Document:

Exhibit 10.70

 

DEBT EXCHANGE AGREEMENT

 

THIS DEBT EXCHANGE AGREEMENT is dated
as of July 25, 2022 (“Agreement”) and is by and between La Rosa Holdings Corp., a Nevada corporation (“La
Rosa” or the “Company”), and_________________________(“Creditor”). Each of the
Company and Creditor is a “party” to this Agreement, and together, they are the “parties”
hereto.

 

1. Creditor has previously performed
certain services for Company pursuant to services agreement by and between the Company and Creditor dated _____________, 202____.
As of the date hereof, the outstanding account payable by the Company to Creditor is $_________.

 

2. Creditor hereby agrees that the
Company may extinguish such account payable debt by the issuance of ________ shares of its common stock, $0.0001 par value per
share (“Common Stock”), to Creditor and Creditor hereby agrees that upon receipt of such shares of Common Stock
that such account payable shall thereupon be paid in full and such debt shall thereupon be extingished.

 

3. The Common Stock shall be issued
by the Company on a date that is prior to the effective date of the Company’s initial public offering of its Units as set
forth in its registration statement (File No. 333-264372) (“Registration Statement”) that has been filed with
the Securities and Exchange Commission (“SEC”). Upon the issuance of such Common Stock, the account payable
debt shall be automatically extinguished, cancelled and considered by the parties as being paid in full. When issued pursuant to
this Agreement, the Common Stock will be duly authorized, validly issued, fully paid and nonassessable, and Creditor will receive
good title to such shares, free and clear of any liens, claims, security interest or encumbrances of Company. The Creditor understands
that the Common Stock will be issued in book entry form, contain a legend regarding transferability, be considered to be “restricted”
and not transferable except as permitted under applicable Federal and State securities laws.

 

4. The Company hereby agrees to register
all such shares of Common Stock in the aforesaid Registration Statement so that, upon the date that the Registration Statement
is declared effective by the SEC, all such shares shall be freely tradeable. In that regard, Creditor agrees to do all acts and
pay all expenses that may be required to have such shares listed in the Registration Statement and registered, including but not
limited to, the execution of a Selling Stockholder Questionnaire and to comply with the requests of the representative of the underwriters
in such offering.

 

5. Each party represents and warrants
that the party’s execution, delivery and performance of this Agreement: (a) has been authorized by all necessary individual
or corporate action; (b) do not violate the terms of any law, regulation, or court order to which such party is subject or the
terms of any material agreement to which the party or any of its assets may be subject; and (c) is not subject to the consent or
approval of any third party except for the consent of the Company’s Board of Directors which has been obtained. This Agreement
is the valid and binding obligation of the representing party, enforceable against such party in accordance with its terms and
such party is not subject to any pending or threatened litigation or governmental action which could interfere with such party’s
performance of its obligations hereunder.

 

6. This Agreement may be executed
in any number of counterparts, each of which when so executed and delivered constitutes an original and all together shall constitute
one Agreement. Electronic signatures are valid. If any term or provision of this Agreement, or the application thereof to any person
or circumstance, is, to any extent, invalid or unenforceable, the remaining terms and provisions of this Agreement or application
to other persons and circumstances are not invalidated thereby, and each term and provision hereof is to be construed with all
other remaining terms and provisions hereof to effect the intent of the parties hereto to the fullest extent permitted by law.
This Agreement is to be construed and enforced in accordance with and shall be governed by the laws of the State of Florida, without
reference to conflicts of laws principles.

 

IN WITNESS WHEREOF, the parties
have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	CREDITOR:	 	LA ROSA HOLDINGS CORP.	 
	 	 	 	 	 	 	 
	 	By:	 	 	By: 	 	 
	 	Name:	 	 	Name:	Joseph La Rosa	 
	 	Title: 	 	 	Title:	Chief Executive OfficerExhibit 10.1
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FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is made and entered into effective as of June 1, 2022, by and between Karin L. Bell, an Illinois resident (“Employee”), Camping World Holdings, Inc., a Delaware corporation (“Camping World”) and CWGS Enterprises, LLC, a Delaware limited liability company (the “Partnership” and, together with Camping World and any of the Affiliates of Camping World and the Partnership as may employ Employee from time to time, and any successor(s) thereto, the “Company”).
RECITALS
WHEREAS, the Company and Employee entered into that certain Employment Agreement dated July 1, 2020 (the “Agreement”) pursuant to which the Company employs Employee; and
WHEREAS, the Company and Employee desire to amend the Agreement as set forth in this Amendment.
NOW THEREFORE, in for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1.Capitalized Terms.  Capitalized terms not defined in this Agreement shall have the meanings assigned to them in the Agreement.
2.Amendment to the Agreement.  Effective as of June 1, 2022, Section IV(A) and (B) of the Agreement is hereby deleted and replaced as follows:
		IV.
	COMPENSATION.

