Document:

EX-10.8

 Exhibit 10.8 

[●], 2020 
 Turmeric Acquisition Corp. 

450 Kendall St. 
 Cambridge, MA 02142 

Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 

New York, New York 10010 
  

	Re:	 Initial Public Offering 

Ladies and Gentlemen: 
 This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and among Turmeric Acquisition Corp., a Cayman Islands
exempted company (the “Company”), Credit Suisse Securities (USA) LLC, as representative (the “Representatives”) of the several underwriters named therein (the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”) of 11,500,000 of the Company’s units (including 1,500,000 units that may be purchased pursuant to the Underwriters’ option to purchase
additional units, the “Units”), each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and
one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to
adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S.
Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 1 hereof. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Turmeric Management, LLC (the “Sponsor”) and each of the undersigned (each, an “Insider” and,
collectively, the “Insiders”) hereby agree with the Company as follows: 
 1. Definitions. As used herein,
(i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; (ii) “Founder
Shares” shall mean the 2,875,000 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement Units” shall mean
the units that will be acquired by the Sponsor for an aggregate purchase price of $3,900,000 (or up to $4,200,000 if the Underwriters’ exercise their option to purchase additional units in full) in a private placement that shall close
simultaneously with the consummation of the Public Offering (including the Ordinary Shares and private placement warrants underlying such units and the Ordinary Shares issuable upon exercise of such private placement units thereof); (iv)
“Public Shareholders” shall mean the holders of Ordinary Shares included in the Units issued in the Public Offering; (v) “Public Shares” shall mean the Ordinary Shares included in the Units issued in
the Public Offering; (vi) “Trust Account” shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Units shall be deposited; (vii)
“Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or
establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); and (viii) “Charter” shall
mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time. 

 2. Representations and Warranties. 

(a) The Sponsor and each Insider, with respect to itself, herself or himself, represent and warrant to the Company that it, she or he has the
full right and power, without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement
with any employer or former employer), to enter into this Letter Agreement, and, as applicable, to serve as an officer of the Company and/or a director on the Company’s Board of Directors (the “Board”), as applicable,
and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer and/or director of the Company, as applicable. 

(b) Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information furnished to
the Company (including any such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to such Insider’s background. The Insider’s questionnaire
furnished to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and such Insider is not currently a defendant in any
such criminal proceeding; and such Insider has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. 

3. Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a
proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself or herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination,
then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business Combination
(including any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such shareholder approval. 

4. Failure to Consummate a Business Combination; Trust Account Waiver. 

(a) The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to
consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up;
(ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of
then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands
law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the
Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business
Combination within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem
their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in
the Trust Account and not previously released to the Company to pay income taxes, if any, divided by the number of then-outstanding Public Shares. 

 (b) The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges
that it, she or he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or
him, if any. The Sponsor and each Insider hereby further waives, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with (x) the completion
of of the Company’s initial Business Combination, and (y) a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the
Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth in
the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails
to consummate a Business Combination within the required time period set forth in the Charter). 
 5.
Lock-up; Transfer Restrictions. 
 (a) The Sponsor and the Insiders agree that they shall not
Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earliest of (A) one year after the completion of the Company’s initial Business Combination and
(B) the date following the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the
right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business
Combination, the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the Founder Shares shall be released from the Founder Shares Lock-up.

 (b) Subject to the provisions set forth in paragraph 5(c), the Sponsor and Insiders agree that they shall not effectuate any
Transfer of Private Placement Units or the private placement shares and private placement warrants underlying such Private Placement Units until 30 days after the completion of an initial Business Combination. 

