Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED  

LOAN AGREEMENT 
 This First
Amendment (this “Amendment”), dated as of September 12, 2018, is entered into by and among (i) JPP, LLC, a Delaware limited liability company, as agent (in its capacity as administrative agent for the Lenders, together
with its permitted successors and assigns in accordance with Section 7.1 of the Loan Agreement, the “Agent”), (ii) JPP, LLC, JPP II, LLC and Cascade Investment, L.L.C. (“Cascade”),
collectively, as lenders (together with their respective permitted successors and assigns, individually or collectively, as the context may require, “Lender”), (iii) SEARS, ROEBUCK AND CO. (“Sears”), KMART STORES OF
ILLINOIS LLC, KMART OF WASHINGTON LLC, KMART CORPORATION (“KMART”), SHC DESERT SPRINGS, LLC, INNOVEL SOLUTIONS, INC., SEARS HOLDINGS MANAGEMENT CORPORATION, MAXSERV, INC., TROY COOLIDGE NO. 13, LLC, SEARS DEVELOPMENT CO. and BIG
BEAVER OF FLORIDA DEVELOPMENT, LLC, collectively as borrowers (individually or collectively, as the context may require, jointly and severally, together with their respective permitted successors and assigns, “Borrower”), and (iv)
SEARS HOLDINGS CORPORATION, as guarantor (for purposes of Section 7.30(b) of the Loan Agreement), and amends that certain Third Amended and Restated Loan Agreement, dated as of June 4, 2018 (as amended hereby, the
“Loan Agreement”; all capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Loan Agreement). 

WHEREAS, on June 4, 2018, Lender and Borrower entered into the Third Amended and Restated Loan Agreement; and 

WHEREAS, Lender and Borrower desire to amend the Third Amended and Restated Loan Agreement in connection with Lender’s making the
Amendment Date Advance (as hereinafter defined). 
 NOW THEREFORE, in consideration of the mutual premises contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby represent, warrant, covenant and agree as follows: 

Section 1. Amendment of Loan Documents. Lender and Borrower hereby agree to amend the terms of the Loan Agreement as follows: 

(a) The following definitions are hereby added to the list of definitions: 

“ABL Facility” means the Third Amended and Restated Credit Agreement, dated as of July 21, 2015, as
amended from time to time, with Bank of America, N.A. as Administrative Agent and Co-Collateral Agent, Wells Fargo Bank, National Association, as Co-Collateral Agent,
under which the borrowers and guarantors thereunder from time to time have certain obligations, as more fully set forth therein. 

“Amendment Closing Date” means September 12, 2018.” 

  
 Amendment to Loan Documents 

 “Amendment Date Advance” has the meaning set forth in
Section 1.1(a).” 
 “Amendment Date Advance Borrower” means Sears, KMART
Stores of Illinois LLC, KMART of Washington LLC, KMART and Sears Holdings Management Corporation (individually or collectively, as the context may require, jointly and severally, together with their respective permitted successors and assign). 

“Ground Lease” means, with respect to each Property referenced as a “Ground Lease Property” on the
Property List, any “Pledged Lease” described in the applicable Mortgage (or any equivalent or similar term by which a ground lease may be described therein), as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time in accordance herewith. 
 “Ground Leased Parcel” means, with respect to each
relevant Property, any portion of such Property that is ground leased to Borrower, as lessee, under a Ground Lease. 

“Note A-1” that certain Promissory Note
A-1, dated as of the date hereof, in the maximum principal amount of $70,611,726.86 by Borrower in favor of Cascade, which together with Note A-2 amends and restates
that certain Second Amended and Restated Promissory Note A, as the same may be replaced by one or more Notes pursuant to the terms hereof and as otherwise assigned (in whole or in part), amended, restated, replaced, supplemented or otherwise
modified in accordance herewith. 
 “Note A-2” that certain
Promissory Note A-2, dated as of the date hereof, in the maximum principal amount of $37,500,000 by Amendment Date Advance Borrower in favor of Cascade, which together with Note
A-1 amends and restates that certain Second Amended and Restated Promissory Note A, as the same may be replaced by one or more Notes pursuant to the terms hereof and as otherwise assigned (in whole or in
part), amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 
 “Note B-1” that certain Promissory Note B-1, dated as of the date hereof, in the maximum principal amount of $685,816,996.74 by Borrower in favor of the Initial Lender,
which together with Note B-2 amends and restates that certain Second Amended and Restated Promissory Note B, as the same may be replaced by one or more Notes pursuant to the terms hereof and as otherwise
assigned (in whole or in part), amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Note B-2” that certain Promissory Note
B-2, dated as of the date hereof, in the maximum principal amount of $37,500,000 by Amendment Date Advance Borrower in favor of the Initial Lender, which together with Note
B-1 amends and restates that certain Second Amended and Restated Promissory Note B, as the same may be replaced by one or more Notes pursuant to the terms hereof and as otherwise assigned (in whole or in
part), amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

 “Potential Release Properties” means each of the Properties
on the Property List designated as “Potential Release Properties”. 
 “Second Additional
Properties” means those certain Properties noted as “Second Additional Properties” on the Property List and for which Borrower is delivering Mortgages to Lender on the First Amendment Closing Date. 

(b) The definition of “ABL Collateral” is hereby deleted in its entirety and replaced with the following: 

““ABL Collateral” means inventory and accounts receivable and other personal property that is collateral for the
obligations under the ABL Facility. For the avoidance of doubt, the ABL Collateral does not include any of the Properties.” 
 (c) The
definition of “Delayed Origination Fee” and “Second Delayed Origination Fee” are hereby deleted in their entirety and replaced with the following: 

““Delayed Origination Fee” means, as of the date of determination, an amount equal to 1.00% times the aggregate
Principal Indebtedness outstanding under Note A-1 and Note A-2.” 

““Second Delayed Origination Fee” means, as of the date of determination, an amount equal to 2.00% times the
aggregate Principal Indebtedness outstanding under Note A-1 and Note A-2.” 

d) The definition of “Note A” and “Note B” are hereby deleted in their entirety and replaced with the following: 

““Note A” means, individually or collectively as the context may require, the Note
A-1 and the Note A-2.” 
 ““Note
B” means, individually or collectively as the context may require, the Note B-1 and the Note B-2.” 

(e) The definitions of “Material Agreements” and “Officer’s Certificate” are hereby deleted in its entirety and
replaced with the following: 
 ““Material Agreements” means each Ground Lease and each other contract
and agreement in force and effect relating to the Property a default under which or the termination or cancellation of which could reasonably be expected to result in a Material Adverse Effect, other than (i) Leases (but including REA’s),
(ii) Multi-Site Agreements and (iii) any agreement (other than REA’s) set forth on Schedule B of the Title Insurance Policy.” 

““Officer’s Certificate” means the officer’s certificate of Borrower, dated as of the Amendment
Closing Date, delivered to Lender and certifying, among other things, (i) certain organizational documents of Borrower, (ii) the Property List, (iii) the Allocated Loan Amounts, (iv) the Policies, (v) the Rent Roll,
(vi) the Exception Report and (vii) the organizational chart referred to in Section 3.1(b). 

