Document:

Exhibit 10.5

 

May 20, 2016

 

CB Pharma Acquisition Corp.

3 Columbus Circle, 15th Floor

New York, New York 10019

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10017

 

Gentlemen:

 

Based on the contemporaneous due execution and delivery of (i)
the Agreement dated as of even date herewith among certain Sellers (as specified therein), EJF Opportunities, LLC, Stephen B. Pudles,
Jose M. Aldeanueva, Jeffrey J. Gutovich Profit Sharing Plan and Barry Rodgers (collectively, the “Investors”),
and CB Pharma Acquisition Corp. (“Company”) and (ii) the Insider Letters of the Investors, Edward J. Fred and
Jeffrey J. Gutovich, each substantially in the form provided to each of the undersigned, the undersigned hereby agrees that with
regard to its letter agreement with the Company, dated December 12, 2014, Section 12 is hereby deleted in its entirety. Additionally,
upon approval of the matters set forth in Section 7.3 of the Agreement, Section 2(a), Section 2(c) and Section 13 shall be deleted
in their entirety.

 

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

 

     

     

    

 

If the foregoing correctly sets forth our
agreement, please so confirm by signing below in the space indicated.

 

	/s/ Lindsay A. Rosenwald	 
	Foretress Biotech, Inc.	 

 

	EARLYBIRDCAPITAL, INC.	 	CB PHARMA ACQUISITION CORP.
	 	 	 	 	 
	By:	/s/ David Nussbaum	 	By:	/s/ Lindsay A. Rosenwald
	Title:	Chairman	 	Title:	CEO

 

[Insider Letter Amendment - Officers and
Directors]Exhibit 10.6

 

May 20, 2016

 

CB Pharma Acquisition Corp.

3 Columbus Circle, 15th Floor

New York, New York 10019

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10017

 

Gentlemen:

 

Based on the contemporaneous due execution and delivery of (i)
the Agreement dated as of even date herewith among certain Sellers (as specified therein), EJF Opportunities, LLC, Stephen B. Pudles,
Jose M. Aldeanueva, Jeffrey J. Gutovich Profit Sharing Plan and Barry Rodgers  (collectively, the “Investors”),
and CB Pharma Acquisition Corp. (“Company”) and (ii) the Insider Letters of the Investors, Edward J. Fred and
Jeffrey J. Gutovich, each substantially in the form provided to each of the undersigned, each of the undersigned individuals hereby
agrees that with regard to their respective letter agreements with the Company, dated December 12, 2014, the entire Section 12
is hereby deleted in its entirety. Additionally, upon approval of the matters set forth in Section 7.3 of the Agreement, Section
2(a) and the first sentence of Section 9 shall be deleted in their entirety.

 

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

 

     

     

    

 

If the foregoing correctly sets forth our
agreement, please so confirm by signing below in the space indicated.

 

	/s/ Lindsay A. Rosenwald	 	/s/ Michael Weiss
	Lindsay A. Rosenwald	 	Michael Weiss
	 	 	 
	/s/ Adam J. Chill	 	/s/ Arthur A. Kornbluth
	Adam J. Chill	 	Arthur A. Kornbluth
	 	 	 
	/s/ Neil Herskowitz	 	/s/ George Avgerinos
	Neil Herskowitz	 	George Avgerinos
	 	 	 
	EARLYBIRDCAPITAL, INC.	 	CB PHARMA ACQUISITION CORP.
		 	 	 	 
	By:	/s/ David Nussbaum	 	By:	/s/ Lindsay A. Rosenwald
	Title:	Chairman	 	Title:	CEO

 

[Insider Letter Amendment - Officers and Directors]Exhibit 10.7

 

TERMINATION

 

Reference is made to the letter agreement,
dated as of December 12, 2014 (the “Agreement”), between CB Pharma Acquisition Corp. (the “Company”)
and Fortress Biotech, Inc. (formerly Coronado Biosciences, Inc.) (the “Admin Provider”).

