Document:

Document

Exhibit 10.2
EXECUTION VERSION

VOTING AGREEMENT
This Voting Agreement (this “Agreement”), dated as of December 21, 2022, is by and among Berkeley Lights, Inc., a Delaware corporation (“Parent”), Iceland Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), IsoPlexis Corporation, a Delaware corporation (the “Company”), and Igor Y. Khandros and Susan Bloch (collectively, the “Stockholder”).
RECITALS
WHEREAS, concurrently herewith, the Company, Parent and Merger Sub are entering into an Agreement and Plan of Merger (as amended, restated, supplemented or otherwise modified from time to time, the “Merger Agreement”);
WHEREAS, as of the date of this Agreement, the Stockholder is the “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange Act), including by way of trust, of the approximate number of shares of Parent Common Stock set forth on Schedule A hereto,  (all of the shares of Parent Common Stock owned of record or beneficially by the Stockholder as of the date of this Agreement, the “Owned Shares” and, together with any additional shares of Parent Common Stock or other voting securities of Parent of which the Stockholder acquires beneficial ownership after the date of this Agreement, including by purchase, as a result of a stock dividend, stock split, recapitalization, combination, consolidation, reclassification, exchange or change of such shares, or other similar transaction, or upon exercise or conversion of any securities (including any Parent Stock Options or any other equity awards), the Stockholder’s “Covered Shares”);
WHEREAS, as a condition and inducement to the willingness of the Company, Parent and Merger Sub to enter into the Merger Agreement and to proceed with the transactions contemplated thereby, including the Merger and the Share Issuance, the Company, Parent, Merger Sub and the Stockholder are entering into this Agreement; and 
WHEREAS, the Stockholder acknowledges that each of the Company, Parent and Merger Sub are entering into the Merger Agreement in reliance on the representations, warranties, covenants and other agreements of the Stockholders set forth in this Agreement and would not enter into the Merger Agreement if the Stockholder did not enter into this Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:
1.    Certain Definitions. All capitalized terms that are used but not defined herein have the respective meanings ascribed to them in the Merger Agreement. For all purposes of and under this Agreement, the following terms have the following respective meanings:

(a)    “Permitted Liens” means Liens that would not reasonably be expected to interfere adversely with the performance by the applicable Stockholder of its obligations hereunder.
(b)    “Termination Date” means the earliest to occur of (i) the Effective Time, (ii) the termination of the Merger Agreement in accordance with its terms or (iii) the date on which any amendment to the Merger Agreement is effected, or any waiver of Parent’s or Merger Sub’s rights or the Company’s obligations under the Merger Agreement is granted, in each case, without the Stockholder’s prior written consent, that (A) increases the Merger Consideration to be received by the stockholders of the Company, (B) changes the form of Merger Consideration payable to the stockholders of the Company, (C) extends the End Date or imposes any additional conditions to the consummation of the Merger or (D) affects any of the other material terms of Article II (The Merger), Section 6.03 (No Solicitation by Parent; Parent Recommendation), Section 7.09 (Certain Tax Matters), Article VIII (Conditions Precedent) or Article IX (Termination, Amendment and Waiver) of the Merger Agreement in a manner that is materially adverse to the Stockholder in his capacity as such.
(c)    A Person will be deemed to have effected a “Transfer” of a security if such Person, whether voluntarily or involuntarily, directly or indirectly (i) sells, pledges, encumbers, hypothecates, leases, assigns, gifts, grants an option with respect to, transfers, exchanges, tenders or disposes (by merger, by testamentary disposition, by operation of law or otherwise) of such security or any interest in such security, (ii) creates or permits to exist any Liens (other than Permitted Liens and restrictions on transfer imposed under applicable securities laws), (iii) deposits such security into a voting trust or enters into a voting agreement or arrangement or grants any proxy, power of attorney or other authorization with respect thereto that is inconsistent with this Agreement or (iv) enters into an agreement to take any of the actions referred to in the foregoing clauses (i) through (iii).
2.    Transfer Restrictions. From the date of this Agreement until the Termination Date, the Stockholder shall not Transfer (or cause or permit the Transfer of) any of his Covered Shares except with the Company’s prior written consent. Notwithstanding anything to the contrary in this Agreement, this Section 2 shall not prohibit a Transfer of Covered Shares by the Stockholder to any of his Affiliates or limited partners (including, for the avoidance of doubt, any distribution in kind to the limited partners) or to any member of the Stockholder’s family or to a trust for the benefit of the Stockholder or any member of the Stockholder’s family; provided that such a Transfer shall be permitted only if, as a precondition to such Transfer, the transferee agrees in writing (in form and substance reasonably satisfactory to the Company) to be bound by all of the obligations of the Stockholder under this Agreement with respect to such Covered Shares being Transferred. Any Transfer or attempted Transfer of any Covered Shares in violation of this Section 2 shall be null and void and of no effect whatsoever. 
3.    Agreement to Vote.
(a)    From the date of this Agreement until the Termination Date, at the Parent Stockholder Meeting and any other meeting of the stockholders of Parent (and at every adjournment or postponement thereof) to vote on any matter contemplated by this Agreement, 

however called, or (if applicable) in connection with any written consent of Parent’s stockholders, the Stockholder shall unconditionally and irrevocably vote, or shall cause to be unconditionally and irrevocably voted, all its Covered Shares held at that time:
(i)    in favor of the Share Issuance;
(ii)    in favor of the approval of any proposal to adjourn the meeting to a later date, if there is not a quorum or sufficient affirmative votes (in person or by proxy) to obtain the Parent Stockholder Approval on the date on which such meeting is held; 
(iii)    against any action or agreement that would reasonably be expected to result in the conditions of the Transactions not being fulfilled or a breach of a covenant, representation or warranty or any other material obligation or agreement of Parent contained in the Merger Agreement; 
(iv)    against any action, proposal, transaction or agreement that would reasonably be expected to prevent or materially delay the consummation of the Transactions; and
(v)    against any Parent Takeover Proposal.
(b)    From the date of this Agreement until the Termination Date, the Stockholder shall appear, or shall cause the applicable entity that is the record holder of any of the Stockholder’s Covered Shares, as applicable (in person, by proxy or by any other means permitted by the Parent Bylaws) at each meeting of the stockholders of Parent, or adjournment or postponement thereof, to vote on any matter contemplated by this Agreement and shall cause all its Covered Shares to be counted as present thereat for purposes of calculating a quorum and shall vote all its Covered Shares in accordance with this Section 3.
(c)    Nothing in this Agreement, including this Section 3, limits or restricts the Stockholder, or any Affiliate or designee of the Stockholder, who serves as a member of the Parent Board in acting or voting in his or her capacity as a director of Parent and exercising his or her fiduciary duties and responsibilities, it being understood that this Agreement applies to the Stockholder solely in its capacity as a stockholder of Parent and does not apply to the Stockholder’s or any such Affiliate or designee’s actions, judgments or decisions as a director of Parent, and such actions (or failures to act) shall not be deemed to constitute a breach of this Agreement.
4.    No Inconsistent Agreements. The Stockholder hereby represents, covenants and agrees that, except as contemplated by this Agreement, the Stockholder (i) has not entered into, and shall not enter into at any time prior to the Termination Date, any voting agreement or voting trust with respect to any of its Covered Shares and (ii) has not granted, and shall not grant at any time prior to the Termination Date of this Agreement, a proxy or power of attorney with respect to any of its Covered Shares, in either case, that is inconsistent with the Stockholder’s obligations pursuant to this Agreement.

