Document:

Exhibit 10.1

 

FIRST AMENDMENT TO NOTE PURCHASE AND GUARANTEE
AGREEMENT

 

This FIRST AMENDMENT TO NOTE
PURCHASE AND GUARANTEE AGREEMENT (the “Amendment”), dated as of August 30, 2022, is entered into by and among
BLUE APRON, LLC, a Delaware limited liability company (the “Company”), each Guarantor party hereto (the “Guarantors”),
The Bank of New York Mellon Trust Company, N.A., as collateral agent for the holders of the Notes (the “Collateral Agent”)
and each holder of the Notes party hereto (the “Holders”).

 

W
I T N E S S E T H :

 

WHEREAS,
the Company, the Guarantors, and the Holders are party to that certain Note Purchase and Guarantee Agreement, dated as of May 5,
2022 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Note Purchase and Guarantee
Agreement”); and

 

WHEREAS
the Company and the other parties hereto desire to amend, as of the Amendment No. 1 Effective Date (as defined below), the
Note Purchase and Guarantee Agreement, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises contained herein, and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.             Amendments.
The Note Purchase and Guarantee Agreement is, as of the Amendment No. 1 Effective Date, hereby amended as follows:

 

(a)           The
following new definitions shall be added to Schedule A of the Note Purchase and Guarantee Agreement in the appropriate alphabetical order:

 

““Amendment No. 1
Effective Date” means the first date on which each of the conditions set forth in Section 2 of the First Amendment to Note
Purchase and Gurarantee Agreement, dated as of August 30, 2022, are satisfied.”

 

““Applicable Premium”
means the excess, if any, of (A) the present value on the prepayment date of (i) 100.5% of the principal amount being prepaid
plus (ii) all remaining interest payments due on such Note through and including on the date that is eighteen (18) months after the
Closing Date (excluding any interest accrued to the prepayment date), computed using a discount rate equal to the Applicable Treasury
Rate plus 0.50%, over (B) the principal amount of such Note on the prepayment date.”

 

    

     

    

 

““Applicable Treasury Rate”
means, as of any repayment date, the yield to maturity as of such date of United States treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two
business days prior to such date (or, if such statistical release is no longer published or the relevant information no longer appears
thereon, any publicly available source of similar market data)) most nearly equal to the period from such date to the date that is eighteen
(18) months after the Closing Date; provided, however, that, if the period from such date to the date that is
eighteen (18) months after the Closing Date is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year shall be the Treasury Rate.”

 

(b)           The
following proviso shall be added to the end of the definition of “Cash Flow Forecast”:

 

“provided that (i) any
proceeds (net of discount and expenses) not yet received by the Parent as a result of any public equity offering, (ii) any
proceeds resulting from a contract (or a series of related contracts) that are not to be received during the period being forecast and
(iii) any proceeds resulting from a non-contractual arrangement (or series of related non-contractual arrangements) with an aggregate
value expected to be greater than $5 million, shall not in any case be used in the calculation of the Cash Flow Forecast.”

 

(c)           The
definition of “Permitted Restricted Payments” shall be deleted and replaced in its entirety as follows:

 

““Permitted
Restricted Payments” means Restricted Payments made by (a) any Obligor to another Obligor; (b) any Subsidiary of the
Parent to the Parent (and any necessary Restricted Payments to another Subsidiary in order to ultimately make such Restricted Payment
to the Parent) (c) “net exercise” or “net settle” warrants, options or restricted stock options, (d) Restricted
Payments not otherwise permitted by the foregoing provisions, so long as no Default or Event of Default shall have occurred and be continuing
or be caused thereby, in an aggregate amount not to exceed $250,000 and (e) on and from the Amendment No. 1 Effective Date,
the Company may pay (or make Restricted Payments to allow Parent to pay) from time to time for the repurchase, retirement or other acquisition
or retirement for value of Equity Interests of Parent held by any shareholder, including pursuant to any employee or director equity plan,
employee or director stock option or profits interest plan or any other employee or director benefit plan or any agreement (including
any separation, stock subscription, shareholder or partnership agreement) in an amount not to exceed $25,000,000 in the aggregate subject,
in the case of this clause (e), to the following conditions:

 

		(i)	the Holders’ shall have received satisfactory evidence that one or more cash equity contributions
to Parent or the Company from any of the Company’s Affiliates in an amount equal to or greater than $50,000,000 shall have been
made in addition to the amounts received under Section 4.20 (Equity Contributions) of the Note Purchase and Guarantee Agreement;
and

 

    

     

    

 

		(ii)	no Default or Event of Default shall have occurred and be continuing prior to or after giving effect to
such Restricted Payments.”

