Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.
 

 

PROMISSORY NOTE

 

	 	 Dated as of July 18, 2022
	 	 
	Principal Amount: $1,383,123	New York, New York

  

Clover Leaf Capital Corp., a Delaware
corporation (the “Maker”), promises to pay to the order of Yntegra Capital Investments, LLC, a Delaware limited liability
company, or its registered assigns or successors in interest (the “Payee”), the principal sum of One Million Three
Hundred Eight Three Thousand One Hundred Twenty-Three Dollars ($1,383,123), in lawful money of the United States of America, on the terms
and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds,
without setoff or counterclaim, to such account as the Payee may from time to time designate by written notice in accordance with the
provisions of this Note. This Note is being made in connection with Maker extending its termination date of July 22, 2022 for an additional
three (3) months to October 22, 2022 (the “Extension”).

 

1.            Maturity. The
principal balance of this Note shall be due and payable by the Maker upon the closing of a Repayment/Conversion Trigger Event, as such
term is defined below (the “Maturity Date”). The principal balance may be prepaid at any time prior to the Maturity
Date without penalty upon written notice by the Maker to the Payee.

 

		(a)	Each of the following shall constitute a “Repayment/Conversion Trigger Event”:

 

		(i)	the closing of a merger, consolidation or other business combination pursuant to which the Maker acquires
an entity for its initial business combination (a “DeSPAC Transaction”); or

 

		(ii)	subject to the terms below, the liquidation of the Maker on or before October 22, 2022 (unless such date
is extended by the Maker’s board of directors to April 22, 2023, at the request of the Payee), or such later liquidation date as
may be approved by Maker’s stockholders (a “Liquidation”), that occurs while the Note is outstanding or
any time thereafter prior to the repayment of the Note.

 

Maker shall provide Payee at least
ten (10) calendar days’ prior written notice of any Repayment/Conversion Trigger Event, and to the extent applicable, a copy of
the material terms and conditions of the DeSPAC Transaction. Except as provided in Section 16 below, under no circumstances whatsoever
shall any individual, including, but not limited to, any officer, director, employee or stockholder of the Maker, be obligated personally
for any obligations or liabilities of the Maker hereunder.

 

(b)             
Form of Repayment. In the event of a Liquidation, all amounts due under this Note shall be repaid in cash. In the event of a DeSPAC
Transaction, the Note may be repaid, at the Payee’s discretion, (i) in cash or (ii) with respect to up to One Million Three Hundred
Eight Three Thousand One Hundred Twenty-Three Dollars ($1,383,123) of unpaid principal due under this note, in Conversion Units (as defined
below), pursuant to Section 16 herein. Absent reasonable prior written notice by Payee to convert any amounts due under this Note into
Conversion Units pursuant to Section 16 herein, the Note shall become due and payable in cash at closing of such DeSPAC Transaction.

 

2.            Interest. No
interest shall accrue or be charged by Payee on the unpaid principal balance of this Note.

 

3.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges, and finally
to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

 

4.       Use
of Proceeds. On or prior to the date of this Note, the Payee shall remit the full principal amount to the Maker. The Maker hereby
represents, warrants and covenants to the Payee, that the entire principal amount will be used by the Maker solely for purposes of making
a payment pursuant to the Investment Management Trust Agreement dated July 19, 2021 by and between Maker and Continental Stock Transfer
& Trust Company, a New York limited liability trust company (“CST”), for the Extension.

 

5.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

        (a)          Failure
to Make Required Payments. Failure by Maker to pay any principal amount due (including, but not limited to, by way of the issuance
of Conversion Units in accordance with the terms of this Note) pursuant to this Note within five (5) business days of the Maturity Date.

 

(b)          Breach
of Use of Proceeds. Failure by Maker to comply with the provisions of Section 4 of this Note. 

 

(c)       Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

  

(d)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having competent jurisdiction in respect of Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of
its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

6.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 5(a) or Section 5(b) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 5(c) and 5(d), the unpaid principal balance of this Note, and all other sums
payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part
of Payee.

 

7.       Enforcement
Costs. In case any principal of this Note is not paid when due, including (without limitation) by way of the issuance of Conversion
Units in accordance with the terms of this Note, Maker shall be liable for all costs of enforcement and collection of this Note incurred
by the Payee and any other Holders, including, but not limited to, reasonable attorneys’ fees and expenses.  

 

8.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms
of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for
any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may
be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by Payee.

 

     

     

    

 

 

9.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder. Any failure of the Payee to exercise any right hereunder
shall not be construed as a waiver of the right to exercise the same or any other right at any time and from time to time thereafter.
The Payee may accept late payments, or partial payments, even though marked “payment in full” or containing words of similar
import or other conditions, without waiving any of its rights.

 

10.            Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered (at the
sender’s sole cost and expense) by one of the following means: (a) personally (b) by first-class registered or certified postal
mail, return receipt requested (c) through overnight courier or next-day delivery service (d) via facsimile or (e) by electronic transmission
to the e-mail address designated. Any notice or other communication so transmitted shall be deemed to have been given (i) on the day of
delivery, if delivered personally, (ii) five (5) calendar days if sent by mail (iii) two (2) business days after being dispatched through
an overnight courier service; (iv) on the business day following receipt, if sent by facsimile or electronic transmission. The receiving
address for each party, respectively, is set forth below and may be changed at any time by a party upon providing notice thereof to the
other party pursuant to the provisions of this Section 10.

