Document:

Exhibit

FIRST LOAN MODIFICATION AGREEMENT
This First Loan Modification Agreement (the “Agreement”) is entered into as of May 4, 2018 (the “Signing Date”), but is effective retroactively to March 31, 2018 (the “First Loan Modification Effective Date”) by and between ZB, N.A., dba Zions First National Bank (“Lender”); LifeVantage Corporation, a Delaware corporation (“LifeVantage”), and Lifeline Nutraceuticals Corporation, a Colorado corporation (together with LifeVantage, the “Borrower”).

A.    Lender and Borrower entered into a Loan Agreement dated March 30, 2016, (the “Loan Agreement”), pursuant to which Lender agreed to make a loan to Borrower (the “Loan”), evidenced by a Facility 1 Promissory Note (RLOC) and a Facility 2 Promissory Note (Term Loan) (together the “Promissory Notes”).  The Promissory Notes are secured by the Collateral described in that certain Security Agreement dated as of March 30, 2016 (the “Security Agreement”).  The Loan Agreement, Promissory Notes, Security Agreement and all other documents defined as Loan Documents in the Loan Agreement are hereinafter collectively referred to as the “Loan Documents.”  

B.    Lender and Borrower now desire to modify the Loan Documents on the terms set forth below.  

In exchange for good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, Borrower and Lender agree as follows:

		
	1.
	Amendment to Loan Agreement.  The Loan Agreement shall be amended as follows:

1.1    Section 1.23 shall be deleted in its entirety and replaced with the following:

1.23  “Fixed Charge Coverage Ratio” shall be determined for Borrower and its Subsidiaries on a consolidated basis and without duplication and shall mean, with respect to any twelve-month period, the ratio of (i) EBITDA for such period, minus stock re-purchases, minus income tax expense, minus unfinanced Capital Expenditures, minus dividends or distributions paid in cash by the Borrower to its equity interest holders respectively, over (ii) current portion of long term debt and interest expense.
1.2    Section 1.35 shall be deleted in its entirety and replaced with the following:

1.35  “Maturity Date” means March 31, 2021.
1.3    Section 2.4(a)(ii) shall be deleted in its entirety and replaced with the following:

2.4(a)(ii) Interest Rate on Facility 2 Loan.  With respect to the Facility 2 Loan, interest shall accrue at a fixed rate of 5.68%.
1.4    Section 6.3(a) shall be deleted in its entirety and replaced with the following:

6.3(a) Fixed Charge Coverage Ratio. Borrower shall maintain a Fixed Charge Coverage Ratio of not less than 1.25: l, to be measured quarterly on the last day of each Fiscal Quarter on a trailing twelve months basis.
1.5    Section 6.3(b) shall be deleted in its entirety and replaced with the following:

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6.3(b) Minimum Working Capital. Borrower shall maintain a minimum working capital each Fiscal Quarter of not less than Eight Million Dollars ($8,000,000), measured quarterly on the last day of each Fiscal Quarter. For purposes of this Section, working capital shall be defined as current assets minus current liabilities, in each case calculated on a consolidated basis for the Borrower and its Subsidiaries.
1.6    Section 6.3(c) shall be deleted in its entirety and replaced with the following:

6.3(c) Maximum Total Liabilities to Tangible Net Worth Ratio. Borrower shall maintain a ratio of total liabilities to tangible net worth of not greater than 3.0:1, to be measured quarterly on the last day of each Fiscal Quarter.   For purposes of this Section, total liabilities shall be defined as the consolidated total liabilities of Borrower and its Subsidiaries, including all short-term liabilities, long-term liabilities, and any off balance-sheet liabilities of Borrower and its Subsidiaries.  For purposes of this Section, tangible net worth shall be defined, as of any date of determination, the sum of the amounts set forth on the consolidated balance sheet of the Borrower and its Subsidiaries as the sum of the common stock, preferred stock, additional paid in capital and retained earnings of the Borrower and its Subsidiaries (excluding treasury stock), less the book value of all intangible assets of the Borrower and its Subsidiaries.
1.7    Section 6.3(d) is hereby deleted in its entirety.