 (f) Section 1.1(a) of the Loan Agreement is hereby deleted in its
entirety and replaced with the following: 
 “As of immediately prior to the New Closing Date, the outstanding Principal
Indebtedness was $592,553,155.54. On the New Closing Date, subject to the terms and conditions of this Agreement, Lender made an additional advance to Borrower in the amount of $186,527,682.14 (the “Additional Advance”) such that
the Principal Indebtedness immediately following the Additional Advance was $779,080,837.68. On the New Closing Date, Borrower (i) paid to Cascade an extension and origination fee in an amount equal to $466,319.21, (ii) paid to the Initial
Lenders an extension and origination fee in an amount equal to $1,146,198.33, and (iii) reimbursed each Lender for any reasonable and documented out-of-pocket costs
and expenses incurred by such Lender in connection with the amendment and restatement of this Agreement and any other matters relating to the Loan. As of immediately prior to the Amendment Closing Date, the total outstanding Principal Indebtedness
was $756,428,723.60, consisting of $70,611,726.86 under Note A and $685,816,996.74 under Note B. On the Amendment Closing Date, subject to the terms and conditions of this Agreement, Lender shall make an additional advance to Amendment Date Advance
Borrower in the aggregate amount of $75,000,000 (the “Amendment Date Advance”) such that the total Principal Indebtedness immediately following the Amendment Date Advance will be $831,428,723.60, consisting of: $70,611,726.86 under
Note A-1; $37,500,000 under Note A-2; $685,816,996.74 under Note B-1; $37,500,000 under Note
B-2. Amendment Date Advance Borrower covenants and agrees that the proceeds of the Amendment Date Advance shall be used to repay certain obligations of Amendment Date Advance Borrower under the ABL Facility.
In connection with the Amendment Date Advance, Sears and KMART delivered to Lender on the Amendment Closing Date, as collateral for the Loan, executed Mortgages on the Second Additional Properties. On the Amendment Closing Date, Amendment Date
Advance Borrower shall (A) pay to Cascade an origination fee in respect of its portion of the Amendment Date Advance in an amount equal to $187,500, (B) pay to the Initial Lenders in respect of their respective portions of the Amendment Date
Advance an origination fee in an amount equal to $187,500, and (C) reimburse each Lender for any reasonable and documented out-of-pocket costs and expenses incurred
by such Lender in connection with the amendment of this Agreement and any other matters relating to the Loan. The Loan (which, for the avoidance doubt, includes the Additional Advance and the Amendment Date Advance) shall be represented by the Notes
and shall bear interest as described in this Agreement at a per annum rate equal to the Interest Rate. Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days
elapsed in the related Interest Accrual Period. In addition, (I) to the extent any portion of the Principal Indebtedness outstanding under Note A-1 and/or Note A-2
remains outstanding on March 12, 2019, Borrower shall pay to holder of such Note the Delayed Origination Fee on or before March 15, 2019 (with only Amendment Date Advance Borrower bearing the portion thereof attributable to Note A-2) and (II) to the extent any portion of the Principal Indebtedness outstanding under Note A-1 and/or Note A-2 remains
outstanding on September 12, 2019, Borrower shall pay to holder of such Note the Second Delayed Origination Fee on or before September 16, 2019 (with only Amendment Date Advance Borrower bearing the portion thereof attributable to Note A-2).” 

 (g) Section 1.2(b) is hereby deleted in its entirety and replaced with the
following: 
 “At any time prior to October 15, 2018, Borrower shall have the right to request an additional
advance under the Loan in an amount not to exceed $50,000,000, provided that (i) the making of any such advance and the amount thereof shall be subject to Lender’s sole discretion (i.e., Lender in its sole discretion may elect to make no
such advance, an advance of less than the amount requested or an advance of the entirety of the amount requested) and (ii) in the event Lender shall agree to make any such advance in its sole discretion, such advance shall be conditioned upon,
among other things, (x) the payment of an origination fee with respect to such advance in an amount equal to 0.5% of the amount so advanced and (y) the execution of further amendments to the Loan Agreement, the Notes and such other Loan
Documents as Lender shall reasonably deem necessary to reflect the making of such advance, and, if requested by Lender, the delivery to Lender of legal opinions with respect to such amendments substantially in the form of the legal opinions
delivered to Lender as of the date hereof. If no such advance is made pursuant to this Section 1.2(b) because Borrower shall not have requested any such advance prior to October 15, 2018, or Borrower shall have
requested such an advance but Lender shall have determined in its sole discretion not to fund any portion of such requested advance, or if prior to October 15, 2018 Borrower terminates its right to request an additional advance pursuant to this
Section 1.2(b) by written notice to Lender, then, so long as no Event of Default is continuing, Lender shall reasonably promptly release from the lien of the Mortgages each of the Potential Release Properties. If Lender
shall determine in its sole discretion to make an additional advance of less than $50,000,000 because Borrower shall have requested such lesser amount or Borrower requested a greater amount but Lender determined in its sole discretion to advance a
lesser amount, then, in either such case, so long as no Event of Default is continuing, Lender shall reasonably promptly release from the lien of the Mortgages such of the Potential Release Properties (as reasonably determined by Lender in good
faith) that would result in a loan-to-value ratio of approximately 61.6% (but in no event greater than 65%), based on the Amendment Date Advance plus any such advance
made pursuant to this Section 1.2(b) relative to the appraised values of the Second Advance Properties set forth in the appraisals for the Second Advance Properties provided to Lender as of the Amendment Closing Date. 

(h) The following new Section 1.2(e) shall be added immediately following the end of
Section 1.2(d): 
 “The Loan may be prepaid, in whole or in part, at any time and from time to
time, to the extent not prohibited by any agreement governing other Debt of the Guarantor and its subsidiaries. Subject to the Co-Lender Agreement, all prepayments or repayments of the Loan permitted or
required hereunder shall be applied toward the reduction of the Principal Indebtedness among the Notes and/or the Note Components in the following 

 
order of priority: (i) first to the holder of Note A (with such payments to be allocated among Note A-1 and Note
A-2 as determined by the holders thereof), until the Principal Indebtedness outstanding under Note A-1 and Note A-2 is equal to
zero; and (ii) any remaining amounts to the holder of Note B (with such payments to be allocated among Note B-1 and Note B-2 as determined by the holders thereof);
provided, that the holder of Note A shall have the right to waive prepayment or repayment of any such amount (other than in connection with a repayment of the Loan in full at maturity or any other prepayment in full or repayment in full of
the Loan), in which case (x) such prepayment or repayment shall be applied to Note B and (y) such amount shall reduce the Principal Indebtedness deemed outstanding under Note A solely for the purpose of calculating the Delayed Origination
Fee and the Second Delayed Origination Fee. The Loan must be repaid in connection with each release of a Property pursuant to Section 1.6(a), in the amount required thereby. The entire outstanding principal balance of the
Loan together with interest through the Maturity Date and all other amounts then due under the Loan Documents, shall be due and payable by Borrower to Lender on the Maturity Date. Interest will cease to accrue on any portion of the Principal
Indebtedness that has been repaid to Lender.” 
 (h) The following new Section 2.2 shall be added immediately
following the end of Section 2.1: 
 “Section 2.2 Post-Amendment Closing
Deliveries. 
 (a) Borrower shall deliver to Lender, at Borrower’s sole cost and expense, within 15 Business Days
following Lender’s written request (which written request may be via email) an amendment to each of the Mortgages reflecting the increased amount of the Principal Indebtedness. Each such amendment shall be in form and substance reasonably
acceptable to the applicable local counsel. 
 (b) If Lender shall receive comments from the title company that issued the
Title Insurance Policies, regarding the enforceability, validity, effectiveness or insurability of each Mortgage for the Original Properties or the Additional Properties in light of the Amendment Date Advance, Borrower shall cooperate with Lender in
the preparation, execution and recording of amendments to such Mortgages (and/or other instruments reasonably required) necessitated by such comments and the delivery of an appropriate mortgage modification endorsement to the applicable Title
Insurance Policy, all at Borrower’s sole cost and expense. 
 (c) As a material inducement to Lender making the Loan,
Borrower agrees that it (i) shall deliver Surveys and Title Insurance Policies acceptable to Lender for each of the Second Additional Properties, (ii) shall use commercially reasonable efforts to deliver a legal opinion as to the
enforceability of each Mortgage securing a Second Additional Property under the laws of the state in which the applicable individual Second Additional Property is located, and certain other matters covered by local counsel opinions previously
delivered to Lender in connection with the Loan (it being understood that the formulation of such opinions shall be subject to the policies of the counsel providing such opinions and qualifications required by the various jurisdictions in which the
Properties are located) and (iii) shall deliver such endorsements to each Title Insurance Policy covering the Original Properties and the Additional Properties as are 

