Document:

Exhibit 10.2

 

 

 

June 14, 2017

 

Patriot Equity, LLC

Boca Center, Tower 1

5200 Town Center Circle Suite 550

Boca Raton, FL 33486

Attn: Gary O. Marino, Managing Member

 

 

		Re:	Proposal to purchase Capital Units of Banyan Medical Partners LLC

 

Dear Mr. Marino:

 

This letter shall serve as a letter of intent of a proposed
transaction between Banyan Rail Services, Inc. (hereinafter "Buyer"), or its assignee, to purchase all of the capital
units of Banyan Medical Partners, LLC, all of such units being owned by Patriot Equity, LLC (hereinafter “Seller”),
the terms of which are to be embodied in a formal Purchase and Sale Agreement (the “Agreement”) to be submitted by
Buyer. No contractual obligation is intended nor will one be created until the Agreement is executed by both parties.

 

Our due diligence will focus on the physical aspects of the
Properties owned or contracted for by Banyan Medical Partners, LLC, confirming the lease terms and financial data. We are
prepared to proceed under the following terms:

 

		Purchase Price	$9,536,582 payable as follows: 6,075,000 to Capital
1; $2,987,639 to Seller and $473,943 to Boca Equity Partners, LLC (the “Purchase Price”) Buyer will indemnify Seller
for any guarantee agreement entered into by Seller with Capital One regarding such obligation if necessary.

 

		Financing	The Buyer’s obligation to purchase shall be contingent upon its obtaining the necessary financing for the transaction.
Buyer shall have 90 days from effective date of the Agreement to arrange for such financing. The Buyer’s obligation to purchase
shall also be contingent upon Seller obtaining any necessary lender consents for the transaction, if required.

 

    Boca Center, Tower 1 • 5200 Town Center Circle • Suite 550 • Boca Raton, FL 33486
Main 561.617.8050 • Fax 561.314.6834

    Page 2 

    

 

		Investigation Period	Buyer shall have 60 days from the effective date of the
Agreement (the “Investigation Period") to conduct whatever investigations, analyses and studies Buyer deems appropriate
and obtain any reports relating to the feasibility of purchasing the units. Seller shall provide unobstructed access to the Properties
owned or contracted for by Seller (the “Properties”) and all books, records, financial statements, and reports concerning
and covering the Properties and shall actively obtain any information held by third party vendors or agents in Seller’s
control or possession. The Investigation Period review may involve, but may not be limited to, a review of all building plans,
zoning approvals, construction documents, construction bids and costs to complete, books, records, financial statements, leases,
reports concerning and covering the properties, the market condition, property condition both functional and physical inspection,
other engineering feasibility studies and a review of any and all governmental regulations and improvements. If Buyer determines,
in its sole judgment and discretion, that the Properties are not suitable for its intended purpose, then, and in this event, Buyer
may, on written notice to Seller received prior to the expiration of the Investigation Period, terminate the Agreement.

 

	Seller’s
Deliverables 	Within three (3) days after
the execution of the Agreement by both parties, Seller shall deliver or make available to Buyer all information in its possession
and control relating to the Properties, including, without limitation, the following:

 

		(a)	copy of Seller’s existing title insurance policy;

		(b)	copy of Seller’s existing survey of the Property;

		(c)	existing Property environmental report;

		(d)	copies of all leases;

		(e)	Complete Planning and Zoning Approvals

		(f)	Schedule of any and all concurrence items, offsite improvements, tap fees, school impact fees, wetland report, endangered species
report and proof of payments

		(g)	Audited Financials by a firm registered with the Public Company Accounting and Oversite Board (PCAOB)

		(h)	Property General Ledger report

		(i)	Any Construction Budget and Bids Received

		(j)	Any Market Analysis Reports related to project

		(k)	Latest version of Loan Application and response by Lender

		(l)	Real Estate Tax and Insurance bills

		(m)	Copies of any and all loan documents to be assumed by Buyer at closing

 

    Boca Center, Tower 1 • 5200 Town Center Circle • Suite 550 • Boca Raton, FL 33486
Main 561.617.8050 • Fax 561.314.6834

    Page 3 

    

 

		Date of Closing	Closing shall occur at the offices of Banyan Rail Services
no later than 30 days after the expiration of the Investigation Period. A closing, which occurs within 72 hours of the date of
closing scheduled closing date, shall constitute timely performance within the definition of "Time of the Essence”.

