Document:

Document

      Exhibit 10.83 

                        Two Folsom Street
         San Francisco, CA 94105

November 17, 2020
 

Sandra Stangl

Dear Sandra:

It is our pleasure to offer you a position at Gap Inc. We’re a company driven by passion, innovation and a focus on quality—the same characteristics we look for in our employees. You reflect these values and we feel confident you will find rewarding opportunities with us.

This letter sets forth our offer to you to join Gap Inc. (the “Company” or “Gap Inc.”) as President & Chief Executive Officer, Banana Republic.   

Salary. Your annual salary will initially be $875,000, payable every two weeks. You are scheduled to receive a compensation review in March 2022, based on your time in the position.

Initial Bonus. You will receive a bonus of $200,000 within the first thirty days of your employment. This will be processed as supplemental income and is subject to supplemental taxes. In the event you voluntarily terminate your employment or your employment is terminated For Cause (as defined below), you will be required to repay within ninety (90) days of your last day of employment 100% of the pre-tax amount of this bonus if the termination occurs before your first employment anniversary, and 50% of the pre-tax amount of this bonus if termination occurs between your first and second employment anniversary.  

Annual Bonus. You will be eligible for an annual bonus based on Gap Inc. and/or Division financial and operational objectives as well as individual performance.  Effective on your Start Date, your annual target bonus will be 150% of your annual base salary.  Depending on results and your individual performance, your actual bonus can range from 0 – 200% of target.   Bonus payments will be prorated based on active time in position, divisional or country assignment and changes in base salary or incentive target that may occur during the fiscal year including any changes related to your acceptance of this position.  Bonuses for fiscal 2021 are scheduled for payment in March 2022 and you must be employed by Gap Inc. on the payment date.  Gap Inc. has the right to modify the program at any time. Management discretion can be used to modify the final award amount.  Bonus payments are subject to supplemental income tax withholding.
  
Long-Term Incentive (“LTI”) Awards.  Your offer includes long-term incentive award(s), which give you the opportunity to share in Gap Inc.’s success over time. 

Stock Options. The Compensation and Management Development Committee of the Board of Directors (“the Committee”) has approved a grant of stock options to you to purchase shares of Gap Inc. common stock having a grant value of  $450,000 on your first day of employment (the “Date of Grant”), subject to the provisions of Gap Inc.’s 2016 Long-Term Incentive Plan (“2016 LTIP”)  and the applicable stock grant agreement (“Stock Plan and Agreement”).  The number of shares will be determined by dividing the dollar 

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value by the applicable Black-Scholes value using the closing price of one share on the Date of Grant with such number rounded down to the nearest share. The option price shall be determined by the fair market value of the stock on the Date of Grant. These options will become vested and exercisable over 4 years (25%/year) on each anniversary of the Date of Grant, provided you are employed by Gap Inc. on the vesting dates.  These options must be exercised within ten years from the Date of Grant or within three months of your employment termination, whichever is earlier, or you will lose your right to do so. Stock options are generally subject to income and employment tax withholding upon exercise.
        
Stock Awards. The Committee has approved a grant of stock awards to you covering shares of Gap Inc. stock having a grant value of $1,000,000 effective on the Date of Grant, subject to the provisions of Gap Inc.’s Stock Plan and Agreement.  The number of shares will be determined by dividing the dollar value by the closing price of one share on the Date of Grant with such number rounded down to the nearest share.  Awards are in the form of units that are paid in Gap Inc. stock upon vesting.  The award will become vested over 4 years (25%/year) on each anniversary of the Date of Grant, provided you are employed by Gap Inc. on the vesting date.  Awards are generally subject to income and employment tax withholding upon settlement.

Performance Restricted Stock Units.  Provided your employment with Gap begins prior to the end of fiscal 2020, for the current fiscal 2020-2022 performance cycle, the Committee has approved a grant of performance shares with a value of $350,000.  Under the current program, the number of earned performance shares, if any, would be determined no later than March 31, 2023.  Payout is subject to certification by the Committee and the provisions of Gap Inc.’s Stock Plan and Agreement and earned shares vest 50% on the date the Committee certifies attainment and 50% one year from the certification date provided you are employed by Gap Inc. on the vesting dates.  