 
acceptable to Lender to insure the continued priority of the related Mortgage following the addition of the Second Additional Properties and include the Second Additional Properties in the “tie-in” endorsement to each such Title Insurance Policy to the extent available and permissible under the laws of the state in which the applicable individual Original Property or Additional Property, as
applicable, is located, in each case, (x) with respect to the Properties noted as “Priority Properties” on the Property List, on or before the thirtieth (30th) day following the
Amendment Closing Date (except for any tie-in endorsement, which will be finalized promptly following the determination by Lender of the Potential Release Properties that will remain subject to the lien of the
Mortgages in connection with the making of a Discretionary Advance (if any) pursuant to Section 1.2(b)) and (y) with respect to all other Original Properties, Additional Properties and Second Additional Properties, on or
before the ninetieth (90th) day following the Amendment Closing Date or, in each case, such later date as to which Lender may grant its consent, not to be unreasonably withheld, delayed or
conditioned (so long as Borrower is diligently pursuing the satisfaction of such items). 
 (d) If Lender shall receive
comments to any Mortgage from local counsel in connection with the delivery of the opinions delivered pursuant to Section 2.2(b)(ii), or from the title company issuing the Title Insurance Policies, in each case, regarding
the enforceability, validity, effectiveness or insurability of such Mortgage (in light of the Amendment Date Advance or otherwise) or delivery of any Title Insurance Policy or endorsement required pursuant to
Section 2.2(b)(iii), Borrower shall cooperate with Lender in the preparation, execution and recording of any amendments to such Mortgages necessitated by such comments and the delivery of an appropriate mortgage
modification endorsement to the applicable Title Insurance Policy, all at Borrower’s sole cost and expense.” 
 (i) The following
new Section 3.34 shall be added immediately following the end of Section 3.33: 

“Section 3.34. Ground Leased Parcel. Subject to the Exception Report, each of the following is true with
respect to each Ground Lease: 
 (i) The Ground Lease has an original term (or an original term plus one or more optional renewal terms) that
extends not less than twenty (20) years beyond the Maturity Date (including any unexercised option periods and automatic renewal periods); 

(ii) The Ground Lease does not prohibit Borrower’s ability to mortgage its leasehold interest therein, and the Ground Lease is assignable
to Lender, its successors and assigns, without the consent of the ground lessor thereunder, and in the event it is so assigned, it is further assignable by Lender and its successors and assigns without the consent of the lessor; 

(iii) Borrower has not received any written notice of default and have no knowledge of any default under any Ground Lease that remains uncured
and, to the Borrower’s knowledge no condition exists that, but for the passage of time or giving of notice, would result in a default by any party under the terms of the Ground Lease, and the Ground Lease is in full force and effect as of the
Amendment Closing Date; 

 (iv) The Ground Lease or a memorandum of the Ground Lease (with or without amendments) has
been duly recorded, except as set forth on the Exception Report. To Borrower’s knowledge, there have not been amendments or modifications to the terms of the Ground Lease since recordation of the Ground Lease (or a memorandum thereof), with the
exception of written instruments which have been recorded or except as set forth on the Exception Report; and 
 (v) As of the date hereof,
Borrower has not given and, to Borrower’s knowledge, no Borrower or its affiliate has received any written notice of any material default(s) under any easements, REA’s,
rights-of-way, covenants, conditions, statutory restrictions (including building, fire and safety, land use and development, and zoning regulations and restrictions), or
declarations affecting the Ground Leased Parcels, in each case, that are continuing as of the date hereof and that are not in the process of being contested by appropriate proceedings conducted diligently and in good faith or being cured, and that
in any case would have a Material Adverse Effect.” 
 (j) The following new Section 5.12 shall be added
immediately following the end of Section 5.11: 
 “Section 5.12. Ground
Lease. 
 (a) Except as may be expressly required pursuant to the Ground Lease in effect as of the Amendment Closing Date, Borrower shall
not amend, modify, surrender, forfeit or consent to the termination of any Ground Lease without Lender’s prior written consent, which consent, in the absence of an Event of Default, shall not be unreasonably withheld, conditioned or delayed.

 (b) Borrower shall, at their sole cost and expense, promptly and timely perform and observe all the material terms, covenants and
conditions required to be performed and observed by Borrower as lessee under each Ground Lease (including, but not limited to, the payment of all rent, additional rent, percentage rent and other charges required to be paid under each Ground Lease).

 (c) Borrower shall not, without Lender’s prior written consent, fail to exercise any option or right to renew or extend the term of
any Ground Lease according to its terms during the term of this Agreement and shall give prompt written notice to Lender and shall execute, acknowledge, deliver and record any document reasonably requested by Lender to evidence the lien of the
related Mortgage on such extended or renewed lease term; provided, however, Borrower shall not be required to exercise any particular such option or right to renew or extend to the extent Borrower shall have received the prior written consent
of Lender (which consent, in the absence of an Event of Default, may not be unreasonably withheld, delayed or conditioned) allowing Borrower to forego exercising such option or right to renew or extend. If Borrower shall fail to exercise any such
option or right that is required as aforesaid, Lender may exercise the option or right as Borrower’s agent and attorney-in-fact as provided above in Lender’s
own name or in the name of and on behalf of a nominee of Lender, as Lender may determine in the exercise of its sole and absolute discretion, subject to the terms and conditions of the Ground Lease. 

 (d) Borrower shall not agree in writing to do any of the following: waive, excuse, condone
or in any way release or discharge any ground lessor under any Ground Lease of or from such ground lessor’s obligations, covenants and/or conditions under the related Ground Lease without the prior written consent of Lender. 

(e) Lender’s granting of consent to one amendment, change, agreement or modification shall not be deemed to be a waiver of the right to
require consent to other, future or successive amendments, changes, agreements or modifications. Any acquisition of ground lessor’s interest in any Ground Lease by Borrower or any affiliate of Borrower shall be accomplished by Borrower in such
a manner so as to avoid a merger of the interests of lessor and lessee in such Ground Lease, unless consent to such merger is granted by Lender, with any acquisition resulting in such a merger without the consent of Lender being void ab initio. 

(f) If Borrower shall be in default under any Ground Lease that could result in the termination thereof and either (i) are not (or have
not given notice that they are or will be) diligently pursuing a cure of the same within the applicable cure period or (ii) all applicable cure periods have lapsed, then, subject to the terms of the applicable Ground Lease, Borrower shall grant
Lender the right (but not the obligation), to cause the default or defaults under such Ground Lease to be remedied and otherwise exercise any and all rights of Borrower under the Ground Lease, as may be necessary to prevent or cure any default, and
Lender shall have the right to enter all or any portion of the related Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. 

(g) The actions or payments of Lender to cure any default by Borrower under each Ground Lease shall not remove or waive, as between Borrower
and Lender, the default that occurred under this Agreement by virtue of the default by Borrower under any Ground Lease. All sums expended by Lender to cure any such default shall be paid by Borrower to Lender, upon demand, with interest on such sum
at the Default Rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the related Mortgage. 

(h) Borrower shall notify Lender promptly in writing of the occurrence of any default that could result in the termination of a Ground Lease
(upon any of Borrower becoming aware of any such default) by the ground lessor under any Ground Lease or following the receipt by Borrower of any written notice from the ground lessor under any Ground Lease noting or claiming the occurrence of any
default by Borrower under any Ground Lease that could result in the termination of such Ground Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by Borrower under any Ground
Lease. Borrower shall promptly deliver to Lender a copy of any such written notice of default. Notwithstanding the generality of the foregoing, Borrower shall use commercially reasonable efforts to cause the ground lessor under each Ground Lease to
give notice of any default thereunder to Lender concurrent with the giving of notice thereof to Borrower. 
 (i) Within ten
(10) business days after receipt of written demand by Lender, Borrower shall use commercially reasonable efforts to obtain from the ground lessor under each Ground Lease and promptly after receipt furnish to Lender the estoppel certificate of
the ground lessor stating the date through which rent has been paid and whether or not there are any defaults thereunder and specifying the nature of such claimed defaults, if any. 

