Document:

Exhibit 10.53

 

 

 

March 8, 2019

 

To the Purchasers Named on Schedule A
of the 

Bonne Santé Group, Inc.

 

Secured Promissory Note Purchase Agreement
Ladies and Gentlemen:

 

Reference is made
to that certain Secured Promissory Note Purchase Agreement by and among Bonne Santé Group, Inc., a Delaware corporation (the “Company”)
and the purchasers named on the Schedule A (the “Purchasers”) and the Secured Promissory Notes issued to the Purchasers
in connection therewith (the “Notes”).

 

Pursuant to Section
2 of the Notes, all outstanding principal and interest on the Notes is due on March 8, 2019 (the “Maturity Date”).

 

Pursuant to Section
2.4 of the Notes and those certain Future Equity Agreements, by and between the Company and each of the Purchasers, dated as of the same
date as the respective Notes (the “Future Equity Agreement”), the Purchasers are each entitled to receive the number
of shares of common stock of the Company equal to the original principal amount of their respective Notes divided by the price per share
at which common stock is sold in an IPO (as such term is defined therein), delivered at closing of the IPO (the “Issuance Amount”).

 

Pursuant to Section
11 of the Notes, any term of the Notes may be amended or waived with the written consent of the Company and the holders of Notes representing
a majority of the aggregate principal amount of all Notes then outstanding (the “Requisite Holders”).

 

In consideration
for consent of the Requisite Holders to amend the terms of the Notes to extend the Maturity Date to June 8, 2019, the Company hereby agrees
to amend Section 2.4 of the Notes and Section 1 of the Future Equity Agreements such that in addition to the Issuance Amount that each
Purchaser would be entitled to receive in an IPO, such Purchaser would also be entitled to receive an additional amount of common stock
of the Company equivalent to double the Issuance Amount that was provided over the first year, divided by 12 to arrive at a monthly
equivalent, to be provided on a pro-rata basis each month until June 8, 2019, or until earlier if pre- paid (the “Extension Equity”).

 

     

     

    

 

As an example, if
an investor had $120,000 in principal at the time of extension, they would receive $120,000 in common stock at the time of the IPO based
upon the original Issuance Amount per the Future Equity Agreement over the first year, in addition to a further $20,000 in common stock
at the time of the IPO representing the Extension Equity, for every month the Note is extended until paid. If the Note is paid on the
third month after extension, that would be the equivalent of $60,000 of additional common stock for the Extension Equity, or an aggregate
total of $180,000 of common stock across the Issuance Amount and Extension Equity. (NOTE: See below for these same figures in a simple
table format)

 

	EXAMPLE
	Source of Funds / Stock	Value of Principal / Stock (Based on IPO Price)
	
    Principal Investment

    (paid in cash at maturity)
	$ 120,000 (plus 12% interest)
	
    Common Stock from Issuance Amount

    (for the first year of outstanding principal per NPA)
	$ 120,000 (in stock)
	
    Common Stock from Extension Equity

    (assuming principal is paid in 3 months)
	$ 60,000 (in stock)
	 	 
	Grand Total	$ 300,000

 

*This table does not include the 12% interest calculations,
in order to keep the example simple, which is an additional consideration.

 

By signing below,
the Requisite Holders hereby consent and agree to amend the terms of the Notes and the Future Equity Agreements as set forth herein.

 

	 	Very truly yours,
	 	 	 
	 	Bonne Santé Group, Inc.
	 	 	 
	 	By:	/s/ Alfonso J. Cervantes
	 	Name: 	Alfonso J. Cervantes
	 	Title: 	Executive Chairman

 

    2 

     

    

 

 

	AGREED, CONSENT TO AND ACKNOWLEDGED:	 
	 	 
	Ionic Ventures, LLC	 
	 Name of Purchaser	 

 

	By: 	 /s/ Keith Coulston	
	 	Authorized Signature	 

 

	Keith Coulston	 
	Name of Signatory (if an entity)	 
	 	 
	Partner	 
	Official Title or Capacity (if an entity)	 

 

 

3Exhibit 10.54

 

 

 

As of February 5, 2020

 

To the Purchasers Named in the

 Bonne Santé Group,
Inc.

Secured Promissory Note Purchase Agreement

 

Ladies and
Gentlemen:

 

Reference
is made to that certain Secured Promissory Note Purchase Agreement by and among Bonne Santé Group, Inc., a Delaware corporation
(the “Company”) and the purchasers named in the Secured Promissory Note Purchase Agreement (the “Purchasers”)
and the Secured Promissory Notes issued to the Purchasers in connection therewith (the “Notes”).

 

Pursuant to
Section 2.4 of the Notes and those certain Future Equity Agreements, by and between the Company and each of the Purchasers, dated as of
the same date as the respective Notes (the “Future Equity Agreement”), the Purchasers are each entitled to receive
the number of shares of common stock of the Company equal to the original principal amount of their respective Notes divided by the price
per share at which common stock is sold in an IPO (as such term is defined therein), delivered at closing of the IPO (the “Issuance
Amount”).