For fiscal 2021, you will be eligible to participate in the Executive Officer Long-Term Incentive Program.   The value and form of LTI are subject to change each year. Gap Inc. has the right to modify the program at any time. Committee discretion can be used to modify the final share amount.  Shares are subject to applicable income tax withholding.  

Financial Counseling Program. To help you achieve your financial goals, we currently offer a financial counseling program through The Ayco Company, L.P., a Goldman Sachs Company. Ayco’s financial counselors have comprehensive information regarding Gap Inc.’s benefit and compensation plan design.  You become eligible to participate in the Ayco financial counseling program immediately. A financial counselor from Ayco will contact you shortly after your employment begins to provide further details of this benefit, including tax implications.

Benefits. Gap Inc. offers a competitive benefits package that includes medical, dental, vision, life and disability insurance.  Gap Inc. also offers an Employee Stock Purchase Plan, a 401(k) plan with a generous dollar for dollar company match up to four percent of your pay (limited as provided in the plan), and employee discounts toward merchandise you purchase in our stores as gifts, or for yourself and your eligible dependents. You will be eligible for paid time off on an "as needed” basis for vacation, illness or personal business, subject to business needs; there is no accrual for paid time off.  In addition, there are seven company-paid holidays.  Gap Inc. reserves the right to change its benefit programs at any time. 

Indemnification.  As an officer, Gap Inc. provides you certain indemnification and insurance as more fully described in Article V. of the Gap Inc. By-laws.

Termination/Severance.  In the event that your employment is involuntarily terminated by the Company for reasons other than (i) For Cause (as defined below) or (ii) for the avoidance of doubt, death or disability, prior to June 30, 2024, the Company will provide you the following after your "separation from service" within the meaning of Internal Revenue Code (“IRC”) Section 409A ("Separation from Service”), provided you sign a general release of claims in the form requested by the Company and it becomes effective within 45 calendar days after such Separation from Service (such 45th day, the “Release Deadline”):  

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(1) Your then current salary, at regular pay cycle intervals, for eighteen months commencing in the first regular pay cycle following the Release Deadline (the “severance period”).  Payments will cease if you accept other employment or professional relationship with a competitor of the Company (defined as another company primarily engaged in the apparel design or apparel retail business or any retailer with apparel sales in excess of $500 million annually), or if you breach your remaining obligations to the Company (e.g., your duty to protect confidential information, agreement not to solicit Company employees).  Except for any compensation received from external board memberships in place at the time of your Separation from Service, payments will be reduced by any compensation you receive (as received) during the severance period from other employment or professional relationship with a non-competitor. Each payment will be treated as a separate payment for purposes of IRC Section 409A, to the maximum extent possible.

(2) Through the end of the period in which you are receiving payments under paragraph (1) above or shorter period you are covered by COBRA, if you properly elect and maintain COBRA coverage, payment of a portion of your COBRA premium in a method as determined by the Company. This payment may be taxable income to you and subject to tax withholding.  Notwithstanding the foregoing, the Company’s payment of the monthly COBRA premium shall cease immediately if the Company determines in its discretion that paying such monthly COBRA premium would result in the Company being in violation of, or incurring any fine, penalty, or excise tax under, applicable law (including, without limitation, any penalty imposed for violation of the nondiscrimination requirements under the Patient Protection and Affordable Care Act or guidance issued thereunder, or any similar law or regulation).

(3) Through the end of the period in which you are receiving payments under paragraph (1) above, reimbursement for your costs to maintain the same or comparable financial counseling program the Company provides to senior executives in effect at the time of your Separation from Service.  The amount of expenses eligible for reimbursement during a calendar year shall not affect the expenses eligible for reimbursement in any other calendar year.  Reimbursement shall be made on or before the last day of the calendar year following the calendar year in which the reimbursement is incurred but not later than the end of the second calendar year following the calendar year of your Separation from Service.

(4) Prorated Annual Bonus for the fiscal year in which the termination occurs, on the condition that you have worked at least 3 months of the fiscal year in which you are terminated, based on actual financial results and 100% standard for any non-financial component.  Such bonus will be paid in March of the year following termination at the time Annual Bonuses for the year of termination are paid, but in no event later than the 15th day of the third month following the later of the end of the Company’s taxable year or the end of the calendar year in which such termination occurs.  In the event termination occurs after the end of a fiscal year but before the date of bonus payments, such bonus for the preceding fiscal year will be paid pursuant to the terms of this section and the terms of the bonus plan.

