Document:

Exhibit 10.14

 

BRIDGE LOAN AGREEMENT 

 

 

THIS BRIDGE LOAN AGREEMENT
(this “Agreement”) is made effective April 1, 2021, by and among the individual Lenders as specified on the signature
page below (collectively, “Lender”), and ALFI INC., a Delaware corporation, having a business address of 429
Lenox Avenue, Suite 547, Miami Beach, Florida 33139 USA (“Borrower”).

 

RECITALS:

 

WHEREAS, Borrower,
desires to borrow from Lender to meet its immediate working capital needs; and 

 

WHEREAS,
Borrower desires to borrow an aggregate of up to $500,000 (the “Loan”) from the Lender in order to meet the immediate
working capital needs of the Borrower to operate its business; and

 

WHEREAS,
Borrower intends to repay the Loan out of the proceeds expected to be realized by Borrower from a debt or equity offering; and 

 

WHEREAS,
Borrower and Lender desire to outline the business arrangement between them as it relates to the funding of such Loan.

 

NOW, THEREFORE,
in consideration of the recitals, premises and the mutual agreements contained herein, and other good consideration, the sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:

 

ARTICLE 1.     LOAN 

 

1.1             
Incorporation of Recitals. It is expressly agreed that the recitals to this Agreement are incorporated herein and made an
operative part of this Agreement.

 

1.2             
Loan. Lender hereby agrees to lend funds to Borrower and Borrower hereby accepts the Loan from Lender and agrees to repay
the same plus applicable interest and costs and expenses upon terms and conditions as further set forth in this Agreement and its exhibit
(collectively, the “Loan Documentation”). The Lender shall fund to the Borrower the amounts reasonably requested by
the Borrower from time to time (each an “Installment Amount” and, collectively, the “Installment Amounts”);
provided, however, that the aggregate sum of the Installment Amounts shall be no less than $50,000 (the “Floor”),
and no more than $500,000 (the “Ceiling”); and provided, further, that once the aggregate sum of the
Installment Amounts reach the Floor, the Lender shall have the right (at its sole discretion), but not the obligation, to fund any Installment
Amounts to the Borrower up to the Ceiling.

 

1.3             
Promissory Note. As evidence of the Loan, Borrower shall execute and deliver one or more promissory notes (a "Note")
payable to Lender in substantially the same form as “Exhibit “A” (“Exhibit A”) which is hereby incorporated
by reference.

 

    Page 1 of 15

     

    

 

1.4              Interest.
Borrower shall pay interest to Lender on the Loan from the Funding Date at the rate of Eighteen Percent (18.0%) per annum (computed
on the basis of actual calendar days elapsed and a year of three hundred sixty-five (365) days), or, if less, at the highest rate of
interest then permitted under applicable law, until the earlier to occur of (i) the Maturity Date or (ii) the earlier repayment of the
Note.

 

1.5              Principal.
Lender shall make the Loan available to Borrower on or before April 1, 2021 (the “Funding Date”) in lawful money
of the United States of America. The Loan plus interest and any and all unpaid costs and/or expenses shall be repaid by Borrower to Lender
on or before the sooner of: (i) a debt or equity financing transaction of $7,000,000 or more, or (ii) June 30, 2021 (the “Maturity
Date”). Borrower shall not be entitled to re-borrow any prepaid Loan, interest or other costs or charges.

 

1.6              Unsecured
Loan. The Loan shall be unsecured.

 

1.7              Additional
Financings. Borrower agrees that this Note is now and shall remain senior to any other subsequent debt of Borrower. Where Borrower
seeks to enter into any debt or equity financing arrangement during the Term of this Note, then this Note and all related sums due shall
immediately become due and payable in their entirety, provided however, at Lender’s sole option, Borrower may be permitted alternate
repayment terms. Lender shall not unreasonably withhold its consent from any subordination requests reasonably made by Borrower.

