Document:

Exhibit
10.1

 

LIMITED
WAIVER AND AMENDMENT NO. 2 TO 

LOAN
AND SECURITY AGREEMENT

 

This
Limited Waiver and Amendment No. 2 to Loan and Security Agreement (this “Amendment”) dated as of August 7,
2020, is by and between MOBIVITY, INC., a Nevada corporation (“Borrower”) and WINTRUST BANK, N.A.,
a national banking association (formerly known as Wintrust Bank, an Illinois state chartered bank) (together with its successors
and assigns, “Bank”).

 

RECITALS

 

A.
Borrower and Bank are parties to that certain Loan and Security Agreement dated as of November 14, 2018, as amended by that certain
Limited Waiver and Amendment No. 1 to Loan and Security Agreement, dated as of April 7, 2020 (as so amended, and as the same may
hereafter be further amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”).

 

B.
Borrower and Bank desire to amend the Loan Agreement, in each case in accordance with and subject to the terms and conditions
set forth herein.

 

NOW,
THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, and for other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto (intending to be legally
bound) hereby agree as follows:

 

1.
Definitions. Terms capitalized herein and not otherwise defined herein shall have the meanings ascribed to such terms in
the Loan Agreement, as amended hereby.

 

2.
Limited Waiver.

 

(a)
Borrower has informed Bank that for the testing periods that ended as of March 31, 2020 and June 30, 2020, Borrower’s Fixed
Charge Coverage Ratio was less than 1.20 to 1.00 as required pursuant to Section 6.7(a) of the Loan Agreement (each, a “FCCR
Default” and together the “FCCR Defaults”).

 

(b)
Borrower acknowledges that, as a result of the FCCR Defaults, an Event of Default has occurred as of March 31, 2020 and June 30,
2020 and is continuing under Section 8.2(a) of the Loan Agreement.

 

(c)
Borrower therefore has requested that Bank waive the FCCR Defaults.

 

(d)
Subject to the terms of this Amendment, Bank hereby waives the FCCR Defaults.

 

(e)
The waiver, acknowledgments and agreements under this Section 2 shall be narrowly construed and will not extend to any other violations
under, or default of, the Loan Agreement (including any failure by Borrower to comply with any financial covenants for any other
fiscal period, or any other negative or affirmative covenant during any other period), nor shall the waiver under this Section
2 prejudice any rights or remedies which Bank may have or be entitled to with respect to any such other violations or defaults.

 

    	 

     

    

 

3.
Amendments to Loan Agreement. Subject to the terms and conditions contained herein, Borrower and Bank hereby amend the
Loan Agreement as follows:

 

(a)
Section 6.2(b) of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

(b)
Quarterly A/R Aging Report. As soon as available, but no later than forty five (45) days after the last day of each fiscal
quarter of Borrower commencing with the fiscal quarter ended June 30, 2020, a due date aging report for all Accounts owing to
Borrower, substantially in the form attached hereto as Exhibit C.

 

(b)
Section 6.2(d) of the Loan Agreement is hereby amended by deleting the clause “, and setting forth calculations of EBITDA”
therefrom.

 

(c)
Section 6.7(a) of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

(a)
Maximum Term Loan Balance. The outstanding balance of the Term Loan shall not exceed the sum of Borrower’s (x) Cash
plus (y) eighty percent (80%) of Permitted Receivables, in each case as of the last day of each fiscal quarter of Borrower
commencing with the fiscal quarter ended June 30, 2020.

 

(d)
Section 13.1 of the Loan Agreement is hereby amended by inserting each of the following new capitalized terms, in appropriate
alphabetical order, therein:

 

“Cash”
means all “Cash” as identified on Borrower’s Quarterly Financial Statements delivered pursuant to Section 6.2(c)
of the Loan Agreement.

 

“Permitted
Receivables” means all Receivables identified in either the “0” or “1-30” columns of Borrower’s
Quarterly A/R Aging Report delivered pursuant to Section 6.2(b) of the Loan Agreement.

 

“Receivables”
means all Accounts identified as “Accounts receivable, net of allowance for doubtful accounts” on Borrower’s
Quarterly Financial Statements delivered pursuant to Section 6.2(c) of the Loan Agreement.

 

(e)
Exhibit B to the Loan Agreement is hereby amended and restated in its entirety as set forth on Exhibit A attached hereto.

