Document:

EX-10.24

 Exhibit 10.24 

AMENDMENT NUMBER NINETEEN TO 

LOAN AND SECURITY AGREEMENT 

THIS AMENDMENT NUMBER NINETEEN TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of
September 1, 2021 (the “Amendment Nineteen Effective Date”) is entered into between PMC FINANCIAL SERVICES GROUP, LLC, a Delaware limited liability company (“Lender”), and THE REAL GOOD FOOD COMPANY LLC
(“Borrower”), in light of the following: 
 RECITALS 

WHEREAS, Borrower and Lender have previously entered into that certain Loan and Security Agreement, dated as of June 30,
2016, as amended (the “Agreement”). 
 WHEREAS, Borrower has requested that Lender increase the Maximum Revolver
Amount, modify the definition of Borrowing Base, and increase the Capital Expenditures Line. 
 WHEREAS, Lender has agreed
to Borrower’s request pursuant to the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 

1.    DEFINITIONS. All terms which are defined in the Agreement shall have the same definition when used herein
unless a different definition is assigned to such term under this Amendment. 
 2.    AMENDMENTS. Effective as of
the Amendment Nineteen Effective Date (as that term is defined in Section 2.1 of this Amendment), the Agreement is amended as follows: 

2.1    Additional Definitions. Section 8 of the Agreement is amended by adding
the definitions of “Amendment Nineteen” and “Amendment Nineteen Effective Date” as follows: 

“Amendment Nineteen” means that certain Amendment Number Nineteen to Loan and Security Agreement, dated as of
September 1, 2021, between Lender and Borrower. 
 “Amendment Nineteen Effective Date” shall have the
meaning set forth in the preamble to Amendment Nineteen. 
 2.2    Increase in Maximum Revolver
Amount. Section l.A. of the Schedule to Loan and Security Agreement is hereby amended such that the Maximum Revolver Amount is increased from $15,000,000 to $18,500,000. 

2.3    Change in the Definition of “Borrowing Base”. Clause (c) in the
definition of Borrowing Base in Section 1A of the Schedule to Loan and Security Agreement is deleted in its entirety and is replaced with the following: 

  
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	 	(c)	 Lender may, in its sole discretion, make Loans to Borrower from time to time which exceed the limitations of
the borrowing against Eligible Receivables as set forth in subparagraph (a) above or which exceed the limitations on borrowing against Eligible Inventory as set forth in subparagraph (b) above, (the “Approved Overadvance Loans”).
The aggregate outstanding Approved Overadvance Loans shall not at any time exceed $18,500,000; provided, however, the aggregate amount of outstanding Revolving Loans, including any Approved Overadvance Loans, shall not at any time exceed the Maximum
Revolver Amount. Loans. Notwithstanding the terms of the previous sentence to the contrary, at such time that Borrower raises additional equity adequate to repay all outstanding Approved Overadvance Loans, no Approved Overadvance Loans shall be
permitted thereafter and the Borrowing Base shall be thereafter defined as the sum of clauses (a) and (b) below: 

(a)    85% (the “A/R Advance Rate”, and also an “Advance Rate”) of the amount
of Borrower’s Eligible Accounts (as defined in Section 8 above). Such advance rate shall be reduced (if) to 80% if Borrower’s rolling 3 month Dilution exceeds 7.5%, but remains less than 10%, (ii) to 75% if Borrower’s rolling 3
month Dilution exceeds 10% but remains less than 15%, and (iii) to such lower advance rate determined by Lender if Dilution exceeds 15%, plus. Lender reserves the right to make accommodation in the dilution calculation (for example, one-time slotting fees). 
 (b)    75% of Eligible Inventory
consisting of finished goods and 60% of Eligible Inventory consisting of raw materials (the “Inventory Advance Rate”, and also an “Advance Rate”) of the value of Borrower’s Eligible Inventory (as defined in
Section 8 above), calculated at the lower of cost or market value and determined on a first-in, first-out basis. 

2.4    Increase in Capital Expenditures Line. The first paragraph of Section 1(b) Capex Line
of the Schedule, is hereby replaced in its entirety with the following: 
 Capex Line: $3,000,000 

Borrower may request Loans under the Capex Line through December 31, 2021, upon satisfaction of the conditions set forth
in this Agreement. Advances under the Capex Line may be made for up to 100% of the purchase price if new and used Eligible Equipment. At Lender’s sole discretion, Eligible Equipment of up to 15% of the aggregate Loans advances under the Capex
Line maybe comprised of soft costs (soft costs shall consist of installation, service contracts, warranties, delivery 

  
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fees and other such expenses outside of the cost of the actual equipment). At the end of each quarter or at such other time agreed to by both Borrower and Lender, in no event later than
December 31, 2021, the sum of the disbursements shall be aggregated into a schedule and begin amortizing. 

3.     CONDITIONS PRECEDENT. 

3.1    The following are the conditions precedent to the effectiveness of this Amendment: 

 

	 	A.	 Lender shall have received a fully executed copy of this Amendment 

 

	 	B.	 Lender shall have received the Amendment Nineteen Fee equal to $500,000 fully earned and due and payable
(added to the Revolving Line of Credit) on the Amendment Nineteen Effective Date. 

