Document:

Exhibit 10.1

 

THIS
CONVERTIBLE PROMISSORY NOTE (“NOTE”) AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME. THE MAKER MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER TO THE EFFECT
THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: $200,000	 	Dated as of September 19, 2022

 

FOR
VALUE RECEIVED and subject to the terms and conditions set forth herein, Magnum Opus Acquisition Limited, a Cayman Islands exempted company
(the “Maker”), promises to pay to the order of Magnum Opus Holdings LLC, a Cayman Islands limited liability company,
or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Two Hundred Thousand
Dollars ($200,000) or such lesser amount as shall have been advanced by the Payee to the Maker and shall remain unpaid under this
Note on the Maturity Date (as defined below) 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 entire unpaid principal balance of this Note shall be payable on the effective date of an initial merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination involving the Maker and one or more businesses (the “Business
Combination”, and such date, the “Maturity Date”), unless accelerated upon the occurrence of an Event of
Default (as defined below). The principal balance may be prepaid at any time; provided, however, that the Payee shall have a right
to first convert such principal balance pursuant to Section 5 upon notice of such prepayment. 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.            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 attorney’s 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.            Purpose.
The Maker shall apply all the amounts advanced by the Payee under this Note towards general corporate purposes.

 

5.            Conversion.

 

(a)            Optional
Conversion. At the option of the Payee, at any time prior to the Maturity Date, any amounts outstanding under this Note (or any portion
thereof), may be converted into warrants to purchase Class A ordinary shares of a par value of $0.0001 each of the Maker (the “Ordinary
Shares”), at a conversion price (the “Conversion Price”) equal to $1.00 per warrant (such converted warrants,
the “Working Capital Warrants”). If the Payee elects such conversion, the terms of such Working Capital Warrants issued
in connection with such conversion shall be identical to the warrants issued to the Payee in the private placement that closed on March 25,
2021 (the “Private Placement Warrants”) in connection with the initial public offering of the Maker’s securities
(the “IPO”). Each Working Capital Warrant entitles the holder thereof to purchase one Ordinary Share at a price of
$11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants. Before this Note may be converted pursuant
to this Section 5(a), the Payee shall surrender this Note, duly endorsed, at the office of the Maker and shall state therein the
amount of the unpaid principal of this Note to be converted and the name or names in which the certificates for Working Capital Warrants
are to be issued (or the book-entries to be made to reflect ownership of such Working Capital Warrants with the Maker’s transfer
agent). The conversion shall be deemed to have been made immediately prior to the close of business on the date of the surrender of this
Note and the person or persons entitled to receive the Working Capital Warrants upon such conversion shall be treated for all purposes
as the record holder or holders of such Working Capital Warrants as of such date. Each such newly issued Working Capital Warrant shall
include a restricted legend that contemplates the same restrictions as the Private Placement Warrants. The Working Capital Warrants and
Ordinary Shares issuable upon exercise of the Working Capital Warrants shall constitute “Registrable Securities” pursuant
to that certain Registration and Shareholder Rights Agreement dated March 23, 2021, between the Maker and the Payee.

 

    1

     

    

 

(b)            Remaining
Principal. All accrued and unpaid principal of this Note that is not then converted into Working Capital Warrants shall continue to
remain outstanding and to be subject to the conditions of this Note.

 

(c)            Fractional
Warrants; Effect of Conversion. No fractional Working Capital Warrants shall be issued upon conversion of this Note. In lieu of any
fractional Working Capital Warrants to the Payee upon conversion of this Note, the Maker shall pay to the Payee an amount equal to the
product obtained by multiplying the Conversion Price by the fraction of a Working Capital Warrant not issued pursuant to the previous
sentence. Upon conversion of this Note in full and the payment of any amounts specified in this Section 5(c), this Note shall be
cancelled and void without further action of the Maker or the Payee, and the Maker shall be forever released from all its obligations
and liabilities under this Note.

