Document:

Blueprint

  Exhibit 10.3

 

November 17,
2018

 

Big
Rock Partners Acquisition Corp.

2645 N.
Federal Highway, Suite 230

Delray
Beach, FL 33483

Attention:
Lindsay A. Rosenwald

 

BRAC
Lending Group LLC

c/o
David Nussbaum

EarlyBirdCapital,
Inc.

366
Madison Avenue

8th
Floor

New
York, NY 10017

 

Dear
Sirs:

 

Pursuant
to that certain Registration Rights Agreement (the
“RRA”), dated as
of November 20, 2017, by and among Big Rock Partners Acquisition
Corp., a Delaware corporation (the “Company”), and Big Rock Partners
Sponsor, LLC (the “Shareholder”), the Company has
granted the Shareholder certain registration rights (the
“Registration
Rights”) with respect to the shares of common stock of
the Company (the “Insider
Shares”) purchased by the Shareholder from the Company
prior to the Company’s initial public offering.

 

The
Shareholder has executed an agreement (the “Transfer Agreement”) of even date
herewith pursuant to which the Shareholder has transferred
1,500,000 of the Insider Shares, for aggregate consideration of
$1.00, to BRAC Lending Group LLC (the “Investor”). In connection with the
transfer of the Insider Shares, the Shareholder desires to assign
its Registration Rights with respect to the 1,500,000 Insider
Shares to the Investor in accordance with Section 6.2 of the RRA,
and the Company has agreed to consent to such assignment.
Accordingly, the Shareholder’s Registration Rights with
respect to the 1,500,000 Insider Shares shall be assigned to the
Investor as of the date hereof. The Investor is agreeing to be
bound by the terms and conditions of the RRA. The Shareholder shall
maintain its Registration Rights with respect to any other
securities of the Company not transferred to the Investor pursuant
to the Transfer Agreement.

 

[Remainder of page
intentionally left blank; signature page to
follow.]

 

 

 

Very
truly yours,

 

BIG
ROCK PARTNERS SPONSOR LLC

 

By:
/s/ Richard
Ackerman                                                               

Name:
Richard Ackerman

Title:
Managing Member

 

The
undersigned acknowledges and consents to the foregoing
terms.

 

BIG
ROCK PARTNERS ACQUISITION CORP.

 

By: /s/ Lori
Wittman                    

Name:
Lori Wittman

Title:
Chief Financial Officer

 

BRAC
LENDING GROUP LLC

 

By: /s/ David
Nussbaum                                

Name:
David Nussbaum

Title:

 

[Signature Page - Registration Rights Assignment
Letter]Blueprint

  Exhibit 10.4

 

November 17,
2018

 

 

Big
Rock Partners Acquisition Corp.

2645 N.
Federal Highway

Suite
230

Delray
Beach, FL  33483

 

Gentlemen:

 

 

As a
condition to the consummation of the transactions contemplated by
that certain agreement (the “Transfer
Agreement”), dated the date hereof, by and among the
undersigned, Big Rock Partners Acquisition Corp. (the
“Company”) and
Big Rock Partners Sponsor LLC (the “Seller”), the
undersigned hereby agrees as follows (certain capitalized terms
used herein are defined in paragraph 5 hereof):

 

1. The
undersigned agrees that if the Company seeks stockholder approval
of a proposed Business Combination, then in connection with such
proposed Business Combination, it shall vote all shares of Common
Stock owned by it in favor of such proposed Business
Combination.

 