 

(f)
A new Exhibit C to the Loan Agreement is hereby added as set forth on Exhibit B attached hereto.

 

    	2

     

    

 

4.
Conditions Precedent to Limited Waiver and Amendment. The limited waiver contained in Section 2 above and the amendments
contained in Section 3 above are subject to, and contingent upon, Bank receiving each of the following items, each in form and
substance reasonably satisfactory to Bank, dated of even date herewith, unless waived in writing by Bank in its sole and absolute
determination:

 

(a)
a duly executed counterpart hereof signed by Borrower;

 

(b)
certified copies of resolutions of Borrower’s Board (and, if applicable, shareholders) authorizing or ratifying the execution,
delivery and performance by Borrower of this Amendment and any other instrument, agreement, modification, certificate, schedule,
exhibit or document provided for herein (collectively, the “Transaction Documents”) to be executed, delivered
and performed by Borrower, together with a certification of a Responsible Officer that Borrower’s Operating Documents have
not changed in any respect since the versions previously provided to Bank;

 

(c)
certificates of good standing and foreign qualification of Borrower (for the States of Nevada, Arizona and Illinois), certified
by the applicable Secretary of State as of a recent date;

 

(d)
the amount of Five Thousand and No/100 Dollars ($5,000) as a one-time, fully-earned, non-refundable covenant waiver fee; and

 

(e)
the amount of all of the reasonable out-of-pocket costs and expenses of Bank (including, without limitation, the reasonable fees
and out-of-pocket expenses of Bank’s outside counsel and its paralegals) incurred in connection with this Amendment and
the Transaction Documents.

 

5.
Representations and Warranties of Borrower. Borrower hereby represents and warrants to Bank, which representations and
warranties shall survive the execution and delivery hereof, that on and as of the date hereof after giving effect to this Amendment:

 

(a)
Borrower has the corporate power and authority to execute and deliver this Amendment and the Transaction Documents (and perform
its obligations hereunder and thereunder). The execution, delivery and performance by Borrower of this Amendment and the Transaction
Documents have been duly authorized by Borrower. This Amendment, the Transaction Documents and the Loan Agreement (as amended
by this Amendment) each constitutes the legal, valid and binding obligation of Borrower and is enforceable against Borrower in
accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditor’s rights and remedies generally;

 

(b)
The representations and warranties set forth in the Loan Agreement and in the other Loan Documents are true, correct and complete
in all material respects on and as of the date hereof; provided, however, that such materiality qualifier is not
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof (including
any Material Adverse Effect qualifier); and provided, further that those representations and warranties expressly
referring to a specific date are true, accurate and complete in all material respects as of such date;

 

    	3

     

    

 

(c)
The execution, delivery and performance by Borrower of this Amendment and the Transaction Documents does not (i) conflict with
any of Borrower’s Operating Documents, (ii) contravene, conflict with, constitute a default under or violate any material
Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination
or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be
bound or affected which would reasonably be expected to result in material liability to Borrower, (iv) require any action by,
filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental
Approvals which have already been obtained and are in full force and effect), or (v) constitute an event of default under any
material agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which
it is bound in which the default would reasonably be expected to have a Material Adverse Effect; and

 

(d)
Other than the FCCR Defaults, no Default or Event of Default has occurred and is continuing as of the date hereof or shall occur
immediately after giving effect to this Amendment, and no event has occurred that has had or could reasonably be expected to have
a Material Adverse Effect.

 

6.
Reaffirmation; Reference to Loan Agreement; No Waiver.

 

(a)
Reaffirmation. Borrower acknowledges and agrees that: (i) all of its Obligations and liabilities under the Loan Agreement,
as amended hereby, are and shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness
of this Amendment; and (ii) the first priority perfected security interests and Liens and rights in the collateral securing payment
of the Obligations are hereby ratified and confirmed by Borrower in all respects (in each case, subject only to Permitted Liens).

 

(b)
References. Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the
Loan Agreement, as amended hereby. The term “Loan Documents” as defined in Section 13.1 of the Loan Agreement
shall include (in addition to the Loan Documents described in the Loan Agreement) this Amendment and the Transaction Documents.

