Document:

Exhibit 10.13

 

CHINA XIANGTAI FOOD CO., LTD.

Xinganxian Plaza, Building B, Suite
21-1, Lianglukou, Yuzhong District 400800

Chongqing, People’s Republic
of China

 

January 23,
2018

 

Ms. Zeshu Dai

 

1-9-2, No.30 Changjiang 1 Road, Yuzhong District, Chongqing,
China

 

Re: Director Offer Letter

	 	 

Dear Ms. Dai:

 

CHINA XIANGTAI FOOD
CO., LTD., a Cayman Islands limited liability company (the “Company” or “we”), is pleased to offer you
a position as Chairwoman and Director of the Company.  We believe your background and experience will be a significant
asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position
as a Director, this letter agreement (the “Agreement”) shall constitute an agreement between you and the Company and
contains all the terms and conditions relating to the services you agree to provide to the Company.

 

1.           Term.  This
Agreement is effective as of the date of this Agreement. Your term as a Director shall continue subject to the provisions in Section
9 below or until your successor is duly elected and qualified.  The position shall be up for re-appointment every year
by the board of the directors of the Company (the “Board”) and upon re-appointment, the terms and provisions of this
Agreement shall remain in full force and effect.

 

2.           Services.  You
shall render services as a Director (hereinafter, your “Duties”). During the term of this Agreement, you may attend
and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via
teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly
and as necessary via telephone, electronic mail or other forms of correspondence.

 

3.           Services
for Others.  You shall be free to represent or perform services for other persons during the term of this Agreement.  

 

4.           Compensation.  As
compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $120,000 for
each calendar year of service under this Agreement on a pro-rated basis.

 

You shall be reimbursed
for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person
meetings).

 

5.           D&O
Insurance Policy. During the term under this Agreement, the Company shall include you as an insured under its officers’
insurance policy.

 

6.           No
Assignment.  Because of the personal nature of the services to be rendered by you, this Agreement may not be
assigned by you without the prior written consent of the Company.

 

     

     

    

 

7.           Confidential
Information; Non-Disclosure.  In consideration of your access to certain Confidential Information (as defined
below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

 

a.           Definition.  For
purposes of this Agreement the term “Confidential Information” means: (i) any information which the Company possesses
that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in
the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally
not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information
concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar
laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development
and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses,
strategies, forecasts, customer and supplier identities, characteristics and agreements.

 

b.           Exclusions.  Notwithstanding
the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is
readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other
agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful
possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to
receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to
disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory
organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the
Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

 

c.           Documents.
You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes,
formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential
Information, nor will you make reproductions or copies of same.  You shall promptly return any such documents or items,
along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your
termination or Resignation (as defined in Section 9 herein).

 

d.           Confidentiality.  You
agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly,
any Confidential Information or anything relating to such information without the prior written consent of the Company, except
as may be necessary in the course of your business relationship with the Company.  You further agree that you will not
use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of
your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.
Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have
a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

 

e.           Ownership.  You
agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask
work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duties (collectively, “Inventions”) and you will promptly disclose and provide all Inventions
to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and
to perfect, obtain, maintain, enforce, and defend any rights assigned.

 

     

     

    

 

8.            Non-Solicitation.  
During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact
due to your appointment.

 

9.            Termination
and Resignation.  Your services as a Director may be terminated for any or no reason by the determination of
the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation
to the Company (“Resignation”), and such Resignation shall be effective upon the time specified therein or, if no time
is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation,
your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have
already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as
of the effective date of such termination or Resignation.

 

10.           Governing
Law; Arbitration.    All questions with respect to the construction and/or enforcement of this Agreement,
and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York.
All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination
thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally
resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of
Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York.
The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

 

11.           Entire
Agreement; Amendment; Waiver; Counterparts.  This Agreement expresses the entire understanding with respect to
the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter
hereof.  Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with
the written consent of the parties hereto.  Waiver of any term or condition of this Agreement by any party shall not
be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition
of this Agreement.  The failure of any party at any time to require performance by any other party of any provision of
this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision
of this Agreement.  This Agreement may be executed in separate counterparts each of which will be an original and all
of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile
of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

 

12.       Indemnification.  The
Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such
Losses incurred as a result of your gross negligence or willful misconduct.  The Company shall advance to you any expenses,
including reasonable attorneys’ fees and costs of settlement, incurred in defending any such proceeding to the maximum extent
permitted by applicable law.  Such costs and expenses incurred by you in defense of any such proceeding shall be paid
by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request
for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment
is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced
if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified
by the Company.

 

     

     

    

 

13.       Not
an Employment Agreement.   This Agreement is not an employment agreement, and shall not be construed or interpreted
to create any right for you to continue employment with the Company.

 

14.       Acknowledgement.  
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive,
and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

 

The Agreement has been executed and delivered
by the undersigned and is made effective as of the date set first set forth above.

