Document:

Exhibit 10.6

 

EXECUTION
VERSION

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (the “Agreement”) is made as of February 10, 2017 by and among iFresh Inc., Delaware
corporation (including any successor in interest of the Company or other entity that issues Registrable Securities (as defined
herein) the “Company”), and the persons listed on Schedule A attached hereto (each an “Investor,”
and collectively, the “Investors”).

 

RECITALS

 

WHEREAS,
pursuant to the Merger Agreement dated July 25, 2016 by and among E-compass Acquisition Corp., a Cayman Islands exempted company,
the Company, iFresh Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company, NYM Holding, Inc., a Delaware
corporation (“NYM”), the stockholders of NYM, and Long Deng, an individual, as the representative of the stockholders
(the “Purchase Agreement”), the Company will be issuing certain of the Company’s common stock (the “Common
Stock”) to certain persons.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants and agreements set forth herein, the Company and the Investors
hereby agree as follows:

 

AGREEMENT

 

1. Registration
Rights.

 

1.1 Definitions.
For purposes of this Section 1:

 

(a) Holder.
For purposes of this Section 1 and Section 2 hereof, the term “Holder” or “Holders” means
any person or persons owning of record Registrable Securities and any affiliate or any permitted transferee or assignee of record
of such Registrable Securities; provided, however, that for purposes of this Agreement, a record holder of any securities convertible
or exercisable into such Registrable Securities shall be deemed to be the Holder of such Registrable Securities.

 

(b) Registration.
The terms “register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement in compliance with the Securities Act, and
the declaration or ordering of effectiveness of such registration statement.

 

(c) Registrable
Securities. The term “Registrable Securities” means: (i) any and all shares of Common Stock (including
shares of Common Stock underlying securities exercisable for or convertible into Common Stock) beneficially owned by the
person signatory hereto on the date hereof as specified on Schedule A hereto (collectively, the “Securities”), (ii)
any securities issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued
as) a dividend or other distribution with respect to, in exchange for or in replacement of, the Securities, provided,
that any of the foregoing securities shall cease to be Registrable Securities upon the earliest to occur of the following:
(A) a sale pursuant to an effective Registration Statement; (B) a sale pursuant to Rule 144 or any similar provision then in
force under the Securities Act (in which case, only such security sold shall cease to be a Registrable Security); (C)
eligibility for sale without current public information requirements and volume or manner of sale restrictions; or (D) when
such securities shall cease to be outstanding.

 

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(d) Registration Statement. The term “Registration Statement” shall mean any registration statement of the
Company filed under the Securities Act that covers the resale of any of the Registrable Securities pursuant to the provisions
of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits
and all material incorporated by reference in such Registration Statement.

 

(e) Securities Act. The term “Securities Act” means the Securities Act of 1933, as amended.

 

(f) SEC. The term “SEC” means the United States Securities and Exchange Commission.

 

1.2 Piggyback
Registrations. The Company shall notify all Holders of Registrable Securities in writing at least fifteen (15) calendar
days prior to filing any registration statement under the Securities Act for purposes of effecting an offering of securities
of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the
Company, but excluding registration statements relating to (i) any employee benefit plan or (ii) a corporate
reorganization, merger or acquisition) and will afford each such Holder an opportunity to include in such registration
statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such
registration statement all or any part of the Registrable Securities held by such Holder shall, within seven (7) calendar
days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall
inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a
Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the
Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent
registration statement or registration statements as may be filed by the Company with respect to offerings of its securities,
all upon the terms and conditions set forth herein.

 

(a) Underwriting. If
a registration statement under which the Company gives notice under this Section 1.2 is for an underwritten offering,
then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s
Registrable Securities to be included in a registration pursuant to this Section 1.2 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such
underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriter(s)
selected by the Company for such underwriting. Notwithstanding any other provision of this Agreement, if the managing
underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be
underwritten, then the managing underwriter(s) may exclude shares (including Registrable Securities) from the registration
and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be
allocated, first, to any person that exercised demand registration rights in connection with such registration, second, the
Company, and third, to all holders of Company securities having piggyback registration rights (including Holders of
Registrable Securities) requesting inclusion of their securities in such registration statement on a pro rata basis based on
the total number of securities for which registration was requested. If any Holder disapproves of the terms of any such
underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at
least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded
or withdrawn from such underwritten offering shall be excluded and withdrawn from such registration.

 

    	 	2	 

     

    

 

(b) Company
Termination of Registration. The Company reserves the right to terminate any registration under this Section 1.2 at any
time and for any reason without liability to any Holder.

 

1.3 Expenses. All
expenses incurred in connection with each registration, including without limitation all registration and
qualification fees, printers’ and accounting fees, and fees and disbursements of counsel for the Company, costs
associated with clearing the Registrable Securities for sale under applicable state securities laws and listing fees (but
excluding underwriters’ discounts and commissions and fees and expenses for counsel to the Holders), shall be borne by
the Company.