 

If to Maker:

Clover Leaf Capital Corp.

c/o Yntegra Capital Investments, LLC

1450 Brickell Avenue, Suite 2520

Miami, FL 33131

Attn: Felipe MacLean

 

If to Payee:

Yntegra Capital Investments, LLC

1450 Brickell Avenue, Suite 2520

Miami, FL 33131

Attn: Felipe MacLean

  

11.            Construction;
Governing Law; Venue; Waiver Of Jury Trial.  THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. MAKER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY
AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH PARTY HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE
COURT OR, TO THE EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY HERETO ALSO HEREBY AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY APPLICABLE LAW. NOTHING IN THIS NOTE SHALL AFFECT ANY RIGHT THAT THE PAYEE OR ANY OTHER HOLDER MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS NOTE AGAINST THE MAKER OR ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION. IN ANY
ACTION, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS NOTE, THE PAYEE AND THE MAKER WAIVE TRIAL BY JURY, AND EACH OF MAKER AND
PAYEE WAIVES (I) THE RIGHT TO INTERPOSE ANY SET-OFF OF ANY NATURE OR DESCRIPTION, (II) ANY OBJECTION BASED ON FORUM NON CONVENIENS OR
VENUE, AND (III) ANY CLAIM FOR CONSEQUENTIAL, PUNITIVE, INCIDENTAL, EXEMPLARY OR SPECIAL DAMAGES.

 

     

     

    

 

 

12.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not automatically invalidate or render unenforceable such provision in any other jurisdiction.

 

13.          Trust
Waiver.  Notwithstanding anything herein to the contrary, but subject to the following sentence of this Section 13, the
Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of
or from the trust account (the “Trust Account”) established in which the proceeds of the initial public offering (“the
“IPO”) conducted by the Maker (including the deferred underwriters’ discounts and commissions) and the proceeds
of the sale of the units issued in a private placement that occurred prior to the closing of the IPO were deposited, as described in greater
detail in Maker’s Registration Statements on Form S-1 (No. 333-255111) filed with the Securities and Exchange Commission in connection
with the IPO (together, and collectively, hereinafter the “Registration Statement”), and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. Notwithstanding the
foregoing, the Payee does not waive any Claims, and does not waive its rights to seek recourse, reimbursement, payment or satisfaction
for any Claim, against the Trust Account for distributions of remaining funds released to the Maker from the Trust Account following redemptions
or other distributions to Maker’s public stockholders.

 

14.          Amendment;
Waiver.  Any amendment hereto, or waiver of any provision hereof, may be made with, and only with, the written consent of
the Maker and the Payee.

 

15.          Assignment.  This
Note binds and is for the benefit of the successors and permitted assigns of the Maker and the Payee. No assignment or transfer of this
Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written
consent of the other party hereto and any attempted assignment without the required consent shall be void ab initio; provided,
that upon the announcement of a DeSPAC Transaction or occurrence and/or during the continuation of an Event of Default, Payee shall have
the right to assign this Note in its discretion without the consent of Maker upon reasonable written notice thereof to Maker.

 

	 	16.	Conversion.

 

(a)             
Notwithstanding anything contained in this Note to the contrary, upon receiving due notification by Maker of a DeSPAC Transaction, Payee
may elect to convert up to One Million Three Hundred Eight Three Thousand One Hundred Twenty-Three Dollars ($1,383,123) of the unpaid
principal balance under this Note into that number of units, each unit being identical to the private units issued in the IPO (the “Conversion Units”),
the total Conversion Units so issued shall be equal to: (x) the portion of the principal amount of this Note being converted pursuant
to this Section 16, divided by (y) the conversion price of Ten Dollars ($10.00), rounded up to the nearest whole number of units. The
Conversion Units shall be identical to the Units issued by the Maker to the Payee in a private placement upon consummation of the Maker’s
IPO. The Conversion Units and their underlying securities, and any other equity security of Maker issued or issuable with respect to the
foregoing by way of a share dividend or share split or in connection with a combination of shares, recapitalization, amalgamation, consolidation
or reorganization, shall be entitled to the registration rights set forth in Section 17 hereof.

 

(b) Upon any partial conversion
of the principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of this Note shall become
fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker
shall designate against delivery of the Conversion Units , (iii) Maker shall promptly deliver a new duly executed Note to Payee in the
principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for any portion of the surrendered Note,
and simultaneous with the surrender of the Note, Maker shall, at the direction of Payee, deliver to Payee (or its members or their respective
affiliates) (Payee, or such other persons, are known herein as the “Holder” or “Holders”) the Conversion
Units, which shall bear such legends as are required in the opinion of legal counsel to Maker (or by any other agreement between Maker
and Payee) and applicable state and federal securities laws, rules and regulations.

