Document:

Exhibit 4.19

 

Employment
Contract

 

The employment contract (hereinafter referred
to as the “Contract”) entered into on March 1, 2019 in Hangzhou City, the parties are:

 

Party A: China Lending Corporation (hereinafter
“Company”)

Address: 11th
Floor, Satellite Building, 473 Satellite Road, Economic Technological Development Zone, Urumqi, Xinjiang, China.

 

Party
B: LIU Zhigang (the “employee”)

Address: No.264
Miaohuang Village, Gucheng Town, Huaiyuan County, Bengbu City, Anhui Province, China.

 

1. POSITION AND
RESPONSIBILITIES

 

1.1 Positions. The Company employs the employee
as Vice President.

 

1.2 Duty. Company
will provide employee with a job description outlining the duties and obligations of employee at work.

 

1.3 Other activities. During employment
period, the employee shall make its best time, energy and ability to fulfill his duties, to diligence, loyalty and conscientious
and with responsible attitude to promote the development of business and should be of its own best efforts to promote the interests
of the Company.

 

1.4 No conflict. Employee
represents and warrants that, the employee signed this contract, to accept the Company to employ and discharge its responsibilities
under this contract does not violate the employee may have to other employers, individuals or institutions any obligation, including
any other individual or agency specifically or confidential information which has any obligations.

 

1.5 Holiday. In accordance
with applicable laws, regulations, and this contract, the employee shall be entitled to the minimum annual leave and statutory
holidays under the Labor Law in China.

 

1.6 Working hours. Employee shall
principally work in Hangzhou, Zhejiang, China and other cities with requirement of working from Monday through Friday from 09:00
a.m. to 17:00 p.m. Employee’s work hours shall be mainly for the purpose of meeting
the needs of the Company. The CEO may change the work hours of the employee for the needs of the Company.

 

1.7 Place of work. Place of work shall be mainly
in Hangzhou City.

 

2.
COMPENSATION

 

2.1 Compensation. Employee
shall receive the compensation based on operating and management performance. The Company will identify the commission rate of
each project and the commission will be paid on a case by case basis. Annual bonus will be paid according to an annual performance
target set by the Company.

 

2.2 Tax. Employee
shall be responsible for his own taxes.

 

     

     

    

 

3. CONTRACT PERIOD

 

3.1
Contract period. After signing, the contract is valid for a three (3) year (“Term”) unless earlier terminated
in accordance with the provisions of this contract.

 

3.2
Contract renewal. At least thirty (30) days before the expiry of the contract, the Company and employee can renew the contract,
or the Company upon written notice to employee can refuse to renew the contract. If the Company decides to renew the contract,
the employee should decide before the expiry of the contract to accept or reject the renewal. If the employee fails to respond
before the expiration of the contract, it should be regarded as the employee agrees that the contract duration was renewed, and
the terms and conditions of this contract will be the same.

 

4. LABOR
DISCIPLINE

 

4.1 Labor discipline. Employee
shall abide by the terms of this contract and the Company developed all of the relevant provisions of the labor discipline in the
employee handbook or other document listed in the other work systems and procedures. Executive or employee shall comply with the
rules and regulations.

 

4.2
Communication with the outside world. Without the Company’s prior approval or authorization, the employee cannot communicate
with any other party for terms and working conditions on the job, the Company’s business and related matters.

 

5. TO
TERMINATE THE CONTRACT BY THE COMPANY

 

5.1 Dismissal without notice.
If any one of the following conditions occurs, the Company can at any time dismiss an employee without notice:

 

		(a)	Serious violation of Company rules and regulations;

 

		(b)	Serious dereliction of duty or practices graft, causing
significant harm to the interests of the company;

 

		(c)	Be held criminally responsible.

 

5.2 Dismissal after notice.
Any of the following circumstances, the Company can make written notice of thirty (30) days prior dismissal of employee:

 

		(a)	Employee with non-occupational diseases or non-work
related injury, medical treatment period expires, and still cannot perform the original work, and cannot perform other works arranged
by the Company;

 

		(b)	Employee cannot reach an appropriate level of performance,
even after training or work;

 

		(c)	The circumstances at the conclusion of the contract
have changed significantly, resulting in inability to perform the contract, even though The Company in consultation with the employee;

 

		(d)	In order to avoid bankruptcy of the Company, or because
of serious difficulties in operations, management needs to cut staff, after consultation with the staff union or employee provided
that it is compliance with other relevant law; or

 

		(e)	Relevant laws or regulations in other circumstances.

 

    2

     

    

 

5.3 Compensation. If the
Company pursuant to Article 5.2 of the dismissal of employee, the Company in accordance with relevant laws and regulations shall
pay economic compensation to employee.

