Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (the “Agreement”) is made by and between Surface Oncology, Inc. (the
“Company”) and Jessica Fees (the “Executive”) and shall be effective on April 26, 2021 (the “Effective Date”). Except with respect to the Restrictive Covenants Agreements, the Equity Documents (each as defined
below) and the Indemnification Agreement between the Executive and the Company, dated December 17, 2018 (the “Indemnification Agreement”), this Agreement supersedes, amends and restates in all respects all prior agreements between the
Executive and the Company regarding the subject matter herein, including without limitation any offer letter, employment agreement or severance agreement. 

1. Employment Term. The Company and the Executive desire to continue their employment relationship pursuant to this Agreement
commencing as of the Effective Date and continuing in effect until terminated by either party in accordance with this Agreement (the “Term”). The Executive’s employment with the Company will continue to be “at will,” meaning
that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement. If the Executive’s employment with the Company is terminated for any reason, the
Company shall pay or provide to the Executive (or to her authorized representative or estate) any earned but unpaid Base Salary (as defined below), unpaid expense reimbursements in accordance with Company policy, accrued but unused vacation, if any,
and any vested benefits the Executive may have under any employee benefit plan of the Company (collectively, the “Accrued Obligations”). 

2. Position and Duties. As of the Effective Date, the Executive shall hold the position of Chief Financial Officer. The
Executive will have such powers and duties as may from time to time be prescribed by the Company’s Chief Executive Officer or another designated Company executive. The Executive shall devote her full working time and best efforts, skill,
knowledge, attention and energies to the business and affairs of the Company and to the performance of the Executive’s duties and responsibilities as an employee of the Company. While the Executive renders services to the Company, she will not
engage in any other employment, consulting or other business activity (whether full-time or part-time) without prior written authorization from the CEO. Notwithstanding the foregoing, the Executive may engage in religious, charitable or other
community activities as long as such services and activities do not interfere with the Executive’s performance of her duties to the Company. The Executive reaffirms that she has no contractual commitments or other legal obligations that would
prohibit her from fully performing her duties for the Company. The Executive shall be based at the Company’s headquarters, currently in Cambridge, Massachusetts. 

3. Compensation and Related Matters. 

(a) Base Salary. As of the Effective Date, the Executive’s annual base salary shall be $400,000 which is subject to review and
redetermination by the Company. The annual base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary will be payable in a manner that is consistent with the Company’s usual payroll practices for
executive employees. 

 (b) Bonus. During the Term, the Executive will be eligible to be considered for an
annual cash bonus as determined by the Company. The Executive’s annual target bonus shall be 40% of the Base Salary, which is subject to review and redetermination by the Board of Directors (the “Board”) or the Compensation Committee.
The annual target bonus in effect at any given time is referred to herein as the “Target Bonus.” The actual bonus shall be discretionary and shall be subject to terms and conditions of any applicable bonus plan as may be adopted from time
to time. The Executive’s bonus, if any, will be paid by March 15 of the year following the applicable bonus year. To earn a bonus, the Executive must be employed by the Company on the day such bonus is paid. 

(c) Employee Benefits: During the Term, the Executive will be entitled to continue to participate in the Company’s employee
benefit plans and programs, subject to the terms and the conditions of such plans and to the Company’s ability to amend, modify, replace or terminate such plans and programs. 

(d) Equity. The equity awards held by the Executive shall be governed by the terms and conditions of the Company’s applicable
equity incentive plan(s), the applicable award agreement(s) governing the terms of such equity awards held by the Executive, and Section 3(a) of the Executive’s prior offer letter dated August 15, 2015, as amended
March 17, 2017 (as modified by the “Accelerated Vesting Waiver” in the Incentive Stock Option Agreement under the Surface Oncology 2014 Stock Option Grant and Plan dated March 2, 2018, the “Modified Acceleration
Provision”) (collectively, the “Equity Documents”); provided, however, and notwithstanding anything to the contrary in the Equity Documents, Section 6(c) of this Agreement shall apply in the event of a Qualified
Termination Event within the Change in Control Period (as defined below) and to the extent accelerated vesting did not already occur upon a Change in Control in accordance with the Modified Acceleration Provision. 

(e) Reimbursement of Business Expenses. The Company shall reimburse the Executive for business expenses reasonably and necessarily
incurred by the Executive in connection with the Company’s business. Expense reimbursement shall be subject to the policies the Company may adopt from time to time, including with respect to pre-approval
and limitations. Any reimbursement in one calendar year shall not affect the amount that may be reimbursed in any other calendar year and a reimbursement (or right thereto) may not be exchanged or liquidated
for another benefit or payment. Any business expense reimbursements subject to Section 409A of the Code shall be made no later than the end of the calendar year following the calendar year in which such business expense is incurred
by the Executive. 

  
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 4. Certain Definitions. 

(a) Change in Control. “Change in Control” means (i) the sale of all or substantially all of the assets of the Company on
a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power and outstanding stock immediately prior to such transaction do
not own a majority of the outstanding voting power and outstanding stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction, (iii) the sale of
all of the outstanding voting stock of the Company to an unrelated person, entity or group thereof acting in concert, or (iv) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to
such transaction do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities directly from the Company;
provided, however, that any public offering or another capital raising event, or a merger effected solely to change the Company’s domicile shall not constitute a “Change in Control.” 

(b) Change in Control Period. “Change in Control Period” means the period beginning on the date of a Change in Control and
ending on the one-year anniversary of the Change in Control. 
 (c) Disability. An Executive
becomes “Disabled” for purposes of this Agreement if through any illness, injury, accident or condition of either a physical or psychological nature the Executive becomes unable to perform substantially all of her duties and
responsibilities for a continuous period of thirteen (13) consecutive weeks or for any twenty (20) weeks within a fifty-two (52) week period. Determinations as to whether Executive
is Disabled shall be made by a physician selected by the Board or its insurers and acceptable to the Executive or the Executive’s legal representative, such agreement as to acceptability not to be unreasonably withheld or delayed. In the
interest of clarity, the Board may designate another employee to act in the Executive’s place during any period the Executive becomes unable to perform substantially all of her duties and responsibilities. 

(d) Qualified Termination Event. A “Qualified Termination Event” means termination of the Executive’s employment by the
Company under the circumstances set forth below in Section 4(d)(i) (Termination by the Company without Cause) or Section 4(d)(ii) (The Executive’s Resignation for Good Reason), in any event subject to provisions in
Section 4(e). 
 (i) Termination by the Company without Cause. Termination by the Company of the
Executive’s employment without Cause. For purposes of this Agreement, “Cause” means the Executive’s: 

(A) unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure
causes material harm to the Company; 
 (B) material breach of any agreement between the Executive and the Company; 

(C) material failure to comply with the Company’s written policies or rules; 

(D) conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or
any State; 

  
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 (E) gross negligence or willful misconduct in the performance of the
Executive’s duties to the Company;  
 (F) continuing failure to perform assigned duties after receiving written
notification of the failure from the Board of Directors; or 
 (G) failure to cooperate in good faith with a governmental or
internal investigation of the Company or its directors, officers or employees, if the Company has requested the Executive’s cooperation. 

(ii) The Executive’s Resignation for Good Reason. The Executive’s resignation of her employment with the
Company for Good Reason. For purposes of this Agreement, “Good Reason” means that the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: 

(A) a reduction in the Executive’s Base Salary (as pro-rated based on the
Executive’s business time devoted to the Company) by more than 10%; 
 (B) a material diminution of the Executive’s
authority, duties or responsibilities; or 
 (C) a relocation of the Executive’s principal workplace by more than 30
miles. 
 “Good Reason Process” means that (i) the Executive reasonably determines in good faith that a “Good
Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 90 days of the first occurrence of such condition; (iii) the Executive
cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition
continues to exist; and (v) the Executive terminates her employment within 30 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 (e) A Qualified Termination Event shall not be deemed to have occurred pursuant to this Section as a result of: (i) the ending
of the Executive’s employment due to the Executive’s death or Disability, (ii) the Executive’s resignation for any reason, other than for Good Reason, (iii) the Company’s termination of the employment
relationship for Cause; or (iv) solely as a result of the Executive being or becoming an employee of any direct or indirect successor to the business or assets of the Company rather than continuing as an employee of the Company following
a Change in Control. 

  
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 5. Termination. During the Term, the Executive’s employment
hereunder may be terminated without any breach of this Agreement under the following circumstances: 
 (a) Death. The
Executive’s employment hereunder shall terminate upon her death. 
 (b) Disability. The Company may terminate the
Executive’s employment if she is Disabled, as defined above. 
 (c) Termination by the Company for Cause. The
Company may terminate the Executive’s employment hereunder for Cause. 
 (d) Termination by the Company without
Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. 
 (e)
Termination by the Executive. The Executive may terminate her employment hereunder at any time for any reason, including but not limited to Good Reason. 

6. Severance and Accelerated Vesting if a Qualified Termination Event Occurs within the Change in Control Period. In the event a
Qualified Termination Event occurs within the Change in Control Period, subject to the Executive signing and complying with a separation agreement in a form and manner satisfactory to the Company containing, among other provisions, a general release
of claims in favor of the Company and related persons and entities, confidentiality, return of property, non-disparagement, and a reaffirmation of any restrictive covenants (the “Separation Agreement and
Release”), and the Separation Agreement and Release becoming irrevocable, all within the time period set forth in the Separation Agreement and Release but in no event more than 60 days after the Date of Termination, the following shall occur:

 (a) the Company shall pay to the Executive an amount equal to the sum of twelve (12) months the Executive’s Base
Salary in effect immediately prior to the Qualified Termination Event (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus one (1) times the amount of the Executive’s Target
Bonus; and 
 (b) if the Executive was participating in the Company’s group health plan immediately prior to the Date of
Termination and elects COBRA health continuation, then the Company shall pay to the Executive a lump sum cash payment in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the
Executive if the Executive had remained employed by the Company for twelve (12) months after the Date of Termination, based on the premiums as of the Date of Termination; and 

(c) 100% of all time-based equity awards held by the Executive shall immediately accelerate and become fully exercisable or
nonforfeitable as of the Date of Termination. 
 The amounts payable under Section 6(a) and (b), as applicable, shall be paid out in a lump sum within
60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the amounts shall be paid in the second calendar year no later than the last day of the
60-day period. 

