Document:

Exhibit 10.37

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT
TREATS AS PRIVATE OR CONFIDENTIAL BECAUSE IT WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

 

SUMMARY OF COMMERCIAL TERMS

(“Commercial Terms”)

 

This Agreement (as
hereinafter defined) is effective as of the Effective Date defined below, and is by and between ABG - SI, LLC, a
Delaware limited liability company (“Licensor”) and the Licensee defined below (Licensor and Licensee may
be hereinafter referred to, each individually as a “Party”, and collectively as the
“Parties”).

 

	1. 	Effective Date:	
    “Effective Date” shall be defined
    as: January 1, 2020.

     

	2. 	
    Licensee:

     

    Corporate Organization:

     

    Address:

     

    Main Contact:

    Telephone:

    Facsimile:

    Email:

     

    Finance Contact:

    Telephone:

    Facsimile:

    Email:

     

    Website:

     
	
    “Licensee” shall be defined as:
    GSP Nutrition, Inc.

     

    Licensee is a corporation organized under the laws of the state of
    Delaware.

     

     

	3. 	Licensed Property:	(a) 
                                            “Licensed Property” shall be defined as: the rights in and to the following
                                            trademarks, whether registered under applicable laws of the Territory (as hereinafter defined)
                                            and/or protected under common law of the Territory, to the extent recognized:  

                                                                                 

                                                                                Licensed Property

SPORTS ILLUSTRATED

SPORTS ILLUSTRATED KIDS

 

                                                                                (b)  
                                            Licensee hereby acknowledges and agrees that the Licensed Property shall specifically exclude:
                                            (i) the ’Sports Illustrated Swimsuit’ trademarks and any Licensor owned and/or
                                            controlled intellectual property related to the ’Sports Illustrated Swimsuit’
                                            brand (the “Excluded Brand”); and (ii) any and all derivatives (including,
                                            without limitation, derivative works), variations, and modifications of the Licensed Property
                                            (“Derivative(s)”).

                                                                                 

                                                                                (c)  Excluded
                                            Brand.  

                                                                                 

                                                                                (i)
                                            During the Term, and provided that Licensee is not in breach of this Agreement, Licensee
                                            shall have a right of first offer (“EB ROFO”) to amend this Agreement
                                            (“Option EB Amendment”) to include the Excluded Brand set forth in Section
                                            3(b)(i) above as part of the Licensed Property herein. In the event Licensor or Licensee
                                            desires to enter into an Option EB Amendment during the Term, such Party shall notify the
                                            other Party of the same, in writing (“EB Option Notice”).  

                                                                                 

                                                                                (ii)  [***]  

                                                                                 

                                                                                (iii) [***]  

                                                                                 

                                                                                 (d)  [***]  

                                                                                       

     

     

    

	 	 	 
	4.	Licensed Products: 	(a)”Products” shall be defined, individually and collectively, as the following:
	 	 	 
	 	 	 	Product Category 	Specified Products 	Designed For	 
	 	 	 	Dietary and Nutritional Supplements 	Tablets/Capsules, Softgel Tablets, Chewable    Tablets,
Lozenges, Gummies/Chews, Protein Bars, and Protein Powders/Concentrates (for preparing Sports Drinks or Energy Drinks).  	Men, Women and Children	 
	 	 	 
	 	 	(b)“Licensed Products” shall be defined as: the Specific Products set forth in Section 4(a) above, that are ‘Designed For’ those individuals specified in Section 4(a) above, bearing the Licensed Property.

                                                                                 

                                                                                (c)  Notwithstanding the foregoing or anything to the contrary contained herein, the Parties each expressly acknowledge and agree that the ‘Products’ set forth above shall specifically exclude any and all of such Products (and other products) that are infused with alcohol and/or that contain cannabidiol (aka CBD Oil), cannabinoids, psilocybin, or any other similar or related ingredients, and nothing contained in this Agreement shall prohibit or otherwise restrict Licensor from entering into one (1) or more agreements with any one (1) or more third party(ies) for the use of any and all rights in and to the Licensed Property on Products that are infused with alcohol and/or contain cannabidiol (aka CBD Oil), cannabinoids, psilocybin, or any other similar or related ingredients, in the Territory (as hereinafter defined) for the Distribution Channels (as hereinafter defined) or otherwise.  

	5.	Term:	(a)”Initial Term” shall be defined as: the period beginning on the Effective Date and ending on December 31, 2024, unless sooner terminated pursuant to the terms hereof, with each ‘Contract Year’ included therein being defined as the following:
	 	 	 
	 	 	 	Contract Year	Dates	 
	 	 	 	1 (2020)	Effective Date – December 31, 2020	 
	 	 	 	2 (2021)	January 1, 2021 – December 31, 2021	 
	 	 	 	3 (2022)	January 1, 2022 – December 31, 2022	 
	 	 	 	4 (2023)	January
1, 2023 – December 31, 2023	 
	 	 	 	5 (2024)	January
1, 2024 – December 31, 2024	 
	 	 	 