		
	2.
	Amendments to Promissory Notes.  Each Promissory Note is hereby amended by deleting each reference to the date “March 30, 2019” as it appears therein and by substituting in lieu thereof the date “March 31, 2021”.

		
	3.
	Consent to Re-domestication.  Lender hereby consents to the re-domestication of LifeVantage from Colorado to Delaware.  Borrower hereby reaffirms its obligations under the Loan Documents, as amended hereby, including without limitation the Security Agreement, and reaffirms its grant of authority to Lender to perfect its liens in the jurisdiction of formation of Borrower.

3.1    Organization and Qualification of LifeVantage.  LifeVantage represents and warrants to Lender that (a) it is a corporation duly organized and existing in good standing under the laws of the State of Delaware, (b) it is qualified and in good standing to do business in the State of Delaware, (c) it is duly qualified to do business in each jurisdiction where the conduct of its business requires qualification, except where the failure to be so qualified could not reasonably be expected to have Material Adverse Effect (d) it has the full power and authority to own its properties and to conduct the business in which it engages and to enter into and perform its obligations under the Loan Documents, and (e) it has delivered to Lender or its counsel accurate and complete copies of Borrower's Organizational Documents which are operative and in effect as of the Signing Date.

		
	4.
	Participation in Foreign Exchange Transactions.  Notwithstanding anything in the Loan Documents to the contrary, Borrower is authorized to participate in certain foreign exchange transactions from time to time with Lender or its affiliates, subject in each case to the terms of any agreements between Lender related thereto, as well as any conditions or limitations governing maximum credit exposure under the Facility 1 Loan (which limitations or conditions shall not exceed a reserve in the amount of $500,000) established by Lender in its sole discretion and upon notice thereof to Borrower. 

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	5.
	Amendment to Loan Documents.  To the extent not otherwise provided in this Agreement, the Loan Documents are hereby amended to be consistent with all of the terms and conditions of this Agreement

		
	6.
	Conditions to Loan Modification.  This Agreement shall become effective from and after the satisfaction of each of the following conditions to Lender’s satisfaction:

6.1    Borrower shall have paid to Lender a loan modification fee in the amount of $60,000; and

6.2    Borrower shall have executed and delivered such documents as Lender shall reasonably request.  

		
	7.
	No Offsets, Defenses and Releases.  The undersigned hereby (i) represents that neither the undersigned nor any affiliate or principal of the undersigned has any defenses to or setoffs against any Indebtedness or other obligations owing by the undersigned, or by the undersigned's affiliates or principals, to Lender or Lender's affiliates (the "Obligations"), nor any claims against Lender or Lender's affiliates for any matter whatsoever, related to the Obligations, and (ii) releases Lender and Lender's affiliates, officers, directors, employees and agents from all claims, causes of action, and costs, in law or equity, known or unknown, whether or not matured or contingent, existing as of the date hereof that the undersigned has or may have by reason of any matter of any conceivable kind or character whatsoever, related to the Obligations, including the subject matter of this Agreement.  The foregoing release does not apply, however, to claims for future performance of express contractual obligations that mature after the date hereof that are owing to the undersigned by Lender or Lender's affiliates.  As used in this paragraph, the word "undersigned" does not include Lender or any individual signing on behalf of Lender.  The undersigned acknowledges that Lender has been induced to enter into or continue the Obligations by, among other things, the waivers and releases in this paragraph.

		
	8.
	Conflicts.  In the event of any conflict between the provisions of this Agreement and the provisions of the Loan Documents, the provisions of this Agreement shall control.  Except as expressly amended or modified by this Agreement, the Loan Documents remain in full force and effect.

		
	9.
	Further Assurances and Documentation.  Borrower hereby agrees to execute such further and additional documents and instruments as Lender may reasonably require that give full effect to this Agreement and comply with all other conditions Lender imposes. 