 

1.8              Compliance.
The parties intend that the Loan be undertaken in full compliance with state and federal laws and at non-usurious rates. In the event
the terms and conditions of this Agreement shall found to be unlawful, this Agreement shall be voluntarily conformed/modified by the
parties or by a court of competent jurisdiction, to come into compliance therewith.

 

 ARTICLE 2.     RELATED LOAN PROVISIONS

 

2.1              Use
of Proceeds. Borrower will use the proceeds solely for lawful business purposes, including, but not limited to, working capital for
the expansion of the Borrower’s business and other related business activities.

 

2.2              Voting
Common Stock Kicker. In connection with the Note, Borrower shall issue to Lender an amount of Voting Common Voting Stock in Borrower
(the “Lender Shares”), with such Lender Shares equal to 1.260023 shares of Voting Common Stock for every $2 advanced
under the Note (for example, if the full $500,000 is advanced under the Note, a total of 315,006 Shares of Voting Common Stock would
be issued to Lender).

 

2.3              Terms
of Lender Shares. The Lender Shares shall be subject to the following features:

 

    Page 2 of 15

     

    

 

		(a)	Such Lender Shares shall be subject to a 12-month, post Initial Public Offering (“IPO”)
re-sale “Lock-up” restriction.

 

		(b)	Following the term of the “Lock-up”, the Lender Shares can be sold by Lender upon the following
terms:

 

		a.	Lender shall have the right following “Lock-Up,” to a one-time sale of up to 25% of the Lender
Shares.

 

		b.	The remaining Lender Shares, which are not otherwise sold in such one-time sale (e.g., 75% of the Lender
Shares if 25% of the Equity Shares are sold in the one-time sale), may only be sold if (i) the selling price per share is at least 110%
of the IPO price per share, and (ii) if such sale combined with all other sales by such Lender during a thirty (30) day period, represents
no more than 10% of the most recent 25-day average trading volume related to Borrower’s shares purchased and sold on the market.

 

		(c)	For a period of 36 months from the Funding Date, Borrower shall have the option, with Lender’s consent,
to buy-back any Lender Shares still held by Lender, at a purchase price of $4 per share.

 

		(d)	Further, in all cases where Borrower is not in default of this Agreement, the Lender Shares shall under
no circumstances be voted by Lender such that the Lender Shares when combined with Lender’s currently owned shares, shall exceed
fifty percent (50%) of the then voting shares of Borrower (to be evaluated on a case-by-case basis), nor shall the Lender Shares be used
to support any Written Consent pursuant to 8 Del. C. §141(f) of the Delaware General Corporation Law. For the sake of clarification,
the Lender Shares may be voted in all cases where the vote, inclusive of non-Lender shares is unanimous, and where such approval is required
to proceed with any IPO.

 

2.4              Costs
and Expenses. Borrower shall be responsible for all documented out-of-pocket costs and reasonable and documented legal expenses incurred
by Lender in connection with this Loan of up to $10,000, including processing fees, attorney fees, UCC searches, Florida Documentary
Stamps, and filing fees.

 

ARTICLE 3.     CLOSING

 

3.1              Closing.
The Closing of the Loan shall take place on the Funding Date simultaneously with the execution of this Agreement and the Note at such
time and place as mutually agreed to between the parties (the “Closing”).

 

3.2              Lender’s
Closing Deliverables. At the Closing, Lender shall deliver (i) this Agreement duly executed by Lender; and (ii) the initial
draw of the Loan Amount to Borrower via bank check or wire transfer or such other manner as shall be mutually agreed upon between Borrower
and Lender.

 

    Page 3 of 15

     

    

 

3.3             
Borrower’s Closing Deliverables. At the Closing, Borrower shall deliver: (i) this Agreement duly executed by
Borrower; and (ii) the Note duly executed by Borrower.

 

3.4              Application
of Payments. Unless a payment is made by Borrower and received at a time when no Default or Event of Default exists and is earmarked
for a specific purpose (e.g., a periodic interest payment), the general rule for application of payments to the obligations shall call
for application: (i) first, to accrued expense or indemnity obligations then due under this Agreement or the Note; (ii) second, to accrued
interest under the Note; and (iii) third, to any amount of principal outstanding under the Note.

