SEC Contract Filing

Filing Date: 2020-12-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>20
<FILENAME>tm2038449d1_ex10-20.htm
<DESCRIPTION>EXHIBIT 10.20
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.20</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>NOTE
PURCHASE AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note Purchase
Agreement (this &ldquo;<B><I>Agreement</I></B>&rdquo;) is made and entered into as of August&nbsp;29, 2020, by and among Reviva
Pharmaceuticals,&nbsp;Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and the parties identified on the
signature pages&nbsp;hereto (each individually an &ldquo;<B><I>Investor</I></B>&rdquo; and collectively the &ldquo;<B><I>Investors</I></B>&rdquo;),
and shall become effective upon the consummation of the SPAC Merger (as defined herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B><I>Whereas</I></B>,</FONT>
the Company has entered into an Agreement and Plan of Merger, dated as of July&nbsp;20, 2020 (as it may be amended, the &ldquo;<B><I>Merger
Agreement</I></B>&rdquo;), among Tenzing Acquisition Corp, a company incorporated in the British Virgin Islands (together with
its successors, the &ldquo;<B><I>SPAC Purchaser</I></B>&rdquo;), Tenzing Merger Subsidiary Inc., a Delaware corporation and a wholly-owned
subsidiary of the Purchaser (<I>&ldquo;<B>SPAC Merger Sub</B>&rdquo;</I>), the Company, and the other parties named therein, pursuant
to which Merger Sub would merge with and into the Company, with the Company continuing as the surviving entity, and the stockholders
of the Company will receive equity securities of SPAC Purchaser (the &ldquo;<B><I>SPAC Shares</I></B>&rdquo;) in exchange for their
shares of capital stock of the Company (the &ldquo;<B><I>SPAC Merger</I></B>&rdquo;) in accordance with the terms of the Merger
Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B><I>Whereas</I></B>,
</FONT>the closing of the SPAC Merger is conditioned upon the satisfaction of that certain Agreed Judgment, issued in the District
Court for the 190<SUP>th</SUP> Judicial District, Harris County, Texas, and signed January&nbsp;3, 2020, in favor of Ramachandra
Malya against the Company (the &ldquo;<B><I>Judgment</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B><I>Whereas</I></B>,</FONT>
the Company currently requires funds to satisfy the Judgment and to help finance its operations; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B><I>Whereas</I></B></FONT>,
the Investors are willing to advance funds to the Company, in an aggregate principal amount not to exceed Two Million Dollars ($2,000,000.00),
for the purpose of satisfying the Judgment and financing the Company&rsquo;s operations in exchange for the issuance to them of
certain convertible promissory notes evidencing the Company&rsquo;s obligation to repay the Investors&rsquo; loans of the advanced
funds, as provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B><I>Now</I></B>,
<B><I>Therefore</I></B></FONT>, the parties hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>1.</B></FONT><B><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>PURCHASE
AND SALE OF NOTES</U></FONT></FONT></B><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>1.1</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Note
Purchase</U></FONT></B><FONT STYLE="font-size: 10pt">. Subject to the terms and conditions of this Agreement, the Company agrees
to sell to each Investor, and each Investor severally agrees to purchase from the Company, a Convertible Promissory Note, in a
principal amount of not less than Fifty Thousand Dollars ($50,000.00), in the form attached to this Agreement as <U>Exhibit&nbsp;A</U>
(each individually a &ldquo;<B><I>Note</I></B>&rdquo; and collectively the &ldquo;<B><I>Notes</I></B>&rdquo;) in the principal
amount set forth on such Investor&rsquo;s signature page&nbsp;hereto. This Agreement, all