SEC Contract Filing

Filing Date: 2023-08-31

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d501199dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS PROMISSORY NOTE (&#147;<B>NOTE</B>&#148;) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;<B>SECURITIES ACT</B>&#148;).
THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY&nbsp;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="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROMISSORY NOTE </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Principal Amount: $635,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Dated as of August&nbsp;30, 2023</TD></TR>
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<TD VALIGN="top" ALIGN="right">Houston, Texas</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Flame Acquisition Corp., a Delaware corporation (the &#147;<B>Maker</B>&#148;), promises to pay to the order
of Flame Acquisition Sponsor LLC or its registered assigns or successors in interest (the &#147;<B>Payee</B>&#148;), or order, the principal sum of Six Hundred Thirty Five Thousand Dollars ($635,000) 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 promissory note (this
&#147;<B>Note</B>&#148;) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.</B> <B>Principal</B>. The entire unpaid principal balance of this Note shall be payable on the date (the
&#147;<B>Maturity Date</B>&#148;) of the consummation of the Maker&#146;s initial merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (a
&#147;<B>Business Combination</B>&#148;). Payee understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts owed hereunder will be forgiven except to the extent that the Maker has funds available to it
outside of its trust account established in connection with its initial public offering of its securities (the &#147;<B>IPO</B>&#148; and such trust account, the &#147;<B>Trust Account</B>&#148;). The principal balance may be prepaid at any time.
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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.</B> <B>Drawdown Requests</B>. Maker and Payee agree that Maker may request, from time to time, up to Six Hundred Thirty Five Thousand
Dollars ($635,000) in drawdowns under this Note to be used for costs and expenses related to Maker&#146;s IPO and continued working capital expenditures until the consummation of the Maker&#146;s Business Combination. Principal of this Note may be
drawn down from time to time prior to the Maturity Date upon written request from Maker to Payee (each, a &#147;<B>Drawdown Request</B>&#148;). 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 otherwise agreed upon in writing by Maker and Payee. Payee shall fund each Drawdown Request no later than three (3)&nbsp;business days after receipt of a Drawdown Request; provided, however, that the maximum amount
of drawdowns outstanding under this Note at any time may not exceed Six Hundred Thirty Five Thousand Dollars ($635,000). 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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.</B> <B>Interest</B>. No interest shall accrue on the unpaid principal balance of this Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.</B> <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&#146;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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