 

     

     

    

 

(c) The Holders shall pay any
and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Units upon conversion of this
Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting from
any transfer requested by the Holders in connection with any such conversion.

 

	 	17.	Registration Rights.  

 

(a)          Reference
is made to that certain Registration Rights Agreement between the Maker and the parties thereto, dated as of July 19, 2021 (the “Registration
Rights Agreement”). All capitalized terms used in this Section 17 shall have the same meanings ascribed to them in the Registration
Rights Agreement. The Conversion Units shall constitute Working Capital Units under the Registration Rights Agreement.

 

(b)          The
Holders of the Conversion Units and their underlying securities shall be entitled to one Demand Registration, which shall be subject to
the same provisions as set forth in Section 2.1 of the Registration Rights Agreement.

 

(c)          The
Holders shall also be entitled to include the Conversion Units and their underlying securities in Piggyback Registrations, which shall
be subject to the same provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that
in the event that an underwriter advises the Maker that the Maximum Number of Shares has been exceeded with respect to a Piggyback Registration,
the Holders shall not have any priority over the holders of any other Registrable Securities for inclusion in such Piggyback Registration.

 

(d)          Except
as set forth above, the Holders and the Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the
Registration Rights Agreement.

  

[Signature page follows]

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written. 

 

	 	Clover Leaf Capital Corp.	 
	 	 	 	 
	 	By:	 /s/ Felipe MacLean	 
	 	 	Name: Felipe MacLean	 
	 	 	
    Title: Chief Executive Officerexhibit10

EXECUTION VERSION  6549747 v7  MEMBERSHIP INTEREST PURCHASE AGREEMENT  THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”) is  dated as of July 19, 2022, by and between Warehouse Goods LLC, a Delaware limited liability  company (the “Seller”), and Portofino Partners LLC, a Delaware limited liability company (the  “Buyer”).  RECITALS  WHEREAS, the Seller owns fifty percent (50%) of the limited liability company  membership interests (the “Membership Interest”) of Vibes Holdings LLC, a Delaware limited  liability company (the “Company”);   WHEREAS, the Membership Interest is held by the Seller pursuant to that certain  Operating Agreement of the Company, dated as of February 8, 2018, between the Seller and  Biggerbizz Consulting LLC (“Biggerbizz”), as amended by the Seller and Biggerbizz on  September 24, 2019 (the “Operating Agreement”); and  WHEREAS, the Seller desires to sell to the Buyer, and the Buyer desires to purchase from  the Seller, all of the Membership Interest upon the terms and conditions set forth herein.   NOW, THEREFORE, in consideration of the mutual promises and covenants herein  contained and other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:  ARTICLE I  PURCHASE AND SALE OF THE MEMBERSHIP INTEREST  Section 1.1 Purchase and Sale.  Upon the terms and subject to the conditions of this  Agreement, on the Closing Date, in consideration of the Purchase Price (as defined in Section 1.2  below), the Seller shall sell, transfer, and deliver to the Buyer, and the Buyer shall purchase,  acquire, and accept from the Seller, the Membership Interest.  Section 1.2 Purchase Price and Payment.  In consideration for the Membership Interest,  the Buyer shall pay to the Seller a purchase price of $5,300,000 (the “Purchase Price”), on the  Closing Date, in immediately available funds, as directed by the Seller pursuant to the Funds Flow  Memorandum (as defined below).  ARTICLE II  THE CLOSING  Section 2.1 The Closing.  The closing of the purchase and sale of the Membership  Interest (the “Closing”) shall take place remotely via the exchange of documents and signatures,  at 10:00 a.m. Eastern Time, on the date of this Agreement (the “Closing Date”), or at any other  place or time as may be mutually agreed by the Buyer and the Seller.  Section 2.2 Deliveries by the Seller.  At the Closing, the Seller shall deliver to the  Buyer:  

 

 2 (a) an assignment of the Membership Interest, duly executed by the Seller,  assigning all of the Seller’s interest in the Membership Interest to the Buyer, in a form satisfactory  to the Seller and the Buyer (the “Assignment”);  (b) a distribution agreement, duly executed by the Seller and the Company, in  a form satisfactory to the Seller and the Buyer;  (c) a termination of that certain Services Agreement, dated as of July 6, 2018,  between the Seller and the Company, which termination shall be included in the Distribution  Agreement, duly executed by the Seller and the Company, in a form satisfactory to the Seller and  the Buyer;  (d) a consent, waiver and joinder to the Operating Agreement, duly executed  by the Company and Biggerbizz, in a form satisfactory to the Seller and the Buyer (the “Consent,  Waiver and Joinder”);  (e) a recently issued certificate of good standing of the Seller, issued by the  Secretary of State of the State of Delaware;  (f) a certificate, dated as of the Closing Date, executed by an officer of the  Seller, certifying that (i) the resolutions, as attached to such certificate, were duly adopted by the  sole member of the Seller, authorizing and approving the execution of this Agreement and the  consummation of the transactions contemplated hereby, and that such resolutions remain in full  force and effect, and (ii) the articles of organization and operating agreement of the Seller attached  to such certificate are those currently in effect;  (g) an account satisfaction and transition agreement, dated as of the Closing  Date, duly executed by Greenlane Holdings, Inc. (“Greenlane”), the Company and RSL Blunt  Productions, S.R.L. (“RSL”), in a form satisfactory to the Seller and the Buyer (the “ASTA”); and  (h) a funds flow memorandum, dated as of the Closing Date, duly executed by  the Seller, in a form satisfactory to the Buyer and the Seller, providing for the Buyer’s  disbursement of the Purchase Price as specified therein (the “Funds Flow Memorandum”).  Section 2.3 Deliveries by Buyer.  At the Closing, the Buyer shall deliver to the Seller:   (a) the Purchase Price by wire transfer of immediately available funds to one  or more parties and accounts specified by the Seller pursuant to the Funds Flow Memorandum;  (b) the Assignment, duly executed by the Buyer;  (c) the Consent, Waiver and Joinder, duly executed by the Buyer;  (d) a recently issued certificate of good standing of the Seller, issued by the  Secretary of State of the State of Delaware;  (e) a certificate dated as of the Closing Date, executed by an officer of the  Buyer, certifying that (i) the resolutions, as attached to such certificate, were duly adopted by the  

