Document:

Exhibit 10.7

 

AMENDMENT NO. 2

TO

REGISTRATION RIGHTS AGREEMENT

 

October 23, 2019

 

Reference is hereby
made to that certain Registration Rights Agreement, dated as of July 10, 2019 (as amended from time to time prior to the date hereof,
the “Registration Rights Agreement”), by and among Franchise Group, Inc. (f/k/a Liberty Tax, Inc.), a Delaware
corporation (the “Company”), and the parties listed on Schedule 1 thereto (the “Investors”).

 

WHEREAS, the Company
and the Vintage Group Members desire to amend the Registration Rights Agreement pursuant to this Amendment No. 2 (this “Amendment”)
in accordance with Section 3.12 thereof; and

 

WHEREAS, capitalized
terms used herein but not defined shall have the meaning set forth in the Registration Rights Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants and agreements herein contained and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.     
Amendment.

 

(a)            
The definition of “Vintage Group” in Section 1.1 of the Registration Rights Agreement is hereby amended
and restated in its entirety as follows:

 

“Vintage Group”
means collectively, Tributum, L.P., Vintage Tributum LP, Vintage Capital Management, LLC, Samjor Family LP, Vintage RTO, L.P.,
Stefac LP, Brian Kahn and Lauren Kahn, as tenants by the entirety, and B. Riley FBR, Inc. and any of their respective Affiliates
(excluding the Company, New Holdco and their respective Subsidiaries), successors and permitted assigns who hold New Holdco Units,
shares of Voting Non-Economic Preferred Stock or shares of Common Stock.

 

(b)            
The first sentence of Section 2.1 of the Registration Rights Agreement is hereby amended by replacing the phrase
“forty-five (45) days following the approval of the Liberty Charter Amendments by the Company’s stockholders and the
filing thereof with the Secretary of State of the State of Delaware” with “December 20, 2019.”

 

(c)            
Schedule 1(A) of the Registration Rights Agreement is hereby amended and restated in its entirety as follows:

 

     

     

    

A. Vintage Group

 

	Name and Address	 	
        Shares of 

        Common Stock
	 
	Tributum, L.P.

c/o Vintage Capital Management

4705 S. Apopka Vineland Road

Suite 206

Orlando, FL 32819

Attention:  Brian R. Kahn

Email: bkahn@vintcap.com	 	
        2,083,333.33

         
	 
	Vintage Tributum, L.P.

c/o Vintage Capital Management

4705 S. Apopka Vineland Road

Suite 206

Orlando, FL 32819

Attention:  Brian R. Kahn

Email: bkahn@vintcap.com	 	2,075,151.00	 
	Stefac, LP

c/o Vintage Capital Management

4705 S. Apopka Vineland Road

Suite 206

Orlando, FL 32819

Attention:  Brian R. Kahn

Email: bkahn@vintcap.com	 	1,333,333.33	 
	
        B. Riley FBR, Inc.

        21255 Burbank Boulevard, Suite 400

        Woodland Hills, CA 91367

        Email: pmandarino@brileyfbr.com

        Attention: Perry Mandarino
	 	1,000,000.00	 
	
        Brian Kahn and Lauren Kahn, as tenants by the
        entirety

        9935 Lake Louise Drive

        Windermere, FL 34786
	 	1,000,000.00	 

 

2.                 
Miscellaneous; No Other Waivers or Amendments. As amended by this Amendment, the provisions of Article I (Definitions)
and Sections 3.1 (Notices), 3.2 (Waiver), 3.3 (Counterparts), 3.4 (Applicable Law), 3.5 (Waiver
of Jury Trial), 3.6 (Severability), 3.8 (Delivery by Electronic Transmission), 3.11 (Descriptive Headings;
Interpretation) and 3.12 (Amendments) of the Registration Rights Agreement shall apply to this Amendment mutatis
mutandis. Except as specifically amended hereby, the Registration Rights Agreement shall continue in full force and effect
as written. References to the Registration Rights Agreement in other documents and agreements (including, for the avoidance of
doubt, the Registration Rights Agreement) will be deemed to be references to the Registration Rights Agreement, as amended by this
Amendment, regardless of whether such documents and agreements refer to any amendments to the Registration Rights Agreement.

 

    	 	2	 

     

    

3.     
Entire Agreement. This Amendment, together with the Registration Rights Agreement and all other documents and agreements
referenced herein or therein, represents the entire agreement, and supersedes all other prior agreements and understandings, both
written and oral, among the parties hereto or thereto, or between any of them, with respect to the subject matter hereof and thereof.

 

[Remainder of Page
Intentionally Left Blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	3	 

     

    

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

 

	 	FRANCHISE GROUP, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Michael S. Piper
	 	 	Name: Michael S. Piper
		 	Title: Vice President and Chief Financial Officer

 

 

	 	VINTAGE GROUP:
	 	 
	 	 
	 	TRIBUTUM, L.P.
	 	 
	 	 	 
	 	By:	/s/ Brian R. Khan
	 	 	Name: Brian R. Kahn
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	 
	 	SAMJOR FAMILY LP
	 	 	 
	 	 	 
	 	By:	/s/ Brian R. Khan
	 	 	Name: Brian R. Kahn
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	 
	 	VINTAGE RTO, L.P.
	 	 	 
	 	 	 
	 	By:	/s/ Brian R. Khan
	 	 	Name: Brian R. Kahn
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	 
	 	VINTAGE CAPITAL MANAGEMENT, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Brian R. Khan
	 	 	Name: Brian R. Kahn
	 	 	Title: Authorized Signatory

 

 

    
	[Signature page to Amendment No. 2 to Registration Rights Agreement]

     

    

	 	 	 
	 	VINTAGE TRIBUTUM, LP
	 	 	 
	 	 	 
	 	By:	/s/ Brian R. Khan
	 	 	Name: Brian R. Kahn
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	 
	 	STEFAC, LP
	 	 	 
	 	 	 
	 	By:	/s/ Brian R. Khan
	 	 	Name: Brian R. Kahn
	 	 	Title: Manager
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Brian R. Khan
	 	Brian R. Kahn
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Lauren Khan
	 	Lauren Kahn

 

 

	 	B. RILEY FBR, INC.
	 	 
	 	 
		By:	/s/ Bryant Riley
	 	 	Name: Bryant Riley
	 	 	Title: Executive Officer

 

 

[Signature
page to Amendment No. 2 to Registration Rights Agreement]Exhibit 10.1

 

SECOND FORBEARANCE AND AMENDMENT AGREEMENT

 