 

ARTICLE 4.     REPRESENTATIONS, WARRANTIES
AND COVENANTS OF BORROWER

 

4.1              Authority.
Borrower is a Delaware corporation in good standing and has the full power and legal authority to conduct its business and to make, deliver
and perform this Agreement. Borrower has taken all necessary actions to authorize the execution, delivery and performance of this Agreement,
and the borrowing on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other similar
act by or in respect of, any governmental authority or any other person (including persons who are beneficiaries of obligations of Borrower)
is required to be obtained or made by or on behalf of Borrower in connection with the execution, delivery, performance, validity or enforceability
of this Agreement. This Agreement has been submitted to, ratified and approved by the Borrower in the manner required by law.

 

4.2              Effectiveness.
This Agreement and the Note shall constitute the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance
with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,, moratorium or similar laws
affecting creditors' rights generally and except as enforceability may be subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

 

4.3             
No Legal or Contractual Bar. This borrowing and the use of proceeds: (a) do not and will not violate any requirement of
law or obligation of Borrower or permit the acceleration of any obligation of Borrower pursuant to any such obligation; and (b) do not
and will not result in, or require, the creation of imposition of any lien on any of Borrower's properties or revenues pursuant to any
such requirement of law or obligation other than the security interest granted to the Lender in the Collateral as set forth in the security
provisions of the Note.

 

4.4              Waiver.
Borrower has waived any potential conflict of interest that could otherwise ever be asserted against Lender arising out of matters relating
to this Agreement or the Loan.

 

4.5              Information.
To the best of its knowledge, Borrower confirms that: (a) all information and written materials which Borrower has provided or will provide
to Lender in connection with the Loan are accurate in all material respects; and (b) Borrower has all the necessary authority to disclose,
provide copies and authorize the use of such information and written materials to Lender. Lender is hereby authorized by Borrower to
use such information and written materials for its evaluation of the Loan by its officers, directors, employees, agents and representatives
for internal assessment purposes and for the purpose of inclusion of information and materials to nominees selected by Lender for purposes
of syndicating the proposed Loan.

 

    Page 4 of 15

     

    

 

ARTICLE 5.     REPRESENTATIONS AND WARRANTIES
OF LENDER

 

5.1              Authority.
Lender has the power and authority, and the legal right, to make, deliver and perform this Agreement and to lend funds to Borrower, and
has taken all necessary action to authorize the execution, delivery and performance of this Agreement. No consent or authorization of,
filing with, notice to or other similar act by or in respect of, any governmental authority or any other person (including persons who
are beneficiaries of obligations of Borrower) is required to be obtained or made by or on behalf of Lender in connection with the execution,
delivery, performance, validity or enforceability of this Agreement. 

 

5.2              Effectiveness.
Upon execution, this Agreement and its exhibit shall constitute the legal, valid and binding obligation of Lender, enforceable against
Lender in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors' rights generally and except as enforceability may be subject to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law.

  

ARTICLE
6.     CONDITIONS OF LENDING

 

6.1             
Representations and Warranties. Each of the representations and warranties made by each party to the other pursuant
to this Agreement (or in any amendment, modification or supplement hereto or thereto) shall, except to the extent that they relate to
a particular date, be true and correct in all material respects on and as of such date as if made on and as of such date.

 

6.2             
Financial Condition of Borrower. Borrower has provided or will provide all material information regarding the financial
condition of Borrower as of the latest practicable date. During the term of the Loan, Borrower shall provide quarterly financial reports
and make interim financial updates for material events to Lender. Additionally, should a default occur, Borrower shall be obligated to
provide information on a weekly basis to Lender as the business develops such information and shall provide immediate access to all financial
reporting, statements, books and records upon Lender’s request. This provision for disclosure shall be considered a material consideration
for the provision of this Loan, and Borrower shall be deemed in default of this Agreement should accurate, timely and complete disclosures
not occur.

