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EXHIBIT 10.3

CHANGE IN CONTROL AGREEMENT

This Change in Control Agreement (the “Agreement”) is made as of the 30th day of December, 2021 (the “Effective Date”), by and between Hillenbrand, Inc., an Indiana corporation (the “Company”), and Kimberly K. Ryan (the “Executive”).

WHEREAS, the Company considers it essential to the best interests of its shareholders to foster continuous employment by the Company and its subsidiaries of their key management personnel;

WHEREAS, the Compensation and Management Development Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company has recommended, and the Board has approved, that the Company enter into Change in Control Agreements with key executives of the Company and its subsidiaries who are from time to time designated by the management of the Company and approved by the Committee; and

WHEREAS, the Board believes it is in the best interests of the Company and its shareholders that in the event of any proposed Change in Control (as defined below) Executive be in a position to provide assessment and advice to the Board regarding any proposed Change in Control without concern that Executive might be unduly distracted by the personal uncertainties and risks created by any proposed Change in Control;

NOW, THEREFORE, the Company and Executive agree as follows:

1.        Effectiveness.  The terms and conditions of this Agreement shall become effective commencing on the Effective Date.  The Company and Executive acknowledge and agree that, as of the Effective Date, any prior Change in Control Agreement between the Company and Executive is hereby terminated in its entirety and considered null and void.

2.       Termination following a Change in Control.  After the occurrence of a Change in Control, the Company will provide or cause to be provided to Executive the rights and benefits described in Section 3 hereof in the event that Executive’s employment with the Company and its subsidiaries is terminated:

(a)        by the Company or its subsidiaries (or its or their successors) for any reason other than for death, permanent disability or Cause (as defined below) at any time prior to the second anniversary of a Change in Control; or

(b)        by Executive for Good Reason (as defined below) at any time prior to the second anniversary of a Change in Control. 

Anything in this Agreement to the contrary notwithstanding, if a Change in Control occurs and if the Executive’s employment with the Company is terminated by the Company other than for death, permanent disability or Cause, or by Executive for Good Reason, prior to the date on which the Change in Control occurs, and if it is reasonably demonstrated by Executive that such termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or anticipation of a Change in Control which subsequently occurs within three 
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months of such termination, then for purposes of this Agreement a Change in Control shall be deemed to have occurred on the day immediately prior to such termination of employment, and all references in Section 3 to payments within a specified period as allowed by law following “Termination” shall instead be references to the specified period following the Change in Control.

The rights and benefits described in Section 3 hereof shall be in lieu of any severance or similar payments otherwise payable to Executive under any employment agreement or severance plan or program of the Company or any of its subsidiaries but shall not otherwise affect Executive’s rights to compensation or benefits under the Company’s compensation and benefit programs except to the extent expressly provided herein. 

3.         Rights and Benefits Upon Termination.  

In the event of the termination of Executive’s employment under any of the circumstances set forth in Section 2 hereof (“Termination”), the Company shall provide or cause to be provided to Executive the following rights and benefits, provided that Executive executes and delivers to the Company within 45 days of the Termination a release (“Release”) in a form reasonably acceptable to the Company:

(a)        a lump sum payment in cash in the amount of three times the sum of (x) Executive’s Annual Base Salary (as defined below), plus (y) the Executive’s Target Short-Term Incentive, payable (i) on the date which is six months following Termination, if the Executive is a “specified employee” as defined in Code Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (“Code”) (Section 409A of the Code is hereunder referred to as “Section 409A”), and the Treasury Regulations promulgated thereunder (to the extent required in order to comply with Section 409A); or (ii) on the next regularly scheduled payroll following the earlier to occur of fifteen (15) days from the Company’s receipt of an executed Release or the expiration of sixty (60) days after Executive’s Termination, if Executive is not such a “specified employee” (or such payment is exempt from Section 409A); provided, however, that if the before-stated sixty (60) day period ends in a calendar year following the calendar year in which the sixty (60) day period commenced, then any benefits not subject to clause (i) shall only begin on the next regularly scheduled payroll following the expiration of sixty (60) days after the Executive’s Termination;

(b)        for the 36 months following Termination, continued health and medical insurance coverage for Executive and Executive’s dependents substantially comparable (with regard to both benefits and employee contributions) to the coverage provided by the Company immediately prior to the Change in Control for active employees of equivalent rank.  From the end of such 36 month period until Executive attains Social Security Retirement Age, Executive shall have the right to purchase (at COBRA rates applicable to such coverage) continued coverage for Executive and Executive’s dependents under one or more plans maintained by the Company for its active employees, to the extent Executive would have been eligible to purchase continued coverage under the plan in effect immediately prior to the Change in Control had Executive’s employment terminated 36 months following Termination.  The payment of any health or medical claims for the health and medical coverage provided in this subparagraph (b) shall be made to the Executive as soon as administratively practicable after the Executive has provided the appropriate claim documentation, but in no event shall the payment for any such 
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health or medical claim be paid later than the last day of the calendar year following the calendar year in which the expense was incurred.  Notwithstanding anything herein to the contrary, to the extent required by Section 409A:  (i) the amount of medical claims eligible for reimbursement or to be provided as an in-kind benefit under this Agreement during a calendar year may not affect the medical claims eligible for reimbursement or to be provided as an in-kind benefit in any other calendar year, and (ii) the right to reimbursement or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit; 

