Document:

Exhibit
10.3

 

THIS
NOTE AND THE UNDERLYING SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) SHALL HAVE BECOME EFFECTIVE WITH RESPECT
THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION
UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE SECURITIES
LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE.

 

DIGIPATH,
INC.

 

Amended
and Restated

8%
Secured Convertible Promissory Note

 

	$200,000	September
    30, 2020, as of
	 	September
    23, 2019 (the “Issue Date”)

 

FOR
VALUE RECEIVED, DIGIPATH, INC., a Nevada corporation (the “Company”) with its principal executive office
at 6450 Cameron Blvd., Suite 113, Las Vegas, Nevada 89118, promises to pay to the order of CSW Ventures, LP or its registered
assigns (the “Holder” or “Payee”), the principal amount of Two Hundred Thousand Dollars
($200,000) or such lesser amount as shall equal the aggregate unpaid principal amount of the loans made by Payee to the Company
hereunder (the “Principal Amount”), on August 10, 2022 (the “Maturity Date”) or such earlier
date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate
unconverted and then outstanding Principal Amount of this Convertible Promissory Note (this “Note”) in accordance
with the provisions hereof. This Note amends and restates an 8% Secured Convertible Promissory Note originally issued September
23, 2019 in the original principal amount of up to $400,000, under which the Holder made a loan to the Company in the amount of
$200,000.

 

Each
payment by the Company pursuant to this Note shall be made without set-off or counterclaim and in immediately available funds.
The Company (i) waives presentment, demand, protest or notice of any kind in connection with this Note and (ii) agrees to pay
to the Holder of this Note, on demand, all costs and expenses (including reasonable and documented legal fees and expenses) incurred
in connection with the enforcement and collection of this Note.

 

This
Note was originally issued pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”) entered
into between the Company and the Payee, and is secured by a Security Agreement (the “Security Agreement”) in
favor of Payee covering certain collateral (the “Collateral”), all as more particularly described and provided
therein, and is entitled to the benefits thereof. The Security Agreement and any and all other documents executed and delivered
by the Company to Payee under which Payee is granted liens on assets of the Company in connection with the transactions contemplated
by the Securities Purchase Agreement are collectively referred to as the “Security Documents.”

 

    	1

     

    

 

Unless
otherwise defined in this Note, capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement.

 

1.
Principal Repayment

 

A.
Optional Prepayment. At any time from and after the Issue Date, the Company may prepay this Note, without premium or penalty,
in whole or in part, with accrued interest to the date of such prepayment on the amount prepaid.

 

B.
Notice of Prepayment. Before the Company shall be permitted to prepay this Note pursuant to 1A hereof, the Company shall
provide ten (10) days prior notice to the Payee of its intent to make such prepayment, which notice shall state the date and amount
of such prepayment (the “Prepayment Date”). The Payee shall have the option at any time prior to the Prepayment
Date to elect to convert this Note pursuant to Section 5 below.

 

2.
Interest. This Note shall not bear interest following September 30, 2020.

 

3.
Covenants of Company.

 

A.
Affirmative Covenants. The Company covenants and agrees that, so long as this Note shall be outstanding, unless it has
otherwise obtained the prior written consent of the Holder, it will perform the obligations set forth in this Section 2A:

 

(i)
Taxes and Levies. The Company (and each of its subsidiaries) will promptly pay and discharge all taxes, assessments, and
governmental charges or levies imposed upon the Company or upon its income and profits, or upon any of its property, before the
same shall become delinquent, as well as all claims for labor, materials and supplies which, if unpaid, might become a lien or
charge upon such properties or any part thereof; provided, however, that the Company shall not be required to pay
and discharge any such tax, assessment, charge, levy or claim so long as the validity thereof shall be contested in good faith
by appropriate proceedings and the Company shall set aside on its books adequate reserves in accordance with generally accepted
accounting principles with respect to any such tax, assessment, charge, levy or claim so contested;

 

(ii)
Maintenance of Existence. The Company (and each of its subsidiaries) will do or cause to be done all things reasonably
necessary to preserve and keep in full force and effect its corporate existence, rights and franchises and comply with all laws
applicable to the Company, except where the failure to comply would not have a material adverse effect on the Company;

 

(iii)
Maintenance of Property. The Company (and each of its subsidiaries) will at all times reasonably maintain, preserve, protect
and keep its property used or useful in the conduct of its business in good repair, working order and condition (ordinary wear
and tear excepted), and from time to time make all needful and proper repairs, renewals, replacements and improvements thereto
as shall be reasonably required in the conduct of its business;

 

    	2

     

    

 