 (j) Subject to the terms and conditions of the Ground Lease, Borrower shall reasonably
promptly execute, acknowledge and deliver to Lender such instruments as may be reasonably required to permit Lender to cure any default under any Ground Lease (subject to the provisions of clause (f) above) or permit Lender to take such other
action reasonably required to enable Lender to cure or remedy the matter in default (subject to clause (f) above) and preserve the security interest of Lender under the Loan Documents with respect to each Ground Lease Property. Borrower
irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, after the occurrence of an Event of Default, any and all acts and to
execute any and all documents that are reasonably necessary to preserve any rights of Borrower under or with respect to each Ground Lease, including, without limitation, the right to effectuate any extension or renewal of each Ground Lease (subject
to clause (c) above), or to preserve any rights of Borrower whatsoever in respect of any part of each Ground Lease (and the above powers granted to Lender are coupled with an interest and shall be irrevocable). 

(k) Notwithstanding anything to the contrary contained in this Agreement with respect to each Ground Lease: 

(i) The lien of the related Mortgage attaches to all of Borrower’s rights and remedies at any time arising under or pursuant to
Subsection 365(h) of the Bankruptcy Code, 11 U.S.C. Sections 101 et seq., including, without limitation, all of Borrower’s rights, as debtor, to remain in possession of the related Property. 

(ii) Borrower shall not, without Lender’s written consent, elect to treat the Ground Lease as terminated under Subsection 365(h)(l) of
the Bankruptcy Code. Any such election made without Lender’s prior written consent shall be void. 
 (iii) As security for the
Obligations, Borrower unconditionally assigns, transfers and sets over to Lender all of Borrower’s claims and rights to the payment of damages arising from any rejection by the lessor under the Ground Lease under the Bankruptcy Code. Lender and
Borrower shall proceed jointly or in the name of Borrower in respect of any claim, suit, action or proceeding relating to the rejection of the Ground Lease, including, without limitation, the right to file and prosecute any proofs of claim,
complaints, motions, applications, notices and other documents in any case in respect of lessor under the Bankruptcy Code. This assignment constitutes a present, irrevocable and unconditional assignment of the foregoing claims, rights and remedies,
and shall continue in effect until all of the Obligations shall have been satisfied and discharged in full. Any amounts received by Lender or Borrower as damages arising out of the rejection of the Ground Lease as aforesaid shall be applied to all
costs and expenses of Lender (including, without limitation, attorney’s fees and costs) incurred in connection with the exercise of any of its rights or remedies in accordance with the applicable provisions of this Agreement. 

 (iv) If, pursuant to Subsection 365(h) of the Bankruptcy Code, Borrower seek to offset,
against the rent reserved in the Ground Lease, the amount of any damages caused by the nonperformance by the lessor of any of its obligations thereunder after the rejection by lessor of the Ground Lease under the Bankruptcy Code, then Borrower shall
not affect any offset of the amounts so objected to by Lender. If Lender has failed to object as aforesaid within ten (10) days after notice from Borrower in accordance with the first sentence of this clause, Borrower may proceed to offset the
amounts set forth in Borrower’s notice. 
 (v) If any action, proceeding, motion or notice shall be commenced or filed in respect of
any lessor of all or any part of the applicable Property in connection with any case under the Bankruptcy Code, Lender and Borrower shall cooperatively conduct and control any such litigation with counsel agreed upon between Borrower and Lender in
connection with such litigation. Borrower shall, upon demand, pay to Lender all costs and expenses (including attorneys’ fees and costs) incurred in connection with the cooperative prosecution or conduct of any such proceedings. All such costs
and expenses shall be secured by the lien of the related Mortgage. 
 (vi) Borrower shall notify Lender (upon any of Borrower becoming aware
of the same) of any filing by or against the lessor under the Ground Lease of a petition under the Bankruptcy Code, setting forth any information available to Borrower as to the date of such filing, the court in which such petition was filed, and
the relief sought in such filing. Borrower shall deliver to Lender any and all notices, summonses, pleadings, applications and other documents received by Borrower in connection with any such petition and any proceedings relating to such petition.

 (l) If Lender, its nominee, designee, successor, or assignee acquires title and/or rights of Borrower under the Ground Lease by reason of
foreclosure of the applicable Mortgage, deed in lieu of foreclosure or otherwise, insofar as Borrower may be concerned and subject to the provisions of the Ground Lease, such party shall (x) succeed to all of the rights of and benefits accruing
to Borrower under the Ground Lease, and (y) be entitled to exercise all of the rights and benefits accruing to Borrower under the Ground Lease. At such time as Lender shall request, Borrower agree to execute and deliver and use commercially
reasonable efforts to cause any third party to execute and deliver to Lender such documents as Lender and its counsel may reasonably require in order to insure that the provisions of this section will be validly and legally enforceable and effective
against Borrower and all parties claiming by, through, under or against Borrower. 
 (m) Anything contained herein to the contrary
notwithstanding, it shall constitute an immediate Event of Default if (i) a default by any Borrower occurs under the Ground Lease and continues beyond the expiration of any applicable cure period set forth therein, such that the landlord
thereunder would have the right to terminate the applicable Ground Lease, (ii) there occurs any event or condition that gives the lessor under the Ground Lease a right to terminate or cancel the Ground Lease, (iii) any Ground Lease shall
be terminated, cancelled or forfeited for any reason or under any circumstance whatsoever, or (iv) any of the terms, covenants or conditions of the Ground Lease shall in any manner be modified, changed, supplemented, altered, or amended without
the prior written consent of Lender, except as expressly required pursuant to the terms and conditions of the Ground Lease.” 

 (k) Section 7.27 is hereby deleted in its entirety and replaced with the
following: 
 “Joint and Several Liability. 

(a) The representations, covenants, warranties and obligations of Borrower hereunder are joint and several. In the event of
(i) any payment by any one or more of the Borrower of any amount in excess of its respective Proportional Amount, or (ii) the foreclosure of, or the delivery of deeds in lieu of foreclosure relating to, any of the Collateral owned by one
or more of the Borrowers, each Borrower (the “Overpaying Borrower”) that has paid more than its Proportional Amount or whose Collateral or assets have been utilized to satisfy obligations under the Loan or otherwise for the benefit
of one or more other Borrowers shall be entitled, after payment in full of the Indebtedness and the satisfaction of all the Borrowers’ other obligations to the Lender under the Loan Documents, to contribution from each of the benefited
Borrowers (i.e., the Borrowers, other than the Overpaying Borrower, who have paid less than their respective Proportional Amount or whose Collateral or assets have not been so utilized to satisfy obligations under the Loan), for the amounts so paid,
advanced or benefited, up to such benefited Borrower’s then current Proportional Amount. Such right to contribution shall be subordinate in all respects to the Loan. As used herein, the “Proportional Amount” with respect to any
Borrower shall equal the amount derived as follows: (a) the ratio of the aggregate amount of the Loan allocable to the Property or Properties in which such Borrower has an interest to the then outstanding Principal Indebtedness; times
(b) the aggregate amount paid or payable by the Borrowers under the Loan Documents (including interest). Notwithstanding the foregoing or anything in this Agreement or the other Loan Documents to the contrary, no Borrower other than Amendment
Date Advance Borrower shall have any liabilities or obligations hereunder or under any other Loan Documents in connection with the Amendment Date Advance or the Second Additional Properties. 

(b) Notwithstanding the foregoing or anything in this Agreement or the other Loan Documents to the contrary, the maximum amount
of the Principal Indebtedness that each of the following Borrowers shall be liable for under the Loan Documents shall be limited to the amount listed next to each such Borrower’s name below: 

(i) Maxserv, Inc. - $25,410,000. 

