SEC Contract Filing

Filing Date: 2024-08-07

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>fortune_ex1001.htm
<DESCRIPTION>PROMISSORY NOTE, DATED AUGUST 5, 2024, ISSUED BY FORTUNE RISE ACQUISITION CORPORATION TO WATER ON DEMAND, INC
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<P STYLE="margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS PROMISSORY NOTE (&ldquo;NOTE&rdquo;) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;). 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 COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROMISSORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
 <TR STYLE="vertical-align: top">
 <TD STYLE="width: 48%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Principal Amount: $100,000</FONT></TD>
 <TD STYLE="width: 52%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Effective as of August 5, 2024<BR>
Clearwater, Florida</FONT></TD></TR>
 </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fortune Rise Acquisition Corporation,
a Delaware corporation (&ldquo;<B>Maker</B>&rdquo;), promises to pay to the order of Water On Demand, Inc., a Nevada corporation, or its
registered assigns or successors in interest or order (&ldquo;<B>Payee</B>&rdquo;), the principal sum of up to One Hundred Thousand Dollars
($100,000) 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 Maker to such account as Payee may from
time to time designate by written notice in accordance with the provisions of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>1. Repayment.&nbsp;</B>The
principal balance of this Note shall be payable by Maker on the earlier of (such date, the &ldquo;<B>Maturity Date</B>&rdquo;), subject
to Section 12 below, (a) the date on which Maker consummates its initial business combination and (b) the date of the liquidation of Maker.
The principal balance may be prepaid at any time, at the election of Maker. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>2. Interest.&nbsp;</B>This
Note shall be non-interest bearing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>3. Reserved.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>4. Application of Payments.&nbsp;</B>All
payments received by Payee pursuant to this Note shall be applied first to the payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney&rsquo;s fees, and then to the reduction of the unpaid
principal balance of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>5. Events of Default.&nbsp;</B>The
following shall constitute an event of default (&ldquo;<B>Event of Default</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Failure to Make
Required Payments</U>.&nbsp;Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the
date specified above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Voluntary Bankruptcy,
Etc</U>.&nbsp;The commencement by 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 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 Maker generally to pay its debts as such debts become due, or the taking of co