Document:

Exhibit

Exhibit 10(bl)
	
		
	 
	 

	PARTIAL UNWIND AGREEMENT 
dated as of November 22, 2019
with respect to the Call Option Transaction Confirmations
and the Warrants Confirmations

	between Invacare Corporation and Wells Fargo Bank, National Association

THIS PARTIAL UNWIND AGREEMENT (this “Agreement”) with respect to the Call Option Transaction Confirmations (as defined below) and the Warrants Confirmations (as defined below) is made as of November 22, 2019 between Invacare Corporation (the “Company”) and Wells Fargo Bank, National Association (“Dealer”).  
WHEREAS, the Company and Dealer entered into a Base Call Option Transaction Confirmation, dated as of February 17, 2016 (as amended, modified, terminated or unwound from time to time, the “Base Call Option Transaction Confirmation”), and an Additional Call Option Transaction Confirmation, dated as of March 4, 2016 (the “Additional Call Option Transaction Confirmation” and together with the Base Call Option Transaction Confirmation, the “Call Option Transaction Confirmations”), relating to USD 150,000,000 principal amount of 5.00% Convertible Senior Notes due 2021 (the “Convertible Notes”); 
WHEREAS, the Company and Dealer entered into a Base Warrants Confirmation, dated as of February 17, 2016, (as amended, modified, terminated or unwound from time to time, the  “Base Warrants Confirmation”) and an Additional Warrants Confirmation, dated as of March 4, 2016, (the “Additional Warrants Confirmation” and together with the Base Warrants Confirmation, the “Warrants Confirmations,” and together with the Call Option Transaction Confirmations, the “Confirmations”), pursuant to which the Company issued to Dealer warrants to purchase common shares, without par value, of the Company (the “Shares”);
WHEREAS, the Company expects to exchange USD72,909,000 principal amount of Convertible Notes (the “Exchanged Convertible Notes”) in exchange for the same principal amount of 5.00% Convertible Senior Notes due 2024 on the closing date of the exchange (the “Exchange Date”).
WHEREAS, the Company has requested, and Dealer has agreed, to unwind the Base Call Option Transaction Confirmation with respect to a portion of the Number of Options included in such confirmation; and
WHEREAS, the Company has requested, and Dealer has agreed, to unwind the Base Warrants Confirmation with respect to a portion of the Number of Warrants included therein;
NOW, THEREFORE, in consideration of their mutual covenants herein contained, the parties hereto, intending to be legally bound, hereby mutually covenant and agree as follows:
1.    Defined Terms.  Any capitalized term not otherwise defined herein shall have the meaning set forth for such term in the Base Call Option Transaction Confirmation or the Base Warrants Confirmation, as applicable.

2.    Partial Call Option Unwind.  On the date of this Agreement, the Number of Options in the Base Call Option Transaction Confirmation shall be reduced by 72,909, from 114,000 to 41,091. 

3.    Partial Warrants Unwind.  On the date of this Agreement, the Number of Warrants set forth in the Base Warrants Confirmation shall be reduced by 875,625, from 1,561,279 to 685,654.

4.    Payments.  

(a)In consideration for the foregoing partial call option unwind, Dealer shall pay to the Company in immediately available funds cash in an amount equal to USD1,158,452.

(b)In consideration for the foregoing partial warrants unwind, Company shall pay to Dealer in immediately available funds cash in an amount equal to USD1,158,452.

(c)Company and Dealer agree that the payments made in 4(a) and 4(b) above shall be netted resulting in no payment due by either party. 
      
5.    Representations and Warranties of the Company.  The Company represents and warrants to Dealer on the date hereof that:

(a)it has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorise such execution, delivery and performance;

(b)such execution, delivery and performance by the Company of this Agreement do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

(c)all governmental and other consents that are required to have been obtained by it with respect to this Agreement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; 

(d)its obligations under this Agreement constitutes its legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)); 

(e)it is not entering into this Agreement to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the Exchange Act;

(f)on the date hereof and the Exchange Date, the Company is not and will not be “insolvent” (as such term is defined under Section 101(32) of the Bankruptcy Code);

(g)the Company (A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total assets of at least USD 50 million; and

(h)each of it and its affiliates is not in possession of any material nonpublic information regarding Company or its common stock.