 

 3 Board of Managers of the Buyer, authorizing and approving the execution of this Agreement and  the consummation of the transactions contemplated hereby, and that such resolutions remain in  full force and effect, and (ii) the articles of organization and operating agreement of the Buyer  attached to such certificate are those currently in effect;   (f) the ASTA, duly executed by Greenlane, the Company and RSL; and  (g) the Funds Flow Memorandum, duly executed by the Buyer.   ARTICLE III  REPRESENTATIONS AND WARRANTIES REGARDING THE SELLER AND THE  COMPANY  The Seller hereby represents and warrants to the Buyer as follows:  Section 3.1 Organization, Authorization and Binding Obligation. Each of the Seller and  the Company is a limited liability company duly organized, validly existing, and in good standing  under the laws of the State of Delaware. Each of  the Seller and the Company has all requisite  power and authority to carry on its business as currently conducted and to own and operate its  assets.  The Seller has delivered to the Buyer true, correct, and complete copies of the articles of  organization and the limited liability company operating agreement of the Seller and the articles  of organization and the limited liability company operating agreement of the Company, each as in  effect on the date of this Agreement (collectively, the “Organizational Documents”).  The Seller  is not in violation in any material respect of any provision of any of its Organizational Documents.   The Seller has the requisite power and authority to execute and deliver this Agreement, to perform  its obligations hereunder and to carry out the transactions contemplated hereby.  This Agreement  has been duly executed by the Seller and constitutes the legal, valid, and binding obligation of the  Seller enforceable against the Seller in accordance with its terms, except as the enforceability  hereof or thereof may be limited by (a) applicable bankruptcy, insolvency, reorganization,  moratorium or other similar laws affecting the enforcement of creditors’ rights generally, or (b)  applicable equitable principles (whether considered in a proceeding at law or in equity) (the  “Enforceability Exceptions”).  Section 3.2 No Conflict.  The execution and the delivery of this Agreement, the  consummation by the Seller of the transactions contemplated by this Agreement, and the  performance by the Seller of its obligations hereunder will not, with or without notice or lapse of  time or both: (a) violate any provision of the Organizational Documents; (b) violate any law or  order to which the Seller or the Company is subject; (c) conflict with, result in a breach of,  constitute a default under, result in the acceleration of, create in any party thereto the right to  accelerate, terminate, recapture any real property, modify or cancel or require any notice under  any bond, mortgage, indenture, agreement, deed of trust, license, lease, contract, commitment,  shareholders agreement, voting trust, loan or other agreement to which the Seller or, to the Seller’s  Knowledge, the Company is a party; or (d) result in the imposition of any charge, claim,  community property interest, pledge, condition, equitable interest, lien (statutory or other), option,  security interest, mortgage, easement, encroachment, right of way, right of first refusal, or  restriction of any kind, including any restriction on use, voting, transfer, receipt of income or  exercise of any other attribute of ownership (collectively “Encumbrances”) on the Membership  

 

