Document:

Security Devices International Inc.: Exhibit 10.3 - Filed by newsfilecorp.com

By our written consent, we, the Required Holders of Notes
related to the Security Purchase Agreement dated April 15, 2019 between Security
Devices International, Inc. and Purchasers thereof, amend the terms of the Notes
in accordance with Section 16 of the Form of Note. 

Section 28(q), “Permitted Indebtedness”, will be amended to
remove the word “and” that precedes section (D), and replaces the period after
section (D) with a comma that is followed by the word “and”. The amendment will
add a new section (E) as follows: “additional indebtedness up to $7,000,000,
which may be subordinate or pari passu with these Notes.” 

Section
28(r), “Permitted Liens”, will be amended to remove the word “and” that precedes
section (v), and replaces the period after section (v) with a comma that is
followed by the word “and”. The amendment will add a new section (vi) as
follows: “any Lien arising with respect to Permitted Indebtedness incurred
pursuant to provision 28(q)(E).” 

Section 14(b), “Restricted Payments”
will be amended to add, after the last sentence, “Notwithstanding the foregoing,
the prohibitions and limitations on payment or repayment shall not apply in any
way to Permitted Indebtedness incurred pursuant to provision 28(q)(E).” 

	Signature: 	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Date:Exhibit 4.32

 

	
Cordlife Group Limited
    	

    
	
1 Yishun Industrial Street 1 • A’Posh Bizhub •   #06-01/09 • Singapore 768160
    
	
Phone (65) 6238 0808 • Fax   (65) 6238 1108
    
	
Find Out More •   info@Cordlife.com • For Cordlife Parents • customercare@cordlife.com
    
	
Company Registration Number: 200102883E
    

 

CONFIDENTIAL 
 June 4, 2019

 

Global Cord Blood Corporation.

48th Floor, Bank of China Tower

1 Garden Road, Central, Hong Kong S.A.R

 

Members of the Board:

 

Cordlife Group Limited (“CGL”) is a consumer healthcare group, incorporated in Singapore since 2001, is the first cord blood bank to be set up in Singapore and amongst the first in Asia. Listed on the Mainboard of Singapore Exchange, Cordlife is one of six international private cord blood banks with dual accreditation (FACT-NET & AABB).

 

Accordingly, we would like to submit, for the consideration of the Global Cord Blood Corporation (“GC”) board of directors, this non-binding proposal to combine the businesses of CGL and GC on the terms outlined in this letter (the “Proposed Transaction”).

 

Structure and Consideration

 

The Proposed Transaction would be structured as a merger of GC and a newly-formed, wholly-owned subsidiary of CGL (the “Merger Sub”), with GC surviving as a wholly-owned subsidiary of CGL, pursuant to the Cayman Islands Companies Law. If the Proposed Transaction is successfully implemented, GC will be privatised and its shares would be delisted from the NYSE.

 

Under the Proposed Transaction, CGL would issue 2,497,874,591 CGL ordinary shares (“CGL Ordinary Shares”) with an aggregate value of S$1,248,937,296 (based on an issue price of S$0.50 per CGL Ordinary Share and an exchange rate of S$1: US$1.37), in exchange for all of the outstanding equity of GC, providing an offer price of US$7.50 per GC share. The issuance of the CGL Ordinary Shares in the transaction would be registered with the U.S. SEC on a Form F-4, and the CGL Ordinary Shares would be listed on and would trade on the Mainboard of the Singapore Exchange Securities Trading Limited.

 

Closing of the transaction would be conditioned on the approval of the directors and shareholders of CGL, the Merger Sub and GC, applicable regulatory approvals and other customary conditions.

 

Due Diligence

 

Although we have conducted a substantial amount of diligence of publicly available information, we would need to conduct additional diligence of the financial, commercial and legal matters of GC. This proposal, therefore, is subject to the satisfactory completion of due diligence on GC, customary for a transaction of this nature. We would, however, complete our diligence review expeditiously. We expect that GC would conduct customary diligence with respect to CGL as well, and are prepared to assist you in that effort.

 

Management and Employees

 

We are confident in GC’s leadership and ability to play a vital role in the future success of the combined company. We believe that cultures of our two companies are complementary, and we believe that your management and employees will embrace the new opportunities and expanded resources that the combined company can provide.

 

 

Approvals

 

Our board of directors has approved the submission of this proposal. We will need board approval from the Merger Sub, a shareholder vote from each of CGL and the Merger Sub and approvals from the Singapore Exchange Securities Trading Limited and the Securities Industry Council of Singapore (in addition to those approvals mentioned above) in order to consummate the transaction on the terms outlined in this letter.

 

Timing and Process

 

Our desire is to complete the Proposed Transaction as expeditiously as possible. This transaction is our highest priority at this time. We have assembled a transaction team and have retained advisors, including Morrison & Foerster LLP, Walkers (Singapore) Limited Liability Partnership and WongPartnership LLP. We are prepared to meet with your board of directors, management team and advisors to quickly move forward. We believe that we could conclude all our due diligence and negotiate a definitive agreement within 30 days of your decision to pursue this proposal and giving us access to relevant materials.

 

Non-Binding Indication of Interest

 

It is understood that this letter is solely an indication of interest. It does not contain all matters upon which agreement must be reached in order for the Proposed Transaction to be consummated and does not constitute an offer or commitment on the part of CGL or its representatives. Neither party shall be bound in any way in connection with the transactions contemplated hereby, unless and until the parties execute a definitive agreement and then shall be bound only in accordance with the terms of such agreement.