5.    Representations and Warranties of the Stockholder. The Stockholder hereby represents and warrants to the Company, solely as to itself and not as to any other Stockholder or other Person, as follows:
(a)    Power; Organization; Binding Agreement. The Stockholder has the capacity to execute and deliver this Agreement, to perform his obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Stockholder, and, assuming due authorization, execution and delivery by the Company, this Agreement is enforceable against the Stockholder in accordance with its terms, except that such enforceability may be limited by the Bankruptcy and Equity Exception.
(b)    No Conflicts. None of the execution and delivery by the Stockholder of this Agreement, the performance by the Stockholder of its obligations hereunder or the consummation by the Stockholder of the transactions contemplated hereby will (i) require any consent or approval under, or result in a violation or breach of, any agreement to which the Stockholder is a party or by which the Stockholder may be bound, including any voting agreement or voting trust, (ii) result in the creation of any Lien on any of the assets or properties of the Stockholder, (iii) violate any applicable Law or Judgment or (iv) with respect to the Stockholder that is not a natural person, violate the organizational documents of the Stockholder, except for such consents, approvals, breaches, Liens or violations that would not, individually or in the aggregate, prevent or materially delay the Stockholder from performing his, her or its obligations under this Agreement.
(c)    Ownership of Covered Shares. The Stockholder is the beneficial owner of the Stockholder’s Covered Shares. All the Stockholder’s Covered Shares are owned free and clear of any Liens other than Permitted Liens, and no Person has a right to acquire any of such securities, in each case other than pursuant to this Agreement, the Merger Agreement, under applicable federal or state securities laws or pursuant to any written policies of Parent only with respect to restrictions upon the trading of securities under applicable securities laws. As of the date of this Agreement, except as set forth on Schedule A, other than the Owned Shares, the Stockholder does not own beneficially or of record any (i) shares of capital stock or voting securities of Parent, (ii) securities of Parent convertible into or exchangeable for shares of capital stock or voting securities of Parent or (iii) options or other rights to acquire from Parent any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting securities of Parent.
(d)    Voting Power. The Stockholder has the requisite voting power, power of disposition, power to issue instructions with respect to the matters set forth herein and power to agree to all of the matters set forth in this Agreement necessary to take all actions required under this Agreement, in each case with respect to all of the securities subject to this Agreement owned by the Stockholder, with no limitations, qualifications or restrictions on such rights, subject to applicable federal securities laws and those arising under the terms of this Agreement.
(e)    Reliance by the Company. The Stockholder understands and acknowledges that each of the Company, Parent and Merger Sub is entering into the Merger Agreement in reliance upon the Stockholder’s execution and delivery of this Agreement.

(f)    Consents and Approvals. The execution and delivery of this Agreement by the Stockholder does not, and the performance by the Stockholder of its obligations under this Agreement and the consummation of the transactions contemplated hereby will not, require the Stockholder to obtain any consent, approval, authorization or permit of, or to make any filing with or notification to, any Governmental Authority, except in each case for filings with the SEC or where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings and notifications, would not, either individually or in the aggregate, prevent or materially delay the performance by the Stockholder of any of its obligations hereunder.
6.    Additional Covered Shares. Prior to the Termination Date, in the event that any Stockholder acquires record or beneficial ownership of, or the power to vote or direct the voting of, any additional shares of Parent Common Stock or other voting interests with respect to Parent, such shares of Parent Common Stock or other voting interests will, without further action of the parties, be deemed Covered Shares and subject to the provisions of this Agreement, the number of shares of Parent Common Stock held by the Stockholder will be deemed amended accordingly, and such shares of Parent Common Stock or voting interests will automatically become subject to the terms of this Agreement as Covered Shares.
7.    Representations and Warranties of the Company and Parent. The Company and the Parent hereby represent and warrant to the Stockholder as follows:
(a)    Authority; Binding Nature. Each of the Company and Parent has all requisite power and authority to (i) execute and deliver this Agreement, (ii) perform its covenants and obligations hereunder and (iii) consummate the transactions contemplated hereby to be consummated by it. The execution and delivery of this Agreement by each of the Company and Parent, the performance of each of their covenants and obligations hereunder and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of the Company and Parent, and no additional actions are necessary to authorize (A) the execution and delivery of this Agreement by the Company or Parent; (B) the performance by each of the Company and Parent of its covenants and obligations hereunder; or (C) the consummation of the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Company and Parent (assuming due authorization, execution and delivery by the Stockholder) constitutes a valid and binding obligation of the Company and Parent, enforceable against the Company and Parent in accordance with its terms, except that such enforceability may be limited by the Bankruptcy and Equity Exception.
(b)    No Conflicts. None of the execution and delivery by each of the Company and Parent of this Agreement, the performance by each of the Company and Parent of its obligations hereunder or the consummation by each of the Company and Parent of the transactions contemplated hereby will (i) require any consent or approval under, or result in a violation or breach of, any agreement to which the Company or Parent is a party or by which the Company or Parent may be bound, including any voting agreement or voting trust, (ii) result in the creation of any Lien on any of the assets or properties of the Company or Parent, (iii) violate 

any applicable Law or Judgment or (iv) violate the organizational documents of the Company or Parent.
8.    [intentionally omitted]
9.    [intentionally omitted]
10.    Stockholder Litigation. The Stockholder agrees not to commence or participate in, and to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, that may be brought against the Company, Parent, Merger Sub or any of their respective successors and assigns relating to the negotiation, execution or delivery of this Agreement, the Merger Agreement or the consummation of the transactions contemplated hereby and thereby; provided that this Section 10 shall not be deemed a waiver of any rights of the Stockholder or its Affiliates for any breach of this Agreement or the Merger Agreement by Parent, the Company or any of their respective Affiliates.
11.    No Solicitation. The Stockholder shall not take any action that Parent would then be prohibited from taking under Section 6.03 of the Merger Agreement. The Stockholder shall cease immediately and cause to be terminated any solicitations, encouragements, discussions and negotiations that commenced prior to the date of this Agreement with respect to any Parent Takeover Proposal, or any inquiry, expression of interest, proposal, discussions, negotiations or offer that constitutes, or could reasonably be expected to lead to, a Parent Takeover Proposal. Nothing in this Section 10 shall be construed as prohibiting, or imposing any obligation on any Stockholder with respect to, any action (other than actions taken by or on behalf of the Stockholder) that is taken by any Person other than the Stockholder.
12.    Termination. This Agreement and all rights and obligations of the parties hereunder will terminate and have no further force or effect as of the Termination Date; provided that this Section 12 and Section 13 shall survive the termination of this Agreement. Notwithstanding the foregoing, nothing set forth in this Section 12 or elsewhere in this Agreement relieves any party hereto from liability, or otherwise limits the liability of any party hereto, for any willful and material breach of this Agreement prior to such termination.
13.    Miscellaneous.
(a)    Severability. If any term, provision, covenant or restriction of this Agreement or the application of any such provision to any person or circumstance shall be held invalid, illegal, void or unenforceable in any respect by a court of competent jurisdiction or other Governmental Authority, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. Upon such a holding, the parties hereto agree to negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner, in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the fullest extent possible.

(b)    Assignment. Except in connection with a Transfer of any Covered Shares in accordance with Section 2, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of Law or otherwise by any of the parties without the prior written consent of the other parties and any purported assignment in violation hereof shall be null and void ab initio. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by, the parties hereto and their respective successors and assigns.
(c)    Amendment and Modification; Waiver. This Agreement may be amended or waived by any party only if such amendment or waiver is in writing and is signed by each party to this Agreement. Any failure of any of the parties to comply with any obligation, covenant, agreement or condition in this Agreement may be waived by any of the parties entitled to the benefit thereof only by a written instrument signed by each such party granting such waiver. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by applicable Law or in equity.
(d)    Specific Performance. The parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur and that the parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, in addition to any other remedy to which the parties are entitled at law or in equity, (i) the parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief, to prevent breaches or threatened or anticipated breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the courts described in Section 13(h), without proof of damages or otherwise, and (ii) the right of specific performance is an integral part of the transactions contemplated hereby and without that right, none of the Company, Parent, Merger Sub or any of the Stockholder would have entered into this Agreement. Each of the parties agrees that it waives the defense of adequacy of a remedy at law and will not oppose the granting of an injunction or injunctions, specific performance or other equitable relief on the basis that (A) the other parties have an adequate remedy at law or (B) an award of an injunction, specific performance or other equitable relief is not an appropriate remedy for any reason at law or equity. The parties acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 13(d) shall not be required to provide any bond or other security in connection with any such order or injunction.
(e)    Notices. All notices or other communications required or permitted under, or otherwise given in connection with, this Agreement shall be in writing and shall be deemed to have been duly given (i) when delivered, if delivered in person, (ii) on the next Business Day if transmitted by national overnight courier (with confirmation of delivery) or (iii) on the date transmitted if sent by email (provided that no “bounce back” or similar message of non-delivery 

is received with respect thereto), as follows (or at such other address for a party as shall be specified by notice given in accordance with this Section 13(e)):
If to the Stockholder:
						
	Igor Y. Khandros and Susan Bloch
	[contact information has been redacted] 
	[contact information has been redacted] 
	Email:	[contact information has been redacted] 
	Email:	[contact information has been redacted] 

with a copy (which will not constitute notice or service of process) to:
						
	Loeb & Loeb LLP
	10100 Santa Monica Blvd., Suite 2200
	Los Angeles, CA 90067
	Attention:	Arash Khalili
	Email:	akhalili@loeb.com

