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FIRST
AMENDMENT, WAIVER AND CONSENT TO LOAN AND SECURITY AGREEMENT

 

This
FIRST AMENDMENT, WAIVER AND CONSENT TO LOAN AND SECURITY AGREEMENT (this “First Amendment”) is made
and entered into as of July 11, 2019 (the “First Amendment Effective Date”), by and between EAST WEST BANK,
a Delaware corporation (“Bank”), and NEW AGE BEVERAGES CORPORATION, a Washington corporation (“Borrower”).

 

WHEREAS,
Borrower and Bank are party to that certain Loan and Security Agreement, dated as of March 29, 2019, by and between Borrower,
as borrower, and Bank, as lender (as heretofore amended, restated, amended and restated, supplemented or otherwise modified, the
“Loan Agreement”);

 

WHEREAS,
Borrower has entered into that certain Agreement and Plan of Merger, dated as of May 30, 2019 (the “Merger Agreement”),
by and among Brands Within Reach, LLC (“BWR”), BWR Acquisition Corp. and Borrower, pursuant to which Borrower
shall acquire BWR (the “Merger”);

 

WHEREAS,
pursuant to Section 6.11 of the Merger Agreement, Borrower has made a loan to BWR in the aggregate amount of no more than $1,000,000
(the “Demand Loan”);

 

WHEREAS,
Borrower and Bank desire to (i) amend certain provisions of the Loan Agreement and (ii) waive any default or Event of Default
that has arisen or would otherwise arise under Section 8.2(a) of the Loan Agreement for failure to comply with the covenants in
Section 7.3 and Section 7.7(b) of the Loan Agreement in connection with the Merger and the Demand Loan; and

 

WHEREAS,
pursuant to Section 9.6 of the Loan Agreement, a waiver under the Loan Agreement may be granted by Bank, and pursuant to Section
12.7 of the Loan Agreement, the Loan Agreement may be amended by an instrument in writing signed by Borrower and Bank.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.
Definitions; Loan Document. Capitalized terms used herein without definition shall have the meanings assigned to
such terms in the Loan Agreement. This First Amendment shall constitute a Loan Document for all purposes of the Loan Agreement
and the other Loan Documents.

 

2.
Waiver. Bank hereby waives any non-compliance by Borrower with the covenants set forth in Section 7.3 and Section
7.7(b) of the Loan Agreement as a result of the Merger and the Demand Loan and any default or Event of Default that may have occurred
or would otherwise arise as a result thereof.

 

3.
Consent. Upon the effectiveness of this First Amendment, Bank hereby agrees, solely with respect to the Merger and
the Demand Loan, to waive the requirements under Section 7.3 and Section 7.7(b) of the Loan Agreement that Borrower obtain Bank’s
prior written consent to (i) merge or consolidate with any other Person and (ii) make any Investment other than Permitted Investments.

 

    	 

     

    

 

4.
Amendment
to Section 6.2(e). Section 6.2(e) of the Loan Agreement
is hereby amended by replacing “contemporaneously with the furnishing of the financial statements required pursuant to Sections
6.2(a), (c) and (d)” with “contemporaneously with the furnishing of the financial statements required pursuant to
Sections 6.2(c) and (d)”.

 

5.
Conditions to Effectiveness. This First Amendment shall become effective upon (i) receipt by Bank of counterpart
signatures to this First Amendment duly executed and delivered by Bank and Borrower and (ii) Bank’s receipt of (a) payment
of an amendment fee in an amount equal to $3,000.00, (b) a secretary’s certificate of BWR together with its Operating Documents,
incumbency, specimen signatures and resolutions authorizing the execution and delivery of the Loan Documents to which it is a
party, (c) that certain Supplement to Guarantee and Pledge, dated as of July 11, 2019, executed by BWR in favor of Bank, and (d)
that certain Intellectual Property Security Agreement, dated as of July 11, 2019, executed by BWR in favor of Bank, together with
the duly executed original signatures thereto.

 

6.
Expenses. Borrower agrees to pay on demand all expenses of Bank (including, without limitation, the fees and out-of-pocket
expenses of Covington & Burling LLP, counsel to Bank) incurred in connection with the negotiation, preparation, execution
and delivery of this First Amendment.