(iv)
Insurance. The Company (and each of its subsidiaries) will, to the extent necessary for the operation of its business,
keep adequately insured by financially sound reputable insurers, all property of a character usually insured by similar corporations
and carry such other insurance as is usually carried by similar corporations;

 

(v)
Books and Records. The Company (and each of its subsidiaries) will at all times keep true and correct books, records and
accounts reflecting all of its business affairs and transactions in accordance with GAAP. Such books and records shall be open
at reasonable times and upon reasonable notice to the inspection of the Payee or its agents;

 

(vi)
Notice of Certain Events. The Company (and each of its subsidiaries) will give prompt written notice (with a description
in reasonable detail) to the Payee of the occurrence of any Event of Default or any event which, with the giving of notice or
the lapse of time, would constitute an Event of Default; and

 

B.
Negative Covenants. The Company covenants and agrees that, so long as this Note shall be outstanding, unless it has otherwise
obtained the prior written consent of the Holder, it will perform the obligations set forth in this Section 3B:

 

(i)
Liquidation, Dissolution. The Company will not (and will not permit any of its subsidiaries to) liquidate or dissolve,
consolidate with, or merge into or with, any other corporation or other entity, except that any wholly-owned subsidiary may merge
with another wholly-owned subsidiary or with the Company (so long as the Company is the surviving corporation and no Event of
Default shall occur as a result thereof); provided, however, such prior written consent shall not be required in connection with
the consummation of any merger or change of control transaction which results in prepayment of the Note pursuant to the terms
of this Note;

 

(ii)
Sales of Assets. The Company will not (nor permit any of its subsidiaries with respect to their assets and properties),
other than in the ordinary course of business, sell, transfer, lease or otherwise dispose of, or grant options, warrants or other
rights with respect to, all or a substantial part of its properties or assets material to the Company’s business to any
person or entity; provided, however, such prior written consent shall not be required in connection with licenses or other rights
granted by the Company to a strategic partner, licensee or distributor as approved by the Board of Directors of the Company (the
“Board of Directors”);

 

(iii)
Redemptions. The Company will not redeem or repurchase any outstanding equity and/or debt securities of the Company (or
its subsidiaries);

 

(iv)
Indebtedness. Company will hereafter not create, incur, assume or suffer to exist, contingently or otherwise, any indebtedness
which is not expressly subordinate in all respects to the Notes, provided, that this covenant shall not apply to (A) capitalized
leases, purchase money indebtedness (secured solely by Liens on the equipment or assets leased or purchased), (B) accounts payable,
or (C) other accrued expenses incurred by the Company in the ordinary course of business;

 

    	3

     

    

 

(v)
Negative Pledge. The Company will not (nor will it permit its subsidiaries to) hereafter create, incur, assume or suffer
to exist any mortgage, pledge, hypothecation, assignment, security interest, encumbrance, lien (statutory or other), preference,
priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale
or other title retention agreement and any financing lease) (each, a “Lien”) upon any of its property, revenues
or assets, whether now owned or hereafter acquired, except any of the following (collectively, “Permitted Liens”):

 

(a)
Liens granted to secure indebtedness incurred (i) to finance the acquisition (whether by purchase or capitalized lease) of tangible
assets or (ii) under equipment leases or purchase money indebtedness, but in each case, only on the assets acquired with the proceeds
of such indebtedness;

 

(b)
Liens for taxes, assessments or other governmental charges or levies not at the time delinquent or thereafter payable without
penalty or being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall
have been set aside on its books;

 

(c)
Liens of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course of business for sums not
overdue or being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall
have been set aside on its books;

 

(d)
Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance or other
forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, leases and contracts
(other than for borrowed money) entered into in the ordinary course of business or to secure obligations on surety or appeal bonds;
and

 

(e)
Judgment Liens in existence less than 30 days after notice of the entry thereof is forwarded to the Company or with respect to
which execution has been stayed.

 

(vi)
Transactions with Affiliates. The Company will not (and will not permit any of its subsidiaries to) enter into any transaction
after the Issue Date, including, without limitation, the purchase, sale, lease or exchange of property, real or personal, the
purchase or sale of any security, the borrowing or lending of any money, or the rendering of any service, with any person or entity
affiliated with the Company or any of its subsidiaries (including officers, directors and shareholders owning five (5%) percent
or more of the Company’s outstanding capital stock), except in the ordinary course of and pursuant to the reasonable requirements
of its business and upon fair and reasonable terms not less favorable than would be obtained in a comparable arms-length transaction
with any other person or entity not affiliated with the Company as determined by the Board of Directors in good faith.

 

    	4

     

    

 

(vii)
Dividends. The Company will not declare or pay any cash dividends or distributions on its outstanding capital stock.