(c) [Notwithstanding the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares,
Private Placement Units and the private placement shares and private placement warrants underlying the Private Placement Units are permitted (a) to the Company’s officers or directors, any affiliates or family member of any of the
Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the
individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws
of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a Business
Combination at prices no greater than the price at which the Founder Shares, private placement warrants, private placement shares or Ordinary Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s organizational
documents upon liquidation or dissolution of the Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of its initial Business Combination, (h) in the event of the Company’s liquidation prior to
the completion of its initial Business Combination; or (i) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders having the right to
exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (f) these permitted
transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.]1 

(d) During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of the 
  

	1 	 MPM to review transfer restrictions. 

 
Representatives, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable,
subject to certain exceptions enumerated in Section 5(h) of the Underwriting Agreement. 
 6. Remedies. The Sponsor and each of
the Insiders hereby agree and acknowledge that (i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable
under paragraphs 3, 4, 5, 7, 10 and 11, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the
non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

7. Payments by the Company. Except as disclosed in the Prospectus, neither the Sponsor nor any affiliate of the Sponsor nor any
director or officer of the Company nor any affiliate of the directors and officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior to, or in
connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

8. Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 

9. Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation of the Company. 
 10. Indemnification. In the event
of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and
hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company (except for the Company’s independent auditors) or
(ii) any prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the
Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of
(i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust assets, in
each case net of interest that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all rights to the monies held in the Trust Account (whether
or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor
shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in
writing that it shall undertake such defense. 
 11. Forfeiture of Founder Shares. To the extent that the Underwriters do not
exercise their option to purchase additional Units within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for no consideration, for cancellation
at no cost, an aggregate number of Founder Shares so that the number of Founder Shares will equal of 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time. The Sponsor and Insiders further agree that to
the extent that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to the consummation of the Public
Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time. 

 12. Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the
parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the
transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider
that is the subject of any such change, amendment, modification or waiver and (2) the Sponsor. 
 13. Assignment. No party hereto may assign
either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not
operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representative and assigns and
permitted transferees. 
 14. Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

15. Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement and shall not affect the
interpretation thereof. 
 16. Severability. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there
shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

17. Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any
way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waive any
objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 
 18. Notices. Any notice, consent or
request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile or other electronic transmission. 
 [Signature Page Follows] 

 
					
	Sincerely,
	
	 TURMERIC MANAGEMENT, LLC

		
	By:	 	  

	Name:	 	
	
	Acknowledged and Agreed:
	
	 TURMERIC ACQUISITION CORP.

		
	 By:
	 	  

	Name: Luke Evnin
	Title: Chief Executive OfficerExhibit 10.1

 

THIRD MODIFICATION TO

AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT

 

This Third
Modification to Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into effective
as of September [_], 2020 (the “Effective Date”) by and among CIBC BANK USA, (the “Lender”),
LIFEWAY FOODS, INC., an Illinois corporation (“Lifeway”), FRESH MADE, INC., a Pennsylvania corporation (“FMI”),
THE LIFEWAY KEFIR SHOP LLC, an Illinois limited liability company formerly known as STARFRUIT, LLC (“LKS”),
and LIFEWAY WISCONSIN, INC., an Illinois corporation (“LWI” and together with Lifeway, FMI and LKS being sometimes
individually referred to as a “Borrower” and collectively referred to as the “Borrowers”).

 

R E C I T A L S :

 

WHEREAS, the Lender and the Borrowers entered into an Amended
and Restated Loan and Security Agreement dated May 7, 2018, as amended by that certain First Modification to Amended and Restated
Loan and Security Agreement effective as of March 31, 2019, and that certain Second Modification to Amended and Restated Loan and
Security Agreement effective as of December 10, 2019 (as modified, the “Loan Agreement”), pursuant to which
the Lender made available to the Borrowers a credit facility;

 

WHEREAS, the Lender
and Borrowers desire to amend the Loan Agreement; and

 

WHEREAS, this Amendment shall constitute a Loan Document and
these Recitals shall be construed as part of this Amendment.

 

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

 

1.                 
Definitions. (a) Undefined Terms. Unless the context otherwise provides or requires, capitalized terms used
herein which are not defined herein shall have the meanings ascribed to them in the Loan Agreement; provided, however,
that all references in the Loan Agreement to (a) “Obligations” shall, in addition to the definition set forth
in the Loan Agreement include, but not be limited to, the duties and obligations of the Borrowers under this Amendment, and (b)
“Loan Documents” shall, in addition to the definition set forth in the Loan Agreement include, but not be limited
to, this Amendment and the documents and instruments to be delivered pursuant to this Amendment.