(5) Accelerated vesting (but not settlement) of restricted stock units (“RSUs”) and performance shares that remain subject only to time vesting conditions (excluding any performance shares that remain subject to performance-based vesting conditions) scheduled to vest prior to April 1 following the end of the fiscal year of termination.  Shares of the Company stock in settlement of any vested RSUs and/or performance shares under this section will be delivered on the applicable regularly scheduled vesting dates subject to the terms and conditions of the applicable award agreement including, without limitation, the IRC Section 409A six-month delay language thereunder to the extent necessary to avoid taxation under IRC Section 409A .

The payments in (1), (3), (4) and (5) above are, and the payment described in (2) above may be, taxable income to you and are subject to tax withholding.  If the aggregate amount that would be payable to you under paragraphs (1), (2), (3) and (4) above through the date which is six months after your Separation from Service (excluding amounts exempt from IRC Section 409A under the short-term deferral rule thereunder or Treas. Reg. Section 1.409A-1(b)(9)(v))  exceeds the limit under Treas. Reg. Section 1.409A-1(b)(9)(iii)(A) and you are a “specified employee” under Treas. Reg. Section 1.409A-1(i) on the date of your Separation from Service, then the excess will be paid to you no earlier than the date which is six months after the date of such separation (or such earlier time permitted under IRC Section 409A(a)(2)(B)(i)). This delay will only be imposed to the extent required to avoid the tax for which you would otherwise be liable under IRC Section 409A(a)(1)(B).  Any delayed payment instead will 

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be made on the first business day following the expiration of the six-month period, as applicable (or such earlier time permitted under IRC Section 409A(a)(2)(B)(i)). Payments that are not delayed will be paid in accordance with their terms determined without regard to such delay.  

The term “For Cause” shall mean a good faith determination by the Company that your employment be terminated for any of the following reasons:  (1) indictment, conviction or admission of any crimes involving theft, fraud or moral turpitude; (2) engaging in gross neglect of duties, including willfully failing or refusing to implement or follow direction of the Company; or (3) breaching Gap Inc.’s policies and procedures, including but not limited to the Code of Business Conduct; where applicable, the Company shall provide reasonable notice of any breach and opportunity to remediate.

At any time, if you voluntarily resign your employment from Gap Inc. or your employment is terminated For Cause, you will receive no compensation, payment or benefits after your last day of employment.  If your employment terminates for any reason, you will not be entitled to any payments, benefits or compensation other than as provided in this letter.

After June 30, 2024, you will be eligible for severance, if any, as approved by the Committee under the same terms as similarly situated executive officers.  

Recoupment Policy. As an executive officer, the Company’s recoupment policy will apply to you, as it may be amended from time to time. Under the current policy, subject to the discretion and approval of the Board, the Company will, to the extent permitted by governing law, in all appropriate cases as determined by the Board, require reimbursement and/or cancellation of any bonus or other incentive compensation, including time-vesting and performance-vesting stock-based compensation (“covered compensation”), awarded to a Section 16 executive officer or to the head of any Company brand (each, a “covered officer”), where either (i) all of the following factors are present: (a) the award or the vesting of the award was predicated upon the achievement of certain financial results that were subsequently the subject of a restatement; (b) in the Board's view, the covered officer was grossly negligent or engaged in fraud or intentional misconduct that was a substantial contributing cause to the need for the restatement; and (c) a lower award would have been made to the covered officer, or a lesser amount would have vested, based upon the restated financial results, or (ii) with respect to covered compensation awarded or vested after the applicable crime, neglect, breach or act or omission described below, the covered officer: (1) was indicted or convicted of, or admitted to, any crimes involving theft, fraud or moral turpitude; (2) engaged in gross neglect of duties, including willfully failing or refusing to implement or follow direction of the Company; (3) materially breached Gap Inc.’s policies and procedures, including but not limited to the Code of Business Conduct; or (4) acted or failed to act in a negligent or intentional manner that resulted in material financial, reputational or other harm to the Company and its affiliates and subsidiaries.

Start Date and Orientation. Your first day with Gap Inc. will be December 14, 2020. During your first week, you will attend Happy You’re Here, our onboarding experience. This will be held virtually and will introduce you to our culture, history and what makes us unique. If you have any questions about your onboarding experience, please email happy_youre_here@gap.com.
 
