Document:

Exhibit 10.1

 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

 

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT
(the “Agreement”) is made this ________ day of _______ 2021, among (i) China Xiangtai Food Co., Ltd. (the "Company"),
a Cayman Islands limited liability company, and (ii) each purchaser identified on the signature pages to this Agreement (each a “Purchaser”
and collectively, the “Purchasers”).

Purchase of Ordinary
Shares

1. Subscription

 

1.1 The undersigned Purchasers
(each a “Purchaser”) hereby subscribe for and agree to purchase from the Company for any combination of cash in United States
Dollars and Chinese Yuan (“RMB”) (collectively the “Subscription Proceeds”, on the basis of the representations
and warranties and subject to the terms and conditions set forth herein, Class A ordinary shares, of the Company, par value $0.01 per
share (the “Ordinary Shares”) and in an amount for subscription shares as set out on each Subscriber’s signature page
hereto (each such subscription an agreement to purchase being a “Subscription”) at a purchase price of US$1.50 (or RMB10.50
based on the exchange rate of RMB 7.00:US$1.00 on the date hereof) per Ordinary Share.

 

1.2 Subject to the terms hereof,
the Subscription will be effective upon its acceptance by the Company. The Purchasers acknowledge that there is no minimum required to
close any subscription under the offering.

 

2. Payment

 

2.1 Each Purchaser acknowledges
and agrees that its commitment to purchase Ordinary Shares of the Company hereunder is and shall be irrevocable upon delivery of the Subscription
Proceeds and an executed counterpart original of this Subscription Agreement, an investor questionnaire, form of which is attached hereto
as Exhibit A (the “Investor Questionnaire”), to the Company. The Subscription Proceeds must accompany or precede this Subscription
Agreement and shall be paid to the following bank account.

 

If in RMB:

 

Title of the Account:

Account #:

Beneficiary Bank:

Bank Address:

 

If in US dollars:

 

Title of the Account:

Account #:

Beneficiary Bank:

Swift Code:

Bank Address:

 

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3. Deliveries at or Prior to Closing

 

3.1 Prior to acceptance of this
Subscription Agreement by the Company, each Purchaser must complete, sign and return to the Company, or Company’s counsel Ortoli
Rosenstadt LLP, an executed copy of this Subscription Agreement with completed and executed Investor Questionnaire and wire transfer the
Subscription Proceeds as described in Section 2.1, above.

 

3.2 Each Purchaser shall complete,
sign and return to the Company as soon as possible, on request by the Company, any documents, questionnaires, notices and undertakings
as may be required by regulatory authorities or by applicable law.

 

3.3 The Company shall deliver
to each Purchaser the following:

 

		(a)	at the Closing (as defined below), a counterpart of this Subscription
Agreement, duly executed by an authorized signatory of the Company;

 

		(b)	within 10 business days of the Closing Date (as defined below),
a certificate or evidence of electronic book entry representing the Ordinary Shares in the amount set forth on the signature page hereto.

 

4. Closing

 

4.1 Completion of the sale of
the Ordinary Shares contemplated in this Subscription Agreement (any such completion, a "Closing") shall occur
on or before ___________, 2021, or on a such date to be mutually agreed upon by the Company and the Purchaser.

 

4.2 The Company may, at its
discretion, elect to close the Offering in one or more closings, in which event the Company may agree with one or more of the Purchasers
(including the Purchaser hereunder) to complete delivery of the Ordinary Shares to such Purchaser(s) against payment therefore at any
time on or prior to the furthest most date set by Section 4.1.

 

5. Conditions to Closing

 

5.1 Upon acceptance of this
Subscription Agreement, the obligations of the Company to Close on the Closing Date are subject to the following conditions:

 

		(a)	Delivery of the transaction documents as set forth in Section
3.1 and 3.2.

 

		(b)	that all of the representations and warranties of the Purchaser
made in this Subscription Agreement and the Investor Questionnaire are accurate in all material respects when made and on the Closing
Date;

 

		(c)	that all of the obligations, covenants and agreements of the
Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

 

		(d)	that the Company shall have received the Subscription Proceeds.