  
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 7. Severance if a Qualified Termination Event Occurs Outside the Change in Control
Period. In the event a Qualified Termination Event occurs at any time other than during the Change in Control Period, subject to the Executive signing and not revoking the Separation Agreement and Release, all within the time period set
forth in the Separation Agreement and Release but in no event more than 60 days after the Date of Termination, and subject to the Executive complying with the Separation Agreement and Release, the following shall occur: 

(a) the Company shall pay to the Executive an amount equal to the sum of nine (9) months of the Executive’s annual Base Salary in
effect immediately prior to the Qualified Termination Event; and 
 (b) if the Executive was participating in the Company’s group health
plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for nine (9) months or the Executive’s COBRA health continuation period, whichever ends
earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company, based on the premiums as of the Date of
Termination. 
 The amounts payable under Section 7(a) and (b) shall be paid out in substantially equal installments in accordance with the
Company’s payroll practice over nine (9) months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar
year, the severance shall begin to be paid in the second calendar year by the last day of such 60-day period; provided further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day
immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

8. Restrictive Covenants Agreements. The terms of the Employee
Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement dated August 14, 2015 (the “2015 Restrictive Covenants Agreement”) and the
Employee Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement dated May 2, 2017, attached hereto as Exhibit A (the “2017
Restrictive Covenants Agreement”) continue to be in full force and effect. The 2015 Restrictive Covenants Agreement and the 2017 Restrictive Covenants Agreement are collectively referred to as the “Restrictive Covenants Agreements.”
The Executive agrees that the term “Company,” as used in the Restrictive Covenants Agreements, shall mean the Company, its subsidiaries and other affiliates, and its and their successors and assigns. The Executive hereby acknowledges and
agrees that the terms of both Restrictive Covenants Agreements, as modified herein, remain in full force and effect. The Executive and the Company agree that in the event of any inconsistencies between the 2015 Restrictive Covenants Agreement and
the 2017 Restrictive Covenants Agreement, the 2017 Restrictive Covenants Agreement will be controlling. 
 (a) Third-Party Agreements and
Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other 

  
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party that restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in any business. The Executive represents to the Company that the
Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous
employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will
not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party. 

(b) Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate fully with
the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by
the Company. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the
Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as
any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 8(b). 

(c) Relief. The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any
breach by the Executive of the promises set forth in this Section 8, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach,
any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the
Company. In addition, in the event the Executive breaches either of the Restrictive Covenants Agreements during a period when she is receiving severance payments pursuant to Section 6 or 7, the Company shall have the right to suspend or
terminate such severance payments. Such suspension or termination shall not limit the Company’s other options with respect to relief for such breach and shall not relieve the Executive of her duties under this Agreement. 

(d) Protected Disclosures and Other Protected Actions. Nothing in this Agreement shall be interpreted or applied to prohibit the
Executive from making any good faith report to any governmental agency or other governmental entity (a “Government Agency”) concerning any act or omission that the Executive reasonably believes constitutes a possible violation of federal
or state law or making other disclosures that are protected under the anti-retaliation or whistleblower provisions of applicable federal or state law or regulation. In addition, nothing contained in this Agreement limits the Executive’s ability
to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the Executive’s ability to provide documents or other information, without notice to
the Company. In addition, for the avoidance of doubt, 

  
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pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law or under this Agreement or the
Restrictive Covenants Agreements for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the
purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

9. Additional Limitation. 

(a) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by
the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable
regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the
Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive
receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in
reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to
Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of
all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg.
§1.280G-1, Q&A-24(b) or (c). 
 (b) For purposes of this Section 9, the “After Tax Amount” means the amount of the
Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal
rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

(c) The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 9 shall be made by a
nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if
applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

  
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 10. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s “separation from service”
within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that
the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of
(A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. 

(b) The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any
provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree
that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party. 
 (c) All in-kind benefits provided and expenses eligible for reimbursement
under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement
be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be
provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(d) To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under
Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from
service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). 

(e) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

  
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 11. Withholding. All payments made by the Company to the Executive
under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 
 12.
Notice and Date of Termination. 
 (a) Notice of Termination. During the Term, any termination of the
Executive’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with this Section 12. For purposes of this Agreement, a
“Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. 

(b) Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated
by her death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated on account of Executive’s Disability, by the Company for Cause, or by the Company without Cause, the date on which Notice of
Termination is given; (iii) if the Executive’s employment is terminated by the Executive for any reason except for Good Reason, 30 days after the date on which a Notice of Termination is given, and (iv) if the
Executive’s employment is terminated by the Executive for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of
Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. 

13. Representations and Warranties. The Executive represents that she has not been debarred under Subsection
(a) or (b) of Section 306 of the United States Federal Food, Drug, and Cosmetic Act (21 U.S.C. 335a); and is not on any of the FDA clinical investigator enforcement lists (including the (i) Disqualified/Totally
Restricted List, (ii) Restricted List and (iii) Adequate Assurances List).  

14. No Mitigation. The Company agrees that, if the Executive’s employment by the Company is terminated during the
term of this Agreement, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 6 or Section 7 hereof. Further, the
amount of any payment provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment by another employer. 

15. Consent to Jurisdiction. The parties hereby consent to the jurisdiction of the state and federal courts in the
Commonwealth of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any
other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 

16. Integration. This Agreement constitutes the entire agreement between the parties with respect to compensation,
severance pay, benefits and accelerated vesting and supersedes in all respects all prior agreements between the parties concerning such subject matter, including without limitation any offer letter, employment agreement or severance agreement
relating to the 

  
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Executive’s employment relationship with the Company and/or the ending of that employment relationship. Notwithstanding the foregoing, the Indemnification Agreement, the Restrictive
Covenants Agreements, the Equity Documents, each as modified herein, and any other agreement relating to confidentiality, noncompetition, nonsolicitation or assignment of inventions shall not be superseded by this Agreement and the Executive
acknowledges and agrees that any such agreements remain in full force and effect.  
 17. Successor to the
Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death
after a Qualified Termination Event but prior to the completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the
Company prior to her death (or to the Executive’s estate, if the Executive fails to make such designation). 
 18.
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any Section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 19. Waiver. No
waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of
this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

20. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient
if in writing and delivered in person or sent by a nationally recognized overnight currier service of by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing
with the Company, or to the Company at its main office, attention of the Board of Directors. 
 21. Amendment. This
Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company. 

22. Effect on Other Plans and Agreements. An election by the Executive to resign for Good Reason under the provisions of
this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this Agreement shall be construed
to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any severance benefits under any
Company severance pay plan, offer letter or otherwise. In the event that the Executive is party to an agreement with the Company providing for payments or benefits under such agreement and this Agreement, the terms of this Agreement shall govern and
the Executive may receive payment under this Agreement only and not both. Further, Section 6 and Section 7 of this Agreement are mutually exclusive and in no event shall the Executive be entitled to payments or benefits pursuant to
Section 6 and Section 7 of this Agreement. 

  
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 23. Governing Law. This is a Massachusetts contract and shall be
construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles. 

24. Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken
place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement. 

25. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine
gender unless the context clearly indicates otherwise. 
 26. Counterparts. This Agreement may be executed in any
number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective
Date. 
  

			
	SURFACE ONCOLOGY, INC.
		
	By:	 	/s/ Robert Ross
	Name:	 	Robert Ross, M.D.
	Title:	 	Chief Executive Officer

  

			
	EXECUTIVE:
		
		 	/s/ Jessica Fees 
		 	Jessica FeesExhibit 10.1
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Execution Version

SALE AND PURCHASE AGREEMENT
This SALE AND PURCHASE AGREEMENT (this “Agreement”) is entered into as of April 21, 2021 (the “Closing Date”), by and between Heeling Sports Limited, a Delaware corporation (“Seller”), and BBC International LLC, a Florida limited liability company (“Buyer”).
RECITALS
WHEREAS, Buyer desires to purchase from Seller the Purchased Assets (as defined below) and Seller desires to sell the Purchased Assets to Buyer, on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants, representations, warranties, conditions, and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties agree as follows:
Article 1​
DEFINITIONS
The following terms shall have the meanings set forth below in this ‎Article 1.
1.1“Affiliate” means with respect to any Person, any other Person which is controlling, controlled by, or under common control with, directly or indirectly, through any Person, the Person referred to, and, if the Person referred to is a natural person, any member of such Person’s immediate family. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”) as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise.
1.2“Agreement” means this Sale and Purchase Agreement, as executed on the date hereof and as amended or supplemented in accordance with the terms hereof, including the Schedules and Exhibits hereto.
1.3“Business” means all activities by Seller or any Affiliate of Seller associated with the ownership licensing, and marketing of the Purchased Trademarks.
1.4“Business Day” means any day which is not a Saturday, Sunday, or legal holiday in the State of New York, United States of America.
1.5“Buyer” has the meaning set forth in the first paragraph hereof.
1.6“Closing” means the consummation of the transactions contemplated by this Agreement, as provided for in Section ‎2.3.
1.7“Contract” means any contract, agreement, understanding, lease, indenture, mortgage, deed of trust, evidence of indebtedness, binding commitment or instrument, open purchase order, or offer, written or oral, express or implied, to which Seller is a party or by which it or any of its assets is bound that is in effect as of the Closing.
1.8“Government” means the United States of America, any other nation or state, any U.S. state, any federal, bilateral, or multilateral governmental authority, any possession, territory, local county, district, city, or other governmental unit or subdivision, and any branch, entity, agency, or judicial body of any of the foregoing.
1.9“Intellectual Property Assets” means all right, title and interest in the Purchased Trademarks, and all other Intellectual Property Rights owned by Seller or its Affiliates exclusively relating to the Business, including as listed in Schedule ‎3.5.