 

(b)       Amended
and Restated Defined Terms. When used herein and in the Loan Agreement, the following terms shall have the following amended
and restated meaning:

 

 

 

 

    	 	1	 

     

    

 

“Applicable
Margin” means, for any day, the rate per annum set forth below, it being understood that the Applicable Margin for (i)
LIBOR Loans shall be the percentage set forth under the column “LIBOR Margin”, (ii) Base Rate Loans shall be the
percentage set forth under the column “Base Rate Margin”, (iii) the Non-Use Fee Rate shall be the percentage set forth
under the column “Non-Use Fee Rate” and (iv) the L/C Fee shall be the percentage set forth under the column “L/C
Fee Rate”:

 

	
        LIBOR

        Margin
	
        Base Rate

        Margin
	
        Non-Use

        Fee Rate
	
        L/C Fee

        Rate

	1.95%	-1.00	0.20%	0.20%

 

“Fixed
Charge Coverage Ratio” means, for any Computation Period, the ratio of (a) the total for such period of EBITDA minus
the sum of (i) income taxes paid in cash net of refunds received by the Loan Parties, (ii) all unfinanced Capital Expenditures
(excluding (A) up to $620,000 of unfinanced Capital Expenditures made during the Fiscal Quarter ended September 30, 2017 and were
made in connection with the acquisition of a packaging bundler for the Morton Grove Facility and (B) an additional $1,500,000 of
Capital Expenditures in the aggregate made between the date hereof and the Termination Date to the extent permitted hereunder),
(iii) cash distributions or dividends (to the extent permitted hereunder) and (iv) amounts paid to repurchase or redeem stock or
equity (excluding (A) amounts paid to repurchase or redeem stock or equity in connection with the Permitted 2017 Redemption Transaction
and (B) an additional $1,500,000 in the aggregate paid to repurchase or redeem stock or equity between the date hereof and the
Termination Date to the extent permitted hereunder) to (b) the sum for such period of (i) cash Interest Expense plus
(ii) management fees paid in cash if and to the extent permitted hereunder.

 

“LIBO
Rate” means a rate of interest equal to (i) the per annum rate of interest at which United States dollar deposits for
a period equal to the relevant Interest Period are offered in the London Interbank Eurodollar market at 11:00 A.M. (London time)
two (2) Business Days prior to the commencement of such Interest Period (or three (3) Business Days prior to the commencement of
such Interest Period if banks in London, England were not open and dealing in offshore United States dollars on such second preceding
Business Day), as displayed in the Bloomberg Financial Markets system (or other authoritative source selected by Lender
in its sole discretion), divided by (ii) a number determined by subtracting from 1.00 the then stated maximum reserve percentage
for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities
as defined in Regulation D (or any successor category of liabilities under Regulation D); provided, however, that in no event shall
the LIBO Rate be deemed less than 0.20%. If the Bloomberg Financial Markets system ceases to provide such quotes or a Governmental
Authority having jurisdiction over Lender has made a public statement identifying a specific date after which the LIBO Rate shall
no longer be made available or used for determining the interest rate of loans and such date has occurred, the LIBO Successor Rate
may be used by Lender. If on any date of determination more than one London interbank offered rate for the applicable Interest
Period appears in the Bloomberg Financial Markets system (or other authoritative source selected by Lender in its sole discretion),
the highest of such rates will be the rate used for such day. Lender's determination of the LIBO Rate shall be conclusive, absent
manifest error and shall remain fixed during such Interest Period.

 

“Prime
Rate” means, for any day, the rate of interest in effect for such day as announced from time to time by Lender as its
prime rate (whether or not such rate is actually charged by Lender), which is not intended to be Lender’s lowest or most
favorable rate of interest at any one time); provided, however, that in no event shall the Prime Rate be deemed less than 1.25%.
Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate. Any change in the Prime
Rate announced by Lender shall take effect at the opening of business on the day specified in the public announcement of such change;
provided that Lender shall not be obligated to give notice of any change in the Prime Rate.