You will also receive a separate email from i9 Advantage instructing you to complete Section 1 of your I-9 prior to your start date. You will be asked to identify an individual that has agreed to act as an agent on behalf of Gap Inc. to complete Section 2 of the Form I-9 as required to confirm your employment eligibility within the United States. Your Recruiter will gather the necessary information from you and will reach out with further instruction. Please review the list carefully. If you have questions about documentation, contact Employee Services at 1-866-411-2772 x20600.

No Conflicts with this Offer/Representations. You represent and warrant that you do not have any agreements, obligations, relationships or commitments to any other person or entity that conflicts with accepting this offer or performing your obligations of this position.  You further represent that the credentials and information you provided to Gap Inc. (or its agents) related to your qualifications and ability to perform this position are true and correct.

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Proprietary Information or Trade Secrets of Others. You agree that prior to your first day of employment with Gap Inc. you will return or destroy all property and confidential information, including trade secrets, in any form including written or electronic media form, belonging to all prior employers.  You further agree that you will not disclose to us, or use, or persuade any Gap Inc. employee to use, any proprietary information or trade secrets of another person or entity.

Abide by Gap Inc. Policies. You agree to abide by all Gap Inc. policies including, but not limited to, policies contained in the Code of Business Conduct.  As an executive officer, you are subject to Stock Ownership Requirements for Gap Inc. Executives which can be found on Gapinc.com.   

Insider Trading Policies.  Based on the level of your position, you will be subject to Gap Inc.'s Securities Law Compliance Manual, which among other things places restrictions on your ability to buy and sell Gap Inc. stock and requires you to pre-clear trades. This position will subject you to the requirements of Section 16 of the United States Securities and Exchange Act of 1934, as amended.  You will receive additional information, including a copy of the Securities Law Compliance Manual, shortly after your first day of employment.  If you wish to obtain additional information, or have questions, you may contact Gap Inc. Global Equity Administration, at global_equity_administration@gap.com.
 
Confidentiality.  You acknowledge that you will be in a relationship of confidence and trust with Gap Inc.  As a result of your employment with Gap Inc., you will acquire “Confidential Information,” which is information (whether in electronic or any other format) that people outside Gap Inc. never see or which is otherwise a trade secret or other proprietary non-public information, such as unannounced product information or designs, business or strategic plans, financial information and organizational charts, and other materials.  Confidential Information also includes, but is not limited to, sensitive, personal information and data about co-workers, customers, consultants or other individuals, including names, addresses, e-mail addresses, telephone numbers, government identification numbers (including social security numbers), employee ID numbers, customer file information, credit card and bank account information.  Confidential Information extends to trade secret or other proprietary non-public information you acquire prior to the start of your employment with Gap Inc. as well as trade secret or proprietary non-public information you acquire during the course of your employment with the Company. 

You agree that you will keep the Confidential Information in strictest confidence and trust. You will not, without the prior written consent of Gap Inc.’s Global General Counsel, directly or indirectly use or disclose to any person or entity any Confidential Information, during or after your employment, except as is necessary in the ordinary course of performing your duties while employed by Gap Inc., or if required to be disclosed by order of a court of competent jurisdiction, administrative agency or governmental body, or by subpoena, summons or other legal process, provided that prior to such disclosure, Gap Inc. is given reasonable advance notice of such order and an opportunity to object to such disclosure.   Notwithstanding this agreement, nothing in this letter prevents you from reporting, in confidence, potential violations of law to relevant governmental authorities or courts.  In addition, nothing in this letter precludes you from communicating with, reporting to or participating in any investigation or proceeding conducted by any federal or state agency, or governmental body, sharing information you gained from sources other than in the course of your work or discussing your personal contact information or other information about wages, compensation or other employment terms.

You agree that in the event your employment terminates for any reason, you will immediately deliver to Gap Inc. all company property, including all documents, materials or property of any description, or any reproduction of such materials, containing or pertaining to any Confidential Information.

