Document:

Blueprint

 

Exhibit 10.33

 

AMENDMENT TO PROJECT DEVELOPMENT AND MANAGEMENT

AGREEMENT FOR BALLENGER RUN PUD

 

 

THIS
AMENDMENT (hereinafter referred to as the “Amendment”),
made as of this 16th day of October 2019
by and between Adams-Aumiller Properties, LLC
(“Adams-Aumiller”) and Cavalier Development Group, LLC
(“Cavalier”) (together Adams-Aumiller and Cavalier are
referred to as the “Developers”) and SeD Maryland
Development, LLC (the “Owner”).

 

RECITALS

 

WHEREAS, MacKenzie
Development Company, LLC, Cavalier and Owner entered into a Project
Development and Management Agreement for Ballenger Run PUD dated
February 25, 2015 (the “Contract”), a copy of which is
attached as Exhibit A hereto and made part hereof by reference;
and

 

WHEREAS, MacKenzie
Development Company, LLC assigned and transferred all its rights,
obligations and interests in the Contract to Adams-Aumiller
pursuant to an Assignment and Assumption Agreement dated September
15, 2017, a copy of which is attached as Exhibit B hereto and made
part hereof by reference; and

 

WHEREAS,
Adams-Aumiller, Cavalier and Owner desire to amend the Contract to
include the development of an additional 36 lots in the
Project.

 

 

NOW,
THEREFORE, FOR AND IN CONSIDERATION of the mutual entry into this
Amendment by the parties hereto, and for other good and valuable
consideration, the receipt and adequacy of which are hereby
acknowledged by each party hereto, the parties hereto hereby agree
as follows:

 

1.

Developers will
seek all County approvals to permit 36 age-restricted villa lots to
be built on the 5.975 acre parcel identified as Lot D Ballenger Run
which is recorded in the Land Records of Frederick County in book
100 page 48 (the “CCRC Parcel”). This rezoning approval
will require an amendment to the originally approved Adequate
Public Facilities Memorandum of Understanding and the
Developer’s Rights and Responsibilities Agreement. Developers
will attend all County Council, Planning Commission, staff, and
other meetings as required. Owner’s legal counsel will also
support this effort.

 

2.

With the assistance
of the Owner’s engineer, Developers will seek site plan
approval from Frederick County for the CCRC Parcel which is to
include 36 attached single-family lots. Developers will attend all
Planning Commission, public and staff meetings required for site
plan approval.

 

3.

For the CCRC
Parcel, Developer will perform all necessary Services To Be
Provided By Developers as outlined in Section 2 of the Contract A.
This includes but is not limited to engineering approvals, lot
development and construction and close out services.

 

4.

Compensation for
Services for development of the CCRC Parcel shall be as
follows:

 

 

 

 

i.

A fee of $50,000 to
by paid by Owners to the Developers and due by October 31, 2019.
This fee shall be paid $27,500 to Cavalier and $22,500 to
Adams-Aumiller. Invoices will be sent by Cavalier and
Adams-Aumiller to Owner. Upon payment of this $50,000 fee, the
$50,000 fee for the sale of the CCRC Parcel as outlined in Section
4f of the Contract shall no longer be owed from Owner to
Developers.

 

ii.

A fee of $2,500 for
every villa lot in the CCRC Parcel which is sold and settled to a
third party. This fee shall be paid to the Developers at the time
of settlement and shall be included on the settlement statement for
each villa lot. The fee shall be paid as $1,375 to Cavalier and
$1,125 to Adams-Aumiller. An invoice will not be issued for these
fees, but Owner shall instruct the settlement agent to make the
payments to the Developers at lot settlement. For only these 36
lots included in the CCRC Parcel, the fees outlined in Section 4d
and 4e of the Contract shall not be owed from Owner to
Developers.

 

5.

Except to the
extent modified herein, all of the terms, conditions and provisions
of the Contract and Assignment and Assumption Agreement are hereby
ratified and declared to be in full for and effect.

 

IN
WITNESS WHEREOF, each party hereto has executed and sealed this
Agreement by its duly authorized representative, as of the day and
year first above written.

 

	

WITNESS:

	

Adams-Aumiller
Properties, LLC

	
 

	
 

	
 

	
 

	
 

	

By:
/s/ Robert J. Aumiller,
Jr. (SEAL)

	
 

	

Robert
J. Aumiller, Jr., Manager

	
 

	
 

	
 

	
 

	

WITNESS:

	

Cavalier
Development Group, LLC

	
 

	
 

	
 

	
 

	
 

	

By:
/s/ Stephen P. Oder 
(SEAL)

	
 

	

Stephen
P. Oder, Manager

	
 

	
 

	
 

	
 

	

WITNESS:

	

SeD
Maryland Development, LLC

	
 

	

By: SeD
Development Management, LLC, Manager

	
 

	
 

	
 

	
 

	
 

	

By:
/s/ Charles W.S.
MacKenzie  (SEAL)

	
 

	

Charles
W.S. MacKenzie, Manager

 

 

 

EXHIBIT A

 

Project Development and Management Agreement dated February 25,
2015

 

 

 

 

 

 

 

EXHIBIT B

 

Assignment and Assumption Agreement dated September 15,
2017Exhibit 10.1

 

 

December
17, 2019

 

Dear
John,

 

Akerna
Corp. (the “Company”) is pleased to offer you an at-will employment position in our organization. We are excited about
the potential that you bring to our company.