 

6.3              Approval.
This Agreement has been submitted to, ratified and approved by the Borrower and by Lender in the manner required by the law of Lender’s
jurisdiction of residence. 

 

6.4              Compliance.
Borrower will maintain and operate the business in accordance with all applicable laws, regulations, industry and insurance requirements,
in each case, in all material respects. Borrower shall obtain and maintain such authorizations, licenses, permits and other governmental
or regulatory agency approvals as are required for the performance of this Agreement. 

 

    Page 5 of 15

     

    

 

6.5              Insurance.
 Borrower shall obtain and maintain liability and property and casualty insurance in such amounts, with insurers and under policies
in form and substance reasonably satisfactory to Lender.

 

6.6              No
Default. Borrower shall have complied with each and every covenant and agreement applicable to it contained in this Agreement and
the Note and no Event of Default shall have occurred and be continuing on such date or after giving effect to the Loan.

 

ARTICLE 7.     EVENTS OF DEFAULT

 

7.1              Event
of Default. An "Event of Default" shall mean any of the events specified herein; provided that any requirement for
the giving of notice, the lapse of time, or both, or any other condition, has been satisfied. The following are Events of Default under
this Agreement, the Loan and the Note:

 

(a)              Borrower
shall fail to pay: (i) any amount of principal payable under the Note when due in accordance with the terms hereof of or (ii) any interest
or fees payable under the Note, in either case within then (10) business days of the date when due in accordance with the terms hereof,
in both cases after a two (2) business day email by Lender to the then CFO of Borrower; or

 

(b)              Borrower
shall default in the observance or performance of any other covenant or agreement contained in this Agreement and such default continues
for thirty (30) days after the date that Lender has given written notice to Borrower specifying such default and requiring that it be
remedied; or

 

(c)              Borrower
shall (i) commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, (B) seeking appointment of a receiver, trustee, custodian, conservator or
other similar official for it or for all or any substantial part of its assets, or Borrower shall make a general assignment for the benefit
of its creditors, or (C) cease doing business in the ordinary course; or (ii) there shall be commenced against Borrower any case, proceeding
or other action or a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication
or appointment or (B) remains undismissed, undischarged, unstayed or unbonded for a period of sixty (60) days; or (iii) there shall be
commenced against Borrower any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process
against all or any substantial part of its assets which results in the entry of an order for such relief which shall not have been vacated,
discharged, stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) Borrower shall take any corporate action
in furtherance of, or indicating its consent to, approval of or acquiescence in any of the acts set forth in clause (i), (ii), or (iii)
above; or (v) Borrower shall fail to comply with all applicable federal or state securities laws, rules or regulations, or exchange rules,
or generally be unable to, or shall admit in writing its general inability to, pay its debts as they become due; or

 

    Page 6 of 15

     

    

 

(d)              Any
representation or warranty made by Borrower under this Agreement shall be false or incorrect in any material respect on the date such
representation or warranty was made;

 

(e)              The determination by Lender, in its sole reasonable discretion, that a debt or equity financing transaction of Borrower as currently contemplated,
will not take place, or

 

(f)              This
Agreement or any Note shall, for any reason, fail or cease to be enforceable in any material respect; then, and in any such event, (A)
if such event is an Event of Default specified in clause (i) or (ii) of subsection (c) above, with respect to Borrower, automatically
the Loan hereunder (with accrued interest thereon) and all other amounts owing under this Agreement or any Note shall immediately become
due and payable, (B) if such event is any other Event of Default, Lender may, by written notice to Borrower, declare the Loan hereunder
(with accrued but unpaid interest thereon) and all other amounts owing under this Agreement or any Note to be due and payable forthwith,
whereupon the same shall immediately become due and payable, (C) Lender may exercise all rights and remedies available to it in equity,
at law, or pursuant to the provisions of this Agreement or otherwise, and (D) Lender may exercise its privilege to collect on the entire
amount of any outstanding principal and interest and any and all costs associated with collection (including attorney fees at any level).

