Document:

SEC Connect

 

Exhibit
10.38

 

YOUNGEVITY INTERNATIONAL, INC.

 

INCENTIVE STOCK OPTION AGREEMENT

 

 

	
   
                 
                 
                 
         
  

	

	
Name of Option
Holder

	
No.                                                    

	
 

	
  

	
  
                 
                 
                 
           
 

	
 

	
Total Number of
Shares Subject to Option

	
Date:  
                 
                 
          

 

$                                                           
        

Exercise
Price Per Share

 

INCENTIVE STOCK OPTION granted by
Youngevity International, Inc., a Delaware corporation, (the
“Company”) to the above-named option holder (the
“Optionee”) an employee of the Company or one of its
subsidiaries, pursuant to the Company’s 2012 Stock Option
Plan (the “Plan”), the terms of which are incorporated
herein by reference and which, in the event of any conflict, shall
control over the terms contained herein.

 

1. Grant,
Vesting and Expiration of Option.

 

Subject
to the vesting schedule below, the Company hereby grants to the
Optionee an option to purchase on the terms herein provided a total
of the number of shares of common stock of the Company (the
“Common Stock”) set forth above, at an exercise price
per share as set forth above.

 

This
Option may be exercised only with respect to the portion thereof
that is vested in the Optionee. The Optionee’s right to
exercise this option shall become vested in accordance with the
following vesting schedule:

 

This
option shall expire and shall not be exercisable upon the earlier
of: (i) Ten (10) years after the date of this Agreement; or (ii)
three (3) months after the Optionee’s termination of
employment with the Company.

 

2. Stock
to be Delivered.

 

Stock
to be delivered upon the exercise of this option may constitute an
original issue of authorized stock or may consist of treasury
stock.

 

The
Company may, in its sole discretion, determine not to issue or
deliver any certificates for shares of Common Stock pursuant to the
exercise of this Option prior to (i) the completion of any
registration or other qualification of such shares under any
federal or state law or regulation, or the maintaining in effect of
any such registration or other qualification which the Company
shall, in its reasonable discretion upon the advice of counsel,
determine to be necessary or advisable; and (ii) the obtaining of
any other consent approval, or permit from any state or federal
governmental agency which the Company shall, in its reasonable
discretion upon the advice of counsel, determine to be necessary or
advisable.

 

 

 

 

Unless
the shares of Common Stock to be acquired pursuant to the exercise
of the Option shall have been registered under the U.S. Securities
Act of 1933, as amended (the "Securities Act"), prior to such
exercise, each notice of the exercise of the Option shall include a
representation that any of the Option shares purchased shall be
acquired for investment only and not with a view to, or for sale in
connection with, any public distribution, and that any subsequent
resale of any of such shares either shall be made pursuant to a
registration statement under the Securities Act which has become
effective and is current with regard to the shares being sold, or
shall be made pursuant to an exemption from registration under the
Securities Act. In addition, the certificates representing such
shares shall bear a legend in substantially the following
form:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE "ACT") OR ANY
STATE SECURITIES OR "BLUE SKY" LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH SUCH
ACT AND ANY APPLICABLE STATE SECURITIES OR "BLUE SKY"
LAWS.

 

3. Exercise
of Option.

 

Each
election to exercise this option shall be in writing, signed by the
Optionee or by the person authorized to exercise this option under
paragraph 9 hereof, and delivered or mailed to the Chief Financial
Officer of the Company at its principal office, 2400 Boswell Road,
Chula Vista, CA 91914 accompanied by this certificate.

 

In the
event an option is exercised by the executor or administrator of a
deceased Optionee, or by the person or person to whom the option
has been transferred by the Optionee's will or the applicable laws
of descent and distribution, the Company shall be under no
obligation to deliver stock thereunder unless and until the Company
is satisfied that the person or person exercising the option is or
are the duly appointed executor or administrator of the deceased
Optionee or the person to whom the option has been transferred by
the Optionee's will or by the applicable laws of descent and
distribution.

 

4. Payment
for and Delivery of Stock.

 

Payment
in full by a certified or bank check shall be made for all shares
of which this option is exercised at the time of such exercise, and
no shares shall be delivered until such payment is
made.

 

The
Company shall not be obligated to deliver any stock unless and
until all applicable Federal and state laws and regulations have
been complied with, or in the event the outstanding common stock is
at the time listed upon the Nasdaq SmallCap Market or any stock
exchange, unless and until the shares to be delivered have been
listed, or authorized to be added to the list by the Nasdaq
SmallCap Market or the exchanges where it is listed, unless and
until all legal matters in connection with the issuance and
delivery of the shares have been approved by counsel for the
Company. The Optionee shall have no rights as a shareholder until
the stock is actually delivered to him.

 

5. Exercise
of Option.

 

Each
election to exercise this option shall be in writing, signed by the
Optionee or by the person authorized to exercise this option, and
delivered or mailed to the Treasurer of the Company at its
principal office, at its office at 2400 Boswell Road, Chula Vista,
CA 91914 accompanied by this certificate.