 

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5.2 The obligations of the Purchaser
hereunder to Close on the Closing Date are subject to the following conditions:

 

		(a)	that all of the representations and warranties of the Company
made in this Subscription Agreement are accurate in all material respects when made and on the Closing Date; and

 

		(b)	that all of the obligations, covenants and agreements of the
Company required to be performed at or prior to the Closing Date shall have been performed.

 

6. Representations, Warranties,
Acknowledgements and Covenants of the Purchaser

 

6.1 Each Purchaser severally
and not jointly hereby acknowledges and agrees as of the date hereof and as of the Closing Date that:

 

		(a)	none of the Ordinary Shares have been registered under the Securities
Act, or under any state securities or "blue sky" laws of any state of the United States or any other jurisdiction;

 

		(b)	the decision to execute this Subscription Agreement and acquire
the Ordinary Shares hereunder has not been based upon any oral or written representation (other than representations set out in this
Agreement) as to fact or otherwise made by or on behalf of the Company;

 

		(c)	there are risks associated with an investment in the Company
and the Ordinary Shares, including, but not limited to, (i) the risk of changes in the cost of raw materials and energy, (ii) the risk
of intense competition in the PRC domestic market, (iii) risks related to our significant amount of short-term debt and (iv) the risk
of severe financial hardship or bankruptcy of one or more of our major clients;

 

		(d)	it has received all the information it considers necessary or
appropriate for purposes of deciding whether to purchase the Ordinary Shares. Each Purchaser further represents that it has had an opportunity
to ask questions and receive answers from the Company regarding the terms and conditions of the Ordinary Shares and regarding the business,
properties, prospects and financial condition of the Company, and to obtain additional information (to the extent the Company possessed
such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished
to it or to which it had access;

 

		(e)	it has been advised to consult its own legal, tax and other
advisors with respect to the merits and risks of an investment in the Ordinary Shares and with respect to applicable resale restrictions;

 

		(f)	it understands that the Company is making no representations
and warranties regarding tax consequences for your investment in the Ordinary Shares, the US Foreign Corrupt Practices Act or the securities
law of the home or residential jurisdiction of any Purchaser.

 

6.2 Each Purchaser severally
and not jointly hereby represents and warrants to, and covenants with, the Company (which representations, warranties and covenants shall
survive the Closing) as of the date hereof and as of the Closing Date that:

 

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		(a)	it has the legal capacity and competence to enter into and execute
this Subscription Agreement and to take all actions required hereby and, if the Purchaser is a corporation, it is duly incorporated and
validly existing under the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others
have been obtained to authorize execution and performance of this Subscription Agreement on its behalf;

 

		(b)	the entering into of this Subscription Agreement and the transactions
contemplated hereby do not result in the violation of any of the terms and provisions of any law or regulation applicable to the Purchaser
or of any agreement, written or oral, to which the Purchaser may be a party or by which the Purchaser is or may be bound;

 

		(c)	the Purchaser has duly executed and delivered this Subscription
Agreement and it constitutes a valid and binding agreement of the Purchaser enforceable against the Purchaser in accordance with its
terms;

 

		(d)	All information furnished in the Investor Questionnaire completed
is true and correct in all respects.

 

		(e)	the Purchaser is not a “U.S. Person” as defined
in Rule 902 under the 1933 Act and is resident in the jurisdiction set out under the heading "Name and Address of Purchaser"
on the signature page of this Subscription Agreement;

 

		(f)	At the time Purchaser executed and delivered this Agreement,
Purchaser was outside the United States and is outside of the United States as of the date of the execution and delivery of this Agreement;

 

		(g)	Purchaser is acquiring the Ordinary Shares for its own account
and not on behalf of any U.S. person, and the sale has not been pre-arranged with a purchaser in the United States;

 

		(h)	Purchaser represents and warrants and hereby agrees that all
offers and sales of any of the Ordinary Shares prior to the expiration of a period commencing on the Closing Date and ending twelve months
thereafter, unless adjusted as hereinafter provided (the "Restricted Period"), shall only be made in compliance with the safe
harbor contained in Regulation S, pursuant to registration of the Ordinary Shares under the 1933 Act or pursuant to an exemption from
registration, and all offers and sales after the Restricted Period shall be made only pursuant to such a registration or to such exemption
from registration;

