Document:

Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO. 2 TO

SEVENTH AMENDED AND RESTATED

RECEIVABLES PURCHASE AGREEMENT,

WAIVER

AND

REAFFIRMATION OF PERFORMANCE UNDERTAKINGS

 

This Amendment No. 2 to Seventh Amended and Restated Receivables Purchase Agreement, Waiver and Reaffirmation of Performance Undertakings (this “Amendment”) is entered into as of January 17, 2019, among Dairy Group Receivables, L.P., a Delaware limited partnership (“Dairy Group”), and Dairy Group Receivables II, L.P., a Delaware limited partnership (“Dairy Group II” and, together with Dairy Group, the “Sellers” and each, a “Seller”), each of the parties listed on the signature pages hereof as a Servicer (each, a “Servicer” and collectively, the “Servicers”), each of the parties listed on the signature pages hereof as a Financial Institution (each, a “Financial Institution” and collectively, the “Financial Institutions”), each of the parties listed on the signature pages hereof as a Company (each, a “Company” and collectively, the “Companies”), Coöperatieve Rabobank U.A., New York Branch, as Agent (the “Agent”), PNC Bank, National Association, as LC Bank, and Dean Foods Company, as Provider (“Provider”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Seventh Amended and Restated Receivables Purchase Agreement, dated as of March 26, 2015, among the Sellers, the Servicers, the Financial Institutions, the Companies, the LC Bank and the Agent, as amended by Amendment No. 1 to Seventh Amended and Restated Receivables Purchase Agreement and Reaffirmation of Performance Undertakings dated as of January 4, 2017 (as so amended, the “Existing Agreement,” and as further amended from time to time, the “Receivables Purchase Agreement”).

 

R E  C  I  T  A  L  S:

 

WHEREAS, the parties hereto wish to amend the Existing Agreement in certain other respects, upon and subject to the terms and conditions set forth in this Amendment;

 

WHEREAS, in connection with the Existing Agreement, Provider entered into each of (i) the Third Amended and Restated Dean Performance Undertaking Agreement, dated as of June 12, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Dean Performance Undertaking”), made by the Provider in favor of the Agent and Dairy Group II, and (ii) the Fourth Amended and Restated Performance Undertaking, dated as of June 12, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Suiza Performance Undertaking” and, together with the Dean Performance Undertaking, the “Performance Undertakings”, each, a “Performance Undertaking”), made by the Provider in favor of the Agent and Dairy Group;

 

WHEREAS, Provider desires to reaffirm its obligations under the Performance Undertakings after giving effect to the amendments and waivers set forth herein, all as more fully described herein.

 

 

NOW, THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.              Amendments to Receivables Purchase Agreement.  Subject to the terms and conditions set forth herein and upon satisfaction of the conditions precedent set forth in Section 4 hereof, the Receivables Purchase Agreement is hereby amended as follows:

 

(a)           Section 1.10(a)(i) of the Receivables Purchase Agreement is amended and restated as follows:

 

(i)            pursuant to, but without duplication of, Sections 2.3 and 2.4, from and after the Facility Termination Date, the amount necessary to cash collateralize the LC Participation Amount with respect to all outstanding Letters of Credit until the amount of cash collateral held in the LC Collateral Account equals 100% of the LC Participation Amount plus the amount of all LC Fees and all “LC Participant Fees” (as defined in the Fee Letter) to accrue thereon through the scheduled expiration of the related Letters of Credit, in each case, as reasonably estimated by the LC Bank;

 

Section 2.              Waivers. During the period from and including the date hereof to and including the Waiver Termination Date (as defined below), (a) no Potential Amortization Event or Amortization Event shall be deemed to arise or have arisen under the Receivables Purchase Agreement pursuant to Section 9.1(n) of the Receivables Purchase Agreement solely as a result of the Total Net Leverage Ratio as of the end of the fiscal quarter ended December 31, 2018 being greater than 4.25 to 1.00 and (b) no Potential Amortization Event or Amortization Event shall be deemed to arise or have arisen under the Receivables Purchase Agreement pursuant to Section 9.1(c) of the Receivables Purchase Agreement solely as a result of the Total Net Leverage Ratio as of the end of the fiscal quarter ended December 31, 2018 being greater than 4.25 to 1.00 and resulting in a default or event of default under and pursuant to the Dean Credit Agreement.