2.  The
undersigned agrees to not propose any amendment to the
Company’s amended and restated certificate of incorporation
that would affect the substance or timing of the Company’s
obligation to redeem 100% of the Offering Shares if the Company
does not complete a Business Combination within the time period set
forth in the Company’s amended and restated certificate of
incorporation, as the same may be amended from time to time, unless
the Company provides its Public Stockholders with the opportunity
to redeem their shares of Common Stock upon approval of any such
amendment at a per share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account including
interest earned on the funds held in the Trust Account and not
previously released to the Company to pay its franchise and income
taxes, divided by the number of then outstanding Offering Shares.
The undersigned acknowledges that it has no right, title, interest
or claim of any kind in or to any monies held in the Trust Account
or any other asset of the Company as a result of any liquidation of
the Company with respect to the Founder’s Shares. The
undersigned hereby further waives, with respect to any shares of
the Common Stock held by it, him or her, any redemption rights it,
he or she may have in connection with the consummation of a
Business Combination, including, without limitation, any such
rights available in the context of a stockholder vote to approve
such Business Combination or in the context of a tender offer made
by the Company to purchase shares of the Common Stock, although the
undersigned shall be entitled to redemption and liquidation rights
with respect to any shares of the Common Stock (other than the
Founder’s Shares) it holds if the Company fails to consummate
a Business Combination within the time period set forth in the
Company's amended and restated certificate of incorporation, as the
same may be amended from time to time.

 

3.  The
undersigned acknowledges that the Founder’s Shares will be
held in escrow pursuant to the terms of that certain Stock Escrow
Agreement dated as of November 20, 2017 which the Company has
entered into.

 

4. The
undersigned has full right and power, without violating any
agreement to which it is bound (including, without limitation, any
non-competition or non-solicitation agreement with any employer or
former employer), to enter into this Letter Agreement.

 

5. As used
herein, (i) “Business Combination” shall mean a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination, involving the
Company and one or more businesses or entities;
(ii) “Founder’s Shares” shall mean the
shares of Common Stock of the Company held by the initial
stockholders of the Company prior to the consummation of the Public
Offering, including the shares transferred to the undersigned
pursuant to the Transfer Agreement; (iii) “Public
Stockholders” shall mean the holders of securities issued in
the Public Offering; and (iv) “Trust Account”
shall mean the trust fund into which a portion of the net proceeds
of the Public Offering shall be deposited.

 

6.  No party
hereto may assign either this Letter Agreement or any of its
rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in
violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the
purported assignee. This Letter Agreement shall be binding on the
undersigned and its successors and assigns.

 

7.. This
Letter Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the
application of the substantive laws of another jurisdiction. The
parties hereto (i) all agree that any action, proceeding, claim or
dispute arising out of, or relating in any way to, this Letter
Agreement shall be brought and enforced in the courts of New York
City, in the State of New York, and irrevocably submits to such
jurisdiction and venue, which jurisdiction and venue shall be
exclusive and (ii) waives any objection to such exclusive
jurisdiction and venue or that such courts represent an
inconvenient forum.

 

 

[Signature
page follows]

 

 

 

 

 

 

BRAC LENDING GROUP LLC

Print
Name of Insider

 

 

/s/ David M.
Nussbaum 

SignatureBlueprint

  Exhibit 10.5

 

PROMISSORY NOTE

 

 

$
690,000.00  As of November 20, 2018

 

 

Big
Rock Partners Acquisition Corp. (“Maker”) promises to
pay to the order of BRAC Lending Group LLC or its successors or
assigns (“Payee”) the principal sum of Six Hundred
Ninety Thousand Dollars and No Cents ($690,000.00) in lawful money
of the United States of America, on the terms and conditions
described below.

 

1. Principal. The principal
balance of this Note shall be repayable on the consummation of the
Maker’s initial merger, capital stock exchange, asset
acquisition or other similar business combination with one or more
businesses or entities (a “Business Combination”).
Payee understands that if a Business Combination is not consummated
within the time period specified in the Maker’s amended and
restated certificate of incorporation, this Note will not be repaid
and all amounts owed hereunder will be forgiven except to the
extent that the Maker has funds available to it outside of its
trust account established in connection with its initial public
offering (“Trust Account”) after paying all other fees
and expenses of the Maker incurred prior to the date of such
failure to so consummate a Business Combination which are due and
payable.

 

2. Interest. No interest shall
accrue on the unpaid principal balance of this Note.

 

3. Application of Payments. All
payments shall be applied first to payment in full of any costs
incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorneys’ fees,
then to the payment in full of any late charges and finally to the
reduction of the unpaid principal balance of this
Note.

 

4. Events of Default. The
following shall constitute Events of Default:

 

(a) Failure to Make Required
Payments. Failure by Maker to pay the principal of this Note
within five (5) business days following the date when
due.

