Document:

Exhibit 10.31

 

SECOND AMENDMENT TO LOAN AGREEMENT

 

This SECOND AMENDMENT
TO LOAN AGREEMENT (this “Amendment”) is entered into as of SEPTEMBER 20, 2017, between TEXAS CAPITAL
BANK, NATIONAL ASSOCIATION (“Lender”), and VINTAGE STOCK, INC., a Missouri corporation (“Borrower”).

 

RECITALS

 

A.           Whereas,
Lender and Borrower are parties to a LOAN AGREEMENT dated as of NOVEMBER 3, 2016 (as the same has been or may be
amended, supplemented or otherwise modified from time to time, including any other instruments executed and delivered in renewal,
extension, rearrangement or otherwise in replacement thereof, the “Agreement”) (any capitalized terms not specifically
defined herein will have the meaning ascribed to them in the Agreement);

 

B.            Whereas,
Borrower and Lender have agreed to amend certain provisions of the Agreement; and

 

Now,
therefore, in consideration of the parties’ mutual promises in this Amendment, and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

1.            
Amendment to Section 2.11. Section 2.11 of the Agreement is hereby amended in its entirety to read
as follows:

 

2.11       Operating
Accounts. Attached hereto as Schedule 2.11 is a listing of all present operating accounts which are checking
or other demand daily depository accounts maintained by Borrower (the “Operating Accounts”) together with the
address of the depository, the account number(s) maintained with such depository, and a contact person at such depository. To induce
Lender to establish the interest rates provided for in the Notes and in order to enable Lender to more fully monitor Borrower’s
financial condition, Borrower will use Lender as its depository bank for the maintenance of business, cash management, operating
and administrative accounts. Borrower shall not hold a depository account with any Person other than Lender unless: (a) such Person
has delivered to Lender an agreement in form and substance reasonably acceptable to Lender pursuant to which Lender obtains control
of such depository accounts, or (b) the amount on deposit with such Person does not exceed THIRTY-FIVE THOUSAND AND NO/100 DOLLARS
($35,000.00) in any such depository account at any time or ONE HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($150,000.00)
in all such depository accounts with such Person at any time; provided that this limitation shall not apply to the depository account(s)
covered by the Arvest DACA. So long as any depository accounts are held at ARVEST BANK, Borrower shall cause the Arvest
DACA to remain in full force and effect over such accounts.”

 

2.            
Deletion of Section 4.15. Section 4.15 of the Agreement is hereby deleted and replaced with the following:
“Intentionally Deleted”.

 

3.            
Amendment to Section 7.10. Section 7.10 of the Agreement is hereby amended in its entirety to read
as follows:

 

Section
7.10     Collateral Access Agreements. Borrower shall have delivered to Lender Collateral Access Agreements for each
location listed on Schedule 3.19. With respect to any scheduled location for which Borrower has not delivered a Collateral
Access Agreement, Lender may, at any time in its sole discretion, establish an Availability Reserve equal to the Borrower’s
ordinary monthly rental payment for a period of ONE (1) month under the lease covering such location.

 

4.           
Limited Waiver. Lender hereby waives any Default, whether currently existing, previously having existed and
having been cured, or previously waived (whether formally or informally), or any Event of Default that arose or could be deemed,
or might have been deemed, to have arisen, directly or indirectly, from and after the date of the Agreement through and including
the date of this Amendment as a result of: (a) any failure by Borrower prior to the date hereof to comply with Section 2.11 of
the Agreement (Operating Accounts) and (b) any failure by Borrower with respect to any cross-defaults under the Agreement in respect
of any default or event of default under the Term Loan Agreement, including: (i) Borrower having made capital expenditures in excess
of TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($200,000.00) in the aggregate for the period ending DECEMBER 31, 2016;
(ii) any failure of the Loan Parties to terminate the account maintained at ARVEST BANK with account #18343209 within ONE
HUNDRED TWENTY (120) calendar days of the Closing Date, and (iii) any failure to deliver to Term Agent the First Amendment
to the Agreement. It is the Loan Parties’ specific intention that these waivers place each of them in the same position,
from the date of the Agreement through and including the date of this Amendment, as each would have been if no alleged existing
Default or Event of Default (if one arose or could be deemed, or might have been deemed, to have arisen, directly or indirectly)
had ever occurred.

 

 

SECOND AMENDMENT TO LOAN AGREEMENT
– PAGE 1

TEXAS CAPITAL BANK, NATIONAL ASSOCIATION
– VINTAGE STOCK, INC.

 

 

 

    	 	 	 

     

    

 

 

5.           
Conditions. This Amendment shall be effective upon the completion of Borrower having delivered the following,
in form and substance satisfactory to Lender: (a) this Amendment; and (b) each other document, opinion and certificate required
by Lender.

 

6.           
Representations, Warranties and Covenants; Expenses. Borrower expressly reaffirms all of its representations
and warranties in the Agreement as of the date of this Amendment (except such representations and warranties that expressly relate
to an earlier date). Borrower agrees to pay all costs, expenses and reasonable attorney’s fees of Lender and its counsel
in connection with the Agreement or this Amendment.