(ii) Troy Coolidge No. 13, LLC - $4,070,000 

(iii) Sears Holdings Management Corporation - $321,070,000 

(iv) SHC Desert Springs, LLC - $7,370,000 

(v) KMART Stores of Illinois LLC - $78,520,000 

(vi) KMART of Washington LLC - $84,790,000. 

Section 2. Miscellaneous. 

(a) All of the terms and conditions of the Loan Agreement are incorporated herein by reference with the same force and effect as if fully set
forth herein. Except as expressly amended hereby, the Loan Agreement and each of the other Loan Documents remains in full force and effect in accordance with its terms. 

 (b) Borrower hereby represents and warrants that (i) Borrower has the power and
authority to enter into this Amendment, to perform its obligations under the Loan Agreement as amended hereby, (ii) Borrower has by proper action duly authorized the execution and delivery of this Amendment by Borrower and (iii) this
Amendment has been duly executed and delivered by Borrower and constitutes Borrower’s legal, valid and binding obligations, enforceable in accordance with its terms, subject to bankruptcy, insolvency and similar laws of general applicability
relating to or affecting creditors’ rights and to general equity principles. 
 (c) This Amendment shall be governed by and construed
and interpreted in accordance with the laws of the State of New York without regard to principles of conflicts of law. 
 (d) Borrower hereby
(1) unconditionally ratifies and confirms, renews and reaffirms all of its obligations under the Loan Agreement and each of the other Loan Documents, (2) acknowledges and agrees that such obligations remain in full force and effect,
binding on and enforceable against it in accordance with the terms, covenants and conditions of the Loan Agreement as amended hereby and the other Loan Documents, in each case, without impairment, and (3) represents, warrants and covenants that
it is not in default under the Loan Agreement or any of the other Loan Documents beyond any applicable notice and cure periods, and there are no defenses, offsets or counterclaims against the Indebtedness. 

(e) Sears Holdings Corporation hereby (1) unconditionally approves and consents to the execution by Borrower of this Amendment and the
modifications to the Loan Documents effected thereby, (2) unconditionally ratifies, confirms, renews and reaffirms all of its obligations under the Guaranty and the Environmental Indemnity (collectively, the “Guarantor
Documents”), (3) acknowledges and agrees that its obligations under the Guarantor Documents remain in full force and effect, and shall continue to remain in full force during each Extension Term, binding on and enforceable against it in
accordance with the terms, covenants and conditions of such documents without impairment and reaffirms such obligations under the Guarantor Documents to guaranty the obligations of Borrower under the Loan Agreement and other Loan Documents, and
(4) represents, warrants and covenants that (i) it is not in default under the Guaranty beyond any applicable notice and cure periods, (ii) there are no defenses, offsets or counterclaims against its obligations under the Guaranty and
(iii) it has the power and authority to enter into this Amendment and has by proper action duly authorized its execution and delivery of this Amendment. 

(f) Borrower shall reimburse Lender for all reasonable
out-of-pocket fees and expenses of legal counsel incurred by Lender in connection with this Amendment.  

(g) This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of
which shall together constitute one and the same instrument. Copies of originals, including copies delivered by facsimile, pdf or other electronic means, shall have the same import and effect as original counterparts and shall be valid, enforceable
and binding for the purposes of this Amendment. 
 [Signatures appear on following page] 

 The parties hereto are executing this Amendment as of the date first above written. 

 

			
	AGENT AND LENDER:
	
	 JPP, LLC, 
 a Delaware
limited liability company, as Agent and Lender

		
	By:	 	 /s/ Edward S. Lampert

	Name: Edward S. Lampert
	Title: Authorized Signatory
	
	LENDER:
	
	 JPP II, LLC,
 a
Delaware limited liability company, as Lender

		
	By:	 	 /s/ Edward S. Lampert

	Name: Edward S. Lampert
	Title: Authorized Signatory

 [Signatures continue on following page.] 

  
 Dove – First Amendment to Third
A&R Loan Agreement 

 
			
	LENDER:
	
	 CASCADE INVESTMENT, L.L.C., 

a Washington limited liability company

		
	By:	 	 /s/ Michael Larson

	Name: Michael Larson
	Title: Business Manager

 [Signatures continue on following page.] 

  
 Dove – First Amendment to Third
A&R Loan Agreement 

 
			
	BORROWER:
	
	 SEARS, ROEBUCK AND CO.,

a New York corporation

		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Chief Financial Officer
	
	 KMART CORPORATION, 
 a
Michigan corporation

		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Chief Financial Officer
	
	 KMART STORES OF ILLINOIS LLC, 

an Illinois limited liability company

	
	By: Kmart Corporation, a Michigan corporation, as Sole Member
		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Chief Financial Officer
	
	 KMART OF WASHINGTON LLC, 
 a
Washington limited liability company

	
	By: Kmart Corporation, a Michigan corporation, as Sole Member
		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Chief Financial Officer

 [Signatures continue on following page.] 

  
 Dove – First Amendment to Third
A&R Loan Agreement 

 
			
	
	 SHC DESERT SPRNGS, LLC, 
 a
Delaware limited liability company

	
	By: Kmart Corporation, a Michigan corporation, as Sole Member
		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Chief Financial Officer
	
	 INNOVEL SOLUTIONS, INC., 
 a
Delaware corporation

		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Chief Financial Officer
	
	 SEARS HOLDINGS MANAGEMENT CORPORATION, 

a Delaware corporation

		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: President
	
	 MAXSERV, INC., 
 a Delaware
corporation

		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Vice President

 [Signatures continue on following page.] 

  
 Dove – First Amendment to Third
A&R Loan Agreement 

 
			
	 TROY COOLIDGE NO. 13, LLC,

a Michigan limited liability company

	
	By: Kmart Corporation, a Michigan corporation, as Sole Member
		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Chief Financial Officer
	
	 BIG BEAVER OF FLORIDA DEVELOPMENT, LLC,

a Florida limited liability company

		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: President
	
	 SEARS DEVELOPMENT CO.,

a Delaware corporation

		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: President

  
 Dove – First Amendment to Third
A&R Loan Agreement 

 
			
	Solely with respect to Section 2(e) hereof:
	
	GUARANTOR:
	
	 SEARS HOLDINGS CORPORATION,

a Delaware corporation

		
	By:	 	 /s/ Robert A. Riecker

		 	Name: Robert A. Riecker
		 	Title: Chief Financial Officer

 [Signatures continue on following page.] 

  
 Dove – First Amendment to Third
A&R Loan AgreementExhibit 10.1 Asset Purchase Agreement

 

ASSET PURCHASE AGREEMENT

 

This Asset Purchase Agreement is made and entered into this 12th day of September 2018 (the “Agreement”), by and between ACB Holding AB, Reg. No. 559119-5762, a company duly incorporated and organized under the laws of Sweden (“ACB Holding” or “Seller”) and Marizyme, Inc., a Nevada corporation formerly known as GBS Enterprises Incorporated (“Marizyme” or “Buyer”) (collectively, the “Parties” and, individually, a “Party”).

 

WHEREAS, ACB Holding is the owner of certain valuable registered patent, patent applications and other intellectual property in connection with the Krillase enzyme listed in Exhibit A (herein after the “Intellectual Property” or the “IP”);

 

WHEREAS, ACB Holding believes that the Intellectual Property will be better commercialized if done within the United States’ pharmaceutical market, by a publicly held company, which also will provide better liquidity to its shareholders;

 

WHEREAS, Marizyme, as a publicly held company in the United States of America, is uniquely positioned to fulfill the interests of ACB Holding by acquiring the Intellectual Property in exchange for delivery of its shares;

 

NOW, THEREFORE, in consideration of the mutual covenants, terms, and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Transfer of Assets. Concurrently upon receipt of all the consideration set forth in Section 2 below, Seller will transfer all right, title and interest to and for all Intellectual Property to the Buyer. 