 

 

	 	 	Sincerely,	 
	 	 	 	 	 
	 	 	CHINA XIANGTAI FOOD CO., LTD.	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Zeshu Dai	 
	 	 	 	     Zeshu Dai	 
	 	 	 	     Director	 
	 	 	 	 	 
	 	 	 	 	 
	AGREED AND ACCEPTED:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Zeshu Dai	 	 	 	 
	ZESHU DAIExhibit 10.1

 

THIS NOTE AND THE SECURITIES INTO WHICH
IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME. THE ISSUER OF THIS NOTE AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS.

 

LANDCADIA
HOLDINGS, INC.

CONVERTIBLE
PROMISSORY NOTE

 

	Not to Exceed $1,500,000.00	August 21, 2018

 

FOR VALUE RECEIVED
and subject to the conversion features set forth herein, Landcadia Holdings, Inc., a Delaware corporation (the “Company”),
promises to pay to Fertitta Entertainment Inc. (“Holder”), or its registered assigns, in lawful money of the
United States of America, a principal sum of One Million Five Hundred Thousand Dollars ($1,500,000.00), or such lesser amount as
shall equal the outstanding principal amount hereof (this “Note”). All unpaid principal shall be due and payable
on the Maturity Date, unless accelerated upon the occurrence of an Event of Default (as defined below). Holder may make advances
to the Company from time to time under this Note; provided, however, that notwithstanding anything to the contrary herein, at no
time shall the aggregate of all advances and readvances outstanding under this Note exceed $1,500,000.00.

 

The following is a
statement of the rights of Holder and the conditions to which this Note is subject, and to which Holder, by the acceptance of this
Note, agrees:

 

1.            Definitions.
As used in this Note, the following capitalized terms have the following meanings:

 

(a)          “Business
Combination” shall mean the Company’s initial merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses.

 

(b)          “Class
A Common Stock” shall mean the Class A common stock, par value $0.0001 per share, of the Company.

 

(c)          The
 “Company” includes the corporation initially executing this Note and any Person which shall succeed to or assume
the obligations of the Company under this Note.

 

(d)          “Event
of Default” has the meaning given in Section 4 hereof.

 

(e)          “Holder”
shall mean the Person specified in the introductory paragraph of this Note, or any Person who shall at the time be the registered
holder of this Note.

 

(f)          “Maturity
Date” shall mean the earlier of (i) the consummation of a Business
Combination or (ii) December 14, 2018.

 

(g)          “Person”
shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited
liability company, an unincorporated association, a joint venture or other entity or a governmental authority.

 

(h)          “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(i)          “Sponsor
Warrants” means those warrants entitling the holder thereof to purchase one-half
of one share of Class A Common Stock at an exercise price of $5.75 per half share as more fully described in the prospectus for
the Company’s initial public offering filed with the U.S. Securities and Exchange
Commission dated May 25, 2016.

 

    1 

     

    

 

2.            Investment,
Experience, Accredited Investor. Holder is acquiring this Note for investment for its own account, not as a nominee or
agent, and not with a view to, or for resale in connection with, any distribution thereof. Holder understands that the acquisition
of this Note involves substantial risk.  Holder has experience as an investor in securities of companies and acknowledges
that it is able to fend for itself, can bear the economic risk of its investment in this Note, and has such knowledge and experience
in financial or business matters that it is capable of evaluating the merits and risks of this investment in this Note and protecting
its own interests in connection with this investment.

 

3.            Prepayment.
Any of the outstanding principal amount to date under this Note may be prepaid by the Company, at its election and without penalty,
without the consent of Holder.

 

4.           Events
of Default. The occurrence of any of the following shall constitute an “Event of Default” under this
Note:

 

(a)          Failure
to Pay. The Company shall fail to pay when due any principal payment on the Maturity Date hereof; or

 

(b)          Voluntary
Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee,
liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its
inability, to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its
creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect
or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case
or other proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

 

(c)          Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the
Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation,
reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar
law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or
discharged within 60 days of commencement.

 

5.            Rights
of Holder upon Default. Upon the occurrence or existence of any Event of Default (other than an Event of Default described
in Sections 4(b) or 4(c)) and at any time thereafter during the continuance of such Event of Default, Holder
may, by written notice to the Company, declare all outstanding obligations payable by the Company hereunder to be immediately due
and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. Upon
the occurrence or existence of any Event of Default described in Sections 4(b) and 4(c), immediately and without
notice, all outstanding obligations payable by the Company hereunder shall automatically become immediately due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.

 

6.            Conversion.

 

(a)          Optional
Conversion. At the option of Holder, any amounts outstanding under this Note may be converted into warrants (“Warrants”)
to purchase Class A Common Stock at a conversion price of $0.50 per warrant (the “Warrant Conversion Price”).
Each Warrant will entitle Holder to purchase one-half of one share of Class A Common Stock at an exercise price of $5.75 per half
share, commencing 30 days after the completion of a Business Combination. Warrants may be exercised only for a whole number of
shares of Class A Common Stock. Each Warrant will contain such other terms identical to the Sponsor Warrants. Before this Note
may be converted under this Section 6(a), Holder shall surrender this Note, duly endorsed, at the office of the Company
and shall state therein the amount of the unpaid principal of this Note to be converted and the name or names in which the certificates
for Warrants are to be issued. The conversion shall be deemed to have been made immediately prior to the close of business on the
date of the surrender of this Note and the Person or Persons entitled to receive the Warrants upon such conversion shall be treated
for all purposes as the record holder or holders of such Warrants as of such date. For the avoidance of doubt, in the event that
all principal on this Note has been paid in full on or prior to the Maturity Date, then
Holder shall not be entitled to convert any portion of this Note into Warrants.