A.Base Salary.  During the Term, the Company shall pay to Employee a base annual salary of Four Hundred Thousand and No/100 Dollars ($400,000.00) (“Base Salary”), which salary shall be paid in accordance with the Company's normal payroll procedures and policies.
B. Annual Bonus.  During the Term, for each fiscal year, Employee shall have the opportunity to earn an annual bonus (“Annual Bonus”) based on performance against specified performance objectives (including, without limitation, budgetary or EBITDA-based performance criteria) established by the Board of Directors prior to or as soon as practicable following each fiscal year.  For each fiscal year during the Term, Employee’s target annual bonus for such year shall be 200% of Base Salary.
3.Equity Based Compensation.  During the Term, Employee  will be eligible to receive equity awards under the CWH 2016 Incentive Award Plan (the “Plan”) from time to time as may beapproved by the Compensation Committee of the Board of Directors in its discretion, subject to the terms of the Plan and an applicable award agreement.
4.Limited Effect. Except as specifically modified herein, the Agreement shall remain in full force and effect in accordance with all of the terms and conditions thereof.
5.Prior Agreements. This Amendment is hereby incorporated into and forms a part of the Agreement, and contains the entire agreement of the parties relating to the subject matter hereof and
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supercedes all prior agreements and understandings with respect to such subject matter, and the parties hereto have made no agreement, representations, or warranties relating to the subject matter of this Amendment which are not set forth herein.  If there is any conflict between the terms and conditions of this Amendment and the Agreement, the provisions of this Amendment shall control.
6.Counterparts. This Amendment may be executed in separate counterparts, each of which will be deemed an original, all of which together will constitute one in the same instrument.
7.Governing Law.  This Agreement shall be governed by the law of the State of Illinois.
[Signatures on following page]
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth in the first paragraph.
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	CAMPING WORLD HOLDINGS, INC.

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	By:
	/s/ Marcus Lemonis

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	Marcus Lemonis

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	Chairman and Chief Executive Officer

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	CWGS ENTERPRISES, LLC

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	By:
	/s/ Marcus Lemonis

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	Marcus Lemonis

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	Chairman and Chief Executive Officer

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	/s/ Karin L. Bell

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	Karin L. Bell

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	Address:
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3Exhibit 10.2
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Executive Vice President
Compensation Program Summary
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	Name:
	Matt Wagner (“Employee”)

	Location:
	Lincolnshire, IL

	Term:
	June 1, 2022 (the “Effective Date”) until modified in writing

	Title:
	Executive Vice President

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COMPENSATION PLAN:  During the Term and subject to the continued employment of Employee by the Company, the Company shall pay to Employee the Total Compensation described in this compensation plan summary (the “Plan”) subject to the terms and conditions contained in this Plan.
TOTAL COMPENSATION: Employee’s Total Compensation shall be equal to (a) Base Pay; (b) Incentive Compensation; and (c) Target Annual Bonus, as set forth below and subject to the terms and conditions in this Plan:
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		a)
	Base Pay:  During the Term, effective as of June 1, 2022, the Company shall pay to Employee a base annual salary of Three Hundred Thousand and No/100 Dollars ($300,000) which salary shall be paid in accordance with the Company’s normal payroll procedures and policies.

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		b)
	Incentive Compensation: During the Term, effective as of June 1, 2022, and subject to continued employment by the Company through the date on which payment of the Incentive Compensation (as defined below) is due, the Company shall pay to Employee incentive compensation (“Incentive Compensation”) equal to fifteen one hundredths of one percent (0.15%) (the “Applicable Percentage”) of the Company’s consolidated Adjusted EBITDA (as defined below).