 

(viii)
Proration of Payments. The Company shall not make or permit any payment on account of principal or interest payable hereunder
or any of the other Notes in excess of each Holder’s pro rate share of payments then due under the Notes.

 

4.
Events of Default.

 

If
any of the following events shall occur for any reason whatsoever (and whether such occurrence shall be voluntary or involuntary
or come about or be effected by operation by law or otherwise) (each, an “Event of Default”):

 

(i)
Non-Payment of Obligations. The Company shall default in the payment of the principal of this Note as and when the same
shall become due and payable (whether by acceleration or otherwise) or shall fail to pay accrued interest on this Note within
five (5) business days of when the same shall become due and payable (whether by acceleration or otherwise);

 

(ii)
Non-Performance of Affirmative Covenants. The Company shall default in the due observance or performance of any covenant
set forth in Section 3A, which default shall continue uncured for thirty (30) days;

 

(iii)
Non-Performance of Negative Covenants. The Company shall default in the due observance or performance of any covenant set
forth in Section 3B, and, if capable of cure, such default shall not have been cured within thirty (30) days;

 

(iv)
Bankruptcy, Insolvency, Etc. The Company (or any of its subsidiaries) shall:

 

(a)
in any legal document admit in writing its inability to pay its debts as they become due;

 

(b)
apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for the Company
or any of its property, or make a general assignment for the benefit of creditors;

 

(c)
in the absence of such application, consent or acquiesce in, permit or suffer to exist the appointment of a trustee, receiver,
sequestrator or other custodian for the Company or for any part of its property;

 

(d)
permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under
any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Company, and, if
such case or proceeding is not commenced by the Company or converted to a voluntary case, such case or proceeding shall be consented
to or acquiesced in by the Company or shall result in the entry of an order for relief; or

 

(e)
take any corporate or other action authorizing, or in furtherance of, any of the foregoing;

 

    	5

     

    

 

(v)
Cross-Default. The Company shall default in the payment when due, after the expiration of any applicable grace period,
of any amount payable under any other obligation of the Company for money borrowed in excess of $100,000;

 

(vi)
Cross-Acceleration. Any other indebtedness for borrowed money of the Company (or any of its subsidiaries) in an aggregate
principal amount exceeding $100,000 shall be duly declared to be or shall become due and payable prior to the stated maturity
thereof or shall not be paid as and when the same becomes due and payable including any applicable grace period;

 

(vii)
Other Breaches, Defaults. The Company shall default or be in breach of any term or provision of this Note, any other Transaction
Document (as defined in the Note Purchase Agreement), in any material respect, for a period of thirty (30) days, or any material
representation or warranty made by the Company to the Payee in any Transaction Document shall be materially false or misleading;
or

 

(viii)
Security Documents. The Security Documents shall cease to create a valid and perfected Lien in and to any material Collateral;

 

then,
and in any such event, the Holder shall, by notice to the Company, take or cause to be taken any or all of the following actions,
without prejudice to the rights of Payee to enforce its claims against the Company: (1) declare the principal of and any accrued
interest and all other amounts payable under this Note to be due and payable, whereupon the same shall become, forthwith due and
payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company, (2) proceed
to enforce or cause to be enforced any remedies provided under the Security Agreement, and (3) exercise any other remedies available
at law or in equity, either by suit in equity or by action at law, or both, whether for specific performance of any covenant or
other agreement contained in this Note; provided, that upon the occurrence of any Event of Default referred to in Section 4(v)
then (without prejudice to the rights and remedies specified in clause (3) above) automatically, without notice, demand or any
other act by any Holder, the principal of and any accrued interest and all other amounts payable under this Note shall become
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Company, anything contained in this Note to the contrary notwithstanding. No remedy conferred in this Note upon
any Holder is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in
addition to every other remedy conferred herein or now or hereinafter existing at law or in equity or by statute or otherwise.

 

    	6

     

    

 

5.
Conversion of Note.

 

A.
Optional Conversion. The Holder of this Note shall have the option, at any time and from time to time, prior to the date
on which the Company makes payment in full of the Principal Amount of this Note in accordance herewith, all accrued interest thereon
and all other amounts due and payable thereunder to convert all or any portion of the outstanding Principal Amount of this Note
plus all accrued and unpaid interest thereon (such Principal Amount and accrued and unpaid interest to be so converted the “Conversion
Amount”) into shares of common stock, par value $0.001 per share (“Common Stock”), of the Company
at an initial conversion price per share equal to $0.03 per share (the “Conversion Price”), subject to adjustment
as provided in subsection 5E below. The shares of Common Stock issuable upon conversion of this Note at the Conversion Price are
referred to herein as the “Conversion Shares.”