Non-Solicitation of Employees.  In order to protect Confidential Information, you agree that so long as you are employed by Gap Inc., and for a period of one year thereafter, you will not directly or indirectly, on behalf of yourself, any other person or entity, solicit, call upon, recruit, or attempt to solicit any of Gap Inc.’s employees or in any way encourage any Gap Inc. employee to leave their employment with Gap Inc.  You further agree that you will not directly or indirectly, on behalf of yourself, any other person or entity, interfere or attempt to interfere with Gap 

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Inc.’s relationship with any person who at any time was an employee, consultant, customer or vendor or otherwise has or had a business relationship with Gap Inc.

Non-disparagement.  You agree now, and after your employment with the Gap Inc. terminates not to, directly or indirectly, disparage Gap Inc. in any way or to make negative, derogatory or untrue statements about Gap Inc., its business activities, or any of its directors, managers, officers, employees, affiliates, agents or representatives to any person or entity, except to the extent that you are required to testify truthfully if under subpoena or in any legal proceeding.  

Employment Status. You understand that your employment is “at-will”. This means that you do not have a contract of employment for any particular duration or limiting the grounds for your termination in any way.  You are free to resign at any time.  Similarly, Gap Inc. is free to terminate your employment at any time for any reason.  The only way your at-will status can be changed is through a written agreement with Gap Inc., signed by an authorized officer of Gap Inc.  In the event that there is any dispute over the terms, enforcement or obligations in this letter, the prevailing party shall be entitled to recover from the other party reasonable attorney fees and costs incurred to enforce any agreements.

Please note that except for those agreements or plans referenced in this letter and attachments, this letter contains the entire understanding of the parties with respect to this offer of employment and supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) with respect to this offer.  We must receive your signed letter before or on your first day of employment. 

Sandra, it is our pleasure to extend this offer. We look forward to working with you.

Yours sincerely,

/s/ Sonia Syngal                                      
Sonia Syngal
President and Chief Executive Officer, Gap Inc.

Confirmed this       11/17/2020                 

/s/ Sandra Stangl                                ______________________________ 
Sandra StanglExhibit 10.1

Execution Version

 

EQUITY PURCHASE AGREEMENT

 

This EQUITY PURCHASE AGREEMENT
(this “Agreement”), dated as of March 10, 2021, is by and between CCUR Holdings, Inc., a Delaware corporation
(“CCUR”), AZOKKB, LLC, a New York limited liability company (“Buyer”), LM Capital Solutions,
LLC, a New York limited liability company (the “Company”), and Avraham Zeines, an individual (“Zeines”).

 

WHEREAS, CCUR is the owner
of 2,081.6327 Class A Units of the Company (the “Transferred Units”);

 

WHEREAS, Buyer is the
owner of 2,000 Class A Units of the Company and Zeines, who is a member of Buyer, is the owner of 128,777 shares of CCUR’s
Common Stock (the “Shares”); and

 

WHEREAS, CCUR wishes to sell to
Buyer, and Buyer wishes to purchase from CCUR, all of CCUR’s right, title and interest in, to and under the Transferred Units,
subject to the terms and conditions of this Agreement, including, without limitation, the transfer of the Shares to CCUR as further
described herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, intending to be legally bound, the parties hereto agree as follows:

 

1.       Purchase
and Sale.

 

(a)
Subject to the terms and conditions set forth herein, CCUR hereby sells, transfers and assigns to Buyer, and Buyer hereby
purchases from CCUR, all of CCUR’s right, title and interest in, to and under the Transferred Units, free and clear of any
lien, pledge, security interest, charge, claim, encumbrance, agreement, option, voting trust, proxy, adverse claim or other arrangement
or restriction of any kind which in substance secures payment of an obligation (each, an “Encumbrance”), other
than Encumbrances arising under that certain Amended and Restated Operating Agreement of the Company, dated as February 13, 2019
(as amended, the “LLC Agreement”) or applicable securities laws. Each of CCUR, Buyer and the Company waive any
and all transfer restrictions under the LLC Agreement to the extent such restrictions would prohibit or impair the transfer of
the Transferred Units hereunder.

 

(b)
The gross purchase price for the Transferred Units (the “Purchase Price”) shall equal $1,579,663, which
the parties agree is the amount outstanding as of the date hereof under that certain Master Promissory Note, dated as of February
13, 2019 and amended as of July 17, 2020, given by the Company in favor of CCUR. At the Closing (as defined herein), the Purchase
Price shall be reduced as set forth in the summary annexed as Exhibit “A,” as set forth below.