 

 

 

 

    	 	2	 

     

    

 

“Revolving
Commitment” means $5,000,000 subject to Section 2.1.1. hereof. Annex A to the Loan Agreement is hereby
amended and restated in accordance with Annex A attached to this Amendment.

 

“Revolving
Loan Availability” means the Revolving Commitment.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website);
provided, however, that in no event shall SOFR be deemed less than 0.20%.

 

“Termination
Date” means the earlier to occur of (a) June 30, 2025, which date may be extended at the request of any Borrower with
the written consent of Lender without the need for any formal amendment hereto, or (b) such other date on which the Commitments
terminate pursuant to Section 5 or Section 13.2.

 

2.                Amendment
to Loan Agreement.

 

(a)              
Commencing the Effective Date, Section 2.1.1 of the Loan Agreement is amended and restated as follows:

 

2.1.1       Revolving
Commitment. Lender agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until
the Termination Date as Borrowers may request from Lender; provided that after giving effect to such Revolving Loans, the
Revolving Outstandings will not at any time exceed Revolving Loan Availability. The Borrowers shall have the right to increase
the Revolving Commitment to $10,000,000 by giving the Lender not less than sixty (60) days advance written notice of the Borrowers’
election to so increase the Revolving Commitment provided that (a) no Event of Default or Default has occurred and is continuing,
(b) the Borrowers execute and deliver to Lender a replacement Note in the amount of the increased Revolving Commitment (in substantially
the same form as the then existing Note), (c) Annex A to the Loan Agreement is amended to reflect the increased Revolving
Commitment, and (d) Lender, in its sole discretion, consents to such increase in the Revolving Commitment.

 

(b)              
Commencing the Effective Date, Section 10.1.6 of the Loan Agreement is amended and restated as follows:

 

10.1.6       Reserved.

 

(c)              
Commencing the Effective Date, a new Section 11.14.3 is inserted in the Loan Agreement immediately after Section
11.14.2 as follows:

 

11.14.3 Minimum Working Capital. The
sum of the value of Accounts and Inventory shall be greater $11,250,000.00, determined as of the end of each Fiscal Quarter based
on the financial statements delivered in respect of such Fiscal Quarter pursuant to Section 10.1 of the Loan Agreement commencing
the Fiscal Quarter ending December 31, 2020 and at the end of each Fiscal Quarter thereafter; provided, however, that compliance
with this Section 11.14.3 shall not be required in respect of any Fiscal Quarter during which there were no Revolving Outstandings.

 

(d)              
Commencing on the Effective Date, Exhibit C to the Loan Agreement is amended and restated as provided in Annex
1 to this Amendment.

 

 

 

 

    	 	3	 

     

    

 

(e)              
Except as specifically set forth herein, Note and the Loan Documents previously delivered by the Borrowers shall
remain in full force and effect and are hereby ratified and confirmed in all respects. The indebtedness evidenced by the Note is
continuing indebtedness of the Borrowers and nothing herein shall be deemed to constitute a payment, settlement or novation of
the Note, or to release or otherwise adversely affect any lien or security interest securing such indebtedness or any rights of
the Lender against any party primarily or secondarily liable for such indebtedness.

 

3.                 
Reserved.

 

4.                 
Representations and Warranties of Borrowers.

 

(a)              
The Recitals in this Amendment are true and correct in all respects.

 

(b)              
All representations and warranties of each Borrower in the Loan Agreement and in the other Loan Documents to which
each Borrower is a party are incorporated herein in full by this reference and are true and correct in all material respects as
of the date hereof, except to the extent that any such representation or warranty expressly relates to an earlier date.

 

(c)              
No Event of Default or Default has occurred and is continuing.

 

(d)              
Each Borrower has the power, and has been duly authorized by all requisite action, to execute and deliver this Amendment.
This Amendment has been duly executed by each Borrower.

 

(e)              
This Amendment is the legal, valid and binding obligation of each Borrower, enforceable against each Borrower and
each of the other Borrowers in accordance with their respective terms, except as such enforceability may be limited by any applicable
bankruptcy, insolvency, reorganization, moratorium, or similar law affecting creditors’ rights generally.