 

7.2              Remedies
Not Exclusive. The remedies conferred upon or reserved to Lender are intended to be in addition to, and not in limitation of, any
other remedy or remedies available to Lender.

 

ARTICLE 8.     MISCELLANEOUS

 

8.1              Amendments.
This Agreement and any terms hereof may not be amended, supplemented or modified except pursuant to a writing signed by both Lender
and Borrower.

 

8.2              Notices.
All notices, requests and demands to or upon the respective parties hereto be effective shall be in writing (including by fax and/or
e-mail) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered: (i) by hand,
upon receipt or (ii) three (3) days after being deposited in the mail, postage prepaid, or (ii) in the case of facsimile transmission
notice, when received (with confirmation of receipt), or (iii) in the case of delivery by a nationally recognized overnight courier,
when received, in each case addressed to such addresses or fax number as may be hereafter notified by the respective parties hereto.

 

8.3              Successors
and Assigns. Borrower may not assign its rights or obligations under this Agreement or any Note without the consent of Lender. Lender
may assign its interests in this Agreement or any Nate issued hereunder. This Agreement shall be binding upon and inure to the benefit
of Borrower and Lender and their respective successors and permitted assigns.

 

    Page 7 of 15

     

    

 

8.4              Severability.
Any provision of this Agreement that is prohibited or unenforceable shall not invalidate or render enforceable such provision in any
other jurisdiction.

 

8.5              Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and interpreted in accordance with
the laws of the State of Florida, without regard to any conflicts of law provisions.

 

8.6              Dispute
Resolution. In the event of a dispute the following actions shall be taken:

 

(a)              If
a claim or controversy between the parties is not resolved for any reason, Lender and Borrower shall meet within twenty (20) days of
written notice of one party to the other to attempt, in good faith, to settle or resolve the matter. Such process shall not stay any
termination permitted under this Agreement. Compliance with the provisions of this paragraph shall be a condition precedent to any claim
in any arbitration, judicial, or other dispute resolution process. 

 

(b)             
Excluding claims for injunctive relief, all controversies or disputes arising out of or relating to this Agreement that cannot
be resolved by the parties’ authorized representatives shall be resolved by binding arbitration in accordance with the then current
Commercial Arbitration Rules of the American Arbitration Association. The parties shall endeavor to select a mutually acceptable arbitrator
knowledgeable about issues relating to the subject matter of this Agreement. In the event the parties are unable to agree to such a selection,
each party will select an arbitrator and the two arbitrators shall in turn select a third arbitrator. The arbitration shall take place
in Miami-Dade County, Florida. 

 

(c)              All
documents, materials, and information in the possession of each party that are in any way relevant to the claims or disputes shall be
made available to the other party for review, inspection and copying no later than sixty (60) days after the notice of arbitration is
served.

 

(d)              The
arbitrators shall not have the authority, power, or right to alter, change, amend, modify, add, or subtract from any provision of this
Agreement. The arbitrators shall have the power to issue mandatory orders, restraining orders, and injunctions in connection with the
arbitration. The award entered by the arbitrators shall be final and binding upon the parties, and judgment may be entered thereon in
any court of competent jurisdiction. 

 

8.7              Continuing
Assurances. Borrower and Lender shall, whenever and as often as reasonably requested to do so by the other party, execute, acknowledge
and deliver or cause to be executed, acknowledged or delivered, any and all agreements and instruments as may be necessary, expedient
or proper to carry out the intent and purposes of this Agreement, providing that the requesting party shall bear the cost and expense
of such further agreements or documents (except that the parties shall bear their respective attorneys’ fees and costs).

 

[Signature page follows]

 

    Page 8 of 15

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Bridge Loan Agreement and its exhibit to be duly executed and delivered on their behalf as of the
date first above written.

 

	Borrower	 
	 	 
	ALFI, INC.	 
	 	 	 
