Document:

Exhibit 10.1

 

AMENDMENT AGREEMENT

 

This Amendment Agreement
(the “Agreement”), dated as of January 22, 2021, is entered into by and between China Xiangtai Food Co. Ltd.,
a Cayman Islands exempted company (the “Company”), and YA II PN, Ltd. (the “Buyer”), and
amends the convertible debenture issued by the Company to the Buyer on March 9, 2020 (the “Third Convertible Debenture”)
issued pursuant to a Securities Purchase Agreement entered into between the Company and the Buyer on November 22, 2019 and as amended
on December 18, 2019 (the “Securities Purchase Agreement”) and amends the convertible debentures in the aggregate
principal amount of $2,000,000 (the “2020 Convertible Debentures”) issued by the Company to the Buyer pursuant
to a Securities Purchase Agreement entered into between the Company and the Buyer on June 19, 2020.

 

BACKGROUND

 

		(A)	As of the date hereof, $800,000 of principal, plus accrued and unpaid interest thereon, remains
outstanding on the Third Convertible Debenture.

 

		(B)	The Third Convertible Debenture is convertible into shares of Common Stock pursuant to their terms
subject to a floor price of $3.00 per share.

 

		(C)	Pursuant to clause 1(c) of the Third Convertible Debenture the Company shall make monthly payments
if the daily VWAP is less than the floor price for a period of ten (10) consecutive Trading Days.

 

		(D)	As of the date hereof, $2,000,000 of principal, plus accrued and unpaid interest thereon, remains
outstanding on the 2020 Convertible Debentures.

 

		(E)	Pursuant to clause 1(c) of the 2020 Convertible Debentures the Company shall make monthly payments
if the daily VWAP is less than the floor price for a period of ten (10) consecutive Trading Days.

 

		(E)	The parties desire to reduce the floor price with respect to a portion of the Third Convertible
Debenture and extend the time before monthly payments may be required pursuant to the Third Convertible Debenture and the 2020
Convertible Debentures pursuant to the terms and conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing recitals and representations, warranties and covenants herein set forth, the parties hereto agree
as follows:

 

		1.	Definitions and interpretation

 

1.1       Capitalized
terms not otherwise defined herein shall have the meanings set forth in the Third Convertible Debenture or the Subsequent Convertible
Debentures, as applicable.

 

     

     

    

 

		2.	Amendments to the Convertible Debentures

 

The parties hereto
agree that the Third Convertible Debenture and the Subsequent Convertible Debentures shall be amended as set out below without
the need to issue amended and restated certificates of such convertible debentures.

 

2.1        Amendment
of Third Convertible Debenture. The definition of “Floor Price” in section 13(j) of the Third Convertible Debenture
shall be deleted and replaced with the following:

 

13(j)“Floor
Price” means (a) with respect to the next $400,000 of the principal and accrued interest to be converted, $0.80 per share,
and with respect to the remaining portion of the principal and accrued interest to be converted, $3.00 per share.

 

2.2        Deferral
of Monthly Payments on the Third Convertible Debenture. The Buyer hereby agrees that the the monthly cash amortization payments
that otherwise would be due by the Company pursuant to Section 1(c) of the Third Convertible Debenture shall no longer apply and
all amount of principal and accrued interest that remaining outstanding shall be due and payable on the maturity date of the Third
Convertible Debenture, which is March 9, 2021.

 

2.3       Deferral
of Monthly Payments on the 2020 Convertible Debentures. The Buyer hereby agrees to defer the start of the monthly cash amortization
payments that otherwise would be due by the Company pursuant to Section 1(c) of the 2020 Convertible Debentures for a period of
30 days from the date hereof. On such date, provided that the obligation to make amortization payments has not ceased pursuant
to the term of Section 1(c) of the 2020 Convertible Debentures, the Company shall begin making monthly amortization payments as
determined by the terms thereof.

 

2.4       Waiver
of Limitation. The parties hereby agree that the conversion limitation set forth in section 3(c)(ii) of the Third Convertible
Debentures relating to conversions using the Variable Conversion Price shall no longer apply.