 4 Interest, except as set forth on Schedule 3.2 hereto and in the case of the foregoing clauses (b) and  (c) such violations or conflicts, individually or in the aggregate, that would not reasonably be  expected to have a Company Material Adverse Effect (as defined below) or prevent, materially  delay or materially impair the consummation of the transactions contemplated by this Agreement.   “Company Material Adverse Effect” means a material adverse effect, either individually or when  aggregated with other such effects, on the assets, assets, business, operations, prospects, condition  (financial or otherwise) or results of operations of the business of the Company and its subsidiaries,  taken as a whole.  Section 3.3 No Consents.  Assuming that the representations and warranties of the  Buyer set forth herein are true and correct in all material respects, except with respect to the  Operating Agreement, no consent, license, approval, order, permit, or authorization of, or  registration, filing, or declaration with, any court, administrative agency, or commission or other  governmental authority or instrumentality, domestic or foreign (a “Governmental Authority”), or  any other person is required to be obtained or made in connection with the execution, delivery,  and performance of this Agreement or any of the transactions required or contemplated hereby,  except for (a) any consent of approval by any third party previously obtained, or (b) any consent,  license, approval, order, permit or authorization of, or registration, filing, or declaration, the failure  of which to be given, made or obtained would not reasonably be expected to adversely affect in  any material respect the ability of the Seller to perform its obligations under, and consummate the  transactions contemplated by, this Agreement.  Section 3.4 Capitalization.  The Membership Interest constitutes fifty percent (50%) of  all of the issued and outstanding equity interests of the Company, and the Seller is the record and  beneficial owner of one hundred percent (100%) of the Membership Interest.  Section 3.5 Title to Membership Interest.  Upon transfer of the Membership Interest to  the Buyer and upon delivery by the Buyer to the Seller of the Purchase Price in full in accordance  with this Agreement, the Buyer will receive the Membership Interest free and clear of any  Encumbrances.  Section 3.6 Inventory.  The Company currently owns the inventory set forth on  Schedule 3.6 hereto, which inventory has an aggregate value equal to at least $2,432,000  (collectively, the “Company Inventory”).  Section 3.7 Litigation.  There are no: (i) actions, arbitrations, claims, litigations,  proceedings, or lawsuits (whether civil, criminal, or administrative) commenced, brought,  conducted or heard by or before any court, administrative tribunal, governmental body, or  organization or association that sponsors or conducts arbitration (“Proceedings”) pending or, to  the Knowledge of the Seller, threatened against the Seller, involving the Membership Interest, the  Seller’s ownership or authority with respect to the Membership Interest, the transactions  contemplated by this Agreement, or that questions the validity of this Agreement or any action  taken or to be taken by the Seller in connection with, or seeks to enjoin or obtain monetary damages  in respect of, this Agreement; or (ii) Proceedings pending or, to the Knowledge of the Seller,  threatened against the Company.  “Knowledge of the Seller”  or “Seller’s Knowledge” means the  actual knowledge of Nick Kovacevich, Chief Executive Officer of the Seller, without such  individual having made any inquiry.  

 

 5 Section 3.8 Trademarks. Schedule 3.8 hereto sets forth a list of all U.S. and foreign  trademark registrations and pending trademark applications (collectively, the “Registered  Marks”), in each case owned by the Company as of the date hereof, which list is true and complete  in all material respects.  To the Seller’s Knowledge, all Registered Marks that have been registered  are valid, subsisting and in full force and effect.  The consummation of the transactions  contemplated in this Agreement will not result in the loss or impairment of the right of the  Company to own or continue to use the Registered Marks.  The Seller has not received written  notice of any Proceedings, and there are no pending Proceedings, relating to the use, validity or  enforceability of any of the Registered Marks.  The Company is not the subject of any pending  Proceedings that allege that Company’s use of the Registered Marks infringes, dilutes or otherwise  violates the intellectual property of any third party.  Section 3.9 Tax Matters.  The Company has timely filed or caused to be timely filed all  Tax Returns that are or were required to be filed by the Company pursuant to applicable law.  All  Tax Returns filed by the Company are true, correct and complete in all material respects and were  prepared in compliance with all applicable laws.  The Company has paid all Taxes owed by the  Company (whether or not shown on any Tax Returns), except such Taxes, if any, which are not  yet delinquent.  Except as set forth on Schedule 3.9 hereto, the Company is not currently the  beneficiary of any extension of time within which to file any income Tax Return.  The Company  has received no written claim made by any Governmental Entity in a jurisdiction where the  Company does not file Tax Returns asserting that the Company is or may be subject to taxation by  that jurisdiction.  Neither the Seller nor the Company has received written notice indicating that  any governmental entity intends to assess any additional Taxes against the Company for any period  for which Tax Returns have been filed.  There are no pending audits, assessments, disputes or  claims concerning any Taxes of the Company.  The Company has not waived any statute of  limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment  or deficiency, in each case, that are either in force or outstanding.  For purposes of this Agreement,  (a) “Tax Returns” means and includes all returns, statements, declarations, estimates, forms,  reports, information returns and any other documents (including all consolidated, affiliated,  combined or unitary versions of the same) relating to Taxes, including all related and supporting  information, in each case, filed or required by law to be filed with any Governmental Entity in  connection with the determination, assessment, reporting, payment, collection or administration of  any Taxes, and including Treasury Form TD F 90-22.1 and FinCEN Form 114, and (b) “Taxes”  means all federal, state, local and foreign taxes (including income taxes, excise taxes, value added  taxes, occupancy taxes, employment taxes, withholding taxes, escheat or unclaimed property,  unemployment taxes, ad valorem taxes, custom duties and transfer taxes) and similar fees, levies,  imposts, impositions, assessments and governmental charges imposed upon a person or entity,  including all taxes and governmental charges imposed upon any of the personal properties, real  properties, tangible or intangible assets, income, receipts, payrolls, transactions, equity transfers,  equity, net worth or franchises of a person or entity (including all sales, use, withholding or other  taxes which a person is required to collect or pay over to any government), and all related additions  to tax, penalties or interest thereon.  Section 3.10 No Brokers.  No broker, finder or investment banker is entitled to any  brokerage, finder’s or other fee or commission in connection with the transactions contemplated  by this Agreement based upon arrangements made by or on behalf of the Seller.  

