Document:

STOCK
PURCHASE AGREEMENT

 

This
STOCK PURCHASE AGREEMENT, dated as of December 12, 2019 (this “Purchase Agreement”), is entered into by and
between Joseph A. De Perio (the “Seller”) and GlassBridge Enterprises, Inc., a Delaware corporation (the “Buyer”).

 

WHEREAS,
the Seller desires to sell to Buyer all of the shares of Sport-BLX, Inc., a Delaware corporation (the “Company”)
set forth beside the Seller’s name on Schedule I hereto (the “Company Stock”) and Buyer desires
to purchase such Company Stock from the Seller on the terms and subject to the conditions provided herein;

 

NOW,
THEREFORE, in consideration of the mutual agreements and covenants contained herein, the Seller and the Buyer hereby agree as
follows:

 

1.
Purchase of Company Stock; Purchase Price.

 

(a)
Sale of Company Stock. The Seller hereby sells, assigns, transfers, conveys and delivers to Buyer, free and clear of all
mortgages, liens, pledges, security interests, charges, claims, restrictions and encumbrances of any kind or nature whatsoever
(“Liens”), effective at the closing of the transactions contemplated by this Purchase Agreement (the “Closing”),
the Company Stock. Buyer hereby accepts delivery of such Company Stock and hereby purchases such Company Stock from the Seller
at the Closing.

 

(b)
Consideration.

 

(i)
Closing Payment. At the Closing, Buyer shall pay to the Seller an amount in cash equal to Six Hundred and Six Thousand
One Hundred and Ninety Eight Dollars ($606,198) (the “Closing Payment”).

 

(ii)
Promissory Note. Five Million Four Hundred Fifty Five Thousand Seven Hundred Eighty Two Dollars ($5,455,782) shall be payable
in the form of a promissory note (the “Promissory Note”) made by Buyer payable to the Seller in the form attached
to this Purchase Agreement as Exhibit A.

 

(c)
Closing Deliverables. The following actions shall be taken at Closing:

 

(i)
The Seller will deliver certificates representing the Company Stock, duly endorsed (and accompanied by duly executed stock powers
attached hereto as Exhibit B), for transfer to Buyer.

 

(ii)
The Buyer will deliver the Closing Payment by wire transfer of immediately available funds to an account specified in writing
by Seller prior to the Closing.

 

(iii)
The Buyer will deliver the Promissory Note, duly executed.

 

    	 	 	 

    	 

    

 

2.
Representations, Warranties and Covenants of the Seller. The Seller hereby represents, warrants and covenants to the Buyer
as follows:

 

(a)
Authority. The Seller has full power and authority and legal capacity to execute and deliver this Purchase Agreement and
to perform his obligations pursuant to this Purchase Agreement and to consummate the transactions contemplated hereby. This Purchase
Agreement has been duly and validly executed and delivered by the Seller and constitutes the legal, valid and binding obligations
of the Seller, enforceable against the Seller in accordance with its terms.

 

(b)
Ownership of Company Stock. The Seller is the record and beneficial owner of Company Stock as set forth on Schedule
I, has good and valid title to such Company Stock, free and clear of any Liens, proxy obligations, voting restriction, limitation
on disposition, adverse claim of ownership or use or other encumbrance of any kind, and is transferring such Company Stock to
the Buyer, pursuant to this Purchase Agreement, free and clear of any Liens.

 

(c)
No Conflicts. The execution and delivery by the Seller of this Purchase Agreement does not, and the performance by the
Seller of his obligations under this Purchase Agreement and the consummation of the transactions contemplated hereby will not:
(i) conflict with or result in a violation or breach of any of the Company’s Certificate of Incorporation, Bylaws or other
organizational documents or any other contract, agreement, commitment, arrangement or understanding (whether written or oral,
whether formal or informal) with regard to the Seller; or (ii) conflict with or result in a violation or breach of any law applicable
to the Seller or his assets or properties.

 

(d)
Legal Proceedings. There are no judicial, administrative or arbitral actions, suits, proceedings (public or private) or
claims or any other proceedings, in each case, by or before a governmental entity or arbitral proceeding, pending or, to the knowledge
of the Seller, threatened against the Seller or any of his assets or properties which could reasonably be expected to result in
the issuance of a decree, injunction, judgment, order, award, ruling, assessment or writ by a court, restraining, enjoining or
otherwise prohibiting or making illegal the performance of the Seller’s obligations contemplated by this Purchase Agreement.