	By:	    	 
	Title:	 	 

 

 

	Lender	 	Lender	 
	 	 	 	 
	Lee Aerospace, Inc.	 	Paul Antonio Pereira	 
	 	 	 	 
	By:	                 	 	By:	                             	 
	Title:	 	 	Amount: $100,000	 
	Amount: $100,000	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Lender	 	Lender	 
	 	 	 	 
	Peter Bordes	 	Dennis McIntosh	 
	 	 	 	 
	By:	 	 	By:	 	 
	Amount: $50,000	 	Amount:  $50,000	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Lender	 	Lender	 
	 	 	 	 
	Rachael Pereira	 	Charles Pereira	 
	 	 	 	 
	By:	 	 	By:	 	 
	Amount: $50,000	 	Amount: $50,000	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Lender	 	 	 	 
	 	 	 	 	 
	FLBT, LLC	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 	 
	Title:	 	 	 	 	 
	Amount: $100,000	 	 	 	 

    Page 9 of 15

     

    

 

EXHIBIT A

 

PROMISSORY NOTE

 

[Attached]

 

 

 

 

 

 

 

 

 

 

    Page 10 of 15

     

    

 

PROMISSORY NOTE

 

	$500,000	Miami, Florida
	 	April 1, 2021

 

FOR VALUE RECEIVED, the undersigned
borrower (the “Borrower”) promises to pay to pay the individual Lenders as specified on the signature page below, and
on a pro rata basis (collectively, “Lender”), at its principal office the aggregate principal sum of up to Five
Hundred Thousand ($500,000.00) (the “Maximum Principal Amount”), as updated and set forth on the attached Schedule
1, together with interest on the outstanding principal of each Installment Amount (as defined below) at the rate of Eighteen Percent
(18.0%) per annum (computed on the basis of actual calendar days elapsed and a year of three hundred sixty-five (365) days), or, if less,
at the highest rate of interest then permitted under applicable law. Interest shall commence respectively on the date when each Installment
Amount is received by the Borrower and shall continue to accrue on the corresponding outstanding principal until paid in accordance with
the provisions hereof. If any interest is determined to be in excess of the then legal maximum rate, then that portion of each interest
payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of the applicable principal of the corresponding
Installment Amount and applied against the principal of the obligations evidenced by this Promissory Note (this “Note”).

 

1.                Maturity.
Unless sooner paid in accordance with the terms hereof, the entire unpaid principal amount as then set forth on Schedule 1 and
all unpaid accrued interest of this Note shall become fully due and payable on the earlier of (i) a debt or equity financing transaction
of Borrower of $7,000,000 or more, (ii) June 30, 2021 (the “Maturity Date”), or (iii) the acceleration of the maturity
of this Note pursuant to Section 3.

 

2.                Installment
Amounts. The Lender shall fund to the Borrower the amounts reasonably requested by the Borrower from time to time for its operating
and/or capital expense purposes (each an “Installment Amount” and, collectively, the “Installment Amounts”)
and the Borrower shall update Schedule 1 accordingly; provided, however, that the aggregate sum of the Installment
Amounts set forth on Schedule 1 shall not exceed the Maximum Principal Amount; and provided, further, that the Lender
shall have the right (at its sole discretion), but not the obligation to fund any Installment Amounts to the Borrower, up to the Maximum
Principal Amount.

 

    Page 11 of 15

     

    

 

3.                Events
of Acceleration. The entire unpaid principal amount of this Note and all then accrued and unpaid interest of this Note shall become
fully due and payable upon the earliest of:

 

   (i)                
the filing of a petition by or against the Borrower under any provision of the Bankruptcy Reform Act (Title 11 of the United States
Code), as amended or recodified from time to time, or under any other law relating to bankruptcy, insolvency, reorganization or other
relief for debtors;

 

   (ii)             
the appointment of a receiver, trustee, custodian or liquidator of or for any part of these assets or property of the Borrower;

 

   (iii)           
immediately prior to the closing of an acquisition of the Borrower, whether by merger or the purchase of all of its outstanding
stock or all (or substantially all) of its assets, by an unrelated third party;

 

   (iv)            
the execution by the Borrower of a general assignment for the benefit of creditors; or 

 

   (v)              
The determination by Lender, in its reasonable discretion, that a debt or equity financing transaction of Borrower as currently
contemplated, will not take place. 

