Document:

Exhibit 10.1

 

 

 

AMENDMENT TO SUBSCRIPTION AGREEMENTS

 

This Amendment (this
 “Amendment”) is made and entered into by and among Regional Brands Inc., a Delaware corporation (the “Company”),
and the undersigned stockholders of the Company (each, an “Undersigned Stockholder” and, collectively, the “Undersigned
Stockholders”). This Amendment amends all of the separate Subscription Agreements made and entered into by the Company
and the respective Subscribers named therein in connection with the issuance and sale by the Company of shares of its common stock
(“Common Stock”) in a private placement completed on November 1, 2016 (each, a “Subscription Agreement”
and, collectively, the “Subscription Agreements”), as further set forth herein. Capitalized terms used in this
Amendment and not otherwise defined herein shall have the meanings ascribed to them in the Subscription Agreements.

 

WHEREAS, pursuant to
Section 5(a) of the Subscription Agreements, the Company agreed to, among other things, timely file reports required to be filed
by the Company pursuant to the Exchange Act and/or prepare and furnish to the Subscribers and make publicly available in accordance
with Rule 144(c) under the Securities Act such information as is required for the Subscribers to sell the Shares under Rule 144;

 

WHEREAS, the Company
is not subject to the filing requirements of Section 13 or 15(d) of the Exchange Act but has filed reports under the Exchange Act
as a “voluntary filer” as a result of the Company’s covenants under the Subscription Agreements and certain other
agreements entered into by the Company;

 

WHEREAS, the Company
desires to cease its filing of reports under the Exchange Act in order to, among other things, reduce the Company’s costs
and expenses, and management and administrative burdens, associated with the filing of such reports; and

 

WHEREAS, pursuant to
Section 9(a) thereof, each of the Subscription Agreements may be changed, modified or amended by a writing signed by both (i) the
Company and (ii) Subscribers in the Offering holding a majority of the Shares issued in the Offering then held by the original
Subscribers (the “Requisite Subscribers”); and the Undersigned Stockholders collectively constitute the Requisite
Subscribers;

 

NOW, THEREFORE, the
Company and the Undersigned Stockholders hereby agree as follows:

 

1.       Amendments.
Section 5(a) of the Subscription Agreements is hereby amended and restated in its entirety to read as follows:

 

“(a)       Furnishing
of Information. As long as any Subscriber owns Shares, the Company covenants to make available to such Subscriber, upon the
request of such Subscriber:

 

(i)        within
one hundred eighty (180) days after the end of each fiscal year of the Company, (A) a balance sheet as of the end of such year,
and (B) statements of income, cash flows and changes in stockholders’ equity for such year, and (C) as of the end of such
year, all such financial statements audited and certified by independent public accountants selected by the Company; and

 

     

     

    

 

(ii)        within
ninety (90) days after the end of the second quarter of each fiscal year of the Company, unaudited statements of income, cash flows
and changes in stockholders’ equity for the six-month period ended at the end of such second quarter, and an unaudited balance
sheet as of the end of such six-month period, all prepared in accordance with GAAP (except that such financial statements may (A)
be subject to normal year-end audit adjustments; and (B) not contain all notes thereto that may be required in accordance with
GAAP).”

 

2.       Effective
Date. This Amendment shall become effective as to all of the Subscription Agreements as of the first date upon which this Amendment
is executed and delivered by the Company and such Undersigned Stockholders that constitute the Requisite Subscribers (the “Effective
Date”). Upon the Effective Date, this Amendment will be binding upon each party to each separate Subscription Agreement.

 

3.       Interpretation.
The term “Agreement” as used in the Subscription Agreements shall be deemed to refer to the Subscription Agreements
as amended by this Amendment.

 

4.       Effect
of Amendment. Except as expressly provided herein, the Subscription Agreements shall remain in full force and effect in accordance
with their terms.

 

5.       Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would require the application of the laws of another jurisdiction.

 

6.       Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument; provided that a facsimile, electronic or .pdf signature shall be considered due execution
and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile,
electronic or .pdf signature.

