Document:

EXHIBIT
10.29

 

AMENDMENT
NO. 1 TO STOCKHOLDERS AGREEMENT

 

This
Amendment No. 1 (the “Amendment”) made as of the 29th day of March, 2017, by and among Gosling-Castle Partners Inc.
(f/k/a Gosling Partners Inc.), a Delaware corporation (the “Company”) and the persons listed on Schedule I set forth
on Exhibit A attached hereto (the “Stockholders” and, individually, a “Stockholder”), amends the
Stockholders Agreement, made as of the 18th day of February, 2005, by and among Gosling Partners Inc. and the Stockholders
(the “Stockholders Agreement”).

 

WHEREAS,
the Company and the Stockholders desire to amend the Stockholders Agreement to reflect the present ownership of the issued and
outstanding stock of the Company in the amount shown opposite their names on Schedule I.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and in consideration
of the mutual promises set forth below, the parties hereto, intending to be legally bound, agree as follows:

 

1.       Schedule
I to the Stockholders Agreement is amended to reflect the present ownership of the issued and outstanding stock of the Company
by the Stockholders in the amount shown opposite their names as set forth on Exhibit A attached hereto.

 

2.       Section
5 of the Stockholders Agreement is hereby amended to delete the sentence therein which reads, “If the Company proposes to
issue any shares of Common Stock or securities convertible into or exchangeable or exercisable for shares of Common Stock, other
than securities issued as a result of any stock split, stock dividend, reclassification, recapitalization or the like the Company
will deliver to each Stockholder a written notice (the “New Issuance Notice”) not less than thirty (30) days prior
to the date of completion of such issuance (the “New Issuance”).” and to replace it with the following sentence:
“If the Company proposes to issue Common Stock or any other class of equity securities or securities convertible into or
exchangeable or exercisable for Common Stock or any other class of equity securities (the class of equity securities, including
Common Stock, referred to in the preceding sentence is hereinafter referred to as the “New Securities”), other than
equity securities issued as a result of any stock split, stock dividend, reclassification, recapitalization or the like, the Company
will deliver to each Stockholder a written notice (the “New Issuance Notice”) not less than thirty (30) days prior
to the date of completion of such issuance (the “New Issuance”).” 

 

3.       Section
6 of the Stockholders Agreement is amended to be replaced in its entirety with the following:

 

“6.Liquidation,
Dissolution or Winding Up.[Reserved].”

 

4.       Section
7 of the Stockholders Agreement is hereby amended to be replaced in its entirety with the following:

 

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“7.       Certain
Covenants. The Stockholders and the Company covenant and agree that they will cause the Company to comply with and observe
the following covenants and provisions, unless with respect to a specific transaction, event or action that is subject to the
provisions of this Section 7, the Company shall have been permitted to effect, participate in or proceed with such transaction,
event or action pursuant to the approval of the members of the Board of Directors representing in the aggregate at least (A) 81%
of the outstanding shares of Common Stock, and (B) either (1) the member of the Board of Directors appointed by E. Malcolm B.
Gosling or (2) the member of the Board of Directors appointed by Gosling’s Limited:

 

(a)       The
Company will not enter into or be a party to any material transaction, agreement or arrangement (an “Arrangement”)
with any director, officer, employee or Stockholder of the Company or any member of their respective immediate families or any
corporation or other entity directly or indirectly controlled by one or more of such directors, officers, employees or Stockholders
or members of their immediate families (collectively, a “Related Party”), except (i) if all material terms of such
Arrangement are disclosed in advance to all Stockholders and such Arrangement is undertaken in the ordinary course of business
and on terms not less favorable to the Company than it would obtain in a comparable arm’s length transaction with an unrelated
third party; or (ii) if the Related Party Arrangement is in effect as of the date Amendment No. 1 to Stockholders Agreement.

 

(b)       The
Company will use commercially reasonable efforts to enforce its rights under all Related Party Arrangements, and will not amend,
terminate, waive, negotiate, settle, or otherwise modify any Related Party Arrangement (each, a “Company Action”),
except if all material terms or details of such Company Action with respect to the Related Party Arrangement are disclosed in
advance to all Stockholders and such Company Action with respect to the Related Party Arrangement is undertaken in the ordinary
course of business and on terms not less favorable to the Company than it would obtain in a comparable arm’s length transaction
with an unrelated third party. 

 

(c)       The
number of directors on the Company’s Board of Directors will remain at five (5). 

 

(d)       The
Company’s certificate of incorporation and bylaws will not be amended or otherwise modified.

