Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
  

 

PROMISSORY NOTE

 

	 	 Dated as of August 13, 2021
	 	 
	Principal Amount: $690,000 	Wuhan, China

  

Yunhong International, a
Cayman Islands exempted company and blank check company (the “Maker”), promises to pay to the order of Giga Carbon
Neutrality Inc. (f/k/a Giga Energy, Inc.) (the “Payee” or “GCN”), the principal sum of Six Hundred
Ninety Thousand U.S. Dollars ($690,000) in lawful money of the United States of America, on the terms and conditions described below.  All
payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to
such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. This Note
is entered into in connection with, and in anticipation of, a business combination between Maker and GCN pursuant to a Share Exchange
Agreement, by and among the Maker, GCN, LF International Pte. Ltd. as the Purchaser representative, the shareholders of GCN as named therein,
and Yan Lan as the Seller representative, as amended (the “Share Exchange Agreement”) with respect to Maker’s
initial business combination with GCN (the “Transaction”).

 

1.          Principal. The principal
balance of this Note shall be due and payable, subject to Sections 11 and 15 below, by the Maker to Payee in cash on or before November
18, 2021 (the “Maturity Date”). Under no circumstances shall any individual, including but not limited to any officer,
director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.          Interest. 
No interest shall accrue on the unpaid principal balance of this Note.

 

3.         Application
of Payments. Subject to Sections 11 and 15 below, all payments shall be applied first to payment in full of any costs incurred
in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees, and then to the reduction
of the unpaid principal balance of this Note.

 

4.          Events
of Default.  The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of
the Maturity Date.

 

(b)         Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c)         Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.

 

5.          Remedies.

 

(a)         Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note to be
due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)         Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other sums
payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part
of Payee.

 

6.         Waivers. 
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

7.          Unconditional
Liability.  Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8.          Notices. 
All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i)
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the
address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number
as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such
party or such other electronic mail address as may be designated in writing by such party.  Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

     

     

    

 

9.          Construction. 
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10.          Severability. 
Any provision contained in this Note which is 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.

 

11.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or
claim of any kind (“Claim”) in or to any distribution of or from the trust account (the “Trust Account”)
established in which the proceeds of the initial public offering (“the “IPO”) conducted by the Maker (including
the deferred underwriters’ discounts and commissions) and the proceeds of the sale of the units issued in a private placement that
occurred prior to the closing of the IPO were deposited, as described in greater detail in Maker’s Registration Statement on Form
S-1 (333-232432) filed with the Securities and Exchange Commission in connection with the IPO (the “Registration Statement”),
and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account (including any
distributions therefrom) for any reason whatsoever. The provisions of this Section 11 shall be in addition to, and not in limitation of,
any releases of Claims provided by Payee pursuant to any other agreement among Payee and Maker, including the Transaction Agreement when
executed and delivered by the parties.

 

12.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
the Maker and the Payee.

 

13.          Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise)
without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

 

14.          Conversion.

 

(a)         Notwithstanding
anything contained in this Note to the contrary, upon the consummation of the Transaction and without any action by Maker or Payee, the
outstanding amount under this Note shall convert into that number of shares of Maker or its successor entity (the “Conversion Shares”),
equal to: (x) the outstanding amount of this Note being converted pursuant to this Section 14, divided by (y) $10.00, rounded up to the
nearest whole number of shares.

 

(b)          Upon
any conversion of the outstanding amount of this Note, (i) such outstanding amount shall be so converted and this Note shall become fully
paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker shall
designate against delivery of the Conversion Shares and (iii) in exchange for the surrendered Note, Maker shall, at the direction of Payee,
deliver to Payee (or its members or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion
Shares, which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and
Payee and applicable state and federal securities laws.

 

(c)         The
Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Shares
upon conversion of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting
from any transfer requested by the Holders in connection with any such conversion.

 

(d)          The
Conversion Shares shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable
provisions of law.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written. 

 

 

	 	Yunhong International
	 	 	 
	 	By:	/s/ Patrick Orlando
	 	Name:	Patrick Orlando
	 	Title:	 CEO

 

 

Acknowledged and agreed as of the date first set forth above:

 

 

	By: 	/s/ Bruno Wu	 
	Title: 	Representative	 
	Name:	Bruno WuEX-4.1

 Exhibit 4.1 

DESCRIPTION OF THE COMPANY’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934 

As of August 18, 2021, John B. Sanfilippo & Son, Inc. (the “Company”) has one class of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our Common Stock, par value $0.01 per share (“Common Stock”). Our Class A Common Stock, $0.01 par value per share (“Class A
Stock”), is not registered under the Exchange Act. 
 The following description is a summary and does not purport to be complete. It
is subject to and qualified in its entirety by reference to our Restated Certificate of Incorporation (“Restated Certificate”) and our Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by
reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read our Restated Certificate, our Bylaws and the applicable provisions of the
Delaware General Corporation Law for additional information. 
 Authorized Capital Shares 

Our authorized capital shares consist of 17,000,000 shares of Common Stock, 10,000,000 shares of Class A Stock, and 500,000 shares of
preferred stock, $0.01 par value per share (“Preferred Stock”). The outstanding shares of our Common Stock and Class A Stock are fully paid and nonassessable. 