 

2. Consideration. In consideration of the transfer, Buyer shall issue Seller an aggregate of 16.98 million (16,980,000) unregistered shares of common stock, par value $0.001 per share (the “Common Stock”) of Buyer (the “Shares”). The Shares shall be issued to the name of the list of shareholders listed in Exhibit B. 

 

3. Conditions to Closing. The obligations of each Party to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions:

 

(a)No Accounts Payable. Buyer will pay off or otherwise eliminate all its debts and accounts payable such that at the time of Closing, to the best Knowledge of the Buyer current management, and after a reasonable inquiry, except as disclosed in Section 5(h) of this Agreement, it will not owe any money to anybody or any entity other than Magri Law, LLC for general consulting and legal services rendered in connection with transaction contemplated by this Agreement and any unpaid accounting services previously provided, and for the reimbursement of expenses, if any, all of which in the aggregate shall not exceed USD $7,000.  

 

(b)License Agreement Termination. That certain Collaboration and License Agreement, dated February 1, 2017 (the “License Agreement”), between Arcimboldo of Kräftriket and Saratoga Equity, Inc. shall be terminated and of no further force and effect.  

 

(c)Designee Agreement Termination. That certain Designee Agreement, dated December 20, 2017 (the “Designee Agreement”), between Saratoga Equity, Inc and Frank Maresca shall be terminated and of no further force and effect.  

 

(d)Assignment Agreement Termination. That certain Assignment Agreement, dated January 2, 2018 (the “Assignment Agreement”), between Frank Maresca and Marizyme shall be terminated and of no further force and effect.  

 

(e)FINRA Approval of Distribution. The Buyer shall have received the approval by the Financial Industry and Regulatory Authority (“FINRA”) of the Buyer’s intended distribution of 100% of the shares of common stock of X-Assets Enterprises, Inc., a Nevada corporation and wholly-owned subsidiary of the Buyer, to the stockholders of Buyer.  

 

(f)Letters of Resignation. Nicholas P. DeVito, the Buyer’s sole officer and director, at the time of the execution of this Agreement, will submit his written letter of resignation from all positions with the Company, to be effective on September 13, 2018, in the form attached hereto as Exhibit C. 

 

(g)Board Authorization of Issuance of Shares. The Board of Directors of the Buyer (the “Board”) shall have approved of the issuance of the Shares to the persons listed on Exhibit B.  

 

(h)Board and Executive Appointment. The Board shall have appointed Juan Francisco Gutierrez as the sole member of the Board to be effective on September 13, 2018.  

 

 

 

4. Representations and Warranties of Seller. Seller represents and warrants to the Buyer that:

 

(a)Seller is a corporation duly organized, validly existing and in good standing under the law of the state or jurisdiction of its incorporation; 

 

(b)Seller has the full right, power, and authority to enter into this Agreement and to perform the obligations hereunder;  

 

(c)the execution of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all necessary corporate action of the party; 

 

(d)the execution of this Agreement, when executed and delivered by Seller, shall constitute the legal, valid, and binding obligation of Seller, enforceable against Seller 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;  

 

(e)the Seller is acquiring the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof except as identified in Section 2 above. Seller acknowledges that the Shares are not registered under the Securities Act or any state securities laws, and that the Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable; 

 

(f)no broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this Agreement; 

 

(g)all right, title and interest to all the documents, patent and patent applications on Exhibit A and all Intellectual Property are the subject of this Agreement; 

 

(h)it has sole and exclusive control (by ownership, license or otherwise) of all the entire right, title, and interest identified in Exhibit A and all company proprietary IP; 

 

(i)Seller is the sole and exclusive legal and beneficial, and with respect to the Intellectual Property registrations, applications, record, owner of all right, title and interest in and to the Intellectual Property listed on Exhibit A, free and clear of encumbrances, liens, security interests, rights of first refusal, negotiation or offer;  

 

(j)neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, the Buyer's right to own or use any Intellectual Property listed on Exhibit A. 

 

(k)all of the Intellectual Property listed on Exhibit A are valid and enforceable, and all Intellectual Property registrations are subsisting and in full force and effect. Seller has taken all necessary steps to maintain and enforce the Intellectual Property and to preserve the confidentiality of all trade secrets included in the Intellectual Property, including by requiring all Persons having access thereto to execute binding, written non-disclosure agreements.
 

(l)other than for the patent applications listed under Section 4.B of Exhibit A, the Seller has not received a notice (written or otherwise) that any of, the rights to the Intellectual Property has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. The Seller has not received a notice (written or otherwise) of a claim or otherwise has any Knowledge that the Intellectual Property rights violate or infringe upon the rights of any Person. Other than for the patent applications listed under Section 4.B of Exhibit A, all rights to the Intellectual Property are enforceable and there is no existing infringement by another Person of any of the Intellectual Property rights. The Seller has taken reasonable security measures to protect the secrecy, confidentiality and value of all of its intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a material adverse effect. 

 

(m)other than for the filings that have to be made with the proper patent registration authorities and the nominal fee that must be paid to process the transfer of the patent and the patent applications listed in Exhibit A, neither its transfer nor its performance of any of its obligations, under this Agreement does or to its Knowledge will at any time during the life of the Agreement: 

 

i.conflict with or violate any applicable law; 

 

 

ii.require the consent, approval, or authorization of any governmental or regulatory authority or other third party; or 

 

iii.require the provision of any payment or other consideration to any third party. 

 

(n)it has not granted and will not grant any licenses or other contingent or non-contingent right, title, or interest under or relating to the Intellectual Property, and is not or will not be under any obligation, that does or will conflict with or otherwise affect this Agreement, including any of Seller's representations, warranties, or obligations, or Buyer's rights hereunder; 

 

(o)other than for the patent applications listed under Section 4.B of Exhibit A, to its Knowledge, no prior art or other information exists that would adversely affect the validity, enforceability, term, or scope of this Agreement or any Intellectual Property; 

 

(p)there is no settled, pending, or to its Knowledge threatened litigation or reissue application, re-examination, post-grant, inter partes, or covered business method patent review, interference, derivation, opposition, claim of invalidity, or other claim or proceeding (including in the form of any offer to obtain a license): 

 

(a)alleging the unpatentability, invalidity, misuse, unregisterability, unenforceability, or noninfringement of, or error in any Intellectual Property; or 

(b)challenging Seller's right to transfer any Intellectual Property, or alleging any adverse right, title, or interest with respect thereto; or 

(c)alleging that the practice of any Intellectual Property or the making, using, offering to sell, sale, or importation of any product incorporating any Intellectual Property does or would infringe, misappropriate, or otherwise violate any patent, trade secret, or other intellectual property of any third party. 

  

5. Representations and Warranties of Buyer. Buyer represents, warrants and covenants as follows:

 

(a)it is duly organized, validly existing, and in good standing as a corporation in the State of Nevada; 

 

(b)it has the full corporate right, power, and authority to enter into this Agreement and to perform its obligations hereunder; 

 

(c)the execution of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all necessary corporate action of the party; 

 

(d)when executed and delivered by such party, this Agreement shall constitute the legal, valid, and binding obligation of that party, enforceable against that party 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;  

 

(e)the Shares have been duly authorized for issuance pursuant to this Agreement and when issued shall be free and clear of all liens, encumbrances, security agreements, equities, options, claims, charges, and restrictions other than imposed by law and shall be deemed to fully paid and non-assessable shares of common stock of Buyer; 

 

(f)to the best of Buyer’s Knowledge, there are no suits, actions, arbitrations, or legal, administrative, or other proceedings, or governmental investigations pending, or threatened, against or affecting it or its business, assets, financial condition, the Shares, its officers or directors; 

 

(g)the consummation of the transactions contemplated by this Agreement will not result in or constitute a default or an event that, with notice or lapse of time or both, would be a default, breach or violation of any lease agreement, promissory note, commitment, indenture, mortgage, deed of trust, or other agreement, instrument, or arrangement to which Buyer is a party, or by which Buyer is bound; 

 

(h)the authorized capital stock of Buyer consists of 75,000,000 shares of Common Stock and 25,000,000 shares of preferred stock, par value $0.001 per share (the “Preferred Stock”). Buyer currently has 1,101,074 shares of common stock and 1,000 shares of Series A Non-Convertible of Preferred Stock (the “Series A Preferred Stock”) outstanding, all of which are owned by Nicholas P. DeVito. Other than for a convertible note to the name of Terry Brostowin for USD $75,000.00, there are no warrants, options, or any other written or oral instrument by which any third party will claim an ownership in any Buyer stock or equity. 

