Document:

Exhibit 10.37

 

ADDENDUM TO SECURITIES PURCHASE AGREEMENT

股份购买协议附录

 

 

本附录由以下各方于2020年11月17日
 (“签署日”)在重庆市签订:

This Addendum is executed in Chongqing,
China on this day of November 17, 2020 (“Execution Date”) by and among:

 

甲方 Party
A:重庆精煌泰企业管理咨询有限公司

Party A:Chongqing
Jinghuangtai Business Management Consulting Co., Ltd.

授权代表: 代泽书

Authorized representative:Zeshu
Dai

 

乙方Party
B:

乙方一: 周俊

Party B (I):Jun
Zhou

身份证号:

ID No.:

乙方二:周佳萍

Party B (II): Jiaping Zhou

身份证号:

ID No.:

 

丙方: 重庆集茂仓饲料有限公司

Party C: Chongqing
Ji Mao Cang Feed Co., Ltd.

授权代表: 周佳萍

Authorized representative:Jiaping
Zhou

 

丁方:China
Xiangtai Food Co., Ltd.

Party D: China Xiangtai Food
Co., Ltd.

授权代表:代泽书

Authorized representative:Zeshu
Dai

 

BACKGROUND

背景情况

 

上述各方于2020年4月3日签订了股份购买协议(以下简称“协议”)。协议的各方希望根据修改本附录中规定澄清并修订协议的某些条款,以阐明协议中的原始含义。本附录构成必要各方签署的书面协议,以对以下指定协议的修订生效

Parties mentioned above entered into that certain securities
purchase agreement dated April 3, 2020 (the “Agreement”). The parties to the Agreement wish to clarify and amend
certain provision of the Agreement as set forth in this Addendum to clarify original meaning in the Agreement. This Addendum constitutes
a written agreement signed by the necessary parties in order to effectuate the amendments to the Agreement specified below。

 

因此,考虑到前述内容以及此处列出的各个公约和协议,双方同意如下: 

NOW, THEREFORE, in consideration of the foregoing and the respective
covenants and agreements set forth herein, the parties hereto agree as follows:

  

A)双方同意协议的第3.1条应按以下规定进行修订。

		A)	The parties hereto agree that Article 3.1 of the Agreement shall be amended as set forth below.

 

     

     

    

 

“各方同意,为确保甲方从乙方二处取得丙方51%股权的质押以及VIE协议的签署,甲方和丁方同意向乙方二或者其指定方合计支付742万美元对价(“总对价”),全部以每股票面金额为0.01美元的丁方普通股(“普通股”)股份(“对价股份”)支付。双方一致同意依2020年2月4日收盘价每股3.71美元计,股份对价合计为200万股丁方普通股:In
exchange for the pledge of 51% equity interest of Party C from Part B (II) to Party A and execution of the VIE Agreements, Party
A and Party D shall deliver total consideration of US$7,420,000 (“Total Consideration”), all of which shall be paid
in such number shares of common stock (“Common Stock”), par value $0.01, of Party D (“Share Consideration”)
to Party B(II) or her designee(s). The Parties agree the Share Consideration shall be an aggregate of 2,000,000 shares of Commons
Stock of Party D which is based on the closing price of US$3.71 on February 4, 2020.”

 

B)双方同意协议的第4.1条应按以下规定进行修订

		B)	The parties hereto agree that Article 4.1 of the Agreement shall be amended as set forth below.

 

“各方同意,自VIE协议签署之日起,甲方将取得丙方51%股权的质押;乙方二将尽其最大努力,根据VIE协议的规定,在2020年4月3日或丁方允许的其他时间前完成股权质押登记手续。The
Parties agree that, upon execution of the VIE Agreements hereof, Party A shall be able to pledge 51% equity interest of Party C
for its benefit. Party B (II) shall use her best effort to complete share pledge registration procedure required by VIE Agreements
before April 3, 2020 or any other period agreed by Party D.”