 

(e)
Brokers. The Seller has not used any broker or finder in connection with the transactions contemplated hereby and there
are no claims by any person under any agreement with the Seller for brokerage commissions, finder’s fees or agent’s
commissions or like payment.

 

    	 	 	 

    	 

    

 

3.
Representations, Warranties and Covenants of the Buyer. The Buyer hereby represents, warrants and covenants to the Seller
as follows:

 

(a)
(i) Buyer is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation,
(ii) it has all necessary power and authority to execute and deliver this Purchase Agreement, to perform its obligations hereunder
and to consummate the transactions contemplated hereby, (iii) the execution and delivery of this Purchase Agreement by the Buyer
and the consummation by the Buyer of the transactions contemplated hereby have been duly and validly authorized by all necessary
corporate action, and no other corporate proceedings on the part of the Buyer are necessary to authorize this Purchase Agreement
or to consummate the transactions contemplated hereby, and (iv) this Purchase Agreement has been duly executed and delivered by
the Buyer and, assuming the due authorization, execution and delivery by Seller, constitutes the legal, valid and binding obligation
of the Buyer, enforceable against the Buyer in accordance with its terms.

 

(b)
The Buyer has not used any broker or finder in connection with the transactions contemplated hereby and there are no claims by
any person under any agreement with the Buyer for brokerage commissions, finder’s fees or agent’s commissions or like
payment.

 

4.
Expenses and Taxes. Each party will be responsible for all of such party’s own costs and expenses incurred in connection
with this Purchase Agreement and the transactions contemplated hereby. Seller shall pay all sales, use stamp, transfer, service,
recording and like taxes or fees, if any, imposed by any governmental authority in connection with the transfer and assignment
of the Company Stock.

 

5.
Further Assurances. Subject to the terms and conditions contained in this Purchase Agreement, each party shall use such
party’s best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper
or advisable to consummate and make effective the transactions contemplated by this Purchase Agreement.

 

6.
Amendment. This Purchase Agreement may be amended only by a written agreement signed by the parties.

 

7.
Waiver of Compliance. Except as otherwise provided in this Purchase Agreement, any failure of a party to comply with any
representation, warranties, covenant or condition contained herein may be waived by the party entitled to the benefits thereof
only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance
with such representation, warranties, covenant or condition does not operate as a waiver of, or estoppel with respect to, any
subsequent or other failure.

 

8.
Governing Law. This Agreement shall be governed by, interpreted under and construed in accordance with the internal laws
of the State of New York without giving effect to principles of conflicts of laws. Any action, suit or proceeding to enforce any
provision of, or based on any matter arising out of or in connection with, this Purchase Agreement or the transactions contemplated
hereby shall be brought in any federal court located in the Southern District of the State of New York or any New York state court
located in the Borough of Manhattan, and the parties agrees to the exclusive jurisdiction of such courts (and of the appropriate
appellate courts therefrom) and each party waives (to the full extent permitted by law) any objection it may have to the laying
of venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding has been brought
in an inconvenient forum.

 

    	 	 	 

    	 

    

 

9.
Counterparts. This Purchase Agreement may be executed in counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

10.
Captions. The captions contained in this Purchase Agreement are solely for purposes of reference, are not part of the agreement
of the parties and do not in any way affect the meaning or interpretation of this Purchase Agreement.

 

11.
Entire Agreement. This Purchase Agreement and the Promissory Note embodies the entire understanding and agreement of the
parties, and there are no restrictions, promises, representations, warranties, covenants or undertakings other than those expressly
set forth or referred to herein or therein, with respect to the subject matter of this Purchase Agreement. This Purchase Agreement
supersedes, replaces and terminates all prior agreements and understandings between the parties with respect to the subject matter
of this Purchase Agreement.

 

13.
Waiver of Jury Trial. THE UNDERSIGNED ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT
MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY
TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, WAIVES
ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THIS PURCHASE AGREEMENT OR ANY OTHER DOCUMENT,
INSTRUMENT OR AGREEMENT BETWEEN THE UNDERSIGNED PARTIES.