		
	10.
	Final Expression, Modification, Assignment.  This Agreement is the final expression of the understanding of the parties concerning the subject matter of this Agreement and may not be altered or amended except with the written consent of the parties and may not be contradicted by evidence of any alleged prior or contemporaneous oral agreement. Borrower shall not assign any of their rights or delegate any of its obligations under this Agreement or under the Loan Documents without Lender's written consent.

		
	11.
	Enforcement.  The failure of Lender to promptly enforce any right hereunder shall not operate as a waiver of such right or any other right.  Any waiver by Lender must be in writing.

		
	12.
	Survival.  All agreements, representations, warranties, and covenants made herein by Borrower shall survive the execution and delivery of this Agreement and shall continue in effect so long as the Promissory Note or any portion thereof is outstanding and unpaid, notwithstanding any termination or substitution of this Agreement.

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	13.
	Successors and Assigns.  All agreements, representations, warranties, and covenants in this Agreement shall bind each party making the same and their successors, assigns, heirs, and beneficiaries, and shall inure to the benefit of and be enforceable by each party for whom made and their respective successors and assigns.

		
	14.
	Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability in such jurisdiction only and shall not invalidate or render unenforceable any other provision of this Agreement.

		
	15.
	Costs and Expenses.  Lender shall be entitled to its costs and expenses, including reasonable attorney's fees, incurred in taking any action to enforce any term or condition of this Agreement.

		
	16.
	Governing Law and Venue.  This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Utah without regard to its conflicts of law provisions.

		
	17.
	Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original for all purposes, but all of which taken together shall constitute only one agreement.  The production of any executed counterpart of this Agreement shall be sufficient for all purposes without producing or accounting for any other counterpart.  Copies of this Agreement, and fax signatures thereon, shall have the same force, effect and legal status as an original.

		
	18.
	Document Imaging. Lender shall be entitled, in its sole discretion, to image or make copies of all or any selection of the agreements, instruments, documents, and items and records governing, arising from or relating to any of the Loan Documents, including, without limitation, this document and the Loan Documents, and Lender may destroy or archive the paper originals.   The parties hereto (i) waive any right to insist or require that Lender produce paper originals, (ii) agree that such images shall be accorded the same force and effect as the paper originals, (iii) agree that Lender is entitled to use such images in lieu of destroyed or archived originals for any purpose, including as admissible evidence in any demand, presentment or other proceedings, and (iv) further agree that any executed facsimile (faxed), scanned, or other imaged copy of this document or any Related Document shall be deemed to be of the same force and effect as the original manually executed document.

		
	19.
	Legal Capacity and Authority.  The parties warrant to each other that they have the legal capacity to enter into this Agreement and perform the obligations it creates; and the individuals signing below have the requisite legal authority to execute this Agreement on their behalf.

[Signature Page Follows]

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Dated as of the Signing Date.

	
		
	 
	LENDER:
ZB, N.A., dba Zions First National Bank 

	 
	 

	By:
	/s/ Scott Bramhall

	 
	Scott Bramhall, Senior Vice President

	 
	 

	 
	BORROWER:
LifeVantage Corporation,
a Delaware corporation

	 
	 

	By:
	/s/ Steven R. Fife

	 
	Steven R. Fife, Chief Financial Officer

	 
	 

	 
	Lifeline Nutraceuticals Corporation, 
a Colorado corporation

	 
	 

	By:
	/s/ Darren Jensen

	 
	Darren Jensen, Director

5Exhibit

    