If to Parent or Merger Sub, to:
						
	Berkeley Lights, Inc.
	5858 Horton Street, Suite 320
	Emeryville, CA 94608
	Attention:  	Scott Chaplin
	Email:	[contact information has been redacted] 

with a copy (which will not constitute notice or service of process) to:
						
	Freshfields Bruckhaus Deringer US LLP
	601 Lexington Avenue, 31st Floor
	New York, NY 10022
	Attention:	Damien R. Zoubek
		Oliver J. Board
	Email:	damien.zoubek@freshfields.com
		oliver.board@freshfields.com

If to any Stockholder or to the Company, to:
						
	IsoPlexis Corporation
	35 NE Industrial Road
	Branford, CT 06405
	Attention:  	Richard W. Rew II
	Email:	[contact information has been redacted] 

with a copy (which will not constitute notice or service of process) to:
						
	Cravath, Swaine & Moore LLP
	Worldwide Plaza
	825 Eighth Avenue
	New York, NY 10019
	Attention:	Richard Hall
		Andrew C. Elken
	Email:	rhall@cravath.com
		aelken@cravath.com

Notwithstanding anything in this Agreement to the contrary, any notice given in accordance with the foregoing clauses (i) or (ii) of this Section 13(e) shall only be effective if a duplicative copy of such notice is also given by email in the method described in this Section 13(e).
(f)    No Third Party Beneficiaries. This Agreement is not intended to confer upon any person other than the parties hereto (and their respective successors and permitted assigns) any rights (legal, equitable or otherwise) or remedies, whether as third-party beneficiaries or otherwise. 
(g)    Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.
(h)    Jurisdiction. All Actions arising out of or relating to this Agreement shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this Agreement or the Transactions in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the 

judgment of any such court. The consents to jurisdiction and venue set forth in this Section 13(h) shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 13(e) of this Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment.
(i)    WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 13(i).
(j)    Rules of Construction. Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of such counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to in this Agreement, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto.
(k)    Entire Agreement. This Agreement, taken together with the Schedules attached hereto and the Merger Agreement to the extent referenced herein, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings, both written and oral, among the parties hereto with respect thereto. 

(l)    Interpretation. The rules of interpretation set forth in Section 1.03 of the Merger Agreement shall apply to this Agreement, mutatis mutandis.
(m)    Expenses. Except as otherwise expressly provided in this Agreement or the Merger Agreement, all fees and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party hereto incurring such fees or expenses.
(n)    No Recourse. This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, may only be made against, the entities that are expressly identified as parties hereto and no former, current or future equity holders, controlling persons, directors, officers, employees, agents or Affiliates of any party hereto or any former, current or future stockholder, controlling person, director, officer, employee, general or limited partner, member, manager, agent or Affiliate of any of the foregoing shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations made or alleged to be made in connection herewith.
14.    Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto, it being understood and agreed that all parties hereto need not sign the same counterpart. Until and unless each party has received a counterpart hereof signed by each other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). Signatures to this Agreement transmitted by electronic mail in PDF form, or by any other electronic means designed to preserve the original graphic and pictorial appearance of a document (including DocuSign), will be deemed to have the same effect as physical delivery of the paper document bearing the original signatures.
15.    [intentionally omitted]
16.    No Ownership Interest. The Stockholder has agreed to enter into this Agreement and act in the manner specified in this Agreement for consideration. Except as expressly set forth in this Agreement, all rights and all ownership and economic benefits of and relating to the Stockholder’s Covered Shares will remain vested in and belong to the Stockholder, and nothing herein will, or will be construed to, grant the Company any power, sole or shared, to direct or control the voting or disposition of any of such Covered Shares. Nothing in this Agreement will be interpreted as creating or forming a “group” with any other Person, including other holders listed on Schedule A, for purposes of Rule 13d-5(b)(1) of the Exchange Act or any other similar provision of applicable Law.
[The remainder of this page is intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
BERKELEY LIGHTS, INC.
			
	/s/ Siddhartha Kadia
	Name: Siddhartha Kadia
	Title:   Chief Executive Officer

ICELAND MERGER SUB INC.
			
	/s/ Scott Chaplin
	Name: Scott Chaplin
	Title:   President

[Signature Page to Voting Agreement]

ISOPLEXIS CORPORATION
			
	/s/ Richard W. Rew II
	Name: Richard W. Rew II
	Title:   Senior Vice President, General Counsel & Secretary

[Signature Page to Voting Agreement]

			
	/s/ Igor Y. Khandros
	Igor Y. Khandros

			
	/s/ Susan Bloch
	Susan Bloch

[Signature Page to Voting Agreement]

Schedule A
Approximate Number of Beneficially Owned Shares:  8,800,000 shares of Parent Common Stock*
*If any additional shares of Parent Common Stock are owned by the Stockholder as of the date of this Agreement, such shares shall be automatically deemed to be “Owned Shares” notwithstanding the contents of this Schedule A.Exhibit 10.1

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

THIS MEMBERSHIP INTEREST PURCHASE
AGREEMENT (“Agreement”) is made on June 24, 2022 (the “Effective Date”), by and between RANDY NORRIS
BAILEY and MICHELLE E. BAILEY, Husband and Wife, (“Sellers”), MACRAL Properties, LLC., a North Carolina limited liability
company (the “Company” or “MACRAL”) and MHP PURSUITS LLC, a North Carolina limited liability company
(“Buyer”).

 

WHEREAS, Sellers hold one
hundred percent (100%) of the membership interests (“Membership Interest”) in the MACRAL Properties, LLC;

 

WHEREAS, Sellers’ Membership
Interests are subject to the terms and conditions of a certain Limited Liability Company Operating Agreement among the Company and its
members (the “Operating Agreement”); and

 

WHEREAS, Sellers desire to
sell to Buyer, and Buyer desires to acquire from Seller, all of Seller’s Membership Interests in the Company pursuant to the terms
and conditions of this Agreement without restrictions, except for those set forth in the Operating Agreement, and encumbrances.

 

NOW, THEREFORE, in consideration
of the premises and mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

Summary of Terms and Defined Terms.
The following summary of terms and defined terms are hereby incorporated into this Agreement:

 

	
    SUMMARY OF TERMS AND DEFINED TERMS

     

	
    A. Sellers
    and Sellers’ Notice Information:

     
	
    Randy Norris Bailey

    Michelle E. Bailey

    [redacted] 

	
    B. Buyer and Buyer’s Notice
    Information:

     
	
    MHP Pursuits LLC, a North Carolina
    limited liability company (“Buyer”)

    136 Main Street

    Pineville, North Carolina 28134

    Attention: Adam Martin

    [redacted] 

	
    C. Property and Address:
	
    Country Road MHP, 665 Mt Olivet Church Road, Franklinton,
NC 27525

	D.
    General Description of Real and Personal Property of the Company: 	
    Mobile Home Park’s with 28 home sites
located on approximately 26.93 acres as described on Exhibit “A” attached hereto (the “Land”) and
55 Park-Owned Homes (as defined below) as described on Exhibit “C” attached hereto. 

	
    E. Property Tax ID Number(s): 
	1846-98-9548 and 1846-99-3198
	
    F. Purchase Price: 
	
    $2,000,000.00 (the “Purchase Price”) 

	
    G. Closing Date: 

     
	
    Thirty (30) days after the last day of the
Due Diligence Period or such earlier date as may be agreed upon by the parties in writing (the “Closing Date”) as
the Closing Date may be extended in accordance with Exhibit “B” attached hereto. 

	H. Title Company; Holder of Earnest Money	
    Stewart Title Guaranty Company (“Title
    Company” or “Holder”)

    5935 Carnegie Boulevard, Suite 301

    Charlotte, North Carolina 28209 

	I. Effective Date of this Agreement: 	
    (the “Effective Date”),
which shall be the later of the dates that Buyer and Sellers have executed this Agreement as set forth below their signatures attached
hereto. 

	
    J. Earnest Money:  
	
    $15,000.00 (the “Earnest Money”) 

	K. Due Diligence Period: 	
    Thirty (30) days after the date that Sellers
have completed delivery to Buyer of the Due Diligence Materials (as defined in Exhibit “B” attached hereto) as confirmed
in writing by the parties in accordance with Section 5; then an additional forty-five (45) days for completion of third-party reports,
with the only contingency during this last forty-five (45) day period being the acceptability of completed third-party reports (the “Due
Diligence Period”) 

	L. Buyer’s Broker:	
    None (“Buyer’s Broker”) 

	M. Sellers’ Broker:	None (“Sellers’ Broker”)

 

    Page 1 of 19

     

    

 

ARTICLE I. DEFINITIONS; CONSTRUCTION.

