HWIN Hometown International Inc (CE)

Item 1.01 Entry into a Definitive Material Agreement.

Effective as of May 1, 2020, Hometown International, Inc., a Nevada corporation (the “Company”), entered into a Consulting Agreement (the “Tryon Consulting Agreement”) with Tryon Capital Ventures LLC, a North Carolina limited liability company (“Tryon”). Pursuant to the Tryon Consulting Agreement, Tryon was engaged as a consultant to the Company, to, among other things, support in the research, development, and analysis of product, financial and strategic matters. The term of the Tryon Consulting Agreement is one year; provided, however, that each party has the right to terminate the agreement upon 30 days’ prior written notice to the other.

Pursuant to the Tryon Consulting Agreement, Tryon shall receive $15,000 per month during the term of the agreement, in addition to reimbursement of expenses approved in advance by the Company.

Tryon is 50% owned by the father of the Company’s Chairman of the Board.

The foregoing description of the Consulting Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein in its entirety by reference. 

In addition, effective as of May 1, 2020, the Company also entered into a Consulting Agreement (the “VCH Consulting Agreement”) with VCH Limited, a company formed under the laws of Macau (“VCH”). Pursuant to the VCH Consulting Agreement, VCH was engaged as a consultant to the Company, to, among other things, create and build a presence with high net worth and institutional investors. The term of the VCH Consulting Agreement is one year; provided, however, that each party has the right to terminate the agreement upon 30 days’ prior written notice to the other.

Pursuant to the VCH Consulting Agreement, VCH shall receive $25,000 per month during the term of the agreement, in addition to reimbursement of expenses approved in advance by the Company.

VCH is an affiliate of the Company based upon beneficial ownership of in excess of 10% of the Company’s common stock.

The foregoing description of the VCH Consulting Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.2 and incorporated herein in its entirety by reference.