Document:

curr_ex101.htm

 
 EXHIBIT 10.1
  
 FORBEARANCE AGREEMENT
  
 This Forbearance Agreement (“Agreement”) is made and entered into this 5th day of January, 2022, by and between, IONIC VENTURES, LLC (“Investor”) and CURE PHARMACEUTICAL HOLDING CORP., a Delaware corporation (“CURE” or the “Company”) (collectively, the “Parties”).
  
 WHEREAS, the Parties refer herein to the following:
  
 (i) that certain Securities Purchase Agreement, dated as of October 30, 2020 (as amended, restated or otherwise modified from time to time, the “Securities Purchase Agreement”), by and between the Company and the Investor, pursuant to which, among other things, the Company sold, and the Investor, in its capacity as a Buyer (as defined in the Securities Purchase Agreement) thereunder, purchased, among other things (A) that certain Series A Senior Secured Convertible Note, dated October 30, 2020, with an initial aggregate principal amount of $4,600,000 (the “Series A Note”) and (B) certain Series B Senior Secured Convertible Note, dated October 30, 2020, with an initial aggregate principal amount of $6,900,000 (the “Series B Note”), convertible into shares of Common Stock (as defined in the Securities Purchase Agreement) in accordance therewith;
  
 (ii) that certain Note Purchase Agreement, dated October 30, 2020, by and among the Company and the Investor pursuant to which, among other things, the Investor sold to the Company a promissory with an aggregate principal amount as of October 30, 2020 of $6,000,000 (the “Investor Note”);
  
 (iii) that certain Event of Default Redemption Notice, dated November 3, 2021 (the “Event of Default Redemption Notice”), delivered by the Investor to the Company with respect to the Company’s failure to repay the Series B Note when due; and
  
 	 
	
	

	 

  
 WHEREAS, Investor has agreed to forbear from exercising certain rights and remedies under the Series B Note or the Event of Default Redemption Notice on or before February 15, 2022 (the “Forbearance Expiration Date”) (pursuant to the terms of this Agreement) if the Company enters into this Agreement.
  
 NOW, THEREFORE, in consideration of the promises, mutual covenants, understandings and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by all parties, the parties do hereby agree as follows:
  
 1. Forbearance. Effective upon the later of (a) the payment of the Legal Fee Amount (as defined below) to Kelley Drye & Warren LLP and (b) the execution of this Agreement until the Forbearance Expiration Date (the “Forbearance Period”), and except as provided in Section 2 below, Investor agrees not to exercise any of its judicial or administrative enforcement action to obtain any cash or other assets (excluding Common Stock or other assets issuable upon conversion or exchange of the Series B Note in accordance with the terms thereof) from the Company (or seek appointment of a receiver) on account of any outstanding payment obligations of the Company under the Series B Note or the Event of Default Redemption Notice that exist as of the date of this Agreement or that may arise from the date of this Agreement through the Forbearance Expiration Date (the “Forbearance”).
  
 	 
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 2. Exclusions from Forbearance. For the avoidance of doubt, the Forbearance shall be not apply to any rights or remedies with respect to the Series B Note (including, without limitation, any conversion, Alternate Conversion or exchange by Investor) other than judicial or administrative enforcement to obtain any cash or other assets (excluding Common Stock or other assets issuable upon conversion or exchange of the Series B Note in accordance with the terms thereof) from the Company (or seek appointment of a receiver) on account of any outstanding payment obligations of the Company under the Series B Note or the Event of Default Redemption Notice. The Forbearance Period shall terminate upon (a) any Bankruptcy Event of Default (as defined in the Series B Note) under the Series B Note, and/or (b) any action taken by any holder (or any representative or agent thereof) of indebtedness of the Company or any of its subsidiaries either (x) to seek to obtain payment of such indebtedness in excess of $50,000.00 prior to the maturity date of such indebtedness, or (y) to seize any assets of the Company or any of its subsidiaries.
  