 

Pursuant to
Section 11 of the Notes, any term of the Notes may be amended or waived with the written consent of the Company and the holders of Notes
representing a majority of the aggregate principal amount of all Notes then outstanding (the “Requisite Holders”).

 

Pursuant to
Section 2 of the Notes, all outstanding principal and interest on the Notes was originally due on March 8, 2019 (the “Maturity
Date”) and this Maturity Date was subsequently extended through such similar extension letters previously executed by and between
the Company and the Purchasers.

 

In consideration
for consent of the Requisite Holders to further amend the terms of the Notes and to further extend the Maturity Date to June 8, 2020,
the Company agrees to increase the principal of the respective notes by 10%, which shall be due at maturity, as well as provide additional
equity in the form of common stock at the IPO, equivalent to 15% of the principal of the respective notes (collectively, the “2020
Extension”).

 

In
addition, the Company agrees to continue to provide the additional enhanced equity consideration at the same rate per month as the
previous extension letters. Specifically, the Company hereby agrees to amend Section 2.4 of the Notes and Section 1 of the Future
Equity Agreements such that in addition to the Issuance Amount that each Purchaser would be entitled to receive in an IPO, such
Purchaser would also be entitled to receive an additional amount of common stock of the Company equivalent to double the
Issuance Amount that was provided over the first year, divided by 12 to arrive at a monthly equivalent, to be provided on a pro-rata
basis each month until June 8, 2020, or until earlier if pre-paid (the “Extension Equity”).

 

     

     

    

 

For
way of an example, if an investor had $120,000 in principal at the date of this letter, they would receive 10%, or $12,000 in
increased principal due at maturity, in addition to equity in the form of common stock at the IPO, equivalent to 15% of the
principal of the respective notes, thus $18,000 worth of additional stock for this latest 2020 Extension. In addition, the investor
will continue to accrue the double equity from previous extension and the original issuance equity. Thus, they would receive
$120,000 in common stock at the time of the IPO based upon the original Issuance Amount per the Future Equity Agreement over the
first year, in addition to a further $20,000 in common stock at the time of the IPO representing the Extension Equity, for every
month the Note is extended until paid. If the Note is paid on the 15th month after extension, that would be the equivalent of
$300,000 of additional common stock for the Extension Equity, or an aggregate total of $570,000, across principal, increased
principal, common stock across the Issuance Amount, Extension Equity and 2020 Extension. (NOTE: See below for these same figures in
a simple table format)

 

	EXAMPLE for $120,000 Investor
	Source of Funds / Stock	Value of Principal / Stock (Based on IPO Price)
	
    Principal Investment

    (paid in cash at maturity)
	$ 120,000 (plus 12% interest)
	
    10% Increase in Principal for the 2020 Extension

    (for latest extension to June 8, 2020)
	$ 12,000 (increase in principal due at maturity)
	
    15% Common Stock for the 2020 Extension

    (for latest extension to June 8, 2020)
	$ 18,000 (in additional stock)
	
    Common Stock from Original Issuance

    (for the first year of outstanding principal per NPA)
	$ 120,000 (in stock)
	
    Common Stock from Previous Extension Equity

    (at double rate, assuming 15 months since original maturity)
	$ 300,000 (in additional stock)
	 	 
	Grand Total	$ 570,000

 

	*	This table does not include the 12% interest calculations, in order to keep the example simple,
                                                                             which is an additional consideration.

 

By signing below,
the Requisite Holders hereby consent and agree to amend the terms of the Notes and the Future Equity Agreements as set forth herein.

 

	 	Very truly yours,
	 	 	 
	 	Bonne Santé Group, Inc.
	 	 	 
	 	By:	/s/ Alfonso J. Cervantes
	 	Name: 	Alfonso J. Cervantes
	 	Title:	Executive Chairman

 

    2

     

    

 

	AGREED, CONSENT TO AND ACKNOWLEDGED:	 
	 	 	 
	Ionic Ventures, LLC	 
	Name of Purchaser	 
	 	 	 
	By:	/s/ Keith Coulston	 
	 	Authorized Signature	 
	 	 	 
	Keith Coulston	 
	Name of Signatory (if an entity)	 
	 	 
	Partner	 
	Official Title or Capacity (if an entity)	 

 

 

3Exhibit 10.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BONNE SANTÉ GROUP, INC.

 

 

FUTURE EQUITY

AGREEMENT

 

     

     

    

 

 

 

BONNE SANTÉ GROUP, INC.

 

FUTURE EQUITY AGREEMENT

 

This Future Equity
Agreement (this “Agreement”), dated as of May 14, 2018, is by and among Bonne Santé Group, Inc., a Delaware
corporation (the “Company”), and the persons and entities listed on Exhibit A hereto (each a “Purchaser”
and collectively, the “Purchasers”).

 

WHEREAS, the Company
desires to raise capital through the sale and issuance of secured promissory notes (each a “Note” and collectively,
the “Notes”) to the Purchasers and the Purchasers desire to acquire the Notes, all on the terms and conditions set
forth herein and

 

WHEREAS, in order
to induce the Purchaser to purchase a Note, the Company agrees to issue additional consideration in cash or equity based on certain events.