 

1.4 Obligations
of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement, the
Company shall, as expeditiously as reasonably possible:

 

(a) provide copies to and permit counsel designated by the Holders to review each Registration Statement and all amendments and supplements
thereto no fewer than five (5) calendar days prior to their filing with the SEC;

 

(b) furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by them that are included in such registration;

 

(c) use its best efforts to register and qualify the Registrable Securities covered by such Registration Statement under such other
securities laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of
process in any such jurisdictions;

 

(d) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter(s) of such offering (it being understood and agreed that, as a condition to
the Company’s obligations under this clause (d), each Holder participating in such underwriting public offering shall also
enter into and perform its obligations under such an agreement);

 

(e) as soon as reasonably practicable (but within at least one business day) notify each Holder of Registrable Securities
covered by such Registration Statement at any time when a prospectus relating thereto is required to be delivered under the
Securities Act of the happening of any event as a result of which the prospectus included in such Registration Statement, as
then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;
and

 

    	 	3	 

     

    

 

(f)
use commercially reasonable efforts to cause all Registrable Securities covered by a Registration Statement to be listed on
each securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are
then listed.

 

1.5 Furnish
Information. the Company may require each selling Holder to furnish to the Company information regarding such Holder and
the distribution of such Registrable Securities as is required by law or the SEC to be disclosed in such Registration
Statement, prospectus, or any amendment or supplement thereto, and the Company may exclude from such registration the
Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after
receiving such request.

 

1.6 Indemnification.
In the event any Registrable Securities are included in a registration statement under Section 1.22 hereof:

 

(a) By
the Company. the Company will indemnify and hold harmless each Holder and its partners, officers and directors, employees
and agents, successors and assigns and each other person, if any, who controls such Holder within the meaning of the Securities
Act of, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or
underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under
the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or
actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively
a “Violation”):

 

(i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto;

 

(ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading; or

 

(iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any federal or state securities
law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any federal or state securities law
in connection with the offering covered by such registration statement;

 

    	 	4	 

     

    

 

and
the Company will reimburse each such Holder, partner, officer or director, underwriter or controlling person for any legal or
other expenses reasonably incurred by them in connection with defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in this subsection 1.6(a) shall not apply to amounts paid in settlement of
any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, nor shall
the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out
of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for
use in connection with such registration by such Holder, partner, officer, director, underwriter or controlling person of such
Holder specifically for inclusion in such Registration Statement or prospectus or amendment or supplement thereto or (2) in the
case of an occurrence of an event of the type specified in Section 1.4(e), the use by such Holder of an outdated or defective
prospectus in such Registration Statement after the Company has notified such Holder in writing that the prospectus is outdated
or defective and prior to the receipt by such Holder of an advice or an amended or supplemented prospectus, but only if and to
the extent that following the receipt of the advice or the amended or supplemented prospectus the misstatement or omission giving
rise to such loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion
of any proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement.

 

(b) By
Selling Holders. Each selling Holder, severally but not jointly, will indemnify and hold harmless the Company, each of its
directors, each of its officers who have signed the registration statement, each person, if any, who controls the Company within
the meaning of the Securities Act, any underwriter against any losses, claims, damages or liabilities (joint or several) to which
the Company or any such director, officer, controlling person, underwriter may become subject under the Securities Act, the Exchange
Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise
out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance
upon and in conformity with written information furnished by such Holder in writing specifically for inclusion in such Registration
Statement or prospectus or amendment or supplement thereto; and each such Holder will reimburse any legal or other expenses reasonably
incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, partner, officer, director
or controlling person of such other Holder in connection with defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in this subsection 1.6(b) shall not apply to amounts paid in settlement of
any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent
shall not be unreasonably withheld; and provided further, that the total amounts payable in indemnity by a Holder under
this subsection 1.6(b) in respect of any Violation shall not exceed the net proceeds received by such Holder upon the sale of
the Registrable Securities included in the Registration Statement of which such Violation arises.

 

(c) Notice.
Promptly after receipt by an indemnified party under this Section 1.66 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party
under this Section 1.66, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying
party, if (1) the indemnifying party has agreed in writing to pay such fees and expenses; and (2) the indemnifying party shall
have failed promptly to assume the defense of such proceeding and to employ counsel reasonably satisfactory to such indemnified
party in any such proceeding; or (3) representation of such indemnified party by the counsel retained by the indemnifying party
would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of
the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party
of any liability to the indemnified party under this Section 1.66.

 

    	 	5	 

     

    

 

(d) Contribution. If the indemnification provided for in this Section 1.66 is held by a court of competent jurisdiction to
be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying
party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to
the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as
is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other
in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state
a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that
in no event shall any contribution by a Holder hereunder exceed the net proceeds received by such Holder upon the sale of the
Registrable Securities included in the Registration Statement relating to which such Violation arises.

