Document:

Exhibit 10.2

 

CELLDEX THERAPEUTICS, INC. AMENDED AND RESTATED
 2004 EMPLOYEE STOCK PURCHASE PLAN
 (effective as of June 19, 2019)

 

1.    Purpose.     The purpose of the Celldex Therapeutics, Inc. 2004 Employee Stock Purchase Plan (the “Plan”) is to provide eligible employees of Celldex Therapeutics, Inc. (the “Company”) and certain of its subsidiaries with opportunities to purchase shares of the Company’s common stock, par value $.001 per share (the “Common Stock”). Two Hundred Seventy Six Thousand Six Hundred Sixty Six (276,666) shares of Common Stock in the aggregate have been approved and reserved for this purpose. The Plan is intended to constitute an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted in accordance with that intent.

 

2.    Administration.     The Plan will be administered by the person or persons (the “Administrator”) appointed by the Company’s Board of Directors (the “Board”) for such purpose. The Administrator has authority to make rules and regulations for the administration of the Plan, and its interpretations and decisions with regard thereto shall be final and conclusive. No member of the Board or individual exercising administrative authority with respect to the Plan shall be liable for any action or determination made in good faith with respect to the Plan or any option granted hereunder.

 

3.    Offerings.     The Company will make one or more offerings to eligible employees to purchase Common Stock under the Plan (“Offerings”). Unless otherwise determined by the Administrator, each Offering will begin on the first business day occurring on or after each January 1 and July 1 and will end on the last business day occurring on or before the following June 30 and December 31, respectively. The Administrator may, in its discretion, designate a different period for any Offering, provided that no Offering shall exceed 27 months in duration or overlap any other Offering.

 

4.    Eligibility.     Each individual classified as an employee (within the meaning of Section 3401(c) of the Code and the regulations thereunder) by the Company or a Designated Subsidiary (as defined in Section 12) on the Company’s or the Designated Subsidiary’s payroll records during the relevant participation period are eligible to participate in any one or more of the Offerings under the Plan, provided that as of the first day of the applicable Offering (the “Offering Date”) they are customarily employed by the Company or a Designated Subsidiary for more than 20 hours a week and more than five months in the calendar year during which the Offering Date occurs or in the calendar year immediately preceding such year, and have completed at least 30 days of employment.

 

5.    Participation.     An employee eligible on any Offering Date may participate in such Offering by submitting an enrollment form to his appropriate payroll location at least 15 business days before the Offering Date (or by such other deadline as shall be established for the Offering). The form will (a) state a whole percentage to be deducted from his Compensation (as defined in Section 12) per pay period, (b) authorize the purchase of Common Stock for him in each Offering in accordance with the terms of the Plan and (c) specify the exact name or names in which shares of Common Stock purchased for him are to be issued pursuant to Section 11. An employee who does not enroll in accordance with these procedures will be deemed to have waived his right to participate. Unless an employee files a new enrollment form or withdraws from the Plan, his deductions and purchases will continue at the same percentage of Compensation for future Offerings, provided he remains eligible. Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements of the Code.

 

6.    Employee Contributions.     Each eligible employee may authorize payroll deductions at a minimum of one percent (1%) up to a maximum of fifteen percent (15%) of his Compensation for each pay period. The Company will maintain book accounts showing the amount of payroll deductions made by each participating employee for each Offering. No interest will accrue or be paid on payroll deductions.

 

7.    Deduction Changes.     Except as may be determined by the Administrator in advance of an Offering, an employee may not increase or decrease his payroll deduction during any Offering, but may increase or decrease his payroll deduction with respect to the next Offering (subject to the limitations of Section 6) by filing a new enrollment form at least 15 business days before the next Offering Date (or by such other deadline as shall be

 

 

established for the Offering). The Administrator may, in advance of any Offering, establish rules permitting an employee to increase, decrease or terminate his payroll deduction during an Offering.

 

8.    Withdrawal.     An employee may withdraw from participation in the Plan by delivering a written notice of withdrawal to his appropriate payroll location. The employee’s withdrawal will be effective as of the next business day. Following an employee’s withdrawal, the Company will promptly refund to him his entire account balance under the Plan (after payment for any Common Stock purchased before the effective date of withdrawal). Partial withdrawals are not permitted. The employee may not begin participation again during the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 5.