Exhibit 10.1
STOCK REDEMPTION AGREEMENT
(Brenton W. Hatch)
THIS STOCK REDEMPTION AGREEMENT (this “Agreement”) is made and entered into this 7th day of May 2018, by and between Profire Energy, Inc., a Nevada corporation, and Hatch Family Holdings Company, LLC which is wholly owned Brenton W. Hatch, an individual (“Hatch”).  The Corporation and Hatch are later sometimes collectively referred to in this Agreement as the “Parties.”
Background
A.The Corporation is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada.  The authorized capital stock of the Corporation consists of (i) 10,000,000 shares of preferred stock, of which, as of the date of this Agreement, no shares are issued and outstanding, and (ii) 100,000,000 shares of common stock (the “Profire Common Stock”), of which, as of the date of this Agreement 54,154,843 shares are issued and outstanding;
B.Hatch owns 12,569,953 shares of the issued and outstanding shares of the Profire Common Stock;
C.The Corporation desires to purchase and redeem from Hatch, and Hatch desires to sell to the Corporation, 638,977 shares of Profire Common Stock (the “Redemption Shares”) for the consideration and subject to the terms and conditions set forth in this Agreement; and
D.The Parties desire that their agreement concerning the redemption of the Redemption Shares by the Corporation be reduced to writing.
Agreement
NOW, THEREFORE, in consideration of the covenants and agreements set forth in this Agreement, as well as other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree each with the other that the Corporation will redeem the Redemption Shares from Hatch and Hatch will sell the Redemption Shares to the Corporation all upon the terms and conditions provided for in this Agreement.
1.    Redemption and Sale of the Redemption Shares.  Upon and subject to the terms and conditions of this Agreement, Hatch agrees to sell, convey, transfer, and deliver and by this Agreement does sell, convey, transfer, and deliver to the Corporation, and the Corporation agrees to purchase, redeem, and to accept delivery of and by this Agreement does purchase, redeem, and accept delivery from Hatch of the Redemption Shares, free and clear of all restrictions on sale or other disposition, liens, charges, claims, security interests, or any other encumbrances.  Simultaneously with the execution and delivery of this Agreement by the 

Parties.  Hatch shall deliver to the Corporation the stock certificate evidencing his ownership of the Redemption Shares, duly endorsed in blank. 
2.    Purchase Price.  Simultaneously with the execution and delivery of this Agreement by the Parties and upon the delivery of the certificate for the Redemption Shares to the Corporation, the Corporation shall pay Hatch in immediately available funds, the sum of $1,999,998.01, which amount represents the number of Redemption Shares multiplied by the 30-day average of the closing prices for the Profire Common Stock as reported by the Nasdaq Capital Market for the 30 trading days immediately preceding May 2, 2018.
3.    Representations and Warranties of Hatch.  Hatch represents and warrants to, and covenants with, the Corporation and its successors and assigns that:
(i)    Hatch owns all of the Redemption Shares, free and clear of any and all claims, liens, restrictions, security interests, charges, or encumbrances;
(ii)    the Redemption Shares are not in any way encumbered or pledged as security;
(iii)    Hatch has the full right and authority to sell, transfer, convey, and deliver the Redemption Shares to the Corporation as in this Agreement provided;
(iv)    simultaneously with the execution of this Agreement, Hatch has sold, transferred, conveyed, and delivered to the Corporation all of the Redemption Shares, free and clear of all restrictions on sale or other disposition, liens, charges, encumbrances, security interests, or claims of every kind or nature;
(v)    no entity or person has an option or right, present or future, legal or equitable, written or unwritten, to purchase or acquire from Hatch any of the Redemption Shares;
(vi)    to the best of Hatch’s knowledge, Hatch’s delivery of the Redemption Shares to the Corporation has conveyed to the Corporation good title to the Redemption Shares free and clear of all restrictions on sale or other disposition, liens, charges, encumbrances, security interests, or claims of every kind or nature;
(vii)    Hatch has the full and unlimited right to transfer the Redemption Shares as in this Agreement provided and Hatch will defend Hatch’s and the Corporation’s ownership of the Redemption Shares as described in this Agreement;
(viii)    Hatch understands that the Corporation’s purchase of the Redemption Shares will result in a taxable event for Hatch, an event as to which the Corporation has not advised Hatch;

