Document:

Exhibit
10.1

 

Loan
Agreement

 

TTD/ABMT/L1910-01

 

	Lender:
    	TITAN
    TECHNOLOGY DEVELOPMENT LIMITED
	Address:
    	1903
    HING YIP COMMERCIAL CENTRE, 272 DES VOEUX ROAD CENTRAL, HONG KONG.
	 	(Hong
    Kong Company Registration No.: 718332)
	 	 
	Borrower:
    	ADVANCED
    BIOMEDICAL TECHNOLOGIES, INC.
	Address:
    	350
    FIFTH AVE., 59TH FLOOR, NEW YORK, NY 10118
	 	USA
    (Incorporated in the State of Nevada, USA)

 

Borrower
is the controlling shareholder of Shenzhen Changhua Biomedical Engineering Co. Ltd., approved by Shenzhen Bureau of Trade and
Industry’s permit, February 25, 2008 (2008) No. 0539 and Guangdong Shenzhen Joint Venture Permit (2008) No. 0008. Shenzhen
Changhua Biomedical Engineering Co., Ltd. is a company engaged in research and development and production of biodegradable medical
materials. Lender is a major shareholder of Borrower.

 

	1)	Loan:

 

Lender
agrees to advance to Borrower’s subsidiary Shenzhen Changhua Biomedical Engineering Co., Ltd. (Changhua) the total amount
of USD500,000 - (Five Hundred Thousand US dollars).

 

Borrower
accepts that Lender may send the total amount in several advances using different financial institutions, associated companies
or individuals that is appointed by Lender.

 

	2)	Use
    of Proceed: For Changhua’s R&D, Clinical Trial, GMP Facilities Upgrading and Operation Expenses.
	 	 
	3)	Interest
    Rate: Annual interest rate is seven percent (7%).
	 	 
	4)	Loan
    Repayment period: 12 months
	 	 
	5)	Repayment:

 

Debt
maturity: after 12 months, Borrower will repay Lender the total amount of loan plus interest.

 

Outstanding
loan: after 6 months, Lender may demand the return of part of the loan plus interest occurred.

 

	6)	Repayment
    Methods and Repayment Source

 

Repayment
Methods: cash or securities;

 

Repayment
Source: banks and securities firms.

 

    	 	 	 

    	 

    

 

	7)	Warranty:

 

Borrower
and its subsidiary guarantee that the loan will be used for the purposes stipulated in this agreement and the fund may not be
used for other purposes or illegal activities;

 

Borrower
will return the loan within the terms stipulated in this agreement;

 

Borrower
and its subsidiary agree to accept the supervision of Lender on the use of proceed provided under this agreement.

 

	8)	Miscellaneous

 

This
Agreement may not be amended or modified except by a writing executed by each of the parties. Neither party shall assign (including
the engagement of subcontractors) any of its rights or obligations under this Agreement without the prior written consent of the
other party. The provisions of this Agreement, including without limitation the obligation to make loan and interest repayments,
shall be binding on Borrower, its Parent Company, its successors and assigns. All terms of this Agreement, which by their nature
extend beyond its termination, shall remain in effect until fulfilled, and shall apply to the respective successors and assigns
of the parties;

 

This
Agreement, including all controversies arising from or relating to performance under this Agreement, shall be governed by and
construed in accordance with the laws of Hong Kong, China. Venue for any action or dispute arising from or relating to this Agreement
shall conclusively lie in the Courts located in Hong Kong, China. Each party hereby waives any objection that it may have based
upon lack of personal jurisdiction, improper venue or forum non conveniens.

 

	Lender:
    	TITAN
    TECHNOLOGY DEVELOPMENT LIMITED
	 	 	 
	Signature:
    	/s/
    Chi Fung YU	 
	Name
    and Title: 	Chi
    Fung YU, Chairman	 
	 	 	 
	Borrower:
    	ADVANCED
    BIOMEDICAL TECHNOLOGIES, INC.
	 	 	 
	Signature:
    	/s/
    Hui Wang	 
	Name
    and Title: 	Hui
    Wang, Director and Chief Executive Officer	 

 

Date:
October 31, 2019Exhibit
4.7

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES

REGISTERED
PURSUANT TO SECTION 12

OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As
of December 31, 2019, Lazydays Holdings, Inc. (the “Company,” “Lazydays,” “Registrant,” “we,”
“us,” or “our”) had one class of securities registered under Section 12 of the Securities Exchange Act
of 1934, as amended: our common stock.