 

9.    Grant of Options.     On each Offering Date, the Company will grant to each eligible employee who is then a participant in the Plan an option (“Option”) to purchase on the last day of such Offering (the “Exercise Date”), at the Option Price hereinafter provided for, (a) a number of shares of Common Stock determined by dividing such employee’s accumulated payroll deductions on such Exercise Date by the lower of (i) 85% of the Fair Market Value of the Common Stock on the Offering Date, or (ii) 85% of the Fair Market Value of the Common Stock on the Exercise Date, or (b) such other lesser maximum number of shares as shall have been established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to the limitations set forth below. Each employee’s Option shall be exercisable only to the extent of such employee’s accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under each Option (the “Option Price”) will be 85% of the Fair Market Value of the Common Stock on the Offering Date or the Exercise Date, whichever is less.

 

Notwithstanding the foregoing, no employee may be granted an option hereunder if such employee, immediately after the option was granted, would be treated as owning stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary (as defined in Section 12). For purposes of the preceding sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of an employee, and all stock which the employee has a contractual right to purchase shall be treated as stock owned by the employee. In addition, no employee may be granted an Option which permits his rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company and its Parents and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined on the option grant date or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the limitation in the preceding sentence is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they were granted.

 

10.    Exercise of Option and Purchase of Shares.     Each employee who continues to be a participant in the Plan on the Exercise Date shall be deemed to have exercised his Option on such date and shall acquire from the Company such number of whole shares of Common Stock reserved for the purpose of the Plan as his accumulated payroll deductions on such date will purchase at the Option Price, subject to any other limitations contained in the Plan. Any amount remaining in an employee’s account at the end of an Offering will be refunded to the employee promptly.

 

11.    Issuance of Certificates.     Certificates representing shares of Common Stock purchased under the Plan may be issued only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be his, or their, nominee for such purpose.

 

12.    Definitions.

 

(a)   The term “Compensation” means the amount of base pay, prior to salary reduction pursuant to either Sections 125, 132(f) or 401(k) of the Code, but excluding overtime, commissions, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances or travel expenses, income or gains on the exercise of Company stock options, and similar items.

 

(b)   The term “Designated Subsidiary” means any present or future Subsidiary (as defined below) that has been designated by the Board to participate in the Plan. The Board may so designate any Subsidiary, or

 

 

revoke any such designation, at any time and from time to time, either before or after the Plan is approved by stockholders.

 

(c)   The term “Fair Market Value of the Common Stock” as of any date of determination shall be (i) the closing price of a share of Common Stock as of such date on the principal established stock exchange or national market system on which the Common Stock is then traded (or, if there is no trading in the Common Stock as of such date, the closing price of a share of Common Stock on the most recent date preceding such date on which trades of the Common Stock were recorded), or (ii) if the shares of Common Stock are not then traded on an established stock exchange or national market system but are then traded in an over-the-counter market, the average of the closing bid and asked prices for the shares of Common Stock in such over-the-counter market as such date (or, if there are no closing bid and asked prices for the shares of Stock as of such date, the average of the closing bid and the asked prices for the shares of Common Stock on the most recent date preceding such date on which such closing bid and asked prices are available on such over-the-counter market), or (iii) if the shares of Common Stock are not then listed on a national securities exchange or national market system or traded in an over-the-counter market, the price of a share of Common Stock as determined by the Administrator in its discretion in a manner consistent with Section 409A of the Code and Treasury Regulation 1.409A-1(b)(5)(iv), as well as any successor regulation or interpretation.

 

(d)   The term “Parent” means a “parent corporation” with respect to the Company, as defined in Section 424(e) of the Code.

 

(e)   The term “Subsidiary” means a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of the Code.

 

13.    Rights on Termination of Employment.     If a participating employee’s employment terminates for any reason before the Exercise Date for any Offering, no payroll deduction will be taken from any pay due and owing to the employee and the balance in his account will be paid to him or, in the case of his death, to his designated beneficiary as if he had withdrawn from the Plan under Section 8. An employee will be deemed to have terminated employment, for this purpose, if the corporation that employs him, having been a Designated Subsidiary, ceases to be a Subsidiary, or if the employee is transferred to any corporation other than the Company or a Designated Subsidiary. An employee will not be deemed to have terminated employment, for this purpose, if the employee is on an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise provides in writing.