 

NOW, THEREFORE,
in consideration of the mutual promises, representations, warranties, covenants, and conditions set forth in this Agreement, the parties
to this Agreement mutually agree as follows:

 

1. In
conjunction with the issue of a Note, the Purchaser shall also receive upon the first to occur of (a) a Sale of the Company or (b) the
Company’s initial public offering (“IPO”), additional consideration as follows: in the event of a Sale of the
Company, the Company will pay Holder a cash fee equal to the original principal amount of the Note, and in the event of the IPO, the
Company will provide the Holder with the right to choose to cause the Company to issue to Holder (a) the number of shares of common stock
of the Company equal to the original principal amount of the Note divided by the price per share at which common stock is sold in the
IPO, delivered at closing of the IPO, or (b) that same number of shares issued 1/3rd at IPO, 1/3rd on the twelve
month anniversary and 1/3rd on the 24 month anniversary.

 

2. The
Company shall have no obligation to issue any equity securities to the Purchaser unless and until the Purchaser shall have completed,
signed and returned the Election Form appended hereto.

 

2. A
“Sale of the Company” means any of the following: (i) a transaction or series of related transactions with one or
more non-affiliates, pursuant to which such non- affiliate(s) acquires capital stock of the Company or the surviving entity
possessing the voting power to elect a majority of the board of directors or a majority of the outstanding capital stock of the
Company or the surviving entity (whether by merger, consolidation, sale or transfer of the Company’s outstanding capital stock
or otherwise); or (ii) the sale, lease or other disposition (including exclusive license) of all or substantially all of the
Company’s assets or any other transaction resulting in all or substantially all of the Company’s assets being converted
into securities of any other entity or cash. Notwithstanding the foregoing, the sale by the Company of its capital stock for the
purpose of financing the Company’s business is not and will not be deemed to be a Sale of the Company.

 

3. Restrictions
on Resale. The Purchaser covenants and agrees that in the event he is issued equity securities of the Company, (a) the Purchaser will
not sell any such securities within 180 days of the closing of the IPO and (b) after such time, the Purchaser will not sell more than
1/12th of the aggregate position in any calendar month. For the avoidance of doubt, if Purchaser does not sell 1/12th of his position
in a month, then the right to sell does not “roll over” or accrue but remains at 1/12th per month.

 

4. Governing
Law. This Agreement is being delivered in and shall be construed in accordance with the laws of the State of Delaware, without regard
to its conflicts of laws or choice of law provisions.

 

5. Notices.
Any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon personal delivery
or three business days following deposit with the United States Post Office, by registered or certified mail, postage prepaid, or sent
by confirmed facsimile or electronic mail, addressed to the address of the receiving party set forth in the Purchase Agreement or at such
other address as the recipient shall have furnished in writing in accordance with this Section.

 

6. Assignment.
This Agreement may only be assigned by the Purchaser to an accredited investor in the United States within the meaning of the Securities
Act of 1933 or qualified non-U.S. persons. The Purchaser agrees to indemnify the Company for any damages, expenses (including attorney’s
fees), fines or other action caused by breach of this section.

 

[SIGNATURE PAGE FOLLOWS]

 

    2

     

    

 

This Future Equity Agreement is executed
and delivered the day and year first above written.

 

	 	COMPANY:
	 	 
	 	BONNE SANTÉ GROUP, INC.

 

	 	By:	/s/ Alfonso J. Cervantes
	 	Name: 	Alfonso J. Cervantes
	 	Title:	Executive Vice Chairman

 

     

     

    

 

ELECTION FORM

 

The undersigned elects to have
any additional equity consideration paid as follows:

 

☒  Upon
closing of the IPO.

 

☐  1/3rd
at IPO, 1/3rd on the twelve-month anniversary and 1/3rd on the
24-month anniversary of the IPO.

 

Capitalized terms used but not defined
herein have the meanings ascribed to them in the Future Equity Agreement to which this Election Form is appended.

 

If the undersigned is an entity:

 

	Name of Entity:	 	 

 

	By:	 	 

 

	Name:	 	 

 

	Title:	 	 

 

	Date:	 	 

 

If
the undersigned is an individual:

 

	Name: 	Brendan O’Neil	 

 

	Signature:	/s/ Brendan O’Neil	 

 

	Date:	May 14, 2018	 

 

     

     

    

 

Exhibit A

 

Schedule of Purchasers

 

Dated as of: 5/15/18

 

	Name and Address of Purchaser	 	Principal Amount of

 Note – Through
 2nd Closing
	 	 	Purchase Price –

 Through 2nd
 Closing
	 
	American IRA LLC	 	$	75,000	 	 	$	75,000	 
	Barry T. Cervantes	 	$	100,000	 	 	$	100,000	 
	Dewey Villard Ventures LLC	 	$	100,000	 	 	$	100,000	 
	Ionic Ventures, LLC	 	$	200,000	 	 	$	200,000	 
	Brendan O’Neil	 	$	250,000	 	 	$	250,000	 
	TOTAL:	 	$	725,000	 	 	$	725,000

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