Document:

EX-10.6

 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 

June 18, 2021 
  

	
	 $300,000

	 No. A-1

 Phoenix Biotech Acquisition Corp. (the “Maker”) promises to pay to the order of Phoenix
Biotech Sponsor, LLC or its designee (collectively, 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) September 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. 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: 
 Phoenix Biotech
Acquisition Corp. 
 c/o Ledgewood PC 

Two Commerce Square 
 2001 Market
Street, Suite 750 
 Philadelphia, PA 19103 

Attention: Chris Ehrlich 
 Email:
chrisbehrlich@gmail.com 
 If to Payee: 

Phoenix Biotech Sponsor, LLC 

2201 Broadway, Suite 705 
 Oakland
CA 94612 
 Attention: Chris Ehrlich 

Email: chrisbehrlich@gmail.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] 

 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. 
  

			
	PHOENIX BIOTECH ACQUISITION CORP.
		
	By:	 	/s/ Chris Ehrlich
	Name:	 	Chris Ehrlich
	Title:	 	Chief Executive Officer

 [Signature Page – Promissory Note Pre-IPO]EX-10.7

 Exhibit 10.7 

PHOENIX BIOTECH ACQUISITION CORP. 

2201 Broadway, Suite 705 
 Oakland,
CA 94612 
 [__], 2021 
 Phoenix Biotech
Sponsor, LLC 
 2201 Broadway, Suite 705 
 Oakland, CA 94612

  

	 	Re:	 Administrative Services Agreement 

Gentlemen: 
 This letter agreement by and between
Phoenix Biotech Acquisition Corp. (the “Company”) and Phoenix Biotech Sponsor, LLC (the “Sponsor”), dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first
listed on the Nasdaq Capital Market (the “Listing Date”), pursuant to a Registration Statement on Form S-1 and prospectus filed with the Securities and Exchange Commission (the “Registration
Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter
referred to as the “Termination Date”): 
 (i) The Sponsor or one of its affiliates or designees shall make available to the
Company, at 2201 Broadway, Suite 705, Oakland, CA 94612 (or any successor location of Sponsor or its affiliates or designees), certain office space, utilities, and shared personnel support services as may be reasonably requested by the Company. In
exchange therefor, the Company shall pay the Sponsor the sum of $20,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date; and 

(ii) The Sponsor hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a
“Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into which substantially all of the proceeds of the
Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of, this letter agreement, which Claim would reduce, encumber
or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets
in the Trust Account for any reason whatsoever. 
 This letter agreement may not be amended, modified or waived as to any particular
provision, except by a written instrument executed by the parties hereto. 
 No party hereto may assign either this letter agreement or any
of its rights, interests, or obligations hereunder without the prior written approval 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, the entire relationship of the parties hereto, and any litigation between the
parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the Commonwealth of Pennsylvania, without giving effect to its choice of laws
principles. 
 [Signature pages follows] 

					
	 Very truly yours,

	
	PHOENIX BIOTECH ACQUISITION CORP.
			
	 By:
	 	 	 	 
	        	 	Name:	 	 Chris Ehrlich

		 	Title:	 	 Chief Executive Officer

 [Signature Page to Administrative Services Agreement] 

 AGREED TO AND ACCEPTED BY: 
  

					
	PHOENIX BIOTECH SPONSOR, LLC
		
	 By:
	 	 
	        	 	Name:	 	
		 	Title:	 	

 [Signature Page to Administrative Services Agreement]

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