 

As used herein, “Waiver Termination Date” shall mean the earliest of (a) March 1, 2019, (b) the date, if any, on which any Seller Party breaches its obligations under this Amendment and (c) the date, if any, on which the Collateral Agent shall enter into a forbearance agreement with Dean Foods Company relating to (x) the Dean Credit Agreement and (y) the exercise of remedies with respect thereto.  For the avoidance of doubt, on the Waiver Termination Date the waivers set forth in this Amendment shall terminate and any actual Potential Amortization Event or Amortization Event previously waived shall be reinstated.

 

In order to induce the Required Purchasers to enter into this Amendment, (a) the Servicers agree that, upon written request from any Purchaser, the Servicers will prepare and deliver to the Agent and each Financial Institution a Weekly Report each Wednesday of each of week after the delivery of such request until the Waiver Termination Date, (b) the Seller Parties agree that the proceeds of any purchase or any issuance of any Letter of Credit under the Receivables Purchase Agreement will be used for corporate purposes, and (c) the Provider represents and warrants that there are no amounts outstanding under the Dean Credit Agreement 

 

 

and covenants that, after the date hereof, neither it nor any of its Subsidiaries will make any borrowing under the Dean Credit Agreement.

 

Section 3.              Reaffirmation of Performance Undertakings.  Provider acknowledges the amendments to the Receivables Purchase Agreement and the waivers effected hereby. Provider reaffirms, after giving effect to such amendments and waivers, that its obligations under each of the Performance Undertakings and each other Transaction Document to which it is a party continue in full force and effect and are hereby ratified, reaffirmed and confirmed.

 

Section 4.              Conditions to Effectiveness of Amendment.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”) upon the satisfaction of the following conditions precedent:

 

(a)           Amendment.  The Agent shall have received executed counterparts of this Amendment duly executed by each Seller, each Servicer, the Provider, the Agent and the Required Purchasers.

 

(b)           Fee. Each Financial Institution (or its designee) shall have received a non-refundable, fully-earned fee equal to (i) fifteen basis points (0.15%) multiplied by (ii) the Company Purchase Limits of the Companies in such Financial Institution’s Purchaser Group as of the date hereof.

 

(c)           Representations and Warranties.  As of the date hereof, after giving effect to this Amendment, all of the representations and warranties contained in the Receivables Purchase Agreement and in each other Transaction Document (except representations and warranties which relate to a specific date, which were true and correct as of such date) shall be true and correct as though made on and as of the date hereof (and by its execution hereof, each Seller Party shall be deemed to have represented and warranted such).

 

(f)            No Amortization Event or Potential Amortization Event.  As of the date hereof, after giving effect to this Amendment, no Amortization Event or Potential Amortization Event shall have occurred and be continuing (and by its execution hereof, each Seller Party shall be deemed to have represented and warranted such).

 

Section 5.              Miscellaneous.

 

(a)           Effect; Ratification.  The amendments and waivers set forth herein are effective solely for the purposes set forth herein and shall be limited precisely as written, and shall not be deemed to (i) be a consent to any amendment, waiver or modification of any other term or condition of the Receivables Purchase Agreement or of any other instrument or agreement referred to therein; or (ii) prejudice any right or remedy which the Companies, the Financial Institutions or the Agent may now have or may have in the future under or in connection with the Receivables Purchase Agreement or any other instrument or agreement referred to therein.  Each reference in the Receivables Purchase Agreement to “this Agreement,” “herein,” “hereof” and words of like import and each reference in the other Transaction Documents to the “Receivables Purchase Agreement” or to the “Purchase Agreement” or to the Receivables Purchase Agreement shall mean the Receivables Purchase 

 

 

Agreement, as modified hereby.  This Amendment shall be construed in connection with and as part of the Receivables Purchase Agreement and all terms, conditions, representations, warranties, covenants and agreements set forth in the Receivables Purchase Agreement and each other instrument or agreement referred to therein, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

 

(b)           Transaction Documents. This Amendment is a Transaction Document executed pursuant to the Receivables Purchase Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof.