 

I am confident that you will view our proposal as a compelling opportunity for all GC shareholders. We are very enthusiastic about the prospect of combining our two companies. We are prepared to discuss any concerns that you may have, and believe that there are no issues that we cannot resolve together. Please feel free to call me to discuss further. I look forward to hearing from you in the near future.

 

	
Yours sincerely,
    	
 
    
	
 
    	
 
    
	

    	
 
    
	
/s/ Tan Poh Lan
    	
 
    
	
Ms. Tan Poh Lan
    	
 
    
	
Executive Director and Group CEOExhibit 10.1

 

ENVISION LETTERHEAD

 

 

 

July 12, 2019

 

Katherine H. McDermott

[address]

 

Dear Katherine:

 

On behalf of Envision Solar International
(the “Company”), it is my pleasure to offer you the position of Chief Financial Officer. This letter
constitutes the entire agreement relating to the terms of your employment.

 

The terms set forth below shall be effective
as of your date of hire, which is anticipated to be July 23, 2019 (the “Effective Date”), conditioned
upon approval by the Company’s Board of Directors and its Compensation Committee. If the terms as stated below are not approved
by the Board of Directors and its Compensation Committee, you will be notified before the Effective Date.

 

Title and Base Salary. Your
title will be Chief Financial Officer and you will report directly to me. As of the Effective Date, your annual base salary
shall be $220,000.

 

Bonus Compensation. In addition
to your base salary, you will be eligible for an annual incentive cash bonus, as determined by the Compensation Committee within
ninety (90) days of the Effective Date. Your annual incentive cash bonus shall have a target equal to 20% of your base salary as
of the Effective Date, prorated for the portion of year during which you are employed by the Company. The target bonus and its
components, the Company performance goals, and your individual objectives shall be determined and documented by the Compensation
Committee of the Board of Directors.

 

Equity Awards. Concurrent
with the commencement of your employment with the Company, you will be granted an option to purchase shares of common stock of
the Company (“Company Common Stock”) as follows, under the terms and conditions of a Non-Qualified Stock
Option Agreement (an “Option”):

 

	Strike Price*	Number of Shares
	FMV	49,104

 

* FMV = the price of a share of the Company’s
common stock at close of market on the date of grant.

 

Your Option shall vest and become exercisable
in 48 equal monthly installments, with the first such monthly vesting date taking place on August 31, 2019 and subsequent vesting
dates on the last day of the next 47 months thereafter, subject to your continued service through the applicable vesting date.
The option grant will be subject to the terms of the applicable equity compensation plan or arrangement in effect at the time of
grant. You should be aware that you may incur federal and state income taxes as a result of your receipt or the vesting of any
equity compensation awards and it shall be your responsibility to pay any such applicable taxes.

 

Other Benefits.  You will
be eligible for all Company adopted benefits, under the terms and conditions of such benefit plans. Your coverage for such benefits
will become effective on the first of the month following your first thirty (30) days of employment.

 

 

 

    	 	1	 

     

    

 

Vacation. While employed,
you will be entitled to such number of vacation/paid time off (“PTO”) days set forth below pursuant to
the Company’s vacation/PTO policies as in effect from time to time (and pro rated for any partial years during the employment
period), and subject to a maximum overall limitation under the Company policies on the number of unused PTO days (including unused
PTO days carried over from prior years) and with no additional PTO days accruing while your vacation balance is not below such
cap.

 

	YEARS	NUMBER OF DAYS
	1-2	4 weeks
	3-4	5 weeks
	5+	6 weeks

 

Conditions of Employment.

 

Your employment is “at-will,”
which means that either you or the Company may terminate the employment relationship at any time for any reason or for no reason.
This at-will relationship may not be modified by any oral or implied agreement.

 

	 	•	In accordance with the Federal Immigration Reform and Control Act of 1986, we are
required to have Employment Eligibility Verification form I-9 on file. On your first day of employment, you will be asked to provide
identification needed to complete the Form I-9 requirements.
	 	 	 
	 	•	You will sign the Company’s confidentiality and proprietary information agreement.
	 	 	 
	 	•	You will be required to comply with the Company’s personnel policies outlined
in the Employee Handbook or as adopted from time to time by the Company.
	 	 	 
	 	•	You represent to the Company that you are not subject to any obligation, contractual
or otherwise, that prevents or restricts you from becoming employed by the Company, or that creates any potential or actual conflict
of interest, or places the Company at risk of liability for hiring you.
	 	 	 
	 	•	You represent and agree that you have not taken, and will not import or use any
proprietary or trade secret information belonging to any other person or entity, including your former employer, in the discharge
of your duties for the Company.

 

The information contained in this letter
represents the entire substance of the Company’s offer of employment to you and is contingent upon successful completion
of all pre-and post-employment checks. If all the above terms and conditions meet with your approval, please sign this letter and
return it by July 19, 2019. If this document is not returned by this date, this offer of employment shall be withdrawn.

 

I very much look forward to you joining
the Envision Solar team. If you should have any questions, please feel free to call me.

 

Sincerely,

 

 

/s/ Desmond Wheatley                           

Desmond Wheatley

Chief Executive Officer

 

 

 

ACCEPTED BY:

 

/s/ Katherine H. McDermott                  

Kathy McDermott

 

Date: July 15, 2019

 

 

 

 

 

 

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