 

(c)
No Waiver. Bank’s failure, at any time or times hereafter, to require strict performance by Borrower of any provision
or term of the Loan Agreement, this Amendment or the Loan Documents shall not waive, affect or diminish any right of Bank hereafter
to demand strict compliance and performance herewith or therewith. Any suspension or waiver by Bank of a breach of this Amendment
or any Default or Event of Default under the Loan Agreement shall not, except as expressly set forth in a writing signed by Bank,
suspend, waive or affect any other breach of this Amendment or any Default or Event of Default under the Loan Agreement, whether
the same is prior or subsequent thereto and whether of the same or of a different kind or character. None of the undertakings,
agreements, warranties, covenants and representations of Borrower contained in this Amendment, shall be deemed to have been suspended
or waived by Bank unless such suspension or waiver is (i) in writing and signed by Bank and (ii) delivered to Borrower. In no
event shall Bank’s execution and delivery of this Amendment establish a course of dealing among Bank, Borrower or any other
obligor, or in any other way obligate Bank to hereafter provide any consents, amendments or waivers with respect to the Loan Agreement.
The terms and provisions of this Amendment shall be limited precisely as written and shall not be deemed (x) to be a consent to
any amendment or modification of any other term, provision or condition of the Loan Agreement or of any of the Loan Documents
(except as expressly provided herein); or (y) to prejudice any right or remedy which Bank may now have under or in connection
with the Loan Agreement or any of the Loan Documents.

 

    	4

     

    

 

(d)
Full Force and Effect. Except as expressly provided herein, the Loan Agreement and all Loan Documents shall remain in full
force and effect and are hereby ratified and confirmed in all respects.

 

7.
Release.

 

(a)
In consideration of, among other things, the limited waiver and amendments provided for herein, and for other good and valuable
consideration, as of the date hereof, Borrower and its successors and permitted assigns and, to the extent the same is claimed
by right of, through or under the above, for, to the furthest extent permitted by applicable law, its past, present and future
employees, directors, managers, agents, representatives, officers, shareholders, members and affiliates (all of the foregoing
collectively, with Borrower, the “Releasing Parties”), do hereby unconditionally, irrevocably and forever remise,
satisfy, acquit, release and discharge Bank and any of its successors, assigns, and past, present and future officers, directors,
shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys, and other professionals and all other persons
and entities to whom Bank would be liable if such persons or entities were found in any way to be liable to any of the Releasing
Parties (collectively hereinafter the “Bank Parties”), from any and all manner of action and actions, cause
and causes of action, claims, cross-claims, charges, demands, counterclaims, suits, debts, dues, sums of money, accounts, reckonings,
bonds, bills, specialties, covenants, contracts, controversies, damages, judgments, liabilities, damages, expenses, executions,
liens, claims of liens, claims of costs, disputes, proceedings, penalties, attorneys’ fees, or any other compensation, recovery
or relief on account of any liability, obligation, demand or cause of action of whatever nature, whether in law, equity or otherwise
(including, without limitation, those arising under 11 U.S.C. §§ 541-550 and interest or other carrying costs, penalties,
legal, accounting and other professional fees and expenses, and incidental, consequential and punitive damages payable to third
parties), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or
secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen
or unforeseen, suspected or unsuspected, existing as of the date hereof, heretofore existing or which may have heretofore accrued
against any or all of the Bank Parties, whether held in a personal or representative capacity, and which are based on any act,
fact, event, circumstance or omission or other matter, cause or thing occurring at or from any time prior to and including the
date hereof in any way, directly or indirectly arising out of, connected with or relating to this Amendment, the Loan Agreement,
the Collateral, the Obligations, or any other Loan Document and the transactions contemplated hereby and thereby. Borrower acknowledges
that Bank is specifically relying upon the representations, warranties and agreements contained herein and that such representations,
warranties and agreements constitute a material inducement to Bank in entering into this Amendment.

 

    	5

     

    

 

(b)
Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and
may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted
in breach of the provisions of such release.

 

(c)
Borrower hereby knowingly, voluntarily, intentionally and expressly waives and relinquishes any and all rights and benefits that
it may have as against Bank Parties under any law, rule or regulation of any jurisdiction that would have the effect of limiting
the extent to which a general release extends to claims which a Bank Party or Releasing Party does not know or suspect to exist
as of the date hereof. Borrower hereby acknowledges that the waiver set forth in the prior sentence was separately bargained for
and that such waiver is an essential term and condition of this Amendment (and without which the limited waiver in Section
2 hereof and the amendments in Section 3 hereof would not have been given by Bank).