 

(e) Survival. The obligations of the Company and Holders under this Section 1.66 shall survive the completion of any offering
of Registrable Securities in a registration statement, and otherwise.

 

1.7 Rule
144 Reporting. With a view to making available the benefits of certain rules and regulations of the SEC which may at any
time permit the sale of the Registrable Securities to the public without registration, after such time as a public market
exists for the Common Stock, the Company agrees to use commercially reasonable efforts to:

 

(a) make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at
all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of
its securities to the general public; and

 

(b) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting requirements).

 

    	 	6	 

     

    

 

2. General
Provisions.

 

2.1 Notices. Any
notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been
duly given if personally delivered, deposited in the international air mail postage prepaid, or sent by facsimile or
e-mail when receipt is electronically confirmed

 

(i) if to an Investor, as set forth below Investor’s name on the signature page of this Agreement; and

 

(ii) 
if to the Company, to the address set forth below:

 

iFresh
Inc.

7
Times Square

New
York, NY 10036

Attention: Richard Xu

Telecopy: 646-912-8918

 

Any
party hereto (and such party’s permitted assigns) may by notice so given change its address for future notices hereunder.
Notice shall be deemed conclusively given when personally delivered or sent in the manner set forth above.

 

2.2 Amendments
and Waivers. This Agreement may be amended only by a writing signed by the Company and each of the Investors beneficially
owning Registrable Securities.

 

2.3 Entire
Agreement. This Agreement, together with all the exhibits hereto, constitutes and contains the entire agreement and
understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations,
correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter
hereof.

 

2.4 Governing
Law. This Agreement shall be governed by and construed exclusively in accordance with the internal laws of the State of
New York, excluding that body of law relating to conflict of laws and choice of law that would result in the application of
the substantive law of another jurisdiction.

 

2.5 JURISDICTION;
SERVICE; WAIVERS. ANY ACTION OR PROCEEDING IN CONNECTION WITH THIS AGREEMENT MAY BE BROUGHT IN A COURT OF RECORD OF THE STATE
OF NEW YORK IN THE COUNTY OF NEW YORK. THE PARTIES TO THIS AGREEMENT HEREBY CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS
OF THE STATE OF NEW YORK, AND SERVICE OF PROCESS MAY BE MADE UPON THE PARTIES TO THIS AGREEMENT BY MAILING A COPY OF THE SUMMONS
AND ANY COMPLAINT TO SUCH PERSON, BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, AT ITS ADDRESS TO BE USED FOR THE
GIVING OF NOTICES UNDER THIS AGREEMENT. BY ACCEPTANCE HEREOF, THE PARTIES HERETO EACH HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS,
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OR MAINTAINING OF ANY SUCH ACTION OR PROCEEDING IN SUCH JURISDICTION.

 

    	 	7	 

     

    

 

2.6 Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision(s) shall
be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were
so excluded and shall be enforceable in accordance with its terms.

 

2.7 Third
Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties
hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement.

 

2.8 Successors
and Assigns. The provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors
and permitted assigns of the parties hereto.

 

2.9 Captions.
The captions to sections of this Agreement have been inserted for identification and reference purposes only and shall not
be used to construe or interpret this Agreement.

 

2.10
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

 

2.11
Costs and Attorneys’ Fees. In the event that any action, suit or other proceeding is instituted concerning or arising
out of this Agreement or any transaction contemplated hereunder, the prevailing party shall recover all of such party’s
costs and reasonable attorneys’ fees incurred in each such action, suit or other proceeding, including any and all appeals
or petitions therefrom.

 

2.12
Adjustments for Stock Splits and Certain Other Changes. Wherever in this Agreement there is a reference to a specific number
of shares of Common Stock, then, upon the occurrence of any subdivision, combination or stock dividend of such class or series
of stock, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect
the effect on the outstanding shares of such class or series of stock by such subdivision, combination or stock dividend.

 

2.13
Aggregation of Stock. All shares deemed to be “beneficially owned” (as such term is defined under Rule 13d-3
of the Securities Exchange Act of 1934, as amended) by any entity or person, shall be aggregated together for the purpose of determining
the availability of any rights under this Agreement.

 

    	 	8	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date and year first above written.

 

	 	IFRESH INC.
	 	 	 