 

(e)       The
Company will not make any loan or advance, or incur any indebtedness, pledge or grant liens on any assets or guarantee, indemnify,
assume, endorse or otherwise become responsible for the obligations of any other individual, corporation, partnership, joint venture,
limited liability company, governmental authority, unincorporated organization, trust, association or other entity, outside the
ordinary course of the Company’s business. 

 

(f)       The
Company will not purchase, lease or otherwise acquire any real property or interest in real property.

 

(g)       The
Company will not create or issue, or agree to create or issue, Common Stock or any other New Securities, or give, or agree to
give, any option in respect of any Common Stock or any other New Securities.

 

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(h)       The
Company will not commence any business or line of business which is inconsistent with the business of the Company as of the date
Amendment No. 1 to Stockholders Agreement or make any fundamental changes to the nature of the business of the Company.

 

(i)       The
Company will not acquire securities, except in the ordinary course of business, such as short term investments for working capital
purposes; form any subsidiary; enter into any partnership or joint venture, except in the ordinary course of business, such as
a distribution or reseller arrangement; or acquire all or substantially all of the assets of, or acquiring a controlling interest
in, any other business or entity. 

 

(j)       The
Company will not sell or otherwise dispose of all or any material part of the Company’s assets or business.

 

(k)       The
Company will not voluntarily liquidate or dissolve or file a voluntary petition by the Company pursuant to Chapter 7, Chapter
11 or Chapter 13 of Title 11 of the U.S. Code.

 

(l)       The
Company will not merge, consolidate or reorganize, it being understood that this provision does not affect the right of Castle
Brands Inc., itself, to engage in any such transaction.

 

(m)       The
Stockholders and the Company will ensure that the Board of Directors does not delegate any of its rights, responsibilities or
discretion to any committee thereof, or appoint or remove any committee members.

 

(n)       The
Stockholders and the Company will not agree to take any action that, if consummated, would violate this Section 7. 

 

5.       Section
11 of the Stockholders Agreement is hereby amended to delete the sentence therein which reads, “The Company plans to separately
enter into a five year employment agreement with E. Malcolm B. Gosling, which agreement shall contain standard protective and
non-compete provisions, and will endeavor to obtain at least $5,000,000 of Key Man Insurance on the life of E. Malcolm B. Gosling.”
and to replace it with the following sentence: “The Company plans to separately enter into a consulting agreement with Gosling’s
International, a Bermuda company, for an initial term of five years, which agreement will automatically renew for additional one-year
terms unless either party gives 30 days’ advance written notice prior to the expiration of the then-current term. The consulting
agreement shall contain standard protective and non-compete provisions. The $5,000,000 of Key Man Insurance in place on the life
of E. Malcolm B. Gosling shall remain in effect. The parties hereto acknowledge and agree that if the parties were previously
operating pursuant to an employment relationship between the Company and E. Malcolm B. Gosling, such employment relationship shall
terminate, and the terms thereof, whether written and/or oral, shall have no further force and effect upon the Company and Gosling’s
International entering into the consulting agreement pursuant to this Section 11.” 

 

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6.       Sections
12-25 of the Stockholders Agreement are hereby renumbered as Sections 13-26 and the following new Section 12 shall be inserted:

 

“12.Manufacturing
and Distribution Agreement. Gosling’s Limited and E. Malcolm B. Gosling shall use commercially reasonable efforts to
cause Gosling’s Export (Bermuda) Limited (“GXB”) to enforce the Polar Agreement (as hereinafter defined). The
parties shall cooperate in good faith in allocating costs and expenses relating to enforcement of the Polar Agreement between
GXB, the Company and Castle. During the term of the Export Agreement, GXB will not make any amendments or modifications to Sections
2(a), 2(c), 4, 5 or 6 or Schedule A of the Polar Agreement (as defined below) that would adversely and directly affect the Company
without the prior written consent of the Company. “Polar Agreement” means the Manufacturing and Distribution Agreement
dated April 1, 2009, by and between GXB and Polar Corp., as amended by Amendment No. 1 thereto, dated March 29, 2017.”

 

7.       Section
19 of the Stockholders Agreement (renumbered from Section 18) is hereby amended to be replaced in its entirety with the following:

 

“19.       Entire
Agreement and Amendments. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject
matter hereof and neither this Agreement nor any provision hereof may be waived, modified, amended or terminated except by a written
agreement signed by the Stockholders representing in the aggregate at least (a) 81% of the outstanding shares of Common Stock
of the Company, including (b) either E. Malcolm B. Gosling or Gosling’s Limited; provided, however, no amendment
shall be permitted that (i) imposes any obligation on a Stockholder to contribute capital to the Company or guaranty, indemnify,
assume or otherwise become liable for any liability or obligation of the Company, or (ii) adversely and disproportionately effects
any Stockholder, without the written consent of such Stockholder; and provided, further, that Stockholders proposing
any such amendment shall send notice of any proposed amendment to all Stockholders at least ten (10) days in advance of such amendment
becoming effective in order to permit the other Stockholders to communicate any concerns to the proposing Stockholders. No waiver
of any breach or default hereunder shall be considered valid unless in writing, and no such waiver shall be deemed a waiver to
any subsequent beach or default of the same or similar nature.”