This Second Forbearance
and Amendment Agreement (this “Agreement”), dated as of October 15, 2019 (the “Effective Date”),
is entered into by and among NYM Holding, Inc., a Delaware corporation (the “Borrower”), iFresh, Inc., a Delaware
corporation (“iFresh”), New York Mart 8 Ave., Inc., a New York corporation (“NYM8”), New
York Mart East Broadway Inc., a New York corporation (“NYM E. Broadway”), New York Supermarket East Broadway
Inc., a New York corporation (“NYS E. Broadway”), New York Mart Group Inc., a New York corporation (“NYMG”),
Ming’s Supermarket, Inc., a Massachusetts corporation (“Ming’s”), New York Mart Mott St., Inc.,
a New York corporation (“Mott”), New York Mart Roosevelt, Inc., a New York corporation (“Roosevelt”),
New York Mart Sunrise, Inc., a Florida corporation (“Sunrise”), Zen Mkt Quincy, Inc., a Massachusetts corporation
(“Zen”), Strong America Limited, a New York corporation (“Strong America”), iFresh E. Colonial
Inc., a Florida corporation (“E Colonial”), iFresh Glen Cove Inc., a New York corporation (“Glen Cove”),
iFresh Bellaire, Inc., a Texas corporation (“Bellaire”), New York Mart Ave U 2nd Inc., a New York
corporation (“Ave U”), New York Mart CT, Inc., a Connecticut corporation (“CT”), New York
Mart N. Miami Inc., a Florida corporation (“Miami”), NYM Milford, LLC, a Connecticut limited liability company
(“NYM Milford”), Go Fresh 365, Inc., a Florida corporation (the “Go Fresh”), and Long Deng,
an adult individual (“Mr. Deng” and collectively with iFresh, NYM8, NYM E. Broadway, NYS E. Broadway, NYMG,
Ming’s, Mott, Roosevelt, Sunrise, Zen, Strong America, E Colonial, Glen Cove, Bellaire, Ave U, CT, Miami, NYM Milford, and
Go Fresh, the “Guarantors”), and KeyBank National Association, a national banking association (the “Lender”).
The Borrower and the Guarantors are sometimes referred to herein as collectively, the “Loan Parties” and individually,
each a “Loan Party.”

 

BACKGROUND

 

A. The
Borrower and the Lender are parties to that certain Credit Agreement, dated as of December 23, 2016, as amended by that certain
Waiver and First Amendment to Credit Agreement dated February 16, 2017, that certain Waiver and Second Amendment to Credit Agreement
dated March 21, 2017, that certain Third Amendment to Credit Agreement dated April 20, 2017, that certain Fourth Amendment to Credit
Agreement dated May 19, 2017, that certain Fifth Amendment to Credit Agreement dated July 13, 2017, and that certain Waiver and
Sixth Amendment to Credit Agreement dated April 5, 2018 (as so amended, the “Credit Agreement”), pursuant to
which the Lender made available to the Borrower a revolving credit facility, a term loan facility, and other credit accommodations.
Capitalized terms used but not defined herein have the meanings given to them in the Credit Agreement.

 

B. NYM8,
NYM E. Broadway, NYS E. Broadway, NYMG, Ming’s, Mott, Roosevelt, Sunrise, Zen, and Strong America executed that certain Guaranty
Agreement, dated as of December 26, 2016, in favor of the Lender (as amended, the “Guaranty”), pursuant to which
each such Guarantor agreed to jointly and severally unconditionally guaranty the prompt payment and performance of the Obligations
of the Borrower.

 

     

     

    

 

C. Pursuant
to that certain Joinder Agreement, dated February 27, 2017, executed by iFresh in favor of the Lender, iFresh became a party to
the Guaranty (the “iFresh Joinder”).

 

D. Pursuant
to that certain Joinder Agreement, dated July 13, 2017, executed by E Colonial in favor of the Lender, E Colonial became a party
to the Guaranty.

 

E. Pursuant
to that certain Joinder Agreement, dated July 13, 2017, executed by Glen Cove in favor of the Lender, Glen Cove became a party
to the Guaranty.

 

F. Pursuant
to that certain Joinder Agreement, dated October 4, 2017, executed by Ave U, CT, and Miami in favor of the Lender, Ave U, CT, and
Miami became a parties to the Guaranty.

 

G. Pursuant
to that certain Joinder Agreement, dated May 3, 2018, executed by Bellaire in favor of the Lender, Bellaire became a party to the
Guaranty.

 

H. Events
of Default have occurred and are continuing under the Credit Agreement and other Loan Documents by reason of the Borrower’s
failure to maintain (a) a Senior Funded Debt to EBITDA of not greater than 3.00 to 1.00 for the quarters ending March 31, 2018,
June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019, and June 30, 2019 and (b) a Fixed Charge Coverage Ratio of
not less than 1.10 to 1.00 for the quarters ending September 30, 2018, December 31, 2018, March 31, 2019, and June 30, 2019 (collectively,
the “Financial Covenant Events of Default”).

 

I. By
letter dated February 7, 2019, the Lender notified the Borrower and the existing Guarantors of the occurrence and the continuance
of the Financial Covenant Events of Default existing at such time.

 

J. Additional
Events of Default have occurred and are continuing under the Credit Agreement and other Loan Documents by reason of Mr. Deng no
longer indirectly beneficially owning and controlling more than 51% of the equity interests in the Borrower by reason of the purchase
by HK Xu Ding Co. Limited, a Hong Kong limited liability company, of an aggregate of 51% of the total issued and outstanding shares
of iFresh from Mr. Deng (the “Change in Control Event of Default”).

 

K. By
letter dated February 14, 2019, the Lender notified the Borrower and the existing Guarantors of the occurrence and the continuance
of the Change in Control Event of Default.

 

L. An
additional Event of Default has occurred and is continuing under the Credit Agreement and other Loan Documents by reason of Voice
Road Plaza, LLC obtaining a judgment against NYMG and/or iFresh in the amount of $207,974.78 (the “Voice Road Judgment”)
and, in connection therewith, issuing execution against the Borrower’s deposit account maintained with the Lender (the “Judgment
Event of Default” and collectively with the Financial Covenant Events of Default and the Change in Control Event of Default,
the “Specified Events of Default”).

 

    - 2 -

     

    

 

M. The
Loan Parties requested that the Lender forbear from exercising its rights and remedies under the Loan Documents, at law, and in
equity based on the Specified Events of Default for a limited period of time

 

N. The
Lender agreed to do so under the terms of, and subject to the conditions set forth in, that certain Forbearance and Amendment Agreement,
dated May 20, 2019 (the “First Forbearance Agreement”).

 

O. Under
the First Forbearance Agreement, the Lender’s agreement to forbear in the exercise of its rights and remedies under the Loan
Documents, at law, and in equity based on the Specified Events of Default expired pursuant to its terms at 5:00 p.m. prevailing
Eastern Time on August 18, 2019.

 

P. The
Loan Parties have requested that the Lender continue to forbear from exercising its rights and remedies under the Loan Documents,
at law, and in equity based on the Specified Events of Default for a limited period of time.

 

Q. Pursuant
to, among other things, Section 6.9(d) of the Credit Agreement, iFresh may not sell or otherwise dispose of any equity interests
of the Borrower without the prior written consent of the Lender. The Loan Parties have requested that the Lender provide its prior
written consent to iFresh selling all of the equity interests of the Borrower (the “NYM Stock”) to Go Fresh
(such sale, the “NYM Stock Sale”) and, in connection with the NYM Stock Sale, (i) permit the proceeds of such
sale to be received and retained by iFresh free and clear of any Lien of the Lender on or in such proceeds and (ii) remove iFresh
as a party to the Guaranty, the Pledge Agreement, and each other Loan Document to which iFresh is a party, including, without limitation,
the iFresh Joinder (together, the “iFresh Request”).