	 	By:	/s/ Richard Xu
	 	Name:	Richard Xu
	 	Title:	CEO

 

    	 	9	 

     

    

 

OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

  

	

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
		 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
		 	
        Facsimile No:                                                    

	 	 	 
		 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

  

Counterpart Signature Page to Registration
Rights Agreement

 

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OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

  

	Faming Lin

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Faming Lin	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	20214 45TH ROAD

	 	
        Facsimile No:                                                    

	 	 	 
	BAYSIDE, NY 11361

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

 

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OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Shengbao Zhang

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Shengbao Zhang	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	5020 210 STREET

	 	
        Facsimile No:                                                    

	 	 	 
	BAYSIDE, NY 11364

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

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OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Yongguang
                                         Li

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Yongguang
                                         Li	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	104-44 41ST AVE 2FLR

	 	
        Facsimile No:                                                    

	 	 	 
	CORONA NY 11368

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

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OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Tongrui
Huang

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Tongrui
Huang	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	41-70 MAIN ST B3209

	 	
        Facsimile No:                                                    

	 	 	 
	FLUSHING, NY 11355

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

  

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OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Xin Wu

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Xin Wu	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	231 MCCLOUD DRIVE

	 	
        Facsimile No:                                                    

	 	 	 
	FORT LEE. NJ 07024

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

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OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Mei
Deng

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Mei
Deng	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	3 HATHAWAY LN

	 	
        Facsimile No:                                                    

	 	 	 
	MANHASSET NY 11303

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

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OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Mingzhe
Zhang

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Mingzhe
Zhang	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	5733
226TH STREET

	 	
        Facsimile No:                                                    

	 	 	 
	OAKLAND
                                         GARDEN, NY 11364

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

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OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Yi
Fei Ling

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Yi
Fei Ling	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	15050 21ST AVE

	 	
        Facsimile No:                                                    

	 	 	 
	WHITESTONE, NY 11357

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

    	 	18	 

     

    

 

OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Xiaodan Wu	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Xiaodan Wu	 	 
	[Signature]	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:	 	Telephone No.:                                                 
	 	 	 
	4332 ELBERTSON ST 	 	Facsimile No:                                                    
	 	 	 
	ELMHURST, NY 11373 	 	Email Address:                                                 
	 	 	 
	 	 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

    	 	19	 

     

    

 

OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Sheng Feng Song

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Sheng Feng Song	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	6112
168TH ST #2F

	 	
        Facsimile No:                                                    

	 	 	 
	FRESH
MEADOWS, NY 11365

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

    	 	20	 

     

    

 

OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Shizhen
Wu

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Shizhen
Wu	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.:                                                 

	 	 	 
	9441 55TH AVE

	 	
        Facsimile No:                                                    

	 	 	 
	ELMHURST,
NY 11373

	 	
        Email Address:                                                 

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

    	 	21	 

     

    

 

OMNIBUS
INVESTOR SIGNATURE PAGE TO

IFRESH
INC.

REGISTRATION
RIGHTS AGREEMENT

 

	Shunyu
She

	 	 
	[Print Name of Investor]	 	[Name of Co-Investor, if applicable]
	 	 	 
	Shunyu
She	 	 
	[Signature]

	 	[Signature]
	 	 	 
	Name:                                                                  	 	Name:                                                                 
	 	 	 
	Title:                                                                  	 	Title:                                                                    
	 	 	 
	 	 	 
	Mailing Address:

	 	
        Telephone No.: 917-821-8869                         

	 	 	 
	80-35 Springfield Blvd, Apt 6H

	 	
        Facsimile No:                                                    

	 	 	 
	Queens Village, NY 11427

	 	
        Email Address: Simon8869@gmail.com        

        

	 	 	 
		 	Taxpayer ID Number:                                      
	(City, State and Zip)	 	 

 

    	 	22	 

     

    

SCHEDULE
A

 

Investor
List1

 

	Name of Investor	 	Shares of Common Stock	 
	 	 	 	 
	Long Deng	 	 	11,120,000	 
	 	 	 	 	 
	Faming Lin	 	 	215,000	 
	 	 	 	 	 
	Shengbao Zhang	 	 	140,000	 
	 	 	 	 	 
	Yongguang Li	 	 	75,000	 
	 	 	 	 	 
	Tongrui Huang	 	 	70,000	 
	 	 	 	 	 
	Xin Wu	 	 	20,000	 
	 	 	 	 	 
	Mei Deng	 	 	20,000	 
	 	 	 	 	 
	Mingzhe Zhang	 	 	20,000	 
	 	 	 	 	 
	Yi Fei Ling	 	 	10,000	 
	 	 	 	 	 
	Xiaodan Wu	 	 	10,000	 
	 	 	 	 	 
	Sheng Feng Song	 	 	8,000	 
	 	 	 	 	 
	Shizhen Wu	 	 	8,000	 
	 	 	 	 	 
	Shunyu She	 	 	4,000	 

 

 

1 Unless otherwise
indicated, the address of each of these individuals is 2-39 54th Avenue, Long Island City, NY 11101.

 

 

23Exhibit

Exhibit 10.19

HYATT HOTELS CORPORATION
DEFERRED COMPENSATION PLAN FOR DIRECTORS
As Amended and Restated Effective as of December 8, 2016.