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(ix)    to the best of Hatch’s knowledge, Hatch has informed the Corporation of all obligations and liabilities that have been or may be imposed on the Corporation as a result of or in any way based on any acts or omissions to act of Hatch; and
(x)    Hatch has had the opportunity to meet with officers of the Corporation, to ask questions and receive answers concerning the Corporation, and has received all information that Hatch believes is necessary or desirable in connection with the transactions contemplated by this Agreement.
The representations, warranties, and covenants of Hatch set forth in this Agreement in general and in this Paragraph 3 in particular or in any certificates or other documents provided or executed by Hatch pursuant to this Agreement shall survive the closing of the purchase and sale of the Redemption Shares and shall continue in full force and effect.
4.    Mutual Representations and Warranties.  Each party represents and warrants to, and covenants with, the other party that:
(i)    each party understands that he or it has been advised to consult with independent legal counsel with respect to the advisability of executing this Agreement; and
(ii)    each party has made such investigation of the facts pertaining to this Agreement and all matters pertaining to this Agreement as it or he deems necessary or appropriate under the circumstances; each party has read and understands all of the terms and provisions of this Agreement; each party is signing this Agreement voluntarily and of his or its own free will, without coercion or duress, intending to be legally bound thereby; and, in executing this Agreement, each party has and does not rely on any inducements, promises, or representations of the other party, other than the terms and conditions specifically set forth in this Agreement.
5.    Confidentiality.  Hatch agrees that he shall maintain in the strictest confidence, and shall not, without the express, prior written consent of the Corporation, reveal, disclose, furnish, or make accessible, directly or indirectly, to any person or entity, any nonpublic information provided to Hatch by the Corporation in connection with the transactions contemplated by this Agreement.
6.    Miscellaneous.
(a)Expenses.  The Parties agree that the Corporation and Hatch shall each be responsible for one-half of the legal fees charged by Stoel Rives LLP, counsel to the Corporation, in connection with the transactions contemplated by this Agreement. Any other expenses of any party to this Agreement not otherwise provided for in this Agreement, shall be paid by such party, whether or not the transactions contemplated by or in this Agreement are in fact consummated.

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(b)Notices.  All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be delivered (i) personally, (ii) by first-class mail, certified, return receipt requested, postage prepaid, (iii) by overnight courier, with one acknowledged receipt, or (iv) by facsimile transmission followed by delivery by first-class mail or by overnight courier, in the manner provided for in this Paragraph 6(b) and properly addressed as follows:
If to the Corporation:
Profire Energy, Inc.
321 South 1250 West, Suite 1
Lindon, UT  84042 
Attention:  Ryan W. Oviatt

If to Hatch:
Brenton W. Hatch
321 South 1250 West
Lindon, UT  84062

or to such other address as a party to this Agreement may indicate to the other party in the manner provided for by this Paragraph 6(b).  Notices, etc. given by mail shall be deemed effective and complete four (4) business days following the date of the posting and mailing thereof in accordance with this Paragraph 6(b); notices, etc. given by overnight courier shall be deemed effective and complete upon delivery; notices by facsimile transmission shall be deemed effective upon confirmed receipt, unless receipt thereof shall be disputed in which case receipt shall be deemed effective as of the effective date of the follow-up notice called for by this Paragraph 6(b) with respect to such facsimile-transmitted notice; and notices, etc. delivered personally shall be deemed effective and complete at the time of the delivery of the notice and the obtaining of a signed receipt for the notice, unless a party shall refuse to provide a signed receipt, in which case the notice shall be effective upon the completion of personal delivery of the notice in such a way as to insure the ability to establish personal delivery.
(c)Counterparts.  This Agreement may be executed by the Parties signing separate copies of this Agreement, in which event all such copies shall constitute original counterparts of this one Agreement but all of which together shall constitute one and the same agreement. 
(d) Successors and Assigns.  All the terms of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties and their respective successors, permitted assigns, heirs, and legal representatives, and nothing contained in this Agreement is intended to confer any right, remedy, or benefit upon any other person.  No assignment or delegation of this Agreement, or of any of the rights or obligations under this Agreement, by any party to this Agreement shall be valid without the written consent of the other party.