 

4.                Form
of Payment; Prepayment. All payments of principal and interest on this Note shall be made without offset or deduction in lawful tender
of the United States to the Lender. All payments on this Note shall be applied first to the payment of accrued and unpaid interest, and
thereafter to the payment of principal. Prepayment of the principal balance of this Note, together with all accrued and unpaid interest,
may be made in whole or in part at any time without penalty.

 

5.                Unsecured
Loan. The Borrower’s obligations under this Note shall be unsecured.

 

6.                Default.
For purposes of this Note, the failure of the Borrower to pay when due the principal balance and accrued interest under this Note shall
constitute an “Event of Default.” If an Event of Default occurs, all indebtedness under this Note shall become immediately
due and payable without any action on the part of the Lender, and the Borrower shall immediately pay to the Lender all such amounts.

 

7.                Collection
and Attorneys’ Fees. If any action is instituted to collect any indebtedness under this Note, then the Borrower promises to
pay all reasonable costs and expenses, including reasonable attorneys’ fees, incurred by the Lender in connection with such action.

 

8.                Assignment.
The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.
Notwithstanding the foregoing, neither the Lender nor the Borrower may assign, pledge or otherwise transfer this Note without the prior
written consent of the other party.

 

9.                Governing
Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed,
construed and interpreted in accordance with the laws of Florida, without giving effect to principles of conflicts of law thereof.

 

    Page 12 of 15

     

    

 

10.              Conflicting
Agreements. In the event of any inconsistencies between the terms of this Note and the terms of any other document related to the
loan evidenced by this Note, the terms of this Note shall prevail.

 

11.              Amendment.
Any term of this Note may be amended and the observance of any term of this Note may be waived only with the written consent of the Lender
and the Borrower; provided, however, that the Borrower may update Schedule 1 attached hereto without such written
consent in order to reflect additional Installment Amounts received by the Borrower from time to time.

 

[Signature page follows.]

 

IN WITNESS WHEREOF, the Borrower
has caused this Note to be duly executed and delivered as of the date first above written.

 

 

	 	BORROWER	 
	 	 	 	 
	 	AFLI INC.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	                        	 
	 	Name: Paul Antonio Pereira	 
	 	Title:   Chief Executive Officer	 

 

    Page 13 of 15

     

    

  

Acknowledged and Agreed:

 

 

	Lender	 	Lender	 
	 	 	 	 
	Lee Aerospace, Inc.	 	Paul Antonio Pereira	 
	 	 	 	 
	By:	                 	 	By:	                             	 
	Title:	 	 	Amount: $100,000	 
	Amount: $100,000	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Lender	 	Lender	 
	 	 	 	 
	Peter Bordes	 	Dennis McIntosh	 
	 	 	 	 
	By:	 	 	By:	 	 
	Amount: $50,000	 	Amount:  $50,000	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Lender	 	Lender	 
	 	 	 	 
	Rachael Pereira	 	Charles Pereira	 
	 	 	 	 
	By:	 	 	By:	 	 
	Amount: $50,000	 	Amount: $50,000	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Lender	 	 	 	 
	 	 	 	 	 
	FLBT, LLC	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 	 
	Title:	 	 	 	 	 
	Amount: $100,000	 	 	 	 

 

    Page 14 of 15

     

    

  

SCHEDULE 1

 

In accordance with Section
2 of this Note, the Lender has loaned to the Borrower the following Installment Amounts on the respective dates received by the Borrower,
as set forth below:

 

	Date Received by Borrower	Installment Loan Amounts	Lender 
	April 1, 2021	$50,000.00*	Dennis McIntosh
	 	$50,000.00	Charles Pereira
	 	$50,000.00	Rachael Pereira
	 	$50,000.00	Peter Bordes
	 	$100,000.00	FLBT, LLC
	 	$100,000.00	Paul Pereira
	 	$100,000.00**	Lee Aerospace, Inc.
	 	 	 