 3. Payment Default; Settlement Amount; Legal Fee Amount. CURE acknowledges and confirms the payment default as described herein, which remains uncured as of the date hereof. Notwithstanding the foregoing, in settlement of the Investor’s claims and obligations with respect to the Series B Note and the Series A Note, CURE and Investor hereby agree that if CURE pays Investor $8,500,000 (the “Settlement Amount”), in U.S. dollars and immediately available funds, on or prior to the Forbearance Expiration Date, Investor shall hereby waive the right to receive any additional amount with respect to the Series A Note and the Series B Note, which shall each be deemed satisfied in full and no amounts shall remain due thereunder. As soon as commercially practicable after receipt of the Settlement Amount, the Investor shall deliver to CURE the original Series A Note and the Series B Note marked “cancelled” or lost note affidavits, in form and substance reasonably satisfactory to CURE. The Company shall reimburse Kelley Drye & Warren, LLP (counsel to the Investor) in an aggregate non-accountable amount of $50,000 (the “Legal Fee Amount”) for costs and expenses incurred by it in connection with drafting and negotiation of this Agreement. 
  
 	 
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 4. Investor’s Representations and Warranties. Investor represents and warrants as follows:
  
 a. It is not under any contractual or other restriction or other obligation which is inconsistent with this Agreement.
  
 b. It has not assigned to any person, business entity or trust any right, claim or cause of action encompassed or arising from matters set forth in this Agreement.
  
 c. The execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Investor and no further action is required by the Investor, its board of directors or the Investor’s managers or membership holders in connection therewith. This Agreement has been duly executed by Investor and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of Investor enforceable against Investor in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
  
 d. Investor is an “accredited investor,” as such term is defined in Rule 501 of Regulation D promulgated under 1933 Act, and Investor is able to bear the economic risk of an investment in securities of the Company.
  
 e. As of the date hereof, the Investor Note has been satisfied in full by Maturity Netting and no amounts remain due thereunder.
  
 	 
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 5. CURE’s Representations and Warrants. CURE represents and warrants as follows:
  
 a. It is not under any contractual or other restriction or other obligation which is inconsistent with this Agreement.
  
 b. It has not assigned to any person, business entity or trust any right, claim or cause of action encompassed or arising from matters set forth in this Agreement.
  
 c. The execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or the Company’s stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligations of the Company, enforceable against the Company in accordance with its terms except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.
  
 d. As of the date hereof, the Investor Note has been satisfied in full by Maturity Netting and no amounts remain due thereunder.
  
 6. Binding. This Agreement shall inure to the benefit of the parties and shall be binding upon each of the parties and their assigns, successors, heirs, and representatives.
  
 7. Authority. Each of the Parties represents and warrants that it has the authority to enter into this Agreement, that the person(s) signing this Agreement on its behalf is authorized to do so and that it has not assigned or otherwise transferred any interest in any claim which is the subject of this Agreement. 
  
 	 
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 8. No Duress. Each of the Parties to this Agreement was represented by counsel and this Agreement was negotiated at arm’s length and should not be read against any party. Each of the Parties and their respective counsel acknowledge that they have carefully read and fully understand the provisions of this Agreement, that they have been given a reasonable period of time to consider the terms of this Agreement, and that they enter into this Agreement knowingly and voluntarily and not as a result of any pressure, coercion, or duress and thus no party shall attempt to invoke the rule of construction to the effect that ambiguities, if any, are to be resolved against the drafting party.
  
 9. Severability. If any of the provisions of this Agreement is held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way.
  
 10. Choice of Law and Venue. This Agreement will be governed as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of New York. The Company and Investor each (i) agree that any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted exclusively in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waives any objection to the venue of any such suit, action or proceeding, and the right to assert that such forum is an inconvenient forum, and (iii) irrevocably consents to the jurisdiction of the New York State Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of the Company and Investor further agrees to accept and acknowledge service of any and all process that may be served in any such suit, action or proceeding in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agree that service of process upon it mailed by certified mail to its address set forth for notices herein shall be deemed in every respect effective service of process in any such suit, action or proceeding. 
  
 	 
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 11. Entire, Final and Binding Agreement. Each of the Parties acknowledges and agrees that this Agreement is the final and binding Agreement between them concerning the matters released. This writing contains the entire Agreement of the Parties and, in entering into this Agreement, each of the Parties acknowledges that it has not relied on any promise, agreement, representation or statement, whether oral or written, that is not expressly set forth in this Agreement. 
  