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(e)Paragraph Headings.  The paragraph headings in this Agreement are for the purpose of reference only, and shall not limit or otherwise affect any of the terms of this Agreement.
(f)Invalidity.  If any part or parts of this Agreement shall be held to be null or void or otherwise unenforceable, such invalidity shall not affect the validity and enforceability of the rest of this Agreement.
(g)Incorporation of Recitals.  Recitals A through D are incorporated by reference into this Agreement.
(h)Additional Documents.  The Parties shall execute any additional documents that may be necessary or desirable to carry out the intent of this Agreement.
(i)Attorneys’ Fees.  Should any party default in any of the covenants contained in this Agreement, or in the event a dispute shall arise as to the meaning of any term of this Agreement, the defaulting or non-prevailing party shall pay all costs and expenses, including reasonable attorneys’ fees, that may arise or accrue from enforcing this Agreement, securing an interpretation of any provision of this Agreement, or in pursuing any remedy provided by applicable law whether such remedy is pursued or interpretation is sought by the filing of a lawsuit, an appeal, or otherwise.
(j)Construction.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Utah, which internal laws exclude any provision or interpretation of such laws that would call for, or permit, the application of the laws of any other state or jurisdiction, and any dispute arising therefrom and the remedies available shall be determined solely in accordance with such internal laws.  Whenever the context requires, the singular shall include the plural and the plural shall include the singular, the whole shall include any part thereof, and any gender shall include all other genders. Time is of the essence and performance of this Agreement.
(k)Nonwaiver.  No failure by any party to take action on account of any default, whether in a single instance or repeatedly, shall constitute a waiver of any such default or of the performance required under this Agreement.  No express waiver by any party of any provision of or performance under this Agreement or of any default shall be construed as a waiver of any other or future provision, performance, or default.  Any waiver to be effective must be in writing and signed by an appropriate officer of the Corporation or by Hatch, as the case may be. 
(l)Entire Agreement-Modification.  This Agreement supersedes all prior agreements or understandings of the Parties on the subject matter of this Agreement.  Any prior negotiations, correspondence, agreements, proposals, or understandings relating to the subject matter of this Agreement shall be deemed to be merged into this Agreement and to the extent inconsistent with this Agreement, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect.  There are no representations, 

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warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter of this Agreement, except as set forth in this Agreement.
This Agreement shall not be modified by any oral agreement, either express or implied, and all modifications of this Agreement shall be in writing and be signed by all of the Parties.  The provisions of this Paragraph 6(l) may not be modified, either orally or by conduct, either expressly or impliedly, and it is the declared intention of the Parties that no provision of this Agreement, including this Paragraph 6(l), shall be in any way modifiable in any manner whatsoever except through a written document signed by all of the Parties.
(m)     Stoel Rives LLP.  Brenton W. Hatch acknowledges and agrees that the terms of this Agreement have been completely read and fully understood and voluntarily accepted after having a reasonable opportunity to retain and confer with legal counsel. This Agreement is entered into after a full investigation by the parties.  Brenton W. Hatch acknowledges Stoel Rives LLP has prepared this Agreement at the request of the Company in its role as counsel to the Company and does not represent Brenton W. Hatch in respect of this Agreement to the transaction contemplated hereby.

[Signature Page Follows]

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IN WITNESS WHEREOF, Profire Energy, Inc. has caused this Agreement to be signed on its behalf and Brenton W. Hatch has signed this Agreement on the date indicated in the first paragraph of this Agreement.

PROFIRE ENERGY, INC.,
a Nevada corporation 

By: /s/ Ryan W. Oviatt________________
       Ryan W. Oviatt
       Chief Financial Officer

By: /s/ Brenton W. Hatch______________
       Brenton W. Hatch

[Signature Page to Stock Redemption Agreement]

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