets should not be maintained unless permitted by applicable
law or regulation. Records should always be retained or destroyed according to the Company’s record retention policies. In accordance
with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company’s internal
or external legal counsel.

IX.
IMPROPER INFLUENCE ON CONDUCT OF AUDITS 

No
director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action to
coerce, manipulate, mislead, or fraudulently influence any public or certified public accountant engaged in the performance of an audit
or review of the financial statements of the Company or take any action that such person knows or should know that if successful could
result in rendering the Company’s financial statements materially misleading. Any person who believes such improper influence is
being exerted should report such action to such person’s supervisor, or if that is impractical under the circumstances, to any
of our directors.

Types
of conduct that could constitute improper influence include, but are not limited to, directly or indirectly:

●
Offering or paying bribes or other financial incentives, including future employment or contracts for non-audit services;

●
Providing an auditor with an inaccurate or misleading legal analysis;

●
Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the Company’s accounting;

●
Seeking to have a partner removed from the audit engagement because the partner objects to the Company’s accounting;

●
Blackmailing; and

●
Making physical threats.

X.
Anti-Corruption Laws 

The
Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices
Act. To the extent prohibited by applicable law, directors, officers and employees will not directly or indirectly give anything of value
to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both
to Company employees and agents, such as third party sales representatives, no matter where they are doing business. If you are authorized
to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company’s
standards in this area.

XI.
Violations 

Violation
of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil
or criminal liability which might be imposed by any court or regulatory agency.

XII.
Other Policies and Procedures 

Any
other policy or procedure set out by the Company in writing or made generally known to employees, officers, or directors of the Company
prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

XIII.
Inquiries 

All
inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company’s
Secretary. 

 

 

Effective as of November
24, 2022.

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