 

R. The
Lender is willing to agree to the foregoing requests of the Loan Parties under the terms of, and subject to the conditions set
forth in, this Agreement.

 

Accordingly, the Loan
Parties and the Lender, each intending to be legally bound hereby, agree as follows:

 

Section 1 -
ACKNOWLEDGMENTS AND REAFFIRMATIONS

 

1.1 Acknowledgments.
To induce the Lender to enter into this Agreement, the Loan Parties acknowledge and agree that: (a) the Loan Documents are legal,
valid, and binding obligations of, and enforceable in accordance with their respective terms against, the Loan Parties who are
a party thereto; (b) the Liens on and security interests in the Collateral in favor of the Lender are valid, legal, binding, and
properly perfected and are reaffirmed and ratified in all respects, and except as expressly provided herein, nothing contained
herein is intended to alter the priority of, or terminate any, Lien on or security interest in any Collateral in favor of the Lender;
(c) the Specified Events of Default have occurred, have not been and cannot be cured, are continuing, and are material in nature;
(d) to the extent that any of the Loan Documents require notification to the Loan Parties or any other person of the existence
of the Specified Events of Default or an opportunity to cure the Specified Events of Default, such notice or period for cure were
properly given or are hereby waived by the Loan Parties; (e) by reason of the occurrence and continuance of the Specified Events
of Default, the Lender is presently entitled to exercise any and all of its rights and remedies under the Loan Documents, at law,
and in equity; (f) the Loan Parties do not have any rights of offset, defenses, claims, or counterclaims under any Loan Document,
at law, or in equity with respect to any of the Loans or any other Obligations of the Loan Parties under the Loan Documents, all
of which are valid and outstanding Obligations of the Loan Parties; (g) nothing contained herein extinguishes, discharges, or releases
any of the Obligations or any Loan Document or constitutes an accord, satisfaction, novation, or substitution of any of the Obligations
or any Loan Document; (h) the Loan Parties have been represented (or had the opportunity to be represented) by the legal counsel
of the Loan Parties’ choice, understand and are fully aware of the terms and conditions contained in this Agreement, and
have voluntarily, without coercion or duress of any kind, entered into this Agreement; and (i) the Background section of this Agreement
is true and correct in all respects and is hereby incorporated into the text of this Agreement.

 

    - 3 -

     

    

 

1.2 Acknowledgment
of Obligations. The Loan Parties acknowledge and agree that, as of September 26, 2019, the following amounts are outstanding
under the Loan Documents (in addition to accrued and unpaid interest, late charges, costs, expenses, attorney’s fees and
costs, and all other amounts owed to, chargeable by, or otherwise recoverable by the Lender under the Loan Documents):

 

	 	 	Principal Amounts	 
	Revolving Loans	 	$	4,950,000.00	 
	Effective Date Term Loan	 	$	11,760,726.22	 
	Delayed Draw Term Loan	 	$	4,244,982.94	 

 

1.3 Acknowledgment
of Legal Fees. The Loan Parties acknowledge and agree that, as of September 26, 2019, reimbursable attorney’s fees and
costs are outstanding under the Loan Documents in the aggregate amount of $94,680.37.

 

1.4 Collateral.
The Loan Parties ratify, reaffirm, and confirm all of the Obligations and agree that, expect as expressly provided herein, the
Liens on and security interests in the Collateral granted to the Lender under the Loan Documents shall continue in full force and
effect as security for all Obligations.

 

Section 2 -
FORBEARANCE

 

2.1 Forbearance
by the Lender. Without waiving the Specified Events of Default or the Lender’s rights and remedies under the Loan Documents,
at law, or in equity relating thereto, and subject to the terms and conditions set forth herein, the Lender hereby agrees to forbear
in the exercise of its rights and remedies under the Loan Documents, at law, and in equity based on the Specified Events of Default
until the earlier to occur of (the “Termination Date”): (a) 5:00 p.m. prevailing Eastern Time on November 29,
2019; and (b) a Forbearance Event of Default (as defined hereinafter) under this Agreement. On the Termination Date, the agreement
of the Lender to forbear from exercising its rights and remedies under the Loan Documents, at law, and in equity based on the Specified
Events of Default will automatically and immediately terminate without presentment, demand, protest, or notice of any kind to the
Loan Parties, all of which are hereby waived by the Loan Parties. The Loan Parties acknowledge that the Lender has not made any
assurances concerning any possibility of an extension or waiver of the Termination Date. The period beginning on the Effective
Date and ending on the Termination Date is referred to herein as the “Forbearance Period.”

 

    - 4 -

     

    

 

2.2 Subordination
Rights and Remedies. Notwithstanding Section 2.1, this Agreement does not, and shall not be deemed to, restrict, impair, or
otherwise affect the Lender’s ability to enforce and exercise against any person any subordination rights and remedies in
favor of the Lender available under any agreements, instruments, or documents, at law, or in equity or the Lender’s ability
to amend or otherwise modify such rights and remedies.

 

2.3 Availability
of Loans. Notwithstanding Section 2.1, during the Forbearance Period, the Lender shall be under no obligation to make any additional
Advance or other Loan, issue or amend any Letter of Credit, or otherwise extend additional credit to, or for the benefit of, the
Loan Parties pursuant to the Loan Documents.

 

2.4 Conditional
Limited Consent to NYM Stock Sale.

 

a. The
Lender hereby provides its limited consent to iFresh consummating the sale of the NYM Stock to Go Fresh, provided that all of the
following conditions have been satisfied prior to the consummation of the NYM Stock Sale: (i) the Lender shall have received drafts
of the final documentation giving effect to the NYM Stock Sale (the “Transaction Documents”) and a copy of the
valuation of the NYM Stock prepared by Benchmark (the “Valuation”); (ii) the Transaction Documents shall be
in form and substance reasonably acceptable to the Lender, without limiting the generality of the foregoing the Transaction Documents
shall provide that the NYM Stock will be sold subject to the Liens in favor of the Lender on the NYM Stock granted under the Loan
Documents, and the purchase price set forth in the Transaction Documents shall be consistent with the Valuation; (iii) the Lender
shall have received a duly executed guaranty from Go Fresh in favor of the Lender, pursuant to which Go Fresh shall agree to unconditionally
guaranty the prompt payment and performance of the Obligations, which guaranty shall be in form and substance reasonably acceptable
to the Lender; (iv) the Lender shall have received a duly executed security agreement and pledge agreement from Go Fresh in favor
of the Lender, pursuant to which Go Fresh will grant the Lender a first priority Lien on and security interest in all of its assets,
including, without limitation, the NYM Stock, to secure all of the Obligations, which security agreement and pledge agreement shall
be in form and substance reasonably acceptable to the Lender; (v) Mr. Deng shall own and control at least 51% of the equity interests
in Go Fresh; (vi) the Lender shall have received all documentation and other information required to be obtained by the Lender
with respect to Go Fresh by Governmental Authorities under applicable Anti-Terrorism Laws and by the Lender under its “know
your customer” rules, regulations, and policies, including, without limitation, a Beneficial Ownership Certificate and evidence
that Go Fresh is duly organized and validly existing, and is in good standing, under the laws of its formation state; (vii) the
Lender shall have received evidence that all insurance required under the Credit Agreement and the other Loan Documents has been
obtained and is in full force and effect with respect to Go Fresh; (viii) the Lender shall have received Lien, judgment, pending
litigation, tax Lien, and entity status searches confirming that Go Fresh may grant a first priority Lien on and security interest
in all of its assets to the Lender as contemplated in clause (iv) above; and (ix) no Forbearance Event of Default shall have occurred
and be continuing.