 

 6 Section 3.11 Company Compliance with Law.  The Company is in compliance, in all  material respects, with the requirements of all applicable laws, regulations, rules, executive orders  and all final judgments, decrees and orders of any court or other Governmental Authority necessary  to conduct its business as currently conducted, except for such failures to comply that, individually  or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect  (as defined below) or prevent, materially delay or materially impair the consummation of the  transactions contemplated by this Agreement.  Section 3.12 Company Indebtedness.  Except as set forth on Schedule 3.12 hereto, the  Company has no indebtedness for borrowed money.  Section 3.13 Inventory on Order.  The Company is currently party to certain open  purchase orders with RSL, providing for the purchase by the Company of papers, wraps and cones,  as set forth on Schedule 3.13 hereto (the “Open Purchase Orders”).                                                        Section 3.14 No Other Representations and Warranties. Except as and to the extent  expressly set forth in this Agreement, none of the Seller, its affiliates or any of their respective  representatives makes any representations or warranties to the Buyer or any other person, and the  Seller, on behalf of itself, its affiliates, and their respective representatives, hereby disclaim all  liability for any such other representation, warranty, projection, forecast, statement or information  made, communicated, or furnished to the Buyer or any other person.  ARTICLE IV   REPRESENTATIONS AND WARRANTIES OF THE BUYER  The Buyer hereby represents and warrants to the Seller as follows:  Section 4.1 Organization; Authorization and Binding Obligation.  The Buyer is a  limited liability company duly organized, validly existing, and in good standing under the laws of  the State of Delaware.  The Buyer has all requisite power and authority to carry on its business as  currently conducted and to own and operate its assets.  The Buyer has all requisite power and  authority to execute and deliver this Agreement, to perform its obligations hereunder and to carry  out the transactions contemplated hereby.  This Agreement has been duly executed by the Buyer  and constitutes the legal, valid, and binding obligation of the Buyer enforceable against the Buyer  in accordance with its terms, subject to the Enforceability Exceptions.  Section 4.2 No Conflict.  The execution and delivery of this Agreement, the  consummation by the Buyer of the transactions contemplated by this Agreement, and the  performance by the Buyer of its obligations hereunder will not, with or without notice or lapse of  time or both: (a) violate any provision of the articles of organization and the limited liability  company operating agreement of the Buyer as in effect on the date of this Agreement; or (b)  conflict with, or result in any violation of or default (with or without notice or lapse of time, or  both) under, or give rise to a right of termination, suspension, cancellation or acceleration of any  obligation or to loss of a material benefit under, or result in the creation of any Encumbrance of  any kind under (i) any provision of any bond, mortgage, indenture, agreement, deed of trust,  license, lease, contract, commitment, shareholders agreement, voting trust, loan or other agreement  to which the Buyer is a party or by which the Buyer or any of its properties or assets may be bound,  

 

 7 or (ii) any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to the  Buyer.  Section 4.3 No Consents.  Assuming that the representations and warranties of the  Seller set forth herein are true and correct in all material respects, no consent, license, approval,  order, permit, or authorization of, or registration, filing, or declaration with, any court,  administrative agency, or commission or other Governmental Authority, or any other person is  required to be obtained or made in connection with the execution, delivery, and performance of  this Agreement or any of the transactions required or contemplated hereby, except for any consent,  license, approval, order, permit or authorization of, or registration, filing, or declaration, the failure  of which to be given, made or obtained would not reasonably be expected to adversely affect in  any material respect the ability of the Buyer to perform its obligations under, and consummate the  transactions contemplated by, this Agreement.  Section 4.4 Litigation.  There are no Proceedings pending or, to the knowledge of the  Buyer, threatened against the Buyer involving the transactions contemplated by this Agreement or  that question the validity of this Agreement or any action taken or to be taken by the Buyer in  connection with, or seeks to enjoin or obtain monetary damages in respect of, this Agreement.  Section 4.5 Independent Appraisal.  The Buyer has, by reason of its business or  financial experience, or the business and financial experience of its professional advisors who are  unaffiliated with the Seller, the capacity to protect its own interests in connection with the purchase  of the Membership Interest.  The Buyer is familiar with and is well-informed about the business  of the Company and acknowledges that it has been afforded the opportunity to ask appropriate  representatives of the Company questions concerning the business, assets, financial condition and  prospects of the Company.  Section 4.6 No Brokers.  No broker, finder or investment banker is entitled to any  brokerage, finder’s or other fee or commission in connection with the transactions contemplated  by this Agreement based upon arrangements made by or on behalf of the Buyer.  Section 4.7 No Other Representations and Warranties. Except as and to the extent  expressly set forth in this Agreement, neither the Buyer, its affiliates or any of its representatives  makes any representations or warranties to the Seller or any other person, and the Buyer, on behalf  of itself, its affiliates, and its representatives, hereby disclaims all liability for any such other  representation, warranty, projection, forecast, statement or information made, communicated, or  furnished to the Seller or any other person.  ARTICLE V  CERTAIN AGREEMENTS AND COVENANTS  Section 5.1 Partial Payment of Open Purchase Orders.  Concurrently with the Closing,  the Seller shall pay to RSL a portion of the total amount due to RSL under the Open Purchase  Orders, as provided in the ASTA, which payment shall be made out of the proceeds of the Purchase  Price, as set forth in the Funds Flow Memorandum.  