 

B.
Conversion Limitation. Notwithstanding anything contained herein to the contrary, the Holder shall not be entitled to convert
pursuant to the terms of this Note an amount that would be convertible into that number of Conversion Shares which would exceed
the difference between the number of shares of Common Stock beneficially owned by such Holder and 4.99% of the outstanding shares
of Common Stock of the Company. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. The Holder
may void the Conversion Share limitation described in this Section 5B upon 65 days prior notice to the Company or without any
notice requirement upon an Event of Default.

 

C.
Mechanics of Conversion.

 

(i)
Before the Holder of this Note shall be entitled to convert this Note into shares of Common Stock pursuant to Section 5A, such
holder shall give written notice to the Company in the form attached hereto as Annex A (“Conversion Notice”),
at its principal corporate office, by email, facsimile or otherwise, of the election to convert the same and shall state therein
the Conversion Amount and the name or names in which the certificate or certificates for shares of Common Stock are to be issued.
On or before the third (3rd) business day following the date of receipt of a Conversion Notice, the Company shall (A) if legends
are not required to be placed on certificates of Common Stock pursuant to the then existing provisions of Rule 144 of the Securities
Act of 1933 (“Rule 144”) and provided that the Company’s transfer agent is participating in the Depository
Trust Company’s (“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of shares
of Common Stock to which the Holder shall be entitled to the Holder’s or its designee’s balance account with DTC,
or (B) if the Company’s transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue
and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive
legends unless required pursuant the Rule 144.

 

    	7

     

    

 

(ii)
All Common Stock which may be issued upon conversion of the Note will, upon issuance, be duly issued, fully paid and non-assessable
and free from all taxes, liens, and charges with respect to the issuance thereof.

 

D.
Authorized Shares. At all times the Company shall have authorized and shall have reserved a sufficient number of shares
of Common Stock to provide for the conversion of the Notes at the then effective Conversion Price. Without limiting the generality
of the foregoing, if, at any time, the Conversion Price is decreased, the number of shares of Common Stock authorized and reserved
for issuance upon the conversion of this Note shall be proportionately increased.

 

E.
Anti-Dilution Provisions. The Conversion Price in effect at any time and the number and kind of securities issuable upon
the conversion of this Note shall be subject to adjustment from time to time upon the happening of certain events as follows:

 

(i)
In case the Company shall hereafter (i) declare a dividend or make a distribution on its outstanding shares of Common Stock in
shares of Common Stock, (ii) subdivide or reclassify its outstanding shares of Common Stock into a greater number of shares, or
(iii) combine or reclassify its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect
at the time of the record date for such dividend or distribution or of the effective date of such subdivision, combination or
reclassification shall be adjusted so that it shall equal the price determined by multiplying the Conversion Price by a fraction,
the denominator of which shall be the number of shares of Common Stock outstanding after giving effect to such action, and the
numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such action. Such adjustment
shall be made successively whenever any event listed above shall occur.

 

(ii)
Whenever the Conversion Price is adjusted pursuant to Subsection (i) above, the number of Conversion Shares issuable upon conversion
of this Note shall simultaneously be adjusted by multiplying the number of Conversion Shares initially issuable upon conversion
of this Note by the Conversion Price in effect on the date hereof and dividing the product so obtained by the Conversion Price,
as adjusted.

 

(iii)
In case of any reorganization, reclassification or change of the Common Stock (including any such reorganization, reclassification
or change in connection with a consolidation or merger in which the Company is the continuing entity), or any consolidation of
the Company with, or merger of the Company with or into, any other entity (other than a consolidation or merger in which the Company
is the continuing entity), or of any sale of the properties and assets of the Company as, or substantially as, an entirety to
any other person or entity, this Note shall thereafter be convertible into the kind and amount of stock or other securities or
property receivable upon such reorganization, reclassification, change, consolidation, merger or sale by a Holder of the number
of shares of Common Stock into which this Note would have been converted prior to such transaction. The provisions of this subsection
(iii) shall similarly apply to successive reorganizations, reclassifications, changes, consolidations, mergers or sales immediately
prior to such reorganization, reclassification, change, consolidation, merger or sale.

 

    	8

     

    

 

6.
Amendments and Waivers.

 

The
provisions of this Note may from time to time be amended, modified or supplemented, if such amendment, modification or supplement
is in writing and consented to by the Company and the Holder. No failure or delay on the part of the Payee in exercising any power
or right under this Note shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right
preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Company
in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by the Payee shall,
except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval
hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. To the extent that the
Company makes a payment or payments to the Payee, and such payment or payments or any part thereof are subsequently for any reason
invalidated, set aside and/or required to be repaid by the Payee to a trustee, receiver or any other party under any bankruptcy
law, state or federal law, common law or equitable cause, then to the extent of such recovery, the obligation or part thereof
originally intended to be satisfied, and all rights and remedies therefor, shall be revived and continued in full force and effect
as if such payment had not been made by the Payee or such enforcement or setoff had not occurred.