 

		(i)	the Purchaser (i) has such knowledge and experience in business
matters as to be capable of evaluating the merits and risks of its prospective investment in the Ordinary Shares; and (ii) has the ability
to bear the economic risks of its prospective investment and can afford the complete loss of such investment;

 

		(j)	the Purchaser is not aware of any advertisement of any of the
Ordinary Shares and is not acquiring any of the Ordinary Shares as a result of any form of general solicitation or general advertising
including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast
over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

 

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		(k)	no person has made any written or oral representations to the
Purchaser:

 

		(i)	that any person will resell or repurchase any of the Ordinary
Shares;

 

		(ii)	that any person will refund the purchase price of any of the
Ordinary Shares; or

 

		(iii)	as to the future price or value of any of the Ordinary Shares;
and

 

		(l)	the Purchaser will indemnify and hold harmless the Company and,
where applicable, its directors, officers, employees, agents, advisors and shareholders, from and against any and all loss, liability,
claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred
in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation whether commenced or
threatened) arising out of or based upon any representation or warranty of the Purchaser contained herein or in any document furnished
by the Purchaser to the Company in connection herewith being untrue in any material respect or any breach or failure by the Purchaser
to comply with any covenant or agreement made by the Purchaser to the Company in connection therewith.

 

6.3 Between the date of this
Agreement and the Closing, the Purchaser shall notify the Company if any of the above representations and warranties ceases to be true.

 

6.4 Each Purchaser, severally
but not jointly, acknowledges that the representations and warranties contained herein are made by it with the intention that they may
be relied upon by the Company and its legal counsel in determining such Purchaser's eligibility to purchase the Ordinary Shares for which
it is subscribing under applicable securities legislation. Each Purchaser further agrees that by accepting delivery of the certificates
representing the Ordinary Shares on the Closing Date, it will be representing and warranting that the representations and warranties contained
herein are true and correct as at the Closing Date with the same force and effect as if they had been made by the Purchaser at the Closing
Date and that they will survive the purchase by the Purchaser of Ordinary Shares and will continue in full force and effect notwithstanding
any subsequent disposition by the Purchaser of such Ordinary Shares.

 

7. Representations and Warranties
of the Company

 

7.1 The Company acknowledges
and agrees that each Purchaser is entitled to rely upon the representations and warranties of the Company, contained in this Agreement
and further acknowledges that each Purchaser will be relying upon such representations and warranties in purchasing the Ordinary Shares.
The Company represents and warrants as follows:

 

		(a)	The Company is duly incorporated, validly existing and in good
standing under the laws of the British Virgin Islands.

 

		(b)	The Company has the requisite power and authority to own and
use its properties and assets and to carry on its business as currently conducted.

 

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		(c)	The Company is not in violation or default of any of the provisions
of its articles of incorporation or bylaws. The Company is duly qualified to conduct its business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not reasonably be expected to result
in (i) a material adverse effect on the legality, validity or enforceability of this Subscription Agreement, (ii) a material adverse
effect on the results of operations, assets, business or financial condition of the Company, taken as a whole, or (iii) a material adverse
effect on the Company’s ability to perform in any material respect on a timely basis its obligations under this Subscription Agreement
(any of (i), (ii) or (iii) being hereafter referred to as a “Material Adverse Effect”), and no proceeding has
been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

		(d)	The Company has the requisite corporate power and authority
to enter into and to consummate the transactions contemplated by this Subscription Agreement and to carry out its obligations hereunder.
The execution and delivery of this Subscription Agreement by the Company and the consummation by it of the transactions contemplated
hereby have been duly authorized by all necessary action on the part of the Company and no further corporate authorization is required
by the Company in connection therewith.

 

		(e)	Upon delivery, this Subscription Agreement will have been duly
executed by the Company and will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.