 

1.1. Definitions. 

 

Capitalized terms used in
this Agreement, other than those which are defined in the Operating Agreement or the body of this Agreement, are defined in Summary of
Terms and Defined Terms above and Exhibit E. hereto. Capitalized terms not otherwise defined herein or in Exhibit E shall
have the respective meanings set forth in the Operating Agreement.

 

1.2. Construction. 

 

Except as otherwise expressly
provided herein, the following rules of construction apply to this Agreement: (a) the singular includes the plural and the plural includes
the singular except when the context otherwise requires; (b) “include” and “including” are not limiting; (c) a reference
to any agreement or contract includes exhibits, schedules, and permitted supplements and amendments thereto; (d) a reference to a law
includes any amendment or modification to such law and any rules or regulations issued thereunder; (e) a reference to a Person includes
such Person’s permitted successors and assigns; and (f) unless the context otherwise requires, a reference in this Agreement to an Article,
Section, Paragraph, Exhibit, or Schedule is to the respective Article, Section, Paragraph, Exhibit, or Schedule of or to this Agreement.

 

ARTICLE II. SALE AND PURCHASE OF MEMBERSHIP
INTERESTS; CLOSING.

 

2.1. Sale and Purchase of Membership Interests. 

 

(a) Upon
the terms and subject to the conditions set forth in this Agreement, at the Closing, Sellers shall sell, assign, and transfer to Buyer,
and Buyer shall purchase from Sellers, all of the Membership Interests in the Company held by Sellers (the “Membership Interest”).

 

(b) The
purchase price for the Membership Interest shall be $2,000,000.00 (the “Purchase Price”), payable as follows: $15,000.00
(the “Earnest Money”) deposit due within 10 days after the Effective Date and balance due at closing.

 

(c)   After
giving effect to the sale and purchase under this Section 2.1. and the completion of the Closing, Buyer shall be the substituted
Member in the Company pursuant to the terms of the Operating Agreement, holding 100% (the “Membership Interests”) in the Company
as set forth opposite Buyer’s name in the Operating Agreement.

 

(d) Buyer
has paid Sellers the sum of $250.00, the receipt of which is hereby acknowledged by Sellers, as option money for Buyer having the right
to terminate this Agreement during the Due Diligence Period. Within ten (10) days after the Effective Date, Seller shall deliver to Buyer
the Due Diligence Materials to the extent within Sellers’ possession. Upon the completion of Sellers’ delivery to Buyer of
all such Due Diligence Materials, Buyer and Sellers shall agree in writing (which may be via e-mail) as to such date of completion of
delivery, which shall be the date of commencement of the Due Diligence Period. Prior to Closing, Buyer and Buyer’s representatives and
agents shall have the right to enter upon Property at Buyer’s expense, and at reasonable times, to inspect, survey, examine, and test
the Property as Buyer may deem necessary as part of Buyer’s acquisition of the Property. Sellers shall allow Buyer and its representatives
and agents access to, or shall provide documents for review, whichever the case may be, with respect to the Property at all reasonable
times and shall cooperate with Buyer’s efforts to conduct the inspections permitted herein. Sellers agree to cooperate in introducing
Buyer to vendors, staff and other parties who have experience with the Property’s ongoing operations. Buyer shall indemnify and
hold Sellers harmless from and against any and all claims, injuries and damages to persons and/or property arising out of or resulting
from the exercise of Buyer’s inspection rights; provided, however, Buyer’s indemnity obligations shall not extend to any claims,
injuries or damages resulting from or relating to (i) any action of Sellers or their agents or representatives or (ii) any existing environmental
contamination or other conditions with respect to the Property that may be discovered by Buyer as the result of its investigations. During
the Due Diligence Period, Buyer may evaluate the Property, the feasibility of the transaction, the availability and cost of financing,
and any other matters of concern to Buyer. Buyer shall have the right to terminate this Agreement by delivering notice to Sellers at or
before 11:59 p.m. Eastern time on the last day of the Due Diligence Period, if Buyer determines, for any reason or no reason, that it
is not desirable to proceed with the transaction during the first thirty (30) days of the Due Diligence Period, and only if completed
third-reports are unacceptable during the last forty-five (45) days of the Due Diligence Period. In such event, Holder shall promptly
refund the Earnest Money to Buyer, and neither party shall have any further obligations or liability under this Agreement except as expressly
provided in this Agreement.

 

    Page 2 of 19

     

    

 

2.2. Closing. 

 

The consummation of the transactions
contemplated by this Agreement (the “Closing”) shall take place at 136 Main Street, Pineville, NC 28134, , or such other place
agreed to by the parties hereto, on such date and at such time as agreed to by the parties hereto (such date of the Closing being hereinafter
called the “Closing Date”). At the Closing, and upon the terms and subject to the conditions set forth in this Agreement, the
parties to this Agreement shall take the following actions, which deliveries and actions shall be deemed to have occurred simultaneously
and to constitute the Closing hereunder:

 

a) Sellers
and Buyer shall execute and deliver the Assignment in similar form and terms as identified in Exhibit D pursuant to which Sellers
shall assign and deliver 100% of the Membership Interests to Buyer; and

 

(b) Buyer
shall pay Sellers the Purchase Price by wire transfer in immediately available funds to a bank account designated by Sellers.

 

The Closing shall not be deemed to have occurred
until each of the deliveries and actions described in this Section 2.2. has occurred and any other conditions set forth in Article VI. shall
have been satisfied or waived by the party entitled to the benefit thereof.

 

ARTICLE III. REPRESENTATIONS AND WARRANTIES

BY THE COMPANY, AND BY SELLERS RELATING TO THE
COMPANY.

 

As inducement to Buyer to enter into this Agreement,
Sellers and the Company represents and warrant to Buyer as follows:

 

3.1. Existence and Power. 

 

(a) The
Company is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of North Carolina
and has all requisite power and authority to carry on its business as it has been and is currently conducted as of the date hereof and
as contemplated by the Operating Agreement. The Company is duly licensed or qualified to do business and is in good standing in each jurisdiction
in which the operation of its business makes such licensing or qualification necessary.

 

(b) Sellers
have heretofore furnished to Buyer a complete and correct copy of the Company’s Articles of Organization and the Operating Agreement,
each as amended to date, each of which is in full force and effect. The Company is not in violation of any of the provisions of the Articles
of Organization or the Operating Agreement except where such violation would not, individually or in the aggregate, have a material adverse
effect on the Company.

 

(c) Neither
the execution, delivery, and performance of this Agreement nor the consummation by Sellers of the transactions contemplated hereby (i)
conflicts with or violates the Articles of Organization or the Operating Agreement or (ii) results in the creation or imposition of any
Encumbrance upon any property or assets of the Company.

 

3.2. Litigation. 

 

There is no action, suit, or proceeding pending
or, to the best knowledge of Sellers after due inquiry, investigation pending or action, suit, proceeding, or investigation threatened
against the Company or any subsidiary or any of their assets in any court or before any governmental department, board, agency, or instrumentality
or any arbitrator as to which there is a reasonable possibility of an adverse determination which would materially impair the Company’s
or any such subsidiary’s, as the case may be, ability to perform its obligations under the Operating Agreement or would have a material
adverse effect on the Company or such subsidiary, as the case may be. Additionally, the Company currently has no debt, liability, obligation
or commitment, absolute or contingent, known or unknown, relating to or connected with the MACRAL Membership Interests, other than what
is specifically disclosed in writing by Sellers prior to Closing.  

 

    Page 3 of 19

     

    

 

3.3. Activities. 

 

The Company has not engaged
in any business or activity of any kind other than the business and activities expressly contemplated and permitted by the Operating Agreement.

 

3.4. Tax Matters. 

 

(a) All
Tax Returns required to be filed by the Company have been accurately prepared in all material respects and timely filed and all Taxes
for which the Company may be held liable (other than the Taxes referred to in the next sentence) have been paid or accrued within the
prescribed period or any extension thereof. All Taxes required to be withheld by the Company, including, but not limited to, Taxes arising
as a result of payments (or amounts allocable) to foreign partners or foreign persons or to employees of the Company have been collected
and withheld, and have been either paid to the respective governmental agencies, set aside in accounts for such purpose, or accrued, reserved
against and entered upon the books and records of the employer.