 

 8 Section 5.2 Inventory Delivery.  The Company Inventory is currently in the possession  of the Seller and will be delivered by the Seller to the Company promptly following the closing,  to a suitable storage location directed by the Company, subject to the Company’s reasonable  cooperation in coordinating such delivery arrangements.  The costs for the Seller to ship and  deliver the Company Inventory to the Company shall be shared equally by the Seller and the  Company.  Section 5.3 Press Releases.  (a) Following the Closing, except as required by law, no party shall, and each  party shall cause its affiliates not to, issue any press release or public announcement or otherwise  make any disclosure concerning this Agreement or the transactions contemplated hereby without  the prior written consent of the other party.  Section 5.4 Non-Disparagement.  Following the Closing, none of the parties will, and  each will cause their respective affiliates and representatives not to, make any press release or  other public statement (whether written or oral) relating to any other party which could reasonably  be expected to disparage or be derogatory towards, or otherwise criticize, such other party.  Section 5.5 Further Assurances. Following the Closing, the Buyer and the Seller will  take all actions, execute and deliver all further documents and do all other acts and things as the  other may reasonably request to carry out and document the intent of this Agreement.  ARTICLE VI  SURVIVAL; INDEMNIFICATION  Section 6.1 Survival of Representations and Warranties.  All representations and  warranties of the parties to this Agreement shall survive until twelve (12) months from the Closing  Date and shall thereupon expire, and all covenants and agreements made by the parties to this  Agreement shall survive until fully performed in accordance with the terms of this Agreement;  provided that the representations and warranties set forth in (a) Section 3.1 (Organization,  Authorization and Binding Obligation), Section 3.4 (Capitalization), Section 3.5 (Title to  Membership Interest), Section 3.9 (Tax Matters) and Section 3.10 (No Brokers) (collectively, the  “Seller Fundamental Representations”), and (b) Section 4.1 (Organization, Authorization and  Binding Obligation) and Section 4.6 (No Brokers) (collectively, the “Buyer Fundamental  Representations”), shall in each case survive until the earlier of (x) the expiration of the applicable  statute of limitations thereto and (y) three (3) years from the Closing Date.  Except for any  representation or warranty that is the subject of any claim with respect to which a Claim Notice  meeting the requirements of Section 6.4(a) is delivered by the Indemnified Party to the  Indemnifying Party prior to the expiration of the applicable survival period set forth in this Section  6.1, which such claim shall survive solely for purposes of resolution of such claim until such claim  is fully and finally resolved, any obligation under this Article VI to provide indemnification with  respect to any breach or violation of any representation or warranty shall terminate and expire on  the date that the applicable representation or warranty shall expire pursuant to the foregoing  sentence.  

 

 9 Section 6.2 Indemnification by Seller.    (a) The Seller shall indemnify, defend, and hold harmless the Buyer from and  against all losses, liabilities, damages, claims, Taxes, costs, and expenses (including reasonable  legal and other professional fees and expenses, including in connection with the enforcement of  the Buyer’s right to be indemnified for any such amount regardless of whether or not the loss, cost,  liability, damage, fine, penalty, judgment fee, award or expense related a third-party claim)  (“Losses”) suffered or incurred by the Buyer arising out of or resulting from (i) any failure by the  Seller to perform its covenants or obligations as set forth in this Agreement or in any other  certificate or instrument delivered pursuant to this Agreement, or (ii) any inaccuracy in or breach  of any representation or warranty of the Seller made to the Buyer contained in this Agreement or  in any other certificate or instrument delivered pursuant to this Agreement.  For the avoidance of  doubt, “Losses” shall not include any punitive, incidental, consequential, exemplary, special or  indirect damages, including any loss of future revenue or income, loss of business reputation or  opportunity, diminution of value or any damages based on any type of multiple, in any such case  claimed under the terms of or due to any breach of this Agreement.  (b) Seller shall not have liability for any Losses pursuant to Section 6.2(a)(ii)  (other than with respect to the Seller Fundamental Representations) unless and until the amount of  all Losses arising under Section 6.2(a)(ii) exceeds $159,000 in the aggregate (the “Basket  Amount”). Once the amount of all Losses arising under Section 6.2(a)(ii) exceed the Basket  Amount in the aggregate, the Seller shall be responsible for the full amount of Losses in excess of  the Basket Amount.  Notwithstanding the foregoing, the maximum liability of the Seller for all  Losses under Section 6.2(a)(ii), other than with respect to the Seller Fundamental Representations,  shall not exceed, in the aggregate, an amount equal to $265,000 (the “Cap”).  The maximum  aggregate liability of the Seller for all Losses pursuant to Section 6.2(a) shall not exceed, in the  aggregate, an amount equal to the Purchase Price.  Section 6.3 Indemnification by Buyer.    (a) The Buyer shall indemnify, defend and hold harmless the Seller from and  against all Losses suffered or incurred by the Seller arising out of or resulting from (i) any failure  by the Buyer to perform its covenants or obligations as set forth in this Agreement or in any other  certificate or instrument delivered pursuant to this Agreement, (ii) any inaccuracy in or breach of  any representation or warranty of the Buyer made to the Seller contained in this Agreement or in  any other certificate or instrument delivered pursuant to this Agreement, and (iii) the ownership or  operation of the Membership Interest following, or any liabilities or obligations in respect of the  Membership Interest arising after, the Closing.  (b) The maximum aggregate liability of the Buyer for all Losses pursuant to  Section 6.3(a) shall not exceed, in the aggregate, an amount equal to the Purchase Price.  Section 6.4 Third-Party Proceedings.  (a) Reasonably promptly, but in no event more than ten (10) days, following  receipt by a person entitled to be indemnified under this Article VI (an “Indemnified Party”) of  notice of the commencement of a Proceeding by a third party (including a governmental body)  

