Document:

Exhibit 10.1

 

TRUST AMENDMENT

 

December 29, 2022

 

THIS AMENDMENT TO THE INVESTMENT MANAGEMENT TRUST
AGREEMENT (this “Amendment”) is made as of December 29, 2022, by and between TradeUP Acquisition Corp., a Delaware corporation
(the “Company”), and Wilmington Trust, National Association, a national banking association (the “Trustee”). Capitalized
terms contained in this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in that
certain Investment Management Trust Agreement, dated July 14, 2021, by and between the parties hereto (the “Trust Agreement”).

 

WHEREAS, a total of $45,186,000 was placed in
the Trust Account from the Offering and sale of Private Placement Shares;

 

WHEREAS, Section 1(i) of the Trust Agreement provides
that the Trustee is to liquidate the Trust Account and distribute the Property in the Trust Account after (x) receipt of, and only in
accordance with, a Termination Letter; or (y) upon the date which is the later of (i) 18 months after the closing of the Offering and
(ii) such later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated
certificate of incorporation, if a Termination Letter has not been received by the Trustee prior to such date;

 

WHEREAS, Section 6(c) of the Trust Agreement provides
that Section 1(i) of the Trust Agreement may only be amended with the approval of the holders of the affirmative vote of sixty-five percent
(65%) of the then outstanding shares of Common Stock, par value $0.0001 per share, of the Company voting together as a single class (the
“Consent of the Stockholders”);

 

WHEREAS, the Company obtained the Consent of the
Stockholders to approve this Amendment; and

 

WHEREAS, each of the Company and Trustee desire
to amend the Trust Agreement as provided herein.

 

NOW, THEREFORE, in consideration of the mutual
agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound hereby, the parties hereto agree as follows:

 

	 	1.	Amendments to Trust Agreement.

 

(a) The fourth recital to the Trust Agreement is hereby amended and restated as follows:

 

WHEREAS, on December 22, 2022, the Company’s
stockholders approved an extension of the deadline to consummate an initial Business Combination from January 19, 2023 to July 19, 2023;
and

 

(b) Section 1(i) of the Trust Agreement
is hereby amended and restated in its entirety as follows:

 

    	 	 	 

     

    

 

(i) Commence liquidation of the Trust
Account only after and within two business days following (x) receipt of, and only in accordance with the terms of, a letter from the
Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
B, as applicable, signed on behalf of the Company by an Authorized Representative (as such term is defined below), and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company to pay any taxes (net of any taxes payable and less up to $50,000 of interest
that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and other documents referred
to therein, or (y) upon the date which is the later of (1) July 19, 2023 and (2) such later date as may be approved by the Company’s
stockholders in accordance with the Company’s amended and restated certificate of incorporation, if a Termination Letter has not
been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds
held in the Trust Account and not previously released to the Company to pay any taxes (net of any taxes payable and less up to $50,000
of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record
as of such date; provided, however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit
B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified
in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property
has been distributed to the Public Stockholders;

 

		2.	Miscellaneous Provisions.

 

2.1. Successors. All the covenants and
provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the benefit of their permitted
respective successors and assigns.

 

2.2. Severability. This Amendment shall
be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability
of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

 

2.3. Applicable Law. This Amendment shall
be governed by and construed and enforced in accordance with the laws of the State of New York.

 

2.4. Counterparts. This Amendment may be
executed in several original or facsimile counterparts, each of which shall constitute an original, and together shall constitute but
one instrument.

 

2.5. Effect of Headings. The section headings
herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

 

2.6. Entire Agreement. The Trust Agreement,
as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings,
arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such
prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the parties have duly
executed this Amendment as of the date first set forth above.

 

	 	TRADEUP ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Weiguang Yang
	 	Name: 	Weiguang Yang
	 	Title: 	Co-Chief Executive Officer
	 	 
	 	
    Wilmington Trust, National Association, 

    as Trustee

	 	 	 
	 	By:	/s/ David B. Young
	 	Name: 	David B. Young
	 	Title: 	Vice PresidentExhibit 10.1

 

SECOND
AMENDMENT TO LOAN AGREEMENT

 

THIS SECOND AMENDMENT TO THE
LOAN AGREEMENT (this “Second Amendment”), dated and effective as of December 29, 2022, amends the Loan
Agreement dated as of July 1, 2021 and amended on June 29, 2022 by and between Smart For Life, Inc., a Delaware corporation
(“SFL” or the “Company”), and Diamond Creek Capital, LLC, a Delaware limited liability company
(“Lender”) (as amended, the “Loan Agreement”). Capitalized terms used and not otherwise
defined herein shall have the meanings ascribed to them in the Loan Agreement (as defined below).

 

WHEREAS, the
Lender, and the Company (formerly, Bonne Santé Group, Inc.), Doctors Scientific Organica, LLC, a Florida limited liability company
(“DSO”), Bonne Santé Natural Manufacturing, Inc., a Florida corporation (“BSNM”), Nexus Offers,
Inc., a Florida corporation (“Nexus”), GSP Nutrition, Inc., a Florida corporation (“GSP”) and Ceautamed
Worldwide, LLC, a Florida limited liability company (“Ceautamed’) and together with the Company, DSO, BSNM, Nexus, and GSP,
the “Borrower”), are parties to (i) the Loan Agreement dated July 1, 2021 and amended on June 29, 2022, and (ii) Security
Agreement dated July 1, 2021 (the “Security Agreement” and together with the promissory note and any other agreements
relating thereto, the “Loan Agreements”).