 

[signature
page follows]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Purchase Agreement as of the date first written above.

 

	 	BUYER:
	 	 	 
	 	GLASSBRIDGE
    ENTERPRISES, INC.
	 	 	 
	 	By:	/s/
    Daniel Strauss
	 	Name:	Daniel
    Strauss
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	SELLER:
	 	 	 
	 	 	/s/
    Joseph A. De Perio
	 	Name:	Joseph
    A. De Perio

 

    	 	 	 

    	 

    

 

SCHEDULE
I

 

	SELLER	 	COMPANY
    STOCK	 	PRICE
    PER SHARE
	Joseph
    A. De Perio	 	17,076
    shares	 	$355.00    

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

FORM
OF PROMISSORY NOTE 

 

 (attached)

 

    	 	 	 

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
SEPARATE FROM CERTIFICATE 

 

(attached)

 

 

    	 	 	 

    	 

    

 

ASSIGNMENT SEPARATE
FROM CERTIFICATE

 

FOR
VALUE RECEIVED, Joseph A. De Perio hereby sells, assigns and transfers to GlassBridge Enterprises, Inc., a Delaware corporation,
Seventeen Thousand Seventy Six (17,076) shares of Common Stock, par value $0.001 per share, of Sport-BLX, Inc., a Delaware corporation
(the “Company”), standing in his name on the books of the Company represented by book entry shares, and does hereby
irrevocably constitute and appoint _______________, to transfer said stock on the books of the Company with full power of substitution
in the premises.

 

This
Assignment Separate from Certificate is delivered and may only be used in accordance with the Stock Purchase Agreement dated as
of December 12, 2019.

 

	Dated:
    December 12, 2019 	 
	 	 
	 	/s/
    Joseph A. De Perio
	 	Joseph
    A. De PerioDEMAND NOTE

 

As of October 1, 2019Up to $1,750,000

 

BORROWER (Name): Sport-BLX, Inc., a
Delaware corporation (“Borrower”)

(Address of chief executive office): 510 Madison
Avenue, 9th Floor, New York, New York 10022

 

 LENDER: GlassBridge Enterprises, Inc. (“Lender”), having an office at 510 Madison Avenue, 9th Floor, New York, New York 10022, Attention: Daniel Strauss

 

WHEREAS, Borrower seeks to borrow from
Lender, amounts not to exceed $1,750,000; and

 

WHEREAS, Lender is willing to extend
credit to borrow and may, at Lender’s sole discretion, may make advances to Borrower on the terms and conditions set forth
herein.

 

NOW THEREFORE, for good and valuable
consideration, the receipt of which is hereby acknowledged, Borrower agrees as follows:

 

Promise
to Pay. For value received, and intending to be legally bound, Borrower promises to pay to the order of the Lender on demand
the principal sum of up to One Million Seven Hundred Fifty Thousand Dollars ($1,750,000.00), or if less, the amounts actually
borrowed from Lender as set forth on the schedule attached hereto, plus interest as agreed below and all fees and costs (including
without limitation attorneys’ fees and disbursements whether for internal or outside counsel) the Lender incurs in order
to collect any amount due under this Note, to negotiate or document a workout or restructuring, or to preserve its rights or realize
upon any guaranty or other security for the payment of this Note (“Expenses”). Lender is hereby authorized to record
on Schedule I hereto, and any continuation sheets which Lender may attach thereto, (a) the date and amount of each Advance to Borrower
made by Lender (“Advances”), and (b) the date and amount of each payment or prepayment of principal of any Advances.
No failure to so record or any error in so recording shall affect the obligation of Borrower to repay the Advances hereunder, together
with interest thereon, as provided in this Note, and the outstanding principal balance of the Advances as set forth in Schedule
I shall be presumed to be correct. Advances shall be used to repay existing trade indebtedness, repurchase common stock, and for
other general corporate purposes.

 

Request for Advance. Borrower shall
request Advances from the Lender in writing not less than one business day prior to the requested date of such Advance, unless
otherwise waived by Lender. Advances shall be in an amount of not less than $50,000.

 

Interest. The unpaid principal balance
of this Note shall earn interest calculated on the basis of a 360-day year for the actual number of days in each year (365 or 366),
from and including the date the proceeds of this Note are disbursed to, but not including, the date all amounts hereunder are paid
in full, at a rate per year which shall be fixed at 8.00%.

