Item 2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.
On July 11, 2022, Plum Acquisition Corp. I (the "Company") issued an unsecured
promissory note (the "Note") in the principal amount of $500,000 to Ursula Burns
(the "Payee"). The Note does not bear interest and is repayable in full upon
consummation of the Company's initial business combination (a "Business
Combination"). Up to fifty percent (50%) of the principal of the Note may be
drawn down from time to time at the Company's option prior to August 25, 2022
and any or all of the remaining undrawn principal of the Note may be drawn down
from time to time at the Company's option after August 25, 2022, in each case in
increments of not less than $50,000. If the Company does not complete a Business
Combination, the Note shall not be repaid and all amounts owed under it will be
forgiven. Upon the consummation of a Business Combination, the Payee shall have
the option, but not the obligation, to convert the principal balance of the
Note, in whole or in part, into private placement warrants (as defined in that
certain Warrant Agreement, dated March 18, 2021, by and between the Company and
Continental Stock Transfer & Trust Company), at a price of $1.50 per private
placement warrant. The Note is subject to customary events of default, the
occurrence of which automatically trigger the unpaid principal balance of the
Note and all other sums payable with regard to the Note becoming immediately due
and payable.
The Note was issued pursuant to the exemption from registration contained in
Section 4(a)(2) of the Securities Act of 1933, as amended.
The Note is attached as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated herein by reference. The disclosure set forth in this Item 2.03 is
intended to be a summary only and is qualified in its entirety by reference to
the Note.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1 Promissory Note, dated July 11, 2022, issued by Plum Acquisition Corp. I
to Ursula Burns.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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