SEC Contract Filing

Filing Date: 2023-05-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ea178260ex10-2_bynordicacq.htm
<DESCRIPTION>PROMISSORY NOTE, DATED MAY 10, 2023.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Exhibit 10.2</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">Principal Amount: $775,000</TD><TD STYLE="text-align: center; width: 50%"> Dated as of May 12, 2023</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: left">byNordic Acquisition Corporation,&nbsp;a
Delaware corporation (the &ldquo;<B>Maker</B>&rdquo;), promises to pay to the order of Water by Nordic AB, a Swedish limited liability
company, or its registered assigns or successors in interest (the &ldquo;<B>Payee</B>&rdquo;), the Principal Amount (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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><B>Principal</B>. The principal balance of this Note of $775,000, funded on the date hereof by the Payee (the &ldquo;<B>Principal
Amount</B>&rdquo;) shall be due and payable on the consummation of the Maker&rsquo;s initial merger, stock exchange, asset acquisition,
stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (a &ldquo;<B>Business
Combination</B>&rdquo;). The Payee understands that if a Business Combination is not consummated, this Note will be repaid solely 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 &ldquo;<B>Trust Account</B>&rdquo; and such offering, the &ldquo;<B>IPO</B>&rdquo;), and that all other amounts
will be contributed to capital, forfeited, eliminated or otherwise forgiven or eliminated. Any outstanding principal amount to date under
this Note may be prepaid at any time by the Maker, at its election and without penalty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><B>Interest</B>. No interest shall accrue on the unpaid principal balance of this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><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&rsquo;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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><B>Events of Default</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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: left; text-indent: 0pt">(a) <U>Failure to Make
Required Payments</U>. Failure by the Maker to pay the <B>P</B>rincipal <B>A</B>mount due pursuant to this Note within five (5) business
days following the date when due.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: left; text-indent: 0pt">(b) <U>Voluntary Bankruptcy,
Etc</U>. The commencement by the Maker of a volu