 

(f)               
The execution, delivery and performance of this Amendment do not and will not (i) violate any law, rule, regulation
or court order to which any of the Borrowers is subject; (ii) conflict with or result in a breach of the certificate of formation
or incorporation, bylaws, limited liability company agreement or other organizational documents of any of the Borrowers or any
other agreement or instrument to which it is party or by which the properties of any of the Borrowers is bound; or (iii) result
in the creation or imposition of any Lien on any property of any of the Borrowers, whether now owned or hereafter acquired, other
than Liens in favor of the Lender.

 

(g)              
No consent or authorization of, filing with or other act by or in respect of any Person is required in connection
with the execution, delivery or performance by each of the Borrowers, or the validity or enforceability, of this Amendment, or
the consummation of the transactions contemplated hereby.

 

5.                 
Conditions Precedent to Effectiveness. This Amendment shall be effective on the date when each of the following
conditions shall have been satisfied in the sole discretion of the Lender:

 

(a)              
Amendment. Each of the Borrowers and the Lender shall have delivered to the Lender executed counterparts of
this Amendment;

 

 

 

 

    	 	4	 

     

    

 

(b)              
Amended and Restated Note. The Borrowers shall have delivered to the Lender a Second Amended and Restated
Note in the form attached hereto as Exhibit A;

 

(c)              
Secretary and Manager Certificates.With respect to each Borrower (i) good standing certificates in its
state of incorporation (or formation) and in each other state requested by the Lender; and (ii) certification that the certificates
delivered by such Borrower on or about May 7, 2018, remain in full force and effect (it being understood that the Lender may conclusively
rely on each such certificate until formally advised by a like certificate of any changes therein), all certified by its secretary
or an assistant secretary or manager (or similar officer) as being in full force and effect without modification; and

 

(d)              
Other Documents. The Borrowers shall have delivered to the Lender such other agreements, certificates, instruments
and other documents as the Lender may reasonably request to accomplish the purposes of this Amendment.

 

6.              
Reference to and Effect on Loan Documents.

 

(a)              
Ratification. Except as specifically provided in this Amendment, the Loan Agreement and the other Loan Documents
shall remain in full force and effect and each Borrower hereby ratifies and confirms each such Loan Document.

 

(b)              
No Waiver. Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment
shall not operate as a waiver or forbearance of any right, power or remedy of either party under the Loan Agreement or any of the
other Loan Documents, or, except as expressly provided in herein, constitute a consent, waiver or modification with respect to
any provision of the Loan Agreement or any of the other Loan Documents. Upon the effectiveness of this Amendment each reference
in (a) the Loan Agreement to “this Agreement,” “hereunder,” “hereof,” or words of similar import
and (b) any other Loan Document to “the Agreement” shall, in each case and except as otherwise specifically stated
therein, mean and be a reference to the Loan Agreement as amended and modified hereby.

 

7.                 
Entire Agreement. This Amendment, including all annexes, exhibits, schedules and other documents incorporated
by reference herein or delivered in connection herewith, constitutes the entire agreement of the parties with respect to the subject
matter hereof and supersedes all other understandings, oral or written, with respect to the subject matter hereof.

 

8.                 
Fees and Expenses. As provided in the Loan Agreement, the Borrowers agree to pay on demand all reasonable
fees, costs and expenses incurred by the Lender in connection with the preparation, execution and delivery of this Amendment.

 

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

 

10.             
Conflict of Terms. Except as otherwise provided in this Amendment, if any provision contained in this Amendment
is in conflict with, or inconsistent with, any provision in any of the other Loan Documents, the provision contained in this Amendment
shall govern and control.

 

 

 

 

    	 	5	 

     

    

 

11.             
Successors and Assigns. This Amendment shall inure to the benefit of and be binding upon the successors and
permitted assigns of the Lender and shall be binding upon the successors and assigns of each Borrower.

 

12.             
Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed to
be an original, but all of which taken together shall be one and the same instrument. Signature pages may be detached from multiple
separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Amendment by facsimile
transmission or electronic transmission (such as fax or e-mail) shall be as effective as delivery of a manually executed counterpart
thereof.