(c)        a lump sum payment in cash, payable within sixty (60) days after Termination, equal to all reimbursable business expenses and similar miscellaneous benefits as of the Termination; provided, however, that to the extent that any such miscellaneous benefits are subject to Section 409A, such benefits shall be paid in one lump sum (i) on the date which is six months following Termination, if the Executive is a “specified employee” as defined in Code Section 409A(a)(2)(b)(i), or (ii) on the next regularly scheduled payroll following the earlier to occur of fifteen (15) days from the Company’s receipt of an executed Release or the expiration of sixty (60) days after Executive’s Termination, if Executive is not such a “specified employee”; provided, however, that if the before-stated sixty (60) day period ends in a calendar year following the calendar year in which the sixty (60) day period commenced,  then any benefits not subject to clause (i) shall only begin on the next regularly scheduled payroll following the expiration of sixty (60) days after the Executive’s Termination; 

(d)       a lump sum payment in cash equal to the amount of Short-Term Incentive Compensation payable to Executive for the fiscal year or other performance period that includes the date of the Termination, calculated based on the greater of (i) an assumed achievement of all relevant performance goals at their “target” level, or (ii) the actual level of achievement of all relevant performance goals against target measured through the date immediately prior to the date of Termination (or as close to such date as administratively practicable), and pro-rated based on the number of days in the applicable fiscal year or other performance period through (and including) the date of Termination.

(e)        accelerated vesting in full of all outstanding awards held by Executive under the Company’s Stock Incentive Plan, with any such awards with respect to which the number of shares of common stock of the Company earned depends upon performance calculated as follows: (i) for awards granted prior to February 11, 2021, an assumed achievement of all relevant performance goals at their “target” level, and (ii) for awards granted on or after February 11, 2021, the greater of (A) an assumed achievement of all relevant performance goals at their “target” level, or (B) the actual level of achievement of all relevant performance goals against target measured through the date immediately prior to the Change in Control (or as close to such date as administratively practicable); provided, that if the Change in Control involves a merger, acquisition or other corporate restructuring in which the Company is not the surviving entity (or survives as a subsidiary of another entity) (an “Acquisition”), then, in lieu of any such shares of common stock of the Company as described above, Executive shall be entitled to receive consideration equal to that which Executive would have received had the Termination occurred (and, thus, the rights and benefits set forth above been realized) immediately prior to the Acquisition; and provided further, that the Company shall in any case have the right to substitute cash for shares of common stock of the Company or consideration in an amount equal to the fair market value of such shares or consideration as reasonably determined by the Company.
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Any distribution to be made under Section 3(d) or (e) shall be made no later than two and one half months following Executive’s Termination, except to the extent otherwise required in order to comply with Section 409A. 

4.         Adjustments to Payments.

(a)        If any payment or benefit Executive would receive pursuant to this Agreement or otherwise, including accelerated vesting of any equity compensation (all such payments and/or benefits hereinafter, “Payment”), would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either (x) provided to the Executive in full, or (y) provided to the Executive to such lesser extent which would result in no portion of such Payment being subject to the excise tax, further reduced by $5,000 (including such further reduction, the “Cutback Amount”), whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, such excise tax and other applicable taxes, (all computed at the highest applicable marginal rates), results in the receipt by the Executive, on an after-tax basis, of the greatest amount of the Payment, notwithstanding that all or a portion of such Payment may be subject to the excise tax.  If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Cutback Amount, reduction shall occur in the following order: (A) cash payments shall be reduced first and in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (B) accelerated vesting of performance-based equity awards shall be cancelled or reduced next and in the reverse order of the date of grant for such awards (i.e., the vesting of the most recently granted awards will be reduced first), with full-value awards reduced before any performance-based stock option or stock appreciation rights are reduced; (C) health and welfare benefits shall be reduced and in reverse chronological order such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced; and (D) accelerated vesting of time-based equity awards shall be cancelled or reduced last and in the reverse order of the date of grant for such awards (i.e., the vesting of the most recently granted awards will be reduced first), with full-value awards reduced before any time-based stock option or stock appreciation rights are reduced.

(b)        The Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder and perform the foregoing calculations.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.  The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which right to a Payment is triggered (if requested at that time by the Company or Executive).  Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive.