 

(c)           Costs, Fees and Expenses.  Each Seller agrees to reimburse the Agent and the Purchasers upon demand for all costs, fees and expenses (including the reasonable fees and expenses of counsel to the Agent and the cost of affirming the rating of the Commercial Paper by independent financial rating agencies) incurred in connection with the preparation, execution and delivery of this Amendment.

 

(d)           Counterparts.  This Amendment may be executed in any number of counterparts, each such counterpart constituting an original and all of which when taken together shall constitute one and the same instrument.

 

(e)           Severability.  Any provision contained in this Amendment which is held to be inoperative, unenforceable or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable or invalid without affecting the remaining provisions of this Amendment in that jurisdiction or the operation, enforceability or validity of such provision in any other jurisdiction.

 

(f)            GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(Signature Pages Follow)

 

 

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

 

 

	
 
    	
DAIRY GROUP RECEIVABLES, L.P.,
    
	
 
    	
as Seller
    
	
 
    	
By: Dairy Group Receivables GP, LLC,
    
	
 
    	
Its: General Partner
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Edgar A. Deguia
    
	
 
    	
Name:
    	
Edgar A. Deguia
    
	
 
    	
Title:
    	
Vice President and Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DAIRY GROUP RECEIVABLES II, L.P.,
    
	
 
    	
as Seller
    
	
 
    	
By: Dairy Group Receivables GP II, LLC,
    
	
 
    	
Its: General Partner
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Edgar A. Deguia
    
	
 
    	
Name:
    	
Edgar A. Deguia
    
	
 
    	
Title:
    	
Vice President and Treasurer
    

 

[Signature Page to Amendment No.2 to Seventh Amended and Restated Receivables Purchase Agreement]

 

 

	
 
    	
NIEUW AMSTERDAM RECEIVABLES CORPORATION B.V., as a   Company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ A. Vink
    
	
 
    	
Name:
    	
A. Vink
    
	
 
    	
Title:
    	
Proxy holder
    
	
 
    	
 
    	
Intertrust   Management B.V.
    
	
 
    	
 
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ H.R.T. Kröner
    
	
 
    	
Name:
    	
H.R.T. Kröner
    
	
 
    	
Title:
    	
Proxy holder
    
				

 

 

	
 
    	
COÖPERATIEVE RABOBANK U.A., as a Financial Institution   and LC Participant
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eugene Van Esveld
    
	
 
    	
Name:
    	
Eugene Van Esveld
    
	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jop Vander Sluis
    
	
 
    	
Name:
    	
Jop Vander Sluis
    
	
 
    	
Title:
    	
Executive Director
    
	
 
    	
 
    
	
 
    	
COÖPERATIEVE RABOBANK U.A., New York Branch, as Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher Lew
    
	
 
    	
Name:
    	
Christopher Lew
    
	
 
    	
Title:
    	
Executive Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Stephen G. Adams
    
	
 
    	
Name:
    	
Stephen G. Adams
    
	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Amendment No.2 to Seventh Amended and Restated Receivables Purchase Agreement]

 

 

	
 
    	
SUNTRUST BANK, as a Financial Institution, LC   Participant and Company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Emily Shields
    
	
 
    	
Name:
    	
Emily Shields
    
	
 
    	
Title:
    	
First Vice President
    

 

[Signature Page to Amendment No.2 to Seventh Amended and Restated Receivables Purchase Agreement]

 

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION, as a Financial   Institution, LC Participant, Company and LC Bank
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Brown
    
	
 
    	
Name:
    	
Michael Brown
    
	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Amendment No.2 to Seventh Amended and Restated Receivables Purchase Agreement]