 

7.
Miscellaneous.

 

A.
Parties in Interest. All covenants, agreements and undertakings in this Note binding upon the Company or the Payee shall
bind and inure to the benefit of its successors and permitted assigns of the Company and the Payee, respectively, whether so express
or not.

 

B.
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Nevada without
regard to the conflicts of laws principles thereof.

 

C.
Waiver of Jury Trial. THE PAYEE AND THE COMPANY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE OR
ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE PAYEE OR THE COMPANY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE’S
PURCHASING THIS NOTE.

 

    	9

     

    

 

IN
WITNESS WHEREOF, this Note has been executed and delivered on the date specified above by the duly authorized representative of
the Company.

 

	 	DIGIPATH,
    INC.
	 	 	 
	 	By:
    	/s/
    Todd Peterson
	 	Name:
    	Todd
    Peterson
	 	Title:
    	CFO

 

This
Amended and Restated Note dated September 30, 2020 has been accepted by the undersigned in replacement for the Amended and Restated
8% Secured Convertible Promissory Note dated September 23, 2019, which will be returned to the Company for cancellation if in
the possession of the undersigned.

 

	CSW
    VENTURES, LP	 
	 	 	 
	By:
    	/s/
    David Weiner	 
	Name:	David
    Weiner	 
	Title:
    	General
    Partner 	 

 

    	10

     

    

 

ANNEX
A

 

CONVERSION
NOTICE

 

The
undersigned hereby elects to convert principal and/or interest under the Amended and Restated 8% Senior Secured Convertible Promissory
Note, dated as of September 30, 2020 (the “Note”) of Digipath, Inc., a Nevada corporation (the “Company”),
into shares of common stock (the “Common Stock”), of the Company according to the conditions hereof and the
Note, as of the date written below. If shares of Common Stock are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions
as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except
for such transfer taxes, if any.

 

By
the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common
Stock does not exceed the amounts specified under Section 5B of the Note, as determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended.

 

Conversion
calculations:

 

	 	Date
    to Effect Conversion: ____________________________________
	 	 
	 	Principal
    Amount of Note to be Converted: _______________________
	 	 
	 	Amount
    of Interest of Note to be Converted:_______________________
	 	 
	 	Number
    of shares of Common Stock to be issued: 
	 	 
	 	__________________________________________________________
	 	 
	 	Signature:__________________________________________________
	 	 
	 	Name:
    ____________________________________________________
	 	 
	 	Address
    for Delivery of Common Stock Certificates: ________________
	 	__________________________________________________________
	 	__________________________________________________________
	 	 
	 	Or
	 	 
	 	DWAC
    Instructions:
	 	 
	 	Broker
    No: ________________
	 	Account
    No: _______________

 

    	11Exhibit 10.1

    

  

  

  
    Execution Version

     

    AMENDMENT NO. 5 TO RECEIVABLES PURCHASE AGREEMENT

     

    THIS
        AMENDMENT NO. 5 TO RECEIVABLES PURCHASE AGREEMENT, dated as of October 1, 2020 (this "Amendment"), is by and among Sensient Receivables LLC, a Delaware limited liability company ("Seller"), Sensient Technologies Corporation, a Wisconsin corporation ("STC"), as initial Servicer and as the Performance Guarantor, and (c) Wells
        Fargo Bank, National Association, a national banking association (together with its successors and assigns, the "Purchaser").

     

    RECITALS

     

    WHEREAS, the Seller, the Servicer and the Purchaser are parties to that certain Receivables Purchase Agreement, dated as of October 3, 2016 (as amended prior to the date hereof, the "Existing Purchase Agreement" and, as amended hereby and from time to time hereafter amended, restated or otherwise modified, the "Purchase Agreement"); and

     

    WHEREAS, the parties wish to amend the Existing Purchase Agreement as hereinafter set forth;

     

    NOW,
        THEREFORE, in consideration of the premises and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
        hereto agree as follows:

     

    1.            Definitions.  Capitalized terms used and not otherwise defined herein are used with the meanings attributed thereto in the Purchase
          Agreement.

     

    2.            Amendments.  The Existing Purchase Agreement is hereby amended as follows:

     

    (a)          The definitions in Exhibit I of the Existing Purchase Agreement of the following terms are hereby amended and restated in their entirety to read as follows:

     

    “Discount
        Rate” means LMIR (or, solely in the instances set forth in Sections 8.3(h) and 8.3(i), the Benchmark Replacement or the Alternate Base Rate, as applicable).