 

8.
Successors and Assigns. This Amendment binds and is for the benefit of the successors and permitted assigns of each party
hereto; provided, however, Borrower may not assign this Amendment or any rights or obligations under it without
Bank’s prior written consent (which may be granted or withheld in Bank’s sole discretion).

 

9.
Severability of Provisions. Whenever possible, each provision of this Amendment shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating
the remainder of such provisions or the remaining provisions of this Amendment.

 

10.
Counterparts; Inconsistencies. This Amendment may be executed in any number of counterparts and by different parties on
separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Amendment.
A signature hereto sent or delivered by facsimile or other electronic transmission (including, without limitation, via .pdf) shall
be as legally binding and enforceable as a signed original for all purposes. To the extent any terms or provisions contained in
any other Loan Document are inconsistent or conflict with the terms and provisions of this Amendment, the terms and provisions
of this Amendment shall control and govern.

 

11.
CHOICE OF LAW, VENUE, AND JURY TRIAL WAIVER.

 

THIS
AMENDMENT SHALL BE CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH, AND ENFORCED AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
ILLINOIS, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

 

Borrower
and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Cook County, Illinois; provided,
however, that nothing in this Amendment shall be deemed to operate to preclude Bank from bringing suit or taking other
legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a
judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any
action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal
jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as
is deemed appropriate by such court.

 

Borrower
hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service
of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address
set forth in, or subsequently provided by Borrower in accordance with, Section 10 of the Loan Agreement and that service so made
shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit
in the U.S. mail, proper postage prepaid.

 

TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION ARISING OUT OF OR BASED UPON THIS AMENDMENT, ANY OTHER LOAN DOCUMENT OR ANY CONTEMPLATED TRANSACTION HERETO OR THERETO,
INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER
INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS JURY TRIAL WAIVER WITH ITS RESPECTIVE COUNSEL.

 

[Signature
Page Follows]

 

    	6

     

    

 

IN
WITNESS WHEREOF, the undersigned have duly executed this Limited Waiver and Amendment No. 2 to Loan and Security Agreement
as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	MOBIVITY,
    INC., a Nevada corporation
	 	 	 
	 	By	/s/ Lynn
    Tiscareno
	 	Name:	Lynn
    Tiscareno
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	BANK:
	 	 
	 	WINTRUST
    BANK, N.A. (formerly known as Wintrust Bank)
	 	 	 
	 	By	 
	 	Name:	Bailey
    Eastman Moore
	 	Title:	Vice
    President

 

Signature
Page to Limited Waiver and Amendment No. 2 to Loan and Security Agreement

 

    	 

     

    

 

EXHIBIT
A TO AMENDMENT

 

EXHIBIT
B

 

COMPLIANCE
CERTIFICATE

 

	TO:	WINTRUST
    BANK, N.A. (“Bank”)	Date:
    ____________________
	FROM:	MOBIVITY,
    INC.	 

 

The
undersigned authorized officer of MOBIVITY, INC. (“Borrower”) certifies that under the terms and conditions of the
Loan and Security Agreement between Borrower and Bank (the “Agreement”):

 

(1)
Borrower is in compliance for the period ending _______________ with all required covenants except as noted below; (2) there are
no existing Defaults or Events of Default, other than as described herein; (3) all representations and warranties in the Agreement
are true and correct in all material respects on this date except as noted below; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof; and provided, further that those representations and warranties expressly referring to a specific
date shall be true and correct in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely
filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments,
deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement;
and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll
or benefits of which Borrower has not previously provided written notification to Bank.

 

Attached
are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with
GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes (other than,
in the case of unaudited financial statements, for the lack of footnote disclosure or year-end audit adjustments). The undersigned
acknowledges that no borrowings or other extensions of credit (including, without limitation, Treasury Management Services) may
be requested at any time or date when a Default or an Event of Default exists, and that compliance is determined not just at the
date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them
in the Agreement. A signature hereto sent or delivered by facsimile or other electronic transmission (including, without limitation,
via .pdf) shall be as legally binding and enforceable as a signed original for all purposes.

 

Please
indicate compliance status by circling Yes/No under “Complies” column.

