Document:

Exhibit 10.6

 

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 MAKER THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

PROMISSORY NOTE

 

February 12, 2021

 

$300,000

No. A-1

  

FTAC Zeus Acquisition Corp. (the “Maker”)
promises to pay to the order of FTAC Zeus Sponsor, LLC (the “Payee”) the principal sum of up to Three Hundred
Thousand ($300,000) in lawful money of the United States of America, on the terms and conditions described below.

 

1. Principal.
The principal balance of this Note shall be repayable on earlier of (the “Maturity Date”) (a) the date on which
Maker consummates its initial public offering (“IPO”) and (b) June 30, 2021.

 

2. Interest.
This Note shall bear no interest.

 

3. 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, then to the payment in full of any late charges and finally
to the reduction of the unpaid principal balance of this Note.

 

4. Events of Default.
The following shall constitute Events of Default:

 

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

 

5. Remedies.

 

(a)  Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be
due and payable, whereupon the principal amount of this Note, and all other amounts payable under this Note, 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.

 

6.  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 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.

 

7. 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 them or affecting their liability hereunder.

 

    

    

    

 

8. 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,
(iv) sent by facsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate
by notice in accordance with this Section:

 

If to Maker:

 

FTAC Zeus Acquisition Corp.

2929 Arch Street, Suite 1703

Philadelphia, PA 19104

Attention: Ryan M. Gilbert

Email: rgoffice@gmail.com

 

  If
to Payee:

 

FTAC Zeus Sponsor, LLC

2929 Arch Street, Suite 1703

Philadelphia, PA 19104

Attention: Daniel G. Cohen

Email: dcohen@cohenandcompany.com

 

Notice shall be deemed given on the earlier of (i) actual receipt
by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed delivery receipt, or (vi) two
(2) business days following tender of delivery or dispatch by express mail or delivery service.

 

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

 

10. 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.

 

11. 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 the trust account (other than interest income earned on such
trust account) in which will be deposited the proceeds of Maker’s IPO and the proceeds of the sale of the securities issued
in a private placement to be consummated concurrently with the completion of the Maker’s IPO, and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the trust account (other than interest income earned on
such trust account) for any reason whatsoever.

 

12. 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.

 

13. 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.

 

[Signature Page Follows]

 

    2

    

    

 

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

 

	 	FTAC ZEUS ACQUISITION CORP.
	 	 
	 	By: 	/s/ Ryan M. Gilbert
	 	Name:  	Ryan M. Gilbert
	 	Title: 	Chief Executive Officer

 

[Signature Page – FTAC Zeus Promissory
Note Pre-IPO]

 

 

3Exhibit 4.2

   

  Description of Securities

   

  The following description is based on relevant portions of the Delaware General Corporation Law, the Company’s
      Governing Documents and the Investment Company Act of 1940 (the “1940 Act”). This summary is not complete, and the Company refers you to the Delaware General Corporation Law, the Company’s charter and by-laws and the 1940 Act for a more detailed
      description of the provisions summarized below.

   

  General

   

  Under the terms of the Company’s Certificate of Incorporation, the Company’s authorized stock consists of
      300,000,000 shares of common stock, par value $0.001 per share. There are currently no outstanding options or warrants to purchase the Company’s stock. No stock has been authorized for issuance under any equity compensation plans. Under Delaware law,
      Stockholders generally are not personally liable for the Company’s debts or obligations.

   

  Under the terms of the Company’s Certificate of Incorporation, holders of common stock are entitled to one vote
      for each share held on all matters submitted to a vote of Stockholders and do not have cumulative voting rights. Holders of a plurality of the votes of the shares present in person or represented by proxy at the meeting to elect directors and
      entitled to vote on the election of directors may elect all of the directors standing for election. Holders of common stock are entitled to receive proportionately any dividends declared by the Board of Directors, subject to any preferential dividend
      rights of outstanding preferred stock. Upon the Company’s liquidation, dissolution or winding up, the holders of common stock are entitled to receive ratably the Company’s net assets available after the payment of all debts and other liabilities and
      subject to the prior rights of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. The Company’s common stock is junior to the Company’s indebtedness and other liabilities.

   

  Transfers of Shares

   

  Stockholders may not transfer any shares of the Company’s common stock unless (i) the Advisor gives consent, and
      (ii) the transfer is made in accordance with applicable securities laws and the Company’s governing documents. The Advisor will not unreasonably withhold its consent to the transfer of all or a portion of a Stockholder’s shares of common stock to an
      affiliate of such Stockholder on at least 30 days’ prior written notice; provided that the conditions in the governing documents of the Company are otherwise satisfied; provided, further, that with respect to any requirement of the Stockholder to
      deliver an opinion of counsel, in-house counsel of the Stockholder or outside legal counsel selected by the Stockholder if admitted to practice under the laws of the relevant jurisdiction covered by the opinion (or otherwise qualified to provide the
      opinion) and having sufficient experience with the relevant subject matter will be acceptable.