 

The
following is a description of the material terms of our common stock and preferred stock as set forth in our Amended and Restated
Certificate of Incorporation (the “Certificate of Incorporation”), our Bylaws (the “Bylaws”), and our
Certificate of Designations of Series A Preferred Stock (the “Certificate of Designation”), which govern the rights
of our common stock and preferred stock. This description is only a summary. You should read it together with the Certificate
of Incorporation, Bylaws, and Certificate of Designation, which are included as exhibits to the Company’s Annual Report
on Form 10-K for the year ended December 31, 2019 and incorporated by reference herein.

 

General

 

Our
Certificate of Incorporation provides for the issuance of 100,000,000 shares of common stock, par value $0.0001 per share, and
5,000,000 shares of preferred stock, par value $0.0001 per share. As of December 31, 2019, we had 8,428,666 shares of common stock
outstanding and 600,000 shares of Series A Preferred Stock outstanding.

 

Common
Stock

 

The
holders of our common stock are entitled to one vote for each share held of record on all matters to be voted on by stockholders.
There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of
our shares voted for the election of directors can elect all of the directors.

 

Holders
of our common stock do not have any conversion, preemptive or other subscription rights and there are no sinking fund or redemption
provisions applicable to our common stock.

 

We
have not paid any cash dividends on our common stock and do not plan to pay any cash dividends on our common stock in the foreseeable
future. Our board of directors (“Board”) will determine our future dividend policy on the basis of many factors, including
results of operations, capital requirements, and general business conditions, subject to any restrictions under our credit facility
and the Certificate of Designations for the Series A Preferred Stock.

 

Our
Board currently consists of seven (7) directors who are divided into three classes. Directors in each class serve a three-year
term. The terms of each class expire at successive annual meetings so that the stockholders elect one class of directors at each
annual meeting. The current classification of our Board is: (i) Class A – has two (2) directors with a term expiring at
the 2022 annual meeting of stockholders; (ii) Class B – has two (2) directors with a term expiring at the 2020 annual meeting
of stockholders; and (iii) Class C – has three (3) directors with a term expiring at the 2021 annual meeting of stockholders.

 

Mr.
Fredlake was originally designated to our Board by Lazy Days’ R.V. Center, Messrs. Gnat and Weil were originally designated
to our Board by Andina, Messrs. Shackelton and Comstock were originally designated to our Board by certain of the preferred stock
investors in the PIPE Investment, and Mr. Murnane was originally designated to our Board by mutual agreement of Andina and Lazydays.
Each of our directors was elected by the stockholders prior to the business combination on March 15, 2018, except for Ms. Serow
who was nominated by the Nominating Committee and appointed to the Board subsequent to the closing of the business combination.
The holders of preferred stock are allowed to designate up to two (2) members to the Board.

 

    	 

    	 

    

 

Preferred
Stock

 

Our
Certificate of Incorporation authorizes the issuance of 5,000,000 shares of blank check preferred stock with such designations,
rights and preferences as may be determined from time to time by our Board. Any designated series of preferred stock shall have
such powers, designations, preferences and relative, participation or optional or other special rights and qualifications, limitations
or restrictions as shall be expressed in the resolution adopted by the Board. Once designated by our Board, each series of preferred
stock will have specific financial and other terms that will be described in a prospectus supplement. The description of the preferred
stock that is set forth in any prospectus supplement is not complete without reference to the documents that govern the preferred
stock. These include our Certificate of Incorporation and any certificates of designation that our Board may adopt. Prior to the
issuance of shares of each series of preferred stock, the Board is required by the Delaware General Corporation Law (“DGCL”)
and our Certificate of Incorporation to adopt resolutions and file a certificate of designations with the Secretary of State of
the State of Delaware. The certificate of designations fixes for each class or series the designations, powers, preferences, rights,
qualifications, limitations and restrictions, including, but not limited to, some or all of the following: (i) entitled to voting
powers, full or limited; (ii) subject to redemption at such time or times and at such price or prices as our Board may establish;
(iii) entitled to receive dividends (which may be cumulative or non-cumulative) at such rates, on such conditions, and at such
times, and payable in preference to, or in such relation to, the dividends payable on any other class or classes or any other
series as our Board may establish; (iv) entitled to such rights upon the dissolution of us, or upon any distribution of our assets,
as our Board may establish; or (v) convertible into, or exchangeable for, shares of any other class or classes of stock, or of
any other series of the same or any other class or classes of stock, of ours at such price or prices or at such rates of exchange
and with such adjustments as our Board may establish.