 

Upfront Fee: In consideration for the
Lender extending credit to the Borrower, the Borrower agrees to pay to Lender an upfront fee in the amount of $17,500, which shall
be fully earned on the date the first Advance is made hereunder, and shall be payable out of the proceeds of the first Advance.

 

Due on Demand. This is a demand Note
and all amounts referenced hereunder shall become immediately due and payable upon demand by the Lender; provided, however, that
all amounts due hereunder shall automatically become immediately due and payable if Borrower or any guarantor or endorser of this
Note commences or has commenced against it any bankruptcy or insolvency proceeding. Borrower hereby waives protest, presentment
and notice of any kind in connection with this Note. Absent demand for payment in full, interest shall be due and payable monthly.

 

Default Rate. If the Lender has not
actually received any payment under this Note within ten (10) days after its due date, from and after such tenth day the interest
rate for all amounts outstanding under this Note shall automatically increase to five (5) percentage points above the otherwise
applicable rate per year, and any judgment entered hereon or otherwise in connection with any suit to collect amounts due hereunder
shall bear interest at such default rate.

 

Payments; Due Date. Payments shall be
made in immediately available United States funds at the Lender’s office set forth above, or to any other location given
in writing by the Lender to the Borrower. Accrued and unpaid interest shall be payable to Lender on the last business day of each
calendar quarter, and all accrued and unpaid interest, plus all outstanding principal amounts and other fees and expenses, shall
be payable in full upon the earlier to occur of (a) demand by Lender, or (b) April 1, 2020.

 

Interest Accrual; Application of Payments.
Interest will accrue at the rate set forth herein and shall be paid no later than the last day of each month. All payments (excluding
voluntary prepayments of principal) will be applied as of the date each payment is received and processed. Payments may be applied
in any order in the sole discretion of the Lender, but, prior to a payment default, may be applied chronologically (i.e., oldest
Advance first) to unpaid amounts due and owing, in the following order: first to accrued interest, then to principal, then to escrow
(if any), then to late charges and other fees, and then to all other Expenses.

 

Late Charges. If Borrower fails to pay,
within five (5) days of its due date, any amount due and owing pursuant to this Note or any other agreement executed and delivered
to the Lender in connection with this Note, Borrower shall immediately pay to the Lender a late charge equal to the greatest of
(a) $50.00, or (b) five percent (5%) of the delinquent amount.

 

    	 	1	 

    	 

    

 

Representations and Warranties. Borrower
represents that it is duly organized and in good standing or duly constituted in the state of its organization is duly authorized
to do business in all jurisdictions material to the conduct of its business; that the execution, delivery and performance of this
Note have been duly authorized by all necessary regulatory and corporate action or by its governing instrument; that this Note
has been duly executed by an authorized officer and constitutes a binding obligation enforceable against Borrower and not in violation
of any law, court order or agreement by which Borrower is bound; and that Borrower’s performance is not threatened by any
pending or threatened litigation. None of Borrower’s assets are subject to any lien or encumbrance.

 

Covenants: Borrower agrees that so long
as this Note remains unpaid, it shall not incur any indebtedness for borrowed money without the Lender’s prior written consent
other than trade indebtedness incurred in the ordinary course of business. Borrower will pay or discharge when due all taxes, assessments
and governmental charges or levies imposed upon Borrower unless such amounts are being diligently contested in good faith by appropriate
proceedings provided that adequate reserves with respect thereto are maintained on the books of Borrower in conformity with GAAP.
Without first obtaining Lender’s prior written consent, Borrower shall not change (i) its name as it appears in the official
filings in the state of its formation, (ii) the type of legal entity it is, (iii) its state of formation or (iv) amend its certificate
of incorporation, by laws or other organizational document.

 

Revival. To the extent that Borrower
makes a payment or Lender receives any payment or proceeds for Borrower’s benefit which are subsequently invalidated, declared
to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or
any other party under the United States Bankruptcy Code or any other bankruptcy law, common law or equitable cause, then, to such
extent, the obligations of Borrower hereunder intended to be satisfied shall be revived and shall continue as if such payment or
proceeds had not been received by Lender.