 

The parties hereby agree that the Agreement
is terminated effective as of the date hereof and that the Company does not owe any further amounts to the Admin Provider pursuant
to the Agreement and that any amounts accrued as of the date hereof pursuant to the Agreement shall be forgiven.

 

IN WITNESS WHEREOF, the undersigned have
caused this termination to be executed as of May 20, 2016.

 

	 	CB PHARMA ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Lindsay A. Rosenwald
	 	Name: Lindsay A. Rosenwald
	 	Title: CEO
	 	 
	 	FORTRESS BIOTECH, INC.
	 	 	 
	 	By:	/s/ Lindsay A. Rosenwald
	 	Name: Lindsay A. Rosenwald
	 	Title: CEOExhibit 10.1

 

Motivating the Masses

Executive Compensation Structure

 

Position: CEO 

Employee: Lisa Nichols

 

As of 5/1/16, compensation will be broken into a few
different categories. As described below, each aspect will assist in growing the business and compensating for efforts in each
area. A 10% attrition rate will be deducted from sales for all calculations to allow for natural attrition. Coaching will be the
exception as coaching commission is paid upon payment from client.

 

Salary: An Annual Salary of $225,000 will be
paid semi-monthly on the 15th and the last day of the month.

 

Executive Bonus: An executive
bonus stipulated by the Board of Directors will be provided based on the firm’s profitability.

 

Non-MTM Event Sales:

Trainings/Non-MTM Events: Compensation
for booking a training will be paid out at 10% of speaking fee. If Training is a No-Fee event, compensation will be paid as Account
Manager/Project Manager as listed below for events.

Delivery Fee for Training:
For a No-Fee event, compensation will be paid at 3% of Net Sales.

Sales made outside of events:
Compensation for sales made outside of events will be paid at 10% of Sales.

 

EVENTS

 

Events Sales: A compensation rate of 3%
will be paid on all sales signed by MTM sales unless a specific agreement is made prior to an event and signed in writing by employee
and an officer of the company. In the case of internal events, or events produced by MTM, the speaker will receive 1.5% of sales
made. In the event that there are multiple speakers, a percentage of sales will be applied based on time speaking. The sales team
will divide the remaining 1.5% evenly.

 

Event Sales Support:
A compensation rate of 2% will be paid evenly among all MTM support employees
working an event. The Sales amount used to calculate will be based on Net Sales which will calculated as follows:

 

Total Sales - Sales Splits - Breakeven
Costs = Net Sales

 

Net Sales for Sales Support will be calculated and then
divided by MTM support employees working at each event. Each event’s breakeven will be calculated at 40% of gross sales and will
be open for change should the need arise or actual breakeven costs are known. Commissions will be paid on the pay date of the 15th
following 30 days after each event.

 

    	 	 	 

     

    

 

Coaching: Coaching given to clients will be paid
at a rate of 25% of contracted amount. This will be paid to employee on the pay date of the 15th in the month
after payment is obtained from client. Coaching commission will not be paid ahead of services or payment. Invoices must be submitted
by employee to finance after each coaching session to make sure accounts are kept current.

 

Account Management/Project Management: A compensation
rate of 5% will be paid to the Account Manager/Project Manager for each event. In the event that this is split among more
than one person, compensation will be split accordingly. Compensation will be paid according to completed Event Form, which will
be completed prior to each event. Compensation will be paid on the pay date of the 15th following 30 days after each
event.

 

All commissions, with the exception of
Coaching Commission, will be paid out on the 15th of the month following 30 days from the end of each event.

 

		5/1/16	 		1-May-2016
	Employee	Date	 	MTM	DateExhibit 10.2

 

Motivating the Masses

Compensation Structure

 

Position: President, COO 

Employee: Susie Carder

 

As of May 1st, 2016 compensation will be broken into
a few different categories. As described below, each aspect will assist in growing the business and compensating for efforts in
each area. A 10% attrition rate will be deducted from sales for all calculations to allow for natural attrition. Coaching will
be the exception as coaching commission is paid upon payment from client.