	 	 	(b)
    Licensee shall have one (1) option to renew the Agreement (“Renewal Option”) on the terms set forth herein for a
    period of, unless sooner terminated pursuant to the terms hereof, five (5) years, commencing on January 1, 2025 and continuing until
    December 31, 2029 (“Renewal Term”), which Renewal Option shall be exercised, if at all, by providing written
    notice to Licensor between June 1, 2023 and July 31, 2023 (such period being defined herein as the “Renewal
    Window”), and which Renewal Option may only be exercised and effective if and only if, both at the time the Renewal Option
    is exercised and throughout the remainder of the Initial Term, Licensee is not in breach of the Agreement (the “Renewal
    Condition”). In the event that Licensee effectively exercises the Renewal Option during the applicable Renewal Window but
    thereafter fails to satisfy the Renewal Condition, then at Licensor’s discretion, either: (i) the renewal of this Agreement
    shall be voided, and the Agreement shall expire on December 31, 2024; or (ii) such failure to satisfy any such Renewal Condition
    shall be waived and this Agreement shall continue in full force and effect into the Renewal Term on the terms set forth herein. 
	 	 	 
	 	 	(c)
    For purposes of the Agreement: (i) the Initial Term and the Renewal Term (if any) are hereinafter individually and collectively
    referred to herein as the “Term” and individually as a “Contract Period”; (ii) a “Calendar
    Quarter” shall be defined as the following three (3) month periods during a given calendar year: from January 1 through
    March 31; from April 1 through June 30; from July 1 through September 30; and from October 1 through December 31; and (iii) for the
    Renewal Term (if any), each “Contract Year” included therein shall be defined as: each calendar year, from January
    1 through and including December 31, and shall be numbered consecutively beginning with the first number after the last Contract
    Year during the Initial Term.
	 	 	 

 

    2

     

    

 

	6.	Territory: 	
    (a)   “Territory”
    shall be defined as: Canada and United States of America.

     

    (b)   Option
    Territory Right of First Offer.

     

    (i)   During
    the Term, and provided that Licensee is not in breach of this Agreement, Licensee shall have a right of first offer (“OT ROFO”)
    to amend this Agreement (“Option Territory Amendment”) to include mutually agreed upon country(ies) as part of the Territory
    hereunder (collectively, the “Option Countries”). In the event Licensor or Licensee desires to enter into an Option Territory
    Amendment during the Term, such Party shall notify the other Party of the same, in writing, which notice shall include a list of the Option
    Country(ies) contemplated for the applicable Option Territory Amendment (“Option Country(ies) Notice”).

     

    (ii)   [***]

     

    (iii)  [***]

     

    (c)   Disclaimers.
    [***]

     

	7.	Scope: 	
    Specifically excluding any rights related to the Derivatives, Licensor
    shall not enter into any agreement with a third party for the production and/or manufacture of Licensed Products or Products bearing the
    Excluded Brand (pursuant to Section 3(c) above) to be sold during the Term to/through the Distribution Channels in the Territory. Notwithstanding
    the foregoing or anything contained in the Agreement to the contrary, Licensee hereby acknowledges that Licensor has licensed, and will
    continue to license, the SPORTS ILLUSTRATED assets, including, without limitation, the Licensed Property in connection with co-branding
    / endorsement / collaboration projects and partnerships with third party brands (“Collaboration Rights”), and nothing
    contained herein shall prohibit Licensor from entering into one (1) or more agreements with any third parties for the Collaboration Rights
    and/or for the use of any and all rights in and to the Derivatives on Products in the Territory for the Distribution Channels.

     

	8.	Restrictions:	
    (a)   Licensee
    shall not enter into any license agreement or acquire any rights in or to any photographs or other assets of Licensor from any third party
    for use during the Term, whether for use in connection with the Licensed Products or otherwise, without Licensor’s prior written approval
    in Licensor’s sole discretion.

     

    (b)   Licensee
    shall not, now or at any time hereafter, defame or disparage, or tarnish the reputation or public image of Licensor or the Licensed Property
    (or any portion thereof), nor shall Licensee place the Licensed Property or Licensor in a negative light, whether in connection with the
    Licensed Products or otherwise.

     

    (c)   Licensee
    hereby acknowledges and agrees that Licensee shall not alter, change or edit the content of any of the Licensed Property for or in connection
    with, the manufacture, offering for sale, sale, or Advertising & Promotion (as hereinafter defined) of the Licensed Products, without
    Licensor’s prior written approval, in Licensor’s sole discretion.

     

	9.	Distribution Channels & Approved Accounts:	
    (a)   Licensee
    shall be permitted to sell the Licensed Products solely to/through the accounts (collectively, the “Approved Accounts”
    for each distribution channel (collectively, the “Distribution Channels”) set forth on Schedule A, which is attached
    hereto and incorporated herein by reference. In the event Licensee wishes to sell the Licensed Products to/through any accounts not included
    within the Approved Accounts, then Licensee shall submit the same to Licensor for Licensor’s prior written approval in each instance,
    which approval shall not be unreasonably withheld.

     

    (b)  In
the event that Licensor, using Licensor’s good faith, commercially reasonable judgment, believes that an Approved Account previously
identified within any particular Distribution Channel, as set forth on Schedule A, no longer falls within that Distribution Channel
or is no longer consistent with the brand positioning for the Licensed Property, Licensor shall have the right, in Licensor’s sole
discretion, upon notice to Licensee, to: (i) remove such Approved Account from the Distribution Channels completely, or (ii) re-assign
such Approved Account to a different Distribution Channel. 

