Document:

Exhibit 10.30

 

SHARE REDEMPTION AGREEMENT

 

This SHARE REDEMPTION AGREEMENT (this “Agreement”) is made and entered into as of July 6, 2018 (the “Effective Date”), by and between Vintage Wine Estates, Inc., a California corporation (the “Company”), and TGAM Agribusiness Fund Holdings LP, a Delaware limited partnership (the “Seller”).

 

RECITALS

 

WHEREAS, the Seller desires to sell and transfer to the Company, and the Company desires to redeem and purchase, 397,239 shares of the Company’s Series B Stock, without par value (collectively, the “Redeemed Shares”), held by the Seller, and all of the Seller’s right, title and interest therein, pursuant to the terms and conditions set forth in this Agreement; and

 

WHEREAS, concurrently herewith, the Company shall enter into those certain Subscription Agreements, dated as of the date hereof, by and between the Company and each of Sonoma Brands II, L.P., a Delaware limited partnership (“Sonoma Fund”), Sonoma Brands II Select, L.P., a Delaware limited partnership (“Sonoma Select Fund”), and Sonoma Brands VWE Co-Invest, L.P., a Delaware limited partnership (“Sonoma Co-Invest Fund” collectively with Sonoma Fund and Sonoma Select Fund, the “Investors”), pursuant to which, the Company shall issue 397,239 shares of Series A Stock, without par value, to the Investors.

 

AGREEMENT

 

NOW THEREFORE, each of the parties hereto, in consideration of the mutual promises hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, do hereby promise and agree as follows:

 

1.             Redemption of the Redeemed Shares.  Upon the terms and subject to the conditions of this Agreement, the Seller hereby sells, transfers, conveys, assigns and delivers the Redeemed Shares to the Company free and clear of all liens, claims and encumbrances, and the Company hereby accepts, acquires and redeems the Redeemed Shares from the Seller.

 

2.             Consideration.  As full consideration for the sale, transfer, conveyance, assignment and delivery of the Redeemed Shares, the Company shall pay to the Seller the aggregate purchase price of $8,290,000 by wire transfer of immediately available funds (the “Redemption Price”).

 

3.             Deliveries by the Seller.  The Seller shall execute and deliver to the Company such other documents and instruments as the Company shall reasonably require to effect the transactions contemplated hereby (collectively, the “Transactions”).

 

4.             Representations and Warranties of the Seller.  The Seller hereby represents and warrants to the Company as follows:

 

(a)           The Seller is the sole, lawful, beneficial and record owner of the Redeemed Shares.  The Seller hereby delivers to the Company good and marketable title to the Redeemed Shares, free and clear of all liens, claims and encumbrances.

 

 

(b)           The Seller has not entered into any contracts or agreements granting any person or entity any rights in respect of the Redeemed Shares, other than this Agreement with the Company.

 

(c)           The Seller has the absolute and unrestricted right, power and authority to (i) execute and deliver this Agreement, (ii) consummate the Transactions, including the sale, transfer, conveyance, assignment and delivery of the Redeemed Shares, and (iii) perform its obligations hereunder.

 

(d)           This Agreement has been duly and validly executed and delivered by the Seller and (assuming due execution by the Company) constitutes the legally valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights generally, and (ii) general principles of equity (whether enforcement is sought at law or in equity).

 

5.             Representations and Warranties of the Company.  The Company hereby represents and warrants to the Seller as follows:

 

(a)           The Company is duly organized, validly existing, and in good standing under the laws of the State of California.

 

(b)           The Company has the absolute and unrestricted right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

(c)           The Company has obtained all requisite and necessary consents, approvals or other assurances for it to enter into this Agreement.

 

(d)           This Agreement has been duly and validly executed and delivered by the Company and (assuming due execution by the Seller) constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights generally, and (ii) general principles of equity (whether enforcement is sought at law or in equity).

 

6.             Notices.  Each notice relating to this Agreement shall be in writing and shall be delivered (a) in person, (b) by courier, (c) by electronic mail, or (d) by facsimile transmission to the following addresses:

 

	
If to the   Company:
    	
Vintage   Wine Estates, Inc.
    
	
 
    	
205   Concourse Blvd.
    
	
 
    	
Santa   Rosa, CA 95403
    
	
 
    	
Attention:   Patrick Roney
    
	
 
    	
Email:
    

 

 

	
With a copy to:
    	
[      ]
    
	
 
    	
 
    
	
If to the Seller:
    	
TGAM   Agribusiness Fund Holdings LP
    
	
 
    	
221 1st Street
    
	
 
    	
Davis, CA   95616
    
	
 
    	
Attention:  Dan Masters
    
	
 
    	
Email:
    
	
 
    	
 
    
	
With a copy to:
    	
Greenberg   Traurig, LLP
    
	
 
    	
4   Embarcadero Center
    
	
 
    	
Suite 3000
    
	
 
    	
San   Francisco, CA 94111
    
	
 
    	
Attention:  Marc Baluda
    
	
 
    	
Facsimile   NO.: 415-358-5502
    
	
 
    	
Email:  baludam@gtlaw.com
    

 

Either party may designate a new address by notice to that effect given to the other party.  Unless otherwise specifically provided in this Agreement, a notice given in accordance with this Section 7 is effective only (i) upon receipt by the receiving party and (ii) if the party giving the notice has complied with the requirements of this Section 7.

 

7.             Governing Law; Jurisdiction.  This Agreement and the rights and obligations of the parties hereto shall be interpreted and enforced in accordance with and governed by the laws of the State of California, without regard to the conflict of laws provisions thereof.

 

8.             Entire Agreement; Modification.  This Agreement constitutes the entire understanding among the parties with respect to the subject matter thereof and supersedes all statements, representations, warranties, promises, negotiations, prior discussions, agreements and understandings, whether oral or written, between the parties hereto relating to the subject matter hereof.  This Agreement may not be changed or modified except by writing signed by both parties.