 

Your
job title will be Chief Financial Officer. You will initially manage the Finance and Accounting departments. You will report directly
to Jessica Billingsley, Chief Executive Officer (“CEO”).

 

Although
subject to change based on management decisions, your tasks will include but are not limited to:

 

Although
subject to change based on management decisions, your tasks will include but are not limited to:

 

Planning:

 

		●	Assist
                                         in formulating the company's future direction and supporting tactical initiatives

		●	Monitor
                                         and direct the implementation of strategic business plans

		●	Develop
                                         financial and tax strategies

		●	Manage
                                         the capital request and budgeting processes

		●	Develop
                                         performance measures that support the company's strategic direction

 

Operations:

 

		●	Participate
                                         in key decisions as a member of the executive management team

		●	Maintain
                                         in-depth relations with all members of the management team

		●	Manage
                                         the accounting, investor relations, legal, and tax functions of the company

		●	Manage
                                         any third parties to which accounting, or finance functions have been outsourced

		●	Oversee
                                         the company's transaction processing systems

		●	Implement
                                         operational best practices

		●	Oversee
                                         employee benefit plans, with particular emphasis on maximizing a cost-effective benefits
                                         package

		●	Supervise
                                         acquisition, due diligence, and negotiate acquisitions

 

Financial
Information:

 

		●	Oversee
                                         the issuance of financial information

		●	Personally
                                         review and approve all Form 8-K, 10-K, and 10-Q filings with the Securities and Exchange
                                         Commission

		●	Report
                                         financial results to the board of directors

 

     

     

    

 

Risk
Management:

 

		●	Understand
                                         and mitigate key elements of the company's risk profile

		●	Monitor
                                         all open legal issues involving the company, and legal issues affecting the industry

		●	Construct
                                         and monitor reliable control systems

		●	Maintain
                                         appropriate insurance coverage

		●	Ensure
                                         that the company complies with all legal and regulatory requirements

		●	Ensure
                                         that record keeping meets the requirements of auditors and government agencies

		●	Report
                                         risk issues to the audit committee of the board of directors

		●	Maintain
                                         relations with external auditors and investigate their findings and recommendations

 

Funding:

 

		●	Monitor
                                         cash balances and cash forecasts

		●	Arrange
                                         for debt and equity financing

		●	Invest
                                         funds

		●	Invest
                                         pension funds

 

Third
Parties:

 

		●	Participate
                                         in conference calls with the investment community

		●	Maintain
                                         banking relationships

		●	Represent
                                         the company with investment bankers and investors

 

If
you have any questions about your duties and responsibilities, please feel free to speak with your hiring manager or human resources.

 

You
will also be responsible for compliance with policies and procedures implemented by the company. Once you begin, you will be provided
a copy of our policies and procedures. Since these policies and procedures are subject to change, we recommend you revisit them
on a regular basis. Always feel free to speak with your supervisor or human resources if you have any questions.

 

Compensation

 

Your
initial compensation package includes an annual salary of $200,000 and an approximate grant of $800,000 of restricted stock units
(the “RSUs”), which, subject to continued employment with the Company and the terms of the RSU award letter, will
vest as to 25% on the first anniversary of the grant date, as to the next 25% on the second anniversary of the grant date, as
to the next 25% on the third anniversary of the grant date and as to the remaining 25% on the fourth anniversary of the grant
date. Based upon the goals and objectives agreed to in the performance development planning process with the Board and CEO, you
may be eligible for a bonus. The bonus plan will be based on the formula determined by the Company for that year.

 

You
will also receive medical coverage through our company's employee benefit plan, and parking, and expense reimbursement within
guidelines. Your salary and benefits are subject to change. You will be notified of any changes to your compensation or benefits.

 

I
will send you certain documents for your review and signature via DocuSign. If you have any questions regarding the documents,
please do not hesitate to ask. You will be required to sign the documents sent to you prior to your commencement of employment.

 

We
look forward to your arrival at our company and the contributions we hope you will make to our growth. Please let me know if you
have any questions or if I can do anything to make your arrival easier.

 

Sincerely,

 

Jessica
Billingsley

CEO

 

	 	Accepted
by:	 
	 	/s/
    John Fowle	 

John
Fowle

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