First Amendment to Promissory Note, dated April 28, 2021

Contract Categories: Business Finance - Note Agreements
EX-10.1 2 ex10-1.htm


Exhibit 10.1 


Globis Acquisition Corp.



THIS AMENDMENT OF NOTE (this “Amendment”) is entered into effective as of April 28, 2021, by Globis Acquisition Corp., a Delaware corporation (“Maker”), Globis SPAC LLC, a Delaware limited liability company (“Globis SPAC”), and Globis Capital Partners, LP, a Delaware limited partnership (“Globis Capital” and together with Globis SPAC and Maker, the “Parties”).




WHEREAS that certain Promissory Note, dated January 11, 2021, in the original principal amount of $1,000,000.00 (the “Note”) executed by Maker payable to Globis SPAC and $100,000.00 of which was transferred and assigned on each of February 4, 2021 and April 8, 2021 from Globis SPAC to Globis Capital; and


WHEREAS, the Parties desire to amend the Note so that no amount outstanding under the Note may be converted into warrants to purchase shares of common stock of the Maker, and each Party acknowledges the mutual benefits of so amending the Note.


NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:


1.       Section 1 is amended and restated as follows:


1. Principal. The principal balance of this Note shall be payable by Maker on the date on which Maker consummates its initial business combination. 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 stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.


[Signature Page Follows]




EXECUTED as of the day and year first above written.


  a Delaware corporation
  By: /s/ Paul Packer
  Name: Paul Packer
  Title: Chief Executive Officer and Chief Financial Officer
  Globis SPAC LLC
  a Delaware limited liability company
  By: /s/ Paul Packer
  Name: Paul Packer
  Title: Manager
  Globis Capital Partners, LP
  a Delaware limited partnership
  By: /s/ Paul Packer
  Name: Paul Packer
  Title: Managing Member


SIGNATURE PAGE TO Amendment No. 1 to Promissory note