 

In the
event an option is exercised by the executor or administrator of a
deceased Optionee, or by the person or person to whom the option
has been transferred by the Optionee's will or the applicable laws
of descent and distribution, the Company shall be under no
obligation to deliver stock thereunder unless and until the Company
is satisfied that the person or person exercising the option is or
are the duly appointed executor or administrator of the deceased
Optionee or the person to whom the option has been transferred by
the Optionee's will or by the applicable laws of descent and
distribution.

 

 

 

 

6. Payment
for and Delivery of Stock.

 

Payment
in full by a certified or bank check shall be made for all shares
of which this option is exercised at the time of such exercise, and
no shares shall be delivered until such payment is
made.

 

The
Company shall not be obligated to deliver any stock unless and
until all applicable Federal and state laws and regulations have
been complied with, or in the event the outstanding common stock is
at the time listed upon the Nasdaq SmallCap Market or any stock
exchange, unless and until the shares to be delivered have been
listed, or authorized to be added to the list by the Nasdaq
SmallCap Market or the exchanges where it is listed, unless and
until all legal matters in connection with the issuance and
delivery of the shares have been approved by counsel for the
Company. The Optionee shall have no rights as a shareholder until
the stock is actually delivered to him.

 

7. Non-transferablility
of Option.

 

This
option may not be transferred by the Optionee otherwise than by
will or the laws of descent and distribution, and during the
Optionee's lifetime this option may be exercised only by
him.

 

8. Changes
in Stock.

 

In the
event of a stock dividend, split-up, combination of shares,
recapitalization, merger in which the Company is the surviving
corporation or other similar capital change, or in the event of a
spin-off or other significant distribution of stock or property by
the Company to its shareholders, the number and kind of shares of
stock of the Company covered by this option, the option price and
other relevant provisions shall be appropriately adjusted by the
Board of Directors of the Company whose determination shall be
binding on all persons.

 

In the
event of a consolidation or merger in which the Company is not the
surviving corporation, or in the event of complete liquidation of
the Company, this option shall thereupon terminate, provided that
the Board of Directors shall, at least twenty days prior to the
effective date of any such consolidation or merger, either (a) make
this option immediately exercisable, or (b) arrange to have the
surviving corporation grant to the Optionee a replacement option on
terms which the Board determines to be fair and
reasonable.

 

9. Continuance
of Employment.

 

This
option shall not be deemed to obligate the Company or any
subsidiary to retain the Optionee in its employ for any
period.

 

10. Retirement.

 

If
pursuant to the retirement policy of the Company or any subsidiary,
the Optionee shall be retired in good standing from the employ of
the Company or its subsidiaries prior to the expiration of an
option because of age (including early retirement), this option
shall terminate on the ninetieth (90th) day after such
retirement and the Optionee may exercise this option prior to such
time but only to the extent to which he was entitled immediately
prior to such retirement. Nothing herein shall be construed as
extending the exercisability of this option to a date more than Ten
(10) years after the date this option is granted.

 

11. Disability.

 

In the
event of termination of employment of the Optionee because of
disability, this option shall terminate one year after such
termination and the Optionee may exercise this option prior to such
time but only to the extent to which he was entitled immediately
prior to such termination because of disability. Nothing herein
shall be construed as extending the exercisability of this option
to a date more than Ten (10) years after the date this option is
granted.

 

 

 

 

12. Death.

 

In the
event of the death of the Optionee while employed by the Company or
within ninety (90) days after his retirement in good standing
because of age or disability, this option shall be exercisable
within one (1) year of his death, provided the option does not
expire by its terms prior to that date, by the executor,
administrator or other legal representative of the estate of the
deceased Optionee or the person or persons to whom the deceased
Optionee's rights under the option shall pass by will or the laws
of descent and distribution but only to the extent the deceased
Optionee was entitled to exercise this option immediately prior to
his death. Nothing herein shall be construed as extending the
exercisability of this option to a date more than Ten (10) years
after the date this option is granted.

 

13. Provisions
of the Plan and Section 422A of the Internal Revenue
Code.

 

This
certificate incorporates by reference the terms of the Plan and of
Section 422A of the Internal Revenue Code of 1986, as amended, and
is subject to the provisions thereof. The Plan and the options
granted pursuant to this certificate are intended to comply with
Section 422A of the Internal Revenue Code of 1986, as amended and
all of the regulations issued pursuant thereto. This certificate
shall be construed in accordance with the Plan, said Section 422A
and the regulations issued thereunder and any provision of this
certificate held to be inconsistent therewith shall be severable
and of no force or effect.

 

14. Provisions
of the Plan.

 

This
certificate incorporates by reference the terms of the Plan and is
subject to the provisions thereof. This certificate shall be
construed in accordance with the Plan and any provision of this
certificate held to be inconsistent therewith shall be severable
and of no force or effect.