 

完整协议。 本附录与协议一起包含了各方对本协议的全部理解,并取代了各方已承认的关于此类事项的所有先前的口头或书面协议,理解,讨论和陈述

 

Entire Agreement. This Addendum along with the Agreement
contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements,
understandings, discussions and representations, oral or written, with respect to such matters, which the parties acknowledge have
been merged into this Addendum.

  

(以下无正文,为本协议签署页)

(Intentionally Left Blank and Signature
Page follows)

 

     

     

    

 

甲方 Party
A:

重庆精煌泰企业管理咨询有限公司

Chongqing Jinghuangtai Business Management
Consulting Co., Ltd.

 

	/s/ Zeshu Dai                               	 
	姓名/Name:代泽书
    Zeshu Dai	 
	职务/Title :
    执行董事 Executive Director	 
	 	 
	 	 
	乙方一Party
    B(I):	 
	周俊 Jun Zhou	 
	 	 
	/s/ Jun Zhou                     	 
	 	 
	 	 
	乙方二Party
    B(II):	 
	周佳萍Jiaping
    Zhou	 
	 	 
	 	 
	/s/ Jiaping Zhou           	 
	 	 
	 	 
	丙方/Party
    C:	 
	重庆集茂仓饲料有限公司	 
	Chongqing Ji Mao Cang Feed
    Co., Ltd.	 
	 	 
	 	 
	/s/ Jiaping Zhou                           	 
	姓名/Name:周佳萍
    Jiaping Zhou	 
	职务/Title:授权签字人Authorized
    Representative	 

 

 

	丁方/Party
    D	 
	China Xiangtai Food Co., Ltd.	 
	 	 
	 	 
	/s/ Zeshu Dai                           	 
	姓名/Name:代泽书
    Zeshu Dai	 
	职务/Title :董事长
    ChairwomanExhibit 10.1

  

  
    

    

    
      EXECUTION VERSION

    

    

    SEVENTH AMENDMENT TO CREDIT AGREEMENT

    

    

    This SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 16, 2020, is made between GALAXY GAMING, INC., a Nevada corporation (the “Borrower”), and ZIONS BANCORPORATION, N.A. dba
      NEVADA STATE BANK, a Nevada state banking corporation (the “Lender”).

     

    RECITALS

     

    A.          The Lender and the Borrower entered into a Credit Agreement, dated as of April 24, 2018, as amended by the First Amendment to Credit Agreement, dated as of April 22, 2019, as further amended by the Waiver and
      Second Amendment to Credit Agreement, dated as of May 6, 2019, as further amended by the Third Amendment to Credit Agreement, dated as of August 16, 2019, as further amended by the Fourth Amendment to Credit Agreement, dated as of October 14, 2019,
      as further amended by the Forbearance and Fifth Amendment to Credit Agreement, dated as of August 14, 2020, and as further amended by the Sixth Amendment to Credit Agreement, dated as of October 26, 2020 (as further amended, restated, or otherwise
      modified, the “Credit Agreement”), pursuant to which the Lender agreed to extend credit to the Borrower.

     

    B.          The parties desire to amend certain provisions of the Credit Agreement, subject to the terms of this Amendment.

     

    AGREEMENT

    

    

    NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
        parties agree as follows.

     

    Section 1.          Capitalized Terms. Capitalized terms not defined shall have the meanings assigned to them in the Credit Agreement, unless the context shall otherwise require.

     

    Section 2.          Amendment to Credit Agreement: Minimum EBITDA Covenant. Section 6.21 (Minimum EBITDA) of the Credit Agreement is
      amended and restated in its entirety to read as follows.

     

    Minimum EBITDA. For each fiscal quarter ending after the Fifth Amendment Date, the Borrower will not
        permit EBITDA for the four consecutive fiscal quarters ending on such date to be less than the “Minimum EBITDA” corresponding to the applicable “Fiscal Quarter Ending” in the table below.

    

    

    	
            Fiscal Quarter Ending

          	
            Minimum EBITDA

          	 
	
            September 30, 2020 and thereafter

          	
            $2,400,000

          	 

    

    

    Section 3.          Effectiveness of Amendments. This Amendment shall become effective upon delivery by the Borrower of, and
      compliance by the Borrower with, the following:

     

    
      

      
        

      

    

    
    3.1         Documents.
        The Lender shall have received this Amendment executed by a duly authorized officer of the Borrower.