    

TABLE OF CONTENTS
                                                                                     Page(s)
ARTICLE I. DEFINITIONS................................................................................................2
ARTICLE II. ELECTION TO DEFER................................................................................4
ARTICLE III. DEFERRED COMPENSATION ACCOUNTS...........................................5
ARTICLE IV. PAYMENT OF DEFERRED COMPENSATION........................................7
ARTICLE V. ADMINISTRATION......................................................................................9
ARTICLE VI. AMENDMENT OF PLAN..........................................................................9
ARTICLE VII. CHANGE OF CONTROL........................................................................10
ARTICLE VIII. EFFECTIVE DATE.................................................................................10

i

HYATT HOTELS CORPORATION
DEFERRED COMPENSATION PLAN FOR DIRECTORS
As Amended and Restated Effective as of December 8, 2016

ARTICLE I.
DEFINITIONS
1.1    “Accounts” shall mean collectively the Director’s Cash Account and Stock Unit Account.
1.2    “Annual Equity Retainer” shall mean the annual equity retainer paid to the Director pursuant to the Company’s Non-Employee Director Compensation Program, as the same may be amended or restated from time to time (the “Compensation Program”) in Common Stock for serving as a member of the Board. 
1.3    “Annual Fee” shall mean the quarterly retainer paid to the Director pursuant to the Compensation Program for serving as a member of the Board, which may be paid in cash or, at the election of the Director in Common Stock, but does not include any amounts earned for attending Committees of the Board or for serving on Committees of the Board.
1.4    “Board” shall mean the Board of Directors of Hyatt Hotels Corporation.
1.5    “Change of Control” shall mean (a) prior to the consummation of a public offering in which the Company offers for sale shares of its common stock or other equity interests pursuant to an effective registration statement on Form S-1 or otherwise under the Securities Act of 1933, as amended (an “IPO”), Pritzker Affiliates shall fail to own more than 50% of the combined voting power of all Voting Stock of the Company and (b) following an IPO, any Person or two or more Persons acting in concert (other than (i) any Pritzker Affiliate or (ii)  any Pritzker Affiliate along with any other stockholder which, together with its Affiliates, owns more than 5% of the combined voting power or the Voting Stock as of June 30, 2009 (a “Non-Pritzker Affiliate Existing Shareholder”) so long as Pritzker Affiliates continue to own more Voting Stock than such Non-Pritzker Affiliate Existing Shareholder) shall have acquired “beneficial ownership,” directly or indirectly, of, or shall have acquired by contract or otherwise, Voting Stock of the Company (or other securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of the Company.  As used herein, “beneficial ownership” shall have the meaning provided in Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Notwithstanding the foregoing, no Change of Control shall exist unless it shall constitute a ‘change in control event’ as defined in Treasury Regulation §1.409A-3(i)(5).
1.6    “Common Stock” shall mean the Class A Common Stock of the Company, par value $0.01 per share.
1.7    “Company” shall mean Hyatt Hotels Corporation and any corporate successors.

1.8    “Code” shall mean the Internal Revenue Code of 1986, as amended and any successor statute thereto.
1.9    “Director” shall mean a member of the Board of Directors of the Company who is not an employee of the Company or any of its subsidiaries.
1.10    “Effective Date” shall mean July 1, 2007.
1.11    “Fair Market Value” shall mean (a) if the Common Stock is not publicly traded on a national securities exchange or other quotation system, then the fair market value of the Common Stock as determined by an independent third party appraisal on the December 31 immediately preceding the date Fair Market Value is being so determined, or if the Board determines that subsequent events have materially affected such value, then as of a date determined by the Board, which appraisal shall reflect a reasonable valuation of the Company as contemplated by Treasury Regulation §1.409A-1(b)(5), or (b) if the Common Stock is publicly traded on a national securities exchange, the fair market value of the Common Stock shall be the closing price of the Common Stock regular way, as reported in the Wall Street Journal for the relevant date, or if the Common Stock is not traded on such date, the next preceding trading date.
1.12     “First Restatement Effective Date” shall mean December 10, 2009.
1.13    “Initial Equity Retainer” shall mean the grant of Common Stock deliverable to the Director pursuant to the Compensation Program in connection with the Director’s election or appointment to the Board.
1.14     “Plan” shall mean this Deferred Compensation Plan for Directors as it may be amended from time to time. 
1.15    “Pritzker Affiliate” shall mean (i) all lineal descendants of Nicholas J. Pritzker, deceased, and all spouses and adopted children of such descendants; (ii) all trusts for the benefit of any person described in clause (i) and trustees of such trusts; (iii) all legal representatives of any person or trust described in clauses (i) or (ii); and (iv) all partnerships, corporations, limited liability companies or other entities controlling, controlled by or under common control with any person, trust or other entity described in clauses (i), (ii) or (iii).  “Control” for these purposes shall mean the ability to influence, direct or otherwise significantly affect the major policies, activities or action of any person or entity, and the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.
1.16    “Year” shall mean calendar year.
1.17    “Cash Account” shall mean the account created by the Company pursuant to Article III of this Plan in accordance with an election by a Director to receive deferred cash compensation under Article II hereof.
1.18    “Separation from Service” shall mean termination of service as a Director; provided that the individual is not or does not as a result thereof become an employee or 