 

    - 5 -

     

    

 

b. Upon
satisfaction of all of the foregoing conditions, (i) simultaneously with the consummation of the NYM Stock Sale, the Lender shall
execute and deliver any further agreements, instruments, and documents, in form and substance reasonably acceptable to the Lender,
necessary to give effect to the iFresh Request, if any; and (ii) immediately after the consummation of the NYM Stock Sale, all
references in the Loan Documents to iFresh shall be deemed to refer to Go Fresh and not iFresh.

 

c. The
conditional limited consent provided for herein (i) is specifically limited to its express terms, (ii) is a one-time accommodation,
and (iii) does not, and will not be construed or deemed to, (1) excuse any Loan Party’s future performance of any terms or
conditions of the Credit Agreement or other Loan Documents; (2) operate as a waiver of, or a consent to a modification or alteration
of, any terms or conditions of the Credit Agreement or other Loan Documents; (3) obligate or commit the Lender to agree to any
additional consents under the Credit Agreement or other Loan Documents; or (4) evidence of any course of dealing by the Lender.

 

d. As
used in this Section 2.4, the following capitalized terms have the meanings set forth below:

 

		i.	“Anti-Terrorism Laws” means any statute, treaty, law (including common law),
ordinance, regulation, rule, order, opinion, release, injunction, writ, decree or award of any Governmental Authority relating
to terrorism or money laundering, including Executive Order No. 13224 and the USA PATRIOT Act, Title III of Pub. L. 107-56, signed
into law October 26, 2001, as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time.

 

		ii.	“Beneficial Ownership Certification” means a certification regarding beneficial
ownership as required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance
to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan
Syndications and Trading Association and Securities Industry and Financial Markets Association or such other form satisfactory
to the Lender in its sole discretion.

 

		iii.	“Beneficial Ownership Regulation” means the regulation set forth at 31 C.F.R.
§ 1010.230 or any successor thereto.

 

		iv.	“Executive Order No. 13224” means the Executive Order No. 13224 on Terrorist
Financing, effective September 24, 2001, as the same may be in effect from time to time.

 

    - 6 -

     

    

 

Section 3 -
RELEASE

 

3.1 Release
by the Loan Parties. Each Loan Party, on behalf of itself, its predecessors, successors, assigns, heirs, executors, trustees,
administrators, agents, and other legal representatives, and any Person claiming by or through such Loan Party (collectively, the
“Releasors”), hereby unconditionally remises, releases, waives, satisfies, acquits, and forever discharges the
Lender and its present, former, and future parents, predecessors, successors, assigns, assignees, affiliates, subsidiaries, divisions,
departments, subdivisions, owners, partners, principals, trustees, creditors, shareholders, joint ventures, co-venturers, officers
and directors (whether acting in such capacity or individually), attorneys, vendors, accountants, nominees, agents (alleged, apparent,
or actual), representatives, employees, managers, administrators, loan servicers, asset managers, each Person acting or purporting
to act for them or on their behalf, and the successors and assigns of any such Persons, as releasees (collectively, the “Releasees”),
of and from any and all manner of actions, causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements,
promises, warranties, guaranties, representations, liens, mechanics’ liens, judgments, claims, counterclaims, crossclaims,
defenses, costs, losses, demands, and/or liabilities whatsoever, including claims for contribution and/or indemnity, whether now
known or unknown, past or present, asserted or unasserted, contingent or liquidated, at law or in equity, if any, which any of
Releasors ever had, may have, or now have against any of the Releasees, for or by reason of any cause, matter, or thing whatsoever,
arising from the beginning of time to the Effective Date (collectively, “Claims”), including, without limitation,
any and all Claims that in any way arise out of, are connected to, are related to, or are in any manner incidental to the dealings
or relationships between the Releasors and Releasees related to the Loan Documents, the transactions contemplated thereby, or any
actions or omissions in connection therewith. The foregoing release will be construed in the broadest sense possible. 

 

The Loan Parties
warrant and represent that they are the sole and lawful owners of all right, title, and interest in and to every Claim being released
hereby and they have not assigned, pledged, hypothecated, or otherwise divested or encumbered all or any part of any Claim being
released hereby. The Loan Parties hereby agree to indemnify, defend, and hold harmless any and all of the Releasees from and against
any Claims asserted against any Releasee based on, or arising in connection with, any such prior assignment or transfer, whether
actual or purported. The Loan Parties hereby absolutely, unconditionally, and irrevocably agree never to commence, prosecute, cause
to be commenced or prosecuted, voluntarily aid in any way, or foment any suit, action, or other proceeding (at law, in equity,
in any regulatory proceeding, or otherwise) or otherwise seek any recovery against any of the Releasees based on any of the Claims
being released hereby. The Loan Parties hereby specifically warrant, represent, acknowledge, and agree that: (a) none of the provisions
of this general release shall be construed as or constitute an admission of any liability on the part of any Releasee; (b) the
provisions of this general release shall constitute an absolute bar to any Claim of any kind, whether any such Claim is based on
contract, tort, warranty, mistake, or any other theory, whether legal, statutory, or equitable; and (c) any attempt to assert a
Claim barred by the provisions of this general release shall subject each Loan Party to the provisions of applicable law setting
forth the remedies for the bringing of groundless, frivolous, or baseless claims or causes of action, and each Loan Party hereby
agrees to pay, in addition to such other damages as any Releasee may recover as a result of any such attempt, all attorneys’
fees and costs incurred by any Releasee as a result of any such attempt.

 

    - 7 -

     

    

 

Section 4 -
FORBEARANCE COVENANTS

 

4.1 Payment
of Obligations. The Loan Parties shall make all payments due under the Loan Documents (a) as and when due and payable, (b)
in the full amounts and at the interest rates required under the Loan Documents; and (c) in immediately available funds.

 

4.2 Interest
Rate During Forbearance Period. Interest shall continue to accrue on the Loans at the Stated Rate (and not the Default Rate);
provided, however, that upon the occurrence of a Forbearance Event of Default, the Default Rate shall be deemed to retroactively
apply effective as of the Effective Date (as such term is defined in the First Forbearance Agreement).

