Document:

Exhibit 10.2

 

AMENDMENT NO. 1 TO THE PROMISSORY NOTE

 

THIS AMENDMENT NO. 1 TO
THE PROMISSORY NOTE (this “Agreement”), dated as of August 18, 2021, by and between Integrated Energy Transition
Acquisition Corp., a Delaware corporation (the “Maker”) and Integrated Energy Partners, LLC (the “Payee”).

 

WHEREAS, Maker executed
and delivered a Promissory Note dated as of October 2, 2020 to Payee in the original principal amount of three hundred thousand dollars
($300,000) (the “Promissory Note”); and

 

WHEREAS, Maker and
Payee desire to amend the Promissory Note as set forth herein.

 

NOW, THEREFORE, for
other good and valuable consideration, the Maker and Payee hereby agree as follows:

 

		1.	All capitalized terms not otherwise defined herein shall have the respective meanings set forth in the
Promissory Note.

		2.	Paragraph 1 of the Promissory Note is hereby deleted in its entirety and replaced with the following:

 

Principal. The entire unpaid
principal balance of this Note shall be payable on the earlier of: (i) March 31, 2022 or (ii) the date on which Maker consummates an initial
public offering of its securities (such earlier date, the “Maturity Date”). The principal balance may be prepaid at
any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or stockholder of
the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

		3.	Except as specifically modified and amended herein, all other terms, conditions and covenants contained
in the Promissory Note shall remain in full force and effect.

		4.	This Agreement shall be binding upon and inure to the benefit of the Maker and Payee and their respective
successors and assigns.

		5.	This Agreement shall be construed and enforced in accordance with the laws of Delaware, without regard
to conflict of law provisions thereof.

 

[signature page follows]

 

     

     

    

  

IN WITNESS WHEREOF, the Maker has caused this Agreement
to be duly executed as of the day and year first above written.

 

	 	INTEGRATED ENERGY TRANSITION ACQUISITION CORP.
	 	 
	 	/s/ Christopher J. Close
	 	Name: Christopher J. Close
	 	Title: Chief Financial Officer

 

[Signature
Page to Amendment No. 1 to the Promissory Note]Exhibit 10.3

 

[●], 2022

 

Integrated Energy Transition Acquisition Corp.

c/o Lamb McErlane PC

24 E. Market Street

West Chester, PA 19381

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and among Integrated Energy Transition Acquisition Corp., a
Delaware company (the “Company”), and Cantor Fitzgerald & Co., (the
 “Representative”), relating to an underwritten initial public offering (the “Public
Offering”), of up to 17,250,000 of the Company’s units (including up to 2,250,000 Units that may be purchased to
cover over-allotments, if any, the “Units”), each comprised of one share of the Company’s
Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), and one-half of
one warrant (each, a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one share of
Class A Common Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering
pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the
Company with the United States Securities and Exchange Commission (the “Commission”) and the Company shall
apply to have the Units listed on the New York Stock Exchange. Certain capitalized terms used herein are defined in paragraph 9
hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Integrated Energy Partners, LLC, a Delaware limited
liability company (the “Sponsor”), and the other undersigned persons (each such other undersigned persons, an
 “Insider” and collectively, the “Insiders”), each hereby agrees, severally but not
jointly, with the Company as follows:

 

		1.	The undersigned agrees that if the Company seeks stockholder approval of a proposed initial Business Combination, then in connection
with such proposed initial Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of such
proposed initial Business Combination and (ii) not redeem any Shares owned by it, him or her in connection with such stockholder
approval.

 

		2.	The undersigned hereby agrees that in the event that the Company fails to consummate a Business Combination within 15 months from
the closing of the Public Offering (or such later period approved by the Company’s stockholders in accordance with the Company’s
amended and restated certificate of incorporation), it, he or she shall take all reasonable steps to cause the Company to (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter,
redeem 100% of the shares of Class A Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”),
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on
the funds held in the Trust Account (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by
the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders
(including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board
of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims
of creditors and other requirements of applicable law. The undersigned agrees that he or she will not propose any amendment to the Company’s
amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of
the Offering Shares if the Company does not complete a Business Combination within 15 months from the closing of the Public Offering or
with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company
provides its Public Stockholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held
in the Trust Account (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding Offering Shares.

 

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The undersigned acknowledges that
it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of
the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, he or she. The undersigned
hereby further waives, with respect to any Shares held by him or her, any redemption rights it, he or she may have in connection
with (x) the consummation of a Business Combination, including, without limitation, any such rights available in the context of
a stockholder vote to approve such Business Combination or in the context of a tender offer made by the Company to purchase shares
of Class A Common Stock and (y) a stockholder vote to approve an amendment to the Company’s amended and restated
certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemptions in
connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the Company has not
consummated its initial Business Combination within 15 months from the closing of the Public Offering or (B) with respect to
any other provision relating to stockholders’ rights or pre-initial Business Combination activity (although the Sponsor and
the Insiders shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the
Company fails to consummate a Business Combination within 15 months from the date of the closing of the Public Offering).