 

	Reporting
    Covenant	 	Required	 	Complies
	 	 	 	 	 
	Quarterly
    financial statements with Compliance Certificate	 	Quarterly
    within 45 days	 	Yes    
    No
	Quarterly
    A/R Aging Report	 	Quarterly
    within 45 days	 	Yes
        No
	Annual
    financial statement (CPA Audited) 	 	FYE
    within 180 days	 	Yes
        No
	Parent
    10-Q, 10-K and 8-K	 	Within
    5 days after filing with SEC	 	Yes
        No
	Annual
    Budget	 	Prior
    to 30 days before start of fiscal year	 	Yes
        No
	Board-approved
    projections	 	To
    the extent available and upon request of Bank	 	Yes
        No

 

	Financial
    Covenant	 	 	Complies
	 	 	 	 
	Maintain
    at all times (measured and tested quarterly)*	 	 	 
	 	 	 	 
	Maximum
    Term Loan Balance	 	 	 
	(1)
    Term Loan Balance	 	$	 
	(2)
    Cash	 	$	 
	(3)
    Permitted Receivables	 	$	 
	(4)
    80% of (3)	 	$	 
	(5)
    Sum of (2) and (4)	 	$	 
	Does
    (5) exceed (1)	 	 	Yes
        No

 

*As
set forth in Section 6.7(a) of the Loan and Security Agreement 

 

    	 

     

    

 

EXHIBIT
B TO AMENDMENT

 

EXHIBIT
C

 

QUARTERLY
A/R AGING REPORT

 

	Company Name:	Mobivity, Inc.
	Report Name:	Customer Aging Report (USD - Exchange As Of
    [___])
	As of Date:	[___]
	Created On:	[___]
	Location:	MFON—Mobivity, Inc.

 

	Based on: Due Date	 	As of Date: 06/30/2020	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Customer ID	 	Customer Name	 	Invoice	 	GL Posting Date	 	Invoice Date	 	Due Date	 	Txn Currency	 	Txn amount	 	Days aged	 	-0	 	1-30	 	31-60	 	61-90	 	91-120	 	121-	 	Total
	[__]	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]	 	USD	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]
	Total for [__]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]	 	[__]Document

Exhibit 10.1
B&R GLOBAL HOLDINGS, INC.
December 6, 2019

Kong Hian Lee aka Victor Lee At-Will Employment Agreement

Dear Victor:

B&R Global Holdings, Inc., a Delaware corporation (the “Company”), is pleased to extend an offer of at-will employment to you based on the general terms and conditions set forth in this letter agreement.   The term “Company” as used herein with respect to all of your obligations hereunder shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the “Group”).
1.Title and Start Date.  You shall serve as the Vice President of Corporate Finance, Investors Relation and Corporate Strategy of HF Foods Group, Inc. (“HFFG”), the parent of the Company, while remaining an employee of the Company.  You initially will report to Peter Zhang, the Chief Executive Officer of the Company and HFFG.  As a Company employee, you will be required to devote your full professional time, best efforts, knowledge and experience to the performance of your duties and advance the Company’s and the Group’s interests.  You shall have such responsibilities and authority, including, without limitation, such responsibilities and tasks for the Group, as the Company may assign from time to time.  You shall not engage in any professional activity that would interfere with the performance of your duties.  During your employment, you shall comply with the written policies of the Company as in effect from time to time.  Your start date with the Company shall be November 14, 2019 or such other date agreed to by the Company in writing (the “Start Date”).   
2.Annual Base Compensation.  Your annual base compensation shall initially be $180,000 (the “Base Compensation”).  The Base Compensation will be subject to applicable taxes and lawful deductions and will be paid in accordance with the Company's normal payroll practices.
3.Bonus. As further compensation, the Company may pay you an annual bonus of up to sixty percent (60%) of Base Salary, at such time and in such amounts at the sole discretion of the Company but shall not be lower than Seventy Thousand Dollars ($70,000).
4.Relocation Allowance. The company shall provide you with a one-time relocation allowance of Twenty Thousand Dollars ($20,000) (“Allowance”).  If you voluntarily terminate your employment within 18 months of this Agreement, the Allowance shall be returned on pro rata basis.  You agree to sign a payroll deduction authorization form to deduct any amounts from your final paycheck as the reimbursement.
5.At-Will Relationship.  Notwithstanding anything in this At-Will Employment Agreement to the contrary, your employment with the Company is at-will, which means that either you or the Company may terminate your relationship at any time and for any reason or for no reason at all.  This at-will relationship can be changed only by a written agreement signed by you and the Chief Executive Officer of the Company.
6.Paid Time Off.  You shall be entitled to four (4) weeks of paid time off per year, accrued and paid in accordance with Company policy in effect from time to time.
7.Benefits and Business Reimbursements.  You shall be entitled to participate in any employee benefit and group insurance programs offered from time to time to similarly-situated Company employees, including health insurance, subject to the eligibility requirements and other terms and conditions of such programs.  You shall be entitled to reimbursement of all reasonable and necessary business expenses incurred on behalf of the Company 