 

(c) On
or before the Closing, Zeines shall, on behalf and for the benefit of Buyer, assign and transfer to CCUR the Shares, free and
clear of any Encumbrances (other than Encumbrances arising under applicable securities laws), via electronic transfer to
CCUR’s transfer agent. The Purchase Price shall be reduced by the “Closing Share Value” of $356,712,
which the parties agree is an amount equal to (A) the $2.77 closing price per share of CCUR’s Common Stock on the last
trading day prior to the date hereof, as reported by the OTCQB Venture Market, multiplied by (B) 128,777.

 

    

     

    

(d)
The Company shall be deemed to have made a distribution to Buyer of $63,174 (the “Buyer Distribution”),
which amount represents the net cash balance in the Company’s Signature Bank account due to the Buyer (calculated to the
best of CCUR’s knowledge) and (ii) assign, transfer and convey to CCUR all of the Company’s right, title and interest
in and to the Company’s Signature Bank account, and all cash remaining therein. The Purchase Price shall further be reduced
by the Buyer Distribution amount of $63,174. Any income that shall be received into the Signature Bank account post-closing shall
be paid to Buyer promptly.

 

(e)
Buyer shall pay to CCUR, by wire transfer of immediately available funds, $1,159,777, which the parties agree is an amount
equal to the Purchase Price less (i) the Closing Share Value of $376,712, less (ii) the Buyer Distribution of $63,174.
As used herein, Buyer shall not use any cash of the Company for payment of the foregoing or any portion thereof.

 

2.        Additional
Agreements.

 

(a)
Upon and after the Closing, the parties shall take all necessary steps to transfer the Company’s Signature Bank account
to CCUR.

 

(b)
Upon the Closing and for ninety (90) days thereafter, CCUR shall provide transition services to Buyer through CCUR’s
employee, Laura Mire, consistent with the services historically provided by such employee for the benefit of the Company and at
her current salary of $8,586.00 per month. CCUR will be responsible for payment to Laura Mire during said period, and she shall
not be an employee of Buyer. Buyer shall reimburse CCUR for 50% of such monthly salary for Mire’s services, at the rate of
$4,293.00 per month, for a total of $12,879, which reimbursement shall be made in three (3) equal installments on the last business
day of each of March, April and May 2021.

 

(c)
The Company shall retain all of the Company’s right, title and interest in and to the Company’s outstanding
receivables from Pacific Atlantic Ventures Limited and Elevation Investment Partners, LLC (the “Receivables”).
Buyer shall pay (or cause to be paid) to CCUR 51% of all of the Company’s collections from said Receivables (if any), net
of commissions, legal fees and administrative costs actually paid, promptly upon receipt; provided, that Buyer shall not be liable
to CCUR for any amounts Buyer is unable to collect from any such third party.

 

3.        Waiver and Release; Indemnity;
Litigation.

 

(a)
In consideration of CCUR’s execution, delivery and performance of this Agreement into this Agreement, each of Buyer
and the Company, for and on behalf of itself, and its assigns, hereby knowingly and irrevocably releases and forever discharges
CCUR and assigns from any and all claims, obligations and other liabilities arising out of or relating to any act performed or
omitted to be performed by CCUR or any present or former representative of CCUR in connection with the business of the Company,
or otherwise by virtue of CCUR’s ownership of the Transferred Units or its representatives’ positions with the Company
prior to Closing, other than claims, obligations or other liabilities arising under this Agreement (collectively, the “Released
Claims”).

 

    2 

     

    

(b)
From and after the Closing, each of Buyer and the Company shall, jointly and severally, defend, indemnify and hold harmless
CCUR from and against any and all liabilities, damages, settlements, penalties, fines, obligations, costs or expenses (including
reasonable attorneys’ fees and other expenses of litigation or arbitration) (i) as a result of third party claims, suits,
actions, judgments or demands by any syndicator to the Company or (ii) relating to the following action: Daniel A. Silverstein
v. AZOKKB LLC f/k/a Luxemark Capital LLC and LM Capital Solutions, LLC, Index No. 650342/2021, Supreme Court of New York, County
of New York (the “Silverstein Litigation”).

 

(c)
Within five (5) business days of the execution of this Agreement, Buyer shall cause to be filed a Substitution of Counsel
in the Silverstein Litigation, substituting new counsel in place of K&L Gates LLP on behalf of the Company in the Silverstein
Litigation, and Buyer shall be fully responsible for all future proceedings in the Silverstein Litigation.