 

		3.	Notwithstanding the provisions set forth in paragraphs 6(a) and (b) below, during the period commencing on the effective
date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written
consent of the Underwriters, (i)  offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, or file
with, or submit to, the Commission a registration statement under the Securities Act of 1933, as amended (the “Securities Act”),
relating to any Units, shares of Class A Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable,
or exchangeable for, any Units, shares of Class A Common Stock, Founder Shares, or Warrants, or publicly disclose the intention to
undertake any of the foregoing, or (ii) enter into any swap or other arrangement that transfers, in whole or in part, any of the
economic consequences of ownership of any Units, shares of Class A Common Stock, Founder Shares, or Warrants or any such other securities,
whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of units or such other securities,
in cash or otherwise; provided, however, that the foregoing does not apply to the forfeiture of any Founder Shares pursuant to their terms
or any Transfer of Founder Shares to any current or future independent director of the company (as long as such current or future independent
director transferee is subject to this Letter Agreement or executes an agreement substantially identical to the terms of this Letter Agreement,
as applicable to directors and officers at the time of such Transfer; and as long as, to the extent any Section 16 reporting obligation
is triggered as a result of such Transfer, any related Section 16 filing includes a practical explanation as to the nature of the
Transfer). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of
the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company may announce the impending release or waiver by press
release through a major news service at least two business days before the effective date of the release or waiver. The provisions of
this paragraph will not apply if (i) the release or waiver is effected solely to permit a Transfer of securities that is not for
consideration and (ii) the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the
extent and for the duration that such terms remain in effect at the time of the Transfer.

 

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		4.	In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other
stockholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability,
claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become
subject as a result of any claim by (i) any third party (other than the Company’s independent registered public accounting
firm) for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has discussed
entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company
by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for services rendered (other than
the Company’s independent registered public accounting firm) or products sold to the Company or a Target do not reduce the amount
of funds in the Trust Account to below (i) $10.20 per Offering Share or (ii) such lesser amount per Offering Share held in the
Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets as of the date
of the liquidation of the Trust Account, in each case, net of the amount of interest which may be withdrawn to pay taxes, except as to
any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims
under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of
1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall
not be responsible to the extent of any liability for such third party claims. The Sponsor shall have the right to defend against any
such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of
the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

		5.	(a) To the extent that the Underwriter does not exercise their option to purchase up to an additional 2,250,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no
cost, a number of Founder Shares in the aggregate equal to 562,500 multiplied by a fraction, (i) the numerator of which is 2,250,000
minus the number of Units purchased by the Underwriters upon the exercise of their option to purchase additional Units and (ii) the
denominator of which is 2,250,000. All references in this Letter Agreement to Founder Shares of the Company being forfeited shall take
effect as a contribution of such Founder Shares to the Company’s capital as a matter of Delaware law. The forfeiture will be adjusted
to the extent that the option to purchase additional Units is not exercised in full by the Underwriters so that the number of Founder
Shares will equal an aggregate of 20.0% of the Company’s issued and outstanding Shares after the Public Offering. The Initial Stockholders
further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a stock dividend
or stock repurchase or redemption, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain
the number of Founder Shares at 20.0% of the Company’s issued and outstanding Shares upon the consummation of the Public Offering.
In connection with such increase or decrease in the size of the Public Offering, then (A) the references to 2,250,000 in the numerator
and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15.0% of the number of shares
of Class A Common Stock included in the Units issued in the Public Offering, (B) the reference to 562,500 in the formula
set forth in the first sentence of this paragraph shall be adjusted to, respectively, the total number of Founder Shares that the Sponsor
would have to return to the Company in order for the number of Founder Shares that the Sponsor owns (together with the Insiders) to equal
an aggregate of 20.0% of the Company’s issued and outstanding Shares after the Public Offering.

 

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		6.	(a) The undersigned agrees that it, he or she shall not Transfer any Founder Shares (or shares of Class A Common Stock issuable
upon conversion thereof) until the earlier of (i) one year after the completion of a Business Combination or earlier if, subsequent
to a Business Combination, the last reported sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after a Business Combination, or (ii) the date following the completion of a Business Combination
on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Stockholders
having the right to exchange their shares of Class A Common Stock for cash, securities or other property (the “Founder
Shares Lock-up Period”).

 

(b) The
Sponsor and each Insider agrees that it shall not Transfer any Private Placement Warrants or any shares of Class A Common Stock
issued or issuable upon the exercise of the Private Placement Warrants, until 30 days after the completion of a Business Combination
(the “Private Placement Warrants Lock-Up Period”, together with the Founder Shares Lock-Up Period, the
 “Lock-Up Periods”).