5.         Section 409A Acknowledgement.

            Executive acknowledges that Executive has been advised of Section 409A, which has significantly changed the taxation of nonqualified deferred compensation plans and 
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arrangements.  Under proposed and final regulations as of the date of this Agreement, Executive has been advised that Executive’s severance pay and other Termination benefits may be treated by the Internal Revenue Service as “nonqualified deferred compensation,” subject to Section 409A.  In that event, several provisions in Section 409A may affect Executive’s receipt of severance compensation, including the timing thereof.  These include, but are not limited to, a provision which requires that distributions to “specified employees” (as defined in Section 409A) on account of separation from service may not be made earlier than six months after the effective date of separation.  If applicable, failure to comply with Section 409A can lead to immediate taxation of such deferrals, with interest calculated at a penalty rate and a 20% excise tax.  As a result of the requirements imposed by the American Jobs Creation Act of 2004, Executive agrees that if Executive is a “specified employee” at the time of Executive’s termination and if severance payments are covered as “nonqualified deferred compensation” or otherwise not exempt, such severance pay (and other benefits to the extent applicable) due Executive at time of termination shall not be paid until a date at least six months after Executive’s effective termination date.  Executive acknowledges that, notwithstanding anything contained herein to the contrary, both Executive and the Company shall each be independently responsible for accessing their own risks and liabilities under Section 409A that may be associated with any payment made under the terms of this Agreement which may be deemed to trigger Section 409A.  To the extent applicable, Executive understands and agrees that Executive shall have the responsibility for, and Executive agrees to pay, any and all appropriate income tax or other tax obligations for which Executive is individually responsible and/or related to receipt of any benefits provided in this Agreement.  Executive agrees to fully indemnify and hold the Company harmless for any taxes, penalties, interest, cost or attorneys’ fee assessed against or incurred by the Company on account of such benefits having been provided to Executive or based on any alleged failure to withhold taxes or satisfy any claimed obligation.  Executive understands and acknowledges that neither the Company, nor any of its employees, attorneys or other representatives, has provided or will provide Executive with any legal or financial advice concerning taxes or any other matter, and that Executive has not relied on any such advice in deciding whether to enter into this Agreement.  Notwithstanding any provision of this Agreement to the contrary, to the extent that any payment under the terms of this Agreement would constitute an impermissible acceleration of payments under Section 409A or any regulations or Treasury guidance promulgated thereunder, such payments shall be made no earlier than at such times allowed under Section 409A.  If any provision of this Agreement (or of any award of compensation) would cause Executive to incur any additional tax or interest under Section 409A or any regulations or Treasury guidance promulgated thereunder, the Company or its successor may reform such provision; provided that it will (i) maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Section 409A and (ii) notify and consult with Executive regarding such amendments or modifications prior to the effective date of any such change.

6.    Non-Competition; Non-Solicitation.  In the event that upon a Termination, Executive receives any of the rights and benefits described in Section 3 hereof, then during the period beginning on such Termination and ending three years thereafter:

(a)        Executive will not, unless acting as an employee of the Company or any of its affiliated companies or with the prior written consent of the Company, directly or indirectly, own, manage, operate, finance, join, control or participate in the ownership, management, operation, financing or control of, or be connected in a competitive capacity as an 
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officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit Executive’s name to be used in connection with, any business or enterprise that (i) is engaged in the business of designing, engineering, manufacturing, marketing, selling or distributing any products or services that compete with, or are a functional equivalent of or alternative for, any of the products or services designed, engineered, manufactured, marketed, sold or distributed by the Company or any of its affiliated companies within the year prior to the Termination or that the Company or any of its affiliated companies are about to so do at the time of such Termination (the “Competing Products”), and (ii) is engaged in any such activities within any state of the United States or the District of Columbia or any other country in which the Company or any of its affiliated companies engages in or is about to engage in any of such activities; and

(b)        Executive will not, unless acting as an employee of the Company or any of its affiliated companies or with the prior written consent of the Company, (i) call on or solicit, either directly or indirectly, for any purposes involving the designing, engineering, manufacturing, marketing, selling, purchasing or distributing of any Competing Products, any person, firm, corporation or other entity who or which is or had been, at the time of or within two years prior to the Termination, a customer of the Company or any of its affiliated companies, or (ii) knowingly solicit for employment, or otherwise for the providing of advice or services, any person who is an employee of the Company or any of its affiliated companies or who was such an employee within six months prior to such Termination.

The provisions of Section 6(a) shall not prohibit Executive from owning not more than one percent (1%) of the outstanding stock or other corporate security of a company that is traded or quoted on a national securities exchange or national market system

7.     Definitions.  As used in this Agreement, the following terms shall have the following meanings:

(a)        “Annual Base Salary” means the annualized amount of Executive’s rate of base salary in effect immediately before the Change in Control or such higher rate as may be in effect at any time on or after the Change in Control.

(b)        “Cause” shall have the same meaning set forth in any current employment agreement that the Executive has with the Company or any of its subsidiaries.

(c)        A “Change in Control” shall be deemed to occur on: 

(i)         the date that any person, corporation, partnership, syndicate, trust, estate or other group acting with a view to the acquisition, holding or disposition of securities of the Company, becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of securities of the Company representing 35% or more of the voting power of all securities of the Company having the right under ordinary circumstances to vote at an election of the Board (“Voting Securities”), other than by reason of (x) the acquisition of securities of the Company by the Company or any of its 
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Subsidiaries or any employee benefit plan of the Company or any of its Subsidiaries, or (y) the acquisition of securities of the Company directly from the Company;

(ii)      the consummation of a merger or consolidation of the Company with another corporation unless 

(A) the shareholders of the Company, immediately prior to the merger or consolidation, beneficially own, immediately after the merger or consolidation, shares entitling such shareholders to 50% or more of the voting power of all securities of the corporation surviving the merger or consolidation having the right under ordinary circumstances to vote at an election of directors in substantially the same proportions as their ownership, immediately prior to such merger or consolidation, of Voting Securities of the Company; 

(B) no person, corporation, partnership, syndicate, trust, estate or other group beneficially owns, directly or indirectly, 35% or more of the voting power of the outstanding voting securities of the corporation resulting from such merger or consolidation except to the extent that such ownership existed prior to such merger or consolidation; and 

(C) the members of the Company’s Board, immediately prior to the merger or consolidation, constitute, immediately after the merger or consolidation, a majority of the board of directors of the corporation issuing cash or securities in the merger;

(iii)      the date on which individuals who at the beginning of the 24-month period ending on such date constituted the entire Board (“Current Directors”) shall cease for any reason to constitute a majority of the Board, unless the nomination or election of each new director was approved by a majority vote of the Current Directors;

(iv)    the consummation of a sale or other disposition of all or substantially all (i.e., 50% or more) of the assets of the Company in one transaction or a series of transactions within any period of 12 consecutive months; or

(v)        the date of approval by the shareholders of the Company of a plan of complete liquidation of the Company.