 

(d)           A
new clause (r) shall be added to Section 7.1 as follows:

 

“(r) promptly but no later
than three (3) Business Days after receipt thereof, notice of (i) any equity contribution or cash infusion received by the Parent
or Company and (ii) any delay in receipt of any contractually committed equity contribution or cash infusion, in each case to the
extent referenced in a Cash Flow Forecast.”

 

(e)           Section 8.3(a) shall
be deleted and replaced in its entirety as follows:

 

“(a)  On any date after the
date after the Amendment No. 1 Effective Date, through and including the date that is eighteen (18) months after the Closing Date,
the Company may, at its option, upon notice as provided in clause (d) below, prepay at any time all, or from time to time
any part of, the Notes, in an amount not less than $1,000,000 in the case of a partial prepayment, at 100% of the principal amount being
prepaid, plus the Applicable Premium, plus the accrued but unpaid interest accrued to but excluding the date of payment.”

 

2.             Conditions
to Effectiveness. This Amendment shall become effective as of the first date (the “Amendment No. 1 Effective Date”)
when each of the following conditions shall have been satisfied:

 

		(a)	the Holders’ receipt of counterparts of this Amendment, duly executed by the Company and the Guarantors;

 

(b)           the
Holders’ receipt of satisfactory evidence that one or more cash equity contributions or cash infusions to Parent in an amount equal
to or greater than $50,000,000 have been made, pursuant to that certain Purchase Agreement, dated as of April 29, 2022, by and between
the Parent and RJB Partners LLC, as amended by that certain Amendment No. 1 to Purchase Agreement, dated as of August 7, 2022;
and

 

(c)           payment
of all reasonable and documented out-of-pocket costs and expenses incurred through the Amendment No. 1 Effective Date, including
attorneys’ fees.

 

    

     

    

 

3.             Representations
and Warranties. Each Obligor hereby represents and warrants that as of the date hereof the representations and warranties of such
Obligor set forth in the Note Documents are true and correct in all material respects (except that any representation or warranty which
is already qualified or modified by “materiality,” “Material Adverse Effect” or similar language in the text thereof
is true and correct in all respects) on and as of such date, with the same effect as if made on and as of such date (other than those
representations and warranties that by their terms expressly relate to an earlier date, in which case such representations and warranties
were true and correct in all material respects as of such earlier date).

 

4.             No
Waiver. The amendments contained herein shall not be construed as a waiver or amendment of any provision of any Note Document or for
any purpose except as expressly set forth herein and the Holders expressly reserve all rights and remedies in respect of any breach of,
or other Default or Event of Default, under the Note Documents.

 

5.             Amendment
Binding. This Amendment shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and the respective
successors and permitted assigns of the parties hereto.

 

6.             Costs
and Expenses. The Company hereby reaffirms its agreement under the Note Purchase and Guarantee Agreement to pay or reimburse the Holders
and the Collateral Agent on demand for all reasonable and documented out-of-pocket costs and expenses incurred by them in connection with
the Note Documents, including without limitation all reasonable fees, disbursements and other charges of counsel as set forth in Section 15.1
of the Note Purchase and Guarantee Agreement.

 

7.             Headings.
Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Amendment.

 

8.             Counterparts.
This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts (including by facsimile
or other electronic imaging means), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (e.g., “.pdf”
or “.tif” format) shall be effective as delivery of a manually executed counterpart hereof. The words “execution”,
 “signed”, “signature” and words of like import in this Agreement relating to the execution and delivery of this
Agreement and any documents to be delivered in connection herewith shall be deemed to include electronic signatures, which shall be of
the same legal effect, validity or enforceability as a manually executed signature to the extent and as provided in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

9.             Severability.
Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of prohibition or unenforceability, but that shall not invalidate the remaining provisions of this Amendment or affect the
validity or enforceability of any such provision in any other jurisdiction. Where provisions of any law or regulation resulting in such
prohibition or unenforceability may be waived, they are hereby waived by the Parties to the fullest extent permitted by law so that this
Amendment shall be deemed a valid and binding agreement, enforceable in accordance with its terms.

 

    

     

    

 

10.           GOVERNING
LAW; JURISDICTION AND PROCESS; WAIVER OF JURY TRIAL. THIS Amendment AND ANY DISPUTE
OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE
PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK. SECTION 22.8 (JURISDICTION AND PROCESS; WAIVER OF JURY TRIAL) OF
THE NOTE PURCHASE AGREEMENT IS INCORPORATED BY REFERENCE HEREIN MUTATIS MUTANDIS.

