SK Growth Opportunities Corp
EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS PROMISSORY NOTE (&#147;NOTE&#148;) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;). 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="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROMISSORY NOTE (OVERALLOTMENT) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Principal Amount: $240,000</TD>
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<TD VALIGN="top" ALIGN="right">Dated as of July&nbsp;20, 2022</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SK Growth Opportunities Corporation, a Cayman Islands exempted company and blank check company (the
&#147;<B>Maker</B>&#148;), promises to pay to the order of Auxo Capital Managers LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the &#147;<B>Payee</B>&#148;), the principal sum of up to two hundred
and forty thousand ($240,000) 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="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B>Principal</B>. The principal balance of this Note shall be payable on the consummation of the Maker&#146;s initial merger, stock
exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (a &#147;<B>Business Combination</B>&#148;). 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 &#147;<B>Trust
Account</B>&#148; and such offering, the &#147;<B>IPO</B>&#148;), and that all other amounts will be contributed to capital, forfeited, eliminated or otherwise forgiven or eliminated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B>Interest</B>. No interest shall accrue on the unpaid principal balance of this Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <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&#146;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="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B>Events of Default</B>. The following shall constitute an event of default (&#147;<B>Event of Default</B>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Failure to Make Required Payments</U>. Failure by the Maker to pay the principal amount due pursuant to this Note within five
(5)&nbsp;business days following the date when due. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Voluntary Bankruptcy, Etc</U>. The commencement by the Maker of a voluntary
case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of the Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of
corporate action by the Maker in furtherance of any of the foregoing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Involuntary Bankruptcy, Etc</U>. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Maker or for any substantial part of its property, or ordering the <FONT STYLE="white-space:nowrap">winding-up</FONT> or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <B>Remedies</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Upon the occurrence of an Event of Default specified in Section&nbsp;4(a) hereof, the Payee may, by written notice to the Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all
of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of the Payee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <B>Conversion</B>. Upon consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the
principal balance of this Note, in whole or in part at the option of the Payee, into Class&nbsp;A ordinary shares of the Maker, par value $0.0001 per share (each, a &#147;Class&nbsp;A Share&#148;), at a price of $10.00 per Class&nbsp;A Share, as
adjusted for any stock splits or combinations; provided that any such conversion may not occur until after the 60th day following the effective date of the registration statement filed in connection with the<B> </B>Maker&#146;s IPO. As promptly as
reasonably practicable after notice by the Payee to the<B> </B>Maker to convert the principal balance of this Note into Class&nbsp;A Shares, which notice must be made at least five (5)&nbsp;business days prior to the consummation of the Business
Combination, and after the<B> </B>Payee&#146;s surrender of this Note, the<B> </B>Maker shall have issued and delivered to the<B> </B>Payee, without any charge to Payee, a share certificate or certificates (issued in the name(s) requested by the<B>
</B>Payee), or shall have made appropriate book-entry notation on the books and records of the Maker, in each case for the number of Class&nbsp;A Shares of the<B> </B>Maker issuable upon the conversion of this Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <B>Covenants of the Maker</B>. The Maker covenants that (i)&nbsp;any Class&nbsp;A Shares issuable upon conversion of the Note, when so
issued, will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and free from all taxes, liens and charges with respect to the issuance thereof and (ii)&nbsp;for so long as the Note is outstanding, the Maker
will reserve from its authorized and unissued Class&nbsp;A Shares sufficient shares in order to perform its obligations under this Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <B>Waivers</B>. The<B> </B>Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by the<B> </B>Payee under the terms of this Note, and all benefits that might accrue to the<B> </B>Maker
by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution,
exemption from civil process, or extension of time for payment; and the<B> </B>Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any
such writ in whole or in part in any order desired by the<B> </B>Payee. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <B>Unconditional Liability</B>. The<B> </B>Maker hereby waives all notices in connection
with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any
indulgence, extension of time, renewal, waiver or modification granted or consented to by the<B> </B>Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the<B> </B>Payee with respect to
the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to the<B> </B>Maker or affecting the<B> </B>Maker&#146;s liability hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <B>Notices</B>. All notices, statements or other documents which are required or contemplated by this Note shall be: (i)&nbsp;in writing
and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii)&nbsp;by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii)&nbsp;by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or
electronic transmission, one (1)&nbsp;business day after delivery to an overnight courier service or five (5)&nbsp;days after mailing if sent by mail. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <B>Construction</B>. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW
PROVISIONS THEREOF. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <B>Severability</B>. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <B>Trust Waiver</B>. Notwithstanding anything herein to the contrary,
the Payee hereby waives any and all right, title, interest or claim of any kind (&#147;Claim&#148;) in or to any monies in, or any distribution of or from, the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the Trust Account for any reason whatsoever. The Payee hereby agrees not to make any Claim against the Trust Account (including any distributions therefrom), regardless of whether such Claim arises as a result of,
in connection with or relating in any way to, this Note, or any other matter, and regardless of whether such Claim arises based on contract, tort, equity or any other theory of legal liability. To the extent the Payee commences any action or
proceeding based upon, in connection with, relating to or arising out of any matter relating to the Maker (including this Note), which proceeding seeks, in whole or in part, monetary relief against the Maker, the Payee hereby acknowledges and agrees
that its sole remedy shall be against funds held outside of the Trust Account and that such Claim shall not permit the Maker (or any person claiming on its behalf or in lieu of it) to have any claim against the Trust Account (including any
distributions therefrom) or any amounts contained therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <B>Tax Treatment</B>. In each case for U.S. federal income tax and all
other applicable tax purposes, the<B> </B>Maker and the<B> </B>Payee agree to treat this Note as an equity interest in the Maker, and shall take no contrary position on any tax return or before any taxing authority unless otherwise required by law).
The Maker and the Payee shall reasonably cooperate to structure (i)&nbsp;any conversion of this Note in connection with a Business Combination and (ii)&nbsp;any contribution, forfeiture or elimination of this Note pursuant to Section&nbsp;1 in a
manner that is <FONT STYLE="white-space:nowrap">tax-efficient</FONT> for the<B> </B>Maker and the<B> </B>Payee, taking into account the terms of any Business Combination. the<B> </B>Maker will provide the<B> </B>Payee with information reasonably
requested by the<B> </B>Payee in order to make and maintain a &#147;qualified electing fund&#148; election with respect to the Note, and any other information reasonably requested by the<B> </B>Payee for any tax compliance purpose. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <B>Amendment; Waiver</B>. Any amendment hereto or waiver of any provision hereof may be
made with, and only with, the written consent of the Maker and the Payee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <B>Assignment</B>. No assignment or transfer of this Note or
any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the<B> </B>Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by the undersigned as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>SK Growth Acquisition Corporation</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard Chin</P></TD></TR>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top">Richard Chin</TD></TR>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="top">Chief Executive Officer</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Agreed and Acknowledged:</TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>Auxo Capital Managers LLC</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3">a Delaware limited liability company</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Derek Jensen</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Derek Jensen</TD></TR>
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<TD VALIGN="top">Title: Manager</TD></TR>
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