Plum Acquisition Corp. I announced a private placement of an unsecured promissory note for principal amount of $500,000 to co-chief executive officer Mike Dinsdale on January 31, 2022. The note does not bear interest and is repayable in full upon consummation of the company's initial business combination.

The company may draw on the note from time to time, in increments of not less than $50,000, until the earlier of March 18, 2023 or the date on which the company consummates a business combination. 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 investor 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, 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.