 

Series
A Preferred Stock

 

In
connection with the PIPE Investment on March 15, 2018, we designated 600,000 shares as Series A Preferred Stock.

 

The
material terms of the Series A Preferred Stock are as follows:

 

The
Series A Preferred Stock ranks senior to all outstanding capital stock of the Company. Except as required by law or by the Certificate
of Designation, holders of the Series A Preferred Stock will be entitled to vote on an as-converted basis together with the holders
of our common stock, and not as a separate class, at any annual or special meeting of Company stockholders. However, the Certificate
of Designation provides holders of the Series A Preferred Stock with a separate vote requiring the vote or consent of a majority
of the Series A Preferred Stock (unless otherwise waived by a majority of the Series A Preferred Stock) relating to certain actions,
including: (i) the liquidation, dissolution or winding up of the Company if the holders of Series A Preferred Stock will not have
the option to receive the full liquidation preference; (ii) any amendment or repeal of the Certificate of Incorporation or Bylaws
that adversely modifies the rights, preferences, privileges or voting powers of the Series A Preferred Stock; (iii) any authorization
or issuance of a new class of securities having rights, preferences or privileges senior to or on parity with the Series A Preferred
Stock: (iv) any increase or decrease in the authorized number of Series A Preferred Stock; (v) any increase in the number of members
of the Board above eight (8); (vi) certain issuances of senior indebtedness or certain incurrences of floor plan financing; (vii)
any sale or agreement to license any material asset or material portion of the assets of the Company or any subsidiary other than
in the ordinary course of business; (viii) the making of capital expenditures during any four consecutive fiscal quarters in excess
of 25% of earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for such four (4) fiscal quarters;
(ix) any change by the Company or any subsidiary in its principal line of business or entry into an additional line of business;
and (x) the appointment of any Chief Executive Officer, other than William Murnane.

 

    	 

    	 

    

 

The
Series A Preferred Stock will be convertible into shares of our common stock at the holder’s election at any time, and such
holder will receive such number of shares of common stock as is equal to the product obtained by multiplying the conversion rate
then in effect by the number of shares of Series A Preferred Stock being converted, plus cash in lieu of fractional shares. The
conversion rate is calculated as the quotient obtained by dividing the liquidation preference then in effect by the conversion
price. Currently, the conversion rate is 9.9378882 calculated by dividing the liquidation preference currently in effect of $100
by the initial conversion price of $10.0625. The conversion price will be subject to adjustment for stock dividends, forward and
reverse splits, combinations and similar events, as well as for certain dilutive issuances. The liquidation preference and initial
conversion price are set forth in the Certificate of Designation and were determined based on the valuation of the securities
of Andina taking into account the impact of the Mergers and the rights and preferences of the Series A Preferred Stock. As a result,
the 600,000 shares of Series A Preferred Stock are convertible into 5,962,733 shares of common stock (this excludes accrued dividends
which the Company may elect to pay in cash or shares of common stock).

 

Dividends
on the Series A Preferred Stock will accrue at an initial rate of 8% per annum (the “Dividend Rate”), compounded quarterly,
and be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year (unless any such day is not a business
day, in which event such preferred dividends shall be payable on the next succeeding business day, without accrual to the actual
payment date). If we do not declare and pay dividends on any dividend payment date, such accrued and unpaid dividends, until paid
in full in cash, will accrue at the then applicable Dividend Rate plus 2%. The Dividend Rate will be increased to 11% per annum,
compounded quarterly, in the event our senior indebtedness less unrestricted cash during any trailing twelve month period ending
at the end of any fiscal quarter is greater than 2.25 times EBITDA (as defined in the Certificate of Designations of the Series
A Preferred Stock) for such preceding twelve (12)-month period. The Dividend Rate will be reset to 8% at the end of the first
fiscal quarter when our senior indebtedness less unrestricted cash during the trailing twelve month period ending at the end of
such quarter is less than 2.25 times EBITDA for such preceding twelve (12)-month period.

 

If,
at any time following the second anniversary of the issuance of the Series A Preferred Stock, the volume weighted average price
of our common stock equals or exceeds $25.00 (as adjusted for stock dividends, splits, combinations and similar events) for a
period of thirty consecutive trading days, we may force the conversion of any or all of the outstanding Series A Preferred Stock
at the conversion price then in effect. From and after the eighth anniversary of the issuance of the Series A Preferred Stock,
we may elect to redeem all, but not less than all, of the outstanding Series A Preferred Stock in cash at the stated value thereof
plus all accrued and unpaid dividends. From and after the ninth anniversary of the issuance of the Series A Preferred Stock, each
holder of Series A Preferred Stock has the right to require us to redeem all of such holder’s outstanding shares of Series
A Preferred Stock in cash at the stated value thereof plus all accrued and unpaid dividends.