 

13.             
Headings. The paragraph headings used in this Amendment are for convenience only and shall not affect the
interpretation of any of the provisions hereof.

 

14.             
Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS
SET FORTH IN THE CREDIT AGREEMENT.

 

15.             
Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE
OF ILLINOIS OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS; PROVIDED THAT NOTHING IN THIS AMENDMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE THE LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION. THE
PARTIES HEREBY EXPRESSLY AND IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS AND OF THE UNITED STATES
DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. EACH OF THE PARTIES
FURTHER CONSENTS TO THE SERVICE OF PROCESS IN THE MANNER SET FORTH IN THE LOAN AGREEMENT. EACH OF THE PARTIES HEREBY EXPRESSLY
AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.

 

16.             
Waiver of Jury Trial. THE LENDER AND EACH OF THE BORROWERS, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY
TO CONSULT WITH COUNSEL, EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE IRREVOCABLY, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION
OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AMENDMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT, ANY OF THE OTHER OBLIGATIONS,
THE COLLATERAL, OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION
HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND EACH AGREE
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. THIS PROVISION IS A MATERIAL INDUCEMENT
FOR THE LENDER ENTERING INTO THIS AMENDMENT.

 

 

 

 

 

    	 	6	 

     

    

 

17.             
Release of Claims. In consideration for entering into this agreement, the sufficiency of which is acknowledged,
and excepting only the contractual obligations respecting future performance by the Lender arising under the Loan Agreement and
the Loan Documents, each of the Borrowers hereby irrevocably releases and forever discharges the Lender and each of its affiliates,
subsidiaries, successors, assigns, directors, officers, employees, agents, representatives and attorneys (each, a “Released
Person”) of and from all damages, losses, claims, demands, liabilities, obligations, actions and causes of action whatsoever
which such Borrowers may now have or claim to have on and as of the date hereof against any Released Person, whether presently
known or unknown, liquidated or unliquidated, suspected or unsuspected, contingent or non-contingent, and of every nature and extent
to the extent arising out of, under or from the Loan Agreement, Loan Documents and related transactions (collectively, “Claims”).
Each Borrower jointly and severally represents and warrants to the Lender that it has not granted or purported to grant to any
other Person any interest whatsoever in any Claim, as security or otherwise. The Borrowers shall jointly and severally indemnify,
defend and hold harmless each Released Person from and against any and all Claims and any loss, cost, liability, damage or expense
(including reasonable attorneys’ fees and expenses) incurred by any Released Person in investigating, preparing for, defending
against, providing evidence or producing documents in connection with or taking other action in respect of any commenced or threatened
Claim.

 

EACH BORROWER
AGREES TO ASSUME THE RISK OF ANY AND ALL UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES, CLAIMS, CONTRACTS, LIABILITIES, INDEBTEDNESS
AND OBLIGATIONS WHICH ARE RELEASED, WAIVED AND DISCHARGED BY THIS AMENDMENT. EACH BORROWER HEREBY WAIVES AND RELINQUISHES ALL RIGHTS
AND BENEFITS WHICH IT MIGHT OTHERWISE HAVE UNDER ANY CIVIL CODE OR ANY SIMILAR LAW, TO THE EXTENT SUCH LAW MAY BE APPLICABLE, WITH
REGARD TO THE RELEASE OF SUCH UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES, CLAIMS, CONTRACTS, LIABILITIES, INDEBTEDNESS AND
OBLIGATIONS. TO THE EXTENT THAT SUCH LAWS MAY BE APPLICABLE, EACH BORROWER WAIVES AND RELEASES ANY RIGHT OR DEFENSE WHICH IT MIGHT
OTHERWISE HAVE UNDER ANY OTHER LAW OR ANY APPLICABLE JURISDICTION WHICH MIGHT LIMIT OR RESTRICT THE EFFECTIVENESS OR SCOPE OF ANY
OF THEIR WAIVERS OR RELEASES HEREUNDER.

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed as of the date first written above.