 

4.3 Engagement
of Chief Restructuring Officer. At their sole cost and expense, the Loan Parties (excluding Mr. Deng) have retained and engaged,
and shall continue to retain and engage, a chief restructuring officer acceptable to the Lender pursuant to a retention agreement
in form and substance acceptable to the Lender (the “CRO”). For purposes of the Forbearance Period, Bert Weil
or Marjorie E. Kaufman of Getzler Henrich & Associates is a CRO acceptable to the Lender, and the Loan Parties’ (excluding
Mr. Deng) existing retention agreement with Getzler Henrich & Associates is in form and substance acceptable to the Lender.
The Loan Parties shall comply with all of the terms of the CRO’s retention agreement and shall fully cooperate with the CRO
in the performance of its duties and responsibilities under its retention agreement. Without limiting the generality of the foregoing
sentence, the Loan Parties shall permit the CRO to (a) have unfettered access to the books and records of, and unconditionally
inspect any of the property, locations, or operations of, the Loan Parties and (b) in the course thereof, make copies or abstracts
of such books and records and discuss the affairs, finances, books and records, and valuation of the Loan Parties with their accountants,
directors, officers, employees, and other representatives. The Loan Parties acknowledge and agree that (x) the CRO has been, and
will continue to be, retained and engaged by the Loan Parties and not the Lender and has not been, and will not be, an agent of
the Lender; and (y) the Lender shall not be responsible or otherwise liable for any actions or inactions taken by the Loan Parties
resulting from their engagement of the CRO. The Loan Parties hereby authorize any of the Lender’s officers or other representatives
to communicate directly with the CRO to discuss the Loan Parties’ affairs, finances, condition, and compliance with the terms
of this Agreement and other Loan Documents and shall cause the CRO to cooperate with such Persons in all such communications and
respond to all reasonable requests of such Persons for information regarding the Loan Parties.

 

4.4 Repayment
Transaction. 

 

a. The
Loan Parties shall, and shall cause the CRO to, immediately and diligently pursue, and use commercially reasonable efforts to consummate,
a refinance, sale, and/or capital contribution transaction(s) on such terms and conditions, and with proceeds in sufficient amount(s),
that will enable the repayment in full of the outstanding Obligations in immediately available funds (a “Repayment Transaction“).
The Loan Parties shall authorize and permit the CRO to oversee and supervise the process by which the Loan Parties pursue and consummate
a Repayment Transaction.

 

    - 8 -

     

    

 

b. As
reasonably requested by the Lender, the Loan Parties, together with the CRO, will provide telephonic updates to the Lender regarding
the status of a Repayment Transaction. The Loan Parties shall keep the Lender reasonably informed of the occurrence and substance
of any negotiations among the Loan Parties and any Person regarding any Repayment Transaction and shall promptly deliver a copy
to the Lender of any term sheet, commitment, letter of intent, offer, or other written expression of interest (a “Preliminary
Transaction Document”) sent or received by the Loan Parties to or from any Person regarding any Repayment Transaction.

 

c. On
or prior to November 28, 2019, the Loan Parties shall deliver to the Lender a copy of a final, definitive, and executed Preliminary
Transaction Document(s) evidencing a binding commitment for one or more transactions that, collectively, would constitute a Repayment
Transaction, which Preliminary Transaction Document(s) shall be in form and substance reasonably satisfactory to the Lender.

 

4.5 Reporting
Requirements.

 

a. The
Borrower shall deliver or cause to be delivered to the Lender as soon as available and in any event within forty-five (45) days
after the end of each calendar month, internally prepared consolidated or consolidating balance sheets (as applicable) and related
consolidated or consolidating statements of income (as applicable), on a month-to-date and year-to-date basis, for the portion
of the Fiscal Year ending as of the end of such prior calendar month, which financial statements shall be prepared by the Borrower’s
management in consultation with the CRO, reviewed and approved by the CRO, and accompanied by (i) a certificate of a Certifying
Officer that such financial statements have been prepared in accordance with GAAP and are correct subject only to normal year end
audit adjustments and the absence of footnotes and (ii) a certificate of a Certifying Officer that such officer has caused the
provisions of the Credit Agreement and other Loan Documents to be reviewed and has no knowledge of any Default, other than the
Specified Events of Default, or if such Certifying Officer has such knowledge, specifying such additional Default and the nature
thereof and what action the Loan Parties have taken, are taking, or propose to take with respect thereto.

 

b. On
every Thursday of every other calendar week, the Borrower shall deliver, or shall cause to be delivered, to the Lender a rolling
thirteen-week cash flow projection in form reasonably acceptable to the Lender, which reports actual cash flows versus projection,
and projects on a weekly basis cash revenue, receipts, expenses, and disbursements, of the Loan Parties (excluding Mr. Deng) (all
of the foregoing documentation and information, collectively, the “Cash Flow Projection”). Each Cash Flow Projection
shall be shall be prepared by the Borrower’s management in consultation with the CRO, reviewed and approved by the CRO, and
certified by of a Certifying Officer. If requested by the Lender, the Loan Parties, together with the CRO, shall have a telephone
conference call with the Lender, during which the Loan Parties and the CRO shall provide to the Lender a detailed oral report comparing
actual weekly cash receipts and expenditures to the Cash Flow Projection for the preceding week, explaining any percentage variance
of actual weekly cash receipts and expenditures from those set forth on the Cash Flow Projection, and providing such other details
and information as may be reasonably requested by the Lender.

 

    - 9 -

     

    

 

4.6 Costs,
Expenses, and Attorneys’ Fees. The Loan Parties shall pay, in immediately available funds, all outstanding costs and
expenses, including, without limitation, attorneys’ fees and costs, of the Lender related to this Agreement and the other
Loan Documents, which costs and expenses shall be due and payable on the earlier of the Termination Date and the repayment in full
of the Obligations.

 

4.7 Voice Road
Judgment. On or before November 28, 2019, the Loan Parties shall deliver to the Lender evidence of a resolution of the Voice
Road Judgment in a manner satisfactory to the Lender.

 

4.8 Other
Litigation Proceedings. Set forth in Appendix I is an update of the status of other litigation proceedings involving
the Borrower, iFresh and/or one or more subsidiaries of the Borrower which have previously been disclosed in the Securities and
Exchange Commission filings by iFresh.

 

Section 5 -
AMENDMENTS

 

5.1 Joinder
of Go Fresh.

 

a. Effective
as of the Effective Date, (a) Go Fresh hereby joins in, and will be deemed to be a party to, the Guaranty, the iFresh Joinder,
the Pledge Agreement, and each other Loan Document to which iFresh is a party in the same capacity as iFresh and hereby assumes
all of the Obligations of such a party to such Loan Documents; and (b) Go Fresh hereby joins in, and will be deemed to be a party
to, the Security Agreement as a “Grantor” and hereby assumes all of the Obligations of a “Grantor” under
the Security Agreement. On and after the Effective Date, Go Fresh shall perform, comply with, and be subject to, bound by, and
jointly and severally liable for all of the terms, conditions, and covenants of, and all other Obligations under, the Guaranty,
the Pledge Agreement, the iFresh Joinder, the Security Agreement, and each other Loan Document to which Go Fresh has become a party
pursuant to this Agreement to the same extent as if it were an original signatory to such Loan Documents.