 

11.           Effect
of this Amendment. This Amendment constitutes a Note Document for all purposes of the Note Purchase and Guarantee Agreement and the
other Note Documents. On and after the Amendment No. 1 Effective Date, each reference in the Note Purchase and Guarantee Agreement
or in any other Note Document to the Note Purchase and Guarantee Agreement (or words of similar import) shall be deemed to refer to the
Note Purchase and Guarantee Agreement as amended hereby.

 

12.           Ratification
and Incorporation of Note Purchase and Guarantee Agreement and Other Note Documents. Except as expressly modified under this Amendment,
(a) each Obligor hereby acknowledges, confirms and ratifies all of the terms and conditions set forth in, and all of its obligations
under, the Note Purchase and Guarantee Agreement and the other Note Documents, and (b) all of the terms and conditions set forth
in the Note Purchase and Guarantee Agreement and the other Note Documents are incorporated herein by this reference as if set forth in
full herein. Each Obligor (i) represents that it has no offset, defense, counterclaim, dispute or disagreement of any kind or nature
whatsoever with respect to the amount of the Obligations and (ii) reaffirms the giving of guarantees (other than with respect to
the Company) previously given.

 

13.           Authorization
of Collateral Agent. The Required Holders hereby authorize and direct the Collateral Agent to execute and perform this Amendment.

 

[remainder of page intentionally left blank]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first
above written.

 

	 	
    BLUE APRON, LLC

    as
    Company

	 	 
	 	
    

    By:
	
    

    /s/ Randy J. Greben

	 	
    Name: Randy J. Greben

    Title: Treasurer

 

	 	BLUE APRON HOLDINGS, INC., 

as Parent and as Guarantor
	 	 
	 	
    

    By:
	
    

    /s/ Randy J. Greben

	 	
    Name: Randy J. Greben

    Title: Chief Financial Officer & Treasurer

 

	 	BAW HOLDCO I, LLC, 

as Guarantor
	 	 
	 	
    

    By:
	
    

    /s/ Randy J. Greben

	 	
    Name: Randy J. Greben

    Title: Treasurer

 

	 	BAW HOLDCO II, LLC, 

as Guarantor
	 	 
		
    

    By:
	
    

    /s/ Randy J. Greben

	 	
    Name: Randy J. Greben

    Title: Treasurer

 

	 	BAW HOLDCO III, LLC, 

as Guarantor
	 	 
	 	
    

    By:
	
    

    /s/ Randy J. Greben

	 	
    Name: Randy J. Greben

    Title: Treasurer

 

[Signature Page to First Amendment to
Note Purchase and Guarantee Agreement]

 

    

     

    

 

	 	BAW, INC., 

as Guarantor
	 	 
	 	
    

    By:
	
    

    /s/ Randy J. Greben

	 	
    Name: Randy J. Greben

    Title: Treasurer

 

	 	BN RANCH, LLC,

as Guarantor
	 	 
	 	
    

    By:
	
    

    /s/ Randy J. Greben

	 	
    Name: Randy J. Greben

    Title: Treasurer

 

	 	BLUE APRON MARKET, LLC,

as Guarantor
	 	 
	 	
    

    By:
	
    

    /s/ Randy J. Greben

	 	
    Name: Randy J. Greben

    Title: Treasurer

 

    

     

    

 

	 	
    THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

    solely in its capacity as Collateral Agent and not individually

    

	 	 
	 	
    

    By:
	
    

    /s/ Mitchell L. Brumwel

	 	
    Name: Mitchell L. Brumwel

    Title: Vice President

 

[Signature Page to First Amendment to
Note Purchase and Guarantee Agreement]

 

    

     

    

 

	 	
    ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA

    

	 	By:	Voya Investment Management Co. LLC As agent for the Holder
	 	 	 
	 	
    

    By:
	
    

    /s/ John D. Inwood

	 	
    Name: John D. Inwood

    Title: Senior Vice President

 

[Signature Page to First Amendment to
Note Purchase and Guarantee Agreement]Exhibit 10.20

 

Facility Lease Agreement

 

Lessor (hereinafter referred to as Party A): Inner
Mongolia Menggelai Food Co., Ltd.

 

Lessee (hereinafter referred to as Party B): Inner
Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd.

 

In accordance with the Contract
Law of the People’s Republic of China and relevant laws and regulations, Party A and Party B, on an equal and voluntary basis, enter into
this Contract to clarify the rights and obligations of both parties regarding the leasing of Party A’s factory to Party B and Party B’s
leasing of Party A’s factory.