 

6.TERMINATE THE CONTRACT BY EMPLOYEE

 

6.1
Resigned after notification. Employee can terminate the employment relationship by giving thirty (30) days written notice
to the Company. If the employee resigns by this method, the Company has no obligation to any financial compensation paid to employee.

 

6.2
Resignation without notice. Notwithstanding the provisions of Article 6.1, an employee can at any time terminate the contract
without notice to the resignation of the Company:

 

		(a)	Company does not provide a safe working environment;

 

		(b)	Company under this contract is not timely, full payment of remuneration or provides working conditions;

 

		(c)	Company violates laws and administrative regulations, violation of employee benefits; or

 

		(d)	Applicable laws or regulations in other circumstances.

 

6.3 Financial compensation.
If an employee resigns pursuant to section 6.2, the Company shall pay economic compensation to employee in according to the
relevant legal provisions.

 

7.OBLIGATIONS AFTER TERMINATION OF THE CONTRACT

 

7.1 Return of property. Employee
agrees that employee whose employment is provided during the period, or created or produced by employee of all property (including,
without limitation, all equipment, tangible proprietary information, documents, records, records, contracts and computer-generated
materials) are the property of Company, and should be returned to the Company immediately when the contract is terminated.

 

7.2 Resign. After the termination
of the employment relationship, employee shall cooperate with the Company for its work of finishing appropriate works and orderly
transfer of work to other employee.

 

8.PRIVACY POLICY

 

8.1 Confidential information. Employee
represents, warrants and undertakes that, without prior written consent by the Company, employee shall not disclose to any third
parties or use for purposes other than performing their duties employee any intellectual property rights, management and business
model, customers, vendors, employee and other sources as well as the relationship between the entities any information (hereinafter
referred to as “Confidential Information”) from which the employee acquires during his employment period.

 

9.APPLICABLE LAW AND DISPUTE RESOLUTION

 

9.1 Applicable law. This
contract, the implementation and interpretation and dispute settlement should apply the laws of China.

 

    3

     

    

 

9.2 Dispute Resolution. Both sides
should resolve the labor dispute in accordance with the following procedures:

 

		(a)	The two sides should first resolve any dispute that
occurs during the performance of this contract through negotiation and mediation.

 

		(b)	If the negotiation and mediation is unsuccessful, both
parties should go to the company’s local labor dispute arbitration committee for arbitration; either party refuses to accept
the ruling of labor dispute arbitration committee, both parties should go to the people’s court according to law.

 

10. OTHER

 

10.1 Amendments. Without the signed
writing by the authorized representatives of employee and the Company, there should not be any amendment or changes to this contract.
Failure to exercise any right under the contract does not constitute a waiver of that right.

 

10.2 Notice. Under this contract,
any notice must be made in writing to the appropriate address, listed on the first page of this contract, of employee and the Company.
Notice under this Agreement shall be in effect under the following circumstances: (a) when delivered by hand and to be served personally;
(b) When delivery by overnight delivery or registered mail, the time of receipt of a written receipt; or (c) when sent by e-mail
or fax, when confirmation of receipt of electronic transmission. The employee has obligation to notice in writing of any change
of its address. Notice of change of address is valid only to be served in accordance with the above circumstances.

 

10.3
Complete the contract. The contract is the subject of the contract the two sides reached the final, complete and
exclusive contract, and replaces, and merge the two sides before or at the same time the subject of this contract the reach
of all oral or written statements, negotiations, proposals, negotiations, conditions, communications and conventions, and
habits of all previous transactions, and industry practice.

 

10.4 Contract. Two (2) original contract is
signed, each party hold an original.

 

    4

     

    

 

IN WITNESS WHEREOF, the parties hereto the date first above
stated signed this contract.

 

Company: China Lending Corporation

 

	By:	/s/ Li Jingping	 
	Name:	Li Jingping	 
	Its:	Chief Executive Officer	 
	 	 	 
	Employee: 	LIU Zhigang	 
	Signature:	/s/ LIU Zhigang	 

 

 

5ex_141368.htm

Exhibit 10.1

 

FIFTH AMENDMENT TO

LOAN AND SECURITY AGREEMENT

 

THIS FIFTH AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of April 22, 2019, by and between OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 of the Loan Agreement (as defined below) or otherwise party thereto from time to time (each a “Lender” and collectively, the “Lenders”) including Oxford in its capacity as a Lender and SILICON VALLEY BANK, a California corporation with an office located at 3003 Tasman Drive, Santa Clara, CA 95054 (“Bank” or “SVB”), and NUVECTRA CORPORATION, a Delaware corporation (“Nuvectra”), ALGOSTIM, LLC, a Delaware limited liability company (“Algostim”), and PELVISTIM LLC, a Delaware limited liability company (“PelviStim”), each with offices located at 5830 Granite Parkway, Suite 1100, Plano, TX 75024 (Nuvectra, Algostim, and PelviStim are individually and collectively, jointly and severally, “Borrower”).

