Document:

Exhibit 10.1

 

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

 

Up to $400,000

Issue Date: January 28, 2022

No. A-2

New York, New York

 

MedTech Acquisition Corporation,
a Delaware corporation (the “Maker”), promises to pay to the order of MedTech Acquisition Sponsor LLC (the “Payee”)
the principal sum of up to FOUR HUNDRED THOUSAND DOLLARS ($400,000) (the “Maximum Principal Amount”) in lawful money
of the United States of America, on the terms and conditions described below.

 

1.            Principal.
The Payee shall be obligated to lend to the Maker amounts up to the Maximum Principal Amount. The principal balance of this Note, as reflected
on Schedule A hereto (such Schedule to be updated from time to time by the Maker as amounts are borrowed from the Payee up to the
Maximum Principal Amount), shall be repayable on the date on which Maker consummates a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses (the “Initial Business Combination”).
No amount shall be due under this Note if such Initial Business Combination is not consummated on or before the 24 month anniversary of
the date of the completion of the Maker’s initial public offering (“IPO”).

 

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. Failure by Maker to pay the principal of, or other payments on, this Note within five (5) business days following
the date when due shall constitute an “Event of Default”.

 

5.            Remedies.
Upon the occurrence of an Event of Default, 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 Maker or affecting Maker’s 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:

MedTech Acquisition Corporation

48 Maple Avenue

Greenwich, CT 06830

Attention: Christopher C. Dewey

Email:
ccdewey@gmail.com

 

If to Payee:

MedTech Acquisition Sponsor LLC

48 Maple Avenue

Greenwich, CT 06830

Attention: Christopher C. Dewey

Email:
ccdewey@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. Payee acknowledges that it has read the Investment Management Trust Agreement, dated as of December 17, 2020, by and
between Maker and Continental Stock Transfer & Trust Company, a New York corporation, and understands that Maker has established
the trust account described therein (the “Trust Account”) for the benefit of Maker’s public shareholders and
that disbursements from the Trust Account are available only in the limited circumstances set forth therein. Payee further acknowledges
and agrees that Maker’s sole assets consist of the cash proceeds of the IPO and private placements of its securities, and that substantially
all of these proceeds have been deposited in the Trust Account for the benefit of its public shareholders. Accordingly, and 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, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the 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.

 

 

	 	MEDTECH ACQUISITION CORPORATION
	 	 
	 	By:	 /s/ Christopher C. Dewey
	 	Name:	Christopher C. Dewey
	 	Title:	Chief Executive Officer

 

     

     

    

 

Schedule A

 

	Date	Payee	Principal Amount
	January 28, 2022	MedTech Acquisition Sponsor, LLC	$75,000Exhibit 4.1

 

SPECIMEN UNIT CERTIFICATE 

 

NUMBER UNITS U- 

	 	 	 	 	 
	
    SEE REVERSE FOR

    CERTAIN

    DEFINITIONS
	 	ONS Acquisition Corp.	 	 

 

CUSIP G67560121

 

UNITS CONSISTING OF ONE CLASS A ORDINARY SHARE
AND ONE 

 

REDEEMABLE WARRANT TO PURCHASE ONE CLASS A ORDINARY
SHARE 

 

THIS CERTIFIES THAT is the owner of Units.

 

Each Unit (“Unit”) consists of one (1) Class A ordinary
share, par value $0.0001 per share (“Ordinary Shares”), of ONS Acquisition Corp., a Cayman Islands exempted company (the “Company”),
and  one redeemable warrant (a “Warrant”). Each Warrant entitles the holder to purchase
one (1) Ordinary Share for $11.50 per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) thirty (30)
days after the Company’s completion of a merger, share exchange, asset acquisition, share purchase, reorganization or other similar
business combination with one or more businesses (each, a “Business Combination”), and (ii) twelve (12) months from the closing
of the Company’s initial public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date that
is five (5) years after the date on which the Company completes its initial Business Combination, or earlier upon redemption or liquidation
(the “Expiration Date”). The Ordinary Shares and Warrants comprising the Units represented by this certificate are not transferable
separately prior to , 2022, unless Ladenburg Thalmann & Co. Inc. elects to allow earlier separate trading, subject to the Company’s
filing with the Securities and Exchange Commission of a Current Report on Form 8-K containing an audited balance sheet reflecting the
Company’s receipt of the gross proceeds of the initial public offering and issuing a press release announcing when separate trading
will begin. No fractional warrants will be issued upon separation of the Units and only whole warrants are exerciseable. The terms of
the Warrants are governed by a Warrant Agreement, dated as of [__], 2022, between the Company and Continental Stock Transfer & Trust
Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder
of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at
1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant holder on written request and without cost.

 

Upon the consummation of the Business Combination, the Units represented
by this certificate will automatically separate into the Class A Ordinary Shares and Warrants comprising such Units.

 

This certificate is not valid unless countersigned by the Transfer
Agent and Registrar of the Company.

 

This certificate shall be governed by and construed in accordance with
the internal laws of the State of New York.

 

Witness the facsimile signatures of its duly authorized officers.

 

	 	 	 	 
	By	                         	 	                        
	 	Chief Executive Officer	 	Chief Financial Officer

 

    

     

    

 

ONS Acquisition Corp. 

 

The Company will furnish without charge to each unitholder who so requests,
a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of shares
or series thereof of the Company and the qualifications, limitations or restrictions of such preferences and/or rights.

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TEN COM	 	—	 	as tenants in common	 	UNIF GIFT

 MIN ACT	 	—	 	 	 	Custodian	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	(Cust)	 	 	 	(Minor)
	 	 	 	 	 	 
	TEN ENT	 	—	 	as tenants by the entireties	 	 	 	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	(State)
	 	 	 	 	 	 	 	 
	JT TEN	 	—	 	as joint tenants with right of survivorship and not as tenants in common	 	 	 	 	 	 	 	 	 	 

 

Additional abbreviations may also be used though
not in the above list.

 

    2

     

    

 

	For value received,	 	hereby sells, assigns and transfers unto	 	 

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE)

 

Units represented by the within Certificate, and do hereby irrevocably
constitute and appoint Attorney to transfer the said Units on the books of the within named Company with full power of substitution in
the premises.

 

	Dated	 	                       	 	 
	 	 	 	 	
    Notice: The signature to this assignment must correspond
with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

	
    Signature(s) Guaranteed:
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 OR ANY SUCCESSOR RULES).	 	 

 

In each case, as more fully described in the Company’s final
prospectus dated [__], 2022, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in
the trust account established in connection with the Company’s initial public offering only in the event that (i) the Company redeems
the Ordinary Shares sold in its initial public offering and liquidates because it does not consummate an initial business combination
within the period of time set forth in the Company’s amended and restated memorandum and articles of association, as the same may
be amended from time to time, (ii) the Company redeems the Ordinary Shares sold in its initial public offering in connection with a shareholder
vote to amend the Company’s amended and restated memorandum and articles of association (A) that would modify the substance or timing
of the Company’s obligation to provide holders of the Ordinary Shares the right to have their shares redeemed in connection with
the Company’s initial business combination or to redeem 100% of the Ordinary Shares if the Company does not complete its initial
business combination within the time period set forth therein or (B) with respect to any other provision relating to the rights of holders
of the Ordinary Shares, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective Ordinary Shares in connection
with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial business
combination) setting forth the details of a proposed initial business combination. In no other circumstances shall the holder(s) have
any right or interest of any kind in or to the trust account.

 

 

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