 

(c) Notwithstanding
the provisions set forth in paragraphs 6(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and shares of
Class A Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares
that are held by the Sponsor, any Insider or any of their Permitted Transferees are permitted to (i) any the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the
Sponsor (as defined below) or any affiliates of the Sponsor (ii) by gift to a member of one of the members of the
undersigned’s immediate family or to a trust, the beneficiary of which is a member of one of the undersigned’s immediate
family, an affiliate of such person or to a charitable organization; (iii) by virtue of laws of descent and distribution upon
death of the undersigned; (iv) pursuant to a qualified domestic relations order; (v) by private sales or transfers made in
connection with the consummation of a Business Combination at prices no greater than the price at which the shares were originally
purchased; (vi) by virtue of the laws of Delaware the limited liability company agreement of the Sponsor upon dissolution of
the Sponsor; (vii) in the event of the Company’s liquidation prior to the completion of a Business Combination; or
(viii) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of
the Public Stockholders having the right to exchange their Class A Common Stock for cash, securities or other property
subsequent to the completion of a Business Combination; provided, however, that in the case of clauses
(i) through (vi) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer
restrictions and other applicable restrictions in this Letter Agreement.

 

		7.	The undersigned’s biographical information furnished to the Company and the Underwriter (including any such information included
in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the undersigned’s
background. The undersigned’s questionnaire furnished to the Company and the Underwriter is true and accurate in all respects. The
undersigned represents and warrants that: the undersigned is not subject to or a respondent in any legal action for, any injunction, cease-and-desist
order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;
the undersigned has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial
transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and the undersigned is
not currently a defendant in any such criminal proceeding; and the undersigned has never been suspended or expelled from membership in
any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or
revoked.

 

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		8.	Except as disclosed in the Prospectus, neither the undersigned nor any affiliate of the undersigned shall receive any finder’s
fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with
any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type
of transaction that it is).

 

		9.	The undersigned hereby agrees and acknowledges that (i) each of the Underwriter and the Company would be irreparably injured
in the event of a breach by the undersigned of his or her obligations under paragraphs 1, 2, 3, 4, 5, 6(a), 6(b) and 8 of this Letter
Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled
to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

		10.	The undersigned has full right and power, without violating any agreement to which it, he or she is bound (including, without limitation,
any non- competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as
applicable, to serve as an officer of the Company or as a director on the board of directors of the Company and hereby consents to being
named in the Prospectus as an officer and/or director of the Company.

 

		11.	As used herein, (a) “Business Combination” shall mean a merger, capital share exchange, asset acquisition,
share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (b) “Shares”
shall mean, collectively, the shares of Class A Common Stock and the Founder Shares (c) “Founder Shares”
shall mean the 4,312,500 shares of Class B Common Stock of the Company, par value $0.0001 per share, issued and outstanding immediately
prior to the consummation of the Public Offering; (d) “Public Stockholders” shall mean the holders of securities
issued in the Public Offering; (e) “Trust Account” shall mean the trust fund into which a portion of the
net proceeds of the Public Offering shall be deposited; (f) “Private Placement Warrants” shall mean the
Warrants to purchase an aggregate of 8,500,000 shares (or 8,950,000 shares if the over-allotment option is exercised in full) of Class A
Common Stock of the Company that the Sponsor has agreed to purchase for an aggregate purchase price of $8,500,000 (or $8,950,000 if the
over-allotment option is exercised in full), or $1.00 per Warrant, in a private placement that shall occur substantially concurrently
with the consummation of the Public Offering; (f) Initial Stockholders shall mean the Sponsor and any Insider that holds Founders
Shares; and (h) “Transfer” shall mean the (i) sale of, offer to sell, contract or agreement to sell,
hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of
Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder
with respect to, any security, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause 9(h)(i) or
9(h)(ii).

 

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		12.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
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. This Letter Agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by the parties hereto.

 

		13.	Neither party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the undersigned
and each of his or her respective successors, heirs, personal representatives and assigns.

 

		14.	This Letter Agreement shall be governed by and construed and enforced in accordance with 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. The
parties hereto (a) agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive, and (b) waive any objection to such exclusive jurisdiction and venue or that
such courts represent an inconvenient forum.

 

		15.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in
writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission.

 

		16.	This Letter Agreement shall terminate on the earlier of (a)  the expiration of the Lock-up Periods, or (b)  the liquidation
of the Company; provided, however, that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature page follows.]

 

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	 	Sincerely,
	 	 
	Acknowledged and Agreed: 
	 
	 	 
	INTEGRATED ENERGY TRANSITION ACQUISITION CORP.	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

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