 

In
the event of any liquidation, merger, sale, dissolution or winding up of the Company, holders of the Series A Preferred Stock
will have the right to (i) payment in cash equal to the liquidation preference thereof plus all accrued and unpaid dividends,
or (ii) convert the shares of Series A Preferred Stock into our common stock and participate on an as-converted basis with our
holders of common stock.

 

    	 

    	 

    

 

So
long as the Series A Preferred Stock is outstanding, the holders thereof, by the vote or written consent of the holders of a majority
in voting power of the outstanding Series A Preferred Stock, shall have the right to designate two members to our Board.

 

The
holders of Series A Preferred Stock may elect in writing to the Company to be subject to a beneficial ownership limitation, initially
set at 9.99% (but which may subsequently be set at a higher or lower percentage by the electing holder) of the shares of common
stock then outstanding after giving effect to the issuance of shares of common stock upon conversion of the Series A Preferred
Stock held by such holder. If a holder of the Series A Preferred Stock has elected to be subject to a beneficial ownership limitation,
the Company shall not effect any conversion of the Series A Preferred Stock and the holder shall not have any right to convert
any portion of the Series A Preferred Stock if after giving effect to such conversion, the holder would beneficially own in excess
of its then applicable beneficial ownership limitation.

 

The
securities purchase agreement entered into in connection with the sale of the Series A Preferred Stock also includes the following
rights:

 

	 	●	Subject
    to applicable securities laws and regulations, any purchaser that continues to hold Series A Preferred Stock convertible into
    5% or more of the then issued and outstanding shares of our common stock shall also have a preemptive right to purchase its
    pro rata share of all equity securities that we may, from time to time, propose to sell and issue after the consummation of
    the Mergers (subject to certain exceptions).
	 	 	 
	 	●	If
    we seek to consummate any debt financings (other than (i) non-distressed floor plan financings on customary terms and conditions
    and with an interest rate of not greater than 5% per annum, (ii) the replacement or refinancing of existing indebtedness where
    the replaced or refinanced indebtedness does not exceed the existing amount of indebtedness and are not on terms materially
    worse than the indebtedness being replaced or refinanced, and (iii) advances or other extensions of credit under a revolving
    credit facility or floor plan credit facility) after the consummation of the Mergers, Coliseum Capital Management, LLC shall
    be entitled to a right of first refusal to provide the funding necessary for such debt financings provided that it still holds
    an aggregate of at least $10 million of the Series A Preferred Stock. Coliseum Capital Management, LLC will have a period
    of 15 business days to notify us of its intention to exercise its right.
	 	 	 
	 	●	If
    we receive in excess of $1 million as a result of indemnification claims made in respect of certain breaches of representations
    and warranties of Lazy Days’ R.V. Center, Inc. under the Merger Agreement, the holders of the Series A Preferred Stock
    shall have a right to require us to utilize such amounts in excess of the $1 million to redeem their shares of Series A Preferred
    Stock for the liquidation preference of such shares.

 

There
are no sinking fund provisions applicable to our shares of Series A Preferred Stock.

 

Provisions
of Delaware Law, the Certificate of Incorporation and Bylaws 

 

Provisions
of the Delaware General Corporation Law (the “DGCL”), the Certificate of Incorporation, the Bylaws and other relevant
documents described below could make it more difficult to acquire us by means of a tender offer, a proxy contest or otherwise,
or to remove incumbent officers and directors. These provisions, summarized below, are expected to discourage types of coercive
takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to first negotiate with
us. We believe that the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly
or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging takeover or acquisition proposals
because, among other things, negotiation of these proposals could result in an improvement of their terms.

 

    	 

    	 

    

 

Delaware
Anti-Takeover Statute. We have elected to be subject to Section 203 of the DGCL, an anti-takeover statute. In general, Section
203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested
stockholder” for a period of three years following the time the person became an interested stockholder, unless (with certain
exceptions) the business combination or the transaction in which the person became an interested stockholder is approved in a
prescribed manner. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction
resulting in a financial benefit to the interested stockholder. Generally, an “interested stockholder” is a person
who, together with affiliates and associates, owns (or within three years prior to the determination of interested stockholder
status did own) 15 percent or more of a corporation’s voting stock. The existence of this provision would be expected to
have an anti-takeover effect with respect to transactions not approved in advance by the Board of Directors, including discouraging
attempts that might result in a premium over the market price for the shares of Common Stock.