 

(b) Except
as would not, individually or in the aggregate, have a material adverse effect, there are no Tax liens upon any property of the Company
or any subsidiary except for liens for current Taxes not yet due and payable.

 

(c) The
Company qualifies (and has since the date of its organization qualified) and, giving effect to the terms of the Operating Agreement, will
qualify immediately after the Closing Date, to be treated as a partnership for federal income tax purposes, and none of the Company or
any former Member or any taxing authority has taken a position inconsistent with such treatment.

 (d) None of the Company’s payroll, property, or receipts
or other factors used in a particular state’s apportionment or allocation formula results in an apportionment or allocation of business
income to any state other than North Carolina, and the Company has no nonbusiness income that is allocated, apportioned, or otherwise
sourced to any state other than North Carolina.

 

3.5. Title to Membership Interests.  

 

The Sellers own, possess and
have good and marketable title to the Company Membership Interests free and clear of all liens, leases, pledges, charges, encumbrances,
equities, covenants, conditions, restrictions or claims of every nature and kind whatsoever.  

 

3.6. Legal Requirements. 

 

The Sellers have all requisite
power, authority and approvals to transfer ownership of the Company’s Membership Interests.  The Sellers are the only Members
and the Company is in good standing with the State of North Carolina and have complied and will continue to comply with all applicable
federal, state or local statutes, laws and regulations, if any, with respect to its operations and ownership of the Company’s Membership
Interests.

 

    Page 4 of 19

     

    

 

3.7
Inquiry.

 

The Sellers and the Company’s manager and
representatives have been given the opportunity to conduct satisfactory due diligence of Buyer, and have been given the opportunity to
speak with Buyer’s management during their due diligence.

 

ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF
SELLERS.

 

As an inducement to Buyer to enter into this Agreement,
Sellers represent and warrant to Buyer as follows:

 

4.1. Existence and Power. 

 

The Company is a limited liability
company duly organized, validly existing and in good standing under the laws of the State of North Carolina and have the power and authority
to execute and deliver this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby.
Further, pursuant to Article X of the Operating Agreement the execution, delivery, and performance of this Agreement has been duly authorized
by all necessary Company actions. After due authorization, execution, and delivery by Buyer, this Agreement has been duly executed and
delivered by Sellers and constitutes the legal, valid and binding obligation of Sellers, enforceable against Sellers in accordance with
its terms.

 

4.2. No Conflict; Required Filings and Consents. 

 

Neither the execution, delivery
and performance of this Agreement nor the consummation by Sellers of the transactions contemplated hereby (a) conflicts with or violates
(i) any law, regulation, order, writ, injunction, decree, determination, or award of any court, any governmental department, board, agency
or instrumentality, domestic or foreign, or any arbitrator, applicable to Sellers, (ii) the Articles of Organization of Sellers, or (iii)
any contract, agreement, instrument, mortgage, note, lease or other arrangement binding on or affecting Sellers or any of its property;
(b) requires any consent, authorization or approval under any contract, agreement, instrument, mortgage, note, lease or other arrangement
to which Sellers or any of its property is bound; or (c) results in the creation or imposition of any Encumbrance upon any property of
Sellers.

 

4.3. Governmental Authorizations. 

 

Any registration, declaration
or filing with, or consent, approval, license, permit or other authorization or order by, any governmental or regulatory authority, domestic
or foreign, that is required in connection with the valid execution, delivery, acceptance and performance by Sellers under this Agreement
or the consummation by Sellers of any transaction contemplated hereby has been completed, made, or obtained on or before the date of this
Agreement.

 

    Page 5 of 19

     

    

 

4.4. Litigation. 

 

There is no action, suit,
or proceeding pending or, to the best knowledge of Sellers after due inquiry, investigation pending or action, suit, proceeding or investigation
threatened against or affecting Sellers or any of its property, in any court or before or by any governmental department, board, agency
or instrumentality, domestic or foreign, or any arbitrator which, if adversely determined, would materially impair Sellers’ ability
to perform its obligations under this Agreement or would have a material adverse effect on the consolidated financial condition of Sellers.

 

4.5. Company Matters. 

 

Upon the Closing, Sellers
will transfer good, valid, and marketable title in the Membership Interests to Buyer, free and clear of any Encumbrance, and the Membership
Interest shall constitute all and 100% of Membership Interests in the Company.

 

4.6. Brokers. 

 

No broker, finder, or investment
banker is entitled to any brokerage, finder’s, or other fee or commission in connection with the transactions hereunder based upon arrangements
made by or on behalf of Sellers.

 

ARTICLE V. REPRESENTATIONS AND WARRANTIES OF
THE BUYER.

 

As an inducement to Sellers
to enter in this Agreement, Buyer represents, warrants and agrees to and with Sellers as follows:

 

5.1. Existence and Power. 

 

Buyer is a limited liability
company duly organized, validly existing and in good standing under the laws of the State of North Carolina and has corporate power and
authority to execute and deliver this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated
hereby, and the execution, delivery, and performance of this Agreement has been duly authorized by all necessary corporate action. Assuming
due authorization, execution, and delivery by Sellers, this Agreement has been duly executed and delivered by Buyer and constitutes the
legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms.

 

5.2. No Conflict; Required Filings and Consents. 

 

Neither the execution, delivery,
and performance of this Agreement nor the consummation by Buyer of the transactions contemplated hereby (a) conflicts with or violates
(i) any law, regulation, order, writ, injunction, decree, determination or award of any court, any government department, board, agency
or instrumentality, domestic or foreign, or any arbitrator, applicable to Buyer, other than any law, regulation, or order with respect
to which Buyer would not have been subject but for its ownership of the Membership Interest, (ii) the Articles of Organization of Buyer,
or (iii) any contract, agreement, instrument, mortgage, note, lease, or other arrangement binding on or affecting buyer or any of its
property; (b) requires (i) any consent, authorization, or approval under any contract, agreement, instrument, mortgage, note, lease or
other arrangement to which buyer or any of its property is bound or (ii) any consent, approval, exemption, authorization or permit of,
filing with or notification to, or other action by, any court, administrative agency, governmental or regulatory authority, domestic or
foreign, other than any consent, authorization or permit of, filing with or notification to, any governmental or regulatory authority
applicable to buyer solely by reason of its purchase of the Membership Interest; or (c) results in the creation or imposition of any Encumbrance
upon any property of buyer.

 

    Page 6 of 19

     

    

 

5.3. Brokers. 

 

No broker, finder, or investment
banker is entitled to any brokerage, finder’s, or other fee or commission in connection with the transactions hereunder based upon arrangements
made by or on behalf of Buyer.

 

5.4. United States Securities Law Compliance. 

 

Buyers acknowledge that the
offering and sale of the Membership Interests is intended to be exempted from registration under the Securities Act of 1933, as amended
(the “Securities Act”). Buyer understands and agrees that Buyer will sell or otherwise transfer its Membership Interest
or any portion thereof only in accordance with the provisions of the Securities Act, pursuant to registration under the Securities Act
or pursuant to an available exemption from registration thereunder and otherwise in a manner which does not violate the securities laws
of any State of the United States. Buyer understands that the Company is under no obligation to register any interest in the Company on
behalf of Buyer or to assist Buyer in complying with any exemption from registration under the Securities Act or under any other applicable
securities laws. Buyer also understands that sales or transfers of its Membership Interest are further restricted by the provisions of
the Operating Agreement and the securities laws of the States of the United States.

 

5.5. Purchase for Own Account. 

 

Buyer is acquiring the Membership
Interests for Buyer’s own account as principal, for investment and not with a view to, or for the resale, distribution, or fractionalization
thereof, in whole or in part, and no other Person has any direct or indirect beneficial interest in Buyer’s Membership Interests
in the Company other than (a) as contemplated by the Operating Agreement or (b) in connection with the financing agreements to be entered
into by Buyer, the proceeds of which are to be used by Buyer to purchase the Membership Interests.

 

5.6. Accredited Investor, Etc. 

 

Buyer is an “accredited
investor” within the meaning of Regulation D promulgated under the Securities Act. Buyer has such knowledge and experience in financial,
tax and business matters that it is capable of evaluating the merits and risks of its purchase of the Membership Interest.

 

ARTICLE VI. CONDITIONS PRECEDENT.