(f)    “Good Reason” shall have the same meaning set forth in any current employment agreement that the Executive has with the Company or any of its subsidiaries. 

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(g)      “Short-Term Incentive Compensation” means the Incentive Compensation payable under the Short-Term Incentive Compensation Program, or any successor or other short-term incentive plan or program.

(h)        “Target Short-Term Incentive” means the higher of (i) the target Incentive Compensation opportunity under the Short-Term Incentive Compensation Program applicable to Executive as in effect immediately prior to the Change in Control, provided that if no target Incentive Compensation opportunity has been established for the year or other performance period in which the Change in Control occurs, as in effect for the year or other performance period immediately preceding the year in which the Change in Control occurs, or (ii) the target Incentive Compensation opportunity under the Short-Term Incentive Compensation Program applicable to Executive as in effect any time after the Change in Control.

8.         Notice.  

(a)        Any discharge or termination of Executive’s employment pursuant to Section 2 shall be communicated in a written notice to the other party hereto setting forth the effective date of such discharge or termination (which date shall not be more than 30 days after the date such notice is delivered) and, in the case of a discharge for Cause or a termination for Good Reason the basis for such discharge or termination.

(b)        For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed (i) in the case of Executive, to the last address the Company has on file; or (ii) in the case of the Company, to One Batesville Boulevard, Batesville, Indiana 47006, provided that all notices to the Company shall be directed to the attention of the Board with a copy to the General Counsel, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

9.      No Duty to Mitigate.  Executive is not required to seek other employment or otherwise mitigate the amount of any payments to be made by the Company pursuant to this Agreement.

10.       Assignment.

(a)        This Agreement is personal to Executive and shall not be assignable by Executive other than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.

(b)        This Agreement shall inure to the benefit of and be binding upon the Company and its successors.  The Company shall require any successor to all or substantially all of the business and/or assets of the Company, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise, to expressly assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it if no such succession had taken place.

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11.      Arbitration.  Any dispute or controversy arising under, related to or in connection with this Agreement shall be settled exclusively by arbitration before a single arbitrator in Indianapolis, Indiana, in accordance with the Commercial Arbitration Rules of the American Arbitration Association.  The arbitrator’s award shall be final and binding on all parties to this Agreement.  Judgment may be entered on an arbitrator’s award in any court having competent jurisdiction.

12.       Integration. As of the Effective Date, this Agreement supersedes and replaces any oral or written agreements or understandings in respect of the matters addressed hereby.  To the extent the terms or conditions of any equity award grant instrument conflict with the terms of this Agreement, the terms of this Agreement shall govern. 
 
13.       Amendment.  This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.  
 
14.       Severability.   The  invalidity  or  unenforceability  of  any  provision  of  this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

15.       Withholding.  The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

16.       Governing Law.  This  Agreement  shall be  governed  by  and  construed  in accordance with the laws of the State of Indiana without reference to principles of conflict of laws.

17.       Attorney’s Fees.  If any legal proceeding (whether in arbitration, at trial or on appeal) is brought under or in connection with this Agreement, each party shall pay its own expenses, including attorneys’ fees.

18.       Term of Agreement.  The term of this Agreement shall be one year commencing on the date hereof; provided however, that this Agreement shall be automatically renewed for successive one-year terms commencing on each anniversary of the date of this Agreement unless the Company shall have given notice of non-renewal to Executive at least 30 days prior to the scheduled termination date; and further provided that notwithstanding the foregoing, (i) this Agreement shall not terminate within two years after a Change in Control, or  during any period of time when a transaction which would result in a Change in Control is pending or under consideration by the Board, and (ii) Section 6 hereof shall survive termination.  The termination of this Agreement shall not adversely affect any rights to which Executive has become entitled prior to such termination. 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the day and year first above set forth.
HILLENBRAND, INC.

By: /s/ Nicholas R. Farrell

Name: Nicholas R. Farrell 
Title: Senior Vice President, General Counsel,
Secretary & Chief Compliance Officer

EXECUTIVE

/s/ Kimberly K. Ryanex_331009.htm

Exhibit 4.5

 

 The tru Shrimp Company

 

UNSECURED CONVERTIBLE NOTE PURCHASE AGREEMENT

 

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER SECURITIES AUTHORITIES. THEY ARE BEING OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE ACT. THEY MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION TO THE REGISTRATION REQUIREMENTS OF THOSE SECURITIES LAWS.