 

7.
Post-Closing Obligations. Notwithstanding anything to the contrary herein or in the other Loan Documents (it being
understood that to the extent that the existence of any of the following post-closing obligations that is not overdue would otherwise
cause any representation, warranty, covenant, default or Event of Default in the Loan Agreement or any other Loan Document to
be in breach, Bank hereby waives such breach for the period from the date hereof until the first date on which such condition
is required to be fulfilled (giving effect to any extensions thereof) pursuant to this Section 7), Borrower shall deliver or cause
to be delivered the following items to Bank no later than the dates set forth below (or such later date agreed to by Bank in its
sole discretion):

 

(a)
no later than 5 days after the First Amendment Effective Date, stock certificates together with stock powers endorsed in blank
in respect of the equity interests of BWR;

 

(b)
no later than 30 days after the First Amendment Effective Date, (i) Control Agreements in form and substance reasonably satisfactory
to Bank for each Collateral Account maintained by BWR in the United States (other than Excluded Accounts);

 

(c)
no later than 45 days after the First Amendment Effective Date, landlord access agreements and bailee letters with respect to
BWR as contemplated by Section 7.2 of the Loan Agreement, each in form and substance reasonably satisfactory to Bank; and

 

(d)
no later than 30 days after the First Amendment Effective Date (i) insurance certificates and endorsements covering BWR from one
or more insurance companies reasonably satisfactory to Bank, evidencing property and liability coverage for BWR required to be
maintained pursuant to the Loan Documents, with Bank named as loss payee or additional insured, as applicable, or (ii) evidence
satisfactory to Bank that BWR has been added under Borrower’s insurance coverage.

 

    	-2-

     

    

 

8.
Representations and Warranties. Borrower hereby represents and warrants to Bank as follows:

 

(a)
After giving effect to this First Amendment, the representations and warranties contained in the Loan Agreement or any other Loan
Document shall be true, accurate and complete in all material respects; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof; and provided, further that those representations and warranties expressly referring to a specific
date shall be true, accurate and complete in all material respects as of such date.

 

(b)
After giving effect to this First Amendment, no default or Event of Default shall have occurred and be continuing.

 

9.
No Implied Amendment or Waiver. Except as expressly set forth in this First Amendment, this First Amendment shall
not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of Bank under
the Loan Agreement or alter, modify, amend or in any way affect any of the terms, obligations or covenants contained in the Loan
Agreement, all of which shall continue in full force and effect. Nothing in this First Amendment shall be construed to imply any
willingness on the part of Bank to agree to or grant any similar or future consent or waiver of any of the terms and conditions
of the Loan Agreement or the other Loan Documents.

 

10.
Release. Borrower hereby acknowledges and agrees that: (a) to its knowledge neither it nor any of its Affiliates
have any claim or cause of action against Bank (or any of its Affiliates, officers, directors, employees, attorneys, consultants
or agents) under the Loan Agreement as of the date hereof and (b) to its knowledge, as of the date hereof, Bank has heretofore
properly performed and satisfied in a timely manner all of their respective obligations to Borrower under the Loan Agreement.
Notwithstanding the foregoing, Bank wishes to eliminate any possibility that any past conditions, acts, omissions, events or circumstances
would impair or otherwise adversely affect any of Bank’s rights, interests and/or remedies under the Loan Agreement. Accordingly,
for and in consideration of the agreements contained in this Amendment and other good and valuable consideration, Borrower (for
itself and its Affiliates and the successors and assigns of each of the foregoing) (each a “Releasor” and collectively,
the “Releasors”) does hereby fully, finally, unconditionally and irrevocably release and forever discharge
Bank and its Affiliates, officers, directors, employees, attorneys, consultants and agents (each a “Released Party”
and collectively, the “Released Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’
fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent
or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute
or otherwise, in each case that exist or have occurred on or prior to the date of this Amendment which any Releasor has heretofore
had or now shall or may have against any Released Party by reason of any act, omission or thing whatsoever done or omitted to
be done, except for a Released Party’s gross negligence or willful misconduct as determined by a final, non-appealable judgment
of a court of competent jurisdiction, prior to the date hereof arising out of, connected with or related in any way to the Loan
Agreement, or any act, event or transaction related or attendant thereto, or Bank’s agreements contained therein, or the
possession, use, operation or control in connection therewith of any of the assets of Borrower, or the making of any advance thereunder,
or the management of such advance, in each case on or prior to the date of this Amendment. Counterparts. This First
Amendment may be executed by the parties hereto in several counterparts, each of which shall be an original and all of which shall
constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page to this First Amendment
by e-mail (e.g., “pdf” or “tiff”) or telecopy shall be effective as delivery of a manually executed counterpart
of this First Amendment.

 

11.
Governing Law. THIS FIRST AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

[Signature
Page Follows]

 

    	-3-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by their respective officers thereunto
duly authorized as of the day and year first above written.