 

		I.	The location, area, decoration and facilities of the house

 

1. The factory building, leased
by Party A to Party B, is located in the northwest corner of the courtyard of MengGeLai Food Co., Ltd. in the Golden Triangle of Wuchuan
County, namely Factory No.1. Since the construction of Party A has not been completed, Party A must complete the construction of its
exterior walls, doors and windows, floor hardening in the factory and outdoor water distribution before May 15, 2015, and Party A shall
bear the expenses.

 

2. The rental factory area is about 2232 square
meters.

 

II.Both Party A and Party B
shall provide relevant credit documents. After verification by both parties, the other party’s documents can be copied for storage. All
copies are for this rental only.

 

III.Lease term

 

Uses: Grain processing.

 

1. The lease period of the factory
is 12 years in total. From May 16, 2015 to March 27, 2027.

 

2. Party B undertakes to Party
A that the leased factory is only used for the legal production and operation activities of Party B’s company.

 

3. Upon expiration of the lease
term, Party A has the right to take back the leased factory, and Party B shall return it as scheduled.

 

4. If Party B requests to renew
the lease, it must notify Party A half a year before the expiration of the lease term. With the consent of Party A, the lease contract
shall be renewed, the rent shall be paid, and the lease price shall be re-negotiated.

 

5. During the contract period,
Party A shall not unilaterally terminate the contract, otherwise it shall return the full rent to Party B and bear Party B’s equipment
installation costs, secondary decoration costs and the cost of downtime.

 

6. During the contract period, Party B shall not
unilaterally terminate the contract, otherwise the rent collected by Party A will not be refunded.

 

     

     

    

 

IV. Rent and Payment Methods

 

1. The annual rent of the factory
is RMB100,000 (RMB One Hundred Thousand), and the total annual rent is RMB1.2 million (RMB One Million and Two Hundred Thousand).

 

2. RMB100,000 rent shall be
paid within three days after signing this agreement; Now 50% of the ground construction of the external walls and doors of No.1 factory
has been completed, and the rent of RMB200,000 shall be paid. Upon the completion of construction, party B shall pay the rent of RMB 300,000.
When the equipment is installed and the second decoration is completed and the production conditions are qualified, Party B shall pay
RMB 300,000 rent. The remaining rent shall be paid in the amount of RMB 100,000 per year from May 16, 2016, and the total rent shall be
paid in three consecutive years, totaling RMB 1,200,000.

 

3. The rent payment method is
cash payment, Party B pays Party A’s rent, and Party A must issue an invoice (Due to the low rent, the tax required by Party B will be
paid by Party B, and Party A will be responsible for issuing the invoice).

 

V.Relevant fees and taxes during the lease period

 

1. Party B shall install the
electricity meter separately from Party A’s transformer, and pay the electricity fee on time; if Party A’s transformer cannot meet the
electricity load, Party B shall install the transformer by itself.

 

2. Party A shall bear the land use tax, and Party
B shall pay all other taxes.

 

VI. Transfer and sublease of
Facility

 

1. During the lease period,
Party A has the right to transfer the leased factory building in accordance with legal procedures. After the transfer, this contract will
continue to be valid for the new factory owner and Party B.

 

2. Without the consent of Party A, Party B shall
not sublease or sublease the leased factory.

 

3. Party A must notify Party
B six months before the sale of the factory. Under the same conditions, Party B has the right of first refusal .

 

VII. Disclaimer

 

1. Both parties A and B shall
not be liable to each other if the contract cannot be continued to be performed or losses are caused due to force majeure.

 

2. If the contract is terminated
due to the above reasons, the rent will be calculated according to the actual use time. If the rent is less than the whole month, it will
be calculated according to the number of days.

 

VIII.For matters not covered
in this contract, supplementary clauses can be concluded after mutual agreement between Party A and Party B. Supplementary terms and attachments
are part of this contract and have the same legal effect as this contract.

 

    2

     

    

 

IX. Dispute Resolution

 

Disputes arising under this
contract shall be negotiated or applied for mediation by both parties; if the negotiation or mediation fails, a lawsuit shall be filed
in a people’s court with jurisdiction according to law.

 

X. This contract has a total of three pages, made
in duplicate, with each party holding one copy, which has the same legal effect.

 

Party A: Inner Mongolia Menggelai Food Co., Ltd.
(Seal)

 

Legal representative: Wenlin Huo (Signature and Fingerprint)

 

Tel: [***]

 

Party B: Inner Mongolia YanGuFang Ecological Agriculture
Technology (Group) Co., Ltd. (Seal)

 

Legal representative: Yuxiang Sun (Signature and
Fingerprint)

 

Tel: [***]

 

Execution Location: Ke Town,
Wuchuan County, Inner Mongolia

 

 

3

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