 

 I. RECITALS

 

II. WHEREAS,
Borrower and Lender desire to amend certain terms of the Loan Agreement;

 

III. WHEREAS,
the Borrower currently has an outstanding principal balance of $1,125,000 in Loans under the Loan Agreement identified above as of
December 31, 2022; accrued and unpaid interest on such Loans of $14,531.25 through and including December 31, 2022; and an outstanding
Monitoring Fee in the amount of $1,000.00 as of December 31, 2022.

 

IV. NOW,
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties, intending to be legally bound, hereby agree as follows:

 

1. Definitions.
Section 1.01 of the Loan Agreement is hereby amended to delete and replace the following definition:

 

“Maturity Date”
means the earlier of (a) July 1, 2023, and (b) such earlier date on which the Loan is due and payable (whether at stated maturity, by
acceleration or otherwise) in accordance with the terms of this Agreement.”

 

     

     

    

 

2. Waiver
and Amendments. Lender shall agree to waive the financial covenants specified in Section 2.04 (d) EBITDA Deficit and
Section 5.02 (n) Funded Debt/EBITDA Ratio of the Loan Agreement for all of the Borrower’s 2022 fiscal year.
Furthermore, Borrower and Lender agree to amend the subject covenants in tandem with the execution of the Second Amendment. Section
2.04 (d) EBITDA Deficit of the Loan Agreement shall be amended as follows: While any principal under this Agreement is
outstanding, the aggregate Funded Debt shall not exceed three (3) times the annualized three (3) month EBITDA of Borrower, as
measured on a quarterly basis 30 days after each calendar quarter (commencing on March 31, 2023), based on the annualized 3 month
period ending on the last day of such calendar quarter. In the event any such measurement reveals an aggregate outstanding Funded
Debt in excess of the limit set forth above (“EBITDA Deficit”), the Borrower shall make a prepayment against the
outstanding principal amount under this Agreement equal to the EBITDA Deficit, within 30 days of the EBITDA Deficit measurement. For
the avoidance of doubt, EBITDA shall be calculated on an annualized run rate basis during the duration of the Second Amendment.

 

Section 5.02 (n) Funded Debt/EBITDA
Ratio of the Loan Agreement shall be amended as follows: Borrower shall not permit the aggregate Funded Debt during the annualized
three (3) month period to exceed three (3) times the annualized trailing three (3) month EBITDA of Borrower, as measured on a quarterly
basis on and after March 31, 2023. For the avoidance of doubt, EBITDA shall be calculated on an annualized run rate basis during the duration
of the Second Amendment.

 

3. Extension,
Waiver and Amendment Fee. Lender shall receive an aggregate Extension, Waiver and Amendment Fee in the amount of $30,000.00 for agreeing
to extend the Loans, waive the subject financial covenants for Borrower’s entire 2022 fiscal year, and agree to the aforementioned
amendments. Lender and Borrower agree that the Waiver Fee will be paid concurrent with the execution of the Second Amendment.

 

4. Reaffirmation.
The Loan Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby
is ratified and confirmed in all respects. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into
in connection with the Agreement. Borrower confirms that after giving effect to this Amendment, an Event of Default has not occurred and
is not continuing.

 

5. Loan
Agreement. Except as expressly amended and modified by this Second Amendment (and any prior amendments), the Loan Agreement shall
remain in full force and effect.

 

6. Counterparts.
This Second Amendment may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile or electronic
mail transmission, and each of which will be deemed to be an original of this Amendment, and all of which, when taken together, shall
be deemed to constitute one and the same agreement.

 

[signature page follows]

 

    2

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Waiver to be executed and delivered as of the date first above written.

 

	BORROWER:	 	LENDER:
	 	 	 
	Smart for Life, Inc.,	 	Diamond Creek Capital, LLC
	 	 	 
	a Delaware corporation	 	a Delaware limited liability company
	 	 	 
	By: 	/s/ Alfonso J. Cervantes, Jr.	 	By:	 /s/ Thomas Harrison 
	Name: 	 Alfonso J. Cervantes, Jr.	 	Name: 	 Thomas Harrison 
	Title:	 Executive Chairman	 	Title:	 Managing Partner
	 	 	 
	Bonne Santé Natural Manufacturing, Inc., 

a Florida corporation	 	 
	 	 	 
	By: 	/s/ Alfonso J. Cervantes, Jr.	 	 
	Name:	 Alfonso J. Cervantes, Jr.	 	 
	Title:	 Executive Chairman	 	 
	 	 	 
	Doctors Scientific Organica, LLC,	 	 
	 	 	 
	a Florida limited liability company	 	 
	 	 	 
	By:	 /s/ Alfonso J. Cervantes, Jr.	 	 
	Name: 	Alfonso J. Cervantes, Jr.	 	 
	Title: 	Executive Chairman	 	 
	 	 	 

 

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