 

 

	
 
    	
FIFTH THIRD BANK, as a Financial Institution, a Company   and LC Participant
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Andrew D. Jones
    
	
 
    	
Name:
    	
Andrew D. Jones
    
	
 
    	
Title:
    	
Director
    

 

[Signature Page to Amendment No.2 to Seventh Amended and Restated Receivables Purchase Agreement]

 

 

	
 
    	
DEAN FOODS COMPANY, as a   Provider
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Edgar A. Deguia
    
	
 
    	
Name:
    	
Edgar A. Deguia
    
	
 
    	
Title:
    	
Vice President and Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DEAN DAIRY HOLDINGS, LLC, as   a Servicer
    
	
 
    	
SUIZA DAIRY GROUP, LLC, as a   Servicer
    
	
 
    	
ALTA-DENA CERTIFIED DAIRY,   LLC, as a Servicer
    
	
 
    	
BERKELEY FARMS, LLC, as a   Servicer
    
	
 
    	
COUNTRY FRESH, LLC, as a   Servicer
    
	
 
    	
DEAN EAST, LLC as a Servicer
    
	
 
    	
DEAN EAST II, LLC as a   Servicer
    
	
 
    	
DEAN FOODS NORTH CENTRAL,   LLC, as a Servicer
    
	
 
    	
DEAN FOODS OF WISCONSIN, LLC,   as a Servicer
    
	
 
    	
DEAN WEST, LLC, as a Servicer
    
	
 
    	
DEAN WEST II, LLC, as a   Servicer
    
	
 
    	
FRIENDLY’S ICE CREAM HOLDINGS   CORP., as a Servicer
    
	
 
    	
FRIENDLY’S MANUFACTURING AND RETAIL, LLC, as a Servicer
    
	
 
    	
GARELICK FARMS, LLC, as a Servicer
    
	
 
    	
LAND-O-SUN DAIRIES, LLC, as a   Servicer
    
	
 
    	
MAYFIELD DAIRY FARMS, LLC, as   a Servicer
    
	
 
    	
MIDWEST ICE CREAM COMPANY,   LLC, as a Servicer
    
	
 
    	
MODEL DAIRY, LLC, as a   Servicer
    
	
 
    	
REITER DAIRY, LLC, as a   Servicer
    
	
 
    	
SHENANDOAH’S PRIDE, LLC, as a   Servicer
    
	
 
    	
SOUTHERN FOODS GROUP, LLC, as   a Servicer
    
	
 
    	
TUSCAN/LEHIGH   DAIRIES, INC., as a Servicer
    
	
 
    	
VERIFINE DAIRY PRODUCTS OF SHEBOYGAN, LLC, as a   Servicer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Edgar A. Deguia
    
	
 
    	
Name:
    	
Edgar A. Deguia
    
	
 
    	
Title:
    	
Vice President and Treasurer
    

 

[Signature Page to Amendment No.2 to Seventh Amended and Restated Receivables Purchase Agreement]EXHIBIT
10.84

 

EXIT
Southeast/Southeast Ventures LLC./ProGreen/ProCon JV/Contel 

Exclusive
Real Estate Broker/Agent Agreement

 

This
Exclusive Real Estate Broker/Agent Agreement is made effective as of January 17, 2019, by and between ProGreen US/ProCon Baja
JV/Contel, of 2667 Camino del Rio South, Suite #312, San Diego, California 92108, and EXIT Southeast’s Marketing Group,
Southeast Ventures LLC., of 1000 Division Street, Nashville, Tennessee 37203. Services for this agreement will begin after the
due diligence period by both parties and will be effective March 1, 2019 when marketing structure is complete. Under the Agreement
Southeast Ventures LLC is appointed as the Company’s Exclusive agent for such purpose, subject to the terms and conditions
set forth in this Agreement

 

In
this Agreement, the party who is contracting to receive services shall be referred to as “PGUS”, and the Broker/Agent
party who will be providing the services shall be referred to as “EXIT”. The parties will be collectively referred
to as the Parties.