maintain an independent contractor relationship with the Company or any subsidiary.  All determinations of whether an individual has had a Separation from Service shall be made applying the definition contained in Treasury Regulation §1.409A-1(h).  
1.19    “Stock Unit” shall mean one share of Common Stock.
1.20    “Stock Unit Account” shall mean the bookkeeping account created by the Company pursuant Article III of this Plan in accordance with an election by a Director to receive deferred stock compensation under Article II hereof.
1.21    “Voting Stock” means each class of securities the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of the Company, even though the right so to vote has been suspended by the happening of such a contingency.
1.22    “He”, “Him” or “His” shall apply equally to male and female members of the Board.

ARTICLE II.     
ELECTION TO DEFER AND PAYMENT ELECTIONS
2.1    A Director may elect to defer payment of all or a specified part of any Annual Fee or Annual Equity Retainer by filing an election with the Company as follows:
		
	(a)
	On or before December 31 of any Year, the Director may elect to defer all or any part of the Annual Fee or Annual Equity Retainer earned during the Year following such election and succeeding Years (until the Director ceases to be a Director).  

		
	(b)
	Any person who shall become a Director during any Year, and who was not a Director on the preceding December 31, may elect within thirty days after the Director’s term begins to defer payment of all or a specified part of such Annual Fee or Annual Equity Retainer earned during the remainder of such Year or succeeding Years.  

		
	(c)
	Prior to the First Restatement Effective Date, each Director was also allowed to defer receipt of his Initial Equity Retainer.

		
	(d)
	Fees deferred pursuant to this Section shall be paid to the Director at the time(s) and in the manner specified in Article IV hereof, in the form of cash or Common Stock, or any combination thereof, as designated by the Director in accordance with Article III hereof.  

2.2    Each deferral election shall continue from Year to Year unless the Director terminates it by written request delivered to the Secretary of the Company prior to the commencement of the Year for which the termination is first effective.

2.3    At the time of deferral, the Director may elect to have the Annual Fee, Annual Equity Retainer or Initial Equity Retainer (for deferrals prior to the First Restatement Effective Date) for such year distributed on the earlier of his Separation from Service as provided in Section 4.1 or the last business day of March of the fifth Year following the Year in which such Annual Fee, Annual Equity Retainer or Initial Equity Retainer would otherwise have been paid, absent the deferral election (an “In-Service Distribution Date”).  

ARTICLE III.
DEFERRED COMPENSATION ACCOUNTS
3.1    The Company shall maintain separate bookkeeping accounts for the Annual Fees, Annual Equity Retainer or Initial Equity Retainer deferred by each Director.  Any Annual Equity Retainer or Initial Equity Retainer deferred by a Director shall be denominated in Stock Units and held in a Stock Unit Account for the benefit of the Director.  The Director may elect at the time of the deferral to have the Annual Fee denominated in either Stock Units and credited to the Stock Unit Account, or in cash and credited to the Cash Account.  
3.2    The Company shall credit, on the date the Annual Fees become payable, to the Cash Account of each Director the deferred portion of any Annual Fees due to the Director as to which an election to receive cash has been made.  Subject to Section 3.10, Annual Fees deferred in the form of cash (and interest thereon) shall be held in the general funds of the Company.
3.3    The Company shall credit the Cash Account of each Director on a quarterly basis with interest at the prime rate in effect at the Company’s principal commercial bank on the date of the next immediately following regular quarterly Directors’ meeting.  A Director’s Cash Account shall continue to accrue interest in the foregoing manner until two days prior to the date on which the balance of the Director’s Cash Account will be paid, in accordance with the terms of Article IV hereof, in satisfaction of all payments owed to the Director under the Plan.
3.4    The Company shall credit, on the date Annual Fees or Annual Equity Retainer becomes payable, the Stock Unit Account of each Director with the number of Stock Units which is equal to: the deferred portion of any Annual Equity Retainer or Annual Fee due to the Director as to which an election to receive Common Stock has been made, divided by the Fair Market Value of the Common Stock on the date such Annual Equity Retainer or Annual Fee would otherwise have been paid.  With respect to the Initial Equity Retainer deferred prior to the First Restatement Effective Date, the Stock Unit Account will be credited with the number of Stock Units equal to the Initial Equity Retainer divided by the Fair Market Value on the date the Director was first elected or appointed to the Board (or the Effective Date with respect to Initial Equity Retainers granted on the Effective Date). 
3.5    The Company shall credit the Stock Unit Account of each Director who has elected to receive deferred compensation in the form of Stock Units with the number of Stock Units equal to any cash dividends (or the fair market value of dividends paid in property other than dividends payable in Common Stock) payable on the number of shares of Common Stock represented by the number of Stock Units in each Director’s Stock Unit Account divided by the Fair Market Value on the dividend payment date.  Dividends payable in Common Stock will be 