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“Adjusted EBITDA” means (i) the consolidated net income of Camping World Holdings, Inc. (the “Company”) derived from the ongoing consolidated business operations for such period plus, to the extent deducted in the determination of net income, interest (other than interest for floor plan financing), federal and state income taxes (or any provision for such taxes), depreciation and amortization and (ii) to the extent not otherwise reflected in net income for purposes of determining Adjusted EBITDA, gains on the sale of real property, including, without limitation, deferred gains on sale leaseback transactions, with further adjustments for the impact of certain noncash and other items the Company does not consider in its evaluation of ongoing operating performance as determined by the Chief Financial Officer and defined on our Annual Report on Form 10-K filed for the year ended December 31, 2021 and the Company’s other reports filed with the Securities and Exchange Commission.
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Net income shall be determined on the accrual method of accounting and in accordance with generally accepted accounting principles consistently applied, provided that (i) extraordinary items of revenue or expense, as determined by the chief financial officer (including revenue or expense from non-operating investments, revenue or expense from the sale or purchase of assets not in the ordinary course of business or revenue or expense not derived from normal business operations), shall not be reflected in net income, and (ii) amounts paid or received in settlement of (or payment of judgments in respect of) litigation which did not arise in the ordinary course of the business operations of such entity or entities or any of their respective subsidiaries, shall not be reflected in net income.
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The Incentive Compensation will be paid in monthly draws based on the Company’s estimated consolidated Adjusted EBITDA for the applicable calendar year, subject to adjustment up or down from time to time based on actual results compared to estimates and anticipated underpayments or overpayments of monthly draws.
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Monthly payments of Incentive Compensation shall be subject to “true up” following the completion of the audited financial statements of the Company. In the event of any underpayment, the Company shall pay such underpayment within thirty (30) days following the completion of such audited financial statements. In the event of any overpayment, the amount of such overpayment(s) shall be deducted from Employee’s Incentive Compensation for the next succeeding monthly Incentive Compensation payment(s) until such overpayment has been absorbed by such deductions. In the event any overpayments have not been fully recovered upon Employee’s separation, the amount of such un-recovered 

overpayment(s) shall be deducted from any amounts payable by the Company to Employee upon separation or, if no amounts are payable by Company, the amount of such un-recovered overpayments shall be paid by Employee to the Company within thirty (30) days following the Company’s written request therefore.
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		c)
	Annual Bonus:  During the Term, for each fiscal year, Employee shall have the opportunity to earn an annual bonus (“Annual Bonus”) based on performance against specified performance objectives (including, without limitation, budgetary or Adjusted EBITDA-based performance criteria) established by the Chief Executive Officer prior to or as soon as practicable following each fiscal year.  For each fiscal year during the Term, Employee’s target annual bonus for such year shall be $500,000.

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EQUITY BASED COMPENSATION:  During the Term, Employee  will be eligible to receive equity awards  under the CWH 2016 Incentive Award Plan (the “Plan”) from time to time as may be approved by the Compensation Committee of the Board of Directors and subject to the terms of the Plan and an applicable award agreement .
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PAYMENT UPON SEPARATION:  Upon Employee’s termination of employment with the Company for any reason, Employee shall be entitled to receive:
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(a) his Base Salary for the applicable calendar year through the date of termination;
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(b) reimbursement of any business expenses incurred in the ordinary course of business through the date of termination that have not yet been reimbursed;
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(c) any accrued and unused vacation or paid time off time through the date of the termination;
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(d) the Annual Bonus for the calendar year in which Employee’s employment is terminated which for purposes hereof shall be equal to Employee’s target annual bonus for such year, multiplied by a fraction, (i) the numerator of which shall be the number of days Employee was employed during the then such current calendar year and (ii) the denominator of which shall be three hundred sixty-five (365), which payment shall be made within 90 days following the date on which the Employee’s employment terminated; and
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(e) Incentive Compensation for the calendar year in which Employee’s employment is terminated which for purposes hereof shall be equal to the consolidated Adjusted EBITDA of the Company for the twelve month period ending on the last day of the calendar month immediately preceding the date of termination times the Applicable Percentage, multiplied by a fraction, (i) the numerator of which shall be the number of days Employee was employed during the then such current calendar year and (ii) the denominator of which shall be three hundred sixty-five (365) (for avoidance of doubt, the amount of draws paid by Company to Employee for Incentive Compensation during such calendar year as contemplated above, shall be credited against such amount), which payment shall be made within 120 days following the end of such calendar year in which the Employee’s employment terminated.
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Amendments; Governing Law:  No amendments or modifications of this Plan shall be deemed effective unless made in writing and signed by the parties hereto.  This Plan shall be construed and enforced in accordance with the laws of the State of Illinois.
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[Signatures Follow]
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In acknowledgement of the foregoing, the Company and Employee have executed this Plan as of the Effective Date:
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	CAMPING WORLD HOLDINGS, INC.

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	By:
	/s/ Marcus Lemonis

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	Marcus Lemonis

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	Chairman and Chief Executive Officer

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	CWGS ENTERPRISES, LLC

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	By:
	/s/ Marcus Lemonis

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	Marcus Lemonis

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	Chairman and Chief Executive Officer

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	/s/ Matthew Wagner

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	Matthew Wagner

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3

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