Document:

Exhibit 10.3

 

PROMISSORY NOTE

 

	$150,000	As of August 19, 2020

 

Astrea Acquisition
Corp. (“Maker”) promises to pay to the order of Astrea Acquisition Sponsor LLC or his/its successors or assigns (“Payee”)
the principal sum of One Hundred Fifty Thousand Dollars and No Cents ($150,000) in lawful money of the United States of America,
on the terms and conditions described below. Payee can assign this Note and its rights and obligations to any affiliate of Payee
in Payee’s discretion.

 

1. Principal.
The principal balance of this Note shall be repayable on the earlier of (i) December 31, 2020, (ii) the date on which Maker consummates
an initial public offering of its securities (“IPO”) or (iii) the date on which Maker determines to not proceed with
such IPO.

 

2. Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3. Application of
Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and
finally to the reduction of the unpaid principal balance of this Note.

 

4. Events of Default.
The following shall constitute Events of Default:

 

(a) Failure to
Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date
when due.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law,
or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the
benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker
in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or
similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

     

     

    

 

5. Remedies.

 

(a) Upon the occurrence
of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and payable,
whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence
of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable with regard
to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

6. Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

7. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to them or affecting their liability hereunder.

 

8. Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate
by notice in accordance with this Section:

 

If to Maker:

 

Astrea Acquisition Corp.

55 Ocean Lane Drive, Apt. 3021

Key Biscayne, Florida 33149

Attention: Chief Executive Officer

 

    2

     

    

 

If to Payee:

 

Notice shall be deemed
given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation,
(iii) the date on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the date
reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail
or delivery service.

 

9. Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of
the State of New York.

 

10. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

 

[Signature Page Follows]

 

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	 	ASTREA ACQUISITION CORP. 
	 	 	 
	 	By:	/s/
	 	 	Name:
	 	 	Title:

 

[Signature Page to Promissory Note]ex_220316.htm

Exhibit 10.1

 

TERMINATION AGREEMENT

 

This Termination Agreement (“Termination Agreement”) dated January 10, 2021 is by and between National Holdings Corporation, a Delaware corporation (the “Company”), and B. Riley Financial, Inc., a Delaware corporation (“BRF”) (each a “Party” and collectively, the “Parties”). 

 

RECITALS

 

WHEREAS, BRF and the Company are parties to that certain Agreement, dated November 14, 2018 (the “Standstill Agreement”);

 

WHEREAS, concurrently with the execution and delivery of this Termination Agreement, the Company is entering into that certain Agreement and Plan of Merger (as may be amended from time to time in accordance with its terms, the “Merger Agreement”) with BRF and B. Riley Principal Merger Corp. III, a Delaware corporation and wholly owned subsidiary of BRF (“Merger Sub”), pursuant to which, upon the terms and subject to the conditions set forth therein, (i) Merger Sub will agree to commence, and BRF will agree to cause Merger Sub to commence, a tender offer (the “Offer”) to purchase any and all of the shares of common stock of the Company issued and outstanding that are not owned by BRF and its subsidiaries, and (ii) in accordance with Section 251(h) of the DGCL, following the consummation of the Offer, Merger Sub will be merged with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of BRF;

 

WHEREAS, the board of directors of the Company (the “Company Board”) has established a special committee represented by its own independent legal counsel and its own independent financial advisor (the “Special Committee”) and has delegated to the Special Committee the authority to review, evaluate, negotiate, recommend or not recommend the Offer and the Merger and any related matters or issues, which includes this Termination Agreement and the Merger Agreement;

 

WHEREAS, the Company Board, acting on the recommendation of the Special Committee, has approved the execution, delivery and performance by the Company of this Termination Agreement, among other actions to be taken by the Company; and

 

WHEREAS, the Parties wish to terminate the Standstill Agreement effective as of the Closing Date.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements contained herein, the Parties, intending to be legally bound, hereby agree as follows:

 

1.     Definitions.  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Merger Agreement.

 

2.     Waiver of the Standstill Agreement.  The Company hereby waives the obligations of BRF pursuant to the Standstill Agreement as of the date hereof for the sole and limited purposes of allowing the Parties to enter into the Merger Agreement and BRF and Merger Sub to consummate the transactions contemplated thereby, including the Offer and the Merger.

 

 

 

 

3.     Termination of the Standstill Agreement.  Effective as of the Closing, the Standstill Agreement is hereby terminated in its entirety.

 

4.     Governing Law.  This Termination Agreement and any suit, action, litigation or proceeding, whether at law or in equity, arising out of or related hereto or to the inducement of any party hereto to enter into this Termination Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

 

5.     Counterparts; Effectiveness.  This Termination Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Signatures to this Termination Agreement transmitted by electronic mail in PDF form, or by any other electronic means designed to preserve the original graphic and pictorial appearance of a document, will be deemed to have the same effect as physical delivery of the paper document bearing the original signatures.  The obligations in this Termination Agreement shall become effective when each Party shall have received a counterpart hereof signed by the other Party; provided, that the obligations in Section 3 shall become effective only on the Closing Date. In the event the Merger Agreement is terminated in accordance with its terms, this Termination Agreement shall automatically terminate and be of no further force or effect. 

 

6.     Entire Agreement.  This Termination Agreement constitutes the entire understanding among the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings both written and oral among the Parties with respect to the subject matter hereof.

 

[Signature pages follow]

 

 

 

 

 

 

IN WITNESS WHEREOF, the Parties have caused this Termination Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	
			 

				
			B. RILEY FINANCIAL, INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Bryant R. Riley

				
			 

			
	
			 

				
			 

				
			Name: Bryant R. Riley

				
			 

			
	
			 

				
			 

				
			Title: Chairman & Co-Chief Executive Officer

				
			 

			

 

[Signature Page to Termination Agreement]

 

 

 

 

	
			 

				
			NATIONAL HOLDINGS CORPORATION

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael A. Mullen

				
			 

			
	
			 

				
			 

				
			Name: Michael A. Mullen

				
			 

			
	
			 

				
			 

				
			Title: Chairman & Chief Executive Officer

				
			 

			

 

[Signature Page to Termination Agreement]

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