SEC Contract Filing

Filing Date: 2022-04-18

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2212859d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS AMENDED AND RESTATED PROMISSORY NOTE (THIS &#8220;<B>NOTE</B>&#8221;)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;<B>SECURITIES ACT</B>&#8221;). 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>AMENDED AND RESTATED PROMISSORY NOTE</B></P>

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 <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 51%"><FONT STYLE="font-size: 10pt">Principal Amount: Up to $600,000</FONT></TD>
 <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
 <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: right; width: 48%"><FONT STYLE="font-size: 10pt">Dated as of April 14, 2022</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Amended and Restated Promissory Note amends, restates and supersedes
in its entirety the Promissory Note dated August 24, 2020 (as may be amended from time to time), issued by Pine Island Acquisition Corp.,
a Delaware corporation (&#8220;<B>Maker</B>&#8221;), to Pine Island Sponsor LLC, a Delaware limited liability company, or its registered
assigns or successors in interest (collectively, &#8220;<B>Payee</B>&#8221;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maker promises to pay to the order of Payee, or order, the principal
sum of Six Hundred Thousand Dollars ($600,000) or such lesser amount as shall have been advanced by Payee to 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
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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Principal.</B>
The entire unpaid principal balance of this Note shall be due and payable on the earlier of: (i) November 19, 2022 and (ii) the date on
which Maker consummates a business combination (such earlier date of (i) and (ii), the &#8220;<B>Maturity Date</B>&#8221;) unless accelerated
upon the occurrence of an Event of Default (as defined below). The principal balance may be prepaid at any time by Maker, at its election
and without penalty. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder
of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.</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"><B>2.</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Drawdown Requests.</B>
Maker and Payee agree that Maker may request, from time to time, up to Six Hundred Thousand Dollars ($600,000) in drawdowns under this
Note to be used to fund Maker&#8217;s working capital requirements. The principal of this Note may be drawn down from time to time prior
to the Maturity Date upon request from Maker to Payee (each, a &#8220;<B>Drawdown Request</B>&#8221;). Each Drawdown Request must state
the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee.
Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; <U>provided</U>, <U>however</U>,
that the maximum amount of drawdowns outstanding under this Note at any time may not exceed Six Hundred Thousand Dollars ($600,000). No
fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interest.</B>
No interest shall accrue on the unpaid principal balance of this Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Application
of Payments. </B>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&#8217;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.</P>

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