4.    REPRESENTATIONS AND WARRANTIES. Borrower hereby affirms to Lender that all of Borrower’s representations
and warranties set forth in the Agreement are true, complete and accurate in all respects as of the date hereof. 

5.    LIMITED EFFECT. Except for the specific amendment contained in this Amendment, the Agreement shall remain
unchanged and in full force and effect. 
 6.    RELEASE BY BORROWER. Borrower, for itself, and for its agents,
servants, officers, directors, shareholders, employees, heirs, executors, administrators, successors and assigns, forever release and discharge Lender and its servants, employees, accountants, attorneys, shareholders, subsidiaries, officers,
directors, heirs, executors, administrators, successors and assigns from any and all claims, demands, liabilities, accounts, obligations, costs, expenses, liens, actions, causes of action, rights to indemnity (legal or equitable), rights to
subrogation, rights to contribution and remedies of any nature whatsoever, known or unknown, which Borrower had, now has, or has acquired, individually or jointly, at any time prior to the Agreement Date, including specifically, but not exclusively,
and without limiting the generality of the foregoing, any and all of the claims, damages, demands and causes of action, known or unknown, suspected or unsuspected by Borrower which: 

6.1    Arise out of the Loan Documents; 

6.2    Arise by reason of any matter or thing alleged or referred to in, directly or indirectly, or in any
way connected with, the Loan Documents; or 
 6.3    Arise out of or in any way are connected with any
loss, damage, or injury, whatsoever, known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of the Lender or any party acting on behalf of Lender. 

7.    WAIVER OF CALIFORNIA CIVIL CODE SECTION 1542. Borrower acknowledges that there is a risk that subsequent to
the execution of this Agreement it may incur or suffer losses, damages or injuries which are in some way caused by the transactions referred to in the Loan Documents or this Agreement, but which are unknown and unanticipated at the time this
Agreement is executed. Borrower does hereby assume the above mentioned risks and agree that 

  
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this Agreement shall apply to all unknown or unanticipated results of the transactions and occurrences described herein, as well as those known and anticipated, and upon advice of counsel,
Borrower does hereby knowingly waive any and all rights and protections under California Civil Code Section 1542 which section has been duly explained and reads as follows: 

“A general release does not extend to claims that the creditor or releasing party does not know or
suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” 

8.    LEGAL ADVICE OBTAINED. The advice of legal counsel has been obtained by each party prior to signing this
Agreement and each party executes this Agreement voluntarily, with full knowledge of its significance, and with the express intention of effecting the legal consequences provided by Section 1541 of the California Civil Code, namely, the
extinguishment of obligations except for the executory provisions of this Agreement. 
 9.    COUNTERPARTS;
EFFECTIVENESS. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed and delivered shall be deemed to be an original. All such counterparts, taken together,
shall constitute but one and the same Amendment. This Amendment shall become effective upon the execution of this Amendment by each of the parties hereto. 

  
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 IN WITNESS WHEREOF, Lender and Borrower have executed this Amendment. 

 

			
	 THE REAL GOOD FOOD COMPANY LLC

		
	 By
  
	 	 /s/  Bryan
Freeman

 
			
	 Name:
	 	 Bryan Freeman

	 Title:
	 	 CHAIRMAN

  
  

Signature Page to Amendment Number Nineteen to Loan and Security Agreement 

 
			
	 PMC FINANCIAL SERVICES GROUP, LLC

		
	 By
  
	 	 /s/ Walter E. Buttkus,
III

 
			
	 Name:
	 	 Walter E. Buttkus, III

	 Title:
	 	 President

  
  

Signature Page to Amendment Number Nineteen to Loan and Security AgreementEX-10.25

 Exhibit 10.25 

PROMISSORY NOTE (“NOTE”) 
  

					
	 $40,000.00
	  	Riverside, California	  	February 21, 2017

 1.        Obligation. FOR VALUE RECEIVED, the undersigned, THE
REAL GOOD FOOD COMPANY LLC, a California limited liability company (“Company”), promises to pay to the order of PPZ, LLC, a Wyoming limited liability company, or its permitted assigns (collectively referred to herein as, the
“Holder”) at maturity, a principal sum of Forty Thousand Dollars and Zero Cents ($40,000.00) (“Principal”), together with all accrued and unpaid interest, at its offices or such other place as the
Holder may designate in writing. 
 2.        Interest Rate. From the date of this Note and
until this Note is paid in full, interest shall accrue on the outstanding principal balance of this Note at the simple rate of interest of eight percent (8%) per annum (“Interest Rate”). Interest shall be calculated on the
basis of a 360-day year assuming twelve equal 30-day months. 

3.        Payment Provisions 

3.1        Payment at Maturity. The outstanding principal balance plus all
accrued and unpaid interest under this Note shall be due and payable to the Holder on February 20, 2019 (“Maturity Date”). 

3.3        Other Payment Provisions. All payments of principal and/or interest
shall be payable to the Holder in lawful money of the United States. All payments shall first be applied to accrued and unpaid interest and then to reduce the principal balance of this Note. Except as otherwise provided herein, this Note may not be
prepaid at any time without the prior written consent of the Holder. 