	 	 	 
	 	 	 

*combined
total equals $50,000.00 (floor)

**In accordance
with Article 1.2

 

    Page 15 of 15scvl-ex101_54.htm

EX-10.1

FIRST AMENDMENT TO AMENDED AND RESTATED
EMPLOYMENT AND NONCOMPETITION AGREEMENT 

This First Amendment to Amended and Restated Employment and Noncompetition Agreement (this “Amendment”) is made and entered into as of April 7, 2021 (the “Effective Date”), by and between Shoe Carnival, Inc., an Indiana corporation (the “Company”), and Clifton E. Sifford (“Employee”).

RECITALS

A.The Company and Employee are parties to that certain Amended and Restated Employment and Noncompetition Agreement executed on December 11, 2008 (the “Employment Agreement”).

B.The Company and Employee desire to amend the Employment Agreement in accordance with this Amendment.

AGREEMENT

In consideration of the foregoing recitals, the provisions set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Employee agree as follows:

1.Section 5.7 of the Employment Agreement is amended and restated in its entirety as follows:

	
5.7
	
Potential Parachute Payment Adjustment.  If any payment or benefit to be paid or provided to Employee under this Agreement, taken together with any payments or benefits otherwise paid or provided to Employee by the Company or any corporation that is a member of an “affiliated group” (as defined in Section 1504 of the Code without regard to Section 1504(b) of the Code) of which the Company is a member (the “other arrangements”), would collectively constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), and if the net after-tax amount of such parachute payment to Employee is less than what the net after-tax amount to Employee would be if the aggregate payments and benefits otherwise constituting the parachute payment were limited to three times Employee’s “base amount” (as defined in Section 280G(b)(3) of the Code) less $1.00, then the aggregate payments and benefits otherwise constituting the parachute payment shall be reduced to an amount that shall equal three times Employee’s base amount, less $1.00.  Should such a reduction in payments and benefits be required, Employee shall be entitled, subject to the following sentence, to designate those payments and benefits under this Agreement or the other arrangements that will be reduced or eliminated so as to achieve the specified reduction in aggregate payments and benefits to Employee and avoid characterization of such aggregate payments and benefits as a parachute payment.  The Company will provide Employee with all information Employee reasonably request to permit Employee to make such designation.  To the extent that Employee’s ability to make such a designation would cause any of the payments 
	
 

 

 

		
and benefits to become subject to any additional tax under 409A, or if Employee fail to make such a designation within ten (10) business days of receiving the requested information from the Company, then the Company shall achieve the necessary reduction in such payments and benefits by first reducing or eliminating the portion of the payments and benefits that are payable in cash and then by reducing or eliminating the non-cash portion of the payments and benefits, in each case in reverse order beginning with payments and benefits which are to be paid or provided the furthest in time from the date of the Company’s determination.  For purposes of this Section, a net after-tax amount shall be determined by taking into account all applicable income, excise and employment taxes, whether imposed at the federal, state or local level, including the excise tax imposed under Section 4999 of the Code. 
	
 

2.This Amendment may be executed in one or more counterparts (or upon separate signature pages bound together into one or more counterparts), all of which taken together shall constitute but one amendment.  Signatures transmitted by facsimile or other electronic means (including, without limitation, DocuSign or .pdf format) shall be effective the same as original signatures for execution of this Amendment. 

3.Except as otherwise expressly provided in this Amendment, all of the terms and provisions of the Employment Agreement remain in full force and effect, and fully binding on the Company and Employee.

IN WITNESS WHEREOF, the parties have executed this First Amendment to Amended and Restated Employment and Noncompetition Agreement to be effective on the day and year first written above.

		
	
COMPANY

SHOE CARNIVAL, INC.

 

 

By: /s/ Sean Georges

Name: Sean Georges
Title: Senior Vice President- Governmental Affairs, General Counsel and Corporate Secretary__________________________

	
EMPLOYEE

 

 

 

 

/s/ Clifton E. Sifford

Clifton E. Sifford

 

	
 
	
 

 

 

 

- 2 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]