     

    "Facility Termination Date" means the earlier of (i) October 1, 2021, and (ii) the Amortization Date.

     

    “Receivable” means the indebtedness and other obligations owed (at the time it arises, and before giving effect to any transfer or conveyance contemplated under the Transaction
      Documents) to an Originator, whether constituting an account, chattel paper, an instrument, an intangible or a general intangible under the UCC, arising from the sale of goods or provision of services by an Originator and includes, without
      limitation, the obligation to pay any applicable Finance Charges with respect thereto; provided, however, that the term “Receivable” shall not include any Excluded Receivable.  Indebtedness and other rights
      and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by an individual invoice, shall constitute a Receivable separate from a Receivable consisting of the
      indebtedness and other rights and obligations arising from any other transaction.  Indebtedness, rights or obligations referred to in the immediately preceding sentence shall be a Receivable regardless of whether the Obligor, the applicable
      Originator or the Seller treats such indebtedness, rights or obligations as a separate payment obligation.

     

    
      
        

    

    
    (b)          The following new definitions are hereby added to Exhibit I of the Existing Purchase Agreement in their appropriate alphabetical order:

     

    “Benchmark
        Replacement” means as of any date (i) upon the Seller’s election to effect a Conforming Election and the Purchaser’s reasonable consent thereto (either as a lender under Sensient’s senior unsecured credit
        facility or as the Purchaser under the Agreement, as applicable), subject to the understanding set forth in Section 8.3(i)(i)(2), the applicable benchmark replacement rate (including any benchmark replacement adjustment) in the Seller’s senior
        unsecured syndicated credit facility, or (ii) otherwise, the greater of (a) 0.00% per annum, and (b) the sum of:  (1) the alternate benchmark rate (which may
        include Term SOFR) that has been selected by the Seller and the Purchaser giving due consideration to (A) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B)
        any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated syndicated or bilateral credit facilities and (2) the Benchmark Replacement
        Adjustment.

     

    “Benchmark
        Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for each applicable period, the spread adjustment, or method for calculating or determining such
        spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Seller and the Purchaser giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or
        determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment,
        or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities at such time.

     

    “Benchmark
        Replacement Conforming Change” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the timing and frequency of determining rates and
        making payments of interest, prepayment provisions, and other administrative matters) that the Purchaser and the Seller, decide may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the
        administration thereof by the Purchaser in a manner substantially consistent with market practice (or, if the Purchaser and the Seller decide that adoption of any portion of such market practice is not administratively feasible or if the Purchaser
        reasonably determine that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Purchaser decide is reasonably necessary in connection with the administration of this
        Agreement).

     

    
      2

      
        

    

    ”Benchmark
        Replacement Date” means the earlier to occur of the following events with respect to LIBOR:  (a) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (i) the date of
        the public statement or publication of information referenced therein and (ii) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR; or (b) in the case of clause (3) of the definition of “Benchmark
        Transition Event,” the date of the public statement or publication of information referenced therein.

     

    “Benchmark
        Transition Event” means the occurrence of one or more of the following events with respect to LIBOR:  (1) a public statement or publication of information by or on behalf of the administrator of LIBOR
        announcing that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR; (2) a
        public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with
        jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR
        permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR; or (3) a public statement or publication of information by the regulatory supervisor
        for the administrator of LIBOR announcing that LIBOR is no longer representative of the underlying market or economic reality or may no longer be used.

     

    “Benchmark
        Transition Start Date” means (1) In the case of a Benchmark Transition Event, the earlier of (A) the applicable Benchmark Replacement Date and (B) if such Benchmark Transition Event is a public statement or
        publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such
        statement or publication, the date of such statement or publication) and (2) in the case of an Early Opt-in Election, the date proposed by the Purchaser and agreed to by the Seller.

     

    “Benchmark
        Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a
        Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for all purposes hereunder in accordance with Section 8.3(i)(i) and (y)
        ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes hereunder pursuant to Section 8.3(i)(i).

     

    “Conforming
        Election” has the meaning set out in Section 8.3(i)(i).

     

    “Early
        Opt-in Election” means the occurrence of: (1) a determination by the Purchaser that at least five currently outstanding U.S. dollar-denominated bilateral receivables purchase agreements or receivables purchase
        facilities at such time contain (as a result of amendment or as originally executed) as a benchmark interest rate, in lieu of LIBOR, a new benchmark interest rate to replace LIBOR, and (2) the election by the Purchaser to declare that an Early
        Opt-in Election has occurred and the provision by the Purchaser of written notice of such election to the Seller.