6.    Representations and Warranties of Dealer.  Dealer represents and warrants to the Company on the date hereof that:

(a)it has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorise such execution, delivery and performance;

(b)such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

(c)all governmental and other consents that are required to have been obtained by it with respect to this Agreement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and

(d)its obligations under this Agreement constitutes its legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

7.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine).

8.    No Other Changes.  Except as expressly set forth herein, all of the terms and conditions of the Call Option Transaction Confirmations and the Warrants Confirmations shall remain in full force and effect and are hereby confirmed in all respects.  The parties agree and acknowledge that with respect to the Exchanged Convertible Notes this Agreement shall operate in lieu of the termination provisions set forth in Section 9(j)(ii) of the Call Option Transaction Confirmations. 
    
9.     Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all of the signatures thereto and hereto were upon the same instrument.

10.    No Reliance, etc.  The Company hereby confirms that it has relied on the advice of its own counsel and other advisors (to the extent it deems appropriate) with respect to any legal, tax, accounting, or regulatory consequences of this Agreement, that it has not relied on Dealer or its affiliates in any respect in connection therewith, and that it will not hold Dealer or its affiliates accountable for any such consequences.

11.    Additional Acknowledgements and Agreements. The Company understands, acknowledges and agrees that (A) the Company does not have, and shall not attempt to exercise, any influence over how, when or whether Dealer effects any hedge unwind activity in connection with this Agreement, (B) Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into or unwind swaps or other derivative securities for its own account in connection with the termination or amendment of the Confirmations; (C) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the termination or amendment of the Confirmations; (D Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of the Company shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the payment required under this Agreement; (E) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, each in a manner that may be adverse to the Company and (F) Dealer may purchase or sell shares for its own account at an average price that may be greater than, or less than, any price paid by or to the Company in connection with the termination or amendment of the Confirmations.

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IN WITNESS WHEREOF, the parties have executed this AGREEMENT the day and the year first above written.

	
		
	INVACARE CORPORATION

	 

	By:
	/s/ Kathleen P. Leneghan

	 
	Name: Kathleen P. Leneghan
Title: Senior VP & Chief Financial Officer

	 

	
			
	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION

	By:
	/s/ Cathleen Burke

	 
	Name: Cathleen Burke
	 

	 
	Title: Managing DirectorExhibit 10.1

 

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT
(the “Agreement”) is effective as of March 2, 2020, by and between Kenloc Inc., a Nevada corporation (the “Company”),
and Fei Hao, an individual residing in Shaanxi, China (the “Consultant”) (individually, a “Party”; collectively,
the “Parties”).

 

RECITALS

 

WHEREAS, Consultant
has certain management consulting experience, real estate experience, public company experience, and knowledge of international
culture and foreign languages pertaining to business advisory services in general and in particular, experiences with small cap
publicly traded companies, and related services; and

 

WHEREAS, the
Company wishes to engage the services of the Consultant to assist the Company in providing general management consulting services
in these fields.

 

NOW, THEREFORE,
in consideration of the mutual promises herein contained, the Parties hereto hereby agree as follows:

 

1.             CONSULTING
SERVICES

 

Attached hereto as Exhibit
A and incorporated herein by this reference is a description of the services to be provided by the Consultant hereunder (the
“Consulting Services”). Consultant hereby agrees to utilize its best efforts in performing the Consulting Services,
however, Consultant makes no warranties, representations, or guarantees regarding any corporate strategies attempted by the Company
or the eventual effectiveness of the Consulting Services.