8.No Inconsistent Obligations. You represent that there are no obligations, legal or otherwise, that conflict with or prevent or restrict your employment with, or the performance of your duties and obligations to, the Company.  You also represent that your employment with the Company shall not result in any breach or violation of any existing and enforceable obligation, commitment or agreement to which you are subject.  You agree that you will not disclose to the Company, or use, or induce the Company to use, any proprietary information or trade secrets of others. You represent and warrant that you have returned all proprietary and confidential information belonging to all prior employers.
9.Restrictions.  This offer of employment is contingent upon your execution of the Restriction Agreement attached hereto.
10.Entire Agreement.  You understand and agree that the terms and conditions in this at-will employment agreement, the attached Restriction Agreement, and any other agreement expressly referenced in this at-will employment agreement embody the entire agreement and understanding between you and the Company and supersede and replace all prior conflicting or inconsistent agreements, consents and understandings relating to your employment.  You acknowledge and agree that there is no oral or other agreement between you and the Company that has not been incorporated herein.
This offer is contingent upon your beginning employment on the Start Date and upon your ability to provide proof of identity and continuing work authorization, as required by law. This offer is conditioned on your satisfactory completion of the background check process as determined in the Company’s sole discretion, and is subject to revocation in the event that you have provided false or incomplete information during the hiring process.
We are excited to have you join the Company team and we believe you will be a significant addition to the Company’s capabilities.
[Signature Page Follows]

									
			HF Foods Group, INC. /B&R GLOBAL HOLDINGS, INC.
			
			/s/ Peter Zhang
			Peter Zhang
			CEO
	Agreed to and Accepted:		
			
	/s/ Kong Hian Lee		
	Kong Hian Lee a/k/a Victor Lee
		
	December 6, 2019		

KONG HIAN LEE AKA VICTOR LEE RESTRICTION AGREEMENT
This Restriction Agreement (this “Agreement”) is made and entered into as of December 6, 2019, by and between Kong Hian Lee aka Victor Lee (“Employee”) and B&R Global Holdings, Inc. (the “Company”).
R E C I T A L S
a.In the course of Employee’s employment with the Company, Employee will be provided and will gain and enjoy access to Confidential Information (as hereinafter defined) relating to the business of the Company and its affiliates, including but not limited to trade secrets and proprietary information, and the Company has provided and will continue to provide Employee with Confidential Information relating to the business of the Company and its affiliates and their respective employees.
b.The parties hereto desire to enter into this Agreement in order to set forth the respective rights, limitations and obligations of both the Company and Employee with respect to the Confidential Information and the other matters set forth herein.
NOW, THEREFORE, for and in consideration of the employment of Employee by the Company, the compensation paid to Employee, and the Company’s providing of Confidential Information (as defined below) to Employee during the course of employment, as well as the other mutual promises hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.NONDISCLOSURE.  Employee acknowledges that during the course of her employment by the Company, the Company will provide, as a consequence of Employee’s employment and the execution of this Agreement, and Employee will thereby acquire, knowledge with respect to the business operations of the Company and its affiliates including, by way of illustration, existing and contemplated product and service offerings, trade secrets, intellectual property, compilations, manufacturing, application and implementation methods, business and financial methods, processes or practices, operating and maintenance costs, plans, systems, programs, projects and know-how, pricing and pricing structures, marketing and selling techniques and information, customer data, supplier lists and confidential information relating to the policies, employees and/or business strategies of such entities (all of such information and similar information herein referenced to as the “Confidential Information”).  The protection of the Confidential Information against unauthorized disclosure or use is of critical importance to the Company.  Employee agrees that Employee will not, during her employment, divulge to any person, directly or indirectly, except to the Company or its officers and agents or as reasonably required in connection with Employee’s duties on behalf of the Company, or use, except on behalf of the Company, any Confidential Information acquired by Employee.  Employee further agrees that Employee will not, at any time after his employment has ended (for whatever reason), use or divulge to any person directly or indirectly any Confidential Information, or use any Confidential Information in subsequent employment of any nature.  Employee understands and agrees that this nondisclosure obligation shall pertain to all Confidential Information of the Company regardless of when Employee learned of or had access to the Confidential Information.  If Employee is subpoenaed or otherwise required by law to testify concerning, or to produce to third parties, Confidential Information, Employee agrees to notify Company upon receipt of a subpoena or upon belief that such testimony or production shall be required.
Employee further acknowledges that it is the Company’s policy not to infringe upon the intellectual property rights of third parties, including not using the confidential information or trade secrets of any third parties, including those of former employers of the Company’s employees.  Employee represents to the Company and warrants and agrees that she (i) has not used or disclosed to the Company such information or trade secrets and (ii) is to strictly avoid any such use or disclosure while employed by the Company. 
2.RETURN OF DOCUMENTS.  Employee agrees that if Employee’s relationship with the Company is terminated (for whatever reason), Employee shall not remove or take with Employee, but will leave with the Company or return to the Company, all Confidential Information, work product, records, files, data, memoranda, reports, price lists, customer lists, documents and other information, in whatever form (including on computer disk or thumb drive), and any copies thereof, relating to the Confidential Information, or if such items are not on the premises of the Company, Employee agrees to return such items immediately upon the earlier of 
    

