Pacifico Acquisition Corp.
PROMISSORY NOTE ISSUED BY THE COMPANY TO CARAVELLE ON SEPTEMBER 15, 2022, EFFECT
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea165866ex10-1_pacificoacq.htm
<DESCRIPTION>PROMISSORY NOTE ISSUED BY THE COMPANY TO CARAVELLE ON SEPTEMBER 15, 2022, EFFECTIVE AS OF SEPTEMBER 13, 2022
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">THIS NOTE 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>P R O M I S S O R Y N O T E</B></P>

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    <TD STYLE="width: 50%; font-size: 10pt">Principal Amount: $<U>575,000.00</U></TD>
    <TD STYLE="text-align: left; width: 50%; font-size: 10pt">Dated as of <U>September 13, 2022</U></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pacifico Acquisition Corp.,
a Delaware corporation (the &ldquo;<B>Maker</B>&rdquo;), promises to pay to the order of Caravelle Group Co., Ltd, a Cayman Islands exempted
company, or its registered assigns or successors in interest (the &ldquo;<B>Payee</B>&rdquo;) the principal sum of <U>Five Hundred and
Seventy-five Thousand</U> U.S. Dollars (US$<U>575,000</U>) 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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: left"><B>Principal. </B>The principal balance of this Promissory Note (this &ldquo;<B>Note</B>&rdquo;) shall
be payable promptly on the date on which the Maker consummates an initial business combination (a &ldquo;<B>Business Combination</B>&rdquo;)
with the Payee (as described in its initial public offering prospectus filed with the Securities and Exchange Commission on September
15, 2021 (the &ldquo;<B>Prospectus</B>&rdquo;)). The principal balance may not be prepaid.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left"><B>Conversion Rights</B>. The Payee has the right, but not the obligation, to convert this Note, in whole
or in part, into private units (the &ldquo;<B>Units</B>&rdquo;) of the Maker (as described in the Prospectus), by providing the Maker
with written notice of its intention to convert this note at least five (5) business days prior to the closing of a Business Combination.
The number of Units to be received by the Payee in connection with such conversion shall be an amount determined by dividing (x) the sum
of the outstanding principal amount payable to such Payee by (y) US$10.00. Such Units shall be proportionally allocated to all the shareholders
of the Payee based on their ownership percentages in the Payee immediately before the closing of the Business Combination.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">(a) <B>Fractional
Shares</B>. No fractional Units will be issued upon conversion of this Note. In lieu of any fractional Units to which Payee would otherwise
be entitled, Maker will pay to Payee in cash the amount of the unconverted principal balance of this Note that would otherwise be converted
into such fractional share.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">(b) <B>Effect
of Conversion</B>. If the Maker timely receives notice of the Payee&rsquo;s intention to convert this Note at least five (5) business
days prior to the closing of a Business Combination, this Note shall be deemed to be converted on the date the Business Combination closes.
At its expense, the Maker will, as soon as practicable after receiving this Note for cancellation after the closing of a Business Combination
(assuming receipt of timely notice of conversion), issue and deliver to Payee, at Payee&rsquo;s address set forth on the signature page
hereto or such other address requested by Payee, certificates for the number of Units to which Payee is entitled upon such conversion
which are proportionally allocated to all the shareholders of the Payee based on their ownership percentages in the Payee immediately
before the closing of the Business Combination (bearing such legends as are customary pursuant to applicable state and federal securities
laws), including a check payable to Payee for any cash amounts payable as a result of any fractional shares as described herein.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: left"><B>Interest. </B>No interest shall accrue on the unpaid principal balance of this Note.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: left"><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&rsquo;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.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: left"><B>Events of Default.</B> The following shall constitute an event of default (&ldquo;<B>Event of Default</B>&rdquo;):</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left"><B>Failure to Make Required Payments.</B> Failure by Maker to pay the principal of this Note within five
(5) business days following the date when due.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left"><B>Voluntary Liquidation, Etc.</B> The commencement by Maker of a proceeding relating to its bankruptcy,
insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by,
a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for 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 Maker generally to pay its debts as
such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left"><B>Involuntary Bankruptcy, Etc.</B> The entry of a decree or order for relief by a court having jurisdiction
in the premises in respect of maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing
of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed
and in effect for a period of 60 consecutive days.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B>Remedies.</B></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left">Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice
to 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.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left">Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(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 Payee.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">[Intentionally Omitted.]</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: left"><B>Unconditional Liability. </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 Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that
may be granted by 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 Maker or affecting Maker&rsquo;s liability hereunder.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: left"><B>Notices. </B>Any notice called for hereunder shall be deemed properly given if (i) sent by certified
mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery
service providing receipted delivery or (iv) sent by facsimile or (v) by e-mail to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to Maker:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Pacifico Acquisition Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">c/o Pacifico Capital LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">521 Fifth Avenue 17th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, NY 10175</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Edward Cong Wang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: edwardwang@pacificocorp.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to Payee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Caravelle Group Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">P. O. Box 31119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Grand Pavilion, Hibiscus Way,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">802 West Bay Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Grand Cayman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">KY1 &ndash; 1205 Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Guohua Zhang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: zgh@caravelleglobal.com.cn</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Notice shall be deemed given on the
earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected
on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: left"><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.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: left"><B>Jurisdiction. </B>The courts of New York have exclusive jurisdiction to settle any dispute arising
out of or in connection with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection
with this agreement) and the parties submit to the exclusive jurisdiction of the courts of New York.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: left"><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.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: left"><B>No Claims Against Trust Account. </B>The Payee has been provided a copy of the Prospectus. The Payee
hereby waives any and all right, title, interest or claim of any kind (&ldquo;<B>Claim</B>&rdquo;) in or to any amounts contained in the
trust account in which the proceeds of the initial public offering (the &ldquo;<B>IPO</B>&rdquo;) conducted by the Maker and the proceeds
of the sale of securities in a private placement that occurred prior to the effectiveness of the IPO, as described in greater detail in
the Prospectus, were placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim from the trust
account or any distribution therefrom for any reason whatsoever; provided that (x) nothing herein shall serve to limit or prohibit Payee&rsquo;s
right to pursue a claim against the Maker for legal relief against monies or other assets held outside the Trust Account, for specific
performance or other equitable relief in connection with the consummation of the transactions contemplated hereby (including a claim against
the Maker to specifically perform its obligations under this Note) so long as such claim would not affect the Maker&rsquo;s ability to
fulfill its obligation to effectuate any redemption, and (y) nothing herein shall serve to limit or prohibit any claims that Payee may
have in the future against the Maker&rsquo;s assets or funds that are not held in the Trust Account (including any funds that have been
released from the Trust Account upon completion of the Business Combination and any assets that have been purchased or acquired with any
such funds). If Maker does not consummate the Business Combination, this Note shall be repaid only from amounts remaining outside of the
Trust Account, if any.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: left"><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.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: left"><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.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: left"><B>Further Assurance. </B>The Maker shall, at its own cost and expense, execute and do (or procure to
be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require
as may be necessary to give full effect to this Promissory Note.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed by its Chief Executive Officer the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">PACIFICO ACQUISITION CORP.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">/s/ Edward Cong Wang </TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>Edward Cong Wang</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted and Agreed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CARAVELLE GROUP CO., LTD</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">/s/ Guohua Zhang</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:&nbsp;</TD>
    <TD>Guohua Zhang</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">5</P>

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