 

(i)Buyer is not a “shell company” as that term is defined under Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and will retain a business asset to ensure it is not a “shell company” throughout the Closing; 

 

 

(j)Buyer covenants that it shall operate its GroupLive business, together with all related assets, until the Closing; 

 

(k)there does not exist an entity or individual that has any rights of first refusal to purchase any common shares or preferred shares in Buyer; and 

 

(l)no broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this Agreement. 

 

6. Closing. The following matters shall apply to the Closing of the transaction contemplated herein:

 

(a)Time and Place. Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this Agreement (the “Closing”) shall take place at Magri Law, LLC after all of the conditions to Closing are either waived or satisfied (other than conditions which, by their nature, are to be satisfied by the Closing Date), or at such other time, date or place as Seller and Buyer may mutually agree upon in writing. The date on which the Closing is to occur is hereinafter referred as the “Closing Date.”)  

 

(b)Buyer’s Obligations. At the Closing, Buyer shall deliver to Seller:  

 

i.An executed copy of this Agreement;  

 

ii.Duly executed certificates evidencing the Shares (whereupon the stock ledger and other internal records of the Buyer shall be changed to reflect the transfer of the Shares to the recipients thereof) in the names and denominations as set forth on Exhibit B attached hereto; 

 

iii.The executed resignation of Nicholas P. DeVito as the sole officer and director of the Company, substantially in the form attached hereto as Exhibit C;  

 

iv.a mutual release agreement executed by Mr. Frank J. Pena and Marizyme stating both that they have no claims against each other and with respect to Marizyme, as well against its officers, directors, employees, stockholders, contractors, representatives, or agents and waives any future known and unknown claims or actions that may exist in the future; and  

 

v.an executed version by Mr. Nicholas P. DeVito of the mutual release agreement between Mr. Nicholas P. DeVito and Marizyme, effective September 13, 2018, stating both that they have no claims against each other and with respect to Marizyme, its officers, directors, employees, stockholders, contractors, representatives, or agents and waives any future known and unknown claims or actions that may exist in the future. Further, this agreement shall provide for the exchange by DeVito of his 1,000 shares of Series A Preferred Stock for 1,500,000 newly issued shares of Common Stock of Marizyme.  

 

(c)Seller’s Obligations. At the Closing, Seller shall deliver to the Buyer: 

 

i.an executed copy of this Agreement;  

 

ii.duly executed Patent Assignment Agreements (at Seller’s Cost) for all applicable Intellectual Property listed on Exhibit A attached hereto; 

  

iii.a copy of the duly executed Assignment Agreement between Arcimboldo and Arcimboldo Holding AB, dated May 18, 2018, granting all right, title and interest in the Intellectual Property to Seller; and  

 

iv.evidence satisfactory to the Buyer that the License Agreement, Designee Agreement and Assignment Agreement have been terminated.  

 

v.an executed version by Marizyme of the mutual release agreement between Mr. Nicholas P. DeVito, effective September 13, 2018, stating both that they have no claims against each other and with respect to Marizyme, its officers, directors, employees, stockholders, contractors, representatives, or agents and waives any future known and unknown claims or actions that may exist in the future. Further, this agreement shall provide for the exchange by DeVito of his 1,000 shares of Series A Preferred Stock for 1,500,000 newly issued shares of Common Stock of Marizyme.  

 

 

7. Nature and Survival of Representations and Obligations. The representations and warranties made by the Parties and their respective obligations to be performed pursuant to the terms hereof, shall survive the Closing indefinitely.

 

8. Indemnification. 

 

(a)Each and every representation, warranty, covenant, agreement and indemnity contained in this Agreement shall survive execution and delivery of this Agreement and the Closing; provided, that the representations and warranties contained in Sections 4 and 5 shall survive the Closing until 24 months after the date of Closing. Notwithstanding the foregoing, the passing of the above survival period for any representation or warranty shall not terminate or affect any claim with respect to such representation or warranty or such Section as to which notice of a claim hereunder has been delivered to the other Party prior to the end of such survival period. 

 

(b)After the Closing, the parties (as the “Indemnifying Party”) agree to save, defend and indemnify the other Party and each of their respective, directors, officers, employees, agents, representatives, successors and assigns (collectively, the “Indemnified Parties”) from and against, and hold each of them harmless from, any and all losses arising out of, based upon, resulting from or incident to: (i) any breach of or inaccuracy in any representation or warranty made by the Parties pursuant the set forth in this Agreement; or (ii) any breach of or failure to perform any obligation or covenant that should be performed pursuant to this Agreement. 

 

(c)Notwithstanding anything to the contrary in this Agreement, Indemnifying Party is not obligated to indemnify hold harmless, or defend Indemnified Party against any claim (whether direct or indirect) if such claim or corresponding Losses arise out of or result from, in whole or in part, Indemnified Party's: 

 

i.Gross negligence or more culpable act or omission (including recklessness or willful misconduct); or  

 

ii.bad faith failure to materially comply with any of its obligations set forth in this Agreement. 

 

(d)The Parties agree that any and all damages that may be incurred by an Indemnified Party shall be claimed against the other Party directly by the diligent party or who has been willing to fulfill its contractual obligations. 

 

9. Termination. This Agreement may be terminated at any time prior to the Closing:

 

(a)by the mutual written consent of Seller and Buyer; 

 

(b)by either Party if the transactions contemplated by this Agreement are not consummated by September 30, 2018 (the “Drop-Dead Date”);  

 

(c)by Buyer, by written notice to Seller if:  

 

i.Buyer is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Seller pursuant to this Agreement and such breach, inaccuracy or failure cannot be cured by Seller by the Drop-Dead Date; or  

 

ii.any of the conditions set forth in Section 3 shall not have been fulfilled by the Drop-Dead Date, unless such failure shall be due to the failure of Buyer to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing.  

 

(d)by Seller, by written notice to Buyer if:  

 

i.Seller is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement and such breach, inaccuracy or failure cannot be cured by Buyer by the Drop-Dead Date; or  

 

ii.any of the conditions set forth in Section 3 shall not have been fulfilled by the Drop-Dead Date, unless such failure shall be due to the failure of Seller to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing.  

 

(e)by Seller or Buyer in the event that: 

 

i.there shall be any law that makes consummation of the transactions contemplated by this Agreement illegal or otherwise prohibited; or 

 

 

ii.any Governmental Authority shall have issued a Governmental Order restraining or enjoining the transactions contemplated by this Agreement, and such Governmental Order shall have become final and non-appealable. 

 

10. Effect of Termination. In the event of the termination of this Agreement in accordance with this Article, this Agreement shall forthwith become void and there shall be no liability on the part of any party hereto except that nothing herein shall relieve any Party hereto from liability for any intentional breach of any provision hereof.

 

11. Expenses. Except as otherwise expressly provided herein, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred.

 

12. General Provisions

 

(a)Knowledge Definition. As used herein, the word “Knowledge” means the actual or constructive Knowledge of any director or officer of Seller or Buyer, as the case may be, after due inquiry. 

 

(b)Entire Agreement. This Agreement and all Exhibits hereto contain the entire understanding and agreement of the Parties with respect to matters addressed herein, and supersedes any prior understandings and agreements among them respecting the subject matter of this Agreement. No modification of this Agreement shall be valid unless it is in writing and signed by each of the Parties. 