 

Recitals

 

A.      Collateral Agent, Lenders and Borrower have entered into that certain Loan and Security Agreement dated as of March 18, 2016 (as amended from time to time, including by that certain First Amendment to Loan and Security Agreement dated as of February 14, 2017, that certain Second Amendment to Loan and Security Agreement dated as of February 16, 2018, that certain Consent and Third Amendment to Loan and Security Agreement dated as of December 31, 2018 and that certain Fourth Amendment to Loan and Security Agreement dated as of February 27, 2019, the “Loan Agreement”).

 

B.      Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.

 

C.      Borrower has requested that Collateral Agent and Lenders (i) establish the minimum product revenue for remaining three fiscal quarters in 2019, and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein.

 

D.      Collateral Agent and Lenders have agreed to amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

 

Agreement

 

Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1.       Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

2.       Amendments to Loan Agreement. 

 

2.1       Section 6.10 (Financial Covenant). Section 6.10 of the Loan Agreement hereby is amended and restated in its entirety to read as follows:

 

“6.10     Financial Covenant. Borrower shall achieve product revenue (determined in accordance with GAAP), measured as of the last day of each fiscal quarter on a trailing three (3) month consolidated basis, greater than or equal to the amounts set forth below for the corresponding measuring periods.

 

	
			Measuring Period End Date

			 

				
			Minimum Product Revenue

			
	
			March 31, 2019

			 

				
			$10,000,000

			
	
			June 30, 2019

			 

				
			$12,000,000

			
	
			September 30, 2019

			 

				
			$12,000,000

			
	
			December 31, 2019

			 

				
			$13,575,000

			

 

1

 

 

For the fiscal quarters ending after December 31, 2019, new minimum product revenue levels shall be set by the mutual agreement of Borrower, Collateral Agent and Lenders based on the Annual Projections delivered by Borrower to each Lender pursuant to Section 6.2(a)(iii) hereof (without regard, however, to any revisions to such Annual Projections provided by Borrower pursuant to Section 6.2(a)(iii)) and pursuant to an amendment to this Agreement which Borrower hereby agrees to execute by no later than February 28 of each year. Such revenue levels shall be acceptable to Collateral Agent and the Lenders in their sole discretion and in any case shall require Borrower to achieve product revenue (determined in accordance with GAAP), measured as of the last day of each fiscal quarter on a trailing three (3) month consolidated basis, greater than or equal to the greater of (i) seventy-five percent (75%) of the product revenue target as set forth in such applicable Annual Projections, and (ii) Twelve Million Dollars ($12,000,000.00). Furthermore, such projections shall demonstrate year over year revenue growth (determined by comparing each individual quarter with the corresponding quarter from the previous year) and it shall be an immediate Event of Default if Borrower, Collateral Agent and Lenders fail to enter into the aforementioned amendment on or prior to February 28 of each year.”

 

3.       Limitation of Amendment.

 

3.1     The amendments set forth in Section 2 above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Collateral Agent or any Lender may now have or may have in the future under or in connection with any Loan Document.

 

3.2     This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

 

4.       Representations and Warranties. To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:

 

4.1     Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

 

4.2     Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

 

4.3     The organizational documents of Borrower delivered to Collateral Agent and Lenders on the Effective Date, or subsequent thereto, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

 

4.4     The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

 

2

 

 

4.5     The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 

4.6     The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower; and

 

4.7     This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

 

5.       Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

 

6.       Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Collateral Agent and Lenders of this Amendment by each party hereto, and (b) Borrower’s payment of all Lenders’ Expenses incurred through the date of this Amendment.

 

 

 

[Remainder intentionally left blank; signature page follows]

 

3

 

 

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

 

	
			COLLATERAL AGENT AND LENDER:

			 

			OXFORD FINANCE LLC 

				 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
			LENDER:

			 

			SILICON VALLEY BANK

				 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
			BORROWER:

				 	 	 	 
	 	 	 	 	 
	NUVECTRA CORPORATION	 	ALGOSTIM, LLC
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
			By:

				 	 	 	
			By:

				 	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	PELVISTIM LLC	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
			By:

				 	 	 	
			 

				 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 

 

 

[Signature Page to Fifth Amendment to Loan and Security Agreement]

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