credited to each Director’s Stock Unit Account in the form of additional Stock Units.  A Director’s Stock Unit Account shall continue to be credited with dividends in the foregoing manner until two days prior to the date on which the balance of the Director’s Stock Unit Account will be paid, in accordance with the terms of Article IV hereof, in satisfaction of all payments owed to the Director under the Plan.  If adjustments are made to the outstanding shares of Common Stock as a result of recapitalization, merger, consolidation, split up, stock split, reverse stock split, spin-off or other distribution of stock or property of the Company, extraordinary dividends combination of securities, exchange of securities or other similar change in the capital structure of the Company (other than normal cash dividends), an appropriate adjustment also will be made in the number of Stock Units credited to the Director’s Stock Unit Account. 
3.6    
		
	(a)
	Stock Units credited to a Director’s Stock Unit Account in respect of the Annual Equity Retainer will be rounded up to the next whole share of Common Stock. 

		
	(b)
	With respect to the Annual Fee payable in respect of each fiscal year as to which an election to receive Common Stock has been made, for each of the first three quarters of such fiscal year, any portion of the Annual Fee that would result in a fractional Stock Unit being credited to a Director’s Stock Unit Account in such fiscal quarter will not be credited to the Director’s Stock Unit Account and will instead be converted into a notional fractional unit (consistent with the methodology set forth in Section 3.4), until such notional fractional unit, when aggregated with any additional notional fractional units accumulated for any subsequent fiscal quarter in the same manner, equals one whole unit, at which time such notional whole unit will be cancelled, converted into a Stock Unit and credited to the Director’s Stock Unit Account. In the fourth quarter of the fiscal year, any remaining notional fractional unit will be rounded up to the next whole unit, cancelled, converted into a Stock Unit and credited to the applicable Director’s Stock Unit Account.

3.7    Stock Units shall not entitle any person to rights of a stock holder with respect to such Stock Units unless and until shares of Common Stock have been issued to such person in respect of such Stock Units pursuant to Article IV hereof.  
3.8    The Company shall not be required to acquire, reserve, segregate, or otherwise set aside shares of its Common Stock for the payment of its obligations under the Plan, but shall make available as and when required a sufficient number of its Common Stock to meet the needs of the Plan.
3.9    Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary relationship.  To the extent that any person acquires a right to receive payments from 

the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company. 
3.10    The Company may enter into a trust agreement creating an irrevocable grantor trust for the holding of cash credited to the Cash Account of each Director under the Plan.  Any assets of such trust shall be subject to the claims of creditors of the Company to the extent set forth in the trust, and Directors’ interests in benefits under this Plan shall only be those of unsecured creditors of the Company.  

ARTICLE IV.
PAYMENT OF DEFERRED COMPENSATION
4.1    Timing and Form of Payment.  Unless otherwise elected under Section 2.3, amounts contained in a Director’s Accounts will be distributed in a lump sum on January 31st of the Year following the Director’s Separation from Service.  Amounts credited to a Director’s Cash Account shall be paid in cash.  Amounts credited to a Director’s Stock Unit Account shall be paid in the form of one whole share of Common Stock for each Stock Unit.    
4.2    Designation of Beneficiary.  Each Director shall have the right to designate a beneficiary who is to succeed to his right to receive payments hereunder in the event of death.  Any designated beneficiary will receive payments in the same manner as the Director if he had lived.  In case of a failure of designation or the death of a designated beneficiary without a designated successor, the balance of the amounts contained in the Director’s Accounts shall be payable in accordance with Section 4.1 to the Director’s or former Director’s estate in full on the first day of the Year following the Year in which the Director or his designated beneficiary dies.  No designation of beneficiary or change in beneficiary shall be valid unless in writing signed by the Director and filed with the Secretary of the Company.  Any beneficiary may be changed without the consent of any prior beneficiary.
4.3    Permissible Acceleration.  Notwithstanding Section 4.1, all or a portion of a Director’s Accounts may be paid prior to the payment date(s) elected under Section 2.3 in the discretion of the Company upon the following events:
		
	(a)
	To comply with a domestic relations order (as defined in Code Section 414(p)(1)(B));

		
	(b)
	In the event of an Unforeseeable Emergency (as defined below), a Director may, upon written request, receive payment of all or any portion of his Accounts as is reasonably necessary (as determined by the full Board of Directors, without regard to the affected Director) to relieve the need occasioned by the Unforeseeable Emergency.  Such payment shall be made as soon as reasonably practicable following the later of (i) the payment date designated by the Director in his request or (ii) the determination of Unforeseeable Emergency, but in any event not later than 30 days after such date.  For purposes of this paragraph (b), an “Unforeseeable Emergency” means a severe financial hardship to the 

Director resulting from an illness or accident of the Director, or of the Director’s spouse, beneficiary, or dependent, loss of the Director’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director.  The determination of Unforeseeable Emergency shall be made by the full Board of Directors without regard to the affected Director based upon all of the facts and circumstances of each case and in light of Treasury Regulation Section 1.409A-3.  No payment on account of Unforeseeable Emergency shall be made to the extent that the hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Director’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship).
		