 

(c)Severability. If one or more of the provisions contained in this Agreement shall for any reason be held to be unenforceable or excessively broad as to time, duration, scope, activity or subject, such provision will be construed, by limiting or reducing it, so as to be enforceable to the extent compatible with the then-applicable law. In the event of any question as to the interpretation of any provision herein, such question shall not be resolved by resort to any rule or maxim which resolves it against the drafting party. In the event any one or more provisions contained in this Agreement are held by a court or other tribunal to be invalid or unenforceable, the remaining provisions shall continue in full force and effect without being impaired or invalidated in any way. 

 

(d)Governing Law. This Agreement and the rights and obligations of the Parties herein, shall be construed in accordance with the laws of the State of New York without giving effect to any choice or conflict of law or provision or rule. 

 

(e)Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity. 

 

(f)Assignment. Neither party may assign its rights and obligations under this Agreement except with the prior written consent of the other. Any attempt to assign or delegate prior to the Closing without such consent shall be ineffective. After the closing, Buyer may assign its rights under this Agreement without the prior written consent of the Seller. 

 

(g)Arbitration. The Parties agree that any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled and conducted by a three-person arbitrator panel administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be enforced in any court having jurisdiction thereof. The three-person arbitration panel shall be mutually selected by the Parties, or, in the event the Parties cannot agree upon such an arbitrator, then by the American Arbitration Association. Any decision so rendered in arbitration shall be binding and final on all Parties. The seat of arbitration shall be New York. 

 

(h)Counterparts. This Agreement may be executed in several counterparts and all so executed, shall constitute one Agreement, binding on the Parties hereto even though, all the Parties are not signatories to the original or the same counterpart. 

 

(i)Facsimile Transmission. Facsimile transmission of any signed original document, and retransmission of any signed facsimile transmission, shall be the same as transmission of an original. Parties will confirm signatures transmitted by facsimile by signing an original document. 

 

(j)Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties, and their respective successors and assigns, subject to the assignment provisions set forth above. 

 

 

(k)Further Documentation. The Parties recognize that Buyer is a publicly traded company, and as such other documentation may be required to effectuate all the terms of this Agreement. Further, the Parties recognize that at Closing management of Buyer will concurrently change, requiring the filing of various documents with state and/or federal governments setting forth the change in management. The Parties agree to promptly execute any and all future documentation necessary to complete all of the promises and conveyances set forth in this Agreement. 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

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

 

 

Place: 

Date:

 

 

ACB HOLDING AB 

 

 

By: /s/ Max Rutman

Name: Max Rutman

Title: Director

 

 

ACB HOLDING AB 

 

 

By: /s/ Marcos Nicolaides

Name: Marcos Nicolaides

Title: Director

  

 

Place: 

Date:

 

 

MARIZYME, INC. 

 

 

By: /s/ Nicholas DeVito

Name: Nicholas DeVito

Title: Chief Executive Officer

  

 

 

EXHIBIT A

 

Intellectual Property

 

Other than for the patents listed in number 4. herein, which information in included in the patent applications filed with the respective patent authorities of the European Community and of the United States of America, as applicable, the following is a list of the documentation that conforms the Intellectual Property, which is kept in the name of ACB Holding AB in the offices leased to the University of Stockholm located in Kräftriket 11B, 114-19, Stockholm, Sweden. As a result of the sale of the Intellectual Property pursuant to this Asset Purchase Agreement, all such documentation and know-how will become the exclusive property of Marizyme Inc. 

 

1

 

1.Archived Data Files 

 

a.General Data Files: 6 big drawers with 12 shelves each, where each shelve holds app. 25 binders, app 1,800 binders (estimate) with data from Pharmacia (see Binder Location Map below that describes location of binders on in the 6 drawers) 

 

 

 

b.Quintiles Files: multiple data files 

 

•All Pre-Clinical Data 

•Pharm Tox Data 

•Phase I Human Safety Data 

 

c.Pharmacia Clinical Trial Documents for Krillase Use as a Topical Wound Care Product 

 

•13 Clinical Trials 

•551 Patients 

•Protocols & CRFs 

•Physician Summaries 

 

2.Regulatory Documents 

 

a.TUV Medical Device Class III Design Dossier (topical wound care indication) 

b.FDA Pre-IND for Stroke 

c.Danish National Board of Health Certification: Manufacturing conforms to GMP. “Free Sale Certificate” 

 

 

 

 

d.Biophausia: pre-approval request for topical wound care 

e.Bertil Karlmark Memo: “Debrider” although amended Study 10 (1st Phase III study) with some healing related data/outcome assessment 

f.FDA Meeting Memo (pre-approval request): Biophausia requested NDA meeting “Drug for Debridement” to proceed directly to NDA. FDA response: need IND and further clinical development  

g.Internal Summary of FDA meeting. No hold due to positive CMC  

h.Danish Medicines Agency: pK MFG conforms to GMP. “Free Sale Certificate”. Raw Material, not a medicine 

 

 

3.Krillase Vials: Approximately 5,000 vials (listed below) of 60 Units of enzyme per vial that were within expected activity ranges. Approximately 2,000 vials of 60 Units of enzyme per vial that degraded and were outside expected activity ranges 

 

	Lot#

	Boxes

	Vials

	CofA

	105059

	3

	75

	y

	110044

	16

	400

	y

	110053

	46

	1150

	y

	111050

	32

	800

	likely

	112016

	38

	950

	likely

	201024

	31

	775

	likely

	202013

	23

	575

	y

	202055

	37

	925

	y

	TOTALS

	226

	5650

	 

 

 

CofA’s for the above lots:

 

 

  

 

 

  

 

 

  

 

4.Patents (Only Active, Under Review or Granted Patents) 

 

4.A Registered Patent 

 

Dental Plaque Granted Patent (US 7,947,270) – “Removing Dental Plaque with Krill Enzymes”

 

4.B Patent Applications 

 

a.Thrombolytic Patent Application (US 62/691,319) – “Pharmaceutical Compositions and Methods for the Treatment of Thrombosis and Delivery by Medical Devices” 

 

b.Thrombosis (EP 15003450.2) – “Set of Pharmaceutical Compositions and Device for the Treatment of Thrombosis” 

 

c.Controlled Release (EP07865205.4/2144625) – “A Controlled Release Enzymatic Composition and Methods of Use” 

 

d.Biofilm (EP 13712728.8/2833906) – “Mixture of Enzymes from Antarctic Krill for use in the Removal of a Biofilm” 

 

 

5.Inhouse documentation in preparation for future filing of Patent Applications 

 

a.Wound Healing Compositions using Protease Enzymes 

 

b.Protease Enzyme Compositions for Debriding for Treatment of Wounds or Burns 

 

c.Genetic Engineering of Protease Enzymes for Medical Applications 

 

6.Office in Kraftriket Sweden: 

 

a.Four Locked Freezer Units (-20 C) 

 

b.Document Archive Storage System (6 drawer system with 12 shelves for each drawer) 

 

c.Two large rooms for documents or sample storage 

 

7.All, right, title, and interest to all trade secrets and Seller proprietary intellectual property. 

 

8.marizymebiotech.com website address and domain name and all emails generated by or from this domain name. 

 

 

EXHIBIT B

 

Distribution of Shares List

 

The Shares shall be issued in accordance to the table indicated below. The certificates representing the Shares to be issued shall reflect the name and the number of shares indicated below. Additionally, the stock ledger and other internal records of Marizyme shall reflect the same. 

 

 

EXHIBIT C

 

Form of Letter of Resignation

 

LETTER OF RESIGNATION

 

September 13, 2018

 

Marizyme, Inc.

Attn: Board of Directors

 

Dear Board of Directors:

 

I hereby resign as from all positions with, including as a member of the board of directors and as the Chief Executive Officer of, Marizyme, Inc., a Nevada corporation (the “Company”), with effect as of the date hereof. My resignation is not due to any disagreement with the Board, management or the auditors of the Company. 

 

 

Sincerely,

 

/s/ Nicholas DeVito

 

Print Name: Nicholas DeVito

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