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1.10“Intellectual Property Rights” means all worldwide statutory or non-statutory legal rights in (i) trademarks, service marks, trade names, brand names, product names, logos and corporate names, slogans, product source identifiers, and other indicia of source of origin, whether in connection with products or services, whether or not registered, including all common law rights thereto and all goodwill associated therewith, and registrations and applications for registration thereof (herein “Trademarks”); (ii) copyrights, whether registered or common law, and registrations and applications for registration thereof, original works of authorship, derivative works and other copyrightable works of any nature and fixations of any of the foregoing, including the right to make derivative works and all other associated statutory rights (herein “Copyrights”); (iii) domain names, uniform resource locators, and domain name registrations, websites and all social media platforms; (iv) all design and utility patents, designs, and design rights, including any issued registration or pending application therefor, reissues, divisions, continuations, continuations-in-part, reexaminations, renewals and substitutes thereof, foreign counterparts of the foregoing, term restorations or other extensions of the term of any issued or granted patents anywhere in the world (herein “Patents”); (v) trade secrets, know-how and proprietary information; (vi) all rights to any of the foregoing provided in, or by, international treaties and convention rights; (vii) the right and power to assert, defend and recover title to any of the foregoing; (viii) all rights to assert, defend and obtain all remedies, including recovering past damages and other remedies for past, present and future infringement, misuse, misappropriation, impairment, unauthorized use or other violation of any of the foregoing; and (ix) all administrative rights arising from the foregoing, including the right to prosecute applications and oppose, interfere with or challenge the applications of others, the rights to obtain renewals, continuations, divisions, reissues, reexaminations, and extensions of legal protection pertaining to any of the foregoing, and substitutes for any of the foregoing.
1.11“knowledge of Seller” means the actual knowledge of the President and Chief Financial Officer of Seller and Arta Isovski and Tracy Soinger.
1.12“Law” means any statute, law, ordinance, decree, order, injunction, rule, directive, or regulation of any Government or quasi-Governmental authority, and includes rules and regulations of any regulatory or self-regulatory authority compliance with which is required by Law.
1.13“Lien” means any lien, security interest, mortgage, indenture, deed of trust, pledge, charge, adverse claim, easement, restriction, or other encumbrance.
1.14“Order” means an order, writ, injunction, or decree of any court or Government.
1.15“Parties” means Buyer and Seller (and each a “Party”).
1.16“Person” means and shall include a natural person, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or a governmental entity (or any department, agency, or political subdivision thereof) and shall be construed broadly.
1.17“Seller” has the meaning set forth in the first paragraph hereof.
1.18"Primary Jurisdictions" means: (i) for any Primary Trademark, the country where each such Primary Trademark is registered as set forth on Schedule ‎3.5(b); and (ii) for any Listed Patent, the country where each of the Listed Patents is registered as set forth on Schedule ‎3.5(d).  For the avoidance of doubt, for purposes of the representations and warranties in ‎Article 3, (x) not all Primary Trademarks are registered in the same country(ies), and a country shall only be deemed a “Primary Jurisdiction” for the applicable Primary Trademark(s), and (y) not all Listed Patents are registered in the same country(ies), and a country shall only be deemed a “Primary Jurisdiction” for the applicable Listed Patent(s).
1.19“Primary Trademarks” means the registrations and applications for the Trademarks set forth in the attached Schedule ‎1.19, together with all goodwill associated therewith, in each case only for the class of goods detailed for each such Trademark on Schedule ‎3.5(b). 
1.20“Purchased Trademarks” means the Primary Trademarks and such other Trademarks as are set forth in the attached Schedule ‎3.5(b), together with all goodwill associated therewith. 

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1.21Table of Definitions. The following terms have the meanings set forth in the Sections referenced below.
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Action‌Section ‎3.4

Agreement‌Preamble

Allocation‌Section ‎3.4

Basket Amount‌Section ‎6.6(b)

Buyer‌Preamble

Buyer Indemnified Persons‌Section ‎6.2

Buyer Liabilities‌Section ‎2.1(c)

Closing Date‌Preamble

Code‌Section ‎5.6

Copyrights‌Section ‎1.10

Excluded Liabilities‌Section ‎2.1(c)

Existing License‌Section ‎5.7

Indemnified Losses‌Section ‎6.2

Indemnified Party‌Section ‎6.4

Indemnifying Party‌Section ‎6.4

Listed Patents‌Section ‎6.2

Losses‌Section ‎6.2

Patents‌Section ‎1.10

Purchase Price‌Section ‎2.2

Purchased Assets‌Section ‎2.1(a)

Seller‌Preamble

Seller Indemnified Persons‌Section ‎6.3

Third Person‌Section ‎6.5

Third Person Claim‌Section ‎6.5

Trademarks‌Section ‎1.10

Transferred Contracts‌Section ‎2.1(a)(iv)

Article 2​
PURCHASE AND SALE OF PURCHASED ASSETS
2.1Transfer of Assets.
(a)Upon the terms and subject to the conditions of this Agreement, at the Closing on the Closing Date, Seller shall sell, assign, transfer, and convey to Buyer, and Buyer shall purchase, acquire, and accept from Seller, all of Seller’s right, title, and interest in and to all of the following, which are owned or held by Seller as of the Closing, free and clear of all Liens (the “Purchased Assets”):
(i)the Intellectual Property Assets;
(ii)all records and data in the possession of Seller on the Closing Date, to the extent they can be provided using commercially reasonable efforts, whether in hard copy, electronic or magnetic format or otherwise exclusively relating to the Intellectual Property Assets and those records and data of the Business as reasonably requested by Buyer prior to the Closing unless otherwise in possession of Buyer prior to the Closing; 
(iii)Copies of all advertising, marketing, proof of sales, creative, and promotional material exclusively related to the Intellectual Property Assets in the possession of Seller on the Closing Date, to the extent they can be provided using commercially reasonable efforts, unless otherwise in possession of Buyer prior to the Closing; and
(iv)the Contracts listed in Schedule ‎2.1(a)(iv) (the “Transferred Contracts”), and all rights, privileges, claims, causes of action and demands under any of the Transferred Contracts.

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(b)Notwithstanding any provision in this Agreement to the contrary, all other assets of Seller and its Affiliates are excluded from the Purchased Assets and shall remain the property of Seller and its Affiliates after the Closing. For the avoidance of doubt, all Intellectual Property Rights of Seller that are not Intellectual Property Assets are excluded from the Purchased Assets.
(c)Notwithstanding any provision in this Agreement to the contrary other than as set forth in this Section ‎2.1(c), Buyer is not assuming any liabilities of Seller and all such liabilities (the “Excluded Liabilities”) shall remain the responsibility and obligation of Seller after the Closing; provided, however, that Buyer shall be solely responsible for any and all liabilities arising from or relating to (x) Buyer’s use or ownership of the Purchased Assets (other than liabilities giving rise to Seller’s indemnification obligations pursuant to ‎Article 6), (y) any obligations under the Existing License, including all of Buyer’s conduct of its business, including pursuant to the Existing License, whenever arising, and (z) all liabilities under the Transferred Contracts (the “Buyer Liabilities”).
(d)Buyer shall pay one hundred percent (100%) of the filing costs, attorneys’ fees, and processing fees associated with the transfer and recordation of the Intellectual Property Assets.
2.2Consideration. The consideration that Buyer shall pay, or cause to be paid, to Seller for the Purchased Assets, the obligations of Seller under ‎Article 5, and other rights of Buyer hereunder shall be Eleven Million Dollars (US $11,000,000) (the “Purchase Price”) to be paid at the Closing.
2.3Closing. The Closing shall take place at 9:00 a.m. on the Closing Date at the offices of Buyer’s attorney at 515 Madison Ave., 35th Floor, New York, NY 10022, or at such other time and place as the Parties may agree in writing.
2.4Deliveries of Seller. At or before the Closing, Seller shall deliver or cause to be delivered to Buyer:
(a)a Trademark Assignment Agreement, in substantially the form of Exhibit A-1, duly executed by Seller; 
(b)a Copyright Assignment Agreement, in substantially the form of Exhibit A-2, duly executed by Seller; 
(c)a Patent Assignment Agreement, in substantially the form of Exhibit A-3, duly executed by Seller; and
(d)an Assignment and Assumption Agreement, in substantially the form of Exhibit B, duly executed by Seller; and
(e)such other customary documents, instruments or certificates as shall be reasonably requested by Buyer and as shall be consistent with the terms of this Agreement.
2.5Deliveries of Buyer at Closing. At or before the Closing, Buyer shall deliver or cause to be delivered to Seller:
(a)the Purchase Price;
(b)a Trademark Assignment Agreement, in substantially the form of Exhibit A-1, duly executed by Buyer; 
(c)a Copyright Assignment Agreement, in substantially the form of Exhibit A-2, duly executed by Buyer; 
(d)a Patent Assignment Agreement, in substantially the form of Exhibit A-2, duly executed by Buyer; 

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(e)an Assignment and Assumption Agreement, in substantially the form of Exhibit B, duly executed by Seller; and
(f)such other customary documents, instruments, or certificates as shall be reasonably requested by Seller and as shall be consistent with the terms of this Agreement.
Article 3​
REPRESENTATIONS AND WARRANTIES OF SELLER
Seller hereby makes the following representations and warranties, each of which is true and correct on the date hereof and shall survive the Closing and the transactions contemplated hereby to the extent set forth herein.
3.1Corporate Existence and Power.
(a)Seller is a Delaware corporation validly existing and in good standing under the laws of Delaware.
(b)Seller has all requisite corporate power and authority to own, lease, and use the Purchased Assets.
(c)Seller has the full power, authority, and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby.
(d)The Purchased Assets are transferrable to Buyer, without any liens or restrictions, regarding such transfer and/or the use of the rights transferred and that, to the knowledge of Seller, there are no claims against Seller that would limit Buyer’s obtaining good title to, and use of, the Purchased Assets.
(e)Seller is not party to any agency, distribution, or license agreements with respect to the Intellectual Property Assets other than the Existing License.
3.2Valid and Enforceable Agreement; Authorization; Non-contravention.
(a)Execution and Delivery. This Agreement has been duly executed and delivered by Seller and constitutes a legal, valid, and binding obligation of Seller, enforceable against Seller in accordance with its terms, except that such enforcement may be subject to (i) bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting or relating to enforcement of creditors’ rights generally, and (ii) general principles of equity.
(b)The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized, approved, and ratified by all action on the part of Seller.
(c)No conflict. Seller is not a party to, subject to, or bound by any Contract, Law, or Order, which does or would (i) conflict with or be breached or violated or the obligations thereunder accelerated or increased (whether or not with notice or lapse of time, or both) by the execution, delivery, or performance by Seller of this Agreement or (ii) prevent the carrying out of the transactions contemplated hereby. No permit, consent, waiver, approval or authorization of, or declaration to, or filing or registration with, any Government or third party is required in connection with the execution, delivery, or performance of this Agreement by Seller or the consummation by Seller of the transactions contemplated hereby. The transactions contemplated hereby will not result in the creation of any Lien against Seller or any of its properties or assets.
3.3No Breach of Law or Governing Document. Neither the execution of this Agreement nor the Closing does or will constitute or result in any default under or breach or violation of any Law or the provisions of any material Government permit, franchise, or license, or any provision of the articles or certificate of incorporation or bylaws of Seller, or require the consent or approval of any Government or any third party.