 

		(f)	Upon execution and delivery of this Subscription Agreement and
the performance by the Company of the obligations imposed on it in this Subscription Agreement, including the issuance and sale of the
Ordinary Shares, will not (i) conflict with or violate any provision of the Company’s certificate or articles of incorporation,
bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or
lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other instrument (evidencing a Company
debt or otherwise) or other agreement to which the Company is a party or by which any material property or material asset of the Company,
or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company is subject, or by which any material property or material asset of the Company
is bound, except, in each case, as could not reasonably be expected to result in a Material Adverse Effect.

 

		(g)	The Company is not required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other person in connection with the execution, delivery and performance by the Company of this Subscription Agreement.

 

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		(h)	The Ordinary Shares are duly authorized and, when issued and
paid for in accordance with this Subscription Agreement, will be validly issued as fully paid and non-assessable, free and clear of all
liens and encumbrances other than restrictions provided for in this Subscription Agreement and applicable law.

 

		(i)	The issuance and sale of the Ordinary Shares will not obligate
the Company to issue Ordinary Shares or other securities to any person (other than the Purchasers and their designees) and will not result
in a right of any holder of the Company’s securities to adjust the exercise, conversion, exchange or reset price under such securities.

 

8. Legending of Subject Securities.

 

9.1 The Purchaser hereby acknowledges
that upon the issuance thereof, and until such time as the same is no longer required under the applicable securities laws and regulations,
any certificates representing the Ordinary Shares may bear a restrictive legend pursuant to applicable laws and may include language substantially
similar to the below:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"). NONE OF THE SECURITIES REPRESENTED HEREBY HAVE
BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY
OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER
THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED
STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

 

9. Costs

 

9.1 The Purchaser acknowledges
and agrees that all costs and expenses incurred by the Purchaser (including any fees and disbursements of any special counsel retained
by the Purchaser) relating to the purchase of the Ordinary Shares shall be borne by the Purchaser.

 

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10. Governing Law

 

10.1 This Subscription Agreement
is governed by the laws of the State of New York and the federal laws of the United States applicable therein. The Purchaser, in its personal
or corporate capacity and irrevocably attorns to the jurisdiction of the state and federal courts located in New York County, New York.
Each party agrees that the state and federal courts located in New York County, New York shall be the exclusive jurisdiction for settling
all disputes hereunder.

 

11. Independent Nature of Purchaser’s
Obligations and Rights

 

11.1 The obligations of each
Purchaser under this Subscription Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall
be responsible in any way for the performance of the obligations of any other Purchaser. Nothing contained herein, and no action taken
by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any
other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by this Subscription Agreement. Each Purchaser shall be entitled to independently protect
and enforce its rights, including without limitation, the rights arising out of this Subscription Agreement, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by
its own separate legal counsel in their review and negotiation of this Subscription Agreement or it has knowingly waived its right to
do so and has proceeded without benefit of counsel.

 

12. Survival

 

12.1 This Subscription Agreement,
including without limitation the representations, warranties and covenants contained herein, shall survive and continue in full force
and effect and be binding upon the parties hereto notwithstanding the completion of the purchase of the Ordinary Shares by the Purchaser
pursuant hereto.

 

13. Assignment

 

13.1 This Subscription Agreement
is not transferable or assignable without written consent by both the Company and Purchaser.

 

14. Severability

 

14.1 If any provision of this
Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions
of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable
provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

 

15. Entire Agreement

 

15.1 Except as expressly provided
in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein, this Subscription
Agreement contains the entire agreement between the parties with respect to the sale of the Ordinary Shares and there are no other terms,
conditions, representations or warranties, whether expressed, implied, oral or written, by statute or common law, by the Company or by
anyone else.

 

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16. Notices

 

16.1 All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given at the date received if mailed or transmitted by any standard
form of telecommunication (including email, but not including facsimile). Notices to the Purchaser shall be directed to the address on
the signature page of this Subscription Agreement and notices to the Company shall be directed to it at

 

Zeshu Dai CEO

c/o Chongqing Penglin Food Co., Ltd.

Xinganxian Plaza

Building B, Suite 19-1

Lianglukou, Yuzhong District 400800

Chongqing, People’s Republic of China

 

17. Counterparts and Electronic
Means

 

17.1 This Subscription Agreement
may be executed in any number of counterparts, each of which, when so executed and delivered, shall constitute an original and all of
which together shall constitute one instrument. Delivery of an executed copy of this Subscription Agreement by electronic facsimile transmission
or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Subscription
Agreement as of the date hereinafter set forth.