 

4.        Representations and Warranties
of CCUR. CCUR hereby represents and warrants as follows:

 

(a)
CCUR is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation.
CCUR has full corporate power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate
the transactions contemplated hereby. The execution and delivery by CCUR of this Agreement, the performance by CCUR of its obligations
hereunder and the consummation by CCUR of the transactions contemplated hereby have been duly authorized by all requisite corporate
action on the part of CCUR.

 

(b)
This Agreement has been duly executed and delivered by CCUR and (assuming due execution and delivery by the other parties
hereto) constitutes CCUR’S legal, valid and binding obligation, enforceable against CCUR in accordance with its terms.

 

(c)
CCUR is the sole record and beneficial owner of, and has good and valid title to, all of the Transferred Units. Upon the
Closing, Buyer shall own the Transferred Units free and clear of all Encumbrances, other than Encumbrances arising under the LLC
Agreement or applicable securities laws.

 

(d)
The execution, delivery and performance by CCUR of this Agreement does not conflict with, violate or result in the breach
of, or create any Encumbrance on the Transferred Units pursuant to, any agreement, instrument, order, judgment, decree, law or
governmental regulation to which CCUR is a party or is subject or by which the Transferred Units are bound.

 

(e)
No governmental, administrative or other third party consents or approvals are required by or with respect to CCUR in connection
with the execution and delivery of this Agreement and its consummation of the transactions contemplated hereby.

 

    3 

     

    

(f)
There are no actions, suits, claims, investigations or other legal proceedings pending or, to the knowledge of CCUR, threatened
against or by CCUR that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

5.        Representation and Warranties
of Buyer. Buyer hereby represents and warrants as follows:

 

(a)
Buyer is a limited liability company duly organized, validly existing and in good standing under the laws of the jurisdiction
of its formation. Buyer has full limited liability company power and authority to enter into this Agreement, to carry out its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Buyer of this Agreement, the performance
by Buyer of its obligations hereunder and the consummation by Buyer of the transactions contemplated hereby have been duly authorized
by all requisite limited liability company action on the part of Buyer.

 

(b)
This Agreement has been duly executed and delivered by Buyer and (assuming due execution and delivery by the other parties
hereto) constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms.

 

(c)
No governmental, administrative or other third party consents or approvals are required by or with respect to Buyer in connection
with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

(d)
The execution, delivery and performance by Buyer of this Agreement do not conflict with, violate or result in the breach
of, or create any Encumbrance on the assets of Buyer pursuant to, any agreement, instrument, order, judgment, decree, law or governmental
regulation to which Buyer is a party or is subject or by which Buyer’s assets are bound.

 

(e)
There are no actions, suits, claims, investigations or other legal proceedings pending or, to the knowledge of Buyer, threatened
against or by Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

(f)
Buyer has sufficient cash on hand to pay the Purchase Price at the Closing and will not use any cash of the Company for
such payment or any portion thereof.

 

(g)
Buyer is (i) an “accredited investor” within the meaning of Rule 501(a) of the Securities Act of 1933, as amended
(the “Act”), and (ii) purchasing the Transferred Units for Buyer’s own account, for investment purposes
only, not as a nominee or agent, and not with a view to the resale or distribution in violation of the Act or state securities
laws. Buyer understands that the Transferred Units are being offered in a transaction not involving any public offering within
the meaning of the Act, the Transferred Units have not been and will not be registered under the Act and Buyer shall offer, sell
or transfer any portion of the Transferred Units only in accordance with the restrictions set forth in the Act and applicable state
securities laws.

 

    4 

     

    

(h)
Buyer is a sophisticated entity with such knowledge and experience in financial and business matters so as to be capable
of evaluating the merits and risks of participation in the transactions contemplated herein, (ii) Buyer is capable of bearing the
economic risks of the transactions contemplated herein, (iii) Buyer has, or has access to, such information as it deems appropriate
under the circumstances concerning, among other things, the businesses, financial condition or prospects and litigation issues
and outcomes of the issuer of the Transferred Units to make an informed decision regarding the purchase of the Transferred Units
(including the Purchase Price therefor), and (iv) Buyer has independently and without reliance on CCUR (other than CCUR’s
representations in Section 4 above) or any other party, and based on such information as it deems appropriate, made its own analysis
and decision to enter into this Agreement and to consummate the transactions contemplated hereby.