 

6.1. Conditions to Buyer’s Obligation. 

 

In addition to the other requirements
set forth herein, the obligation of Buyer to purchase the Membership Interest hereunder shall be subject to the satisfaction and fulfillment,
at or before the Closing, of each of the following conditions precedent:

 

(a) Prohibition. There
shall have been no order or preliminary or permanent injunction entered in any action or proceeding before any United States federal or
state court, or any foreign court, of competent jurisdiction or governmental authority which has jurisdiction over the enforcement of
any applicable laws making illegal or prohibiting the consummation of the transactions hereunder.

 

(b) Representations
and Warranties. The representations and warranties of Sellers in this Agreement shall be true, complete and correct in all
respects on and as of the Closing Date and Buyer shall have received a certificate to that effect dated the Closing Date and
executed by Sellers.

 

    Page 7 of 19

     

    

 

6.2. Conditions to Sellers’ Obligation. 

 

In addition to the other requirements
set forth herein, the obligation of Sellers to sell the Membership Interests to Buyer shall be subject to the satisfaction and fulfillment,
at or before the Closing, of each of the following conditions precedent:

 

(a) Prohibition. There
shall have been no order or preliminary or permanent injunction entered in any action or proceeding before any United States federal or
state court, or any foreign court, of competent jurisdiction or governmental authority (which has jurisdiction over the enforcement of
any applicable laws) making illegal the consummation of any of the transactions hereunder.

 

(b) Representations
and Warranties. The representations and warranties of Buyer in this Agreement shall be true, complete and correct in all
respects on and as of the Closing Date and Sellers shall have received a certificate to that effect dated the Closing Date and
executed by Buyer.

 

(c) Purchase
of RON-RAN ENTERPRISES, L.L.C. Seller must simultaneously close its purchase of Randy Norris Bailey’s Membership Interest in
RON-RAN ENTERPRISES, L.L.C. pursuant to Membership Interest Purchase Agreement dated June 24, 2022.

 

ARTICLE VII. INDEMNIFICATION.

 

7.1. Indemnification by Buyer. 

 

Buyer shall defend and promptly
indemnify Sellers and save Sellers harmless from, against, for and in respect of, and shall pay all damages, losses, obligations, liabilities,
claims, encumbrances, deficiencies, costs and expenses, including, without limitation, reasonable attorneys’ fees and other costs and
expenses incident to, any suit, action, investigation, claim or proceeding suffered, sustained, incurred or required to be paid by Sellers
by reason of any breach or failure of observance or performance of any representation, warranty, covenant, agreement or commitment made
by Buyer hereunder or relating hereto or as a result of any such representation, warranty, covenant, agreement or commitment being untrue
or incorrect in any respect.

 

7.2. Indemnification by Sellers. 

 

Sellers shall defend and promptly
indemnify Buyer and save and hold it harmless from, against, for and in respect of, and pay any and all damages, losses, obligations,
liabilities, claims, encumbrances, deficiencies, costs and expenses, including without limitation, reasonable attorneys’ fees and other
costs and expenses incident to, any suit, action, investigation, claim or proceeding suffered, sustained, incurred or required to be paid
by Buyer by reason of any breach or failure of observance or performance of any representation, warranty, covenant, agreement or commitment
made by Sellers hereunder or relating hereto or as a result of any such representation, warranty, covenant, agreement or commitment being
untrue or incorrect in any respect.

 

    Page 8 of 19

     

    

 

7.3. Procedure. 

 

For purposes of this Article VII.,
the party entitled to indemnification shall be known as the “Injured Party” and the party required to indemnify shall be known
as the “Other Party.” In the event that the Other Party shall be obligated to the Injured Party pursuant to this Article VII.,
or in the event that a suit, action, investigation, claim or proceeding is begun, made or instituted as a result of which the Other Party
may become obligated to the Injured Party hereunder, the Injured Party shall give prompt written notice to the Other Party of the occurrence
of such event. The Other Party agrees to defend, contest or otherwise protect against any such suit, action, investigation, claim or proceeding
at the Other Party’s own cost and expense, which may include insurance coverage. The Injured Party shall have the right, but not the obligation,
to participate at its own expense in the defense thereof by counsel of its own choice. In the event that the Other Party fails to timely
defend, contest or otherwise protect against any such suit, action, investigation, claim or proceeding, the Injured Party shall have the
right to defend, contest or otherwise protect against the same and may make any compromise or settlement thereof and recover the entire
cost thereof from the Other Party, including, without limitation, reasonable attorneys’ fees, disbursements and all amounts paid.

 

7.4. Other Remedies. 

 

The remedies provided by this Article VII. are
in addition to, and not in lieu of, such other remedies as may be available under applicable laws.  Without limitation, the Buyer
is entitled to enforce this Agreement by specific enforcement without the necessity of demonstrating inadequacy of damages or irreparable
harm.

 

7.5. Payment. 

 

Claims for indemnification involving the payment
of money will be paid within ninety (90) days after written notification thereof.  Claims for indemnification involving amounts due
to third parties will be promptly paid when due, subject to the right to contest the same in good faith.  Unpaid claims will incur
interest at a floating rate of interest equal to the prime rate published from time to time in The Wall Street Journal.

 

7.6. Survival of Representations and Warranties. 

 

The covenants, agreements,
indemnification obligations, representations, and warranties of each of the parties hereto shall survive the Closing for one (1) year
after the Closing Date.

 

ARTICLE VIII. TERMINATION

 

This Agreement may be terminated and the transactions
contemplated hereby may be abandoned by:  (a) mutual consent of the parties; (b) the Buyer if the Buyer is not in default
during the Due Diligence Period only; (c) the Sellers if the Sellers is not in default.  In the event of termination, written
notice thereof will be given to the other party or parties specifying the provision pursuant to which such termination is made. 
On termination pursuant to this Article VIII, this Agreement will become void and have no effect and there will be no liability hereunder
on the part of the Buyer or the Sellers or any of their respective officers, directors, employees, agents, stockholders or principals.

 

    Page 9 of 19

     

    

 

ARTICLE IX. DEFAULT

 

If a party fails to perform any obligation contained
in this Agreement, the party claiming default will serve written notice to the other party specifying the nature of such default and demanding
performance.  If such default has not been cured within fifteen (15) business days after receipt of such default notice, (a)
the non-defaulting Seller shall be entitled to retain the Earnest Money as liquidated damages (“Liquidated Damages”). It is
acknowledged by the parties that the amount of Liquidate Damages is compensatory and not punitive, such amount being a reasonable estimation
of the actual loss of Seller would incur as the result of this Agreement by Buyer and does not constitute a penalty; (b) the non-defaulting
Buyer may elect to terminate this Agreement as a result of such breach and be entitled to the return of the Earnest Money or shall be
entitled to specific performance of the Agreement.

 

ARTICLE X. CONDEMNATION OR CASUALTY.

 

10.1 Condemnation.

 

(a) In
the event that all or any significant portion of the real property or personal property is condemned or taken by eminent domain or conveyed
by deed in lieu thereof, or if any condemnation proceeding is commenced for all or any significant portion of any real property or personal
property prior to Closing, either party may elect to terminate this Contract by written notice thereof to the other party within ten (10)
days after such party is notified of the condemnation, taking or deed in lieu or institution of such condemnation proceeding. Upon termination
of this Contract as provided in this Section 9.1(a), all rights, duties and obligations hereunder shall cease and be of no further force
or effect (except with respect to the provisions hereof which expressly survive the termination of this Contract). If neither party terminates
this Contract as aforesaid, then both parties shall proceed to close the transaction contemplated herein pursuant to the terms hereof,
in which event the LLC shall have the rights set forth in the Lease (including, without limitation, the rights, if any exist, of the landlord
to receive condemnation proceeds with respect to such condemnation or taking) and there shall be no reduction in the Purchase Price. For
purposes of this Section 9.1(a), “significant portion” of the real property or personal property shall be deemed to be
any portion of the real property or personal property which, if subject to a condemnation, eminent domain or similar proceeding, gives
rise to the right of the Tenant under the Lease to terminate such Lease or the right of Lender to demand payment in full of the related
Loan.

 

(b) In
the event that less than a significant portion of any real property or personal property is condemned, taken by eminent domain, conveyed
by deed in lieu thereof or is the subject of a condemnation proceeding, neither party shall have the right to terminate this Contract
and the Closing shall occur with no reduction of the Purchase Price, and any award or payment made therefor shall be paid as provided
in the related Lease and Loan Documents.