 

    3

     

    

 

	 	 	(c) To the extent Licensee sells any Licensed Products through the e-commerce website for an Approved Account (which, for the avoidance of doubt, include both the E-commerce Distribution Channel, if any, and the e-commerce websites for other Distribution Channels, if any) (“E-Commerce Site(s)”): (i) Licensee shall not, nor shall Licensee permit others (including any Approved Account) to, ship Licensed Products outside of the Territory; and (ii) Licensee shall require each Approved Account that sells Licensed Products through an E-Commerce Site to include a statement on such E-Commerce Site stating that Licensed Products can only be shipped to customers located within the Territory.  

                                                                                                                                                                 

                                                                                                                                                                (d)  For purposes of this Agreement, Section 1(d)(B) of the Standard Terms shall be amended to remove ‘infomercials’ from the parenthetical contained therein.

	10.	Net Sales:	
    (a)    For
    purposes of this Agreement: (i) “Net Sales” shall be defined as: [***].

     

    (b)   Net
    Sales accrue in the Calendar Quarter during which the Licensed Products are sold by Licensee, regardless of when or if Licensee collects
    the revenue from such sale. For purposes of this Agreement, a Licensed Product shall be considered “sold” upon the date when
    such Licensed Product is invoiced, shipped or paid for, whichever event occurs first.

     

	11. 	Minimum Net Sales:	During the Term, Licensee shall be required to meet certain minimum Net Sales thresholds (“Minimum Net Sales”).
	 	 	 
	 	 	(a)
    For each Contract Year during the Term, the Minimum Net Sales shall be:
	 	 	 
	 	 	 	Contract Year	Minimum
Net Sales	 
	 	 	 	1 (2020)	$[***] USD	 
	 	 	 	2 (2021)	$[***] USD	 
	 	 	 	3 (2022)	$[***] USD	 
	 	 	 	4 (2023)	$[***] USD	 
	 	 	 	5 (2024)	$[***] USD	 
	 	 	 
	 	 	(b)
    For the Renewal Term (if any): (i) the first Contract Year’s Minimum Net Sales shall be the greater of: (A) [***] percent ([***]%)
    of the Minimum Net Sales of the final Contract Year of the Initial Term; or (B) [***] percent ([***]%) of the actual Net Sales in
    the final Contract Year of the Initial Term; and (ii) the Minimum Net Sales for each subsequent Contract Year within the Renewal
    Term shall be [***] percent ([***]%) of the prior Contract Year’s Minimum Net Sales.
	 	 	 
	12.	Royalty: 	
    “Royalty” shall be defined as: [***] percent ([***]%)
    of Net Sales.

     

	13.	Guaranteed Minimum Royalty:	(a)”Guaranteed Minimum Royalty(ies)” (also referred to herein as “GMR(s)”) shall be defined as non-returnable advances recoupable against Royalties earned in the same Contract Year.
	 	 	 
	 	 	(i)
    For each Contract Year during the Term, the GMR shall be:
	 	 	 
	 	 	 	Contract Year	Guaranteed
Minimum Royalty	 
	 	 	 	1 (2020)	$[***] USD	 
	 	 	 	2 (2021)	$[***] USD	 
	 	 	 	3 (2022)	$[***] USD	 
	 	 	 	4 (2023)	$[***] USD	 
	 	 	 	5 (2024)	$[***] USD	 
	 	 	 
	 	 	(ii)
    For the Renewal Term (if any): (A) the first Contract Year’s GMR shall be the greater of: (I) [***] percent ([***]%) of the GMR of
    the final Contract Year of the Initial Term; or (II) [***] percent ([***]%) of the actual Royalties in the final Contract Year of
    the Initial Term; and (B) the GMR for each subsequent Contract Year within the Renewal Term shall be [***] percent ([***]%) of the
    prior Contract Year’s GMR.
	 	 	 
	 	 	(b) Licensee hereby acknowledges that the GMR is payable to Licensor even if Licensee fails to manufacture, sell or market the Licensed Products during the Term, and is a condition of Licensor entering into the Agreement.
	 	 	 
	 	 	(c) [***]

 

    4

     

    

 

	14. 	Common Marketing Fund:	
    “Common Marketing Fund” (also referred to herein as
    “CMF”) shall be defined as: [***] percent ([***]%) of Net Sales.

     

	15. 	Payments to Licensor:	
    (a)   Timing
    of payments.

     

    (i) Payment Due on Signing of
    Agreement. Licensee shall pay to  Licensor [***] Dollars ($[***] USD) of the Contract Year 1 (2020) GMR on or before January 10,
    2020 (“Signing Payment”). In the event that Licensee fails or refuses to pay any of the foregoing amount to Licensor
    within such period, Licensor shall be permitted to terminate the Agreement in its entirety, upon written notice to Licensee.

     

    (ii)   Minimums.