 

 

	 	THE LENDER:
	 	 
	 	CIBC BANK USA FORMERLY KNOWN
AS THE PRIVATE BANK AND TRUST COMPANY
	 	 
	 	By: /s/ Christopher M. Trimbach, Managing
Director – Commercial Banking
	 	Authorized Officer

 

 

THE BORROWERS:

 

Lifeway
Foods, Inc.

 

 

By: /s/Julie Smolyansky                                       

Name and Title: Julie Smolyansky, Chief Executive Officer

 

 

Fresh
Made, Inc. 

 

 

By: /s/Julie Smolyansky                                       

Name and Title: Julie Smolyansky, Chief Executive Officer

 

 

THE
LIFEWAY KEFIR SHOP LLC

 

 

By: /s/Julie Smolyansky                                       

Name and Title: Julie Smolyansky, Manager

 

 

LIFEWAY
WISCONSIN, INC.

 

 

By: /s/Julie Smolyansky                                       

Name and Title: Julie Smolyansky, Chief Executive Officer

 

 

 

 

 

    	 	8	 

     

    

 

AMENDED AND RESTATED ANNEX A

 

COMMITMENTS

 

 

 

	
         

        Lender
	
        Revolving

        Commitment Amount

	
         

        CIBC Bank USA

         
	
         

        $5,000,000.00

	
         

        TOTALS
	
         

        $5,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9	 

     

    

 

EXHIBIT A

 

FORM OF SECOND AMENDED AND RESTATED

NOTE

 

September [__], 2020

	$5,000,000.00	Chicago, Ilinois

 

The undersigned, for
value received, promises to pay to the order of CIBC Bank USA (“Lender”) and its registered assigns at its principal
office in Chicago, Illinois the aggregate unpaid amount of all Loans made to the undersigned by Lender pursuant to the Loan and
Security Agreement referred to below (as shown on the schedule attached hereto (and any continuation thereof) or in the records
of Lender), such principal amount to be payable on the dates set forth in the Loan and Security Agreement.

 

The undersigned further
promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such Loan is paid in full,
payable at the rate(s) and at the time(s) set forth in the Loan and Security Agreement. Payments of both principal and interest
are to be made in lawful money of the United States of America.

 

This Note evidences
indebtedness incurred under, and is subject to the terms and provisions of, the Amended and Restated Loan and Security Agreement,
dated as of May 7, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan and Security
Agreement”; terms not otherwise defined herein are used herein as defined in the Loan and Security Agreement), between
the undersigned and Lender, to which Loan and Security Agreement reference is hereby made for a statement of the terms and provisions
under which this Note may or must be paid prior to its due date or its due date accelerated.

 

This Note is made under
and governed by the laws of the State of Illinois applicable to contracts made and to be performed entirely within such State.

 

This Note amends, restates
and replaces in its entirety that certain First Amended and Restated Note dated March 31, 2019 executed and delivered by the undersigned
in favor of the Lender pursuant to the Loan Agreement (collectively, the “Prior Note”). Neither execution of
this Note by the undersigned nor cancellation of the Prior Note by the Lender shall be deemed or construed as a novation of the
obligations of the undersigned evidenced by the Prior Note, all of which shall be and remain in full force and effect and evidenced
by this Note.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

 

 

    	 	10	 

     

    

 

	 	Lifeway
Foods, Inc.
	 	 
	 	By: /s/Julie Smolyansky                                 
	 	Name and Title: Julie Smolyansky, Chief Executive Officer
	 	 
	 	 
	 	Fresh
Made, Inc. 
	 	 
	 	By: /s/Julie Smolyansky                                 
	 	Name and Title: Julie Smolyansky, Chief Executive Officer
	 	 
	 	 
	 	THE LIFEWAY KEFIR SHOP LLC
	 	 
	 	By: /s/Julie Smolyansky                                 
	 	Name and Title: Julie Smolyansky, Chief Executive Officer
	 	 
	 	 
	 	LIFEWAY WISCONSIN, INC.
	 	 
	 	By: /s/Julie Smolyansky                                 
	 	Name and Title: Julie Smolyansky, Chief Executive
	 	 
	 	 
	 	 

 

  

 

    	 	11

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