Promissory Note s issued by the Registrant to Sponsors

Contract Categories: Business Finance - Note Agreements
EX-10.1 12 ex10-1.htm
 

 

Exhibit 10.1

 

Loan Agreement

 

This Agreement is entered into today, the 12th day of April 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its office at 300 Tice Boulevard Suite 315, Woodcliff Lake, NJ 07677, hereinafter called “Borrower” of the FIRST PART

 

And

 

Seema Rao, residing at 18, Gina Way, Welcome Bay, Tauranga 3112, New Zealand hereinafter called “Lender” of the SECOND PART

 

WHEREAS the Borrower is desirous of availing and the lender is willing to extend, a loan.

 

NOW THEREFORE, in consideration of the mutual promises set forth below, the Borrower and the Lender agree as follows:

 

1. The Lender shall extend an interest free loan of US$270,000 to the Borrower.

 

2. The Borrower shall repay the same within 6 months from the date of this Agreement or issue shares/warrants against the same.

 

3. The Borrower has the right to prepay the loan to the Lender at any point in time without any prepayment fee.

 

4. In the event of a successful Offering, this loan need not be repaid.

 

IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement.

 

Bannix Acquisition Corp.   Seema Rao
       
Date: April 12, 2021   Date: April 12, 2021
       
Signature: /s/   Signature: /s/
       
Name: Subash Menon    
       
Designation: CEO    

 

 
 

  

Promissory Note Agreement

 

This Agreement is entered into today, the 12th day of April 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its office at 300 Tice Boulevard Suite 315, Woodcliff Lake, NJ 07677, hereinafter called “Borrower” of the FIRST PART

 

And

 

Suresh Yezhuvath, residing at Flat No. 108, Al Nabooda B Block, Oud Mehta, Dubai hereinafter called “Lender” of the SECOND PART

 

WHEREAS the Borrower is desirous of availing and the lender is willing to extend, a loan in the form of a promissory note.

 

NOW THEREFORE, in consideration of the mutual promises set forth below, the Borrower and the Lender agree as follows:

 

  1. The Lender shall extend an interest free loan of US$300,000 to the Borrower, in the form of a promissory note.

 

2.The Borrower is permitted to draw down against this note as per their requirement and convenience.

 

3.In the event of a successful Proposed Public Offering (as defined in the S-1 of the Borrower), the note will be repaid as follows:

 

  a. Against the amount of $300,000; 30,000 Private Placement Units will be issued.

 

4.In the event of the Proposed Public Offering failing to materialize, the note will not be repayable by the Borrower and the same will be considered as capital contribution without any additional securities being issued.

 

5.This agreement amends the agreement dated 15th February, 2021.

 

IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement.

 

Bannix Acquisition Corp.   Suresh Yezhuvath
       
Date: April 12, 2021   Date: April 12, 2021
       
Signature: /s/   Signature: /s/
       
Name: Subash Menon    
       
Designation: CEO    

  

 
 

 

Revised Loan Agreement

 

This Agreement is entered into today, the 20th of June 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its office at 300, Tice Boulevard, Suite 315, Woodcliff Lake, NJ 07677, hereinafter called “Borrower” of the FIRST PART

 

and

 

Suresh Yezhuvath, residing at Flat No. 108, Al Naboodah Building, B Block, Oud Mehta, Dubai, UAE acting together and hereinafter called “Lender” of the SECOND PART

 

WHEREAS the Borrower is desirous of availing and the Lender is willing to extend, a loan.

 

NOW THEREFORE, in consideration of the mutual promises set forth below, the Borrower and the Lender agree as follows:

 

  1. The Lender shall extend an unsecured, interest free loan of up to $1,030,000.

 

2.The Borrower is permitted to draw down up to $730,000 against this loan as per their requirement and convenience. The balance $300,000 may be drawn down only in the event of over-allotment.

 

3.In the event of a successful Proposed Public Offering (as defined in the S-1 of the Borrower), the loan will be repaid/forfeited as follows:

 

  a. Against the first $730,000 of loan, 175,000 Private Placement Units will be issued.

 

b.Against the next $75,000 of loan, 20,000 Private Placement Units will be issued.

 

c.The balance $225,000 of loan will be forfeited and not repaid.

 

  4. In the event of the Proposed Public Offering failing to materialize, the loan will not be repayable by the Borrower and the same will be considered as capital contribution without any additional securities being issued.

 

IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement.

 

For Bannix Acquisition Corp.

 

Date: June 20, 2021

 

 

 

Signature:

 

Name:   Subash Menon

 

Designation: Chief Executive Officer

 

 

 

Signature:

 

Name:   Suresh Yezhuvath

 

Date: June 20, 2021