 

b. Effective
as of the Effective Date, (i) all references in the Credit Agreement, the Guaranty, the iFresh Joinder, the Pledge Agreement, the
Security Agreement, and each other Loan Document to the term “Guarantor,” “Pledgor,” or “Grantor”
shall be deemed to include Go Fresh; (ii) all references to iFresh in the Credit Agreement, Guaranty, the iFresh Joinder, the Pledge
Agreement, and each other Loan Document shall be deemed to include Go Fresh; (iii) all references in the Loan Documents to the
Credit Agreement, the Guaranty, the iFresh Joinder, the Pledge Agreement, the Security Agreement, and each other Loan Document
shall be deemed to refer to the Credit Agreement, the Guaranty, the iFresh Joinder, the Pledge Agreement, the Security Agreement,
and each other Loan Document as amended by this Agreement; and (iv) all references in the Loan Documents to the term “Loan
Documents” shall be deemed to include this Agreement, the First Forbearance Agreement, and all agreements, instruments, and
documents related hereto or thereto. Notwithstanding the foregoing, no references to Go Fresh or this Agreement or any agreement,
instrument, or document related hereto need be made in any Loan Document for this Agreement and the agreements, instruments, and
documents related hereto to have their full force and effect.

 

    - 10 -

     

    

 

c. Go
Fresh hereby authorizes the Lender, as secured party, to file a UCC-1 financing statement against Go Fresh, as debtor, with the
Department of State for the State of Florida describing the collateral granted by Go Fresh as “all assets” or similar
language.

 

5.2 Assignment
to Go Fresh. Effective immediately after the consummation of the NYM Stock Sale, iFresh hereby irrevocably assigns and transfers
to Go Fresh all of iFresh’s right, title, and interest in and to, and commitments, duties, and Obligations under, the Guaranty,
the iFresh Joinder, the Pledge Agreement, and each other Loan Document to which iFresh is a party, and Go Fresh irrevocably assumes,
receives, and accepts such assignment and transfer and agrees to be bound by the terms and conditions of such Loan Documents as
the successor-in-interest to iFresh.

 

5.3 Removal
of iFresh. Effective immediately after giving effect to Sections 5.1 and 5.2, all references in the Loan Documents to iFresh
shall be deemed to refer only to Go Fresh.

 

5.4 Amendment
to Credit Agreement. Section 10.2(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(d) to
any participant or proposed participant in, or assignee or proposed assignee of, all or any part of such Person’s interests
herein, each of which shall be informed by such Person of the confidential nature of the Information.

 

Section 6 -
REPRESENTATIONS AND WARRANTIES

 

To induce the Lender
to enter into this Agreement and as partial consideration for the terms and conditions contained herein, the Loan Parties represent
and warrant to the Lender that as of the Effective Date:

 

6.1 Organization
and Authority. Each Loan Party (excluding Mr. Deng) is duly organized, validly existing, and in good standing under the laws
of the state of its organization and has the right, power and authority and has taken all necessary corporate or other organizational
action to duly authorize the execution, delivery, and performance of this Agreement and any Loan Document executed in connection
herewith.

 

6.2 Other
Consents. No authority, permit, consent, waiver, approval, or other authorization of or other action by, notice to, or filing,
registration or declaration of or with any Governmental Authority or other Person is required in connection with the execution,
delivery, and performance of or compliance with this Agreement.

 

    - 11 -

     

    

 

6.3 No
Conflict. The execution and delivery of this Agreement will not conflict with, or result in a breach of, (a) the terms, conditions,
or provisions of the organizational documents of any Loan Party (excluding Mr. Deng); (b) any applicable law; or (c) any material
agreement, instrument, order, writ, judgment, injunction, or decree to which a Loan Party is a party or by which it is bound or
to which it is subject, or will result in the creation or enforcement of any Lien whatsoever upon any property, whether now owned
or hereafter acquired, of a Loan Party.

 

6.4 Valid
and Binding Agreement. Each Loan Party has duly entered into this Agreement, and this Agreement is a legal, valid, and binding
obligation of and enforceable in accordance with its terms against each Loan Party.

 

6.5 Compliance
with Laws. Each Loan Party is in material compliance with, and its respective properties, business operations, and leaseholds
are in material compliance with, all laws applicable to such Loan Party, its properties, and the conduct of its businesses.

 

6.6 No
Untrue or Misleading Statements. Neither this Agreement nor any document, certificate, or statement furnished or to be furnished
by on or behalf of any Loan Party to Lender in connection with this Agreement or any other Loan Document contains or at the time
of delivery will contain any untrue statement of a material fact. There is no fact known to a Loan Party which with the giving
of notice, the passage of time, or both would be reasonably expected to have a Material Adverse Effect on the Loan Parties.

 

6.7 No
Default. Except for the Specified Events of Defaults, no Default or Event of Default exists or has occurred and is continuing
under the Credit Agreement or any other Loan Documents, and except for the Specified Events of Default, no violation or event exists
which, with the passage of time or the giving or notice or both, would constitute a Default or Event of Default under the Credit
Agreement or any other Loan Documents.

 

6.8 Liens.
The Loan Parties have title to all of their property and assets, real and personal, that constitute Collateral. None of the Collateral
is subject to any Lien, security interest, encumbrance, or other claim of any nature, other than Liens and security interests in
favor of the Lender or expressly permitted under the Loan Documents.

 

6.9 Other
Representations and Warranties. The representations and warranties of the Loan Parties contained in the Loan Documents (a)
which are subject to a materiality qualifier, are true and correct in all respects and (b) which are not subject to a materiality
qualifier, are true and correct in all material respects; in each case, as of the Effective Date, as though made on and as of the
Effective Date, except to the extent that such representations and warranties expressly relate to (i) an earlier specified date,
in which case such representations and warranties are hereby reaffirmed as true and correct in all respects as of the date when
made or (ii) the existence of the Specified Events of Default.

 

    - 12 -

     

    

 

Section 7 -
CONDITIONS PRECEDENT

 

The effectiveness of
this Agreement and the Lender’s obligations hereunder are conditioned on the satisfaction by the Loan Parties of the following
conditions precedent:

 

7.1 Delivery
of Documents. The Loan Parties shall have delivered or cause to be delivered to the Lender the following, all satisfactory
to the Lender in form and substance and if requiring signature, then duly executed by all parties thereto:

 

a. this
Agreement; and

 

b.all other agreements,
instruments, or documents or other things reasonably requested by the Lender to effectuate the substance and intent of this Agreement.

 

7.2 Payment
of Forbearance Fee. The Loan Parties shall have paid, in immediately available funds, a non-refundable forbearance fee of $20,000,
which forbearance fee shall be deemed fully earned by the Lender on the Effective Date.