4.        Assignment. The Company may not assign this Note or any of its rights
hereunder without the prior written consent of the Holder; provided, however, that in the event of a merger or consolidation of the Company into or with another entity, this Note may be, without the prior written consent of the Holder, and shall be
deemed to be, assigned to and assumed by the surviving entity in any such merger or consolidation, which shall thereupon become the Company for purposes of this Note. The Holder may assign this Note without the prior written consent of the Company,
to another entity for the purpose converting this Note. The Company or the Holder, as applicable, shall promptly deliver notice of any assignment of this Note or any rights, title or interests in or to this Note by such party, which notice shall
include the date of the assignment and the name and address of the assignee. 

5.        Subordination. This Note shall be subordinated to any and all security interests held
by PMC Financial in the assets of the Company, existing before or after the date hereof. 

6.        Successors and Assigns. Except as otherwise provided herein, any reference to the
Holder hereof shall be deemed to include the permitted successors and assigns of such Holder, and all covenants, promises and agreements by or on behalf of the Company that are contained in this Note shall bind and inure to the benefit of the
permitted successors and assigns of such Holder and to any future holders of this Note. 

  
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 7.        Notices. Any communication, notice
or demand of any kind whatsoever which either party may be required or may desire to give to or serve upon the other shall be in writing and delivered by (a) overnight courier (such as Federal Express) that provides evidence of receipt,
(b) by registered or certified mail, postage prepaid, return receipt requested or (c) by electronic communication (whether by email or facsimile) so long as a copy of such notice follows using the methods provided in (a) or (b) within
two (2) days, addressed as follows: 
  

			
	 To Holder:
	  	 PPZ, LLC
 Attention: Rhea Lamia

[***]
 Email: [***]

		
	 To Company:
	  	 The Real Good Food Company LLC
 [***]

Email: [***]

		
	 With a Copy to:
	  	 Varner & Brandt LLP
 Attention: Sean
S. Varner
 3750 University Avenue
 Riverside, California
92501
 Email: [***]

 Any party may change its address for notice by written notice given to the other in the manner
provided in this Section 7. Any such communication, notice or demand shall be deemed to have been received on the date of confirmed delivery; provided, however, that any communication, notice or demand received after 5:00 p.m.
(local time for the addressee) shall be deemed to have been received on the next business day. 

8.        Waiver. No waiver of any obligation of the Company under this Note shall be effective
unless it is in a writing signed by the Holder. A waiver by the Holder of any right or remedy under this Note on any occasion shall not be a bar to exercise of the same right or remedy on any subsequent occasion or of any other right or remedy at
any time. The Company hereby expressly waives presentment, demand and protest, notice of demand, dishonor and nonpayment of this Note, and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default or
enforcement hereof. 
 9.        Controlling Law and Venue. This Note and the provisions
hereof shall be governed, construed and interpreted strictly in accordance with the laws of the State of California, without regard to its principles of conflicts of law. The Company and Holder each submit to the exclusive jurisdiction of the State
courts in the State of California. The venue for any legal action arising out of this Agreement shall lie in Riverside County, California. 

10.        Severability. In the event any one or more of the provisions of this Note shall for
any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively operate to invalidate this Note, then and in any
such event, such provision(s) only shall be deemed null and void and shall not affect any other provision of this Note and the remaining provisions of this Note shall remain operative and in full force and effect and in no way shall be affected,
prejudiced, or disturbed thereby. 

  
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 11.        Loss, Theft, Destruction or Mutilation
of Note. In the event of the loss, theft, mutilation or destruction of this Note, upon Company’s receipt of an indemnification agreement reasonably satisfactory to the Company and executed in favor of the Company by the Holder, or in the
event of a mutilation of this Note, upon Holder’s surrender to Company of the mutilated Note, Company shall execute and deliver to Holder, a new convertible promissory note in the form and content identical to this Note in lieu of the lost,
stolen, destroyed or mutilated Note. 
 12.        Relationship of Parties. The relationship
between Company and Holder is, and at all times shall remain, solely that of debtor and creditor, for purposes of this Note only, and shall not be, or be construed to be, a joint venture, partnership or other relationship of any nature. 

13.        Costs. The Company, with the exception of Holder’s attorney fees, shall be
responsible for all costs and expenses related to this Agreement included but limited to, title policies, escrow costs, recording fees, postage, etc. 

14.        Amendments. No amendment, modification or termination of this Note shall be
effective unless the same shall be in writing and signed and delivered by the Company and Holder. No waiver of any provision of this Note or consent by the Holder shall be effective unless the same shall be in writing and signed by the Holder. No
waiver of any provision of this Note or consent by the Company shall be effective unless the same shall be in writing and signed by the Company. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, the undersigned has caused this Note to be
executed and its seal affixed effective as of the day and year first above written. 
  

			
	
COMPANY:                    

	 	THE REAL GOOD FOOD COMPANY LLC,
		 	a California limited liability company
		
		 	By:  /s/ Josh
Schreider                                    
		 	 Name: Josh Schreider

		 	 Title:   Manager

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