     

    (A)  Licensee
    shall pay the balance of the GMR for Contract Year 1 (2020) (i.e., a sum of $[***] USD) to Licensor according to the following schedule:
    (I) [***] United States Dollars ($[***] USD) on or before February 3, 2020; (II) [***] United States Dollars ($[***] USD) on or before
    April 1, 2020; (III) [***] United States Dollars ($[***] USD) on or before July 1, 2020; and (IV) [***] United States Dollars ($[***]
    USD) on or before October 1, 2020.

     

    (B)     Beginning
    with Contract Year 2 (2021), Licensee shall pay the GMR to Licensor in equal quarterly installments on or before the first (1st) day of
    each Calendar Quarter.

     

    (iii)   Actuals.

     

    (A)    In
    the event that the actual earned Royalties in a given Calendar Quarter exceed the previously-paid portion of the GMR attributable to the
    same Contract Year, Licensee shall pay both the Royalties in excess of the previously paid portion of the GMR, as well as the actual earned
    CMF for such Calendar Quarter, to Licensor quarterly, within [***] of the end of each Calendar Quarter.

     

    (B)     For
    the avoidance of doubt, in any given Contract Year, once Licensee has paid to Licensor the total amount of the GMR for such Contract Year
    (whether by way of quarterly GMR payments, Royalties in excess of the GMR, or both): (I) Licensee shall no longer be required to make
    quarterly GMR payments to Licensor for that Contract Year, and (II) for the remainder of such Contract Year, Licensee shall pay Licensor
    based on earned Royalties.

     

    (b)  Wire
    Instructions. Licensee shall be solely responsible for any costs and/or fees associated with making any and all payments to Licensor
    as required under this Agreement, including, without limitation, wire transfer fees. Licensee shall pay all sums due to Licensor by wire
    transfer to the following account, unless otherwise instructed by Licensor:

     

    Payee:

     

    Account Number:

    ABA Routing Number (for domestic
    transfers):

     

    Swift Code (for international transfers):

     

    (c)   Currency.
    All monetary figures included herein are in United States Dollars

     

 

    5

     

    

 

	16. 	Advertising & Promotion:	
    (a)   For
    purposes of this Agreement, “Advertising & Promotion” shall be defined as any and all efforts, products, advertisements,
    social media posts and the like, made for the purpose of marketing, selling and distributing the Licensed Products.

     

    (b)   Licensee
    shall spend a minimum of [***] percent ([***]%) of Net Sales in each Contract Year during the Term on Advertising & Promotion expenditures
    for the Licensed Property and/or Licensed Products (the “Advertising Commitment”). The Advertising Commitment may be
    spent on costs and expenses attributable to each of the following, so long as the same arise directly from, and relate directly to, the
    Licensed Products: [***]. In no event shall the Advertising Commitment be utilized for any general overhead, administrative or development
    costs or expenses. At the end of each Contract Year, if Licensee has not spent the entire Advertising Commitment if and as required hereunder
    (Licensee’s actual spend being defined herein as the “Actual AC Spend”), Licensee shall pay to Licensor the difference
    between the Advertising Commitment and the Actual AC Spend, within fifteen (15) days of the end of the applicable Contract Year.

     

	17. 	[***]	
    [***]

     

	18. 	Discounted Products & Free Units:	
    (a)   Licensee
    hereby agrees to sell Licensed Products to Licensor, Licensor’s affiliated and/or parent companies, and/or Licensor’s other licensees/
    partners (collectively, “Licensor Party(ies)”): (i) at the lower of (A) [***] percent ([***]%) off the regular wholesale
    price of each such Licensed Product, or (B) for each such Licensed Product: (I) if the Licensed Products are shipped from the warehouse:
    Licensee’s landed duty paid cost (“LDP Cost”), plus [***] percent ([***]%) of LDP Cost, Country of Destination; or (II)
    if the Licensed Products are picked up at the factory: Licensee’s freight on board cost (“FOB Cost”), plus [***] percent
    ([***]%) of FOB Cost, and (ii) on such terms as Licensee extends to its best customers, including, without limitation, first priority
    treatment with respect to order fulfillment and service. For the sake of clarity, Licensee shall pay Royalties and CMF on all sales of
    Licensed Products to the Licensor Parties.

     

    (b)   Licensee
    shall sell Licensed Products to Licensor’s employees and other representatives, for their personal use, at the price discounts generally
    offered to Licensee’s own employees, but in no event at a price greater than Licensee’s regular United States wholesale prices therefor.

     

    (c)   Licensee
    shall ship, at Licensee’s sole cost, up to [***] United States Dollars ($[***] USD) of licensed Products (measured at Licensee’s LDP Cost)
    to Licensor in each Contract Year during the Term (“Free Units”). The assortment of Free Units shall be at Licensor’s
    sole discretion and will not be sold by Licensor.

     

    (d)   In
    addition to the Free Units, Licensee shall provide the Licensor Parties, at no charge, such number of Licensed Products, and copies of
    various executions of the Advertising & Promotion, as such Licensor Parties may reasonably request from time to time for fashion shows,
    special events and presentations, showroom display, promotional photo shoots, photo layouts, retail displays, premium offers, giveaways,
    sales incentives, charitable giving, donations, gift-with-purchase programs, and for other promotional / public relations efforts (“PR
    Samples”). In the event that any PR Samples are needed prior to the commencement of production of the same seasonal collection
    of Licensed Products, Licensee shall provide pre-production samples of Licensed Products. In the event Licensee is unable to supply the
    Licensor Parties with PR Samples, the Licensor Parties shall have the right to source the same from third parties, and such activity shall
    not be deemed a breach of exclusivity rights, if any, that may be granted under this Agreement.