 

18. Amendment and Waiver

 

18.1 No provision of this Agreement
may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and each Purchaser or, in
the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise
any right hereunder in any manner impair the exercise of any such right.

 

[SIGNATURE PAGES TO FOLLOW]

 

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IN WITNESS WHEREOF the Purchaser has duly
executed this Subscription Agreement as of the date of acceptance by the Company.

 

	 	 	 
	(Amount of Subscription in USD)	 	(Name of Purchaser – Please type or print)
	 	 	 
	 	 	 
	(Amount of Subscription in equivalent RMB)	 	(Signature and, if applicable, Office)
	 	 	 
	 	 	 
	(Conversion rate between USD and RMB)	 	(Address of Purchaser)
	 	 	 
	 	 	 
	(Number of Ordinary Shares Subscribed)                       	 	(City, State/Province,
	 	 	Postal Code of Purchaser)
	 	 	 
	 	 	 
	 	 	(Country of Purchaser)

 

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A C C E P T A N C E

 

The above-mentioned Subscription Agreement in
respect of the Ordinary Shares is hereby accepted by China Xiangtai Food Co., Ltd.

 

DATED the _________ day of _________
2021.

 

	China Xiangtai Food Co., Ltd.	 
	 	 	 
	By:	 	 
	Name: Zeshu Dai	 
	Title: Chief Executive Officer	 

 

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Exhibit A

 

Investor Questionnaire

 

    12exhibit1031stconstitutio

1  Exhibit 10.3      AMENDED AND RESTATED   EXECUTIVE LIFE INSURANCE AGREEMENT      Bank:   1st Constitution Bank (the “Bank”)    Insured:      (the “Insured”)    Relationship of Insured to Bank: Executive    This Amended and Restated Executive Life Insurance Agreement (this “Agreement”) supersedes  and replaces in its entirety that certain Executive Life Insurance Agreement entered into by and  between the Bank and the Insured effective      ,  . The respective rights  and duties of the Bank and the Insured in the above-referenced policy shall be pursuant to the  terms set forth below:    I. DEFINITIONS    Capitalized terms used in this Agreement shall have the meanings ascribed to them  herein.    II. POLICY TITLE AND OWNERSHIP    Title and ownership shall reside in the Bank for its use and for the use of the Insured all  in accordance with this Agreement.  The Bank alone may, to the extent of its interest,  exercise the right to borrow or withdraw on the policy cash values.  Where the Bank and  the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the  right to increase the coverage under the subject policy, then, in such event, the rights,  duties and benefits of the parties to such increased coverage shall continue to be subject  to the terms of this Agreement.    III. BENEFICIARY DESIGNATION RIGHTS    The Insured (or assignee) shall have the right and power to designate a beneficiary or  beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the  Insured, and to elect and change a payment option for such beneficiary, subject to any  right or interest the Bank may have in such proceeds, as provided in this Agreement.    IV. PREMIUM PAYMENT METHOD    The Bank shall pay an amount equal to the planned premiums and any other premium  payments that might become necessary to keep the policy in force.  V. TAXABLE BENEFIT  

 

