Document:

Exhibit 10.1

 

second AMENDMENT

TO

amended
and restated operating AGREEMENT

 

This SECOND AMENDMENT
(this “Amendment”) to the Amended and Restated Operating Agreement (the “Agreement”) of LM
Capital Solutions, LLC (the “Company”) is made and entered into as of July 17, 2020, by and among the Company,
AZOKKB, LLC (formerly known as LuxeMark Capital LLC), a New York limited liability company (the “Rollover Member”),
CCUR Holdings, Inc., a Delaware corporation (the “CCUR Investor”) and the members of the Board of Managers of
the Company. Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Agreement.

 

WHEREAS, the Company,
the CCUR Investor and the Rollover Member desire to amend the Agreement to, among other things, (a) effect a reorganization pursuant
to which, following such reorganization, the CCUR Investor shall hold 51% of the issued and outstanding Class A Units and the Rollover
Member shall hold 49% of the issued and outstanding Class A Units (the “Reorganization”), (b) provide for equitable
responsibility among the Members for the Company’s continuing real property lease obligations and (c) grant to the Rollover
Member, subject to certain terms and conditions, an option to purchase all of the Class A Units of the CCUR Investor; and

 

WHEREAS, pursuant to
Section 18.1 of the Agreement, the Agreement may be amended in writing, which writing is approved by the Company’s Board
of Managers and CCUR Holdings, Inc. (the “CCUR Investor”); and

 

WHEREAS, the Rollover
Member joins in on this Amendment in order to evidence its consent to the actions and agreement to the amendments contained herein.

 

NOW, THEREFORE, it is
hereby agreed as follows:

 

1.                  
Distribution of Net Cash Flow. The parties hereto agree that within five (5) business days following the date hereof,
the Company shall make a distribution of net cash flow pursuant to Section 5.1(b) of the Agreement to the CCUR Investor and the
Rollover Member (collectively, the “Members”) in an aggregate amount equal to $1,572,000, less any amounts previously
distributed to the Members with respect to the period from January 1, 2020 through the date hereof, which represents the amount
its net cash flow from January 1, 2020 to May 31, 2020 (the “Distributed Period”), which shall be distributed
in accordance with the respective ownership of Class A Units of the Members before giving effect to the Redemption contemplated
by Section 2 of this Amendment. The Members agree that, upon the making of such distribution, the Company shall not be obligated,
and the Members shall have no rights to any further Distributions with respect to the Distributed Period. For the avoidance of
doubt, net cash flow for the period from the end of the Distributed Period until and including the date hereof shall be distributed
in accordance with Section 5.1(b) of the Agreement and in accordance with the respective ownership of the Class A Units
of the Members before giving effect to the Redemption contemplated by Section 2 of this Amendment.

 

2.                  
Redemption of Class A Units. As of the date hereof, the Company hereby redeems 5,918.3673 Class A Units from the
CCUR Investor, such that the ownership of the Company is as set forth on Exhibit 3.1 hereto (the “Redemption”).
Exhibit 3.1 to the Agreement is hereby amended by deleting it in its entirety and substituting Exhibit 3.1 to this Amendment in
lieu thereof.

 

     

     

    

 

3.                  
Option to Purchase. A new Section 12.5 is hereby added to the Agreement and shall read as follows:

 

“Section 12.5.
Rollover Member Option to Purchase. Subject to the limitations and conditions described herein, upon the repayment in full
of all principal, accrued and unpaid interest and all fees and expenses under, contemplated by or associated with the Investor
Note or the repayment thereof (the “Investor Note Repayment Date”), from the date of the Investor Note Repayment
Date until the date that is two (2) years after the Investor Note Repayment Date (such period, the “Option Exercise Period”),
the Rollover Member shall have the right to purchase all of the CCUR Investor Units from the CCUR Investor for the price of One
Dollar ($1) by delivering notice to the CCUR Investor of the exercise of such right during the Option Exercise Period. Within sixty
(60) days following the delivery of the notice contemplated by the preceding sentence, the Rollover Member shall make payment of
the purchase price in immediately available funds to such account or accounts as may be designated by the CCUR Investor and shall
execute documentation reasonably satisfactory to the CCUR Investor to consummate the purchase of the CCUR Investor Units. In connection
with the purchase of the CCUR Investor Units, the parties will work together in good faith to negotiate an appropriate release
by the Rollover Member and the Company of the CCUR Investor and its Affiliates mutually agreeable to the CCUR Investor and the
Rollover Member (which release, for the avoidance of doubt, shall not include a release with respect to such purchase documentation).