 

2.             TERM OF AGREEMENT

 

This Agreement shall
be in full force and effect commencing upon the date hereof (the “Effective Date”). This Agreement has a term of 12
months beginning on the date hereof. Either Party hereto shall have the right to terminate this Agreement without notice in the
event of the death, bankruptcy, insolvency, or assignment for the benefit of creditors of the other Party. Company shall have the
right to terminate this Agreement if Consultant fails to comply with the terms of this Agreement, including without limitation
its responsibilities as set forth in this Agreement and in Exhibit A, and such failure continues unremedied for a period of 30
calendar days after written notice to the Consultant by the Company. The Consultant shall have the right to terminate this Agreement
upon delivery to the Company of notice setting forth with specificity facts comprising a material breach of this Agreement by the
Company. The Company shall have 30 calendar days to remedy such breach. Thereafter, the Term of this Agreement may be renewed for
subsequent one-year periods upon the mutual agreement of the parties; each such one-year renewal period to be included within the
Term of this Agreement. Either party may terminate this agreement by providing written notice thirty (30) days in advance of intended
termination. Any compensation due to the Consultant shall survive any termination.

 

3.             TIME DEVOTED
BY CONSULTANT

 

It is anticipated that
the Consultant shall spend as much time as deemed necessary by the Consultant in order to perform the obligations of Consultant
hereunder. The Company understands that this amount of time may vary, and that the Consultant may perform consulting services for
other companies. The Consulting Services are not intended to require full time work but approximately 20-30 hours per month or
as many as are required by the position.

 

 

 

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4.             PLACE
WHERE SERVICES WILL BE PERFORMED

 

The Consultant will
perform most services in accordance with this Agreement at Consultant’s own offices or wherever Consultant sees fit. In addition,
the Consultant will perform services on the telephone and at such other place(s) as necessary to perform these services in accordance
with this Agreement.

 

5.             COMPENSATION
TO CONSULTANT

 

The Consultant’s
compensation for the Consulting Services shall be as set forth in Exhibit B attached hereto and incorporated herein by this
reference.

 

6.             CONFIDENTIAL
INFORMATION

 

The Consultant and the
Company acknowledge that each will have access to proprietary information regarding the business operations of the other and agree
to keep all such information secret and confidential and not to use or disclose any such information to any individual or organization
without the non-disclosing Party’s prior written consent. It is hereby agreed that from time to time Consultant and the Company
may designate certain disclosed information as confidential for purposes of this Agreement.

 

7.             INDEMNIFICATION

 

Each Party (the “Indemnifying
Party”) agrees to indemnify, defend, and hold harmless the other Party (the “Indemnified Party”) from and against
any and all claims, damages, and liabilities, including any and all expense and costs, legal or otherwise, caused by the negligent
act or omission of the Indemnifying Party, its subcontractors, agents, or employees, incurred by the Indemnified Party in the investigation
and defense of any claim, demand, or action arising out of the work performed under this Agreement; including breach of the Indemnifying
Party of this Agreement. The Indemnifying Party shall not be liable for any claims, damages, or liabilities caused by the sole
negligence of the Indemnified Party, its subcontractors, agents, or employees.

 

The Indemnified Party
shall notify promptly the Indemnifying Party of the existence of any claim, demand, or other matter to which the Indemnifying Party’s
indemnification obligations would apply, and shall give the Indemnifying Party a reasonable opportunity to settle or defend the
same at their own expense and with counsel of their own selection, provided that the Indemnified Party shall at all times also
have the right to fully participate in the defense. If the Indemnifying Party, within a reasonable time after this notice, fails
to take appropriate steps to settle or defend the claim, demand, or the matter, the Indemnified Party shall, upon written notice,
have the right, but not the obligation, to undertake such settlement or defense and to compromise or settle the claim, demand,
or other matter on behalf, for the account, and at the risk, of the Indemnifying Party.

 

The rights and obligations
of the Parties under this paragraph shall be binding upon and inure to the benefit of any successors, assigns, and heirs of the
Parties.