 

Seller
is the owner of certain property and the improvements therein known as Cielo Mar Baja, California Mexico, 5000 Acre property located
in the Bahia del Rosario (Bay of El Rosario) area, situated on 4.5 miles of Baja California Oceanfront Coast near Ensenada, Mexico.
(the land and the improvements being hereinafter collectively referred to as the “Real Property”).

 

In
consideration of the mutual promises and covenants herein contained, the Parties hereto agree as follows:

 

GRANT
OF RIGHTS. Seller hereby grants to Broker/Agent the exclusive right to sell Real Property described above and Seller hereby
appoints Broker/Agent as Sellers Exclusive agent for such purpose, subject to the terms and conditions set forth in this Agreement.
Seller, promptly after Broker/Agent’s request, shall deliver to Broker/Agent complete copies of any records and documents
relating to the Real Property in the possession of Seller.

 

DESCRIPTION
OF SERVICES. Seller shall refer to Broker/Agent all offers and inquiries, including those from outside brokers, or from principals
or from others, with respect to the Real Property and shall conduct through Broker/Agent all negotiations with respect to the
sale of the Real Property. Broker/Agent shall diligently investigate and develop such offers and inquiries and canvas, solicit
and otherwise employ its best efforts to bring about the sale of the Real Property and to that end Broker/Agent is authorized
to enlist the services of other real estate brokers. The Broker/Agent is obligated to report any price, which he may be
offered for said property, for the consideration or review beginning March 01, 2019 for contract term of 5 years with renewable
option at expiration of term March 01, 2024 at the discretion of the Seller.

 

    	 	 	 

    	 

    

 

Exception
to EXIT Agent exclusivity will only be allowed for onsite inquires, referrals, not linked to the direct marketing efforts from
any EXIT Agent whereas Cielo Mar Coordinator may keep the sale in house without compensation to EXIT Agent.

 

Beginning
on March 01, 2019, Broker/Agent will provide the above services including the following services (collectively, the “Services”)
in connection with the sale of the above described property: Exclusive International Sales and Marketing of Single Family/Multi-family
Condo/Resort Homes. Sales may also include commercial sales of retail, throughout the term of this agreement.

 

EXIT
has a vast background in marketing, advertising and negotiating the sale of real estate property throughout the US and Canada.
With an establish network of 800 EXIT office locations and 11,000 Realtors with a database of Buyers/Sellers/Investors we will
utilize our targeted marketing franchise wide through the direction of EXIT Corp International’s most successful Regional
Owners, Kenny Lynn and Stacy Strobl of EXIT Realty Southeast along with their Marketing Group Partners Kel Williams, Linda Byrd
and Alexa Bass of Southeast Ventures LLC.

 

EXIT
Southeast’s team will create a strategic marketing plan, to initiate pre-sales for the Cielo Mar Resort Development through
our technology based state of the art IDX Platform, print media, social media, radio/tv broadcast, database networking with buyer/investors
of our 11,000 highly skilled Realtors to campaign a launch of Cielo Mar Resort and Membership sales, connecting Buyers that long
for a high quality, affordable vacation destination within close proximity to the US and Canada.

 

PERFORMANCE
OF SERVICES. The manner in which the Services are to be performed and the specific hours to be worked by EXIT shall be determined
by EXIT Southeast/Southeast Ventures LLC. PGUS will rely on EXIT to work as many hours as may be reasonably necessary to fulfill
EXIT’s obligations under this Agreement.