 

Limitation
of Liability and Indemnification of Officers and Directors. The DGCL authorizes corporations to limit or eliminate the personal
liability of directors to corporations and their stockholders for monetary damages for breaches of directors’ fiduciary
duties as directors. The Certificate of Incorporation and Bylaws include provisions that indemnify, to the fullest extent allowable
under the DGCL, the personal liability of directors or officers for monetary damages for actions taken as a director or officer
of the Company, or for serving at our request as a director or officer or in another position at another corporation or enterprise,
as the case may be. The Bylaws also provide that we must indemnify and advance expenses to our directors and officers, subject
to our receipt of an undertaking from the indemnitee as may be required under the DGCL and such terms and conditions as are deemed
appropriate by the Board. We are also expressly authorized to carry directors’ and officers’ insurance to protect
the Company and our directors, officers, employees and agents from certain liabilities.

 

The
limitation of liability and indemnification provisions in the Certificate of Incorporation and the Bylaws may discourage stockholders
from bringing a lawsuit against directors for breach of their fiduciary duties. These provisions may also have the effect of reducing
the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise
benefit us and our stockholders. We may be adversely affected to the extent that, in a class action or direct suit, we pay the
costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

 

Authorized
but Unissued Shares of Common Stock. Our authorized but unissued shares of common stock will be available for future issuance
without approval by the holders of common stock. We may use additional shares for a variety of corporate purposes, including future
public offerings to raise additional capital, employee benefit plans and as consideration for or to finance future acquisitions,
investments or other purposes. The existence of authorized but unissued shares of common stock could render more difficult or
discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Undesignated
Preferred Stock. Our Certificate of Incorporation and Bylaws authorize 5,000,000 shares of undesignated preferred stock and
600,000 of these shares have been designated as Series A Preferred Stock. As a result, our Board of Directors may, without the
approval of holders of common stock, issue 4,400,000 shares of preferred stock with super voting, special approval, dividend or
other rights or preferences that could impede the success of any attempt to acquire us. These and other provisions may have the
effect of deferring, delaying or discouraging hostile takeovers or changes in control or management of the Company.

 

    	 

    	 

    

 

Classified
Board. As discussed above, our Board currently consists of seven (7) directors who are divided into three classes. Pursuant
to the Certificate of Incorporation, directors in each class serve a three-year term. The terms of each class expire at successive
annual meetings so that the stockholders elect one class of directors at each annual meeting. The classified board provisions
in the Certificate of Incorporation could make it more difficult to acquire us by means of a proxy contest or to remove incumbent
directors.

 

Exclusive
Forum. Unless the Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i)
any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary
duty owed by any director, officer or other employee of the Company to the Company or the Company’s stockholders, (iii)
any action asserting a claim arising pursuant to any provision of the DGCL or the Certificate of Incorporation or Bylaws, or (iv)
any action asserting a claim governed by the internal affairs doctrine shall be the Court of Chancery of the State of Delaware
(or if the Court of Chancery does not have jurisdiction, another state court located within the State of Delaware, or if no state
court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware) in all cases
subject to the court’s having personal jurisdiction over the indispensable parties named as defendants. Section 27 of the
Securities Exchange Act of 1934, as amended, provides for exclusive federal jurisdiction over suits brought to enforce any duty
or liability created by the Exchange Act or the rules and regulations thereunder, and as such the exclusive jurisdiction clauses
set forth above would not apply to such suits. Furthermore, Section 22 of the Securities Act of 1933, as amended, provides for
concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities
Act or the rules and regulations thereunder, and as such the exclusive jurisdiction clauses set forth above would not apply to
such suits.

 

Listing

 

Our
shares of common stock are listed on the NASDAQ Capital Market under the symbol “LAZY.” We cannot assure you that
our common stock will continue to be listed on the NASDAQ Capital Market as we might not meet certain continued listing standards
in the future. Our shares of Series A Preferred Stock are currently not listed or traded on any exchange or marketplace and we
do not intend to apply for listing or quotation of our Series A Preferred Stock on any exchange or marketplace in the future.

 

Transfer
Agent 

 

The
transfer agent for our shares of common stock is Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New
York, New York 10004.

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