 

Miscellaneous. This Note, together with
any related loan letter agreement, security agreements and/or guaranties, contains the entire agreement between the Lender and
Borrower with respect to the Note, and supersedes every course of dealing, other conduct, oral agreement and representation previously
made by the Lender. All rights and remedies of the Lender under applicable law and this Note or amendment of any provision of this
Note are cumulative and not exclusive. No single, partial or delayed exercise by the Lender of any right or remedy shall preclude
the subsequent exercise by the Lender at any time of any right or remedy of the Lender without notice. No waiver or amendment of
any provision of this Note shall be effective unless made specifically in writing by the Lender. No course of dealing or other
conduct, no oral agreement or representation made by the Lender, and no usage of trade, shall operate as a waiver of any right
or remedy of the Lender. No waiver of any right or remedy of the Lender shall be effective unless made specifically in writing
by the Lender. Borrower agrees that in any legal proceeding, a copy of this Note kept in the Lender’s course of business
may be admitted into evidence as an original. This Note is a binding obligation enforceable against Borrower and its successors
and assigns and shall inure to the benefit of the Lender and its successors and assigns. If a court deems any provision of this
Note invalid, the remainder of the Note shall remain in effect. Section headings are for convenience only. Singular number includes
plural and neuter gender includes masculine and feminine as appropriate.

 

Notices. Any demand or notice hereunder
or under any applicable law pertaining hereto shall be in writing and duly given if delivered to Borrower (at its address on the
Lender’s records) or to the Lender (at the address on page one and separately to the Lender officer responsible for Borrower’s
relationship with the Lender). Such notice or demand shall be deemed sufficiently given for all purposes when delivered (i) by
personal delivery and shall be deemed effective when delivered, or (ii) by mail or courier and shall be deemed effective three
(3) business days after deposit in an official depository maintained by the United States Post Office for the collection of mail
or one (1) business day after delivery to a nationally recognized overnight courier service (e.g., Federal Express). Notice by
e-mail is not valid notice under this or any other agreement between Borrower and the Lender.

 

Governing Law; Jurisdiction. This Note
will be interpreted in accordance with the laws of the State of New York excluding its conflict of laws rules. BORROWER HEREBY
IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN THE STATE OF NEW YORK IN NEW YORK COUNTY AND
CONSENTS THAT THE LENDER MAY EFFECT ANY SERVICE OF PROCESS IN THE MANNER AND AT BORROWER’S ADDRESS SET FORTH ABOVE FOR PROVIDING
NOTICE OR DEMAND; PROVIDED THAT NOTHING CONTAINED IN THIS NOTE WILL PREVENT THE LENDER FROM BRINGING ANY ACTION, ENFORCING ANY
AWARD OR JUDGMENT OR EXERCISING ANY RIGHTS AGAINST BORROWER INDIVIDUALLY, AGAINST ANY SECURITY OR AGAINST ANY PROPERTY OF BORROWER
WITHIN ANY OTHER COUNTY, STATE OR OTHER FOREIGN OR DOMESTIC JURISDICTION. Borrower acknowledges and agrees that the venue provided
above is the most convenient forum for both the Lender and Borrower. Borrower waives any objection to venue and any objection based
on a more convenient forum in any action instituted under this Note.

 

Waiver of Jury Trial. Borrower
and the Lender hereby knowingly, voluntarily, and intentionally waive any right to trial by jury Borrower and the Lender may have
in any action or proceeding, in law or in equity, in connection with this note or the transactions related hereto. Borrower represents
and warrants that no representative or agent of the Lender has represented, expressly or otherwise, that the Lender will not, in
the event of litigation, seek to enforce this jury trial waiver. Borrower Acknowledges that the Lender has been induced to enter
into this note by, among other things, the provisions of this Section.

 

[Signature Page Follows]

 

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Acknowledgment. Borrower acknowledges
that it has read and understands all the provisions of this Note, including the Governing Law; Jurisdiction and Waiver
of Jury Trial, and has been advised by counsel as necessary or appropriate.

 

	 	SPORT-BLX, INC.
	
         
	 	 
	 	By:	/s/ Cesar A. Baez
	 	Name:	Cesar A. Baez
	 	Title:	Acting Chair, Related Party Transaction Committee

 

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