Voting Rights 
 Pursuant to our Restated
Certificate, so long as the total number of shares of Class A Stock outstanding is greater than or equal to 12.5% of the total number of shares of Class A Stock and Common Stock outstanding (see “Conversion Rights” below), the
holders of Common Stock voting as a class are entitled to elect such number (rounded to the next highest number in the case of a fraction) of directors as equals 25% of the total number of directors constituting the full board of directors of the
Company (the “Board of Directors”). The holders of Class A Stock voting as a class are entitled to elect the remaining directors. With respect to all matters other than the election of directors or any matters for which class voting
is required by law, the holders of Common Stock and the holders of Class A Stock will vote together as a single class, and the holders of Common Stock will be entitled to one vote per share of Common Stock and the holders of Class A Stock
will be entitled to 10 votes per share of Class A Stock. 
 Our Restated Certificate does not entitle holders of Common Stock to
cumulative voting. However, solely with respect to the election of directors, the Restated Certificate entitles, but does not require, each holder of Class A Stock, in person or by proxy, to either (a) vote the number of shares of
Class A Stock owned by such holder for as many persons as there are directors to be elected by holders of Class A Stock (“Class A Directors”), or (b) cumulate said votes (by multiplying the number of shares of
Class A Stock owned by such holder by the number of candidates for election as a Class A Director) and either (i) give one candidate all of the cumulated votes, or (ii) distribute the cumulated votes among such candidates as the
holder sees fit. 
 Dividend Rights 

The holders of Common Stock and Class A Stock are entitled to receive dividends, if any, as may be declared from time to time by the Board
of Directors in its discretion out of funds legally available for the payment of dividends. When and as dividends are declared on any shares of Common Stock and Class A Stock, whether payable in cash, property or securities of the Company, the
holders of Common Stock and Class A Stock will be entitled to share equally, share for share, in such dividends. 
 Conversion Rights 

Each share of Class A Stock is convertible, from time to time at the option of the holder and automatically upon the occurrence of certain
events, into one share of Common Stock. Our Common Stock has no conversion rights. 

 Upon the sale, assignment, pledge or other transfer, other than a “Permitted
Transfer” (as that term is defined in the Restated Certificate), of any shares or any interest in shares of Class A Stock to any person or entity, all such transferred shares of Class A Stock will be converted automatically into an
equal number of shares of Common Stock. 
 All outstanding shares of Class A Stock will be converted automatically into an equal number
of shares of Common Stock upon the date on which the number of outstanding shares of Class A Stock constitutes less than 12.5% of the total number of outstanding shares of Common Stock and Class A Stock. 

Liquidation Rights 
 Holders of Common
Stock and Class A Stock will share ratably in all assets legally available for distribution to our stockholders in the event of dissolution. 

Other Rights and Preferences 
 Our Common
Stock has no sinking fund or redemption provisions or preemptive or exchange rights. 
 Listing 

The Common Stock is traded on The Nasdaq Global Select Market under the trading symbol “JBSS.” 

Provisions in the Restated Certificate and the Bylaws 

The Restated Certificate and the Bylaws contain provisions that could make the Company a less attractive target for a hostile takeover and
could make more difficult or discourage a merger proposal, a tender offer or a proxy contest. Such provisions include: 
  

	 	•	 	 a requirement that stockholder-nominated director nominees be nominated in advance of the meeting at which
directors are elected and that specific information be provided in connection with such nomination; 

  

	 	•	 	 the ownership and the rights of Class A Stock held by the Sanfilippo Group and Valentine Group (as those
terms as defined in our Definitive Proxy Statement filed from time to time with the Securities and Exchange Commission); and 

  

	 	•	 	 he ability of the Board of Directors to issue additional shares of Common Stock or Preferred Stock without the
approval of stockholders. 

 Preferred Stock 

The Preferred Stock may be issued from time to time in one or more series. The authority is expressly vested in the Board of Directors to
establish and designate the series and to fix the rights, preferences, privileges and restrictions of any series of the Preferred Stock, including without limitation, those relating to any dividend rights and terms, conversion rights, voting rights,
redemption rights and terms, liquidation preferences and sinking fund terms. 

  
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