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3.4Litigation. There is no suit, claim, litigation, proceeding (administrative, judicial, or in arbitration, mediation, or alternative dispute resolution), Government or grand jury investigation, or other action (any of the foregoing, an “Action”) pending or, to the knowledge of Seller, threatened, anticipated, or contemplated against Seller challenging, enjoining, or preventing this Agreement, or the consummation of the transactions contemplated hereby.
3.5Intellectual Property.
(a)Except as would not be material to the Business, Seller owns all right, title and interest in and to the Intellectual Property Assets. Seller is free to exercise all rights in all Intellectual Property Assets free of infringement or misappropriation of the Intellectual Property Rights of others, and free and clear of all Liens or other encumbrances. 
(b)Purchased Trademarks:
(i)Schedule ‎3.5(b) contains a complete and accurate list of all Purchased Trademarks, including the applicable marks or names, identifications of covered goods or services by International Class, application numbers, filing dates, trademark registration numbers and registration dates. 
(ii)All of the Purchased Trademarks are currently in material compliance with the timely post-registration filing of affidavits of use and incontestability and renewal applications, are valid and, to the knowledge of Seller, enforceable with respect to wheeled footwear; for the avoidance of doubt, the Purchased Trademarks may not have been in continuous and regular use for the goods and services listed on Schedule ‎3.5(b) (other than wheeled footwear) and therefore may not be enforceable or exercisable. 
(iii)Except as set forth on Schedule ‎3.5(b), no Primary Trademark is now involved in any opposition, invalidation or cancellation proceeding in any of its Primary Jurisdictions that is reasonably likely to be material to the Business and, to the knowledge of Seller, no such action is threatened. 
(c)Copyrights:
(i)Schedule ‎3.5(c) contains a complete and accurate list of all registered Copyrights included in the Intellectual Property Assets, including name, and applicable registration number and registration date.
(ii)All of the Copyrights included on Schedule ‎3.5(c) are currently in material compliance with registration requirements.
(d)Patents:
(i)Schedule ‎3.5(d) contains a complete and accurate list of all extant issued Patents included in the Intellectual Property Assets (the “Listed Patents”), including their respective title, Patent number and issue or grant date.
(ii)Except as set forth on Schedule ‎3.5(d), all of the Listed Patents have been applied for or granted, and all of the Listed Patents are currently in material compliance with formal legal requirements.
(e)Domains/Websites: Schedule ‎3.5(e) contains a complete and accurate list of all domain names, uniform resource locators, domain name registrations, and websites that constitute Purchased Assets. 
(f)Seller has the full right, power, and authority to sell, assign, transfer, and convey all of its right, title and interest in and to the Intellectual Property Assets to Buyer. 

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(g)To the knowledge of Seller and except as otherwise disclosed by Seller, the Primary Trademarks are valid and enforceable in each of their respective Primary Jurisdictions with respect to wheeled footwear, and Seller has not, in the 12 months prior to the Closing Date, undertaken any acts, and no circumstances or grounds exist, that would be reasonably likely to materially  invalidate, reduce, impair, dedicate to the public, eliminate or entitle any governmental authority  to cancel, forfeit, modify or hold abandoned the enforceability or scope of, or entitlement to exclusively exploit, such rights, except for acts or omissions undertaken or omitted in Seller’s reasonable business judgment or as would not reasonably be expected to have a material adverse effect on the Business. 
(h)Except as would not be material to the Business, all contractors or employees of Seller, who have contributed to the creation or development of the Intellectual Property Assets, have executed written Contracts with Seller that assign to Seller all right, title and interests in the applicable Intellectual Property Assets.
(i)Except as would not be material to the Business, and to the knowledge of Seller, there has not been in the three years prior to the Closing Date and there is not now any unauthorized use, infringement, or misappropriation of any of the Primary Trademarks in their respective Primary Jurisdictions and/or Listed Patents in their respective Primary Jurisdictions by any third party other than the instances of use, infringement, or misappropriation of which Buyer notified Seller.
(j)Except as would not reasonably be expected to have a material adverse effect on the Business, Seller has no knowledge of any dispute, including without limitation any claim or threatened claim, arising in the applicable Primary Jurisdictions in the three years prior to the Closing Date: (i) contesting the right of Seller  to use, exercise, sell, license, transfer or dispose of any of the Primary Trademarks; or (ii) challenging the ownership, validity or enforceability of any of the Primary Trademarks.  Except as would not reasonably be expected to have a material adverse effect on the Business, to the knowledge of Seller, no Primary Trademark is the subject in its Primary Jurisdictions of any outstanding Order, judgment, decree, stipulation or agreement related to or restricting in any manner the licensing, assignment, transfer, or conveyance thereof by Seller.
(k)Except as would not reasonably be expected to have a material adverse effect on the Business or as Buyer has notified Seller, to the knowledge of Seller, there is no dispute, including without limitation any claim or threatened claim, in the arising in the three years prior to the Closing Date: (i) contesting the right of Seller to use, exercise, sell, license, transfer or dispose of any of the Listed Patents; or (ii) challenging the ownership, validity or enforceability of any of the Listed Patents. Except as would not reasonably be expected to have a material adverse effect on the Business, no Listed Patent is the subject of any outstanding Order, judgment, decree, stipulation or agreement related to or restricting in any manner the licensing, assignment, transfer, or conveyance thereof by Seller.
(l)Schedule ‎3.5(k) contains a complete listing of all material Contracts to which Seller is a party and pursuant to which any third party is authorized to use or exploit any Intellectual Property Assets. Seller has delivered to Buyer true, complete and correct copies of all such Contracts. Seller is in compliance with all material terms and conditions of all such Contracts.  To the knowledge of Seller, there is no dispute, including without limitation any claim or threatened claim or the existence of any facts, indicating that Seller or any other party thereto has breached any material terms or conditions of the Contracts listed in Schedule ‎3.5(k).
(m)Except as would not reasonably be expected to have a material adverse effect on the Business, to the knowledge of Seller, the operation and conduct of the Business, for the three years prior to the Closing Date had not, and does not as of the Closing Date, (i) materially violate any license or agreement with any third party or (ii) materially infringe, misappropriate or violate any Intellectual Property Right of any third party. Except as would not reasonably be expected to have a material adverse effect on the Business, to the knowledge of Seller, there is no existing material dispute, including any claim, in any applicable Primary Jurisdiction to the effect that the manufacture, marketing, license, sale or use of any product or service incorporating the Primary Trademarks or Listed Patents infringes any intellectual property right of any third party or violates any license or agreement with any third party. Except as would not reasonably be expected to have a material adverse effect on the Business, in the three years prior to the Closing Date, Seller has not received written communication, or service of process or charge in writing as a defendant in any claim, suit, action or proceeding in any applicable Primary Jurisdiction that alleges that any of the 

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Primary Trademarks or Listed Patents infringes any Intellectual Property Right of any third party, which has not been finally adjudicated or otherwise  disposed of prior to the Closing Date.
3.6Brokers, Finders. Except for Stifel, Nicolaus & Co., Inc., no finder, broker, agent, or other intermediary, acting on behalf of Seller, is entitled to a commission, fee or other compensation in connection with the negotiation or consummation of this Agreement or any of the transactions contemplated hereby. 
3.7Disclosure. To the knowledge of Seller, no representation or warranty by Seller in this Article 3 and the associated Schedules contains any untrue statement of a material fact and Seller has not made an intentional omission of a material fact with the intent to deceive Buyer.
Article 4​
REPRESENTATIONS AND WARRANTIES OF BUYER
Buyer hereby makes the following representations and warranties, each of which is true and correct on the date hereof and shall survive the Closing and the transactions contemplated hereby to the extent set forth herein.
4.1Legal Existence and Power.
(a)Buyer is a limited liability company, validly existing and in good standing under the laws of the State of Florida, U.S.A.
(b)Buyer has all requisite power and authority to own, lease, and use its assets and to transact the business in which it is engaged.
(c)Buyer has the power to enter into this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby.
(d)Buyer is not a party to, subject to, or bound by any Contract, Law, or Order which would (i) be breached or violated or its obligations thereunder accelerated or increased (whether or not with notice or lapse of time, or both) by the execution or delivery by Buyer or Seller of this Agreement or the performance by Buyer or Seller of the transactions contemplated by this Agreement, or (ii) prevent the carrying out of the transactions contemplated hereby. Except as otherwise provided for herein, no waiver or consent of any third person or Governmental authority is required for the execution of this Agreement by Buyer or Seller or the consummation by Buyer or Seller of the transactions contemplated hereby.
4.2Valid and Enforceable Agreement; Authorization; Non-Contravention. This Agreement constitutes a legal, valid, and binding obligation of Buyer, enforceable against it in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting or relating to enforcement of creditors’ rights generally, and (b) general principles of equity. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized, approved, and ratified by all necessary action on the part of Buyer. Buyer has full authority to enter into and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby.
4.3Brokers, Finders. No finder, broker, agent, or other intermediary, acting on behalf of Buyer, is entitled to a commission, fee, or other compensation in connection with the negotiation or consummation of this Agreement or any of the transactions contemplated hereby.
4.4Buyer’s Investigation and Reliance. Buyer is a sophisticated purchaser and has made its own independent investigation, review, and analysis regarding the Business, the Purchased Assets, the Buyer Liabilities, and the transactions contemplated hereby, which investigation, review, and analysis were conducted by Buyer together with expert advisors, including legal counsel, that it has engaged for such purpose. Neither the Seller nor any of its Affiliates, directors, employees, or representatives has made any representation or warranty, express or implied, as to the accuracy or completeness of any information concerning the Business, the Purchased Assets, or the Buyer Liabilities contained herein or made available in connection with Buyer’s investigation of the foregoing, except as expressly set forth in ‎Article 3, and Seller and its Affiliates and representatives expressly disclaim any and all liability 