     

    
      3

      
        

    

    “Excluded Obligor” means, for each applicable Originator as of any date of determination, each Obligor identified to the right of such Originator’s
        name in the table on Schedule C hereto, as such Schedule may be updated from time to time after October 1, 2020 with the written consent of the Seller and the Purchaser; provided, however, that (a) prior to any Obligor’s becoming an Excluded Obligor, the Servicer or the
        applicable Originator (i) shall have given the Purchaser not less than 30 days’ prior written notice of the effective date of such change and (ii) shall have instructed such Obligor in writing (confirmed by telephone call) to remit payments on its
        payables to such Originator to an address or account other than a Lock-Box or Lock-Box Account, (b) not less than 3 Business Days prior to any Obligor’s being added as an Excluded Obligor on an updated Schedule C, the Seller shall have delivered to
        the Purchaser a certificate to the effect that (i) immediately before and after giving effect to adding such Excluded Obligor, the Purchased Asset Coverage Percentage does not exceed 100%, and (ii) immediately before and after  giving effect to adding such Excluded Obligor, no Amortization Event or Potential Amortization Event exists, and attaching the
          proposed revised Schedule C, and (c) no  consent of the Seller or the Purchaser will be required if (i) the average Outstanding Balance of the Receivables of any proposed individual Excluded Obligor and its Affiliates during the 3 months then
          most recently ended is not more than 2% of the total Outstanding Balance of all Receivables as of the last day of the month then most recently ended and (ii) the aggregate Outstanding Balance of Receivables of all Obligors who become Excluded
          Obligors is not more than 6% of the average aggregate Outstanding Balance of all Receivables as of last day of each month beginning on or after October 1, 2019 and ending on September 30, 2020.

     

    “Excluded Receivable” means any indebtedness or right to payment owing from an Excluded Obligor to the Originator or Originators specified on Schedule C hereto, as updated from time to time in
        accordance with the definition of “Excluded Obligor”.

     

    “LIBOR” means the rate specified in clause (b) of the definition of “LIBOR Market Index Rate.”

     

    “Relevant
        Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New
        York or any successor thereto.

     

    “SOFR” means with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal
        Reserve Bank of New York’s website.

     

    “Term
        SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

     

    
      4

      
        

    

    “Unadjusted
        Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

     

    (c)          Section 8.3(h) is hereby amended to delete “If” at the beginning of the first paragraph thereof, and to replace it with:  “Subject to Section 8.3(i), if”.

     

    (d)          A new Section 8.3(i) is hereby inserted into the Existing Purchase Agreement which reads as follows:

     

    (i) Special
        Provisions Applicable to LIBOR.

     

    (i)          Effect of Benchmark Transition Event; Benchmark Replacement.

     

    (1) Notwithstanding anything to the contrary in this Agreement or in any other
      Transaction Document, and subject to subclause (2) below, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Purchaser and the Seller may amend this Agreement to replace the LMIR with a Benchmark
      Replacement.  Any such amendment will become effective on the date that the Seller and the Purchaser specify in such amendment. No replacement of the LMIR with a Benchmark Replacement pursuant to this Section  8.3(i)(i) will occur prior to the
      applicable Benchmark Transition Start Date.

     

    (2) Notwithstanding subclause (1) above, in the event that (A) the Purchaser is
      a party to the Seller’s senior unsecured syndicated credit facility or otherwise reasonably agrees, and (B) the requisite lenders under the Seller’s senior unsecured syndicated credit facility agree to replace LIBOR with a benchmark replacement rate
      (including any benchmark replacement adjustment), the Seller may elect to replace LMIR with an analogous floating  benchmark replacement rate (including an analogous benchmark replacement adjustment) (such election,  a “Conforming Election”), such analogous floating benchmark replacement rate shall be the “Benchmark Replacement” for purposes of this Section 8.3(i), it being understood that
      LIBOR or a benchmark replacement rate which is fixed for an interest period of one or more months under the Seller’s senior unsecured syndicated credit facility is not precisely the same as LMIR which floats on a daily basis and that, therefore, the
      benchmark replacement rate under this Agreement may not have a verbatim definition as the benchmark replacement rate under the Seller’s senior unsecured syndicated credit facility.

     

    
      5

      
        

    

    (ii)        Benchmark Replacement Conforming Changes. In connection with the
          implementation of a Benchmark Replacement, the Purchaser will have the right to make reasonable Benchmark Replacement Conforming Changes from time to time without the consent or further action from the Seller.