Employee’s termination or the request of the Company.  Employee acknowledges that all such items are and remain the property of the Company.
3.ASSIGNMENT AND ACKNOWLEDGMENT OF THE COMPANY’S RIGHT IN WORK PRODUCT.  Employee acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) that relate to the Company’s or its affiliates’ actual or anticipated business that are conceived, developed or made by Employee while employed by the Company or any of its affiliates (“Work Product”) belong to the Company or such affiliate (as the case may be).  Any copyrightable work falling within the definition of Work Product shall be deemed a “work made for hire” as such term is defined in 17 U.S.C. Section 101, and ownership of all right, title and interest therein shall vest in the Company or its affiliates.  To the extent that any Work Product is not deemed to be a “work made for hire” under applicable law or all right, title and interest in and to such Work Product has not automatically vested in the Company or its affiliates, Employee hereby irrevocably assigns, transfers and conveys, to the full extent permitted by applicable law, all right, title and interest in and to the Work Product on a worldwide basis to the Company or its affiliates (as the case may be), without further consideration.  Employee will promptly disclose such Work Product to the Company and perform, at the Company’s expense, all actions requested by the Company (whether during or after employment) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments, obtaining and/or aiding in the enforcement of any copyrights, trade secrets, rights in Confidential Information and products with respect to Work Product and providing testimony in any proceeding affecting the rights of the Company in any Work Product).  The Company shall have the right to obtain and hold, in whatever name or capacity it selects, copyrights, registrations and any other protection available in the Work Product. Employee warrants that Employee’s Work for the Company does not and will not in any way conflict with any obligations Employee may have with any third party, including any prior employer or contractor.  Employee also agrees to develop all Work Product in a manner that avoids any known infringement of any third party’s intellectual property rights.  The Company and Employee agree that this Section 3 shall not apply to an invention that the Employee developed entirely on his or her own time without using the Company’s equipment, supplies, facilities, or trade secret information, except for those inventions that either (i) relate at the time of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated research or development of the Company, or (ii) result from any work performed by Employee for the Company.
4.NON-COMPETITION AND NON-SOLICITATION.  In consideration of the base salary provided to the Employee by the Company hereunder, the adequacy of which is hereby acknowledged by the parties hereto, the Employee agrees that during the term of the Employment and for a period of one year following the termination of the employment for whatever reason:
a.The Employee will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Employee in the Employee's capacity as a representative of the Company for the purposes of doing business with such persons or entities which will harm the business relationship between the Company and such persons and/or entities;

b.unless expressly consented to by the Company, the Employee will not seek directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such termination.
The provisions contained in this Section 4 are considered reasonable by the Employee and the Company. In the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.  This Section 4 shall survive the termination of this Agreement for any reason. In the event the Employee breaches this Section 4, the Employee acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek any and all remedies permissible at law or in equity.