 

7.3 Costs,
Expenses, and Attorneys’ Fees. The Loan Parties shall have paid, in immediately available funds, $50,000 of the outstanding
costs and expenses, including, without limitation, attorneys’ fees and costs, of the Lender related to this Agreement and
the other Loan Documents.

 

Section 8 -
FORBEARANCE EVENTS OF DEFAULT

 

Each of the following
constitutes an immediate default and event of default (a “Forbearance Event of Default”) under this Agreement
and, notwithstanding anything contained in any Loan Document, including, without limitation, any provision therein requiring the
Lender to provide the Loan Parties or any other Person with prior notice or an opportunity to cure, an immediate Default and Event
of Default under each Loan Document:

 

8.1 Payment.
Failure of the Loan Parties to pay any amounts as and when due and payable under this Agreement or any other Loan Document.

 

8.2 Covenants.
Failure of any Loan Party to observe any term, condition, or covenant set forth in this Agreement or any Loan Document, except
for the Specified Events of Default.

 

8.3 Representations
and Warranties. Any representation or warranty made by any Loan Party in this Agreement, any other Loan Document, or any document,
certificate or statement furnished or to be furnished from, by, or on behalf of any Loan Party to the Lender in connection with
this Agreement or any other Loan Document is false or misleading in any respect as of the date made.

 

8.4 Agreements
Invalid. The validity, binding nature of, or enforceability of any term or provision of this Agreement is disputed by, on behalf
of, or in the right or name of any Loan Party or any material term or provision of this Agreement is found or declared to be invalid,
avoidable, or unenforceable by any court of competent jurisdiction.

 

8.5 Material
Adverse Effect. An event occurs, or a circumstance or condition exists, which has a Material Adverse Effect on the Loan Parties.

 

    - 13 -

     

    

 

8.6 Other
Defaults. An Event of Default (other than the Specified Events of Default) under the Credit Agreement or any other Loan Document
occurs and is continuing.

 

Section 9 -
REMEDIES

 

9.1 Remedies.
On the Termination Date, the Lender will have, and may exercise, any and all of its rights and remedies set forth herein or in
any Loan Document, at law, or in equity.

 

9.2 Waiver.
In accordance with Section 9-624 of the Uniform Commercial Code, the Loan Parties hereby waive the right to (a) [reserved]; (b)
require disposition of collateral under Section 9-620(e) of the Uniform Commercial Code; and (c) redeem collateral under Section
9-623 of the Uniform Commercial Code.

 

9.3 No
Contest. Conditioned only on the occurrence of the Termination Date, the Lender will be entitled to, and the Loan Parties hereby
consent to, the appointment of a state or federal court receiver with respect to any or all of the Loan Parties (excluding Mr.
Deng) and/or any or all of the Collateral with notice to the Loan Parties, and the Loan Parties shall not oppose or otherwise interfere
with such a receiver or the Lender’s ability to obtain the appointment of such a receiver.

 

Section 10 -
MISCELLANEOUS

 

10.1 Ratification
and Confirmation. Each Loan Party hereby ratifies and confirms that, except as expressly modified and superseded hereby, all
of the terms of the Loan Documents, including, without limitation, all confirmations, acknowledgments, releases, waivers, consents,
indemnifications, and jury trial waivers contained in all such documents, remain in full force and effect and, as modified
and superseded hereby, are reaffirmed and continue to be legal, valid, and binding Obligations of the Loan Parties and enforceable
in accordance with their respective terms.

 

10.2 Effect
of Agreement; Reservation of Rights. This Agreement is not (a) a waiver of or consent to a modification of any term of any
Loan Document, except as expressly set forth herein, and (b) except as expressly set forth herein, does not prejudice any right
or rights which the Lender now has or may have in the future under or in connection with any Loan Document, at law, or in equity.
The Lender hereby reserves and preserves, and each Loan Party hereby acknowledges and agrees that the Lender has not waived, the
Lender’s rights and remedies under the Loan Documents, at law, and in equity with respect to the Specified Events of Default,
any Forbearance Event of Default, or any other matters.

 

10.3 References
to Loan Documents. On and after the Effective Date, all references to the Loan Documents will be deemed to be references to
the Loan Documents as amended or otherwise modified by this Agreement.

 

10.4 Conflict.
In the event and to the extent of any conflict between the terms of this Agreement and the terms of any Loan Document, the terms
of this Agreement with respect thereto will govern.

 

    - 14 -

     

    

 

10.5 Survival
of Representations and Warranties. All representations and warranties contained in this Agreement and any other Loan Document
will survive the execution of this Agreement and are material and have been or will be relied on by the Lender, and no investigation
made by the Lender, any Loan Party or any other Person on the behalf of any of them affects the representations and warranties
or the right of the Lender to rely on them. No implied representations or warranties are created or arise as a result of this Agreement.
For purposes of this section, all statements in any certificate or other writing required by this Agreement or any other Loan Document
to be delivered to the Lender by or on behalf of any Loan Party are deemed to be representations and warranties contained in this
Agreement.

 

10.6 No
Waiver. No failure or delay on the part of the Lender in the exercise of any right, power, privilege, or remedy will operate
as a waiver thereof, nor will any single or partial exercise of any right, power, privilege, or remedy preclude any other or further
exercise thereof or the exercise of any other right, power, privilege, or remedy.

 

10.7 Notices.
All notices, demands, and other communications required or permitted to be given under this Agreement must be given in accordance
with the notice provisions of the Credit Agreement.

 

10.8 Headings.
The headings and underscoring of articles, sections, and clauses have been included herein for convenience only and are not to
be considered in interpreting this Agreement.

 

10.9 Integration
and Entire Agreement. This Agreement is specifically limited to the matters expressly set forth herein. This Agreement constitutes
the sole, final, and entire agreement of the parties with respect to the subject matter hereof, supersedes any and all prior oral
and written communications with respect to the subject matter hereof, and may not be contradicted or varied by evidence of prior,
contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties
hereto relating to the subject matter hereof or any other subject matter relating to any Loan Document.

 

10.10 Amendment
and Waiver. No amendment of this Agreement and no waiver, discharge, or termination of any one or more of the terms or conditions
hereof, will be effective unless set forth in writing and signed by the Loan Parties and the Lender.

 

10.11 Successors
and Assigns. This Agreement (a) is binding on the Loan Parties, the Lender, and their respective nominees, successors, and
assigns, and (b) inures to the benefit of the Loan Parties, the Lender, and their respective nominees, successors, and permitted
assigns. Notwithstanding the foregoing, the Loan Parties shall not assign their rights hereunder or any interest herein without
obtaining the prior written consent of the Lender, and any assignment or attempted assignment by the Loan Parties without the Lender’s
prior written consent will be void and of no effect with respect to the Lender.

 

10.12 Severability
of Provisions. Any provision of this Agreement that is held to be illegal, inoperative, unenforceable, void, or invalid in
any jurisdiction will, as to that jurisdiction, be ineffective to the extent illegal, inoperative, unenforceable, void, or invalid
without affecting the remaining provisions in that jurisdiction or the legality, operation, enforceability, or validity of that
provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable.