 

Negotiation/Mediation/Arbitration
(All Inclusive)

 

If
a dispute arises out of, or in connection with this contract, and the parties do not resolve some or all of the dispute through
discussions then:

 

	 	1.	Either
    party may provide to the other written notice containing a request to negotiate. This notice shall be given promptly in order
    to prevent further damages resulting from delay and shall specify the issues in dispute.
	 	2.	If the parties do
    not resolve some or all of the issues in dispute within 30 days from the notice to commence negotiations, the parties agree
    to attempt to resolve those issues through mediation. 
	 	3.	The parties agree
    to jointly select a mediator. If they are unable to do so, then a mediator will be chosen, upon application by the parties,
    by the designated Dispute Resolution Company acceptable to both parties.
	 	4.	All information
    exchanged during the negotiation and mediation processes shall be regarded as “without prejudice” communications
    for the purposes of settlement negotiations and shall be treated as confidential by the parties and their representatives
    unless otherwise required by law. However, evidence that is independently admissible or discoverable shall not be rendered
    inadmissible or non-discoverable by virtue of its use during negotiation or mediation. 

 

    	 	 	 

    	 

    

 

	 	5.	The
    parties agree that the representatives selected to participate in the dispute resolution process will have the authority required
    to resolve the dispute, or will have a rapid means of obtaining the requisite authorization. 
	 	6.	The parties agree
    that they will each be responsible for the costs of their own legal counsel and personal travel. Fees and expenses of the
    mediator and all administrative costs of the mediation, such as the cost of a meeting room, if any, shall be borne equally
    by the parties.
	 	7.	If within 30 days
    of the appointment of the mediator, the parties do not resolve some or all of the issues in dispute, the parties shall submit
    those issues in dispute to binding arbitration pursuant to the Commercial Arbitration Act and Commercial Arbitration Code.

 

PAYMENT.
The Seller agrees to pay the Broker/Agent a commission of 5 percent which is an agreed upon reduced commission from the standard
6% US wide commission of EXIT offices, in consideration of this Exclusive Broker Agreement on the sale price of any sale or sales
made by the Agent of the properties mentioned above; and consummated as a result of said services; said commission to be deducted
from the cash payment made, respectively, for said properties. (4% of the Commission will be disbursed to the designated sales
office of origin within the 800 office’s throughout the US and Canada and 1% to Southeast Ventures LLC.)

 

The
Seller reserves the right to sell the above described property to anyone with whom he is now negotiating for sale of the said
property, and in event said property is sold as a result of said negotiations, the Agent shall not be entitled to commissions
upon sale or sales. It is further agreed that if, after the termination of this agreement the Seller shall sell said property,
which may not have been theretofore sold by the Agent, the said Agent shall be entitled to commissions upon said sale or sales,
provided said sale or sales are made to a party, or parties who have theretofore, and during the life of this contract, been actually
brought to and upon said property by the Agent, for the purpose of interesting them as purchasers of the same.

 

Nothing
in this Agreement shall be deemed to require Seller to accept an offer to purchase the Real Property, to sell the Real Property
or to keep the Real Property for sale during the term of this Agreement, and Seller may withdraw the Real Property at any time.
However, if the Agreement terminates prior to the sale of the property and during the life of the Agreement, the Seller was presented
with a bonafide offer to purchase at or above the agreed to list price approved by the Seller and the Seller fails to accept said
offer, the Agent will be entitled to the full commission percentage had the property been sold at the offered price.

 

EXPENSE
REIMBURSEMENT. Southeast Ventures LLC. shall pay all “out-of-pocket” expenses related to sales, marketing of any
type and shall not be entitled to reimbursement from PGUS.

 

TERM/TERMINATION.
This Agreement begins on March 01, 2019 and terminates at 11:59 p.m. local time on March 01, 2024. This agreement shall terminate
automatically upon completion by EXIT of the Services required by this Agreement. Renewal option will be based solely by the Seller
at the time on or before expiration.

 

    	 	 	 

    	 

    

 

RELATIONSHIP
OF PARTIES. It is understood by the parties that EXIT is an independent contractor franchise with respect to PGUS, and not
an employee of PGUS. PGUS will not provide fringe benefits, including health insurance benefits, paid vacation, or any other employee
benefit, for the benefit of EXIT.

 

Licensed
Agent Independent Contractor/Realtor. EXIT’s Realtor’s, if any, who perform services for PGUS under this
Agreement shall also be bound by the provisions of this Agreement. At the request of PGUS, EXIT shall provide adequate evidence
that such persons are Licensed Agent’s contracted with EXIT.