 

    2 

     

    

 

(b)          Remaining
Principal. All accrued and unpaid principal of this Note that is not then converted into Warrants, shall continue to remain
outstanding and to be subject to the terms and conditions of this Note.

 

(c)          Fractional
Warrants; Effect of Conversion. No fractional warrants shall be issued upon conversion of this Note. In lieu of issuing any
fractional warrants to Holder upon the conversion of this Note, the Company shall pay to Holder an amount equal to the product
obtained by multiplying the Warrant Conversion Price by the fraction of a warrant not issued pursuant to the previous sentence.
Upon conversion of this Note in full and the payment of any amounts specified in this Section 6(c), this Note shall
be cancelled and void without further action of the Company or Holder, and the Company shall be forever released from all its obligations
and liabilities under this Note.

 

7.            Successors
and Assigns. Subject to the restrictions on transfer described in Sections 9 and 10 below, the rights and
obligations of the Company and Holder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees
of the parties.

 

8.            Waiver
and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company.

 

9.          Transfer
of this Note or Securities Issuable on Conversion Hereof. With respect to any offer, sale or other disposition of this
Note or securities into which such Note may be converted, Holder shall give written notice to the Company prior thereto, describing
briefly the manner thereof, together with (i) a written opinion reasonably satisfactory to the Company in form and substance from
counsel reasonably satisfactory to the Company to the effect that such offer, sale or other distribution may be effected without
registration or qualification under any federal or state law then in effect and (ii) a written undertaking executed by the desired
transferee reasonably satisfactory to the Company in form and substance agreeing to be bound by the restrictions on transfer contained
herein. Upon receiving such written notice, reasonably satisfactory opinion, or other evidence, and such written acknowledgment,
the Company, as promptly as practicable, shall notify Holder that Holder may sell or otherwise dispose of this Note or such securities,
all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 9
that the opinion of counsel for Holder, or other evidence, or the written acknowledgment from the desired transferee, is not reasonably
satisfactory to the Company, the Company shall so notify Holder promptly after such determination has been made. Each Note thus
transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Securities
Act, unless in the opinion of counsel for the Company such legend is not required in order to ensure compliance with the Securities
Act. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. Subject to the
foregoing, transfers of this Note shall be registered upon registration books maintained for such purpose by or on behalf of the
Company. Prior to presentation of this Note for registration of transfer, the Company shall treat the registered holder hereof
as the owner and holder of this Note for the purpose of receiving all payments of principal hereon and for all other purposes whatsoever,
whether or not this Note shall be overdue and the Company shall not be affected by notice to the contrary.

 

10.         Assignment
by the Company. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation
of law or otherwise, in whole or in part, by the Company without the prior written consent of Holder.

 

11.         Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing
and faxed, e-mailed, mailed or delivered to each party at the respective addresses of the parties as set forth below, or at such
other address or facsimile number as the Company shall have furnished to Holder, or Holder to the Company, in writing. All such
notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally,
(iii) one business day after being delivered by facsimile or e-mail (with receipt of appropriate confirmation), (iv) one
business day after being deposited with an overnight courier service of recognized standing or (v) four days after being deposited
in the U.S. mail, first class with postage prepaid.

 

    3 

     

    

 

If to the Company:

 

Landcadia Holdings, Inc.

1510 West Loop South

Houston, Texas 77027

Attention: General Counsel

 

If to Holder:

 

Fertitta Entertainment, Inc.

1510 West Loop South

Houston, Texas 77027

Attention: General Counsel

 

12.         Waivers.
The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and
all other notices or demands relative to this instrument.

 

13.         Disputes.
The Company hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by Holder on
this Note, any and every right it may have to (i) injunctive relief, (ii) a trial by jury, (iii) interpose any counterclaim therein
and (iv) have the same consolidated with any other or separate suit, action or proceeding. Nothing herein contained shall prevent
or prohibit the Company from instituting or maintaining a separate action against Holder with respect to any asserted claim.

 

14.         Final
Agreement. This Note represents the final agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties.

 

15.         Governing
Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance
with the laws of the State of New York, without regard to the conflicts of law provisions of the State of New York, or of any other
state.

 

[Signature page follows]

 

    4 

     

    

 

The Company has caused this Note to be issued
as of the date first written above.

 

	 	LANDCADIA HOLDINGS, INC.
	 	a Delaware corporation
	 	 
	 	By:	/s/ Steven L. Scheinthal
	 	Name:	Steven L. Scheinthal
	 	Title:	Vice President
	 	 	 

 

	Agreed and Acknowledged:	 
	 	 
	FERTITTA ENTERTAINMENT, INC.

    a Texas corporation	 
	 	 
	By:	/s/ Tilman J. Fertitta	 
	Name:	Tilman J. Fertitta	 
	Title:	President	 

 

    5

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