 

8.             REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. 

 

The
Company hereby represents and warrants that any and all information supplied hereunder to the Consultant in connection with any
and all services to be performed hereunder by the Consultant for and on behalf of the Company shall be true, complete, and correct
as of the date of such dissemination and shall not fail to state a material fact necessary to make any of such information misleading.
The Company hereby acknowledges that the ability of the Consultant to adequately provide Consulting Services hereunder and/or to
initiate and/or effectuate introductions on behalf of the Company with respect to potential acquisitions is dependent upon the
prompt dissemination of accurate, correct, and complete information to the Consultant. In addition, and notwithstanding anything
contained herein to the contrary, nothing hereunder shall obligate the Consultant to make any minimum number of introductions hereunder
or to initiate any merger or acquisitions involving or relating to the Company. The Company further represents and warrants hereunder
that this Agreement and the transactions contemplated hereunder, have been duly and validly authorized by all requisite corporate
action; that the Company has the full right, power and capacity to execute and deliver this Agreement and perform its obligations
hereunder; that the execution and delivery of this Agreement and the performance by the Company of its obligations pursuant to
this Agreement do not constitute a breach of or a default under any agreement or instrument to which the Company is a party or
by which it or any of its assets are bound; and that this Agreement, upon execution and delivery of the same by the Company, will
represent the valid and binding obligation of the Company enforceable in accordance with its terms. The representations and warranties
set forth herein shall survive the termination of this Agreement.

 

 

 

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9.             COVENANTS OF
CONSULTANT

 

Consultant covenants
and agrees with the Company that, in performing Consulting Services under this Agreement, Consultant will:

 

(a)             Comply
with all federal and state laws, rules, and regulations;

 

(b)             Not
make any representations other than those authorized by the Company; and

 

(c)             Not
publish, circulate, or otherwise use any materials or documents other than materials provided by or otherwise approved by the Company.

 

10.           AMENDMENT

 

No
modification, waiver, amendment, discharge, or change of this Agreement shall be valid unless the same is evidenced by a written
instrument, executed by the party against which such modification, waiver, amendment, discharge, or change is sought.

 

 

11.           NOTICES

 

All
notices, demands, or other communications given hereunder shall be in writing and shall be deemed to have been duly given on the
day when delivered in person or transmitted by facsimile transmission or on the third calendar day after being mailed by United
States registered or certified mail, return receipt requested, postage prepaid, to such address as any party hereto shall designate
to the other for such purpose in the manner herein set forth.

 

12.           ENTIRE
AGREEMENT

 

This
Agreement contains all of the understandings and agreements of the parties with respect to the subject matter discussed herein.
All prior agreements, whether written or oral, are merged herein and shall be of no force or effect.

 

13.          SEVERABILITY

 

The
invalidity, illegality, or unenforceability of any provision or provisions of this Agreement will not affect any other provision
of this Agreement, which will remain in full force and effect, nor will the invalidity, illegality, or unenforceability of a portion
of any provision of this Agreement affect the balance of such provision. In the event that any one or more of the provisions contained
in this Agreement or any portion thereof shall for any reason be held to be invalid, illegal, or unenforceable in any respect,
this Agreement shall be reformed, construed, and enforced as if such invalid, illegal, or unenforceable provision had never been
contained herein.

 

14.           BINDING NATURE;
NO THIRD-PARTY BENEFICIARY

 

The terms and provisions of this Agreement
shall be binding upon and inure to the benefit of the parties, and their respective successors and assigns, and is made solely
and specifically for their benefit. No other person shall have any rights, interest, or claims hereunder or be entitled to any
benefits under or on account of this Agreement as a third-party beneficiary or otherwise.

 

 

 

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15.           COUNTERPARTS

 

This Agreement may be executed in any number
of counterparts, including facsimile signatures which shall be deemed as original signatures. All executed counterparts shall constitute
one agreement, notwithstanding that all signatories are not signatories to the original or the same counterpart.

 

16.           MISCELLANEOUS

 

(A)          The
Parties agree that the state and federal courts in the State of California shall have sole and exclusive jurisdiction and venue
for the resolution of all disputes arising under the terms of this Agreement and the transactions contemplated herein.