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that may be based on such information or errors therein or omissions therefrom. Buyer has not relied and is not relying on any statement, representation, or warranty, oral or written, express or implied (including any representation or warranty as to merchantability or fitness for a particular purpose), made by Seller or any of its Affiliates or representatives, except as expressly set forth in ‎Article 3.  
Article 5​
ADDITIONAL COVENANTS AND AGREEMENTS OF THE PARTIES
5.1Public Announcement. Buyer and Seller agree that, subject to the other party’s prior written approval, the other party is authorized to issue a press release with respect to the transactions contemplated hereby on the Closing Date. Nothing in this Section ‎5.1 shall prohibit Buyer, Seller or any of their Affiliates from disclosing the terms of this Agreement (a) to their respective current, former or prospective limited partners, investors, and lenders and their respective representatives, provided that the recipient of such information is subject to a customary confidentiality obligation, (b) in earnings releases or earnings calls or as otherwise advised by accountants, (c) as required by applicable Law or applicable securities exchange rules, or (d) to the extent previously properly disclosed pursuant to this Section ‎5.1.
5.2No Successor in Interest. Seller acknowledges and agrees that Buyer shall not be a successor in interest to Seller or any Affiliate of Seller. Seller covenants that it will not claim that Buyer is a successor in interest in it or any of its Affiliates, and should a third party claim that Buyer is a successor in interest to Seller or any of its Affiliates, then Seller will take all necessary steps to show that Buyer is not a successor in interest to Seller or any of its Affiliates.
5.3Further Assurances; Cooperation.
(a)From and after the Closing, the Parties shall perform such acts and execute such documents and instruments as may be reasonably required to make effective the transactions contemplated hereby. On or after the Closing Date, the Parties shall, on request, cooperate with one another by furnishing any additional information, executing and delivering any additional documents and instruments, including assignments, and doing any and all such other things as may be reasonably required by the Parties or their counsel to consummate or otherwise implement the transactions contemplated by this Agreement. Seller agrees, as soon as practical after Closing, to formulate recording the transfer of Purchased Trademarks and other Purchased Assets to Buyer. The costs of all such recordings and other post-Closing cooperation shall be borne one hundred percent by Buyer. 
(b)Subject to Section ‎2.1(d), Seller shall also provide reasonable cooperation to Buyer in coordinating to complete any maintenance fees, taxes or other filing requirements with respect to any registered or applied for Intellectual Property Assets falling due within six months after the Closing Date. In addition, for six months following the Closing Date, in the event any Intellectual Property Assets are subject to renewal prior to when such Intellectual Property Assets can be reasonably transferred to Buyer, Buyer will identify such Intellectual Property Assets for Seller, and Seller will renew such Intellectual Property Assets at Buyer’s expense, in each case subject to Section ‎2.1(d). Notwithstanding the foregoing, it is acknowledged and agreed that the time restriction in this Section 5.3(b) shall be inapplicable with respect to any Intellectual Property Asset for which recordation of the relevant Assignment document is in process but has yet to be completed.
5.4License and Covenant to Ensure Rights of Buyer. In the event that any court of competent jurisdiction finally determines that part of or all of the Intellectual Property Assets (including Purchased Trademarks, Patents, and Copyrights) or associated rights covered by this Agreement have not been assigned, in whole or in part, for any reason whatsoever (including, but not limited to, operation of Law), Seller hereby grants to Buyer a worldwide, royalty-free, fully paid-up, unlimited, exclusive license and right to all rights (including Purchased Trademarks, Patents, and Copyrights) in any part of the Intellectual Property Assets that is not assigned to Buyer, such that Buyer (along with its successors and assigns, and their customers) can deal with the Intellectual Property Assets as if it were the sole and exclusive owner.  Such license shall be non-exclusive, if an exclusive license is held by the court to be not permitted.  Seller further covenants not to make any claim whatsoever, or sue Buyer, its affiliates, successors or assigns, and their respective customers, on any rights (including Purchased Trademarks, Patents, and Copyrights) it has or has had in the Intellectual Property Assets. Seller covenants not to use the Purchased Trademarks or any Trademark confusingly similar thereto. For a period of five years after the Closing Date, Seller covenants not to 

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become involved, directly or indirectly, in the sale, offer to sale, promotion and/or manufacture of any wheeled footwear; provided, however, that (i) the foregoing shall not restrict Seller from continuing or extending any activity (other than the Business) in which Seller is engaged as of the Closing Date, including with respect to non-wheeled footwear, and (ii) nothing herein shall be construed as a waiver of any potential causes of action or remedies otherwise available to Buyer with respect to any Intellectual Property Rights.
5.5Assistance  on Intellectual Property Matters. Seller shall, subject to Section ‎2.1(d), provide Buyer with such assistance as may be reasonably required by Buyer, to obtain the Intellectual Property Assets.  Such assistance shall include consultation and execution of documents regarding the filing of any Intellectual Property Assets including, but not limited to, Patents, Purchased Trademarks and Copyrights. Seller shall, at Buyer’s request, introduce Buyer to Seller’s primary contacts at Red Points Solutions, S.L. and CPA Global.
5.6Allocation of Purchase Price. The parties have agreed that the Purchase Price should be collectively aggregated and deemed as a lump sum purchase covering all assets under the Asset Purchase Agreement with no Purchase Price allocation whatsoever.
5.7Termination of Existing Agreement. The parties agree that upon the Closing, the License Agreement between Buyer and Seller dated as of December 2012 (the “Existing License”) shall terminate effective as of the Closing Date, subject to survival provisions contained therein, including the survival of the indemnification obligations set forth in Section 22 of the Existing License. The Parties also agree that any royalties due to Seller under the License Agreement as of the Closing Date shall be remitted as follows: a) Royalty incurred January 1, 2021 through March 31, 2021 will be reported and paid on April 30, 2021, less any advance previously paid and b) Royalty incurred April 1, 2021 through the Closing Date will be reported and paid on July 30, 2021. Subject to rest of this Section ‎5.7, neither Party shall have any further obligations whatsoever with respect to the Existing License.
Article 6​
INDEMNIFICATION
6.1Survival of Representations and Warranties. All of the representations and warranties made by any Party in this Agreement or any certificates or documents delivered hereunder shall survive the Closing for a period of 12 months after the Closing Date. No Indemnified Party shall be entitled to indemnification for breach of any representation and warranty unless a notice of claim of such breach has been given to the Indemnifying Party within the period of survival of such representation and warranty as set forth herein. The covenants and agreements of the Seller and the Buyer contained in ‎Article 5 shall terminate on the Closing, except for those covenants and agreements that by their terms contemplate performance in whole or in part after the Closing, which shall survive until fully performed. The foregoing survival periods are in lieu of, and the Parties expressly waive, any otherwise applicable statute of limitations, whether arising at law or in equity.
6.2Indemnification by Seller. Subject to the terms and conditions of this Article 6, Seller shall indemnify and hold harmless Buyer and its Affiliates, directors, officers, members, partners, employees, successors, assigns, representatives, and agents of each of them in their capacities as such (collectively, the “Buyer Indemnified Persons”), from and against any and all actual losses, monetary damages, liabilities, fines, fees, penalties, expenses or costs (“Losses”), plus reasonable attorneys’ fees and expenses, including court costs and expert witness fees and costs, incurred in connection with Losses and/or enforcement of this Agreement (in all, “Indemnified Losses”) incurred by any of them to the extent directly resulting from or arising out of:
(a)any breach of any representation or warranty made by Seller contained in ‎Article 3; 
(b)any breach of any covenant or agreement by Seller contained in this Agreement; and
(c)the Excluded Liabilities.
6.3Indemnification by Buyer. Subject to the terms and conditions of this Section ‎6.3, Buyer shall indemnify and hold harmless Seller and its Affiliates, directors, officers, partners, employees, successors, assigns, representatives, and agents in their capacities as such (the “Seller Indemnified Persons”) from and against any and all Indemnified Losses incurred by any of them, to the extent directly resulting from or arising out of:

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(a)any breach of any representation or warranty made by Buyer contained in ‎Article 4;
(b)any obligation or liability assumed by Buyer under any Contracts; 
(c)any breach of any covenant or agreement by Buyer contained in this Agreement; and
(d)the Buyer Liabilities.
6.4Notice of Claim. In the event that Buyer seeks indemnification on behalf of a Buyer Indemnified Person, or Seller seeks indemnification on behalf of a Seller Indemnified Person, such Party seeking indemnification (the “Indemnified Party”) shall give reasonably prompt written notice to the indemnifying Party (the “Indemnifying Party”) specifying the facts constituting the basis for such claim and the amount, to the extent known, of the claim asserted; provided, however, that the right of a Person to be indemnified hereunder shall not be adversely affected by a failure to give such notice unless, and then only to the extent that, an Indemnifying Party is actually irrevocably and materially prejudiced thereby. Subject to the terms hereof, the Indemnifying Party shall pay the amount of any valid claim not more than ten (10) days after the Indemnified Party provides notice to the Indemnifying Party of such amount.
6.5Right to Contest Claims of Third Persons. If an Indemnified Party is entitled to indemnification hereunder because of a claim asserted by any claimant (other than an indemnified person hereunder) (“Third Person”), the Indemnified Party shall give the Indemnifying Party reasonably prompt notice thereof after such assertion is actually known to the Indemnified Party; provided, however, that the right of a Person to be indemnified hereunder in respect of claims made by a Third Person shall not be adversely affected by a failure to give such notice unless, and then only to the extent that, an Indemnifying Party is actually irrevocably and materially prejudiced thereby. The Indemnifying Party shall have the right, upon written notice to the Indemnified Party, and using counsel reasonably satisfactory to the Indemnified Party, to investigate, contest, assume the defense of, or settle the claim alleged by such Third Person (a “Third Person Claim”), provided that, except with the written consent of the Indemnified Party, which consent shall not be unreasonably withheld, the Indemnifying Party shall not consent to entry of any judgment or enter into any settlement (i) that would lead to liability or create any other obligation (whether monetary or otherwise) on the part of the Indemnified Party, or (ii) that requires an admission of wrongdoing on the part of the Indemnified Party, or (iii) that does not include as an unconditional term thereof the giving by each Third Person claimant to the Indemnified Party of a release from all liability with respect to such Third Person Claim. The Indemnified Party may thereafter participate in (but not control) the defense of any such Third Person Claim with its own counsel at its own expense, unless separate representation is necessary to avoid a conflict of interest, in which case such representation shall be at the expense of the Indemnifying Party. If the Indemnifying Party declines in writing to the Indemnified Party to investigate, contest, assume the defense of, or settle the Third Person Claim, (a) the Indemnified Party may defend against such claim using counsel of its choice, in such manner as it may reasonably deem appropriate, including, but not limited to, settling such claim, after giving notice of the same to the Indemnifying Party, on such terms as the Indemnified Party may reasonably deem appropriate, and (b) the Indemnifying Party may participate in (but not control) the defense of such action, with its own counsel at its own expense. The Parties shall make available to each other all relevant information in their possession relating to any such Third Person Claim and shall cooperate in the defense thereof. If the Indemnifying Party assumes the defense of any Third Person Claim, the Indemnified Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party all witnesses, pertinent records, materials, and information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. If the Indemnifying Party assumes the defense of any Third Person Claim, the Indemnified Party shall agree to any settlement, compromise or discharge of such Third Person Claim that the Indemnifying Party may recommend and that by its terms obligates the Indemnifying Party to pay the full amount of the liability in connection with such Third Person Claim, and which releases the Indemnified Party completely in connection with such Third Person Claim. Whether or not the Indemnifying Party assumes the defense of a Third Person Claim, the Indemnified Party shall not admit any liability with respect to, or settle, compromise or discharge, or offer to settle, compromise, or discharge, such Third Person Claim without the Indemnifying Party’s prior written consent.
6.6Limits on Indemnification. Notwithstanding anything to the contrary contained in this Agreement:

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(a)the maximum aggregate amount of indemnifiable Losses that may be recovered from Seller by Buyer Indemnified Persons pursuant to Section ‎6.2 shall be $750,000;
(b)Seller shall not be liable to any Buyer Indemnified Person for any claim for indemnification unless and until the aggregate amount of indemnifiable Losses that may be recovered from the Seller equals or exceeds $50,000 (the “Basket Amount”), in which case the Seller shall be liable only for the Losses in excess of the Basket Amount;
(c)no Party shall have any liability under any provision of this Agreement for any punitive, incidental, consequential, special, or indirect damages, including business interruption, diminution of value, loss of future revenue, profits, income, or loss of business reputation or opportunity relating to the breach or alleged breach of this Agreement and, in particular, no “multiple of profits” or “multiple of cash flow” or other valuation methodology will be used in calculating the amount of any Losses; regardless of the legal theory under which such liability or obligation may be sought to be imposed, whether sounding in contract or tort, or whether at law or in equity, or otherwise;
(d)no party shall have a right to make a claim for any Loss for contingent or inchoate claims and may claim only for a Loss that has, in fact, been paid or incurred; and
(e)in the event Buyer proceeds with the Closing notwithstanding knowledge by Buyer or any Affiliate of Buyer at or prior to the Closing of any breach by Seller of any representation, warranty or covenant in this Agreement, no Buyer Indemnified Person shall have any claim or recourse against Seller or any of its Affiliates with respect to such breach, under this ‎Article 6 or otherwise.
6.7Exclusivity. Except as specifically set forth in this Agreement, effective as of the Closing, Buyer, on behalf of itself and the other Buyer Indemnified Persons, waives any rights and claims any Buyer Indemnified Person may have against Seller, regardless of the Law or legal theory under which such liability or obligation may be sought to be imposed, whether at law, in equity, contract, tort or otherwise, relating to the Business and/or the transactions contemplated hereby. The rights and claims waived by Buyer, on behalf of itself and the other Buyer Indemnified Persons, include, without limitation, to the fullest extent permitted under applicable Law, claims for contribution or other rights of recovery arising out of or relating to any Law, claims for breach of contract, for breach (negligent or otherwise) of representation or warranty, and claims for breach of duty. After the Closing, this ‎Article 6 will provide the exclusive remedy against Seller for any breach of any representation, warranty, covenant or other claim arising out of or relating to this Agreement and/or the transactions contemplated hereby.
Article 7​
MISCELLANEOUS PROVISIONS
7.1Notice. All notices, requests, demands, and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) upon receipt when delivered by electronic mail, (c) on the next Business Day when sent by overnight courier, or (d) on the second succeeding Business Day when sent by registered or certified mail (postage prepaid, return receipt requested), to the respective Parties at the following addresses (or at such other address for a Party as shall be specified by like notice):
		If to Buyer:
	BBC International LLC
Tel: 561-417-7474
Fax: 561-416-8308
Attn: Josue Solano
E-mail: jsolano@bbcint.com

		With a copy to:
	Sarah T. Zampino, Esq.
515 Madison Ave., 35th Floor
New York, NY 10022
Tel: 212-808-4600
​

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Fax: 212-808-5300
E-mail: sarah@zampinolaw.com
		If to Seller:
	Heeling Sports Limited
c/o Sequential Brands Group, Inc.

601 W. 26th Street
Suite 900
New York, NY 10001
Attention: Eric Gul
Email: EGul@sbg-ny.com
		With a copy to:
	Gibson, Dunn & Crutcher LLP
200 Park Avenue
New York, NY 10166-0193
Attention: Saee Muzumdar
E-mail: smuzumdar@gibsondunn.com

7.2Entire Agreement. This Agreement and the Schedules and Exhibits hereto embody the entire agreement and understanding of the Parties hereto with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements and understandings relative to such subject matter.
7.3Amendment and Modification. To the extent permitted by applicable Law, this Agreement shall be amended, modified or supplemented only by a written agreement between Buyer and Seller.
7.4Assignment; Binding Agreement. This Agreement and various rights and obligations arising hereunder shall inure to the benefit of, and be binding upon, the Parties hereto and their successors, and permitted assigns. Neither this Agreement nor any of the rights, interests, or obligations hereunder shall be transferred, delegated, or assigned (by operation of Law or otherwise), by the Parties hereto without the prior written consent of the other Party, except that Buyer shall have the right to transfer and assign any or all of its rights and obligations hereunder to any entity which at the time of such transfer and assignment is controlled by Buyer or by an Affiliate(s) of Buyer provided that Buyer shall not be relieved of its obligations hereunder.
7.5Waiver of Compliance; Consents. Any failure of Seller, on the one hand, or Buyer, on the other hand, to comply with any obligation, covenant, agreement, or condition herein may be waived by Buyer, on the one hand, or Seller, on the other hand, only by a written instrument signed by the Party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement, or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Whenever this Agreement requires or permits consent by or on behalf of any Party hereto, such consent shall be given in writing in a manner consistent with the requirements for a waiver of compliance as set forth in this Section ‎7.5.
7.6Expenses. All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs or expenses.
7.7Bulk Sales. Buyer hereby waives compliance with any statutory provisions governing bulk sales. Buyer agrees to indemnify, defend, and hold harmless Seller from any and all loss, cost, or expenses, resulting from the assertion of claims made against the Purchased Assets sold hereunder or against any Person under any bulk sales Law, such indemnity to be in accordance with the provisions of ‎Article 6.
7.8Execution in Counterparts and Exchanges. This Agreement may be executed in multiple counterparts, and on separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument and exchanged by facsimile or e-mail, which will constitute an original and be legally binding on the Parties when one or more counterparts have been signed by each of the parties and delivered to the other party.