 

	 	NEW
    AGE BEVERAGES CORPORATION,
	 	as
    Borrower
	 	 
	 	By:
    	/s/
    Gregory A. Gould
	 	Name:	Gregory A. Gould
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	EAST
    WEST BANK,
	 	as
    Bank
	 	
	 	By:
    	/s/
    Pa Cheng
	 	Name:	Pa Cheng
	 	Title:	Portfolio Manager, AVP

 

Signature
Page to First Amendment, Waiver and ConsentExhibit

InvenTrust Properties Corp.

June 20, 2019

Daniel J. Busch
[Address]
 
Dear DJ,

InvenTrust Properties Corp. is pleased to extend you an offer of employment for the position of Chief Financial Officer.  In this position, you will be reporting to Tom McGuinness, President and Chief Executive Officer. 
The details of our offer are as follows:

Base Salary:
Your annual base salary will be $400,000.00, paid in bi-weekly installments on alternate Fridays, less applicable taxes and withholdings. Your base salary will be reviewed for increase on an annual basis, beginning in early 2020, consistent with the practices of the organization at large and other senior level executives.

Incentive Compensation:
As of your date of hire, you will be eligible to participate in both components of InvenTrust’s discretionary incentive programs including an annual cash bonus, beginning in performance year 2019, and long term incentives (“LTI”). 
The target annual discretionary cash bonus for your position is 95% of your base salary.  Eligibility for this bonus is based on individual job performance (25%), Company performance (75%) which is comprised of AFFO/share (30%), Same Property NOI Growth (30%), Acquisition Volume (10%) and Disposition Volume (5%) and your continued active employment through the bonus payout date.  If earned, your 2019 bonus will be paid in early 2020 and will be pro-rated based on your start date.  Performance targets are identified in writing annually and approved by the Board of Directors.
The 2019 annual LTI award for your position is Restricted Stock Units (RSUs) with a value of $600,000. You will be entitled to the full 2019 award so long as employment commences on or before September 3, 2019. Vesting on this award is 50% time based and 50% performance based. The time based portion vests 33% 12/31/19, 33% on 12/31/20 and 34% on 12/31/21. The performance based vesting cliff vests at the end of the three year performance period. The dividend payments on the time based unvested shares will be made on a quarterly basis and those dividends that are performance based vested will be paid at the time the shares vest.
InvenTrust Properties Corp. Executive Severance and Change of Control Plan ("Plan"):
As the CFO, you will be a participant in the Plan along with the other named executive officers of InvenTrust.  
Additional Considerations:
You will receive a one-time signing bonus of $150,000 if your employment commences on September 3, 2019. The signing bonus will be subject to applicable taxes and withholdings, payable in two installments the first half paid on the first regular pay date following your date of hire and the remaining portion to be paid on the last payroll of the year (December 20, 2019).
The Company will reimburse for the cost of reasonable and customary relocation costs up to $35,000. Additionally, the company will pay for 2 round trips between Chicago and Southern California (with accommodations) for house hunting purposes and the cost of one-way transportation to Chicago at the time of the final move.
Paid Time Off:
The Company provides paid time off for holidays, floating holidays, vacation and sick days. 
		
	•
	InvenTrust Properties observes nine (9) company holidays per year.

		
	•
	Officers of the Company are awarded five (5) floating holidays for every 12 months of employment which are awarded on your date of hire and anniversary date in subsequent years.

		
	•
	You are entitled to three (3) weeks of vacation per year. Vacation is earned and distributed on an accrual basis in each pay period.  

		
	•
	Full-time employees are awarded six (6) sick days for every year of employment to a cumulative maximum of 30 days.

		
	•
	Additional details on Paid Time Off are available in the Company handbook which may change from time to time

Benefits:
You will be eligible to participate in group insurance and benefit plans available to InvenTrust employees as summarized on the attached Benefits at a Glance document. As a new hire, your eligibility begins on the first day of employment. During your first week of employment, we will review all the benefits programs.

The employment offer is made contingent upon the successful completion of the pre-employment background check, drug test and provision of all necessary documents. InvenTrust is an at-will employer. By your signature you agree to the terms of this offer.  

We are pleased that you have considered InvenTrust and are excited to have you as a part of our team.  Please do not hesitate to contact me should you have any questions regarding this offer.  We look forward to hearing from you soon.

Regards,

Thomas McGuinness

President and Chief Executive Officer

___________________________________________________        __________________________________
Signature of Acceptance                            Date

___________________________________________________
Printed Name

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