 

ASSIGNMENT.
EXIT’s obligations under this Agreement may not be assigned or transferred to any other person, firm, or corporation
without the prior written consent of PGUS.

 

CONFIDENTIALITY.
Agent agrees for itself, its successors, heirs and assigns to refrain from disclosing to any third party any information relating
to the Real Property that are valuable, special and unique and that need to be protected from improper disclosure.

 

In
consideration for the disclosure of the Information, Broker/Agent agrees that Broker/Agent will not at any time or in any manner,
either directly or indirectly, use any Information for Agent’s own benefit, or divulge, disclose, or communicate in any
manner any Information to any third party without the prior written consent of the Seller. Broker/Agent will protect the Information
and treat it as strictly confidential. A violation of this paragraph shall be a material violation of this Agreement.

 

CONFIDENTIALITY
AFTER TERMINATION. The confidentiality provisions of this Agreement shall remain in full force and effect after the termination
of this Agreement.

 

NOTICES.
All notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when delivered in
person or deposited in the United States mail, postage prepaid, addressed as follows:

 

IF
for PGUS:

 

ProGreen
US/ProCon Baja JV/Contel

Jan
Telander, CEO

2667
Camino del Rio South, Suite #312

San
Diego, California 92108

 

    	 	 	 

    	 

    

 

IF
for EXIT:

 

Southeast
Ventures LLC.

Kenny
Lynn, Stacy Strobl, Linda Byrd, Kel Williams, Alexa Bass

Member(s)

1000
Division Street

Nashville,
Tennessee 37203

 

Such
address may be changed from time to time by either party by providing written notice to the other in the manner set forth above.

 

ENTIRE
AGREEMENT. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any
other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties.

 

AMENDMENT.
This Agreement may be modified or amended if the amendment is made in writing and is signed by both parties.

 

SEVERABILITY.
If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall
continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that
by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed,
and enforced as so limited.

 

CAPTIONS.
The captions in this Agreement are for the purpose of convenience only, are not intended to be part of this Agreement and shall
not be deemed to modify, explain, enlarge or restrict any of its provisions.

 

EXCULPATION.
During the term of this Agreement, Broker/Agent shall look solely to the then interest of Seller in the Premises for the satisfaction
of any remedy of Agent for failure to perform any of Seller’s obligations under this Agreement or under any law and no officer,
director, employee or agent of Seller shall have any personal liability for any such failure.

 

WAIVER
OF CONTRACTUAL RIGHT. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver
or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Agreement.

 

APPLICABLE
LAW. This Agreement shall be governed by the laws of the State of Tennessee and the State of Baja California Norte Estado.

 

SIGNATURES.
This Agreement shall be signed by Jan Telander, CEO on behalf of PGUS and by Linda Byrd, Kenny Lynn, Stacy Strobl, Kel Williams,
Alexa Bass, Member’s on behalf of EXIT Southeast Ventures LLC.

 

    	 	 	 

    	 

    

 

Seller:

 

	By:
    	/s/
Jan Telander	 
	 	ProGreen
    US/ProCon Baja JV/Contel 	 
	 	Jan
    Telander CEO 	 

 

Broker/Agent:

 

	By:
    	/s/
Kenny Lynn	 
	 	Southeast
    Ventures LLC. 	 
	 	Kenny
    Lynn, Member 	 

 

	By:
    	/s/Stacy
Strobl	 
	 	Southeast
    Ventures LLC. 	 
	 	Stacy
    Strobl, Member 	 

 

	By:
    	/s/ Linda Byrd	 
	 	Southeast
    Ventures LLC. 	 
	 	Linda
    Byrd, Member 	 

 

	By:
    	/s/
Kel Williams	 
	 	Southeast
    Ventures LLC. 	 
	 	Kel
    Williams, Member 	 

 

	By:
    	/s/
Alexa Bass	 
	 	Southeast
    Ventures LLC. 	 
	 	Alexa
    Bass, Member

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]