 

THIS NOTE PURCHASE AGREEMENT DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE, ANY OF THE SECURITIES DESCRIBED HEREIN BY OR TO ANY PERSON IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY U.S. OR OTHER SECURITIES AUTHORITIES, NOR HAVE SUCH AUTHORITIES REVIEWED OR DETERMINED THE ACCURACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

 

INVESTMENT IN THESE SECURITIES INVOLVES A HIGH DEGREE OF RISK. INVESTORS MUST RELY ON THEIR OWN ANALYSIS OF THE INVESTMENT AND ASSESSMENT OF THE BUSINESS, TAX AND OTHER RISKS INVOLVED.

 

This Unsecured Convertible Note Purchase Agreement (this “Agreement”) is entered into as of September 8th, 2021 (“Effective Date”), by The trū Shrimp Company, a Delaware corporation (the “Company”) and the Person listed at the signature page (the “Purchaser”).

 

The Company is selling up to $10,000,000 principal amount of Unsecured Convertible Notes (each a “Note” and collectively the “Notes”) in the form attached as Exhibit A, in this offering of Notes (“Offering”). This sale of a Note to Purchaser is part of that Offering. The Notes are unsecured notes. The Notes bear interest at a rate of six (6%) percent per annum, simple interest, and have a maturity date of September 30, 2024 (“Maturity Date”) unless converted before the maturity date.

 

The Notes will convert on the same terms and conditions and upon the closing of a Qualified Offering into the Company or, if no such Qualified Offering occurs, at the Maturity Date without a Qualified Offering. A Qualified Offering is defined as an offering of at least $15,000,000 of equity or debt securities. A Qualified Offering could be in the form of a preferred stock offering, a public offering of common stock, the acquisition or merger of the company with another company, including a SPAC, or other private securities transaction. If there is no Qualified Financing upon the Promissory Notes reaching the Maturity Date, the Notes will convert at the offering price of the most recently closed offering on a common stock equivalent basis.

 

As of October 31, 2021, 12,115,285 shares of Common Stock are issued and outstanding, along with one (1) Series X Preferred Stock issued and outstanding. In addition, there are also 662,434 Stock Options and 740,452 Stock Warrants to purchase Common Stock that are issued and outstanding.

 

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At the commencement of this Offering there is an additional Convertible Note in the principal amount of $6,830,226, accruing interest at the rate of 2% per annum, simple interest. This Note is convertible at a later date based on future events.

 

At the commencement of this Offering, there are two additional and concurrent $15,000,000 Common Stock Offerings. The first is an equity offering at $9.33 per share in which Stock Warrants are available for the investor. The second is an equity offering at $9.33 per share in which 70% of the proceeds will be held in an escrow until closing has occurred on the necessary financing for the construction of Madison Bay Harbor and operations of the Company until that Harbor is operational. There are no Stock Warrants issued under the second equity offering.

 

The Company has prepared and made available to the Purchaser (i) the Company’s Confidential Information Memorandum dated as of April 29, 2021, and (ii) a digital Due Diligence Folder, if requested by the Investor (together, the “Disclosure Documents”) in addition to the capitalization disclosures above.

 

The Company wishes to sell to Purchaser, and Purchaser wishes to purchase from Company, a Note in principal amount stated at Schedule A to this Agreement, to purchase the number of shares of Common Stock as listed at Schedule A.

 

NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties agree as follows:

 

1.           Sale and Purchase of Notes.

 

1.1          Sale and Purchase.  On the date hereof on the terms and subject to the conditions set forth herein, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, a Note in the principal amount set forth opposite the Purchaser’s name on Schedule A, at the purchase price (“Purchase Price”) stated on Schedule A to purchase the number of shares of Company Common Stock stated on Schedule A.

 

1.2          Closing; Delivery. The closing of the sale and purchase of the Notes under this Agreement (the “Closing”) shall take place at a location designated by the Company on the date hereof contemporaneously with the execution and delivery of this Agreement by the Company (such date, the “Closing Date”). At the Closing, on the terms and subject to the conditions hereof, the Company shall deliver to the Purchaser a Note in the principal amount set forth opposite such Purchaser’s name on Schedule A, against payment of the Purchase Price set forth on Schedule A in the form of immediately available federal funds, certified or official bank check and/or by another method acceptable to the Company.

 

1.3          No Escrow; No Minimum Offering Amount. There is no independent escrow for this Offering, nor is there a minimum aggregate amount of Notes required to be purchased for the Closing to occur. When the Company accepts this Purchase Agreement, the Company will promptly deposit the Purchase Price into its bank account and issue the Note to the Purchaser.

 

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2.         Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and consummate the transactions contemplated hereby, including, without limitation, to purchase the Notes, the Company hereby represents and warrants to the Purchaser as follows:

 

2.1          The Company is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has the corporate power and authority and the legal right to own and operate its properties and to conduct the business in which it is currently engaged.

 

 

2.2          The Company has the power and authority and the legal right to execute and deliver, and to perform its obligations under, this Agreement, the Note, and to issue the Common Stock issuable on conversion of the Note (“Conversion Stock”) and has taken all necessary corporate action to authorize such execution, delivery and performance.