 

    - 15 -

     

    

 

10.13 Third-Party
Beneficiaries. No term of this Agreement is intended to benefit any Person other than the Loan Parties and the Lender, nor
will any term be enforceable by any other Person, provided, however, that each and every one of the Releasees shall be deemed to
be intended third-party beneficiaries of this Agreement.

 

10.14 Indemnification.

 

a. If,
after receipt of any transfer with respect to or payment of all or any part of the Obligations, the Lender is compelled to surrender
such transfer or payment to any Person for any reason (including, without limitation, a determination that such transfer or payment
is void or voidable as a preference or fraudulent conveyance or transfer, an impermissible setoff, or a diversion of trust funds),
then (i) each such transfer or payment will be deemed never to have occurred, and the outstanding Obligations will be adjusted
accordingly; (ii) this Agreement and the other Loan Documents will continue in full force and effect; and (iii) the Loan Parties
will be liable for and shall indemnify, defend, and hold harmless the Lender with respect to the full amount so surrendered.

 

b. The
provisions of this Section will survive the termination of this Agreement and will be and remain effective notwithstanding the
payment to the Lender of any or all of the Obligations, the cancellation of any Loan Document, the release of any Lien or security
interest securing the Obligations, or any other action which the Lender may have taken in reliance on the receipt of such payment.
Any cancellation of any of the Loan Documents or other such action will be deemed to have been conditioned on any payment of any
or all of the Obligations having become final and irrevocable.

 

10.15 Costs,
Expenses, and Attorneys’ Fees. The Loan Parties shall, in immediately available funds, pay on demand (or reimburse the
Lender, as the Lender may elect, for) all expenses which the Lender have incurred or may incur hereafter in connection with this
Agreement, and all matters related hereto or thereto, including all reasonable attorneys’ fees and costs. The Loan Parties’
reimbursement Obligations under this section will survive any termination of this Agreement or any other Loan Document.

 

10.16 Further
Assurances. On the request of the Lender and at the sole expense of the Loan Parties, the Loan Parties hereby agree to promptly
and duly execute and deliver or have recorded such further agreements, instruments, or documents and take such further actions
as the Lender may reasonably request to effectuate the terms and conditions and purposes of this Agreement.

 

10.17 Governing
Law; Forum; Waiver of Jury Trial. THE TERMS AND PROVISIONS OF SECTIONS 11.8 and 11.9 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED
HEREIN BY REFERENCE, AND SHALL APPLY TO THIS AGREEMENT AS IF FULLY SET FORTH HEREIN.

 

    - 16 -

     

    

 

10.18 Counterparts.
This Agreement may be executed in one or more counterparts and by different parties hereto on separate counterparts, each of which
will be deemed an original and all of which taken together will constitute one and the same agreement, and this Agreement will
be binding on all of the parties hereto, even though such parties do not sign the same signature page. Signatures transmitted electronically
or by telecopy will be deemed original signatures.

 

10.19 Course
of Dealing. Acceptance of or acquiescence by the Lender in a course of performance or course of dealing rendered or taken under
or with respect to this Agreement or any other Loan Document will not be relevant in any respect to determine the Obligations or
meaning of this Agreement or any other Loan Document, even though the Lender had knowledge of the nature of the performance and
opportunity for objection.

 

10.20 Construction.
This Agreement has been entered into by parties who are experienced in sophisticated and complex matters similar to the transactions
contemplated hereby and are being entered into by the parties in reliance upon the economic and legal bargains contained herein
and in the Loan Documents and shall be interpreted and construed in a fair and impartial manner, without regard to such factors
as the party that prepared the instrument, the relative bargaining powers of the parties, or the domicile of any party, but shall
be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions
of all parties to this Agreement.

 

[signature pages follow]

 

    - 17 -

     

    

 

The undersigned have caused this Second Forbearance and Amendment
Agreement to be executed on the date of this Agreement by their duly authorized officers.

 

	 	Borrower:
	 	 
	 	NYM HOLDING, INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President                         
	 	 
	 	Guarantors:
	 	 
	 	IFRESH, INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	CEO
	 	 
	 	NEW YORK MART 8 AVE, INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	NEW YORK MART EAST BROADWAY INC. 
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	NEW YORK SUPERMARKET EAST BROADWAY INC.
	 	 
	 	By:	/s/ Long Deng   
	 	Name:	Long Deng
	 	Title:	President

 

Signature Page to Second Forbearance and Amendment Agreement

 

     

     

    

  

	 	STRONG AMERICA LIMITED 
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	iFRESH E COLONIAL INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	iFRESH GLEN COVE INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	IFRESH BELLAIRE, INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	NEW YORK MART AVE U 2ND INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	NEW YORK MART CT, INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President                        

 

Signature Page to Second Forbearance and Amendment Agreement

 

     

     

    

 

 

	 	NEW YORK MART GROUP INC. 
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President 
	 	 
	 	MING’S SUPERMARKET, INC. 
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	NEW YORK MART MOTT ST., INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	NEW YORK MART ROOSEVELT, INC. 
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	NEW YORK MART SUNRISE, INC. 
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	ZEN MKT QUINCY, INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President

 

Signature Page to Second Forbearance and Amendment Agreement

 

     

     

    

 

	 	NEW YORK MART N. MIAMI INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	NYM MILFORD, LLC
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	Member
	 	 
	 	GO FRESH 365, INC.
	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 
	 	/s/ Long Deng
	 	LONG DENG, individually

 

Signature Page to Second Forbearance and Amendment Agreement

 

     

     

    

 

	 	Lender:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION
	 	 
	 	By:   	/s/ ROBERT G.KRUPKA
	 	Name: 	ROBERT G.KRUPKA
	 	Title:	Vice President

   

Signature Page to Second Forbearance and
Amendment Agreement

 

     

     

    

 

Appendix I

 

Other Litigation Proceedings

 

	1.	Leo J. Motsis, as Trustee of the Trustee of the 140-148 East Berkley Realty Trust v. Ming’s Supermarket, Inc.
	 	 
	2.	HDH, LLC v. New York Mart Group Inc.
	 	 
	3.	Hartford Fire Insurance Company v. New York Mart Group Inc.
	 	 
	4.	Winking Group LLC v. New York Mart Supermarket East Broadway Inc.
	 	 
	5.	Don Ricks Associates v. New York Mart Roosevelt Inc.
	 	 
	6.	Walgreen Eastern Co., Inc. v. New York Mart Avenue U 2nd Inc.
	 	 
	7.	Sor-San Realty Corp. v. New York Mart Avenue U 2nd Inc.
	 	 
	8.	2309-11 Avenue U LLC v. New York Mart Group Inc.
	 	 
	9.	2309-11 Avenue U LLC v. Long Deng, New York Supermarket Group Inc, New York Supermarket Inc, and Strong America Limited

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]