   

  Notes

   

  The Company previously issued to each of approximately 110 separate investors a “Note” with a principal amount of
      $1,000. The purchase price for each Note was $1,000 per Note. The Company pays interest on the unpaid principal amount of the Notes at a rate of 12.00% per annum per Note payable semi-annually in arrears. The Notes have a 30-year term. Some or all of
      the Notes may be prepaid by the Company at any time, in whole or in part, provided that (i) the Company will pay on the date of such prepayment all accrued and unpaid interest due on such prepaid principal amount to and including the date of
      prepayment and (ii) if the prepayment occurs prior to the December 31, 2022, the Company will pay on the date of such prepayment a one-time premium equal to $100 per Note. The Company issued the Notes in private placement transactions pursuant to
      certain exemptions of the Securities Act of 1933 and the laws of the states and jurisdictions where any offering was made.

   

  
     

    
      
 

  

  
  Delaware Law and Certain Charter and By-Law Provisions; Anti-Takeover Measures 

   

  The Company’s Certificate of Incorporation and by-laws provide that:

   

  		●	the Board of Directors be organized in a single class with all directors standing for election each year;

   

  		●	directors may be removed by the affirmative vote of the holders of 80% of the then outstanding shares of the Company’s
            capital stock entitled to vote; and

   

  		●	subject to the rights of any holders of preferred stock, any vacancy on the Board of Directors, however the vacancy occurs,
            including a vacancy due to an enlargement of the board, may only be filled by vote of a majority of the directors then in office.

   

  The Company’s Certificate of Incorporation also provides that special meetings of the Shareholders may only be
      called by the Board of Directors, Chairman, Chief Executive Officer or President.

   

  Delaware’s corporation law provides generally that the affirmative vote of a majority of the shares entitled to
      vote on any matter is required to amend a corporation’s certificate of incorporation or by-laws, unless a corporation’s certificate of incorporation or by-laws requires a greater percentage. The Company’s Certificate of Incorporation permits the
      Board of Directors to amend or repeal the by-laws or adopt new by-laws at any time. Shareholders may amend or repeal the by-laws or adopt new by-laws with the affirmative vote of 80% of the then outstanding shares.

   

  Anti-Takeover Provisions

   

  The Company’s Certificate of Incorporation includes provisions that could have the effect of limiting the ability
      of other entities or persons to acquire control of the Company or to change the composition of the Board of Directors. A director may be removed from office by a vote of the holders of at least 80% of the shares then entitled to vote for the election
      of the respective director.

   

  
    2 

    
      
 

  

  
  To convert the Company to a closed-end or open-end investment company, to merge or consolidate the Company with
      any entity or sell all or substantially all of the Company’s assets to any entity in a transaction as a result of which the governing documents of the surviving entity do not contain substantially the same anti-takeover provisions as are provided in
      the Company’s Certificate of Incorporation or to liquidate and dissolve the Company other than in connection with a qualifying merger, consolidation or sale of assets or to amend certain of the provisions relating to these matters, the Company’s
      Certificate of Incorporation requires either (i) the favorable vote of a majority of the Company’s continuing directors followed by the favorable vote of the holders of a majority of the Company’s then outstanding shares of each affected class or
      series of the Company’s shares, voting separately as a class or series or (ii) the favorable vote of at least 80% of the then outstanding shares of the Company’s capital stock, voting together as a single class. As part of any such conversion to an
      open-end investment company, substantially all of the Company’s investment policies and strategies and portfolio would have to be modified to assure the degree of portfolio liquidity required for open-end investment companies. In the event of the
      Company’s conversion to an open-end investment company, the common stock would cease to be listed on any national securities exchange or market system. Shareholders of an open-end investment company may require the company to redeem their shares at
      any time, except in certain circumstances as authorized by or under the 1940 Act, at their net asset value, less such redemption charge, if any, as might be in effect at the time of a redemption. You should assume that it is not likely that the Board
      of Directors would vote to convert the Company to an open-end fund.

   

  The 1940 Act defines “a majority of the outstanding voting securities” as the lesser of a majority of the
      outstanding shares and 67% of a quorum of a majority of the outstanding shares. For the purposes of calculating “a majority of the outstanding voting securities” under the Company’s Certificate of Incorporation, each class and series of the Company’s
      shares will vote together as a single class, except to the extent required by the 1940 Act or the Company’s Certificate of Incorporation, with respect to any class or series of shares. If a separate class vote is required, the applicable proportion
      of shares of the class or series, voting as a separate class or series, also will be required.

    

  

   

  

  

  3

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