 

		3.	Representations and warranties

 

		3.1	Each party to this Agreement represents and warrants to the other as of the date of this Agreement
that:

 

(a)       it
has the requisite corporate power and authority to enter into this Agreement and to consummate the transactions contemplated by
this Agreement;

 

(b)       it
has taken all necessary corporate actions to authorize the execution, delivery and performance of this Agreement and no further
action is required by it, its Board of Directors or managers or its stockholders or members in connection therewith; and

 

(c)       the
obligations assumed by it in this Agreement are legal, valid, and enforceable obligations binding on it in accordance with its
terms.

 

3.2       The
Company represents and warrants to the Buyer that any additional shares that may be issued as a result of this Agreement and the
amendments to the Third Convertible Debenture and the 2020 Convertible Debentures have been duly authorized and, when issued in
accordance with the terms of the respective convertible Debentures, shall be validly issued and duly authorized.

 

     

     

    

 

		4.	Counterparts and delivery

 

This Agreement may
be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

		5.	Governing law

 

This Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
the Securities Purchase Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law.

 

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INTENTIONALLY LEFT BLANK]

 

 

     

     

    

 

IN WITNESS WHEREOF,
the Company and the Holder have caused this Supplement and Amendment Agreement to be signed by their duly authorized officers. 

 

	 	CHINA XIANGTAI FOOD CO., LTD.	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Zeshu Dai	 
	 	 	Name:	Zeshu Dai 	 
	 	 	Title:	CEO	 

 

 

	 	YA II PN, LTD. 	 
	 	 	 	 	 
	 	By:	Yorkville Advisors Global, LP	 
	 	Its:	Investment Manager	 
	 	 	 	 	 
	 	 	By:	Yorkville Advisors Global II LLC	 
	 	 	Its: 	General Partner	 
	 	 	 	 	 
	 	 	By:	/s/ Matt Beckman	 
	 	 	Name:	Matt Beckman	 
	 	 	Title:	MemberExhibit 4.1

 

 

 

AVON PRODUCTS, INC.,

 

as Issuer

 

5.000% NOTES DUE 2023

 

 

 

ELEVENTH SUPPLEMENTAL INDENTURE

 

Dated as of January 21, 2021

 

To

 

INDENTURE

 

Dated as of February 27, 2008

 

 

 

Deutsche Bank Trust Company Americas,

 

as Trustee

 

 

 

     

     

    

ELEVENTH SUPPLEMENTAL INDENTURE, dated as
of the 21st day of January, 2021, between AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the
State of New York, as Issuer (herein called the “Company”), having its principal office at Building 6, Chiswick
Park, London, W4 5HR, United Kingdom, and DEUTSCHE BANK TRUST COMPANY AMERICAS, with its principal office at 60 Wall Street,
New York, New York 10005, a banking corporation duly organized under the State of New York, as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has heretofore executed
and delivered an Indenture, dated as of February 27, 2008 (the “Original Indenture”) providing for the issuance
by the Company from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or more
series (in the Original Indenture and herein called the “Securities”);

 

WHEREAS, the Company, in the exercise of
the power and authority conferred upon and reserved to it under the provisions of the Original Indenture, duly determined to make,
execute and deliver to the Trustee (i) the Seventh Supplemental Indenture to the Original Indenture dated March 12, 2013 (the “Seventh
Supplemental Indenture”) as permitted by Sections 3.01 and 9.01 of the Original Indenture in order to establish the form
or terms of, and to provide for the creation and issue of, a series of Securities under the Original Indenture in the initial aggregate
principal amount of $500,000,000 designated as the “5.000% Notes due 2023” of the Company (collectively referred to
herein as the “Notes”) and (ii) the Ninth Supplemental Indenture to the Original Indenture dated as of July
26, 2019 (together with Seventh Supplemental Indenture and the Original Indenture, the “Indenture”) as permitted
by Section 9.02 of the Original Indenture in connection with the solicitation and receipt of consents by the Company from Holders
holding at least a majority in aggregate principal amount of the Notes to effect certain amendments to the Seventh Supplemental
Indenture;