 

		Other Provisions	The Agreement shall contain other provisions dealing
with such matters as allocation of closing expenses, conditions of closing, delivery of possession, examination of title, warranties
and representations of Seller with respect to the Properties, tenant estoppel letters and other matters typically found in transactions
of this nature. Expenses shall be borne as follows:

 

	Requirement	Responsibility
	Survey	Buyer
	Title Search	Buyer
	Title Insurance Commitment and Policy	Buyer
	Transfer Taxes on the Deed of Conveyance	Seller
	Brokerage Commissions, if any	Seller
	Inspection Costs	Buyer
	Attorneys’ Fees	Each pays own
	Hazardous Waste Studies	Buyer
	Leasing
Commissions, Rent Abatements,
 Tenant Improvements
or Capital Obligations
	Seller

 

		Assignability	Buyer reserves the right to assign the Agreement to an entity owned or controlled by Buyer or its
principals.

 

		Representations and Warranties	The Agreement shall contain standard representations and warranties
of Seller.

 

		Conditions	The Purchase Price assumes the following Property conditions:

 

		a)	US Americans with Disabilities Act, building in compliance with current codes and requirements

		b)	Fire Protection: In compliance with current codes and requirements. No disadvantageous environmental conditions are present

		c)	No deferred maintenance items affecting capital equipment, structural elements, amenities, curb appeal and roofs

 

    Boca Center, Tower 1 • 5200 Town Center Circle • Suite 550 • Boca Raton, FL 33486
Main 561.617.8050 • Fax 561.314.6834

    Page 4 

    

 

		Confidentiality	Except as required by law, each party undertakes and warrants to receive and maintain all written
or oral information all materials received from the other during the negotiation and duration and existence of this letter strictly
in confidence and not to disclose to any party, other than its third party professionals, attorneys, and/or consultants, or make
public or authorize disclosure of any such information and not use such information for any purpose except in accordance with this
letter. This provision shall survive the termination of this letter.

 

		Exclusivity	In consideration of the foregoing, for and during the period of time commencing with the date hereof
and ending with the execution of the Agreement, the mutual termination of negotiations between the parties hereto, or ninety (90)
days, whichever is earliest, Seller agrees that Seller will not (a) negotiate with any other persons or entities with respect to
any matters which are the subject of this letter; (b) entertain unsolicited offers, bids, negotiations or inquiries as to any of
the same; (c) solicit or respond to any offers, bids, negotiations or inquiries with respect to the same; (d) furnish any information
with respect to the property to any persons or entities whatsoever, other than as described in this letter; nor (e) proceed or
continue with any of the aforesaid which may be in progress upon the date of this letter.

 

		Cooperation	Seller will cooperate with and assist Buyer in preparing a “Super 8-K” to be filed by
Buyer with the Securities and Exchange Commission in connection with closing of the transaction.

 

		Non-Binding	Except as to Confidentiality and Exclusivity, this Letter of Intent is not meant to be a binding Agreement nor should any correspondence
between Buyer and Seller be construed to create an agreement. Furthermore, this Letter of Intent constitutes an expression of interest
and is not intended to constitute an offer to sell nor purchase the Property. No agreement shall be created until a formal document
containing all terms and provisions is prepared by the parties’ attorneys and approved and executed by both Purchaser and
Seller.

 

	Offer & Acceptance	This Letter of Intent
will expire five (5) business days from the date hereof.

 

 

 

Signatures appear on next page

 

    Boca Center, Tower 1 • 5200 Town Center Circle • Suite 550 • Boca Raton, FL 33486
Main 561.617.8050 • Fax 561.314.6834

    Page 5 

    

 

If you are agreement with the foregoing, please so indicate
by signing and dating this Letter of Intent and return the original to the undersigned. Upon receipt of Seller's acceptance, Buyer
shall prepare the Purchase and Sale Agreement for Seller's review. The terms and conditions of and existance of this offer are
to be held strictly confidential in that it may contain proprietary, confidential and/or legally privileged information governed
by the securities laws of the United States.