 

10.2 Casualty.

 

(a) In
the event that all or any substantial portion of the real property or personal property shall be damaged or destroyed by fire or other
casualty prior to Closing, either party may terminate this Contract by written notice thereof to the other party within ten (10) days
after such party is notified of the casualty. Upon termination of this Contract as provided in this Section 9.2(a), all rights, duties
and obligations hereunder shall cease and be of no further force or effect (except with respect to the provisions hereof which expressly
survive the termination of this Contract). If neither party terminates this Contract as aforesaid, then both parties shall proceed to
close the transaction contemplated herein pursuant to the terms hereof, in which event the LLC shall have the rights set forth in the
Lease (including, without limitation, the rights, if any exist, of the landlord to receive insurance proceeds with respect to such casualty)
and there shall be no reduction in the Net Purchase Price. In the event less than a substantial portion of any Parcel shall be damaged
or destroyed by fire or other casualty prior to Closing, then the parties shall proceed in accordance with the third sentence in this
Section 9.2(a).

 

(b) For
the purposes of Section 9.2(a), a “substantial portion” of the real property or personal property shall be deemed to be any
portion of such real property or personal property with either a fair market value or replacement cost equal to or greater than twenty-five
percent (25%) of the outstanding principal balance of the Loan at the time of the casualty, or which gives rise to the right of the Tenant
under the Lease to terminate such Lease or the right of Lender to demand payment in full of the related Loan.

 

    Page 10 of 19

     

    

 

ARTICLE XI. MISCELLANEOUS.

 

11.1. Amendments. 

 

No amendment, modification,
or waiver of any provision of this Agreement or consent to any departure from the terms of this Agreement by any party hereto shall be
effective unless the same shall be in writing and signed by all the parties hereto, and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which it is given.

 

11.2. Notices. 

 

All notices, requests, claims,
demands, and other communications provided for or permitted hereunder shall be in writing including facsimile communication)and faxed,
mailed registered, first-class mail, postage and charges prepaid) or delivered personally to the address or facsimile number set forth
on the signature pages hereof or at such other address or facsimile number as shall be designated by a party in a written notice to the
other parties. All such notices and communications shall, when mailed or faxed, be effective when received at the relevant address. Faxed
communications must be followed by a hard copy of such faxed communication sent by first class mail, postage and charges prepaid.

 

11.3. No Waiver; Remedies. 

 

Waiver of performance of any obligation or term
contained in this Agreement by any party, or waiver by one party of the other’s default hereunder will not operate as a waiver of
performance of any other obligation or term of this Agreement or a future waiver of the same obligation or a waiver of any future default.

 

11.4. Binding Effect. 

 

This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

11.5 Assignment.

 

Buyer may assign its rights
under this Contract to an entity controlling, controlled by, or under common control with Buyer without the prior written consent of Sellers;
provided, that any such assignment must be made in a timely manner; and, provided, further, that Buyer must immediately
provide Sellers with a copy of any instrument assigning this Contract.

 

11.6. Severability. 

 

Each provision of this Agreement
is intended to be severable, and, if any term or provision of this Agreement is determined to be illegal or invalid for any reason whatsoever,
such illegality or invalidity shall not affect the validity or legality of the remainder of this Agreement.

 

11.7. Counterparts. 

 

This Agreement may be signed
in any number of counterparts, each of which shall be an original and, when taken together, shall constitute one agreement. Photocopies,
facsimile transmissions, or email transmissions of Adobe portable document format files (also known as “PDF” files) of signatures
shall be deemed original signatures and shall be fully binding on the parties to the same extent as original signatures.

 

    Page 11 of 19

     

    

 

11.8. Consent to Jurisdiction. 

 

Sellers and Buyer each (i)
irrevocably submits to the jurisdiction of the state and federal courts of the State of North Carolina in any action arising out of this
Agreement, (ii) agrees that all claims in such action may be decided in such court, (iii) waives, to the fullest extent it may effectively
do so, the defense of an inconvenient forum, and (iv) consents to the service of process by mail. A final judgment in any such action
shall be conclusive and may be enforced in other jurisdictions. Nothing herein shall affect the right of any party to serve legal process
in any manner permitted by law or shall affect its right to bring any action in any other court.

 

11.9. Governing Law. 

 

This Agreement shall be governed
by, and construed in accordance with, the laws of the State of North Carolina, regardless of the law that might otherwise govern under
applicable principles of conflict of laws thereof.

 

11.10. Headings. 

 

The various Article, Section,
and Paragraph headings in this Agreement are included herein for convenience of reference only, do not constitute a part of this Agreement
for any other purpose, and shall not be considered in interpreting this Agreement.

 

11.11. Entire Agreement. 

 

This Agreement, including
the Exhibits and Schedules hereto, and the Operating Agreement embody the entire agreement and understanding of the parties hereto in
respect of the subject matter hereof and supersede all prior agreements, representations, warranties and understandings between or among
the parties with respect to such subject matter.

 

12.11. Covenant
not to Compete.

 

For five
(5) years (“Specified Time”) in North Carolina in the county where the Property is located at Country Road MHP, 665 Mt
Olivet Church Road, Franklinton, NC 27525, Sellers may not directly or indirectly engage,
invest in, own, manage, operate, control or participate in the ownership, management, development, operation or control of, any business,
trade or occupation which engages in the Business or any activities directly competitive with the Company.” The “Business”
means the operation, management and ownership of manufactured housing or homes which the Company currently owns or holds title. See
Section 57D-2-32 of the North Carolina Limited Liability Company Act.

 

11.12. Attorney
Fees. 

 

If any party institutes an action or proceeding
against any other party relating to the provisions of this Agreement, the party to such action or proceeding which does not prevail will
reimburse the prevailing party therein for the reasonable expenses of attorneys’ fees and disbursements incurred by the prevailing
party.

 

INTENDING TO BE BOUND,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

[The remainder of this page as been intentionally
left blank.]

 

    Page 12 of 19

     

    

 

	COMPANY:	 	 	 
	 	 	 	 	 
	MACRAL PROPERTIES, LLC	 	 	 
	 	 	 	 	 
	/s/ Randy Bailey	 	 	 
	Manager	 	 	 
	 	 	 	 	 
	/s/ Michelle Bailey	 	 	 
	Manager	 	 	 
	 	 	 	 	 
	Address:	 	 	 
	[redacted]	 	 	 
	 	 	 	 	 
	Attn: 	Randy Bailey	 	 	 
	 	 	 	 	 
	SELLERS:	 	 	 
	 	 	 	 	 
	/s/ Randy Bailey 	 	/s/ Michaell Bailey	 
	 	 	 	 	 
	Member	 	Member	 
	 	 	 	 	 
	BUYER:	 	 	 
	 	 	 	 	 
	MHP PURSUITS LLC	 	 	 
	 	 	 	 	 
	By: 	/s/ Adam Martin	 	 	 
	 	 	 	 	 
	Title: 	CIO	 	 	 
	 	 	 	 	 
	Address: 	 	 	 
	136 Main Street	 	 	 
	Pineville, NC 28134	 	 	 
	 	 	 	 	 
	Attn: 	Adam Martin	 	 	 

 

    Page 13 of 19

     

    

 

EXHIBIT A.

 

Legal Description of Real Property of the Company

 

 

 

 

 

 

    Page 14 of 19

     

    

 

 

EXHIBIT B

 

Due Diligence Materials

The following shall be incorporated into this Agreement.

 

		1.	Within ten (10) days after the Effective Date, Sellers shall deliver to Buyer copies of the following
items to the extent within Sellers’ possession (collectively, the “Due Diligence Materials”):

 

		■	Operating Agreements, and amendments; financials
for YTD and two preceding years; 12-month operating budget

 

		■	Existing Survey, Environmental, Zoning and Title
Reports and Policies

 

		■	Water, Sewer, Trash, Gas, Electric, Property
Tax, Ins, Repair & Maintenance Bills for the last 2-3 years

 

		■	City, County and State Permits and Licenses

 

		■	Signed lease agreements and signed rules &
regulations for each tenant

 

		■	A list of all Park-Owned Homes (if applicable),
including Year, Make, Model, Size, Serial Number, VIN and Lot #

 

		■	Certificates of title for Park-Owned Homes (if
applicable)

 

		■	Copy of current insurance policy and binder showing
premiums and coverages

 

		■	Itemization of past two year’s capital
expenditures

 

		■	Current rent roll including home site number,
name of resident, move-in date, monthly rent, current balance, additional charges, prepaid rents, delinquencies, security deposits, and
brief history of resident as available

 

		■	List of employees/vendors with compensation

 

		■	Three (3) years of operating bank statements,
(Note: Includes other Parks and Operations not a part of this transaction)

 

		■	Ownership entity tax returns for last three years
(Note: Includes other Parks and Operations not a part of this transaction)

 

		■	Any additional information in Sellers’
possession which would be helpful to the Buyer in the inspection of the Property.