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7.9Severability. If any provision of this Agreement shall be determined to be contrary to Law and unenforceable by any court of Law, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party, and this Agreement shall be reformed, construed, and enforced as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.
7.10Remedies Cumulative. Except as otherwise provided herein, all rights and remedies of the Parties under this Agreement are cumulative and without prejudice to any other rights or remedies under Law. Nothing contained herein shall be construed as limiting the Parties’ rights to redress for fraud.
7.11Governing Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of New York, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of New York.
7.12Submission to Jurisdiction. Each of the Parties irrevocably agrees that any legal action or proceeding with respect to this Agreement or for recognition and enforcement of any judgment in respect hereof brought by a Party hereto or its affiliates, successors or assigns may be brought and determined without a jury in any federal or state court located in the in the Borough of Manhattan in New York, New York. Each of the Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Parties hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim, or otherwise, in any action or proceeding with respect to this Agreement, (a) any claim that a Party is not personally subject to the jurisdiction of the above named court for any reason other than the failure to serve process in accordance with this Section ‎7.12; (b) that its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such court (whether through judgment or otherwise), and (c) to the fullest extent permitted by applicable Law that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper, and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such court. Each Party hereto waives all personal service of any and all process upon such Party related to this Agreement and consents that all service of process upon such Party shall be made by hand delivery, certified mail, confirmed telecopy, or e-mail directed to such Party at the address specified in Section ‎7.1 hereof or any other method of service allowed by a court in the jurisdiction of New York; and service made by certified mail shall be complete seven days after the same shall have been posted.
7.13Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
7.14No Third Party Beneficiaries or Other Rights. Nothing herein shall grant to or create in any Person not a Party hereto, or any such Person’s dependents, heirs, successors, or assigns, any right to any benefits hereunder, and no such party shall be entitled to sue any Party to this Agreement with respect thereto. The representations and warranties contained in this Agreement are made for purposes of this Agreement only and shall not be construed to confer any additional rights on the Parties under any applicable Government’s securities Laws.
7.15Headings; Interpretation. The article and section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. Each reference in this Agreement to an Article, Section, Schedule or Exhibit, unless otherwise indicated, shall mean an Article or a Section of this Agreement or a Schedule or Exhibit attached to this Agreement, respectively. Unless the context of this Agreement otherwise requires, (a) words of any gender include each other gender; (b) words using the singular or plural number also include the plural or singular number, respectively; (c) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement; (d) the terms “include,” “includes,” “including,” and derivative or similar words shall be construed to be followed by the phrase “without limitation”; and (e) references herein to “days” are to consecutive calendar days unless Business Days are specified. All accounting terms used herein and not expressly defined herein shall have the meanings given to them under generally accepted accounting principles. Both Parties have participated substantially in the negotiation and drafting of this Agreement and agree 

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that no ambiguity herein should be construed against the draftsman. The Schedules shall be arranged in separate pages corresponding to the numbered and lettered sections, and the disclosure in any Schedule shall be deemed to relate to and to qualify only the particular representation or warranty set forth in the corresponding numbered or lettered Schedule, and not any other representation or warranty (unless an express and specific reference to any other Schedule which clearly identifies the particular item being referred is set forth therein).
[Signature pages follow.]
​
​

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IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement to be executed as of the date first above written.
BBC INTERNATIONAL LLC “BUYER”
By:/s/ Josue Solano​ ​
Name:Josue Solano​ ​
Title:CEO​ ​
​
HEELING SPORTS LIMITED “SELLER”
By:/s/ Lorraine DiSanto​ ​
Name:Lorraine DiSanto
Title:Chief Financial Officer
​
​

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Exhibit A-1
TRADEMARK ASSIGNMENT AGREEMENT
​
This TRADEMARK ASSIGNMENT (this “Assignment”) is made and entered into as of April 21, 2021 (the “Effective Date”) by and between Heeling Sports Limited, a Delaware corporation (“Assignor”), and BBC International LLC, a Florida limited liability company (“Assignee”). Assignor and Assignee are individually referred to herein as a “Party,” and collectively as the “Parties.”
​
WHEREAS, Assignor and Assignee have entered into the Sale and Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”); 
​
WHEREAS, capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Purchase Agreement; 
​
WHEREAS, in connection with the Purchase Agreement, Assignor has agreed to transfer to Assignee, among other things, all right, title and interest of Assignor in and to the Purchased Trademarks set forth on Attachment 1 hereto (together with all goodwill associated therewith and symbolized thereby in each case) (collectively, the “Assigned Trademarks”); and
​
WHEREAS, Assignee wishes to acquire all of Assignor’s right, title and interest in and to the Assigned Trademarks, and Assignor wishes to assign such right, title and interest in and to such Assigned Trademarks to Assignee.
​
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending legally to be bound, hereby agree as follows:  
​
1.Transfer of Assigned Trademarks. Assignor does hereby irrevocably sell, transfer, convey, assign and deliver to Assignee and its successors and assigns, and Assignee does hereby unconditionally accept:  (a) all of Assignor’s right, title and interest in and to the Assigned Trademarks; (b) all licenses and similar contractual rights or permissions, whether exclusive or nonexclusive, to the extent such licenses, rights or permissions are (i) granted in respect of any of the Assigned Trademarks and (ii) sublicenseable or assignable; (c) all royalties, fees, income, payments, and other proceeds due from and after the Closing Date or payable to the Assignor with respect to any of the foregoing; (d) other rights accruing under the Assigned Trademarks or pertaining thereto Assignee’s own use and enjoyment, and for the use and enjoyment of Assignee’s successors and assigns, as fully and entirely as the same would have been held and enjoyed by Assignor if this Assignment had not been made, including, all claims, causes of action and enforcement rights with respect to the Assigned Trademarks, including all rights to damages, injunctive relief and other remedies for past, current and future infringement of the Assigned Trademarks; and (e) all other rights, privileges, protections or obligations, liabilities and responsibilities of any kind whatsoever of Assignor accruing under any of the foregoing as of the date hereof or hereafter.  
2.Further Assurances. Assignor covenants and agrees that, at any time and from time to time upon the request of Assignee, at Assignee’s expense, Assignor shall provide any further necessary documentation and do all further acts reasonably requested by Assignee to confirm and perfect title in and to the Assigned Trademarks in Assignee, its successors and assigns.
3.Recordation. Assignor authorizes the Commissioner for Trademarks of the United States Patent and Trademark Office and any other Government authority to record and register this Assignment upon request by Assignee.
4.Entire Agreement. This Assignment, and the Purchase Agreement, reflect the entire understanding of the Parties relating to the sale, assignment, transfer, conveyance and delivery of the Assigned Trademarks from Assignor to Assignee, and supersedes all prior agreements, understandings or letters of intent between or among the Parties regarding the subject matter of this Assignment and the Purchase Agreement.

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5.Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.  
6.Governing Law and Venue. This Assignment shall be interpreted, construed, governed and enforced in all respects in accordance with the laws of the State of New York of the United States of America, without giving effect to its conflicts of laws provisions. Neither Party shall commence or prosecute any action, suit, or claim arising under or by reason of this Assignment other than in the state or federal courts located in the Borough of Manhattan in New York, New York. The Parties irrevocably consent to the jurisdiction and venue of the courts identified in the preceding sentence in connection with any action, suit, proceeding, or claim arising under or by reason of this Assignment.
7.Counterparts. This Agreement may be executed in multiple counterparts, and on separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument and exchanged by facsimile or e-mail, which will constitute an original and be legally binding on the Parties when one or more counterparts have been signed by each of the parties and delivered to the other party.
8.Purchase Agreement Shall Control. Nothing in this Assignment shall change, amend, limit, extend or alter (nor shall it be deemed or construed as changing, amending, extending or altering) the terms or conditions of the Purchase Agreement or any liability or obligation of Assignor or Assignee arising under the Purchase Agreement, which shall govern the representations, warranties and obligations of the Parties with respect to the Assigned Trademarks. In the event that any of the provisions of this Assignment are determined to conflict with the terms of the Purchase Agreement, the terms of the Purchase Agreement shall control.

​
[Signature page follows.]

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IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement to be executed as of the date first above written.
ASSIGNOR:
HEELING SPORTS LIMITED 
By:/s/ Lorraine DiSanto​ ​
Name:Lorraine DiSanto
Title:Chief Financial Officer
ASSIGNEE:
BBC INTERNATIONAL LLC
By:/s/ Josue Solano​ ​
Name:Josue Solano​ ​
Title:CEO​ ​
​
​
​

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Exhibit A-2
COPYRIGHT ASSIGNMENT AGREEMENT
​
This COPYRIGHT ASSIGNMENT (this “Assignment”) is made and entered into as of April 21, 2021 (the “Effective Date”) by and between Heeling Sports Limited, a Delaware corporation (“Assignor”), and BBC International LLC, a Florida limited liability company (“Assignee”). Assignor and Assignee are individually referred to herein as a “Party,” and collectively as the “Parties.”
​
WHEREAS, Assignor and Assignee have entered into the Sale and Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”); 
​
WHEREAS, capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Purchase Agreement; 
​
WHEREAS, in connection with the Purchase Agreement, Assignor has agreed to transfer to Assignee, among other things, all right, title and interest of Assignor in and to the Copyrights set forth on Attachment 1 hereto (collectively, the “Assigned Copyrights”); and
​
WHEREAS, Assignee wishes to acquire all of Assignor’s right, title and interest in and to the Assigned Copyrights, and Assignor wishes to assign such right, title and interest in and to such Assigned Copyrights to Assignee.
​
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending legally to be bound, hereby agree as follows:  
​
1.Transfer of Assigned Copyrights. Assignor does hereby irrevocably sell, transfer, convey, assign and deliver to Assignee and its successors and assigns, and Assignee does hereby unconditionally accept:  (a) all of Assignor’s right, title and interest in and to the Assigned Copyrights; (b) all licenses and similar contractual rights or permissions, whether exclusive or nonexclusive, to the extent such licenses, rights or permissions are (i) granted in respect of any of the Assigned Copyrights and (ii) sublicenseable or assignable; (c) all royalties, fees, income, payments, and other proceeds due from and after the Closing Date or payable to the Assignor with respect to any of the foregoing; (d) other rights accruing under the Assigned Copyrights or pertaining thereto Assignee’s own use and enjoyment, and for the use and enjoyment of Assignee’s successors and assigns, as fully and entirely as the same would have been held and enjoyed by Assignor if this Assignment had not been made, including, all claims, causes of action and enforcement rights with respect to the Assigned Copyrights , including all rights to damages, injunctive relief and other remedies for past, current and future infringement of the Assigned Copyrights ; and (e) all other rights, privileges, protections or obligations, liabilities and responsibilities of any kind whatsoever of Assignor accruing under any of the foregoing as of the date hereof or hereafter.  
2.Further Assurances. Assignor covenants and agrees that, at any time and from time to time upon the request of Assignee, at Assignee’s expense, Assignor shall provide any further necessary documentation and do all further acts reasonably requested by Assignee to confirm and perfect title in and to the Assigned Copyrights in Assignee, its successors and assigns.
3.Entire Agreement. This Assignment, and the Purchase Agreement, reflect the entire understanding of the Parties relating to the sale, assignment, transfer, conveyance and delivery of the Assigned Copyrights from Assignor to Assignee, and supersedes all prior agreements, understandings or letters of intent between or among the Parties regarding the subject matter of this Assignment and the Purchase Agreement.
4.Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.  
5.Governing Law and Venue. This Assignment shall be interpreted, construed, governed and enforced in all respects in accordance with the laws of the State of New York of the United States of America, without giving effect to its conflicts of laws provisions. Neither Party shall commence or prosecute any action, suit, or claim arising 

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under or by reason of this Assignment other than in the state or federal courts located in the Borough of Manhattan in New York, New York. The Parties irrevocably consent to the jurisdiction and venue of the courts identified in the preceding sentence in connection with any action, suit, proceeding, or claim arising under or by reason of this Assignment.
6.Counterparts. This Agreement may be executed in multiple counterparts, and on separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument and exchanged by facsimile or e-mail, which will constitute an original and be legally binding on the Parties when one or more counterparts have been signed by each of the parties and delivered to the other party.
7.Purchase Agreement Shall Control. Nothing in this Assignment shall change, amend, limit, extend or alter (nor shall it be deemed or construed as changing, amending, extending or altering) the terms or conditions of the Purchase Agreement or any liability or obligation of Assignor or Assignee arising under the Purchase Agreement, which shall govern the representations, warranties and obligations of the Parties with respect to the Assigned Copyrights. In the event that any of the provisions of this Assignment are determined to conflict with the terms of the Purchase Agreement, the terms of the Purchase Agreement shall control.