 

6.            Events
of Default. Each of the following shall constitute an event of default (“Event of Default”):

 

(a)            Failure
to Make Required Payments. Failure by the Maker to pay all or a portion of the principal amount due pursuant to this Note (to the
extent such principal amount is payable in cash) within five (5) business days of the Maturity Date and/or, if applicable, failure
by the Maker to perform its obligations with respect to the conversion of the principal amount of this Note, in whole or in part, into
Working Capital Warrants pursuant to Section 5 hereof or under the terms of such Working Capital Warrants.

 

(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.

 

7.            Remedies.

 

(a)            Upon
the occurrence of an Event of Default specified in Section 6(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 thereunder,
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.

 

    2

     

    

 

(b)            Upon
the occurrence of an Event of Default specified in Sections 6(b) or 6(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.

 

8.            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 the 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, on 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.

 

9.            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.

 

10.            Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the
address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party or (iii) 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.

 

11.            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.

 

12.            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.

 

13.            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 established by the Maker in which the proceeds
of the IPO (including the deferred underwriters discounts and commissions) and the overallotment securities acquired by the underwriters
acting as such in the IPO and the proceeds of the sale of the Private Placement Warrants prior to the consummation of the IPO were deposited,
as described in greater detail in the registration statement and prospectus filed by the Maker with the SEC 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.

 

14.            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.

 

15.            Successors
and Assigns. Subject to the restrictions on transfer in Section 16 and Section 17, the rights and obligations of the Maker
and the Payee hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of any party
hereto (by operation of law or otherwise) with the prior written consent of the other party hereto and any attempted assignment without
the required consent shall be void.

 

    3

     

    

 

16.            Transfer
of this Note or Securities Issuable on Conversion. With respect to any sale or other disposition of this Note or securities into which
this Note may be converted, the Payee shall give written notice to the Maker prior thereto, describing briefly the manner thereof, together
with (i) except for a Permitted Transfer, in which case the requirements in (i) shall not apply, (A) a written opinion
(unless waived by the Maker) reasonably satisfactory to the Maker in form and substance from counsel reasonably satisfactory to the Maker
to the effect that such sale or other distribution may be effected without registration or qualification under any U.S. federal or state
law then in effect and (B) a written opinion from counsel reasonably satisfactory to the Maker or a certificate signed by at least
one director of the Payee (in either case, unless waived by the Maker), reasonably satisfactory to the Maker in form and substance that
such sale or other distribution does not violate, contravene, or result in a default by the Payee of, any agreement or instrument entered
into by the Payee in connection with the IPO or the Business Combination, including but not limited to the Letter Agreement (as defined
below), and (ii) a written undertaking executed by the desired transferee reasonably satisfactory to the Maker in form and substance
agreeing to be bound by the restrictions on transfer contained herein. Upon receiving such written notice, reasonably satisfactory opinion
and/or certificate (unless waived by the Maker), or other evidence, and such written acknowledgement, the Maker, as promptly as practicable,
shall notify the Payee that the Payee may sell or otherwise dispose of this Note or such securities, all in accordance with the terms
of the note delivered to the Maker. If a determination has been made pursuant to this Section 16 that the opinion of counsel for
the Payee, the certificate of the Payee, or other evidence, or the written acknowledgment from the desired transferee, is not reasonably
satisfactory to the Maker, the Maker shall so notify the Payee promptly after such determination has been made. Each Note thus transferred
shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Securities Act, unless
in the opinion of counsel for the Maker such legend is not required in order to ensure compliance with the Securities Act. The Maker may
issue stop transfer instructions to its transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this
Note shall be registered upon registration on the books maintained for such purpose by or on behalf of the Maker. Prior to presentation
of this Note for registration of transfer, the Maker shall treat the registered holder hereof as the owner and holder of this Note for
the purpose of receiving all payments of principal hereon and for all other purposes whatsoever, whether or not this Note shall be overdue
and the Maker shall not be affected by notice to the contrary. For purposes hereof, “Permitted Transfer” shall have
the same meaning as any transfer that would be permitted for the Private Placement Warrants under the Letter Agreement, dated March 23,
2021, among the Maker, the Payee and the other parties thereto (the “Letter Agreement”).