     

 

    6

     

    

 

	19. 	Insurance: 	
    (a)   Licensee
    shall procure and maintain, at its sole cost and expense, and cause its Sub-Contractors to obtain, at their sole cost and expense, during
    the Term and for a period of three (3) years thereafter (“Insurance Period”), comprehensive general liability insurance
    (including, without limitation, product liability insurance, inventory insurance, worker’s compensation insurance, operations liability
    insurance, advertising injury insurance, and intellectual property insurance), to defend and protect the Parties against claims arising
    out of or in connection with the Business, the Licensed Products and the Advertising & Promotion thereof. Insurance must be obtained
    from a company reasonably acceptable to Licensor, in an amount not less than [***] in the aggregate, or Licensee’s standard insurance
    policy limits, whichever is greater.

     

    (b)   Within
    five (5) business days of the date on which this Agreement is fully executed, Licensee shall submit to Licensor a certificate of insurance
    naming each of Licensor and Authentic Brands Group, LLC (“ABG”) as additional insureds (“CIO”), which
    CIO, or a renewal or replacement thereof, shall remain in force at all times during the Insurance Period, and shall require the insurer
    to provide at least thirty (30) days’ prior written notice to Licensee, and all additional insureds, of any termination, cancellation
    or modification thereof.

     

	20. 	Reversion: 	
    In the event that Licensee has not sold commercially reasonable quantities
    of a Specific Product of Licensed Products by the end of Contract Year 3 (2022) or at any time thereafter, as evidenced by appropriate
    backup and support documentation acceptable to Licensor, then: Licensor shall have the right to remove such Specific Product from this
    Agreement, upon written notice to Licensee. After Licensor issues such notice to Licensee, all rights in and to such Specific Product
    shall revert to Licensor.

     

	21. 	Miscellaneous: 	
    (a)   Within
    five (5) business days of the date on which this Agreement is fully executed, Licensee shall provide Licensor a complete list of key contacts
    and personnel within Licensee’s organization that will be responsible for the business to be conducted by Licensee under to this Agreement
    (“Business”).

     

    (b)   Within
    thirty (30) days of the date on which this Agreement is fully executed, Licensee shall:

     

    (i)   At
    Licensee’s sole cost, meet with Licensor’s creative, marketing, and branding team at Licensor’s office in New York City, New York, for
    a one-day introductory workshop for the Business;

     

    (ii)   After
    the meeting in subsection (i) above, Licensee will provide Licensor a detailed business and marketing plan for the Business in a form
    and with all information as requested by Licensor, including, without limitation, sales and distribution projections (“Business
    Plan”) covering the Initial Term; and

     

    (iii)   At
    Licensee’s sole cost, schedule and actively participate in a demonstration of Licensor’s reporting and approvals software, RoyaltyZone,
    a detailed explanation of which can be found at www.royaltyzone.com (“RoyaltyZone”). Throughout the Term, Licensee shall
    comply with all accounting and approvals obligations set forth in the Agreement via RoyaltyZone.

     

	22. 	Prior Agreement:	
    The Parties and Sportceuticals LLC (“Prior Licensee”)
    hereby acknowledge and agree that (i) Licensor and Prior Licensee previously entered into that certain agreement with an effective date
    of January 1, 2020 (the “Prior Agreement”), (ii) upon the execution and exchange of this Agreement by the Parties, as
    of the Effective Date, this Agreement shall replace and supersede the Prior Agreement in its entirety, and (iii) upon the execution and
    exchange of this Agreement by the Parties, as of the Effective Date, the Existing Agreement shall be voided in its entirety and of no
    further force or effect.

     

 

    7

     

    

 

A. Licensee agrees to, and
accepts, the Standard Terms & Conditions (“Standard Terms”), which, in addition to these Commercial Terms and unless
otherwise agreed by the parties in writing, govern Licensee’s use of the Licensed Property and the operation of the Business contemplated
hereunder. The Standard Terms are located at [***]. These Commercial Terms, together with the Standard Terms (collectively, the “Agreement”),
collectively: (a) represent the complete agreement of the parties with respect to the subject matter hereof; (b) are fully binding on
the parties hereto; and (c) supersede all previous documents and negotiations. In the event of any conflict between the terms contained
in the Commercial Terms of the Agreement and the terms contained in the Standard Terms of the Agreement, the Commercial Terms shall govern.
Licensee represents and warrants that Licensee, prior to Licensee’s execution hereof, had the opportunity to provide a copy of these Commercial
Terms and the Standard Terms to, and review the same with, legal counsel of Licensee’s own choosing, and that Licensee has either obtained
advice from such legal counsel or has declined to seek such advice.