 

4.                  
The following definitions shall be added in Article I of the Agreement in such respective locations as is proper for the
definitions in the Agreement to be organized alphabetically:

 

“Investor
Note” means that Master Promissory Note (Demand) by and between the CCUR Investor and the Company, dated as of February
13, 2019, as amended.

 

“Investor
Note Repayment Date” has the meaning set forth in Section 12.5.

 

“Option
Exercise Period” has the meaning set forth in Section 12.5.

 

“Second Amendment Date”
means July 17, 2020.

 

5.                  
Amendment to the Investor Note. Pursuant to Section 3.8(c) of the Agreement, the Rollover Member has a right to consent
to an amendment of an agreement or transaction with an Affiliate of the Company. As of even date hereof, the Company is entering
into an Amendment to that certain Master Promissory Note (Demand) by and between the CCUR Investor and the Company, dated as of
February 13, 2019, as amended (the “Amendment to Note”). As the CCUR Investor may be deemed an Affiliate of
the Company under Section 3.8(c) of the Agreement, the Rollover Member hereby consents to the Company entering into the Amendment
to Note, and the parties hereto hereby agree that such consent shall meet the requirements of Section 3.8(c) of the Agreement.

 

6.                  
Effect of Amendment. This Amendment shall not constitute an amendment of any provision of the Agreement not expressly
amended herein and shall not be construed as an amendment, waiver or consent except as expressly stated herein. The provisions
and agreements set forth herein shall not establish a custom or course of dealing or conduct between the parties hereto. The Agreement,
as amended by this Amendment, is and shall continue to be in full force and effect and is in all respects ratified and confirmed
hereby.

 

7.                  
Reference to the Agreement. After giving effect to this Amendment, unless the context otherwise requires, each reference
in the Agreement to “this Agreement”, “hereof”, “hereunder”, “herein” or words
of like import referring to the Agreement shall refer to the Agreement as amended by this Amendment.

 

     

     

    

 

8.                  
Miscellaneous. This Amendment may not be amended, modified or supplemented in any manner, whether by course of conduct
or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each party
hereto. This Amendment and all disputes or controversies arising out of or related to this Amendment shall be governed by and construed
in accordance with the internal laws of the State of New York, without reference to its conflicts of law principles. The provisions
of Article 19 of the Agreement shall apply to this Amendment mutatis mutandis as if set forth herein.

 

 

 

[Signature page follows.]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties have executed this Amendment as of the date first written above.

 

 

	THE COMPANY:	
        LM CAPITAL SOLUTIONS, LLC

         

        By: /s/ Igor Volshteyn

        Name: Igor Volshteyn

        Title: President

         

         

	CLASS A MEMBERS:	
        CCUR HOLDINGS, INC.

         

        By: /s/ Igor Volshteyn

        Name: Igor Volshteyn

        Title: COO/President

         

         

	 	
        AZOKKB, LLC

         

         

        By: /s/ Avraham Zeines

        Name: Avraham Zeines

        Title: Member

         

         

	BOARD OF MANAGERS	
         

         

        /s/ Igor Volshteyn

	 	Igor Volshteyn
	 	
         

         

        /s/ Warren Sutherland

	 	Warren Sutherland
	 	
         

         

        /s/ Oskar Kowalski

	 	Oskar Kowalski

     

     

    

 

Exhibit 3.1

 

UNIT HOLDERS OF THE
COMPANY

 

 

 

	Unit Holder	Number and Class of Units Held	Capital Contribution
	CCUR Holdings, Inc.	2,081.6327 Class A Units	$1,198,161.00 (cash)
	AZOKKB, LLC	2,000 Class A Units	$299,540.25 (in kind)Exhibit 10.2

 

 

WAIVER AND RELEASE

 

This WAIVER
AND RELEASE (this “Waiver”) is made and entered into as of July 17, 2020, by and between LM Capital Solutions,
LLC, a New York limited liability company (the “Buyer”), AZOKKB, LLC (formerly known as LuxeMark Capital LLC),
a New York limited liability company (the “Seller”), Kamil Blaszczak (“Blaszczak”), Oskar
Kowalski (“Kowalski”) and Avraham Zeines (“Zeines” and, collectively with Blaszczak and Kowalski,
the “Seller Principals”). Capitalized terms used but not defined in this Waiver shall have the meanings ascribed
to such terms in that certain Asset Purchase Agreement by and between the Buyer, the Seller and the Seller Principals, dated February
13, 2019 (the “Agreement”).

 

WHEREAS, the
Seller Principals own all of the issued and outstanding equity interests of the Seller.