 

2.3          This Agreement, the Notes constitute legal, valid and binding obligations of the Company enforceable in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

3.          Representations of Purchaser; Limitations on Disposition. Purchaser hereby represents and warrants to the Company as follows (for purposes of this Agreement, the term “Securities” is sometimes used to refer to the Notes and the Conversion Stock):

 

3.1         Accredited Investor. Purchaser is an “accredited investor” as that term is defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended (“Securities Act”), because the Investor is one of the following:

 

(a) a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act acting in either an individual or fiduciary capacity.

(b) an insurance company as defined in Section 2(13) of the Securities Act.

(c) an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that act.

(d) a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

(e) a plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000.

(f) an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, and the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company or registered investment advisor, or an employee benefit plan having total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.

 

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(g) a private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

(h) an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, corporation, Massachusetts or similar business trust, or partnership not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000.

(i) any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.

(j) a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934.

(k) an entity not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000.

(l) an entity, all of whose equity owners are “accredited investors”

(m) a “family office” as defined in rule 202(a)(11)(g)-1 under the Investment Advisors Act of 1940: (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluation the merits and risks of the prospective investment;

(n) a “family client,” as defined in rule 202(a)(11)(g)-1 under the Investment Adviser’s Act of 1940, of a family office meeting the requirements in section (m) above whose prospective investment in the issuer is directed by such family office.

(o) an individual, who:

(i) is a director, executive officer or general partner of the issuer of the securities being offered or sold or a director, executive officer or general partner of a general partner of that issuer.

(ii) has an individual net worth, or joint net worth with that person's spouse, at the time of his purchase exceeding $1,000,000.

(iii) had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.

(iv) holds in good standing one or more professional certifications from an accredited educational institution that the Commission has designated as qualifying an individual for accredited investor status.

(v) is a “knowledgeable employee” as defined in rule 3c-5(a)(4) under the Investment Company Act of the issuer of the securities being offered or sold here the issue would be an investment company as defined in section 3 of such act but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act.

 

3.2         Investment Experience. The Purchaser has such knowledge and experience in financial and business matters that Purchaser is capable of evaluating the merits and risks of the prospective investment, which are substantial, and has in fact evaluated such merits and risks in making his investment decision to purchase the Securities. The Purchaser, by virtue of Purchaser's business and financial expertise, has the capacity to protect Purchaser's own interest in connection with this transaction, or has consulted with tax, financial, legal or business advisors as to the appropriateness of an investment in the Securities. Purchaser has not been organized for the purpose of investing in Securities of the Company, although such investment is consistent with its purposes.

 

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3.3         No Distributor, Dealer or Underwriter. Purchaser is not a distributor or dealer of the Securities. Purchaser is not taking the Securities with the intent to make a distribution of the Securities, as such terms are defined in the Act and the Securities Exchange Act of 1934 (the “1934 Act”).

 

3.4         Investment Intent. The Purchaser is acquiring the Securities for Purchaser's own account and for investment purposes and not for sale or with a view to distribution of all or any part of such Securities.

 

3.5         No Immediate Need for Liquidity. The Purchaser understands that the Securities are not currently traded on any stock exchange, and may never be traded on a stock exchange. Purchaser is familiar with the requirements of Rule 144 and the restrictions on resales of non-public securities. Accordingly, the Purchaser is aware that there are legal and practical limits on the Purchaser’s ability to sell or dispose of the Securities, and, therefore, that the Purchaser must bear the economic risk of the investment for an indefinite period of time. The Purchaser has adequate means of providing for the Purchaser’s current needs and possible personal contingencies and has need for only limited liquidity of this investment. The Purchaser’s commitment to illiquid investments is reasonable in relation to the Purchaser’s net worth.

 

3.6         Exempt Transaction. The Purchaser understands that the Securities are considered “restricted securities” as they are being offered and sold in reliance on specific exemptions from the registration requirements of U.S. federal and state law, and that the representations, warranties, agreements, acknowledgments and understandings set forth herein are being relied upon by the Company in determining the applicability of such exemptions and the suitability of the Purchaser to acquire the Securities.

 

3.7         Authority. If the Purchaser is an individual, the Purchaser has reached the age of majority according to the laws of the jurisdiction in which he resides. The Purchaser, if executing this Subscription Agreement in a representative or fiduciary capacity, has full power and authority to execute and deliver this Subscription Agreement and each other document included herein as an exhibit to this Subscription Agreement for which a signature is required in such capacity and on behalf of the subscribing individual, partnership, trust, estate, corporation or other entity for whom or which the Purchaser is executing this Subscription Agreement, and the above representations and warranties shall be deemed to have been made on behalf of the person or persons for whom the Purchaser is so purchasing. If the signatory of this Agreement on behalf of the Purchaser is not the Purchaser or an authorized officer or partner of the Purchaser, the signatory represents and warrants to the Company that the signatory is a professional fiduciary of the Purchaser, acting solely in its capacity as holder of such account, as a fiduciary, executor or trustee.

 

3.8         Due Authorization. If the Purchaser is an individual, Purchaser has reached the age of majority in his state of domicile and is competent to enter into contracts under the law of that state. If the Purchaser is a business entity, the Purchaser is duly and validly organized, validly existing and in good standing as such entity under the laws of the jurisdiction of its incorporation, and qualified to do business in the jurisdiction in which it is located, with full power and authority to purchase the Securities and to execute and deliver this Subscription Agreement.