 

8.       This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without reference to its principles
of conflicts of law. 

 

9.       Capitalized
terms used herein, unless otherwise defined herein, shall have the meanings set forth in the Stockholders Agreement. 

 

10.       Except
as specifically amended herein, the Stockholders Agreement shall remain in full force and effect in accordance with its terms.

 

11.       This
Amendment may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
one and the same instrument. 

 

12.       To
the extent that any provision of this Amendment conflicts or is inconsistent with the terms of the Stockholders Agreement, this
Amendment shall govern, it being agreed that in such event any provisions of the Stockholders Agreement required to be amended
to give effect to this Amendment shall be deemed amended.

 

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IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized representatives effective as of
the date first written above.

 

	 	GOSLING-CASTLE
    PARTNERS INC.
	 	 	 
	 	By:	/s/
    Richard Lampen
	 	Name:	Richard
    Lampen
	 	Title:	Director
	 	 	 
	 	STOCKHOLDERS:
	 	 	 
	 		/s/
    E. Malcolm B. Gosling
	 		E.
    Malcolm B. Gosling 
	 	 	 
	 	GOSLING’S
    LIMITED
	 	 	 
	 	By:
    	/s/
    Nancy Gosling
	 	Name:
    	Dr.
    Nancy Gosling
	 	Title:
    	President
    and Chief Executive Officer
	 	 	 
	 	CASTLE
    BRANDS INC.
	 	 	 
	 	By:	/s/
    Richard Lampen
	 	Name:	Richard
    Lampen
	 	Title:
    	President
    and Chief Executive Officer

 

[Signature
Page to Amendment No. 1 to Stockholders Agreement]

 

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EXHIBIT
A

 

SCHEDULE
I

 

Stockholders

 

	Name	 	Number
    of Shares Owned
	 	 	 
	E.
Malcolm B. Gosling
	 	99,500

        

	 	 	 
	Gosling’s
Limited
	 	99,500

        

	 	 	 
	Castle
        Brands Inc.

        
	 	801,000

 

    	6Exhibit 10.1

 

 

Office
Lease and Administrative Support Agreement

 

THIS OFFICE LEASE AND ADMINISTRATIVE SUPPORT AGREEMENT
(this "Agreement") is made on June 8, 2017, by and between Banyan Rail Services Inc. ("Banyan") and
Boca Equity Partners LLC ("BEP").

 

WHEREAS: The parties desire to provide for a cost-sharing
arrangement relating to Banyan's use of a portion of BEP's offices located at 5200 Town Center Circle, Tower 1, Suite 550, Boca
Raton, FL 33846 (the "Premises"), and certain overhead items at the Premises such as space, utilities and other administrative
services.

 

NOW THEREFORE, the parties agree as follows:

 

TERMS

 

		1.	Term. The term of this Agreement shall be month-to-month, commencing on June 1, 2017 (the "Effective Date").

 

		2.	Shared Costs. BEP shall furnish to Banyan the following:

 

		a.	A portion of the Premises, including related janitorial, electrical and other, associated taxes and utility services;

		b.	Certain furniture, furnishings, computers and other equipment;

		c.	Telephone service, internet access and postage machine, etc.;

		d.	Services of Nancy Goss and other general office and administrative support.

 

		3.	Reimbursement of Shared Costs. Banyan agrees to reimburse BEP $15,000 per month in advance for the costs of the
services and facilities provided hereunder. If the cost of such services and facilities changes subsequently, the parties will
negotiate changes in good faith.

 

		4.	Notices. All notices, request, demands and other communications required or permitted under this Agreement shall
be given in writing as follows:

 

	
        Boca Equity Partners, LLC

        5200 Town Center Circle

        Tower 1, Suite 550

        Boca Raton, FL 33486

        Attn: Gary O. Marino, CEO
	 	
        Banyan Rail Services Inc.

        5200 Town Center Circle

        Tower 1, Suite 550

        Boca Raton, FL 33486

        Attn: Paul Dennis Interim CFO

 

Agreed upon as of the Effective Date:

 

	Boca Equity Partners LLC	 	Banyan Rail Services Inc.
	/s/ Gary O. Marino	 	/s/ Paul S. Dennis
	By: Gary O. Marino, CEO	 	By: Paul S. Dennis, Interim CFO

 

    1

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