​
[Signature page follows.]

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IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement to be executed as of the date first above written.
ASSIGNOR:
HEELING SPORTS LIMITED 
By:/s/ Lorraine DiSanto​ ​
Name:Lorraine DiSanto
Title:Chief Financial Officer
ASSIGNEE:
BBC INTERNATIONAL LLC
By:/s/ Josue Solano​ ​
Name:Josue Solano​ ​
Title:CEO​ ​
​
​
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Exhibit A-3
PATENT ASSIGNMENT AGREEMENT
​
This PATENT ASSIGNMENT (this “Assignment”) is made and entered into as of April 21, 2021 (the “Effective Date”) by and between Heeling Sports Limited, a Delaware corporation (“Assignor”), and BBC International LLC, a Florida limited liability company (“Assignee”). Assignor and Assignee are individually referred to herein as a “Party,” and collectively as the “Parties.”
​
WHEREAS, Assignor and Assignee have entered into the Sale and Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”); 
​
WHEREAS, capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Purchase Agreement; 
​
WHEREAS, in connection with the Purchase Agreement, Assignor has agreed to transfer to Assignee, among other things, all right, title and interest of Assignor in and to the Listed Patents set forth on Attachment 1 hereto (together with all related continuations, continuations-in-part, divisionals, reissues, re-examinations, substitutions, and extensions thereof, and all benefits, privileges, causes of action, and remedies relating thereto throughout the world) (collectively, the “Assigned Patents”); and
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WHEREAS, Assignee wishes to acquire all of Assignor’s right, title and interest in and to the Assigned Patents, and Assignor wishes to assign such right, title and interest in and to such Assigned Patents to Assignee.
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NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending legally to be bound, hereby agree as follows:  
​
1.Transfer of Assigned Patents. Assignor hereby irrevocably sells, assigns, transfers, conveys and delivers to Assignee all right, title and interest in and to the Assigned Patents, to be held and enjoyed by Assignee to the full end of the term for which said letters patent may be granted, as fully and entirely as the same would have been held and enjoyed by Assignor had this assignment and sale not been made; and Assignor hereby assigns to Assignee all past present and future claims and causes of action, and all rights to sue and collect damages for infringement, including past, present and future infringement, if any, of any Assigned Patents or any patent based upon or claiming priority to any such Assigned Patents, along with any and all royalties, fees, income, payments, and other proceeds now or hereafter due or payable with respect to any and all of the foregoing.  
2.Further Assurances. Assignor covenants and agrees that, at any time and from time to time upon the request of Assignee, at Assignee’s expense, Assignor shall provide any further necessary documentation and do all further acts reasonably requested by Assignee to confirm and perfect title in and to the Assigned Patents in Assignee, its successors and assigns.
3.Recordation. Assignor authorizes the Commissioner for Trademarks of the United States Patent and Trademark Office and any other Government authority to record and register this Assignment upon request by Assignee.
4.Entire Agreement. This Assignment, and the Purchase Agreement, reflect the entire understanding of the Parties relating to the sale, assignment, transfer, conveyance and delivery of the Assigned Patents from Assignor to Assignee, and supersedes all prior agreements, understandings or letters of intent between or among the Parties regarding the subject matter of this Assignment and the Purchase Agreement.
5.Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.  

1
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6.Governing Law and Venue. This Assignment shall be interpreted, construed, governed and enforced in all respects in accordance with the laws of the State of New York of the United States of America, without giving effect to its conflicts of laws provisions. Neither Party shall commence or prosecute any action, suit, or claim arising under or by reason of this Assignment other than in the state or federal courts located in the Borough of Manhattan in New York, New York. The Parties irrevocably consent to the jurisdiction and venue of the courts identified in the preceding sentence in connection with any action, suit, proceeding, or claim arising under or by reason of this Assignment.
7.Counterparts. This Agreement may be executed in multiple counterparts, and on separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument and exchanged by facsimile or e-mail, which will constitute an original and be legally binding on the Parties when one or more counterparts have been signed by each of the parties and delivered to the other party.
8.Purchase Agreement Shall Control. Nothing in this Assignment shall change, amend, limit, extend or alter (nor shall it be deemed or construed as changing, amending, extending or altering) the terms or conditions of the Purchase Agreement or any liability or obligation of Assignor or Assignee arising under the Purchase Agreement, which shall govern the representations, warranties and obligations of the Parties with respect to the Assigned Patents. In the event that any of the provisions of this Assignment are determined to conflict with the terms of the Purchase Agreement, the terms of the Purchase Agreement shall control.

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[Signature page follows.]

2
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IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement to be executed as of the date first above written.
ASSIGNOR:
HEELING SPORTS LIMITED 
By:/s/ Lorraine DiSanto​ ​
Name:Lorraine DiSanto
Title:Chief Financial Officer
ASSIGNEE:
BBC INTERNATIONAL LLC
By:/s/ Josue Solano​ ​
Name:Josue Solano​ ​
Title:CEO​ ​
​
​
​
​

​

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Exhibit B
ASSIGNMENT AND ASSUMPTION AGREEMENT
​
This ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment and Assumption”) is made and entered into as of April 21, 2021 (the “Effective Date”) by and between Heeling Sports Limited, a Delaware corporation (“Assignor”), and BBC International LLC, a Florida limited liability company (“Assignee”). Assignor and Assignee are individually referred to herein as a “Party,” and collectively as the “Parties.”
​
WHEREAS, Assignor and Assignee have entered into the Sale and Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”); 
​
WHEREAS, capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Purchase Agreement; 
​
WHEREAS, the Purchase Agreement provides for, among other things, the assignment and assumption of the Transferred Contracts from Assignor to Assignee; and
​
WHEREAS, Assignor has agreed to assign to the Assignee, and Assignee has agreed to assume, all of Assignor’s rights and obligations under the Transferred Contracts.
​
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending legally to be bound, hereby agree as follows:  
​
1.Assignment. Assignor hereby assigns unto Assignee, without recourse to Assignor, all of Assignor’s rights and obligations under the Transferred Contracts. Assignor hereby irrevocably delegates, without recourse by Assignee to Assignor, any and all duties, obligations, responsibilities, claims, demands and other commitments in connection with the Transferred Contracts, as applicable, unto Assignee.  
2.Assumption. Assignee hereby irrevocably assumes all of Assignor’s rights and obligations under the Transferred Contracts and from the date hereof agrees to perform and be bound by all the terms, conditions and covenants of and assume the duties, liabilities and obligations of the Assignor under the Transferred Contracts.
3.Entire Agreement. This Assignment and Assumption, and the Purchase Agreement, reflect the entire understanding of the Parties relating to the sale, assignment, transfer, conveyance and delivery of the Transferred Contracts from Assignor to Assignee, and supersedes all prior agreements, understandings or letters of intent between or among the Parties regarding the subject matter of this Assignment and Assumption and the Purchase Agreement.
4.Successors and Assigns. This Assignment and Assumption shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.  
5.Governing Law and Venue. This Assignment and Assumption shall be interpreted, construed, governed and enforced in all respects in accordance with the laws of the State of New York of the United States of America, without giving effect to its conflicts of laws provisions. Neither Party shall commence or prosecute any action, suit, or claim arising under or by reason of this Assignment and Assumption other than in the state or federal courts located in the Borough of Manhattan in New York, New York, United States of America. The Parties irrevocably consent to the jurisdiction and venue of the courts identified in the preceding sentence in connection with any action, suit, proceeding, or claim arising under or by reason of this Assignment and Assumption.
6.Counterparts. This Assignment and Assumption may be executed in multiple counterparts, and on separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument and exchanged by facsimile or e-mail, which will constitute an original and be legally binding on the Parties when one or more counterparts have been signed by each of the parties and delivered to the other party.

1
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7.Purchase Agreement Shall Control. Nothing in this Assignment and Assumption shall change, amend, limit, extend or alter (nor shall it be deemed or construed as changing, amending, extending or altering) the terms or conditions of the Purchase Agreement or any liability or obligation of Assignor or Assignee arising under the Purchase Agreement, which shall govern the representations, warranties and obligations of the Parties with respect to the Transferred Contracts. In the event that any of the provisions of this Assignment and Assumption are determined to conflict with the terms of the Purchase Agreement, the terms of the Purchase Agreement shall control.

​
[Signature page follows.]

2
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IN WITNESS WHEREOF, each of the Parties hereto has caused this Assignment and Assumption to be executed as of the date first above written.
ASSIGNOR:
HEELING SPORTS LIMITED  
By:/s/ Lorraine DiSanto​ ​
Name:Lorraine DiSanto
Title:Chief Financial Officer
ASSIGNEE:
BBC INTERNATIONAL LLC
By:/s/ Josue Solano​ ​
Name:Josue Solano​ ​
Title:CEO​ ​

​

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