 

9.             Successors and Assigns.  This Agreement shall be binding upon, and shall inure to the benefit of the parties hereto and their respective partners, trustees, beneficiaries, successors and permitted assigns.

 

10.          Severability.  Every term and provision of this Agreement is intended to be severable.  If any term or provision hereof is illegal or invalid for any reason whatsoever, such term or provision will be enforced to the maximum extent permitted by law and, in any event, such illegality or invalidity shall not affect the validity of the remainder of this Agreement.

 

11.          Further Actions.  Each party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as the other party may reasonably request or as may be reasonably necessary or appropriate to effectuate, consummate and perform the terms, provisions or conditions of this Agreement.

 

 

12.          Confidentiality.  The terms of this Agreement are confidential.  Each party agrees not to discuss or disclose the terms of this Agreement to any person except to the extent necessary to conduct such party’s business and financial affairs, or as may be required by law.

 

13.          Headings.  All headings herein are inserted only for convenience and ease of reference and are not to be considered in the interpretation of any provision of this Agreement.

 

14.          Counterparts; Facsimile.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute a single agreement.  This Agreement may be executed by facsimile or pdf scan.

 

[Signatures page follows]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Share Redemption Agreement as of the date first above written,

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
VINTAGE WINE   ESTATES, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Pat   Roney
    
	
 
    	
Name: Pat   Roney
    
	
 
    	
Title:   CEO
    

 

	
 
    	
SELLER:
    
	
 
    	
 
    
	
 
    	
TGAM AGRIBUSINESS   FUND HOLDINGS LP
    
	
 
    	
 
    
	
 
    	
By: TGAM   Agribusiness Fund GP LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
 
    	
By: AGR   Partners, LLC
    
	
 
    	
 
    	
Its: Sole   Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s Daniel   Masters
    
	
 
    	
 
    	
Name:   Daniel Masters
    
	
 
    	
 
    	
Title:   Managing Director
    

 

[Signature page to Share Redemption Agreement]Exhibit 10.31

 

	
Board of   Directors 
   Vintage Wine Estates, Inc.
    	
Dated   as of 
   July 6, 2018
    

 

Subscription Agreement

 

Ladies and Gentlemen:

 

Sonoma Brands VWE Co-Invest, L.P., a Delaware limited partnership (“Sonoma Brands Co-Invest”), hereby offers to purchase Forty Seven Thousand Nine Hundred Eighteen (47,918) shares of the Series A Stock, without par value (the “Shares”), of Vintage Wine Estates, Inc., a California corporation (the “Company”), for the aggregate purchase price of (i) $1,000,000, payable by check or wire transfer of immediately available funds against delivery of the Shares and (ii) the execution and delivery of that certain Management Agreement, dated as of July 6, 2018, by and among the Company, Sonoma Brands Partners II, LLC, Sonoma Brands II, L.P., Sonoma Brands II Select, L.P., and Sonoma Brands Co-Invest.

 

This offer is subject to the conditions that the Shares will, when issued, be validly issued, fully paid, and non-assessable, and that the Company is duly organized, validly existing, and in good standing under the laws of the state of California.

 

To induce the Company to issue the Shares, the undersigned warrants and represents that:

 

1.             It has the ability to bear the economic risk of the purchase of the Shares, including the complete loss of its investment.

 

2.             It has sufficient knowledge and experience in business and financial matters (or has received from a person of its selection sufficient advice with respect to such matters) to be capable of evaluating the merits and risks of the purchase of the Shares.

 

3.             It has been encouraged and has had the opportunity to rely upon the advice of its legal counsel and other advisers with respect to the purchase of the Shares.

 

4.             Neither the Company nor any person representing or acting on behalf of the Company, or purportedly representing or acting on behalf of the Company, has made any representations, warranties, agreements, or statements other than those contained herein which influenced or affected its decision to purchase the Shares.

 

5.             It has knowledge of, and has been provided the opportunity to acquire information with respect to, the proposed business affairs, financial condition, plans, and prospects of the Company which it deems relevant in making a fully informed decision with respect to the purchase of the Shares.

 

6.             It is acquiring the Shares for its own account without any view to the transfer, sale, assignment, or other distribution thereof.

 

The undersigned further acknowledges, understands, and agrees that the Shares have not been and will not be registered under any federal or state securities law, including, but not limited to, the Securities Act of 1933, as amended, and that no federal or state governmental agency or

 

 

authority has approved or passed upon the issuance of the Shares.  It understands that there is not now, and that there is not likely to be in the future, any market for the Shares and that the Shares must be held by it for an indefinite period of time, absent registration or qualification of the Shares under applicable laws or the receipt of an opinion of counsel satisfactory to the Company that registration or qualification is not required.  It acknowledges that any certificate representing the Shares to be issued to it will bear a legend restricting the transferability thereof to the foregoing effect.

 

[Remainder of Page Intentionally Left Blank]

 

2

 

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement as of the date first set forth above.

 

	
 
    	
SONOMA BRANDS VWE   CO-INVEST, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jonathan Sebastiani
    
	
 
    	
Name:
    	
Jonathan   Sebastiani
    
	
 
    	
Title:
    	
Managing   Member
    
					

 

[Signature Page to Subscription Agreement]

 

 

	
ACKNOWLEDGED AND ACCEPTED:
    	
 
    
	
 
    	
 
    
	
VINTAGE WINE ESTATES, INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Pat   Roney
    	
 
    
	
Name:
    	
Pat Roney
    	
 
    
	
Title:
    	
CEO
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
7/6/18
    	
 
    
					

 

[Signature Page to Subscription Agreement]

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