2    Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance  as required by the Internal Revenue Service, as determined from time to time.  The Bank  (or its administrator) will report to the Insured the amount of imputed income each year  on Form W-2 or its equivalent.    VI. DIVISION OF DEATH PROCEEDS    Subject to Paragraphs VII and X herein, the division of the death proceeds of the policy is  as follows:    A. The Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall  be entitled to an amount equal to:     (i) three hundred percent (300%) of the Insured’s base annual salary  (exclusive of any bonus, equity compensation, or other form of  compensation, “Base Salary”) in effect at the time of death (if employed  by the Bank at death), less Fifty Thousand Dollars ($50,000); or    (ii) three hundred percent (300%) of the Insured’s Base Salary in effect at the  time of Retirement (as defined below); or    (iii) if not employed by the Bank at the time of death and the benefit under this  Agreement has vested, whether by a Change of Control or as provided in  the second sentence of Section VIII, three hundred percent (300%) of the  Insured’s Base Salary in effect at the time the Insured terminated  employment with the Bank;     provided, that, no benefit shall be payable under this Agreement if the Insured  terminated employment with the Bank for reasons set forth in Section X.A. or the  Bank is subject to regulatory discipline as set forth in Section X.B; provided,  further, that, in all cases, the benefit paid under this Paragraph VI.A. shall not  exceed the Net Amount at Risk (as defined below).    B. The Bank shall be entitled to the remainder of such proceeds.    C. For purposes of this Agreement:    (i) “Net Amount at Risk” shall mean the difference between the death benefit  payable upon the Insured’s death pursuant to Paragraph VI.A. and the  accrued cash value of the policy at the Insured’s time of death.    (ii) “Retirement” shall mean a voluntary termination of employment by the  Insured with the Bank on or after attainment of age 60 and the completion  of ten years of service with the Bank.    

 

3  VII. OWNERSHIP OF THE CASH SURRENDER VALUE OF THE POLICY    The Bank shall at all times be entitled to one hundred percent (100%) of the policy’s cash  value, as that term is defined in the policy contract, less any policy loans and unpaid  interest or cash withdrawals previously incurred by the Bank.    VIII. POST-TERMINATION COVERAGE    Except as otherwise provided herein, death benefit coverage for the Insured will cease at  his or her termination of employment.  In the event that the Insured has both attained age  60 and completed ten years of service with the Bank at the time that he or she terminates  employment with the Bank (for reasons other than those set forth in Section X.A.), or if a  Change of Control has occurred prior to such termination, then the death benefit coverage  set forth in Section VI shall remain in effect until the Insured’s death, unless this  Agreement is otherwise terminated pursuant to its terms prior to such time.  Coverage  under this Plan for any Insured who terminates employment with the Bank (for reasons  other than death) prior to attaining age 60 or prior to completing ten year of service with  the Bank (and prior to the occurrence of a Change of Control) will cease on his or her last  day of employment with the Bank.  For purposes of this section only, the term “Bank”  shall include all affiliates of the Bank (as well as its successors), and the term “years of  service” means each full year (including any periods of time prior to the Effective Date)  during which the Insured was continuously employed by the Bank, all as determined in  the sole discretion of the Bank’s Board of Directors.    For purposes of the above, a “Change of Control” will be deemed to have occurred if:  (X) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities  Exchange Act of 1934, as amended (the “Exchange Act”)), other than a trustee or  other fiduciary holding securities under an employee benefit plan of the Bank or of  1st Constitution Bancorp (“Bancorp”) or a person engaging in a transaction of the  type described in clause (Z) below of this definition but which does not constitute a  change in control under such clause (Z), hereafter becomes the “beneficial owner”  (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of  securities of Bancorp representing more than 50% of the combined voting power of  Bancorp’s then outstanding securities; or  (Y) during any period of twenty-four (24) consecutive months during the term of this  Agreement, individuals who at the beginning of such period constitute the Bancorp  Board of Directors, and any new director (other than a director designated by a  person who has entered into an agreement with Bancorp to effect a transaction  described in clauses (X) or (Z) of this definition) whose election by such Board of  Directors, or nomination for election by Bancorp’s shareholders, was  approved by a  vote of at least two-thirds (2/3) of the directors then still in office who either were  directors at the beginning of the period or whose election or nomination for election  was previously so approved, cease for any reason to constitute a majority thereof; or  

 