 

14.    Special Rules.     Notwithstanding anything herein to the contrary, the Administrator may adopt special rules applicable to the employees of a particular Designated Subsidiary, whenever the Administrator determines that such rules are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Designated Subsidiary has employees; provided that such rules are consistent with the requirements of Section 423(b) of the Code. Such special rules may include (by way of example, but not by way of limitation) the establishment of a method for employees of a given Designated Subsidiary to fund the purchase of shares other than by payroll deduction, if the payroll deduction method is prohibited by local law or is otherwise impracticable. Any special rules established pursuant to this Section 14 shall, to the extent possible, result in the employees subject to such rules having substantially the same rights as other participants in the Plan.

 

15.    Optionees Not Stockholders.     Neither the granting of an Option to an employee nor the deductions from his pay shall constitute such employee a holder of the shares of Common Stock covered by an Option under the Plan until such shares have been purchased by and issued to him.

 

16.    Rights Not Transferable.     Rights under the Plan are not transferable by a participating employee other than by will or the laws of descent and distribution, and are exercisable during the employee’s lifetime only by the employee.

 

17.    Application of Funds.     All funds received or held by the Company under the Plan may be combined with other corporate funds and may be used for any corporate purpose.

 

 

18.    Adjustment in Case of Changes Affecting Common Stock.     In the event of a subdivision of outstanding shares of Common Stock, or the payment of a dividend in Common Stock, the number of shares approved for the Plan, and the share limitation set forth in Section 9, shall be increased proportionately, and such other adjustment shall be made as may be deemed equitable by the Administrator. In the event of any other change affecting the Common Stock, such adjustment shall be made as may be deemed equitable by the Administrator to give proper effect to such event.

 

19.    Amendment of the Plan.     The Board may at any time, and from time to time, amend the Plan in any respect, except that without the approval, within 12 months of such Board action, by the stockholders, no amendment shall be made increasing the number of shares approved for the Plan or making any other change that would require stockholder approval in order for the Plan, as amended, to qualify as an “employee stock purchase plan” under Section 423(b) of the Code.

 

20.    Insufficient Shares.     If the total number of shares of Common Stock that would otherwise be purchased on any Exercise Date plus the number of shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the Plan, the shares then available shall be apportioned among participants in proportion to the amount of payroll deductions accumulated on behalf of each participant that would otherwise be used to purchase Common Stock on such Exercise Date.

 

21.    Termination of the Plan.     The Plan may be terminated at any time by the Board. Upon termination of the Plan, all amounts in the accounts of participating employees shall be promptly refunded.

 

22.    Governmental Regulations.     The Company’s obligation to sell and deliver Common Stock under the Plan is subject to obtaining all governmental approvals required in connection with the authorization, issuance, or sale of such stock.

 

The Plan shall be governed by Massachusetts law except to the extent that such law is preempted by federal law.

 

23.    Issuance of Shares.     Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from shares held in the treasury of the Company, or from any other proper source.

 

24.    Tax Withholding.     Participation in the Plan is subject to any minimum required tax withholding on income of the participant in connection with the Plan. Each employee agrees, by entering the Plan, that the Company and its Subsidiaries shall have the right to deduct any such taxes from any payment of any kind otherwise due to the employee, including shares issuable under the Plan.

 

25.    Notification Upon Sale of Shares.     Each employee agrees, by entering the Plan, to give the Company prompt notice of any disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares were purchased.

 

26.    Effective Date and Approval of Shareholders.     The Plan was adopted by the Board of Directors on March 31, 2004 and was effective upon approval by the stockholders of the Company on May 13, 2004.AMENDMENT
AND FORBEARANCE AGREEMENT

 

 

I

PARTIES

 

THIS
AMENDMENT AND FORBEARANCE AGREEMENT (the “Agreement”) is entered into as of the ____ day of June, 2019
(the “Effective Date”), by and between SMEA2Z LLC (“Smea2z”); and, LANDSTAR,
INC., a Nevada corporation (“LDSR”). LDSR and Smea2z are sometimes referred to collectively herein as the “Parties”,
and each individually as a “Party”.