 

WHEREAS, the Company has solicited
consents from the Holders of the Notes to certain proposed amendments (the “Proposed Amendments”), pursuant
to the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated January 12, 2021 (the “Consent
Solicitation”);

 

WHEREAS, Holders that delivered
consents in connection with the Consent Solicitation have also consented to (i) the right (but not the obligation) of Natura &Co
Holding S.A. (“Natura &Co Holding”) to become a party to the Indenture to guarantee the Company’s
obligations with respect to the Notes and (ii) the right (but not the obligation), from time to time, to add covenants from Natura
&Co Holding to the Indenture for the benefit of the Holders to the Notes;

 

WHEREAS, the Company has obtained
the requisite consents to the Proposed Amendments to the Indenture set forth in this Eleventh Supplemental Indenture;

 

     

     

    

 

WHEREAS, the Trustee has received
an Officers’ Certificate of the Company and an Opinion of Counsel in accordance with Section 1.02 of the Indenture;

 

WHEREAS, pursuant to Section 2.11
of the Seventh Supplemental Indenture, the Trustee is authorized to execute and deliver this Eleventh Supplemental Indenture; and

 

WHEREAS, the Company is exercising the power
and authority conferred upon and reserved to it under the provisions of the Indenture to amend the provisions of the Seventh Supplemental
Indenture as herein provided and to make this Eleventh Supplemental Indenture a valid, binding and legal agreement of the Company;

 

NOW, THEREFORE, THIS ELEVENTH SUPPLEMENTAL
INDENTURE WITNESSETH:

 

That, for and in consideration of the premises
and of the covenants contained in the Indenture and in this Eleventh Supplemental Indenture and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, it is mutually covenanted and agreed as follows:

 

Article
1

Definitions and Other Provisions of General Application

 

Section 1.01.     
Definitions. Each capitalized term that is used herein and is defined in the Indenture shall have the meaning specified
in the Indenture unless that term is otherwise defined herein.

 

Section 1.02.     
References. Each reference to a particular section set forth in this Eleventh Supplemental Indenture shall, unless
the context otherwise requires, refer to this Eleventh Supplemental Indenture.

 

Article
2

Amendments to the Indenture

 

Section 2.01.     
Amendments to the definition of GAAP. The definition of “GAAP” in the Original Indenture shall be amended
by deleting the existing definition and replacing such definition with the text as follows:

 

“GAAP” means
either (i) generally accepted accounting principles in the United States of America; or (ii) International Financial Reporting
Standards as issued by the International Accounting Standards Board, in each case as in effect from time to time.

 

Section 2.02.     
Amendments to the definition of Change of Control. The definition of “Change of Control” in the Seventh
Supplemental Indenture shall be amended to add the following words at the end of the definition:

 

    2 

     

    

 

“Notwithstanding the foregoing,
from the Guarantee Effectiveness Date, no transaction (including, without limitation, any merger or consolidation, or direct or
indirect sale, lease, transfer, conveyance or other disposition of the assets of the Company and its subsidiaries taken as a whole)
with the Guarantor or any of its direct or indirect subsidiaries shall constitute a Change of Control.”

 

Section 2.03.     
Insertion of Certain Additional Definitions. The following definitions shall be added to Section 1.01 of the Seventh
Supplemental Indenture, inserted in alphabetical order:

 

“Guarantee”
means an irrevocable and unconditional guarantee, on an unsecured basis, by the Guarantor of the full and punctual payment (whether
at Stated Maturity, upon redemption, acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all
other amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Company under this
Indenture.”

 

“Guarantee Effectiveness
Date” means the date on which the Guarantee shall become effective and the Guarantor shall have become a party to this
Indenture.”

 

“Guarantor”
means Natura &Co Holding S.A., a corporation (sociedade anônima) incorporated under the laws of the Federative
Republic of Brazil (or its successors and assigns).”