 

(b) Voluntary Bankruptcy, Etc. The
commencement by Maker of a voluntary case under the Federal
Bankruptcy Code, as now constituted or hereafter amended, or any
other applicable federal or state bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent
by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of Maker or for any substantial part of its
property, or the making by it of any assignment for the benefit of
creditors, or the failure of Maker generally to pay its debts as
such debts become due, or the taking of corporate action by Maker
in furtherance of any of the foregoing.

 

(c) Involuntary Bankruptcy, Etc.
The entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of Maker in an involuntary
case under the Federal Bankruptcy Code, as now or hereafter
constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of Maker or for any substantial part of its property, or
ordering the winding-up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for
a period of 60 consecutive days.

 

 

 

 

5. Remedies.

 

(a) Upon the occurrence
of an Event of Default specified in Section 4(a), Payee may, by
written notice to Maker, declare this Note to be due and payable,
whereupon the principal amount of this Note, and all other amounts
payable thereunder, shall become immediately due and payable
without presentment, demand, protest or other notice of any kind,
all of which are hereby expressly waived, anything contained herein
or in the documents evidencing the same to the contrary
notwithstanding.

 

(b) Upon the occurrence
of an Event of Default specified in Sections 4(b) and 4(c), the
unpaid principal balance of, and all other sums payable with regard
to, this Note shall automatically and immediately become due and
payable, in all cases without any action on the part of
Payee.

 

6. Waivers. Maker and all
endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to the Note, all errors, defects and
imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by
virtue of any present or future laws exempting any property, real
or personal, or any part of the proceeds arising from any sale of
any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil
process, or extension of time for payment; and Maker agrees that
any real estate that may be levied upon pursuant to a judgment
obtained by virtue hereof, on any writ of execution issued hereon,
may be sold upon any such writ in whole or in part in any order
desired by Payee.

 

7. Unconditional Liability. Maker
hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of
this Note, and agrees that its liability shall be unconditional,
without regard to the liability of any other party, and shall not
be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers,
or modifications that may be granted by Payee with respect to the
payment or other provisions of this Note, and agrees that
additional makers, endorsers, guarantors, or sureties may become
parties hereto without notice to them or affecting their liability
hereunder.

 

8. Notices. Any notice called for
hereunder shall be deemed properly given if (i) sent by certified
mail, return receipt requested, (ii) personally delivered, (iii)
dispatched by any form of private or governmental express mail or
delivery service providing receipted delivery, (iv) sent by
telefacsimile or (v) sent by e-mail, to the following addresses or
to such other address as either party may designate by notice in
accordance with this Section:

 

 

If to
Maker:

 

Big
Rock Partners Acquisition Corp.

2645 N.
Federal Highway

Suite
230

Delray
Beach, Florida 33483

 

 

 

 

If to
Payee:

 

BRAC
Lending Group LLC

c/o
David Nussbaum

EarlyBirdCapital,
Inc.

366
Madison Avenue, 8th Floor

New
Yor, New York 10017

 

Notice
shall be deemed given on the earlier of (i) actual receipt by the
receiving party, (ii) the date shown on a telefacsimile
transmission confirmation, (iii) the date on which an e-mail
transmission was received by the receiving party’s on-line
access provider (iv) the date reflected on a signed delivery
receipt, or (vi) two (2) Business Days following tender of delivery
or dispatch by express mail or delivery service.

 

9. Construction. This Note shall
be construed and enforced in accordance with the domestic, internal
law, but not the law of conflict of laws, of the State of New
York.

 

10. Severability. Any provision
contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other
jurisdiction.

 

10.           Trust
Fund Waiver. Payee hereby waives any and all right, title,
interest or claim of any kind in or to any distribution of the
funds held in the Trust Account (“Claim”) and agrees it
will not seek recourse against the Trust Account for any reason
whatsoever, except in the event Maker consummates a Business
Combination.

 

 

 

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has
caused this Note to be duly executed the day and year first above
written.

 

 

BIG
ROCK PARTNERS ACQUISITION CORP.

 

 

By:
/s/ Richard
Ackerman                              

Name:
Richard Ackerman

Title:
Chief Executive Officer

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