 

II

RECITALS

 

A.
LDSR previously issued in favor of Smea2z that certain 8% Convertible Redeemable Note in the original principal amount of
Two Hundred Twenty Thousand Dollars ($220,000) on 23 October 2018, with a maturity date of 23 July 2019 (the “Note”).

 

B.
Smea2z is willing to forbear from enforcing its rights under the Note which arise with regard to the Forbearance Defaults,
and amend certain provisions of the Note, provided that LDSR complies with the terms of this Agreement.

 

C.
NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby
agree as follows:

 

III

DEFINED
TERMS AND INTERPRETATION

 

3.1
Defined Terms in the Note. All capitalized terms used herein and not otherwise defined shall have the meanings assigned
to such terms in the Note.

 

3.2
Defined Terms in this Agreement. The following capitalized terms shall have the respective meanings specified in
this Article III. Other terms defined elsewhere herein shall have meanings so given them.

 

3.2.1.
Forbearance Default. “Forbearance Default” means (a) the occurrence of any of the Events of Default
under the Note; (b) the failure of LDSR to comply with any term, condition, or covenant set forth in this Agreement; (c) any representation
made by LDSR under or in connection with this Agreement which shall prove to be materially false or misleading as of the date
when made; or, (d) the filing of any petition (voluntary or involuntary) under the insolvency or bankruptcy laws of the United
States or any state thereof, with respect to LDSR, or any of its subsidiaries.

 

3.2.2.
Obligations. “Obligations” means each and every of the obligations of LDSR under the Note, which obligations
include, without limitation, payment and performance of under the Note.

 

3.2.3.
Securities Act. “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

 

3.2.4.
Additional Definitions. For purposes of this Agreement, (i) those words, names, or terms which are specifically
defined herein shall have the meaning specifically ascribed to them; (ii) wherever from the context it appears appropriate, each
term stated either in the singular or plural shall include the singular and plural; (iii) wherever from the context it appears
appropriate, the masculine, feminine, or neuter gender, shall each include the others; (iv) the words “hereof”, “herein”,
“hereunder”, and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, and
not to any particular provision of this Agreement; (v) all references to “Dollars” or “$” shall be construed
as being United States Dollars; (vi) the term “including” is not limiting and means “including without limitation”;
and, (vii) all references to all statutes, statutory provisions, regulations, or similar administrative provisions shall be construed
as a reference to such statute, statutory provision, regulation, or similar administrative provision as in force at the date of
this Agreement and as may be subsequently amended.

 

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3.3
Interpretation.

 

3.3.1.
Provision Not Construed Against Party Drafting Agreement. This Agreement is the result of negotiations by and between
the Parties; is the product of the work and efforts of all Parties; and, shall be deemed to have been drafted by all Parties.
Each Party has had the opportunity to be represented by independent legal counsel of its choice. In the event of a dispute, no
Party shall be entitled to claim that any provision should be construed against any other Party by reason of the fact that it
was drafted by one particular Party.

 

3.3.2.
Agreement Provisions, Exhibits, and Schedules. When a reference is made in this Agreement to an Article, Section,
Subsection, Exhibit, or Schedule, such reference shall be to said item of this Agreement unless otherwise indicated. The Exhibits
and Schedules identified in this Agreement are incorporated herein by reference and made a part hereof as if set out in full herein.

 

3.3.3.
Entire Agreement. This Agreement, and all references, documents, or instruments referred to herein, contains the
entire agreement and understanding of the Parties in respect to the subject matter contained herein. The Parties have expressly
not relied upon any promises, representations, warranties, agreements, covenants, or undertakings, other than those expressly
set forth or referred to herein. This Agreement supersedes (i) any and all prior written or oral agreements, understandings, and
negotiations between the Parties with respect to the subject matter contained herein; and, (ii) any course of performance and/or
usage of the trade inconsistent with any of the terms hereof.

 

3.3.4.
Severability. Each and every provision of this Agreement is severable and independent of any other term or provision
of this Agreement. 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 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.

 

3.3.5.
Successors and Assigns. Except as expressly provided in this Agreement, each and all of the covenants, terms, provisions,
conditions, and agreements herein contained shall be binding upon and shall inure to the benefit of the successors and assigns
of the Parties. This Agreement is not assignable by either Party without the expressed written consent of all Parties.