 

IN WITNESS WHEREOF, Youngevity International, Inc., has
caused this certificate to be executed by a duly authorized Member
of the Board of Directors. This option is granted at the Company's
principal executive office, on the date stated above.

 

 

	
 

	
By:
_______________________________

	
 

	
      
Member of the Board of Directors

 

  

 

 

 

 

RECORD OF PARTIAL EXERCISE

 

Please
do not write in these spaces. Entries will be made by the Company
upon partial exercise.

 

 

 

	
 

	
 

	
 

	

NUMBER OF SHARES

PURCHASED UNDER OPTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
 

 

DATE OF EXERCISE

 

	
 

 

OFFICIAL SIGNATURESEC Connect

 

Exhibit
10.39

 

THIRD
AMENDMENT TO FACTORING AGREEMENT

 

THIS
THIRD AMENDMENT TO FACTORING AGREEMENT is effective as of May 1,
2016, and between CLR ROASTERS LLC, a Florida limited liability
company (“Client”), and CRESTMARK BANK, a Michigan
banking corporation (“Crestmark”).

 

WITNESSETH

 

WHEREAS, Client and
Crestmark entered into a Factoring Agreement dated February 12,
2010 and Amendments dated April, 6, 2011 and February 1, 2013 (the
“Agreement"); and

 

WHEREAS, Client and
Crestmark desire to amend the terms of the Agreement as provided
herein.

 

NOW
THEREFORE, it is hereby agreed as follows:

 

1. The
terms of the Agreement are hereby amended as follows:

 

a.
Effective May 1, 2016, all new Receivables assigned to Crestmark
shall be “Client Risk Receivables” and no further
Credit Approvals will be provided by Crestmark, and there will be
no new Credit-Approved Receivables.

 

b.
Paragraph 6(a) is hereby deleted in its entirety and the following
is inserted in lieu thereof:

 

“(a) For your
services hereunder, we shall pay and you shall be entitled to
receive a factoring commission equal to three seven eighths of one
percent (0.875%) of the gross Invoice Amount of each Receivable for
annual sales volume up to Ten Million Dollars ($10,000,000); a
factoring commission equal to three quarters of one percent (0.75%)
of the gross Invoice Amount of each Receivable for annual sales
volume over Ten Million Dollars ($10,000,000), which commission
shall be due and payable to you on the date such Receivable arises,
even if we should fail to assign any such Receivable to you.
Factoring commissions shall be chargeable to our account with you.
You shall be entitled to receive a surcharge equal to at least one
percent (1.00%) of the gross Invoice Amount of all Receivables
arising out of our sales to Debtors-In-Possession or special
account relationships. The minimum factoring commission on each
invoice or credit memo shall be Five dollars
($5.00).”

 

c. The
first sentence in Paragraph 10 is hereby deleted in its entirety
and the following is inserted in lieu thereof:

 

	
 

	
“This
Agreement shall continue in full force and effect until February
1, 2019 and shall be
deemed renewed from year to year thereafter unless we give you
notice in writing, by registered or certified mail, not less
than thirty (30) and not
more than sixty (60) days prior to the expiration of the
original term of
this Agreement (or any renewal term thereof) of our intention to
terminate this Agreement as of the end of such
term.”

	
 

 

2. All
capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Agreement.

 

3.
Except as above amended, the Agreement remains in full force and
effect and binding upon the Client without any
defenses, setoffs or counterclaims of any kind
whatsoever.

 

 

 

 

 

	
WITNESSES: 

	
CLR ROASTERS
LLC

	
 

	
 

	
a
Florida limited liability company

	
 

	
 

	
 

	
 

	
/s/  
                 
                 
    

	
By: /s/ David Briskie

	
 

	
Witness:

	
By: David
Briskie

	
 

	
 

	
Its:
Manager

	
 

	
/s/  
                 
                 
    

	
 

	
 

	
Witness:

	
By: /s/ Ernest G.
Aguila

	
 

	
 

	
By: Ernesto G.
Aguila

	
 

	
/s/  
                 
                 
    

	
Its:
Manager

	
 

	
Witness:

	
 

	
 

	
 

	
 

	
 

	
/s/  
                 
                 
    

	
 

	
 

	
Witness:

	
 

	
 

	
 

	
CRESTMARK
BANK

	
 

	
 

	
a
Michigan banking corporation

	
 

	
 

	
 

	
 

	
 

	

By:
/s/ Martin F.
Lewald

By:
Martin F. Lewald

Its: 
Regional Executive
Vice President

	
 

 

 

 

 

 

   
    The undersigned, being the guarantors of the
obligations of Client to Crestmark under the term of that Guarantee
dated February 12, 2010 (the “Guarantee”), hereby
consent to the above Amendment to Factoring Agreement and reaffirm
the Guarantee and confirm that the Guarantee is in full force and
effect and binding upon the undersigned without any defenses,
setoffs or counterclaims of any kind whatsoever.

 

 

By:
/s/ David
Briskie

David
Briskie

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