 

17.            Acknowledgment.
The Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not with a view to, or for resale
in connection with, any distribution thereof in violation of applicable securities laws. The Payee understands that the acquisition of
this Note involves substantial risk. The Payee has experience as an investor in securities of companies and acknowledges that it is able
to fend for itself, can bear the economic risk of its investment in this Note, and has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of this investment in this Note and protecting its own interests
in connection with this investment.

 

[Signature page follows]

 

    4

     

    

 

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.

 

	 	Magnum Opus Acquisition Limited
	 	 
	 	a Cayman Islands exempted company
	 	 
	 	 
	 	By:	/s/ Hou Pu Jonathan Lin
	 	 	Name: Hou Pu Jonathan Lin
	 	 	Title: Director

 

[Signature
Page to Convertible Promissory Note]

 

    

     

    

 

Acknowledged and agreed as of the date first above written.

 

Magnum Opus Holdings LLC

 

a Cayman Islands limited liability company

 

 

	By:	 /s/ Hou Pu Jonathan Lin	 
	 	Name: Hou Pu Jonathan Lin	 
	 	Title: Manager	 

 

[Signature
Page to Convertible Promissory Note]Document

August 29, 2022

Karen Santiago 
[Address on file with Company]

Dear Karen:

Congratulations on your offer to join our growing team! Catalent hires people with a passion to make a difference to the health of millions of people globally. Your expertise, coupled with Catalent’s expertise and capabilities and its collaborations with thousands of innovative pharmaceutical, biotech, and healthcare companies, will help us develop, supply, and deliver billions of doses of life-enhancing products. We take great pride in hiring professionals like you, who have talent, drive, and commitment. We can’t wait to have you join us as we work to advance new medicines for the benefit of patients around the world. We’re confident that you will find your career with Catalent to be filled with opportunities, new challenges, and meaningful work. Attached is important information about our organization and your individual position, rewards, and benefits.

The major provisions of your offer, which is subject to the approval of the Board of Directors or its Compensation and Leadership Committee (CLC), are:

Position: Your position will be Vice President and Chief Accounting Officer, based in our Somerset, NJ corporate headquarters and reporting directly to Thomas Castellano, SVP & CFO. You will also be a member of Catalent’s Executive Leadership Team (ELT).

Compensation: Your bi-weekly base rate of pay will be $13,847 (annualized to $360,000). Catalent employees are paid every other Friday, one week in arrears (one week behind the most current workweek you’ve completed).

Performance: Performance and merit-based compensation are reviewed as part of an annual process that generally takes place during the first quarter of each fiscal year.

Rewards: Catalent is pleased to offer a comprehensive, competitive compensation program that rewards talented employees for their performance. Effective on your first day of employment, you will be eligible for our health, life, disability, and 401(k) retirement savings plans. You will receive more information on these benefits during your new hire orientation session.

•You are eligible to participate in Catalent’s short-term incentive plan, which we call the Management Incentive Plan (MIP). Your annual incentive target will be $260,000. You will be eligible for a MIP bonus beginning in our 2023 fiscal year (July 1, 2022 – June 30, 2023), pro- rated based on your hire date. Annual bonus payments are determined based upon the achievement of specific company and personal objectives and are not guaranteed. In order to receive your MIP payment, you must be actively employed at the time of payout. Please refer to the MIP Summary document for further details.

•In recognition of your leadership position, you will be recommended to receive a Long-Term Incentive Plan (LTIP) grant equal to $330,000. Since LTIP grants have equity components, your grant is subject to the approval of the CLC. The grant date will be your hire date. In future years, LTIP grants are made during the first quarter of each fiscal year in accordance with Catalent’s standard equity grant cycle. The complete terms and conditions of the LTIP, including the equity components and related award agreements, will be provided to you shortly after your hire date and are conditioned on, among other things, your acceptance of certain restrictive covenants.

•Subject to the approval of the CLC, you will receive a special Restricted Stock Unit (RSU) grant with a grant value of $150,000. The RSUs will cliff vest on the third anniversary of your hire date.

•You will be eligible to participate in Catalent’s Deferred Compensation Plan, which enables you to save over the IRS limits in the qualified 401(k) plan. Complete details on the features of this plan and how to enroll will be mailed to your home following your hire date.

Paid Time Off: Upon joining Catalent you will receive eight (8) paid company holidays (New Year’s Day, MLK Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and the day following, and Christmas Day).