 

7.       Severability.
If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall
remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

8.       Descriptive
Headings. Descriptive headings of the several Sections of this Amendment are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

 

[Signature pages to follow]

 

    2

     

    

 

IN WITNESS WHEREOF, the Company has executed
this Amendment as of the date set forth below on this page.

 

 

	 	REGIONAL BRANDS INC.
	 	 
	 	 
	 	By: 	   
	 	Name:

        Title: 
	Fred DiSanto
Chief Executive Officer
	 	 	 
	 	 	 
	 	Date: 	 

 

 

    [Signature Page to Amendment to Subscription
Agreements]

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Amendment as of the date set forth below on this page.

 

 

	 	 	 	 
	[Print Name of Stockholder]	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:		 	Date:	 
	 	[Signature of Stockholder or Authorized 	 	 	 
	 	Representative]	 	 	 
	 	 	 	 	 
		 	 	 
	Name*	 	 	 
	 	 	 	 	 
		 	 	 
	Title*	 	 	 
	 	 	 	 	 
	*[Entities only print name and title of 	 	 	 
	   authorized representative]	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Number of Shares of Common Stock	 	 	 
	Owned by Stockholder and Voted	 	 	 

 

 

 

    [Signature Page to Amendment to Subscription Agreements]Exhibit 10.2

 

OMNIBUS AMENDMENT

 

This Omnibus Amendment
(this “Amendment”) is made and entered into by and among Regional Brands Inc., a Delaware corporation (the “Company”),
and the undersigned stockholders of the Company (each, an “Undersigned Stockholder” and, collectively, the “Undersigned
Stockholders”). This Amendment amends the Securities Purchase Agreement, dated as of April 8, 2016, by and among the
Company and the investors named therein (the “Securities Purchase Agreement”) and the Registration Rights Agreement,
dated as of April 8, 2016, by and among the Company and the holders of the Company’s securities listed on the signature pages
thereto (the “Registration Rights Agreement”), each as further set forth herein.

 

WHEREAS, pursuant to
the terms of the Securities Purchase Agreement and the Registration Rights Agreement, the Company agreed to, among other things,
file reports required to be filed by the Company pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and keep current public information available as defined in Rule 144 under the Securities Act of 1933, as amended;

 

WHEREAS, the Company
is not subject to the filing requirements of Section 13 or 15(d) of the Exchange Act but has filed reports under the Exchange Act
as a “voluntary filer” as a result of the Company’s covenants under the Securities Purchase Agreement, the Registration
Rights Agreement and certain other agreements entered into by the Company;

 

WHEREAS, the Company
desires to cease its filing of reports under the Exchange Act in order to, among other things, reduce the Company’s costs
and expenses, and management and administrative burdens, associated with the filing of such reports; and

 

WHEREAS, pursuant to
Section 9(e) thereof, the Securities Purchase Agreement may be amended by an instrument in writing signed by the Company and the
Majority Holders (as defined in the Registration Rights Agreement); and the Undersigned Stockholders collectively constitute the
Majority Holders;

 

WHEREAS, pursuant to
Section 13 thereof, the Registration Rights Agreement may be amended, modified or supplemented by written agreement of the Company
and the Majority Holders (as defined in the Registration Rights Agreement); and the Undersigned Stockholders collectively constitute
the Majority Holders;

 

NOW, THEREFORE, the
Company and the Undersigned Stockholders hereby agree as follows:

 

		1.	Amendments to the Securities Purchase Agreement.

 

(a)          Capitalized
terms used in this Section 1 and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Securities
Purchase Agreement.

 

(b)          Section
4(c) of the Securities Purchase Agreement is hereby amended and restated to read in its entirety as follows:

 

     

     

    

 

“(c)        Furnishing of
Information. Until the date on which the Investors (as defined in the Registration Rights Agreement) shall have sold all of
the Common Shares (the “Reporting Period”), the Company covenants to make available to each such Investor, for so long
as such Investor holds Common Shares and upon the request of such Investor:

 

(i)        within
one hundred eighty (180) days after the end of each fiscal year of the Company, (A) a balance sheet as of the end of such year,
and (B) statements of income, cash flows and changes in stockholders’ equity for such year, and (C) as of the end of such
year, all such financial statements audited and certified by independent public accountants selected by the Company; and

 

(ii)        within
ninety (90) days after the end of the second quarter of each fiscal year of the Company, unaudited statements of income, cash flows
and changes in stockholders’ equity for the six-month period ended at the end of such second quarter, and an unaudited balance
sheet as of the end of such six-month period, all prepared in accordance with GAAP (except that such financial statements may (A)
be subject to normal year-end audit adjustments; and (B) not contain all notes thereto that may be required in accordance with
GAAP).”