 

WHEREAS, pursuant
to the Agreement, the Seller has the potential to earn a Performance Based Earn-Out for each of the years ending in December 31,
2019, December 31, 2020, December 31, 2021 and December 31, 2022, up to a maximum aggregate amount of $4,000,000 (the “Potential
Earn-Out Payments”).

 

WHEREAS, in
connection with the transactions contemplated by that certain Assignment and Assumption Agreement dated as of even date herewith
by and between the Buyer and the Seller (the “A&A Agreement”), the Seller has agreed to terminate the earnout
construct contemplated by the Agreement, which it intends to effect through a waiver of all of Seller’s and the Seller Principals’
respective rights to the Potential Earn-Out Payments and the termination and release of the Buyer’s obligations and the obligations
of any person or entity that directly or through one or more intermediaries controls or is controlled by or is under common control
with or any person or entity who is a member, manager, officer or principal of (the “Affiliates”) the Buyer
to pay any amounts in respect of the Potential Earn-Out Payments, it being to the mutual benefit of all to do so.

 

WHEREAS, the
Buyer, the Seller and the Seller Principals (as indirect beneficiaries of the Agreement and Potential Earn-Out Payments through
their ownership of the Seller) desire, as a condition to entering into the A&A Agreement and consummating the transactions
contemplated thereby, to amend the Agreement to terminate and waive the Buyer’s (and any of its Affiliates’) obligations
to pay any amounts in respect of the Potential Earn-Out Payments and all rights of the Seller, any of the Seller Principals or
any of their respective Affiliates to the Potential Earn-Out Payments, as set forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing premises and other good and valuable consideration, including without limitation the entry into
and the consummation of the transactions contemplated by the A&A Agreement, the receipt and sufficiency of which are hereby
conclusively acknowledged, the Buyer, the Seller and the Seller Principals hereby agree as follows:

 

		1.	The Seller and the Seller Principals, for and on behalf of themselves, their respective Affiliates
and their respective assigns, hereby knowingly and irrevocably (i) waive and forfeit all right, title and interest in and expectation
to, and (ii) release and forever discharge the Buyer and all of its Affiliates and assigns from all claims, obligations and other
liabilities with respect to, in the case of each of (i) and (ii), any amounts payable by the Buyer to the Seller or its Affiliates
or assigns contemplated by Section 1.4(d) of the Agreement, including without limitation in respect of the Performance Based Earn-Out.
Accordingly, the Seller, the Seller Principals and the Buyer agree that the Buyer shall have no obligation and the Seller and the
Seller Principals shall have no rights to any payment of a Performance Based Earn-Out under the Agreement, including for such periods
that have occurred prior to the date hereof, and the Seller and the Seller Principals, for and on behalf of themselves, their respective
Affiliates and their respective assigns, hereby covenant and agree not to bring any claim, suit, dispute or other proceeding against
the Buyer, any of its Affiliates or any of their respective assigns in connection with or relating to any payments payable by the
Buyer to the Seller or its Affiliates or assigns contemplated by Section 1.4(d) of the Agreement, including without limitation
in respect of the Performance Based Earn-Out.

 

     

     

    

 

		2.	The Agreement, together with all exhibits referenced therein, and this Waiver together constitute
the entire agreements between the Company, the Seller and the Seller Principals with respect to the transactions, rights, obligations,
liabilities and agreements contemplated thereby. All terms, conditions and obligations of the Agreement other than those waived
hereby remain in effect and shall be valid and enforceable. To the extent this Waiver is inconsistent with any provisions in the
Agreement, this Waiver shall control.

 

		3.	The validity, performance, construction and effect of this Waiver shall be governed by and construed
in accordance with the internal laws of the State of Delaware, without regard to principles of conflicts of law.

 

		4.	This Waiver may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall be effective when one or more such counterparts have been signed by each of the parties hereto and
delivered to the other parties.

 

[Signature Pages Follow]

 

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
duly executed this Waiver as of the date first written above.

 

	 	AZOKKB, LLC 
	 	 
	 	By /s/ Avraham Zeines
	 	Name: Avraham Zeines
	 	Title: Member
	 	 
	 	 
	 	/s/ Avraham Zeines
	 	Avraham Zeines
	 	 
	 	 
	 	/s/ Oskar Kowalski
	 	Oskar Kowalski
	 	 
	 	 
	 	/s/ Kamil Blaszczak
	 	Kamil Blaszczak
	 	 
	 	 
	 	LM CAPITAL SOLUTIONS, LLC
	 	 
	 	 
	 	By /s/ Igor Volshteyn
	 	Name: Igor Volshteyn
	 	Title: President
	 	 
	 	 

 

 

 

[Signature Page to Waiver and Release]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]