 12. Amendments or Waivers. No change to or modification of this Agreement shall be valid or binding unless it is in writing and signed by the Parties. 
  
 13. Date of Execution. The date of execution of this Agreement shall be the date upon which the last of the Parties signs this Agreement.
  
 14. Counterparts. This Agreement may be signed in counterparts and, if so signed, this Agreement shall have the same force and effect as if signed at the same time. A facsimile or PDF signature shall be deemed to be an original signature for all purposes. 
  
 15. Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the second (2nd) business day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (b) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth above.
  
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 IN WITNESS WHEREOF, expressly intending to be legally bound, the Parties through their duly authorized agents, have executed this Agreement as of the dates set forth below.
  
 	 CURE PHARMACEUTICAL HOLDING CORP.
	  
	 IONIC VENTURES, LLC
	  

	  
	 	 	 	 	 
	 By:
	/s/ Michael Redard 	 	By:	/s/ Brendan O’Neil 	 
	 Name:
	Michael Redard 	 	Name:	Brendan O’Neil 	 
	 Title:
	CFO 	 	Title:	Authorized Signatory 	 
	Address:	 1620 Beacon Place
 Oxnard, CA 93033
	  
  
	Address:	 3053 Fillmore St., Suite 256
 San Francisco, CA 94123
	  

  
 	 
	 8Exhibit 10.1

 

PROMISSORY NOTE

 

		US$___________	As of ____________ __, 2021

 

Vickers Vantage Corp. I (“Maker”)
promises to pay to the order of _______ or its successors or assigns (“Holder”) the principal sum of ______ Dollars
and No Cents ($_____) in lawful money of the United States of America, on the terms and conditions described below.

 

1. Principal.
The principal balance of this Note shall be repayable on the consummation of the Maker’s initial merger, share exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business
Combination”). Holder understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts
owed hereunder will be forgiven except to the extent that the Maker has funds available to it outside of its trust account established
in connection with its initial public offering.

 

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

 

3. Application
of Payments. 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, then to the payment in full of any late charges and finally to
the reduction of the unpaid principal balance of this Note.

 

4. Events
of Default. The following shall constitute Events of Default:

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when
due.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state 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 the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state 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 60 consecutive days.

 

5. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 4(a), Holder may, by written notice to Maker, declare this Note to be due and
payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, 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, 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 Holder.

 

6. Conversion.
Upon consummation of a Business Combination, the Holder shall have the option, but not the obligation, to convert the principal balance
of this Note, in whole or in part at the option of the Holder, into warrants (“Warrants”) of the Maker at a price of
$0.75 per Warrant; provided, however, that the Holder shall be permitted to convert this Note only if the shareholders of the Maker or
the target business in any such Business Combination, whichever may be required in connection with such Business Combination, have approved
the issuance of the Warrants to the Holder if such approval is necessary under applicable law. The Warrants will be identical to the “private
warrants” (as such term is defined in the Maker’s final prospectus for its initial public offering, dated January 6, 2021).
As promptly as reasonably practicable after notice by Holder to Maker to convert the principal balance of this Note, which must be made
at least 24 hours prior to the consummation of the Business Combination, and after Holder’s surrender of this Note, Maker shall
have issued and delivered to Holder, without any charge to Holder, a certificate or certificates (issued in the name(s) requested by Holder)
for the number of Warrants of Maker issuable upon the conversion of this Note.

 

7. 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 Holder 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, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Holder.

 

8. 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 Holder,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Holder with respect to the
payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to them or affecting their liability hereunder.

 

9. Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv)
sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice
in accordance with this Section:

 

If to Maker:

 

Vickers Vantage Corp. I

1 Harbourfront Avenue, #16-06

Keppel Bay Tower, Singapore 098632

Singapore

 

If to Holder:

 

Notice shall be deemed given on the earlier of
(i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an
e-mail transmission was received by the receiving party’s on-line access provider (iv) the date reflected on a signed delivery receipt,
or (vi) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.

 

10. Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the
State of Delaware.

 

11. 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.

 

    2

     

    

 

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

  

	 	VICKERS VANTAGE CORP. I
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

 

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