 

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3.9         Information. If the Company becomes subject to reporting requirements under the Securities Exchange Act of 1934, within five (5) days after receipt of a request from the Company, the Purchaser will provide such information and deliver such documents as may reasonably be necessary to comply with any and all laws and ordinances to which the Company is subject.

 

3.10         Access to Information. The Purchaser or Purchaser's professional advisor has been granted the opportunity to conduct a full and fair examination of the records, documents and files of the Company, to ask questions of and receive answers from representatives of the Company, its officers, directors, employees and agents concerning the terms and conditions of this offering and the Company and its business and prospects, and to obtain any additional information which the Purchaser or Purchaser's professional advisor deems necessary to verify the accuracy of the information received.

 

3.11         Reliance on Own Advisors. In making the investment decision to purchase the Securities, the Purchaser has relied completely on the advice of, or has consulted with, Purchaser's own tax, investment, legal or other advisors. The Purchaser has not relied on the Company or any of its affiliates, officers, Managers, attorneys, accountants, or agents.

 

3.12          Disclosure Documents. Purchaser has reviewed, and relied upon, the Disclosure Documents made available by the Company.

 

3.13          Representations True. The foregoing representations, warranties and agreements are true, correct and complete as of the date of this Purchase Agreement.

 

3.14         Limitations on Disposition.

 

(a) Without in any way limiting the representations set forth in Sections 3.1 - 3.13 above, Purchaser hereby further agrees not to make any sale, transfer or other disposition of all or any portion of the Securities unless and until:

 

(i)    There is then in effect a registration statement under the Securities Act covering such proposed sale, transfer or other disposition and such sale, transfer or other disposition is made in accordance with such registration statement;

 

(ii)    (A) The Purchaser shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (B) if requested by the Company, such Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such sale, transfer or other disposition will not require registration of such Securities under the Securities Act, provided, however, that the Company will not require such an opinion of counsel for transactions made pursuant to Rule 144, as currently in existence, except in unusual circumstances;

 

6

 

 

(iii)    The submission to the Company of such other evidence, as may be satisfactory to the Company, that such proposed sale, transfer or other disposition will not be in violation of the Securities Act and any applicable state securities laws or regulations; or

 

(iv)    The Company has determined that any transfer, sale or other disposition of the Securities will not cause the Company to have any obligation pursuant to the provisions of the Securities Exchange Act of 1934, as amended.

 

(b) Notwithstanding the provisions of subsection (a) immediately above, no such registration statement or opinion of counsel shall be required for a transfer to (i) any affiliate of such Purchaser as defined under Rule 144 of the Securities Act; (ii) Purchaser’s partners, stockholders, members or other equity holders; (iii) any immediate family member of a Purchaser; (iv) Purchaser’s executors or legal representatives; or (v) trustees of an inter-vivos trust or testamentary trust for the benefit of members of a Purchaser’s immediate family, provided that, in the case of the foregoing clauses (i) through (v), the transferee makes in writing the representations and warranties in favor of the Company contained in, and agrees in writing to the terms of, Section 3.14 hereof as if such transferee were the original Purchaser hereunder, all in form and substance reasonably satisfactory to the Company.

 

(c) The Purchaser understands and agrees that any sale, transfer or other disposition of all or any portion of the Securities in violation of the provisions of this Section 3.13 shall be null and void and prohibited, and that the Company shall not be required to recognize the same on its books and records any such purported sale, transfer or other disposition.

 

3.15          Residence. If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address of the Purchaser set forth on Schedule A; if the Purchaser is a partnership, corporation, limited liability company or other entity, then the office or offices of the Purchaser in which its principal place of business is located at the address or addresses of the Purchaser set forth on Schedule A.

 

3.16          Legends. It is understood that the certificates evidencing the Securities may bear the following legends, as applicable insubstantially the form below:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR UNDER THE PROVISIONS OF ANY APPLICABLE STATE SECURITIES LAWS, BUT HAVE BEEN ISSUED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SUCH ACTS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, PLEDGED, TRANSFERRED OR ASSIGNED, EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES ACTS; OR (ii) UPON THE ISSUANCE TO THE COMPANY OF AN OPINION OF COUNSEL, OR THE SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE, AS MAY BE SATISFACTORY TO THE COMPANY, THAT SUCH PROPOSED SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION WILL NOT BE IN VIOLATION OF THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES ACTS.

 

(b) Any other legend required by the securities laws of states or other jurisdictions to the extent such laws are applicable to the securities represented by the instrument so legend.

 

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4.       Conditions to the Obligations of the Company. The obligations of the Company to sell the Note to the Purchaser are subject to fulfillment, or the waiver, of each of the following conditions on or before the Closing:

 

4.1          Securities Laws Approvals. The Company shall have received the requisite approvals for the sale by the Company of the Note pursuant hereto, if any, of the federal and/or state securities authorities of each jurisdiction in which such approval is required to have been obtained prior to each Closing and such approvals shall be in full force and effect on the date of each Closing.

 

4.2          Payment of Purchase Price. The Purchaser shall have delivered to the Company the Purchase Price for the Note purchased in accordance with Section 1.1.

 

5.       General Provisions.

 

5.1          Entire Agreement. This Agreement, together with the Note and the Disclosure Documents (“Transaction Documents”), constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the parties hereto are expressly canceled.