    

5.INJUNCTIVE RELIEF.  Employee acknowledges and agrees that the agreements and covenants contained in this Agreement are essential to protect the Confidential Information, business and goodwill of the Company.  Employee acknowledges that the breach of any of the covenants and agreements contained herein including, without limitation, the confidentiality covenants specified in Section 1 and the covenants with respect to Work Product and Non-Competition/Non-Solicitation contained in Sections 3 and 4, will give rise to irreparable injury to the Company, inadequately compensable in damages.  Accordingly, Employee agrees that the Company shall be entitled to injunctive relief to prevent or cure breaches or threatened breaches of the provisions of this Agreement and to enforce specific performance of the terms and provisions hereof in any court of competent jurisdiction, in addition to any other legal or equitable remedies which may be available.  Employee further acknowledges and agrees that in the event of the termination of Employee’s employment with the Company, whether voluntary or involuntary, that the enforcement of a remedy hereunder by way of injunction shall not prevent Employee from earning a reasonable livelihood.  Employee further acknowledges and agrees that the covenants contained herein are necessary for the protection of the Company’s legitimate business interests and are reasonable in scope and content.
6.SEVERABILITY AND REFORMATION.  If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law, and if the rights or obligations of Employee or the Company under this Agreement would not be materially and adversely affected thereby, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part thereof, the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom, and in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible, and the Company and Employee hereby request the court to whom disputes relating to this Agreement are submitted to reform the otherwise unenforceable covenant in accordance with this Section 6.
7.IMMUNITY.  Employee understands and agrees that he shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law.  Employee further understands that he shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, provided such filing is made under seal.  Finally, Employee understands that, if he files a lawsuit for retaliation by the Company or its affiliates for reporting a suspected violation of law, Employee may disclose the trade secret to Employee’s attorney and use the trade secret information in the court proceeding, provided Employee files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.  
8.GOVERNING LAW AND EXCLUSIVE VENUE.  This Agreement will be governed by and construed in accordance with the laws of the State of California without giving effect to any principle of conflict-of-laws that would require the application of the law of any other jurisdiction.  The exclusive venue for any dispute arising out of this Agreement or Employee’s employment with the Company shall be any state or federal court of competent jurisdiction in Los Angeles County, California.
9.KNOWLEDGE.  Employee acknowledges that he has had the opportunity to read and review this Agreement and that Employee understands all of the terms of this Agreement and its importance.  Employee further acknowledges that the Company would not employ Employee or disclose Confidential Information to Employee without this Agreement.  Employee acknowledges that the Company encourages Employee to consider consulting with an attorney prior to execution of this Agreement by Employee.
10.MISCELLANEOUS.
a.This Agreement embodies the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersedes any and all prior conflicting or inconsistent agreements, consents and understandings relating to such subject matter.  Employee acknowledges and agrees that there is no oral or other agreement between the Company and Employee that has not been incorporated in this Agreement.  This Agreement may only be modified by a written agreement signed by both parties.  Nothing in this 
    

Agreement shall be read as guaranteeing employment for any specific period of time, or in any way altering the at-will status of Employee.
b.The forbearance or failure of one of the parties hereto to insist upon strict compliance by the other with any provision of this Agreement, whether continuing or not, shall not be construed as a waiver of any rights or privileges hereunder.  No waiver of any right or privilege of a party arising from any default or failure hereunder of performance by the other shall affect such party’s rights or privileges in the event of a further default or failure of performance.
c.This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original instrument, and all of which together shall constitute one and the same Agreement.
d.Employee agrees that Employee’s termination from employment, for whatever reason, shall not reduce or terminate Employee’s covenants and agreements set forth herein.
IN WITNESS WHEREOF, the parties hereto have executed this Restriction Agreement as of the day and year designated above.
						
		EMPLOYEE
		
		/s/ Kong Hian Lee
		Kong Hian Lee aka Victor Lee
		
		
		HF Foods Group, Inc./B&R GLOBAL HOLDINGS, INC.
		
		/s/ Peter Zhang
		Peter Zhang
		Chief Executive Officer

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