Document:

Leatt Corp.: Exhibit 10.14 - Filed by newsfilecorp.com

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

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    AMENDMENT NO. 4 TO DIRECTOR AGREEMENT

    

    This AMENDMENT NO. 4 TO DIRECTOR AGREEMENT, effective as of January 1, 2022 (this "Third Amendment"), is by and between Leatt Corporation, a Nevada corporation (the "Company") and Mr. Jeffrey Guzy in his capacity as a director on the Company's board of directors (the "Director"). Each of the parties hereto are referred to as a "Party" and collectively as the "Parties." Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to such terms in the Original Agreement (as defined below).

    BACKGROUND

    The Parties entered into a Director Agreement, dated as of January 1, 2017, pursuant to which, as amended, the Director agreed to serve on the Company's board of directors (the "Original Agreement"). The Parties now desire to enter into this Fourth Amendment to the Original Agreement as more specifically set forth herein.

    AGREEMENT

    NOW, THEREFORE, in consideration of the mutual promises of the Parties, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

    1. Amendment to Section 3(Compensation): Section 3 of the Original Agreement is deleted in its entirety and in lieu thereof the following provision is inserted:

    COMPENSATION. For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a base fee of Two Thousand United States Dollars (US$2,000.00) per month.

    2. Agreement. In all other respects, the Original Agreement shall remain in full force and effect.

    3. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

     

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    IN WITNESS WHEREOF, the Parties have executed this Fourth Amendment to the Original Agreement as of the date first above written.

    

    2Exhibit
10.6

 

5
October 2021

 

PRIVATE
& CONFIDENTIAL

 

JE
Cleantech Holdings Limited (the “Company”)

3
Woodlands Sector I

Singapore 738361

Attn:
Board of Directors

 

Dear
Sirs,

 

Loan
facility of up to US$1,100,000

 

I
understand that the Company is proposing to undergo a listing on NASDAQ (the “Listing”) and requires financing for
the payment of Listing expenses as well as for general working capital and corporate purposes.

 

I
(the “Lender”) confirm that I am making available or procuring the making of the facility described below to you subject
to the terms and conditions set out in this letter (as it may be supplemented or amended from time to time):

 

	1.	Borrower

 

JE
Cleantech Holdings Limited (the “Borrower”).

 

	2.	Facility

 

A
loan facility of up to US$1,100,000 (the “Facility”) or its equivalent in relevant currency.

 

	3.	Drawdown

 

The
Borrower may, on any business day after the date hereof (or such other date as agreed between the Lender and the Borrower), make drawings
under the Facility provided that a notice of drawing is received by the Lender at least 1 business day before the proposed date of drawings.

 

For
the purpose of this letter, a business day shall mean a day (excluding Saturday) on which banks open for business in Singapore.

 

    	1

    	 

    

 

	4.	Repayment
    and Prepayment

 

The
Borrower shall, within 14 days from the date of Listing (the “Repayment Date”), repay to the Lender all outstanding
amounts of the Facility and any other sums due or payable by the Borrower to the Lender under this letter.

 

The
Borrower may prepay the whole or part of the principal amount borrowed and owing under the Facility without paying any fee, penalty or
compensation to the Lender (but without prejudice to the Borrower other obligations set out herein) provided that the Borrower shall
have given to the Lender not less than 24 hours’ prior written irrevocable notice. On the date on which any such prepayment is
made, the Borrower shall pay to the Lender the principal amount to be prepaid and any other sums due and payable by the Borrower hereunder.

 

Any
notice of prepayment given by the Borrower shall be irrevocable and shall oblige the Borrower to prepay in accordance with such notice.
Any amount prepaid may not be re-borrowed.

 

	5.	Use
    of Proceeds

 

The
proceeds drawn under the Facility shall (unless with prior written consent of the Lender) be applied solely for the payment of costs
and expenses in connection with the Listing as well as for general working capital and corporate purposes.

 

	6.	Conditions

 

The
granting of the Facility is subject to copies of all mandates relating to the Listing having been provided to me.

 

	7.	Interest

 

The
Facility shall be interest free.

 

	8.	Payments

 

All
payments by the Borrower hereunder shall be made in immediately available funds free and clear of any withholdings or deductions for
any present or future taxes, imposts, levies, duties or other charges. In the event that the Borrower is required by law to make any
such deduction or withholding from any amount paid, the Borrower shall pay to the Lender such additional amount as shall be necessary
so that the Lender continues to receive a net amount equal to the full amount which it would have received if such withholding or deduction
had not been made.

 

	9.	Assignment

 

This
letter shall be binding upon and enure to the benefit of the Lender and the Borrower. The Borrower may not assign or transfer any of
its rights and/or obligations under this letter without the consent of the Lender.

 

	10.	Law
    and Jurisdiction

 

This
letter shall be governed by and construed in all respects in accordance with the laws of the Hong Kong Special Administrative Region
of the People’s Republic of China (“Hong Kong”). The Borrower hereby irrevocably submits to the non-exclusive
jurisdiction of the Hong Kong courts.

 

    	2

    	 

    

 

	11.	Waiver

 

No
waiver of any of the Lender’s rights or powers or any consent by the Lender shall be valid unless signed by the Lender in writing.
No failure or delay by the Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise preclude any other rights, power or privilege. The rights and remedies provided herein are cumulative
and not exclusive of any rights or remedies provided by law or any other rights the Lender may have.