 

B. In the event of any dispute
regarding the definition of Licensed Products, Distribution Channels, Approved Accounts, Territory or other term defined herein, Licensor’s
good faith interpretation of the same shall control. The Agreement shall be governed by, and construed in accordance with, the law of
the State of New York applicable to contracts made and to be performed in the State of New York, without regard to conflicts of law principles.
All rights which are not specifically granted and licensed to Licensee in the Agreement are hereby reserved by Licensor, and Licensor
may exercise such rights at any time. The Agreement shall not be binding upon Licensor unless or until such time as Licensor has signed
this Agreement and received the Signing Payment.

 

C. Ceautamed Worldwide LLC,
a Florida limited liability company, having a correspondence address of [***] (“Guarantor”) absolutely and unconditionally
guarantees to Licensor the full and prompt payment of all fees payable by Licensee under this Agreement (including, without limitation,
the GMR and any Royalties), as well as the performance by Licensee of all other covenants, agreements, terms and conditions and of this
Agreement (the “Guarantee”). Guarantor understands and agrees that: (a) but for the Guarantee, Licensor would not enter
into this Agreement; (b) this Agreement may, from time to time, in whole or in part, be renewed, extended, or modified, without any notice
to, or further assent by, Guarantor and without in any way affecting or releasing the liability of the Guarantor hereunder. In the event
of default or breach by Licensee, Guarantor (i) agrees that the Standard Terms shall apply to the Guarantee, (ii) agrees to pay all reasonable
attorneys’ fees and all other costs and expenses Licensor may incur in the enforcement of the Guarantee, and (ii) hereby consents to the
jurisdiction of the courts in New York County, New York. Notice to Guarantor shall be sent to [***] at the address listed herein.

 

[Signature Page Follows]

 

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	AGREED & ACCEPTED:	 	 
	 	 	 
	LICENSEE:	 	LICENSOR:
	GSP Nutrition, Inc.	 	ABG-SI, LLC
	 	 	 
	By:	 /s/ Stuart Benson	 	By:	 /s/ Jay Dubiner
	Print: 	 Stuart Benson	 	Print: 	 Jay Dubiner
	Title:	 CEO	 	Title:	 General Counsel
	Date:	 1/8/20	 	Date:	 1/8/2020

 

	 	 	 
	GUARANTOR:	 	 
	Ceautamed Worldwide LLC	 	 
	 	 	 
	By:	 /s/ Stuart Benson	 	 
	Print: 	 Stuart Benson	 	 
	Title:	 CEO	 	 
	Date:	 1/8/20	 	 

 

	PRIOR LICENSEE, solely with respect to Section 22 of the Commercial Terms:	 
	Sportceuticals LLC	 	 
	 	 	 
	By:	 /s/ Stuart Benson	 	 
	Print: 	 Stuart Benson	 	 
	Title:	 Member	 	 
	Date:	 1/8/20	 	 
	 	 	 

 

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This Schedule A is attached to and made part
of the Agreement between ABG-SI, LLC (“Licensor”) and GSP Nutrition, Inc. (“Licensee”),
with Ceautamed Worldwide LLC as ‘Guarantor’, dated January 1, 2020.

 

SCHEDULE A

 

Distribution Channels
& Approved Accounts

 

	Distribution Channel	Approved Accounts	Permitted E-Commerce Sites

 of Approved Accounts
	Luxury Department	
    Neiman Marcus

    Saks Fifth Avenue
	www.Nelmanmarcus.com www.saksfifthavenue.com
	Better Department	Bloomingdales	www.bloomincidales.com
	Mid-Tier Department	
    Beall’s of Florida

    Belk

    Boscov’s

    Dillard’s

    Hudson’s Bay

    Lord & Taylor

    Macy’s

    Nordstrom

    Stage Stores

    Von Maur
	
    www.Beallsflorida.com www.Belk.com

    www.Boscovs.com

    www.Oillards.com

    www.Thebay.com www.Lordandtaylor.com www.Macys.com
    www.Nordstrom.com

    www.Stage.com

    www.Vonmaur.com

	Specialty	
    Dick’s Sporting Goods

    Modells
	www.dickssportinggoods.com www.modells.com
	Mass	Walmart	www.walmart.com
	Club	
    Costco

    Kroger

    Price Smart

    Sam’s Club
	
    www.costco.com

    www.kroger.com www.pricesmart.com www.samsclub.com

	Military Bases	
    AAFES

    CGX

    MCXM

    NEXCOM
	
    www.aafes.com

    www.shopcgx.com

    www.mymcx.com

    www.mvnavvexchange.com

	Off-Price	
    Beall’s Outlet

    Bloomingdales Outlet

    Burlington

    Century 21

    DD’s Discounts

    Gabes

    Gordman’s

    Home Goods

    Home Sense

    Macy’s Backstage

    Marshalls

    Neiman Marcus Last Call

    Nordstrom Rack

    Ross

    Saks Off Fifth

    Sierra Trading Post

    Steinmart

    TJ Maxx

    Winners
	
    www.Bealsoutlet.com

    www.Bloomingdalesoutlet.com www.Burlington.com
    www.Century21.com www.dddiscounts.com www.mygabes.com www.Gordmans.com www.homegoods.com www.homesense.com www.Macysbackstage.com www.Marshalls.com
    www.Lastcall.com www.Nordstromrack.com www.rossstores.com www.Saksoff5th.com

    www.Sierratradingpostcom www.Steinmart.com

    www.TJMaxx.com www.Winners.com

	E-commerce	
    Amazon (Vendor Central)

    Bluefly

    Fanatics - SI Fan Shop

    Gilt

    Hautelook

    Jet

    Overstock

    Ruelala

    Zulily
	
    www.amazon.com

    www.bluefly.com

    www.sifanatics.com

    www.gilt.com

    www.Hautelook.com

    www.jet.com

    www.overstock.com

    www.Ruelala.com

    www.Zulily.com

 

 

10Exhibit 10.41

 

INDEPENDENT DIRECTOR AGREEMENT

 

INDEPENDENT DIRECTOR AGREEMENT
(this “Agreement”), dated _________, by and between Smart for Life, Inc.,
a Delaware corporation (the “Company”), and the undersigned (the “Director”).