 

		■	Utilities and what they are made of (what are
water/sewer lines made of? What is amperage of electric, etc.)

 

		■	Who pays utilities and how is it metered? Water,
sewer, gas, electric, trash, cable, landscaping, etc.

 

		■	List of park problems (infrastructure, tenant,
operational, etc.)

 

		2.	Prior to Closing, at Buyer’s request from time to time, Sellers shall provide to Buyer a current
rent roll and list of all delinquent Tenants within three (3) days after receipt of Buyer’s request.

 

		3.	If any Seller desires to retain and not convey any Personal Property (“Excluded Property”),
that Seller shall deliver to Buyer a list of any such Excluded Property within five (5) days after the Effective Date. If the Sellers
fail to deliver a list of Excluded Property within such five (5) day period, then Sellers shall be deemed to have waived its right to
exclude any Personal Property from the sale and conveyance of the Property, and all Personal Property owned by Sellers shall be included
in the sale and conveyance of the Property.

 

		4.	The Purchase Price shall be allocated on the Closing Statement as follows: forty percent (40%) to the
Real Property and sixty percent (60%) to Personal Property/Goodwill.

 

    Page 15 of 19

     

    

 

EXHBIT C

 

Park-Owned Homes Descriptions and other Assets

 

 

 

 

 

 

    Page 16 of 19

     

    

 

EXHIBIT D

 

BILL OF SALE AND ASSIGNMENT 

OF MEMBERSHIP INTEREST.

 

KNOW ALL MEN BY THESE PRESENTS
THAT MACRAL Properties, LLC, a North Carolina limited liability company (the “Company”) and RANDY NORRIS BAILEY and MICHELLE
E. BAILEY, Husband and Wife (the “Sellers”) hereby warrant to MHP PURSUITS LLC, a North Carolina limited liability
company (“Buyer”), that Randy Norris Bailey and Michelle E. Bailey are the only Members of, and the holder of a 100%
limited liability company Membership Interest in MACRAL Properties, LLC, a North Carolina limited liability company (“Membership
Interest”).

 

THAT for good and valuable
consideration, receipt of which is hereby acknowledged, Sellers do hereby sell, assign, transfer, convey, grant, bargain, set over, releases,
deliver, and confirm the Membership Interest in the Company unto Buyer, its successors and assigns, free and clear of all Encumbrances
(as such term is defined in the Limited Liability Company Membership Interest Purchase Agreement between Sellers and Buyer dated as of
the date hereof (the “MIPA”)) and Buyer hereby accepts from Sellers the Membership Interest and agrees to become a
substitute member of the Company.

 

TO HAVE AND TO HOLD the same
unto Buyer, forever.

 

THIS Assignment is delivered
pursuant to the MIPA, is subject to the terms and conditions thereof including the representations and warranties of title to the Membership
Interest set forth therein, and is governed by the laws of the State of North Carolina.

 

INTENDING TO BE BOUND, Sellers
has caused this Assignment to be duly executed as of the 14th day of November 2022.

 

	COMPANY:	 
	 	 
	MACRAL PROPERTIES, LLC	 
	 	 
	/s/ Randy Bailey	 
	Manager	 
	 	 
	/s/ Michelle Bailey	 
	Manager	 
	 	 
	 	 
	Address:	 
	[redacted]	 
	 	 
	Attn: Randy Bailey	 
	SELLERS:	 
	 	 
	/s/ Randy Bailey	 
	Member	 
	 	 
	/s/ Michelle Bailey	 
	Member	 
	 	 

 

    Page 17 of 19

     

    

 

EXHIBIT E

 

Definitions 

 

The following
terms used in this Agreement shall have the following meanings (unless otherwise expressly provided herein):

 

(A) “Act”
means the North Carolina Limited Liability Company Act, as the same may be amended from time to time.

 

(B) “Adjusted Capital
Account” means, with respect to a Member, the balance in such Member’s Capital Account at the end of the relevant fiscal
year, as determined in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv).

 

(C) “Articles of
Organization” means the Articles of Organization of the Company filed with the Secretary of State, as amended or restated from
time to time.

 

(D) “Capital Account”
means for each Member the account established pursuant to Section 8.2 hereof and maintained in accordance with the provisions of this
Agreement.

 

(E) “Capital Contribution”
means any contribution to the capital of the Company in cash or property by a Member whenever made.

 

(F) “Code”
means the Internal Revenue Code of 1986, as amended from time to time (and any corresponding provisions of succeeding law).

 

(G) “Distributable
Cash” means, with respect to the Company for a period of time, all funds of the Company on hand or in bank accounts of the
Company, as in the discretion of the Managers, that are available for distribution to the Members after provision has been made for (i)
payment of all operating expenses of the Company as of such time; (ii) provision for payment of all outstanding and unpaid current obligations
of the Company as of such time; and (iii) provision for such reserves as the Managers deem necessary or appropriate for Company Operations.

 

(H) “Encumbrance”
shall mean any pledge, mortgage, hypothecate, granting of a security interest in or other encumber the Property or Membership Interest(s).

 

(I) “Fiscal Year”
means the calendar year; provided that the first Fiscal Year of the Company shall commence on _________________, 2016, and continue through
______________, 2016.

 

(J) “Income”
means, for each Fiscal Year or other period, each item of income and gain as determined, recognized and classified for federal income
tax purposes, provided that any income or gain that is exempt from federal income tax shall be included as if it was an item of taxable
income.

 

    Page 18 of 19

     

    

 

(K) “Initial Capital
Contribution” means the initial contribution to the capital of the Company made by a Member pursuant to Section 8.1(a) of this
Agreement.

 

(L) “Loss”
means, for each Fiscal Year or other period, each item of loss or deduction as determined, recognized and classified for federal income
tax purposes, increased by (i) expenditures described in Section 705(a)(2)(8) of the Code; (ii) expenditures contemplated by Section
709 of the Code (except for amounts with respect to which an election is properly made under Section 709(b) of the Code); and (iii) expenditures
resulting in a deduction for a loss incurred in connection with the sale or exchange of Company property that is disallowed to the Company
under Section 267(a)(1) or Section 707(b).

 

(M) “Majority”
means, with respect to any referenced group of Managers, a combination of any of such Managers constituting more than fifty (50%) percent
of the number of Managers of such referenced group who are then elected and qualified.

 

(N) “Majority in
Interest” means, with respect to any referenced group of Members, a combination of any of such Members who, in the aggregate,
own more than fifty (50%) percent of the Membership interest owned by all of such referenced group of Members.

 

(O) “Manager”
means each initial Member named in the Articles of Organization of the Company, or any other Person that succeeds such Manager in their
capacity as Manager or any other Persons who are elected to act as Manager of the Company as provided herein. “Managers”
refers to such Persons as a group.

 

(0) “Member”
means each Person designated as a Member of the Company on Schedule I in the Operating Agreement, or any additional Member admitted
as a Member of the Company in accordance with Article X. “Members” refers to such Persons as a group.

 

(P) “Membership
Interest” means all of a Member’s rights in the Company, including without limitation, the Member’s share of the
profits and losses of the Company, the right to receive distributions of the Company’s assets, any right to vote and any right
to participate in the management of the Company as provided in the Act and this Agreement. As to any Member, Membership Interest shall
mean the percentage set forth opposite such Member’s name on Schedule I attached hereto.

 

(Q) “Net Income”
and “Net Loss” means for each Fiscal Year or other relevant period; (i) the excess of the Income for such period over
the Loss for such period; or (ii) the excess of the Loss for such period over the Income for such period, respectively; provided, however,
that Net Income and Net Loss for a Fiscal Year or relevant period shall be computed by excluding from such computation any Income specially
allocated under Section 8.1.

 

(R) “Person”
means an individual, a trust, an estate, a domestic corporation, a foreign corporation, a professional corporation, a partnership, a
limited partnership, a limited liability company, a foreign limited liability company, an unincorporated association, or another entity.

 

(S) “Secretary of
State” means the Secretary of State of North Carolina.

 

(T) “Treasury Regulations”
means the Income Tax Regulations and Temporary Regulations promulgated under the Code, as such regulations may be amended from time to
time (including corresponding provisions of succeeding regulations).

 

 

Page 19 of 19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]