 

7.            
No Waiver. Except as set forth in this Amendment, all of the terms and conditions of the Agreement remain
in full force and effect and none of such terms and conditions are, or shall be construed as, otherwise amended or modified, except
as specifically set forth herein and nothing in this Amendment shall constitute a waiver by Lender of any Default or Event of Default,
or of any right, power or remedy available to Lender or any Loan Party under the Agreement, whether any such defaults, rights,
powers or remedies presently exist or arise in the future.

 

8.            
Ratification. The Agreement shall, together with this Amendment and any related documents, instruments and
agreements shall hereafter refer to the Agreement, as amended hereby.

 

9.           
Release. EACH LOAN PARTY HEREBY ACKNOWLEDGES AND AGREES THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS
COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS
LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER. EACH LOAN PARTY
HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE LENDER AND EACH OF ITS RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES,
AFFILIATES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”) FROM ALL POSSIBLE CLAIMS, DEMANDS,
ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES AND LIABILITIES WHATSOEVER, WHETHER KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED,
SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT OR CONDITIONAL, OR AT LAW OR IN EQUITY, IN ANY CASE ORIGINATING IN WHOLE OR IN PART
ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED THAT SUCH LOAN PARTY MAY NOW OR HEREAFTER HAVE AGAINST THE RELEASED PARTIES, IF
ANY, IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND THAT
ARISE FROM ANY OF THE LOANS, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE AGREEMENT OR ANY OF THE OTHER SECURITY INSTRUMENTS,
AND/OR THE NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING,
RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE.

 

10.          
Other Provisions. The provisions of the Agreement that are not expressly amended in this Amendment shall remain
unchanged and in full force and effect. In the event of any conflict between the terms and provisions of this Amendment and the
Agreement, the provisions of this Amendment shall control.

 

11.         
Signatures. This Amendment may be signed in counterparts. A facsimile or other electronic transmission of
a signature page will be considered an original signature page. At the request of a party, the other party will confirm a fax-transmitted
or electronically transmitted signature page by delivering an original signature page to the requesting party.

 

 

SECOND AMENDMENT TO LOAN AGREEMENT
– PAGE 2

TEXAS CAPITAL BANK, NATIONAL ASSOCIATION
– VINTAGE STOCK, INC.

 

 

 

    	 	 	 

     

    

 

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be duly executed and delivered as of the date first written above.

 

 

	LENDER:	 	 
	 	 	 
	

TEXAS CAPITAL BANK, NATIONAL ASSOCIATION

	 
	 	 	 
	 	 	 
	By:	/s/ Terri Sandridge	 
	Name:	Terri Sandridge	 
	Title:	Vice President, Corporate Banking-ABL	 
	 	 	 
	 	 	 
	 	 	 
	

BORROWER:

	 	 
	 	 	 
	VINTAGE STOCK, INC.	 
	 	 	 
	 	 	 
	By:	/s/ Rodney Spriggs	 
	Name:	Rodney Spriggs	 
	Title:	CEO and President	 

 

 

 

 

 

 

 

 

 

SECOND AMENDMENT TO LOAN AGREEMENT
– PAGE 3

TEXAS CAPITAL BANK, NATIONAL ASSOCIATION
– VINTAGE STOCK, INC.Exhibit 10.39

 

AMENDMENT TO
EMPLOYMENT AGREEMENT

 

THIS
AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of the  16th day
of January, 2018, by and between Live Ventures Incorporated (formerly known as LiveDeal, Inc.), a Nevada corporation
(the “Company”), and Jon Isaac (“Executive”).

 

WHEREAS,
the Company and Executive have entered into an employment agreement, effective as of January 1, 2013 (the “Employment
Agreement”); and

 

WHEREAS,
the Company and Executive desire to amend the Employment Agreement in the manner reflected herein.

 

In
consideration of the mutual promises, covenants and agreements herein contained, intending to be legally bound, the parties agree
as follows:

 

1.       Section
2 of the Employment Agreement hereby is amended so that the Term is deemed to continue until December 31, 2020, or upon the date
of termination of employment pursuant to Section 6 of the Employment Agreement; provided, however, that the Term may be extended
as mutually agreed to by the parties.

 

2.       Section
4 of the Employment Agreement hereby is amended by deleting such section in its entirety and by substituting in lieu thereof the
following:

 

Business
Expenses. During the Term, the Company will reimburse Executive for all reasonable business expenses incurred by him in connection
with his employment and the performance of his duties as provided hereunder, upon submission by the Executive of receipts and other
documentation in conformance with the Company’s normal procedures for executives of Executive’s position and status,
including a reasonable housing expense not to exceed $7,000 per month.

 

3.       This
amendment is deemed to be effective as of January 1, 2016.

 

4.       Except
as specifically amended hereby, the Employment Agreement shall remain in full force and effect.

 

5.       This
Amendment may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same instrument.

 

[Signature Page Follows]

 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have
executed this Amendment as of the date first written above.

 

 

	LIVE VENTURES INCORPORATED, a Nevada corporation

	 	EXECUTIVE
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
        By:

        

        
	/s/ Virland A. Johnson	 	
        
/s/ Jon Isaac
	 	Name: Virland A. Johnson	 	Jon Isaac
	 	Title: Chief Financial Officer	 	 

 

 

 

 

 

 

 

 

 

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