 

RECITALS

 

The Company desires to appoint
the Director to serve on the Company’s board of directors (the “Board”), which may include membership on one
or more committees of the Board, and the Director desires to accept such appointment to serve on the Board, effective as of the Effective
Date (as defined below).

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the Company and the Director hereby agree as follows:

 

1. Duties.
The Company requires that the Director be available to perform the duties of an independent director customarily related to this function
as may be determined and assigned by the Board and as may be required by the Company’s constituent instruments, including its certificate
of incorporation and bylaws, as amended, and its corporate governance and board committee charters, each as amended or modified from time
to time, and by applicable law, including the General Corporation Law of the State of Delaware. The Director agrees to devote as much
time as is necessary to perform completely the duties as a Director of the Company, including duties as a member of one or more committees
of the Board to which the Director may hereafter be appointed. The Director will perform such duties described herein in accordance with
the general fiduciary duty of directors.

 

2. Term.
The term of this Agreement shall commence as of the effective date of the Director’s appointment to the Board (the “Effective
Date”) and shall continue until the Director’s resignation or removal.

 

3. Compensation.
For all services to be rendered by the Director in any capacity hereunder, the Company agrees to compensate the Director the annual fees
and other compensation set forth on Exhibit A, which annual fees shall be paid to the Director monthly commencing in the first month following
the Effective Date. Such compensation shall be subject to adjustment from time to time by the Board. The Director shall be responsible
for his or her own individual income tax payment on such compensation in jurisdictions where the Director resides.

 

4. Independence.
The Director acknowledges that his appointment hereunder is contingent upon the Board’s determination that he is “independent”
with respect to the Company, in accordance with the listing requirements of the Nasdaq and NYSE stock exchanges, and that his appointment
may be terminated by the Company in the event that the Director does not maintain such independence standard.

 

     

     

    

 

5. Expenses.
The Company shall reimburse the Director for pre-approved reasonable business related expenses incurred in good faith in connection with
the performance of the Director’s duties for the Company. Such reimbursement shall be made by the Company upon submission by the
Director of a signed statement itemizing the expenses incurred, which shall be accompanied by sufficient documentation to support the
expenditures.

 

6. Other
Agreements.

 

(a) Confidential
Information and Insider Trading. The Company and the Director each acknowledge that, in order for the intentions and purposes of this
Agreement to be accomplished, the Director shall necessarily be obtaining access to certain confidential information concerning the Company
and its affairs, including, but not limited to, business methods, information systems, financial data and strategic plans which are unique
assets of the Company (as further defined below, the “Confidential Information”) and that the communication of such
Confidential Information to third parties could irreparably injure the Company and its business. Accordingly, the Director agrees that,
during his association with the Company and thereafter, he will treat and safeguard as confidential and secret all Confidential Information
received by him at any time and that, without the prior written consent of the Company, he will not disclose or reveal any of the Confidential
Information to any third party whatsoever or use the same in any manner except in connection with the business of the Company and in any
event in no way harmful to or competitive with the Company or its business. For purposes of this Agreement, “Confidential Information”
includes any information not generally known to the public or recognized as confidential according to standard industry practice, any
trade secrets, know-how, development, manufacturing, marketing and distribution plans and information, inventions, formulas, methods or
processes, whether or not patented or patentable, pricing policies and records of the Company (and such other information normally understood
to be confidential or otherwise designated as such in writing by the Company), all of which the Director expressly acknowledges and agrees
shall be confidential and proprietary information belonging to the Company. Upon termination of his association with the Company, the
Director shall return to the Company all documents and papers relating to the Company, including any Confidential Information, together
with any copies thereof, or certify that he or she has destroyed all such documents and papers. Furthermore, the Director recognizes that
the Company has received and in the future will receive confidential or proprietary information from third parties subject to a duty on
the Company’s part to maintain the confidentiality of such information and, in some cases, to use it only for certain limited purposes.
The Director agrees that the Director owes the Company and such third parties, both during the term of the Director’s association
with the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to,
except as is consistent with the Company’s agreement with the third party, disclose it to any person or entity or use it for the
benefit of anyone other than the Company or such third party, unless expressly authorized to act otherwise by an officer of the Company.
In addition, the Director acknowledges and agrees that the Director may have access to “material non-public information” for
purposes of the federal securities laws and that the Director will abide by all securities laws relating to the handling of and acting
upon such information.