     

    3.2         Fees and Expenses. The Lender shall have received all fees and other amounts due and payable by the Borrower on or prior to the date hereof, including the reasonable fees and expenses of counsel to the Lender payable pursuant to Section 8.2 of the
        Credit Agreement.

     

    3.3         Other Matters. All corporate and legal proceedings relating to the Borrower and all instruments and agreements in connection with the transactions contemplated by this Amendment shall be satisfactory in scope, form and substance to the Lender
        and its counsel, and the Lender shall have received all information and copies of all documents including records of corporate proceedings, as the Lender or its counsel may reasonably have requested in connection therewith, such documents where
        appropriate to be certified by proper corporate or governmental authorities.

     

    Section 4.          Representations, Warranties, Authority.

     

    4.1         Reassertion of Representations and Warranties, No
            Default. The Borrower hereby represents that on and as of the date hereof and after giving effect to this Amendment all of the representations and warranties contained in the Credit Agreement
        and the other Loan Documents are true, correct and complete in all material respects as of the date hereof as though made on and as of such date, except (i) for changes permitted by the terms of the Credit Agreement as amended by this Amendment and
        (ii) to the extent such representation or warranty relates to an earlier specified date, in which case such representation or warranty is reaffirmed as true and correct in all material respects as to such date and there will exist no Default or
        Event of Default under the Credit Agreement as amended by this Amendment on such date which has not been cured or waived by the Lender.

     

    4.2         Authority, No Conflict, No Consent Required,
            Enforceability. The Borrower represents and warrants that the Borrower has the power and legal right and authority to enter into this Amendment and has duly authorized as appropriate the
        execution and delivery of the Amendment by proper corporate action, and neither the Amendment nor the agreements contained herein or therein contravenes or constitutes a default under any agreement, instrument or indenture to which the Borrower is
        a party or a signatory or a provision of the Borrower’s Articles of Incorporation, Bylaws or any other agreement or requirement of law, or results in the imposition of any lien on any of its property under any agreement binding on or applicable to
        the Borrower or any of its property except, if any, in favor of the Lender. The Borrower represents and warrants that no consent, approval or authorization of or registration or declaration with any Person, including but not limited to any
        governmental authority, is required in connection with the execution and delivery by the Borrower of the Amendment or other agreements and documents executed and delivered by the Borrower in connection therewith or the performance of obligations of
        the Borrower therein described, except (a) for those which the Borrower has obtained or provided and as to which the Borrower has delivered certified copies of documents evidencing each such action to the Lender and (b) for those which the Borrower
        will make, obtain or provide upon the consummation of this Amendment and as to which the Borrower will promptly deliver certified copies of documents evidencing each such action to the Lender. The Borrower represents and warrants that the Amendment
        constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, subject to limitations as to enforceability which might result from bankruptcy, insolvency, moratorium and other
        similar laws affecting creditors’ rights generally and subject to limitations on the availability of equitable remedies.

     

    
      

      2

      
        

      

    

    4.3         No Adverse Claim. The Borrower warrants,
        acknowledges and agrees that no events have taken place and no circumstances exist at the date hereof which would give the Borrower a basis to assert a defense, offset or counterclaim to any claim of the Lender with respect to the obligations.

     

    Section 5.          Affirmation of Credit Agreement, Further References, Affirmation of Security Interest. The Lender and the Borrower each acknowledge and affirm that the Credit Agreement, as amended hereby, is
      hereby ratified and confirmed in all respects and all terms, conditions and provisions of the Credit Agreement and the other Loan Documents, except as amended by this Amendment, shall remain unmodified and
      in full force and effect. All references in any document or instrument to the Credit Agreement are hereby amended and shall refer to the Credit Agreement as
      amended hereby. The Borrower confirms to the Lender that the Obligations are and continue to be secured by the security interest granted by the Borrower in favor of the Lender under the Security Agreement and all of the terms, conditions, provisions,
      agreements, requirements, promises, obligations, duties, covenants and representations of the Borrower under such document and any and all other documents and agreements entered into with respect to the obligations under the Credit Agreement are incorporated herein by reference and are hereby ratified and affirmed in all respects by the Borrower.