 

(B)           In
the event any Party hereto shall commence legal proceedings against the other to enforce the terms hereof, or to declare rights
hereunder, as the result of a breach of any covenant or condition of this Agreement, the prevailing Party in any such proceeding
shall be entitled to recover from the losing Party its costs of suit, including reasonable attorneys' fees, as may be fixed by
the court.

 

(C)           This
Agreement shall inure to the benefit of the Parties hereto, their administrators and successors in interest. This Agreement shall
not be assignable by either Party hereto without the prior written consent of the other.

 

(D)           This
Agreement, together with the Exhibits referred to herein which are incorporated herein by this reference, constitutes the entire
agreement between the Parties hereto with respect to the transactions contemplated hereby and supersedes all prior verbal and written
agreements and understandings related thereto.

 

(E)            This
Agreement and the rights of the Parties hereunder shall be governed by and construed in accordance with the laws of the State of
Delaware including all matters of construction, validity, performance, and enforcement and without giving effect to the principles
of conflict of laws.

 

(F)           No
supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the Parties. No waiver
of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not
similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the Party
making the waiver.

 

(G)           If
any provision hereof is held to be illegal, invalid, or unenforceable under present or future laws effective during the term hereof,
such provision shall be fully severable. This Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable
provision had never comprised a part hereof, and the remaining provisions hereof shall remain in full force and effect and shall
not be affected by the illegal, invalid, or unenforceable provision or by its severance wherefrom. Furthermore, in lieu of such
illegal, invalid, or unenforceable provision there shall be added automatically by the Company as a part hereof a provision as
similar in terms to such illegal, invalid, or unenforceable provision as may be possible and legal, valid, and enforceable.

 

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the Parties hereto have placed their signatures hereon in order that this Agreement become effective on the day and year first
above written.

 

 

 

	CONSULTANT:	 	COMPANY:
	 	 	 
	Fei Hao,	 	Kenloc Inc.,
	an individual	 	a Nevada corporation
	 	 	 
	 	 	 
	/s/ Fei Hao	 	/s/ Lixin He
	By: Fei Hao	 	By: Lixin He
	 	 	Its: Treasurer and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT A

DESCRIPTION OF CONSULTING SERVICES

 

 

Consultant shall perform
the following services pursuant to the terms of this Agreement:

 

		(1)	CONSULTING SERVICES. During the term of this Agreement, the Consultant is hereby retained
by the Company to provide consulting services to the Company on a non-exclusive basis, as said services relate to corporate matters,
including, without limitation, advice regarding business development, investor relations, and other business strategies. The Consultant
shall also use its best efforts to introduce the Company to members of the real estate community with whom it has established relationships,
and generally assist the Company in its efforts to enhance its visibility in the real estate community. The Consultant shall provide
such consulting services as reasonably requested by the Company during the term of this Agreement, provided that nothing hereunder
shall require the Consultant to devote a minimum number of hours per calendar month toward the services hereunder.

 

		(2)	TITLE OF CONSULTANT. Consultant will serve as President, Chief Executive Officer, and Director
of the Company, providing her services as a key executive of the Company.

 

The above services will
be further defined and delineated by the Company’s board of directors from time to time as necessary.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT B

TERMS OF COMPENSATION

 

The Consultant’s
compensation hereunder shall be as follows:

 

1.              CASH
COMPENSATION. As compensation for Consultant’s promise to perform the Consulting Services, and subject to the
terms and conditions of this Agreement, Company will pay Consultant $1,000 per month.

 

2.              EXPENSES.
Consultant shall be reimbursed for all out-of-pocket expenses upon submission of receipts or accounting to the Company, including,
but not limited to, all travel expenses, research material and charges, computer charges, long-distance telephone charges, facsimile
costs, copy charges, messenger services, mail expenses and such other Company related charges as may occur exclusively in relation
to the Company’s business as substantiated by documentation. Any expenditure above $500 will require oral or written pre-approval
of the Company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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