 

(i)
Other than CCUR’s representations in Section 4 above, Buyer is acquiring the Transferred Units without any representation
or warranty of any kind or nature whatsoever, express or implied, oral or written, and, in particular, without any implied warranty
or representation as to condition, merchantability or suitability as to any of the assets or properties of the Company.

 

6.        Representation
and Warranties of Zeines. Zeines hereby represents and warrants as follows:

 

(a)
Zeines has the legal capacity to enter into this Agreement, to carry out his obligations hereunder and to consummate the
transactions contemplated hereby.

 

(b)
This Agreement has been duly executed and delivered by Zeines and (assuming due execution and delivery by the other parties
hereto) constitutes a legal, valid and binding obligation of Zeines enforceable against Zeines in accordance with its terms.

 

(c)
No governmental, administrative or other third party consents or approvals are required by or with respect to Zeines in
connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

(d)
There are no actions, suits, claims, investigations or other legal proceedings pending or, to the knowledge of Zeines, threatened
against or by Zeines that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

(e)
Zeines is the sole record and beneficial owner of, and has good and valid title to, all of the Shares. Upon the Closing,
CCUR shall own the Shares free and clear of all Encumbrances, other than Encumbrances arising under applicable securities laws.

 

(f)
The execution, delivery and performance by Zeines of this Agreement do not conflict with, violate or result in the breach
of, or create any Encumbrance on the Shares pursuant to, any agreement, instrument, order, judgment, decree, law or governmental
regulation to which Zeines is a party or is subject or by which the Shares are bound.

 

7.        Acknowledgement
of Action. All parties acknowledge that they are aware of the pending Supreme New York County Court Action, Daniel A. Silverstein
v. AXOKKB LLC f/k/a Luxemark Capital LLC and LM Capital Solutions, LLC, Index No. 650342/2021. Except as set forth herein above,
no party has made any representation or relied upon any representation with regard to that action.

 

    5 

     

    

8.        Further
Assurances. Following the date hereof, each of the parties hereto shall execute and deliver such additional documents, instruments,
conveyances and assurances, and take such further actions as may be reasonably required to carry out the provisions hereof and
give effect to the transactions contemplated by this Agreement.

 

9.        Notices.
Any notice required or permitted to be given or made under this Agreement by one party to the other shall be deemed to have been
duly given or made (a) upon delivery, if delivered by hand, courier or email on a business day during normal working hours (otherwise,
the business day immediately thereafter), or (b) three (3) business days after being mailed by registered or certified mail, return
receipt requested, postage prepaid, in each case to the party at the applicable address set forth below (or at such other address
as shall be given in writing by one party to the others):

 

	 	If to CCUR:	CCUR Holdings, Inc.
	 	 	6470 East Johns Crossing, Suite 490
	 	 	Duluth, Georgia 30097
	 	 	Attn: Igor Volshteyn
	 	 	Email: Igor.Volshteyn@ccurholdings.com
	 	 	 
	 	 	 
	 	If to Buyer or the Company:	AZOKKB, LLC
	 	 	55 Broad St., 9th Floor
	 	 	New York, NY 10004
	 	 	Attn: Avraham Zeines
	 	 	Email: abe@abezeines.com
	 	 	 
	 	 	 
	 	If to Zeines:	Avraham Zeines
	 	 	c/o AZOKKB, LLC
	 	 	55 Broad St., 9th Floor
	 	 	New York, NY 10004
	 	 	Email: abe@abezeines.com

 

10.        Entire Agreement.
This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained
herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and
oral, with respect to such subject matter.

 

11.        Successor
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. No party may assign any of its rights or obligations hereunder without the prior written consent
of the other parties hereto, which consent shall not be unreasonably withheld, conditioned or delayed.

 

12.        Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

    6 

     

    

13.        Amendment
and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by
each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

14.        Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

15.        Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without
giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that
would cause the application of laws of any jurisdiction other than those of the State of New York.

 

16.        Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[Signature Page Follows]

    7 

     

    

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the date first written above.

 

 

 

    

     

    
IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the date first written above.

 

 

    

     

    

EXHIBIT A

 

 

CONFIDENTIAL

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