 

	12.	Notice
    and Service of Proceedings

 

	 	a.	Any
    notice or other communication given or made under or in connection with the matters contemplated by this letter shall be in writing.
	 	 	 
	 	b.	Any
    such notice or other communication shall be addressed as provided in paragraph (c). All such notice or other communication from the
    Borrower shall be irrevocable, and shall not be effective until received by the Lender. All such notice or other communication from
    the Lender shall be deemed to have been duly given or made as follows:

 

	 	1.	if
    sent by personal delivery, upon delivery at the address of the relevant party;
	 	 	 
	 	11.	if
    sent by post, two days after the date of posting;
	 	 	 
	 	111.	if
    sent by facsimile, when despatched.

 

	 	c.	The
    relevant addressees and address of the Lender and the Borrower respectively are:

 

	Name
    of party	Address
	 	 
	Hong
    Bee Yin	3 Woodlands
                                                         Sector I

                                                         Singapore 738361

	 	 
	JE
    Cleantech Holdings Limited	3 Woodlands Sector I

                                                         Singapore 738361

 

	13.	Severability

 

If
any provision of this letter is prohibited or unenforceable in any jurisdiction such prohibition or unenforceability shall not invalidate
the remaining provisions hereof or affect the validity or enforceability of such provision in any other jurisdiction.

 

We
trust that the above terms and conditions are acceptable to you. Please signify your acceptance of the Facility upon the terms and
conditions of this letter by counter signing this letter and returning the copy letter to us by no later than 7 days from the date
hereof. In the absence of our written agreement to the contrary, if we do not receive the duly signed acceptance and copy letter by
such time and date, this offer shall automatically lapse.

 

	Yours
    faithfully,	 
	 	 
	/s/
    HONG Bee Yin	 
	 	 
	We
    accept the terms contained herein.	 
	For
    and on behalf of	 
	JE
    Cleantech Holdings Limited	 
	 	 
	/s/
    HONG Bee Yin	 
	Director	 

 

    	3Exhibit 4.5
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DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12
OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
​
As of December 31, 2021, ITHAX Acquisition Corp. (“we,” “our,” “us” or the “Company”) had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its units (the “units”), consisting of Class A ordinary shares, $0.001 par value per share (the “Class A ordinary shares”) and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share (the “warrants”), (ii) its Class A ordinary shares, and (iii) its redeemable warrants, with each whole warrant exercisable for one Class A ordinary share for $11.50 per share.
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Pursuant to our amended and restated memorandum and articles of association (“amended and restated memorandum and articles of association”), our authorized share capital consists of 111,000,000 ordinary shares, including 100,000,000 Class A ordinary shares, $0.001 par value per share, 10,000,000 Class B ordinary shares, $0.001 par value per share (the “Class B ordinary shares”), and 1,000,000 undesignated preference shares, $0.001 par value per share. The following description summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated memorandum and articles of association and that certain warrant agreement, dated January 27, 2021, by and between us and Continental Stock Transfer & Trust Company, as warrant agent (our “warrant agreement”)each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”).
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Defined terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.
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Units
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Each unit consists of one Class A ordinary share and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares.
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Class A Ordinary Shares
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Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that holders of our Class B ordinary shares will have the right to appoint all of our directors prior to our initial business combination and holders of our Class A ordinary shares will not be entitled to vote on the appointment of directors during such time. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by at least 90% of our ordinary shares voting in a general meeting. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the founder shares voted for the appointment of directors can appoint all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.
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We will provide our Class A public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest (which interest shall be net of taxes payable) divided by the number of then issued and outstanding public shares, subject to the limitations described herein. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business combination.
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If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the ordinary shares sold in our initial public offering, which we refer to as the “Excess Shares.” However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete the business combination. And, as a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.
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If we seek shareholder approval in connection with our initial business combination, our sponsor, officers and directors have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote any founder shares held by them and any public shares purchased during or after our initial public offering in favor of our initial business combination. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.
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In the event of a liquidation, dissolution or winding up of the Company after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable) upon the completion of our initial business combination, subject to the limitations described in the Report.
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Redeemable Warrants
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Each whole redeemable warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
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We will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the offer and sale of the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.
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We have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our best efforts to file, and within 60 business days following our initial business combination to have declared effective, a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. No warrants will be exercisable for cash unless
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we have an effective and current registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. Notwithstanding the above, if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
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Once the warrants become exercisable, we may call the warrants for redemption (except as described herein with respect to the private placement warrants):
​
		·
	in whole and not in part;

		·
	at a price of $0.01 per warrant;

		·
	upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and

		·
	if, and only if, the reported last sale price of the Class A ordinary shares equal or exceed $18.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date we send to the notice of redemption to the warrant holders.

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If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to register or qualify such shares under the blue sky laws of the state of residence in those states in which the warrants were offered by us in our initial public offering.
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If we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are issued and outstanding and the dilutive effect on our shareholders of issuing the maximum number of Class A ordinary shares issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of Class A ordinary shares to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.
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A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise.
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The warrants have certain anti-dilution and adjustment rights upon certain events.
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The warrants will be issued in registered form under our warrant agreement. You should review a copy of the warrant agreement, which has been filed as an exhibit to the Report, for a complete description of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least a majority of the then issued and outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants.
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In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a Newly Issued Price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.
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Warrants may be exercised only for a whole number of Class A ordinary shares. No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the warrant holder.

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