Waiver of Promissory Note between XPAC Sponsor LLC and XPAC Acquisition Corp.
XPAC Sponsor LLC and XPAC Acquisition Corp. have agreed that the Sponsor will permanently waive its right to receive repayment of the principal and any other amounts owed under a promissory note dated March 19, 2021. This means the Company is no longer required to pay back the loan or any related amounts to the Sponsor. Certain sections of the original promissory note are incorporated into this waiver letter. The agreement is effective as of July 27, 2023.
Exhibit 10.3
XPAC Acquisition Corp. (the “Company”)
55 West 46th Street, 30th Floor
New York, New York, 10036
XPAC Sponsor LLC (the “Sponsor”)
55 West 46th Street, 30th Floor
New York, New York, 10036
July 27, 2023
| Re: | Waiver of Promissory Note |
Dear Sirs:
Reference is made to certain Promissory Note, dated March 19, 2021, by and between the Sponsor and the Company (as may be amended, restated, supplemented or modified from time to time, the “Promissory Note”).
Pursuant to Section 13 of the Promissory Note, the Sponsor hereby irrevocably and unconditionally waives its right to receive any payment from the Company of the principal balance of, and any other amounts payable under, the Promissory Note.
Sections 10, 11, 13 and 14 of the Promissory Note are incorporated herein by reference mutatis mutandis; provided that, in each case, references to “this Note” in such paragraphs shall mean this letter.
| Very truly yours, | |||
| XPAC Sponsor LLC
| |||
| By: | /s/ Chu Chiu Kong | ||
| Name: | Chu Chiu Kong | ||
| Title: | Manager | ||
| AGREED TO AND ACCEPTED BY: | |||
| XPAC Acquisition Corp.
| |||
| By: | /s/ Chu Chiu Kong | ||
| Name: | Chu Chiu Kong | ||
| Title: | Chairman and Chief Executive Officer | ||