 

    2

     

    

 

(b) Disparaging
Statements. At all times during and after the period in which the Director is a member of the Board and at all times thereafter, the
Director shall not either verbally, in writing, electronically or otherwise: (i) make any derogatory or disparaging statements about the
Company, any of its affiliates, any of their respective officers, directors, shareholders, employees and agents, or any of the Company’s
current or past customers or employees, or (ii) make any public statement or perform or do any other act prejudicial or injurious to the
reputation or goodwill of the Company or any of its affiliates or otherwise interfere with the business of the Company or any of its affiliates;
provided, however, that nothing in this paragraph shall preclude the Director from complying with all obligations imposed by law or legal
compulsion, and provided, further, however, that nothing in this paragraph shall be deemed applicable to any testimony given by the Director
in any legal or administrative proceedings.

 

(c) Enforcement.
The Director acknowledges and agrees that the covenants contained herein are reasonable, that valid consideration has been and will be
received and that the agreements set forth herein are the result of arms-length negotiations between the parties hereto. The Director
recognizes that the provisions of this Section 6 are vitally important to the continuing welfare of the Company and its affiliates and
that any violation of this Section 6 could result in irreparable harm to the Company and its affiliates for which money damages would
constitute a totally inadequate remedy. Accordingly, in the event of any such violation by the Director, the Company and its affiliates,
in addition to any other remedies they may have, shall have the right to institute and maintain a proceeding to compel specific performance
thereof or to obtain an injunction or other equitable relief restraining any action by the Director in violation of this Section 6 without
posting any bond therefore or demonstrating actual damages, and the Director will not claim as a defense thereto that the Company has
an adequate remedy at law or require the posting of a bond. If any of the restrictions or activities contained in this Section 6 shall
for any reason be held by a court of competent jurisdiction to be excessively broad as to duration, geographical scope, activity or subject,
such restrictions shall be construed so as thereafter to be limited or reduced to be enforceable to the extent compatible with the applicable
law; it being understood that by the execution of this Agreement the parties hereto regard such restrictions as reasonable and compatible
with their respective rights. The Director acknowledges that injunctive relief may be granted immediately upon the commencement of any
such action without notice to the Director and in addition Company may recover monetary damages.

 

(d) Separate
Agreement. The parties hereto further agree that the provisions of Section 6 are separate from and independent of the remainder of
this Agreement and that Section 6 is specifically enforceable by the Company notwithstanding any claim made by the Director against the
Company. The terms of this Section 6 shall survive termination of this Agreement.

 

7. Market
Stand-Off Agreement. In the event of a public or private offering of the Company’s securities and upon request of
the Company, the underwriters or placement agents placing the offering of the Company’s securities, the Director agrees not to sell,
make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company that the Director
may own, other than those included in the registration, without the prior written consent of the Company or such underwriters, as the
case may be, for such period of time from the effective date of such registration as may be requested by the Company or such placement
agent or underwriter.

 

8. Termination.
With or without cause, the Company and the Director may each terminate this Agreement at any time upon ten (10) days written notice, and
the Company shall be obligated to pay to the Director the compensation and expenses due up to the date of the termination. Nothing contained
herein or omitted herefrom shall prevent the stockholder(s) of the Company from removing the Director with immediate effect at any time
for any reason.

 

    3

     

    

 

9. Indemnification.
The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the law of the State of Delaware, and
as provided by, or granted pursuant to, any charter provision, bylaw provision, agreement (including, without limitation, the Indemnification
Agreement executed herewith), vote of stockholders or disinterested directors or otherwise, both as to action in the Director’s
official capacity and as to action in another capacity while holding such office. The Company and the Director are executing an indemnification
agreement in the Company’s standard form.

 

10. Effect
Of Waiver. The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed
as a waiver of any subsequent breach thereof.

 

11. Notice.
Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page hereto
or, if to the Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities and Exchange
Commission.

 

12. Governing
Law. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by,
the laws of the State of Delaware without reference to that state’s conflicts of laws principles.

 

13. Assignment.
The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder shall
inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of the Director under
this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without the prior written
consent of the Company.

 

14. Miscellaneous.
If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such invalidity
or illegality, the remaining terms and provisions of the this Agreement shall remain in full force and effect in the same manner as if
the invalid or illegal provision had not been contained herein. The article headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original but all of which taken together shall constitute one and the same instrument.
Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal
ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have
been duly and validly delivered and be valid and effective for all purposes. Except as provided elsewhere herein, this Agreement sets
forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants,
arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any
party to this Agreement with respect to such subject matter.

 

[Signature Page Follows]

 

    4

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Independent Director Agreement to be duly executed and signed as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	Smart for Life, Inc.
	 	 
	 	By:	                     
	 	Name:	 
	 	Title:	 
	 	 
	 	DIRECTOR:
	 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

     

     

    

 

EXHIBIT A

 

Compensation

 

Annual Fees

 

The Director shall be paid an annual fee of $10,000.

 

Each committee chair shall receive an additional
annual fee of $4,000 and each of the other committee members shall receive an additional annual fee of $2,000.

 

Compensation for In Person Meetings 

 

The Director shall be paid $2,000 for each in person
Board meeting.

 

Stock Compensation

 

The Director shall receive an annual grant of
$25,000 of restricted stock or restricted stock units, which shall vest monthly over one year.

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