 

3.3.6.
Time. All Parties agree that time is of the essence as to this Agreement.

 

3.3.7.
Governing Law. This Agreement shall be governed by the laws of the State of North Carolina, without giving effect
to any choice or conflict of law provision or rule (whether of the State of North Carolina or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of North Carolina. If any court action is necessary
to enforce the terms and conditions of this Agreement, the Parties hereby agree that the Wake County Superior Court, Raleigh,
North Carolina, shall be the sole jurisdiction and venue for the bringing of such action.

 

IV

CONFIRMATION
OF OBLIGATIONS; AMENDED AND NEW COVENANTS

 

4.1
Absence of Certain Rights. LDSR hereby acknowledges and agrees that as of the Effective Date, LDSR has no right
of offset, defense, or counterclaim with respect to the Obligations.

 

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4.2
Continued Effectiveness. Except as otherwise expressly set forth in this Agreement, the terms of the Note remain
unchanged, and the Note shall remain in full force and effect and is hereby confirmed and ratified. LDSR shall continue to perform
and observe all terms and conditions of the Note, as modified under this Agreement.

 

4.3
No Novation. This Agreement shall not be deemed or construed to be a satisfaction, reinstatement, novation, or release
of the Note, or, except as otherwise expressly provided herein, a waiver by Smea2z of any of its rights or remedies under the
Note, at law or in equity.

 

4.4
Reaffirmation. LDSR hereby reaffirms each and every covenant, condition, obligation, and provision set forth in
the Note, as modified under this Agreement.

 

4.5
Maturity Date. The Maturity Date under the Note shall be 15 April 2020.

 

4.6
Conversions. The Holder of the Note shall be entitled, at its option, to exercise the conversion rights under the
Note only upon the earlier of (i) the Maturity Date; or, (ii) any Event of Default.

 

4.7
Principal Amount. As of and on the Effective Date, the principal face amount of the Note shall be increased to Two
Hundred Forty Two Thousand Dollars ($242,000).

 

4.8
Interest Rate. As of and on the Effective Date, the interest rate under the Note shall be twelve percent (12%) per
annum.

 

4.9
Conversion Price. The Conversion Price under the Note shall be equal to sixty five percent (65%) of the lesser of
the lowest trading price of the Common Stock for (i) the 20-days immediately preceding the Effective Date; or, (ii) the 20-days
immediately preceding the date of conversion.

 

4.10
Share Reserve. As soon as practicable after the Effective Date, LDSR shall issue irrevocable instructions to its
transfer agent for the reservation of shares of Common Stock in compliance with the maximum number of shares to be reserved under
Section 12 of the Note. This Agreement shall be null and void, and cancelled in all respects in the event this Section 4.10 is
not satisfied within 30-days of the Effective Date.

 

V

AGREEMENT
TO FORBEAR

 

5.1
Forbearance. Provided that no Forbearance Default occurs as of or following the Effective Date, and LDSR satisfies
the requirements of Section 4.10, above, Smea2z hereby agrees to refrain and forbear from exercising any of its rights and remedies
under the Note that may exist. Upon the occurrence of any subsequent Forbearance Default after the Effective Date, the foregoing
forbearance by Smea2z shall be of no further force and effect, shall be automatically and without notice or demand deemed rescinded,
revoked, and terminated and all Forbearance Defaults shall be revived and reinstated and shall be deemed to have occurred and
to exist as if such forbearance had not been granted, with all rights and remedies of Smea2z under the Note based upon the Forbearance
Defaults revived and reinstated as if no forbearance had been granted.

 

5.2
Retained Rights. Except as expressly provided herein, the execution and delivery of this Agreement shall not: (a)
constitute an extension, modification, or waiver of any aspect of the Note; (b) extend the terms of any of the Note or the due
date of any of the Obligations; (c) give rise to any obligation on the part of Smea2z to extend, modify, or waive any term or
condition of the Note; (d) give rise to any defenses or counterclaims to the right of Smea2z to compel payment of the Obligations
or to otherwise enforce its rights and remedies under the Note; or, (e) establish a custom or course of dealing between or among
LDSR and Smea2z. Except as expressly limited herein, Smea2z hereby expressly reserves all of its rights and remedies under the
Note and under applicable law.