4  (Z) Bancorp completes a merger, consolidation or similar transaction of Bancorp with or  into any other corporation or entity, or a binding share exchange involving  Bancorp’s securities, other than any such transaction which would result in the  voting securities of Bancorp outstanding immediately prior thereto continuing to  represent (either by remaining outstanding or by being converted into voting  securities of the surviving entity) at least 50% of the combined voting power of the  voting securities of Bancorp or such surviving entity outstanding immediately after  such transaction, or Bancorp completely liquidates, sells or otherwise disposes of all  or substantially all of its assets.  IX. RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY   ELECTION EXISTS    In the event the policy involves an endowment or annuity element, the Bank’s right and  interest in any endowment proceeds or annuity benefits, on expiration of the deferment  period, shall be determined under the provisions of this Agreement by regarding such  endowment proceeds or the commuted value of such annuity benefits as the policy’s cash  value.  Such endowment proceeds or annuity benefits shall be considered to be like death  proceeds for the purposes of division under this Agreement.    X. TERMINATION OF AGREEMENT    This Agreement shall terminate upon the occurrence of any one of the following:    A. The Insured shall be discharged from employment with the Bank for cause.  The  term “for cause” shall mean any of the following that result in an adverse effect  on the Bank: (i) gross negligence or gross neglect; (ii) the commission of a felony  or gross misdemeanor involving moral turpitude, fraud, or dishonesty; (iii) the  willful violation of any law, rule, or regulation (other than a traffic violation or  similar offense); (iv) an intentional failure to perform stated duties; or (v) a breach  of fiduciary duty involving personal profit; or    B. The policy (and all rights of the Insured and his/her beneficiaries) will also  terminate if any regulatory agency requires the Bank to sever its relationship with  the Insured, if the Insured is required to not be associated with any public  company, or if the Bank is subjected to regulatory discipline limiting its ability to  pay compensation to executives, or as may otherwise be determined by the Bank  in good faith.    Except as provided above, this Agreement shall terminate upon distribution of the  death benefit proceeds in accordance with Paragraph VI above.    XI. INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS    The Insured may not, without the written consent of the Bank, assign to any individual,  trust or other organization, any right, title or interest in the subject policy nor any rights,  options, privileges or duties created under this Agreement.  

 

5  XII. AGREEMENT BINDING UPON THE PARTIES    This Agreement shall bind the Insured and the Bank, their heirs, successors, personal  representatives and assigns.    XIII. GENDER    Whenever in this Agreement words are used in the masculine or neuter gender, they shall  be read and construed as in the masculine, feminine or neuter gender, whenever they  should so apply.    XIV. INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT    The Insurer shall not be deemed a party to this Agreement, but will respect the rights of  the parties as herein developed upon receiving an executed copy of this Agreement.   Payment or other performance in accordance with the policy provisions shall fully  discharge the Insurer from any and all liability.    XV. AMENDMENT OR REVOCATION    It is agreed by and between the parties hereto that, during the lifetime of the Insured, this  Agreement may be amended or revoked at any time or times, in whole or in part, by the  mutual written consent of the Insured and the Bank.    XVI. EFFECTIVE DATE    The Effective Date of this Agreement shall be _____________, ______, 2021.    XVII. SEVERABILITY AND INTERPRETATION    If a provision of this Agreement is held to be invalid or unenforceable, the remaining  provisions shall nonetheless be enforceable according to their terms.  Further, in the event  that any provision is held to be overbroad as written, such provision shall be deemed  amended to narrow its application to the extent necessary to make the provision  enforceable according to law and enforced as amended.    XVIII. APPLICABLE LAW    The validity and interpretation of this Agreement shall be governed by the laws of the  State of New Jersey.    [Remainder of page intentionally left blank.  Signature page follows.]    

 

6    Executed at _____________________, New Jersey, this _____ day of ___________, 2021.      1st CONSTITUTION BANK            _______________________________ By:_______________________________________  Witness     Name:        Title:          _______________________________ __________________________________________  Witness     Insured    

 

7    BENEFICIARY DESIGNATION FORM  FOR EXECUTIVE LIFE INSURANCE AGREEMENT      PRIMARY DESIGNATION:     Name   Address    Relationship      ______________________________________________________________________________    ______________________________________________________________________________    ______________________________________________________________________________      SECONDARY (CONTINGENT) DESIGNATION:      ______________________________________________________________________________    ______________________________________________________________________________    ______________________________________________________________________________      All sums payable under the Agreement by reason of my death shall be paid to the Primary  Beneficiary(ies), if he, she, or they survive me, and if no Primary Beneficiary shall survive me,  then to the Secondary (Contingent) Beneficiary(ies).          _______________________________   ______________________________  Signature of Insured      Date

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