 

	 	 	Very truly yours,	 
	 	 	 	 
	 	 	Banyan RAIL SERVICES, INC	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:   	/s/ Paul S. Dennis	 
	 	 	 	Name: Paul S. Dennis	 
	 	 	 	Title: CEO and CFO	 
	 	 	 	Dated: June 14, 2017	 
	AGREED TO AND ACCEPTED BY:	 	 	 	 
	 	 	 	 	 
	SELLER:	 	 	 	 
	 	 	 	 	 
	PATRIOT EQUITY, LLC	 	 	 	 
	 	 	 	 	 
	By:	/s/  Gary O. Marino	 	 	 	 
	Name: Gary O. Marino	 	 	 	 
	Title: Managing Member	 	 	 	 
	Date: 	June 14, 2017	 	 	 	 

 

 

    Boca Center, Tower 1 • 5200 Town Center Circle • Suite 550 • Boca Raton, FL 33486
Main 561.617.8050 • Fax 561.314.6834Exhibit 10.1

AMENDMENT NO. 1 TO LETTER AGREEMENT

This Amendment No. 1 to Letter Agreement
(the “Amendment”), dated as of June 9, 2017, amends that certain letter agreement (the “Letter Agreement”),
dated as of August 4, 2016, by and between Enumeral Biomedical Holdings, Inc. (with its subsidiaries, the “Company”)
and Arthur H. Tinkelenberg, Ph.D. (“Executive”). Capitalized word used but not otherwise defined herein shall
have the respective meanings ascribed to such terms in the Letter Agreement.

 

Pursuant to the terms of the Letter Agreement,
the Company agreed to make certain payments to Executive in connection with Executive’s separation of employment with the
Company. In consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Company and Executive agree to amend the Letter Agreement as follows:

 

		1.	Executive foregoes, and the Company shall have no further obligation to pay, any and all remaining amounts of the Severance
Payment due to Executive, effective as of June 1, 2017. Executive acknowledges and agrees that the installment of the Severance
Payment made by the Company to Executive on May 31, 2017 will be the last installment of the Severance Payment due under the Letter
Agreement.

 

		2.	All of Executive’s options to purchase shares of the Company’s common stock and restricted stock grants in the
Company held by the Executive or in a trust established by Executive for the benefit of Executive’s spouse, children or heirs
that were unvested as of the Separation Date have continued to vest during the Severance Period pursuant to the vesting schedules
set forth in such option agreements and restricted stock agreements, as applicable. All remaining unvested options and shares of
restricted stock shall now fully vest and become exercisable as of June 1, 2017. For the avoidance of doubt, the period for exercising
all such options to purchase common stock of the Company is extended to July 28, 2022 (which is the date that is five years following
the expiration of the Severance Period).

 

		3.	Effective June 1, 2017, Paragraphs 11 and 12 of the Letter Agreement (“Post-Termination Restrictions”) are hereby
deleted in their entirety. Similarly, effective June 1, 2017, the Company hereby waives, cancels and forgives all restrictions,
of any kind, imposed on Executive pursuant to Section 7 (“Non-Competition”) of the Amended Employment Agreement. For
the avoidance of doubt, effective June 1, 2017, Paragraphs 11 and 12 of the Letter Agreement and Section 7 of the Amended Employment
Agreement shall be null and void.

 

		4.	Except as explicitly set forth herein, the terms and conditions of the Letter Agreement remain unchanged and in full force
and effect.

 

 

[Remainder of Page Intentionally
Left Blank]

 

    

     

    

IN WITNESS WHEREOF, the parties hereto
have executed this Amendment as of the day and year set forth above.

 

Enumeral
Biomedical Holdings, Inc.

By: /s/ Matthew A. Ebert

Name: Matthew A. Ebert

Title: General Counsel and Corporate Secretary

 

 

EXECUTIVE

 

/s/ Arthur H. Tinkeleberg, Ph.D.

Name: Arthur H. Tinkeleberg, Ph.D.

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