 

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5.3
LDSR Forbearance Obligations. In order to induce Smea2z to forbear from the exercise of its rights and remedies
as set forth above, LDSR hereby further covenants and agrees that at the request of Smea2z, LDSR shall give its transfer agent
instructions (supported by an opinion of LDSR counsel, if required or requested by the transfer agent) to the effect that, upon
the transfer agent’s receipt from Smea2z of (i) a certificate (a “Rule 144 Certificate”) certifying that
Smea2z has satisfied such matters as may be appropriate in accordance with Rule 144 under the Securities Act; and, (ii) an opinion
of counsel acceptable to LDSR that, based on the Rule 144 Certificate, the shares being sold may be sold pursuant to the provisions
of Rule 144, even in the absence of an effective registration statement, then the Transfer Agent is to effect the transfer of
the shares being sold and issue to the buyer(s) or transferee(s) thereof one or more stock certificates representing the transferred
shares being sold without any restrictive legend and without recording any restrictions on the transferability of such shares
on the transfer agent’s books and records (except to the extent any such legend or restriction results from facts other
than the identity of the relevant Smea2z, as the seller or transferor thereof, or the status, including any relevant legends or
restrictions, of the shares of the shares being sold while held by Smea2z). If LDSR’s transfer agent reasonably requires
any additional documentation at the time of the transfer, LDSR shall deliver or cause to be delivered all such reasonable additional
documentation as may be necessary to effectuate the issuance of an unlegended certificate.

 

VI

REPRESENTATIONS
AND WARRANTIES

 

6.1
LDSR. LDSR hereby represents and warrants to Smea2z as follows as of the Effective Date:

 

(a)
The execution, delivery, and performance of this Agreement by LDSR is within LDSR’s corporate power and has been duly authorized
by all necessary corporate action.

 

(b)
This Agreement constitutes a valid and legally binding agreement enforceable against LDSR in accordance with its terms subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, and other laws affecting creditors’ rights generally and
to general equitable principals.

 

(c)
The Note constitutes a valid and legally binding obligation of LDSR, enforceable against LDSR in accordance with the terms thereof
subject to the effects of bankruptcy, insolvency, fraudulent conveyance, and other laws affecting creditors’ rights generally
and to general equitable principals.

 

6.2
Smea2z. Smea2z hereby represents and warrants to LDSR as follows as of the Effective Date:

 

(a)
Smea2z is (i) an “accredited investor” as that term is defined in Rule 501 under the 1933 Act; (ii) experienced in
making investments of the kind described in this Agreement and the related documents; and, (iii) able, by reason of the business
and financial experience of its officers (if an entity) and professional advisors (who are not affiliated with or compensated
in any way by LDSR or any of its Affiliates or selling agents), to protect its own interests in connection with the transactions
described in this Agreement, and the related documents, and to evaluate the merits and risks of entering in to this Agreement.

 

(b)
This Agreement, and the transactions contemplated thereby, have been duly and validly authorized, executed, and delivered on behalf
of Smea2z and are valid and binding agreements of Smea2z enforceable in accordance with their respective terms, subject as to
enforceability to general principles of equity and to bankruptcy, insolvency, moratorium, and other similar laws affecting the
enforcement of creditors’ rights generally.

 

(c)
Smea2z is expressly not relying on any oral representations made by LDSR or any of its agents.

 

VII

ADDITIONAL
PROVISIONS

 

7.1
Executed Counterparts. This Agreement may be executed in any number of counterparts, all of which when taken together
shall be considered one and the same agreement, it being understood that all Parties need not sign the same counterpart. In the
event that any signature is delivered by Fax or E-Mail, such signature shall create a valid and binding obligation of that Party
(or on whose behalf such signature is executed) with the same force and effect as an original thereof. Any photographic, photocopy,
or similar reproduction copy of this Agreement, with all signatures reproduced on one or more sets of signature pages, shall be
considered for all purposes as if it were an executed counterpart of this Agreement.

 

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7.2
Enforcement. The Parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, it is agreed
that the Parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement, this being in addition to any other remedy to which they are entitled at law or in
equity. The remedies of the Parties under this Agreement are cumulative and shall not exclude any other remedies to which any
person may be lawfully entitled.

 

7.3
Waiver. No failure by any Party to insist on the strict performance of any covenant, duty, agreement, or condition
of this Agreement or to exercise any right or remedy on a breach shall constitute a waiver of any such breach or of any other
covenant, duty, agreement, or condition.