 

(c)           Section
4(g) of the Securities Purchase Agreement is hereby amended and restated to read in its entirety as follows:

 

“(g)        Intentionally
Omitted.”

 

		2.	Amendments to the Registration Rights Agreement.

 

(a)          Capitalized
terms used in this Section 2 and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Registration
Rights Agreement.

 

(b)          Section
9 of the Registration Rights Agreement is hereby amended and restated to read in its entirety as follows:

 

“9.Furnishing of
Information. For so long as any Holder owns any Registrable Securities, upon the request of such Holder, the Company covenants
to make available to such Holder:

 

(i)        within
one hundred eighty (180) days after the end of each fiscal year of the Company, (A) a balance sheet as of the end of such year,
and (B) statements of income, cash flows and changes in stockholders’ equity for such year, and (C) as of the end of such
year, all such financial statements audited and certified by independent public accountants selected by the Company; and

 

    2

     

    

 

(ii)        within
ninety (90) days after the end of the second quarter of each fiscal year of the Company, unaudited statements of income, cash flows
and changes in stockholders’ equity for the six-month period ended at the end of such second quarter, and an unaudited balance
sheet as of the end of such six-month period, all prepared in accordance with GAAP (except that such financial statements may (A)
be subject to normal year-end audit adjustments; and (B) not contain all notes thereto that may be required in accordance with
GAAP).”

 

3.           Effective
Date. This Amendment shall become effective as to the Securities Purchase Agreement and the Registration Rights Agreement as
of the first date upon which this Amendment is executed and delivered by the Company and such Undersigned Stockholders that constitute
the Majority Holders (the “Effective Date”). Upon the Effective Date, this Amendment will be binding upon each
party to the Securities Purchase Agreement and each party to the Registration Rights Agreement.

 

4.           Interpretation.
The term “Agreement” as used in the Securities Purchase Agreement shall be deemed to refer to the Securities Purchase
Agreement as amended by this Amendment. The term “Agreement” as used in the Registration Rights Agreement shall be
deemed to refer to the Registration Rights Agreement as amended by this Amendment.

 

5.           Effect
of Amendment. Except as expressly provided herein, the Securities Purchase Agreement and the Registration Rights Agreement
each shall remain in full force and effect in accordance with their respective terms.

 

6.           Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would require the application of the laws of another jurisdiction.

 

7.           Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument; provided that a facsimile, electronic or .pdf signature shall be considered due execution
and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile,
electronic or .pdf signature.

 

8.           Severability.
If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall
remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

9.           Descriptive
Headings. Descriptive headings of the several Sections of this Amendment are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

 

 

 

[Signature pages to follow]

 

    3

     

    

 

IN WITNESS WHEREOF, the Company has executed
this Amendment as of the date set forth below on this page.

 

	 	REGIONAL BRANDS INC.
	 	 
	 	 
	 	By: 	   
	 	Name:

        Title: 
	Fred DiSanto
Chief Executive Officer
	 	 	 
	 	 	 
	 	Date: 	 

 

 

    [Signature Page to Omnibus Amendment]

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Amendment as of the date set forth below on this page.

 

	 	MERLIN PARTNERS LP
	 	 	 
	 	By: Ancora Advisors LLC, its general partner
	 	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Its: 	 
	 	 	 
	 	 	 
	 	Date:	 
	 	 	 

 

 

 

    [Signature Page to Omnibus Amendment]

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Amendment as of the date set forth below on this page.

 

 

	 	ANCORA CATALYST FUND LP
	 	 	 
	 	By: Ancora Advisors LLC, its general partner
	 	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Its: 	 
	 	 	 
	 	 	 
	 	Date:	 
	 	 	 

  

 

 

    [Signature Page to Omnibus Amendment]

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