     

    Section 6.          Merger and Integration, Superseding Effect. This Amendment, from and after the date hereof,
      embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on the same subjects by and between the parties hereto with the effect that this
      Amendment shall control with respect to the specific subjects hereof and thereof.

     

    Section 7.          Severability. Whenever possible, each provision of this Amendment and any other statement,
      instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of this Amendment
      or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under the applicable law, such provision shall be ineffective in such jurisdiction
      only to the extent of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment or any other statement, instrument or transaction
      contemplated hereby or thereby or relating hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction.

     

    
      

      3

      
        

      

    

    Section 8.          Successors. This Amendment shall be binding upon the
      Borrower, the Lender and their respective successors and assigns, and shall inure to the benefit of the Borrower, and the Lender and their successors and assigns.

     

    Section 9.          Legal Expenses. As provided in Section 8.2 of the Credit
        Agreement, the Borrower agrees to reimburse the Lender upon demand for all reasonable out-of-pocket expenses (including filing and recording costs and fees, charges and disbursements of outside counsel to the Lender) incurred in connection
      with the negotiation, preparation, enforcement and collection of this Amendment and all other documents negotiated and prepared in connection with this Amendment.

     

    Section 10.        Headings. The headings of various sections of this Amendment have been inserted for
      reference only and shall not be deemed to be a part of this Amendment.

     

    Section 11.        Counterparts. This Amendment may be executed in several counterparts as deemed necessary or
      convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and any party to this Amendment may execute any such agreement by executing a counterpart of
      such agreement.

     

    Section 12.        Governing Law. THE AMENDMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE
        OF NEVADA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF.

     

    Section 13.        Acknowledgement and Release. IN ORDER TO INDUCE THE LENDER TO ENTER INTO THIS AMENDMENT, THE BORROWER: (A)
      REPRESENTS AND WARRANTS TO THE LENDER THAT NO EVENTS HAVE TAKEN PLACE AND NO CIRCUMSTANCES EXIST AT THE DATE HEREOF WHICH WOULD GIVE THE BORROWER THE RIGHT TO ASSERT A DEFENSE, OFFSET OR COUNTERCLAIM TO ANY CLAIM BY THE LENDER FOR PAYMENT OF THE
      OBLIGATIONS; AND (B) HEREBY RELEASES AND FOREVER DISCHARGES THE LENDER AND ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES AND PARTICIPANTS FROM ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, PROCEEDINGS, DEBTS, SUMS OF MONEY,
      COVENANTS, CONTRACTS, CONTROVERSIES, CLAIMS AND DEMANDS, AT LAW OR IN EQUITY, WHICH THE BORROWER EVER HAD OR NOW HAS AGAINST THE LENDER OR ANY OF ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES OR PARTICIPANTS BY VIRTUE OF THEIR
      RELATIONSHIP TO THE BORROWER IN CONNECTION WITH THIS AMENDMENT, THE CREDIT AGREEMENT, THE LOAN DOCUMENTS AND TRANSACTIONS RELATED THERETO.

     

    ***

     

    
      

      4

      
        

      

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date
        and year first above written.

    

    

    	 	
            BORROWER:

          
	 	 
	 	
            GALAXY GAMING, INC.

          
	 	 

    	 	By:	

          

    	 	Name:	
            Harry Hagerty

          
	 	Title:	
            Chief Financial Officer

          

    

    

    
      Seventh Amendment to Credit Agreement

       

      

    

    
      

      
        

      

    

    
      	 	
              LENDER:

            
	 	 
	 	
              
                ZIONS BANCORPORATION, N.A. DBA NEVADA STATE BANK

              

            
	 	  

      	 	By:	

            

      	 	Name:	
              Jamie Gazza

            
	 	Title:	
              Senior Gaming Director

            

    

    

    

    
      Seventh Amendment to Credit Agreement

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