•You will be eligible to receive 208 hours (26 days) of PTO per calendar year, pro-rated based on the number of months you are employed during your first calendar year. Future increases to PTO entitlement will be in accordance with Catalent’s prevailing Company PTO policy. PTO includes vacation, sick, and personal days. Catalent Pharma Solutions does allow up to 40 hours of carryover of unused PTO each calendar year.

Start Date: Your first day of employment will be on September 19, 2022, subject to the satisfactory completion of a background check and drug screening test.

Severance: You will receive a separate severance letter agreement, which entitles you to a severance benefit equal to your annual base salary plus MIP target bonus, subject to the terms of the letter agreement.

Stock Ownership: As Vice President and Chief Accounting Officer, you will not be subject to stock ownership requirements.

Reimbursement of legal fees: Within 60 days of your hire date, Catalent will reimburse you for legal fees you may have incurred in conjunction with the acceptance of this offer up to $2,000.

Financial Planning: Each calendar year, as a member of the ELT, you are eligible for financial planning either by using AYCO (Goldman Sachs Company) or a financial planner of your choice. If you use a financial planner of your choice, your maximum reimbursement per annum is $15,000 which will be considered taxable income and taxed accordingly. More details on financial planning will be provided after your hire date.

Offer Requirements: Consistent with our policies for all Catalent personnel and the special considerations of our industry, this offer is contingent upon the satisfactory completion of a drug screen and background check, including reference checks.

•The company-paid drug screen must be completed within 30 calendar days prior to your start date, with acceptable results. After acceptance of this offer, a chain of custody form, required for your drug screen, will be sent to you via e-mail by our vendor with information on how to complete the drug screen. The e-mail will also contain contact information for the nearest testing facility to your home address. Be sure to bring a printed copy of the e-mail along with a government-issued photo ID to the facility in order to process your drug screen.

•A background check, including reference checks, must be complete prior to your start of employment, with satisfactory results. You will be receiving an e-mail from our vendor with information on how to complete the necessary documentation to initiate the required checks and to provide your authorization.

•On your first day of employment, you will receive and will be asked to sign the Catalent Pharma Solutions Confidentiality Agreement.

•The Immigration Reform and Control Act of 1986 requires employers to verify the employment eligibility and identity of all new employees. In accordance with this Act, please bring the appropriate identifying documents with you on your first day of employment. An electronic copy of the I-9 form including a list of accepted documentation of proof of work authorization will be sent to you after you pass all pre-hire contingencies.

•Catalent does not hire employees for the purpose of acquiring their former employers’ trade secrets, intellectual property, or other confidential or proprietary information. In that regard, Catalent expects you to 

honor your legal obligations to your former employer(s), and you are not permitted to utilize any confidential or proprietary information of your former employer(s) in order to conduct business on behalf of Catalent under any circumstances.

•Your signature accepting this offer of employment is also your confirmation that you are either not a party to a non-competition or non-solicitation agreement that implicates your duties at Catalent or are a party to such an agreement and will honor your legal obligations to your current (and/or former) employer. If you believe that you cannot perform effectively for Catalent under any lawful and applicable restriction, you must inform Catalent of that fact. Further, in the event any legal action is taken by your former employer as a result of your employment by Catalent, Catalent will have no legal obligation to be responsible for your legal fees, representation, or damages associated with that legal action. Catalent will take whatever steps it deems appropriate under those circumstances.

Term: Employment with Catalent is not for any definite period of time and is terminable, with or without notice or reason, at the will of either you or the company. There shall be no contract of employment, express or implied.

Ethics: As a company founded on a core set of values, you will be provided with Catalent’s Standards of Business Conduct and will be required to sign a letter of compliance.

Please signify your acceptance of this offer of employment by scanning/emailing a signed/dated copy of this offer letter to my attention.

If you have any questions, please feel free to call me at XXX-XXX-XXXX.

Sincerely,

/s/ Ricardo Pravda

Ricardo Pravda

I accept the above offer of employment:

   /s/ Karen Santiago                                                                        31-Aug-2022                 
Karen Santiago                                                                           Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]