SEC Contract Filing

Filing Date: 2022-12-07

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea169783ex10-1_progressacq.htm
<DESCRIPTION>PROMISSORY NOTE DATED DECEMBER 7, 2022
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 10.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">THIS PROMISSORY NOTE
(&ldquo;NOTE&rdquo;) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;).&nbsp;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; background-color: white">&nbsp;</P>

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

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 <TD STYLE="vertical-align: top; width: 49%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Principal Amount:&nbsp;Up to $850,000.00</FONT></TD>
 <TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt">&nbsp;</TD>
 <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 49%">
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated as of December 7, 2022</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, New York</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in; background-color: white">Progress
Acquisition Corp.,&nbsp;a Delaware corporation (&ldquo;<B>Maker</B>&rdquo;), promises to pay to the order of Isos Sponsor III LLC, a Delaware
limited liability company, or its registered assigns or successors in interest or order (&ldquo;<B>Payee</B>&rdquo;), the principal sum
of up to Eight Hundred and Fifty Thousand Dollars ($850,000.00) in lawful money of the United States of America, on the terms and conditions
described below.&nbsp; Maker hereby acknowledges and agrees that this Note evidences the aggregate outstanding principal balance of $850,000.00
as of the date hereof, together with any additional draw down on the principal of this Note. 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 Payee may from time to
time designate by written notice in accordance with the provisions of this Note.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in; background-color: white"><B>1.
Repayment.</B>&nbsp;The principal balance of this Note shall be payable on the earliest to occur of (i)&nbsp;the date on which Maker consummates
its initial business combination and (ii)&nbsp;the date that the winding up of Maker is effective (such date, the &ldquo;<B>Maturity Date</B>&rdquo;).
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 stockholder of the Maker, be obligated personally for any obligations or liabilities
of the Maker hereunder.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in; background-color: white"><B>3.
Drawdown Requests.</B>&nbsp;Maker and Payee agree that Maker may request up to Eight Hundred and Fifty Thousand Dollars ($850,000.00)
for costs reasonably related to Maker&rsquo;s initial business combination of its securities. The principal of this Note may be drawn
down from time to time prior to the earlier of: (i)&nbsp;the date on which Maker consummates its initial business combination and (ii)&nbsp;the
date that the winding up of Maker is effective, upon written request from Maker to Payee (each, a &ldquo;<B>Drawdown Request</B>&rdquo;).
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 five (5)&nbsp;business days after receipt of a Drawdown
Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Eight Hundred and Fifty Thousand Dollars
($850,000.00). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No
fees, payments or other amounts shall be due to Payee in connection with,