 

5.2          Amendment and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by both the Company and the holders of a majority of the then outstanding aggregate principal amount of Notes (the “Requisite Holders”; such consent, the “Requisite Consent”); provided that no amendment may change the principal amount, conversion rights, term or interest rate of the Note without the written consent of the Purchaser. 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 other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. Any amendment, waiver or consent affected in accordance with this section shall be binding on all Purchasers, notwithstanding that all Purchasers have not executed such amendment, waiver or consent.

 

5.3          Assignment. This Agreement shall bind and benefit the parties hereto and the respective successors, permitted assigns, heirs, executors and administrators of the parties. Notwithstanding the foregoing, the Company may not assign or otherwise transfer this Agreement without the Requisite Consent of the Requisite Holders, except for assignments or transfers in connection to a sale, merger or change in control of the Company. The Purchaser may not assign its rights under this Agreement, the Note without the prior written consent of the Company, except for transfers to affiliates, successors or partners of a Purchaser. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

5.4          Headings. The headings in this Agreement are used for convenience only and are not to be considered in construing or interpreting any provision of this Agreement.

 

5.5          Governing Law; Jurisdiction; Jury Waiver. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Minnesota, excluding the choice of law rules thereof. The parties hereby irrevocably consent to the personal jurisdiction of the Federal and State courts located in Minnesota, and waive any defense based upon improper venue, inconvenient venue or lack of personal jurisdiction. Each party hereto waives any right it may have to a trial by jury with respect to any action or proceeding arising out of or relating to this Agreement or the other Transaction Documents.

 

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5.6          Notices. Any notice, demand, request or delivery required or permitted to be given by the Company or the Purchaser pursuant to the terms of this Agreement shall be in writing and shall be deemed given (i) when delivered personally or when sent by facsimile transmission and confirmed by telephone or electronic transmission report, if sent during normal business hours, if not then the following business day (with a hard copy to follow by mail), (ii) on the next business day after timely delivery to a generally recognized receipted overnight courier (such as UPS or Federal Express) and (iii) on the third business day after deposit in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid), addressed to the party at such party’s address as set forth below or as subsequently modified by written notice delivered as provided herein.

 

If to the Company:

 

The trū Shrimp Company

Attention: Mr. Michael B. Ziebell

330 3rd Street

Balaton, MN 56115

Michael.ziebell@trushrimpcompany.com

Facsimile: 507-532-5740

 

With a copy to:

 

Avisen Legal,

P.A. AT&T

Tower

901 Marquette Avenue, Suite

1675 Minneapolis, Minnesota

55402 Attention: Mr. Todd

Taylor

ttaylor@avisenlegal.com

 

If to the Purchaser:

 

As set forth on Schedule A.

 

5.7          Expenses. Each party shall pay all of its own costs and expenses that it incurs with respect to the Closing and the performance of this Agreement. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement or the other Transaction Documents, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

 

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5.8         Confidentiality. Each Purchaser hereby agrees that, except with the prior written consent of the Company and except as reasonably required by such Purchaser in communications with its respective partners and affiliates with respect to financial and business performance data, it shall at all times keep confidential and not divulge, furnish or make accessible to anyone any confidential information, knowledge or data concerning or relating to the business or financial affairs of the Company to which such Purchaser has been or shall become privy by reason of this Agreement or the other Transaction Documents, discussions or negotiations relating to this Agreement or the other Transaction Documents, the performance of its obligations hereunder or the ownership of the Notes. The provisions of this Section 5.8 shall be in addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by a Purchaser.

 

5.9          Counterparts; Effectiveness; Execution by Facsimile Exchange.

 

(a)    This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

(b)    This Agreement shall not be or become effective unless it shall have been executed and delivered by all of the parties hereto.

 

(c)    This Agreement may be executed and delivered by any party hereto by facsimile, following which the party which so executed and delivered this Agreement by facsimile shall promptly send an original executed counterpart to the other parties hereto or their respective counsel.

 

5.10         Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

5.1 Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice-versa.

 

5.13 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

5.14 Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable, in whole or in part, the validity, legality and enforceability of any of the remaining provisions or portions of this Note shall not in any way be affected or impaired thereby and this Note shall nevertheless be binding between the Company and each Purchaser.

 

5.15 Survival of Representations and Warranties and Covenants. The representations, warranties and covenants of the parties contained herein shall survive the Closing and any transfer or disposition of the Notes.

 

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The parties hereto have executed this Bridge Note Purchase Agreement as of the Effective Date.

 

	
			THE COMPANY: 

				
			The trū Shrimp Company 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			 

				
			Name: Michael B. Ziebell 

				
			 

			
	
			 

				
			 

				
			Title: Chief Executive Officer 

				
			 

			

         

	
			PURCHASER: 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			 

				
			Name: 

				
			 

			
	
			 

				
			 

				
			Title: 

				
			 

			

        

 

[SIGNATURE PAGE TO CONVERTIBLE NOTE PURCHASE AGREEMENT]

 

11

 

 

SCHEDULE A

 

 

Purchaser                  Principal Amount of Note Purchase Price         

 

Name

 

Address

 

 

Telephone

 

E-mail

 

SSN

 

12

 

 

EXHIBIT A

 

FORM OF UNSECURED CONVERTIBLE NOTE

 

13

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