 

7.4
Recovery of Fees by Prevailing Party. In the event of any legal action (including arbitration) to enforce or interpret
this Agreement, the non-prevailing Party shall pay the reasonable attorneys’ fees and other costs and expenses (including
expert witness fees) of the prevailing Party in such amount as the may be determined. In addition, such non-prevailing Party shall
pay reasonable attorneys’ fees incurred by the prevailing Party in enforcing, or on appeal from, a judgment in favor of
the prevailing Party. The preceding sentence is intended by the Parties to be severable from the other provisions of this Agreement
and to survive and not be merged into such judgment.

 

7.5
Recitals. The facts recited in Article II, above, are hereby conclusively presumed to be true as between and affecting
the Parties.

 

7.6
Amendment. This Agreement may be amended or modified only by a writing signed by all Parties.

 

7.7
No Third Party Beneficiaries. This Agreement has been entered into solely by and between the Parties, solely for
their benefit. There is no intent by either Party to create or establish a third party beneficiary to this Agreement, and no such
third party shall have any right to enforce any right, claim, or cause of action created or established under this Agreement.

 

7.8
Further Assurances. Each Party agrees (i) to furnish upon request to each other Party such further information;
(ii) to execute and deliver to each other Party such other documents; and, (iii) to do such other acts and things, all as another
Party may reasonably request for the purpose of carrying out the intent of this Agreement and the transactions envisioned hereunder.
However, this provision shall not require that any additional representations or warranties be made and no Party shall
be required to incur any material expense or potential exposure to legal liability pursuant to this Section 7.8.

 

7.9
Notices. 

 

7.9.1.
Method and Delivery. All notices, requests and demands hereunder shall be in writing and delivered by hand, by Electronic
Transmission, by mail, or by recognized commercial over-night delivery service (such as Federal Express or UPS), and shall be
deemed given (a) if by hand delivery, upon such delivery; (b) if by Electronic Transmission, upon telephone confirmation of receipt
of same; (c) if by mail, forty-eight (48) hours after deposit in the United States mail, first class, registered or certified
mail, postage prepaid; or, (d) if by recognized commercial over-night delivery service, upon such delivery.

 

7.9.2.
Consent to Electronic Transmission. Each Party hereby expressly consents to the use of Electronic Transmission for
communications and notices under this Agreement. For purposes of this Agreement, “Electronic Transmission” means a
communication (i) delivered by Fax or E-Mail when directed to the Fax number or E-Mail address, respectively, for that recipient
on record with the sending Party; and, (ii) that creates a record that is capable of retention, retrieval, and review, and that
may thereafter be rendered into clearly legible tangible form.

 

    	 	5	 

    	 	 	 

    

 

7.9.3.
Address Changes. Any Party may alter the Fax number, E-Mail address, physical address, or postage address to which
communications or copies are to be sent by giving notice of such change of address to the other Parties in accordance with the
provisions of this Section 7.9.

 

7.10
Best Efforts. Each Party shall cooperate in good faith with the other Parties generally, and in particular, the
Parties shall use and exercise their best efforts, taking all reasonable, ordinary and necessary measures to ensure an orderly
and smooth relationship under this Agreement, and further agree to work together and negotiate in good faith to resolve any differences
or problems which may arise in the future. However, the obligations under this Section 7.10 shall not include any obligation
to incur substantial expense or liability.

 

VIII

EXECUTION

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the Parties and shall be effective as of and on the Effective Date.
Each of the undersigned Parties hereby represents and warrants that it (i) has the requisite power and authority to enter into
and carry out the terms and conditions of this Agreement, as well as all transactions contemplated hereunder; and, (ii) it is
duly authorized and empowered to execute and deliver this Agreement. 

 

	SMEA2Z:	LDSR:
	 	 	 	 	 
	SMEA2Z
    LLC	 	LANDSTAR,
    INC.
	 	 	 	 	 
	 	 	 	 	 
	BY:		 	BY:	             
	 	 	 	 	 
	NAME:	    	 	NAME:	
	 		 	 	 
	TITLE:	    	 	TITLE:	
	 	 	 	 	 
	DATED:		 	DATED:	

 

    	 	6

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