 

Salary: As of May 1st 2016 an Annual
Salary of $200,000.00 will be paid semi-monthly on the 15th and the last day of the month.

 

Executive Bonus: An executive bonus stipulated
by the Board of Directors will be provided based on the firm’s profitability.

 

Other:

Car Allowance

Phone Allowance

50% of Health Insurance

Section 79 Plan or equivalent $30,000 annually

 

Previous Coaching Clients: As of 1-21-16, previous
clients being coached will be paid out at old rates.

 

All commissions, with the exception of Coaching Commission,
will be paid out on the 15th of the month following 30 days from the end of each event.

 

		5/1/16	 		5/1/16
	Employee	Date	 	MTM	DateSEC Exhibit

WAIVER
This Waiver (the “Waiver”), dated as of May 17, 2016, is hereby executed by Dominion Capital LLC (“Dominion”) and JRjr33, Inc. (formerly known as CVSL Inc. (“CVSL” and together with JRjr33, Inc., the “Company”)).   
WHEREAS, CVSL issued that certain 9.75% Senior Secured Convertible Note (the “Note”) in the aggregate original principal amount of $4,000,000 to Dominion (or its registered assigns) on November 20, 2016.  Unless otherwise defined herein, each capitalized term defined herein shall have the meaning set forth in the Note.
WHEREAS, pursuant to the terms of Note, the Company is required to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (the “Quarterly Report”) with the Securities and Exchange Commission the (“SEC”) pursuant to the Securities Exchange Act of 1934, as amended.
WHEREAS, Section 17 of the Note provides, with limited exception, that the prior written consent of the Company and Holders of Notes representing at least sixty-five (65%) of the aggregate principal amount of the Notes then outstanding shall be required for any change, waiver or amendment to the Note, and that any change, waiver or amendment so approved shall be binding upon all existing and future holders of the Note.
NOW, THEREFORE, the Company and Dominion (as the sole Holder of the Note) acknowledge and agree as follows:
		
	1.
	Dominion hereby irrevocably waives any rights it may have as a Holder to deem the Company’s failure to timely file with the SEC the Quarterly Report as an Event of Default under the Note, or to require any further notice to it under the Note in respect of same, such waiver to be effective for successive periods, each consisting of ten (10) Business Days), until the date the Quarterly  Report is filed with the SEC, provided that the Company issues to Dominion 50,000 shares of the Company’s Common Stock for  each such ten (10) day  period required beyond May 23, 2016 which is the due date of the Quarterly Report (without regard to whether the Company requires the full ten (10) Business Day period for any given extension).

Upon the filing of the Quarterly Report with the SEC during the Waiver Period (as it may be extended), the related Event of Default shall be cured as of the original SEC filing due date of the Quarterly Report.
		
	2.
	The Company represents and warrants to Dominion that it has no disagreements with its auditors and expects and intends to complete the filing of the Annual Report at the earliest possible date, which the Company fully expects to be well in advance of any grace period allowed by the NYSE MKT LLC (the “NYSE”).   

		
	3.
	Dominion acknowledges that all of the Company’s undertakings hereunder to issue any shares of its Common Stock to it are wholly subject to, and conditioned on attaining, NYSE approval.

IN WITNESS WHEREOF, Dominion and the Company have executed this Waiver as of the date first written above.  

	
		
	 
	DOMINION CAPITAL LLC

By: /s/  Mikhail Gurevich    
Name:Mikhail Gurevich
Title:Managing Member

	
		
	 
	JRjr33, Inc.

By:    /s/ Christopher L. Brooks  
Name: Christopher L. Brooks
Title:    Chief Financial Officer

Date:  May 17, 2016

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