SEC Contract Filing

Filing Date: 2022-11-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2231647d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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 <TD STYLE="width: 51%; font: 10pt Times New Roman, Times, Serif; text-align: left">Principal Amount: U.S.$905,000</TD>
 <TD STYLE="text-align: right; width: 49%; font: 10pt Times New Roman, Times, Serif">Dated as of June 24, 2022</TD></TR>
 </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">FOR VALUE RECEIVED and subject to the terms and conditions
set forth herein, HPX Corp., a Cayman Islands exempted company (&ldquo;<B>Maker</B>&rdquo;), promises to pay to HPX Capital Partners LLC
(&ldquo;<B>Payee</B>&rdquo;), or order, the principal sum of Nine Hundred Five Thousand U.S. Dollars (U.S.$905,000) or such lesser amount
as shall have been advanced by Payee to Maker as of the date hereof 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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Principal.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The entire unpaid principal balance of this Note shall be due and payable in full upon the consummation of an &quot;initial business
combination&quot; (the &ldquo;<B>Business Combination</B>&rdquo;) as described in the Maker's prospectus (the &ldquo;<B>Prospectus</B>&rdquo;)
filed with the Securities and Exchange Commission in connection with the IPO (as defined below) dated July 15, 2020 (the &ldquo;<B>Maturity
Date</B>&rdquo;), 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In the event the Maker does not consummate a Business Combination and the Maker shall be liquidated as contemplated in the Prospectus,
all amounts that shall have been advanced by Payee to Maker and remain unpaid at the time of liquidation shall be cancelled and forgiven
and upon cancellation Payee shall not have any claims against Maker or any of its affiliates and neither Maker nor any of its affiliates
shall have any further obligations to Payee under this Note; provided, however, that in the event the Maker shall have any funds available
to it outside of the Trust Account (as defined below), the Maker may use such funds to repay, in whole or in part, the principal that
remains outstanding under this Note at the discretion of the board of directors of the Maker in consideration of its fiduciary duties
and all other obligations of the Maker which shall be outstanding at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Drawdown Requests.</B> Maker and Payee agree that Maker may request, from time to time, up to Nine Hundred Five Thousand U.S. Dollars
(U.S.$905,000) in drawdowns under this Note to be used for costs and expenses related to Maker&rsquo;s operations and administrative expenses,
including expenses related to a proposed Business Combination. The principal of this Note may be dr