	(c)
	If the Internal Revenue Service, makes a determination that a Director is required to include in gross income the value of his Accounts, as soon as practicable following such determination the Company shall pay to the Director in a lump sum, the full amount required to be included in the Director’s gross income.

		
	(d)
	If the distributable balance of the Director’s Accounts is less than the amount applicable under Code Section 402(g) for the year in question, then notwithstanding any prior installment election, the balance of such Accounts shall be distributed in a lump sum.

		
	(e)
	Upon the termination and liquidation of the Plan, the balance of the Directors Accounts shall be distributed in a lump sum twelve months following such termination and liquidation; provided that such termination or liquidation is not in connection with a downturn in the financial health of the Company and shall conform to the requirements of Treasury Regulation Section 1.409A-3(j)(4)(ix).   

4.4    Section 409A Delay.  Notwithstanding anything in Section 4.1 to the contrary, if a Director is an employee of the Company at the time of his Separation from Service such Director’s Accounts shall not be payable to the Director prior to the earlier of (a) the expiration of the six-month period measured from the date of the Director’s Separation from Service or (b) death, at which time all payments deferred pursuant to this Section 4.4 shall be paid in a lump sum to the Director, and any remaining payments shall be paid as otherwise provided under Section 4.1.
4.5    Election to Further Defer Payment. A Director who has elected to receive payment under Section 2.3 of an Annual Fee, Annual Equity Retainer or Initial Equity Retainer on an In-Service Distribution Date may change such election by completing and delivering an election to the Secretary of the Company to change the In-Service Distribution Date to a new In-Service Distribution Date subject to the following limitations:

		
	(a)
	The Director’s election of a new In-Service Distribution Date shall not take effect until at least twelve (12) months after the Director’s new In-Service Distribution Date election is made in accordance with Section 409A(a)(4)(C)(i) of the Code and the Treasury Regulations thereunder.    

		
	(b)
	The Director’s new In-Service Distribution Date may not be less than five years from the date of the Director’s prior In-Service Distribution Date, as determined in accordance with Section 409A(a)(4)(C)(ii) of the Code and the Treasury Regulations thereunder.

		
	(c)
	The Director’s election of a new In-Service Distribution Date  shall not be made less than twelve (12) months prior to the prior In-Service Distribution Date in accordance with Section 409A(a)(4)(C)(iii) of the Code and the Treasury Regulations thereunder.

		
	(d)
	Any change to a Director’s In-Service Distribution Date election shall be made in accordance with Section 409A(a)(4)(C) of the Code and the Treasury Regulations thereunder.

ARTICLE V.
ADMINISTRATION
5.1    The books and records to be maintained for the purpose of the Plan shall be maintained by the Company at its expense.  All expenses of administering the Plan shall be paid by the Company. 
5.2    Except to the extent required by law, the right of any Director or any beneficiary to any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such Director or beneficiary; and any such benefit or payment shall not be subject to alienation, sale, transfer, assignment or encumbrance.
5.3    No member of the Board and no officer or employee of the Company shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to his own fraud or willful misconduct, and the Company shall not be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a Director, officer or employee of the Company.

ARTICLE VI.
AMENDMENT OF PLAN
6.1    Subject to any stockholder approval which may be required by law or the requirements of any stock exchange on which the Common Stock is then listed, the Plan may be amended, suspended or terminated in whole or in part from time to time by the Board, except no 

amendment, suspension, or termination shall apply to the payment to any Director or beneficiary of a deceased Director of an amounts previously credited to a Director’s Accounts, without the Director’s consent (or the beneficiary’s consent in the case of a deceased Director).
6.2    Notice of every such amendment shall be given in writing to each Director and beneficiary of a deceased director. 

ARTICLE VII.
CHANGE OF CONTROL
7.1    Notwithstanding any election under Section 2.3 or the provisions of Section 4.1 to the contrary, upon the occurrence of a Change of Control the amounts credited to a Director’s Accounts shall be paid in a lump sum on the date of the Change of Control.  
7.2    A Director’s Accounts shall be paid within thirty (30) days following the Change of Control, but in no event later than the later of: (a) December 31 of the year in which the Change of Control occurs, or (b) two and one-half (2 1⁄2) months following the date of the Change of Control.

ARTICLE VIII.
EFFECTIVE DATE
This Plan was originally adopted by the Board of Directors effective as of July 1, 2007, was amended and restated effective December 10, 2009, was amended effective January 1, 2009, and was further amended and restated effective December 8, 2016.

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