SEC Contract Filing

Filing Date: 2021-01-12

Document Content:
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<TYPE>EX-10.6
<SEQUENCE>10
<FILENAME>d28397dex106.htm
<DESCRIPTION>EX-10.6
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<TITLE>EX-10.6</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS CONVERTIBLE PROMISSORY NOTE (THIS &#147;NOTE&#148;) AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), 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 COMPANY AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT ANY SALE OR OTHER
DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPOWERMENT&nbsp;&amp; INCLUSION CAPITAL
I CORP. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONVERTIBLE PROMISSORY NOTE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Principal Amount: Not to Exceed $750,000</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(See <U>Schedule A</U>)</P></TD>
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<TD VALIGN="middle" ALIGN="right">Dated as of January&nbsp;7, 2021</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED and subject to the terms and conditions set forth herein, Empowerment&nbsp;&amp; Inclusion
Capital I Corp., a Delaware corporation (the &#147;<B><I>Maker</I></B>&#148;), promises to pay to the order of PNC Investment Capital Corp. or its registered assigns or successors in interest (the &#147;<B><I>Payee</I></B>&#148;), or order, the
principal balance as set forth on <U>Schedule A</U> hereto in lawful money of the United States of America; which schedule shall be updated from time to time by the parties hereto to reflect all advances and readvances outstanding under this Note;
<I>provided</I> that at no time shall the aggregate of all advances and readvances outstanding under this Note exceed seven hundred fifty thousand dollars ($750,000). Any advance hereunder shall be made by the Payee upon receipt of a written request
of the Maker, related to ongoing expenses reasonably related to the business of the Maker and the consummation of the Business Combination (as defined below), and shall be set forth on <U>Schedule A</U>. Any advance hereunder shall only be made by
the Payee as, and to the extent, expenses are incurred or are reasonably expected to be incurred and the amounts of such advance shall be used to pay or repay such expenses. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. Principal</B>. All unpaid principal under this Note shall be due and payable in full on the earlier of (i)&nbsp;January&nbsp;12, 2023
and (ii)&nbsp;the effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (the &#147;<B><I>Business
Combination</I></B>&#148;) (such earlier date, the &#147;<B><I>Maturity Date</I></B>&#148;), unless accelerated upon the occurrence of an Event of Default (as defined below). Any outstanding principal amount to date under this Note may be prepaid at
any time by the Maker, at its election and without penalty; <I>provided</I>, <I>however</I>, that Payee shall have a right to first convert such principal balance pursuant to <U>Section</U><U></U><U>&nbsp;5</U> below upon notice of such prepayment.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2. Interest</B>. No interest shall accrue on the unpaid 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>3. 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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