 

Section 2.04.     
Amendment to Reporting Covenant. Article II (Title and Terms of Securities) of the Seventh Supplemental Indenture
shall be amended to include the following Section:

 

2.14     Reports and Other Information.

 

		(a)	From the date hereof, (i) Section 10.08 of the Original
Indenture shall cease to apply to this Indenture; (ii) the Company shall no longer be required to comply with Section 10.08 of
the Original Indenture; and (iii) the Company shall furnish to the Holders of the Notes its annual audited consolidated financial
statements prepared in accordance with GAAP not later than 120 days after the close of its fiscal year and its interim unaudited
quarterly financial statements for each of the first three quarters of the fiscal year not later than 90 days after the close
of fiscal quarter.

 

		(b)	From the Guarantee Effectiveness Date, (i) Section 2.14(a)(iii)
hereof shall cease to apply to this Indenture; (ii) the Company shall no longer be required to comply with Section 2.14(a)(iii)
hereof; and (iii) the Guarantor shall furnish to the Holders of the Notes the Guarantor’s annual audited consolidated financial
statements prepared in accordance with GAAP not later than 120 days after the close of its fiscal year and its interim unaudited
quarterly financial statements for each of the first three quarters of the fiscal year not later than 90 days after the close
of fiscal quarter.

 

    3 

     

    

 

		(c)	The reporting obligations set forth in Section 2.14(a)
and Section 2.14(b) hereof shall be satisfied in the event the Company or the Guarantor, as applicable, makes such reports publicly
available on its website.

 

Section 2.05.     
Amendment to Consolidation, Merger, Conveyance, Transfer Or Lease Covenant. Section 8.01 of the Original Indenture
shall be amended to add the following words at the end of Section 8.01:

 

“From the Guarantee Effectiveness
Date, this Section 8.01 shall not apply to the extent the consolidation with or merger into or conveyance, transfer or lease is
with or into the Guarantor or any direct or indirect subsidiaries of the Guarantor.”

 

Article
3

Notes Guarantee Supplemental Indenture

 

Section 3.01.     
Guarantee by Natura &Co Holding. Subsequent to the date hereof, Natura &Co Holding shall have the right (but
not the obligation) to (i) become party to the Indenture and guarantee the Notes by execution and delivery of a supplemental indenture
and (ii) add covenants, from time to time, to the Indenture for the benefit of the Holders to the Notes.

 

Article
4

Miscellaneous Provisions

 

The Trustee makes no undertaking or representation
in respect of, and shall not be responsible in any manner whatsoever for and in respect of, the validity or sufficiency of this
Eleventh Supplemental Indenture or the proper authorization or the due execution hereof by the Company or for or in respect of
the recitals and statements contained herein, all of which recitals and statements are made solely by the Company.

 

Except as expressly amended hereby, the
Indenture, as heretofore amended and supplemented, shall continue in full force and effect in accordance with the provisions thereof,
and the Indenture is in all respects hereby ratified and confirmed. This Eleventh Supplemental Indenture and all its provisions
shall be deemed a part of the Indenture in the manner and to the extent herein and therein provided.

 

THIS ELEVENTH SUPPLEMENTAL INDENTURE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLES OF
CONFLICTS OF LAWS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

 

    4 

     

    

 

This Eleventh Supplemental Indenture may
be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

 

    5 

     

    

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

 

	 	AVON PRODUCTS, INC.
	 	 
	 	 
	 	By:	/s/ Tom Greene
	 	 	Name:Tom Greene
	 	 	Title: Vice President and Treasurer

 

 

[Signature Page – Eleventh Supplemental
Indenture]

     

     

    

	 	
        DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

         

	 	 
	 	By:	/s/ Irina Golovashchuk
	 	 	Name: Irina Golovashchuk
	 	 	Title: Vice President
	 	 	 
	 	By:	/s/ Kathryn Fischer
	 	 	Name:Kathryn Fischer
	 	 	Title: Vice President

 

 

[Signature Page – Eleventh Supplemental Indenture]

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