     

    (iii)       Notices; Standards for Decisions and Determinations. The Purchaser will
          promptly notify the Seller of (1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date (or, in the case of an Early Opt-in
          Election, the proposed Benchmark Transition Start Date), (2) the proposed implementation of any Benchmark Replacement, (3) any proposed Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark
          Unavailability Period.  Any determination, decision or election that may be made by the Purchaser pursuant to this Section 8.3(i), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of
          an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made subject to consent from the Seller.

     

    (iv)       Benchmark Unavailability Period. Upon the Seller’s receipt of notice of the commencement of a Benchmark Unavailability Period, any Cash Investment accruing Discount at the LMIR will thereafter accrue Discount at
      the Alternate Base Rate.

     

    (e)          A new Schedule C is hereby added to the Existing Purchase Agreement which reads as set forth in Annex 1 hereto.

     

    3.          Effect of Amendment.  Except as specifically amended hereby, the Existing Purchase Agreement and all exhibits and schedules attached thereto
          remains unaltered and in full force and effect, and this Amendment shall not constitute a novation of the Purchase Agreement but shall constitute an amendment thereof.  The Performance Undertaking remains unaltered and in full force and effect
          and is hereby ratified and confirmed.

     

    4.           Conditions Precedent.  Effectiveness of this Amendment is subject to the prior or contemporaneous satisfaction of each of the following
          conditions precedent:

     

    (a)        Wells shall have received: (i) counterparts hereof, duly executed by each of the parties hereto and consented to by the Purchaser, and (ii) counterparts of a third amendment and restatement of
          the Fee Letter, duly executed by each of the parties thereto and payment in immediately available funds of a fully-earned and non-refundable upfront fee described in numbered paragraph 1 thereof.

     

    
      6

      
        

    

    (b)         Each of the representations and warranties contained in Section 5 of this Amendment shall be true and correct.

     

    5.         Representations and Warranties.  Each of the Performance Guarantor, the Seller and the Servicer hereby represents and warrants to the
          Purchaser that each of the representations and warranties made by it or on its behalf in the Purchase Agreement or the Performance Undertaking, as applicable, were true and correct when made and are true and correct, in all material respects, on
          and as of the date of this Amendment with the same full force and effect as if each of such representations and warranties had been made by it on the date hereof and in this Amendment, and the Performance Undertaking is hereby ratified and
          confirmed.  The representations and warranties set forth above shall survive the execution of this Amendment.

     

    6.          CHOICE OF LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
          PRINCIPLES OF CONFLICTS OF LAWS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW.

     

    7.         CONSENT TO JURISDICTION.  EACH PARTY TO THIS AMENDMENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES
          FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE AGREEMENTS, AND EACH SUCH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
          PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.

     

    8.          WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
          (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT, THE PURCHASE AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

     

    9.         Binding Effect. Upon execution and delivery of a counterpart hereof by each of the parties hereto, and the satisfaction of the conditions
          precedent set forth in Section 5 hereof, this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy).

     

    10.        Legal Fees.  In addition to its obligations under the Purchase Agreement, the Seller agrees to pay all reasonable out-of-pocket costs and
          expenses incurred by the Purchaser, in connection with the negotiation, preparation, execution and delivery of this Amendment within 30 days after receipt of a reasonably detailed invoice therefor.

     

    
      7

      
        

    

    
    11.        Counterparts; Severability; Section References.  This Amendment may be executed in any number of counterparts and by different parties
          hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Amendment. Delivery of an executed counterpart of a signature page to this
          Amendment by facsimile shall be effective as delivery of a manually executed counterpart of a signature page to this Amendment.  Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such
          jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
          such provision in any other jurisdiction.

     

    <Signature pages follow>

     

    
      8

      
        

    

    IN WITNESS
        WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers or attorneys-in-fact as of the date hereof.

     

    	
            SENSIENT RECEIVABLES LLC, AS SELLER

          
	

          	

          
	
            By:

          	/s/ David Plautz	

          	

          
	
            Name: David Plautz

          	

          
	
            Title:  Director – President and Treasurer

          	

          

    

    

    	
            SENSIENT TECHNOLOGIES CORPORATION, AS THE SERVICER AND THE PERFORMANCE
                GUARANTOR

          
	

          	

          
	
            By:

          	/s/ Amy M. Agallar	

          	

          
	
            Name: Amy M. Agallar

          	

          
	
            Title:  VP, Treasurer

          	

          

    

    

    
      9

      
        

    

    	
            WELLS FARGO BANK, NATIONAL ASSOCIATION, AS THE PURCHASER

          
	

          	

          
	
            By:

          	/s/ Jason Barwig	

          	

          
	
            Name:  Jason Barwig

          	

          
	
            Title:  Vice President

          	

          

    

    

    

    

    10

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