 

 10 against him, her or it (a “Third-Party Proceeding”), such Indemnified Party will, if a claim for  indemnification is to be made against a party (an “Indemnifying Party”) under this Article VI, give  written notice to the Indemnifying Party of the commencement of such Third-Party Proceeding for  which indemnification is sought.  Any such written notice shall set forth in reasonable detail the  facts giving rise to such Third-Party Proceeding (to the extent known by the Indemnified Party)  and the amount or estimated amount (to the extent reasonably estimable) of Losses arising out of  such Third-Party Proceeding, any other remedy sought thereunder and, to the extent known by the  Indemnified Party, any other material details pertaining thereto (a “Claim Notice”).  The failure to  timely notify the Indemnifying Party will not relieve the Indemnifying Party of any obligation that  the Indemnifying Party may have to an Indemnified Party hereunder, except to the extent that the  defense of such Third-Party Proceeding was actually and materially prejudiced by the Indemnified  Party’s failure to provide timely notice or such information.  Thereafter, the Indemnified Party  shall deliver to the Indemnifying Party, promptly following the Indemnified Party’s receipt  thereof, copies of all notices and documents (including court papers) received by the Indemnified  Person relating to the Third-Party Claim.  (b) The Indemnifying Party will be entitled to participate in any Third-Party  Proceeding with respect to which indemnification has been or will be sought hereunder and, to the  extent that the Indemnifying Party wishes, to assume the defense of such Third-Party Proceeding  (with counsel of its choice that is reasonably satisfactory to the Indemnified Party) by notifying  the Indemnified Party of its election to do so within thirty (30) days of receipt of notice of such  Proceeding pursuant to Section 6.4(a); provided that the Indemnifying Party shall have  acknowledged in writing to the Indemnified Party its obligation to indemnify the Indemnified Party  hereunder in respect of Losses suffered by the Indemnified Party in connection with such Third- Party Proceedings if the same is adversely determined.  Notwithstanding the foregoing, the  Indemnifying Party will not be permitted to assume the defense of a Third-Party Proceeding if:   (A) such Third-Party Proceeding arises in connection with any criminal proceeding, action,  indictment, criminal allegation or criminal investigation of the Indemnified Party or its affiliates;  or (B) the Indemnified Party is advised in writing by outside counsel chosen by it that there are  one or more legal or equitable defenses available to the Indemnified Party that the Indemnifying  Party cannot assert on behalf of the Indemnified Party (assuming the full cooperation of the  Indemnified Party in asserting such defenses).  Following an assumption of defense of a Third- Party Proceeding by an Indemnifying Party hereunder, the Indemnifying Party will have no  liability for any fees of legal counsel or other expenses subsequently incurred by the Indemnified  Party in connection with such Proceeding.  If an Indemnifying Party assumes the defense of a  Third-Party Proceeding, no compromise or settlement of the underlying claims may be effected by  it without the Indemnified Party’s consent (not to be unreasonably withheld, conditioned or  delayed).  If an Indemnifying Party assumes the defense of a Third-Party Proceeding, the  Indemnified Party will not settle such Proceeding without the prior written consent of the  Indemnifying Party; provided, however, that the Indemnified Party will have the right to settle any  such Proceeding without the prior written consent of the Indemnifying Party if the Indemnified  Party first waives any right to indemnity under this Agreement with respect to such Proceeding.   If an Indemnified Party controls the defense of a Third-Party Proceeding, the Indemnifying Party  may participate in such Proceeding with counsel of its own choice and the Indemnified Party will  not settle such Proceeding without the prior written consent of the Indemnifying Party; provided,  however, that the Indemnified Party will have the right to settle any such Proceeding without the  prior written consent of the Indemnifying Party if the Indemnified Party first waives any right to  

 

 11 indemnity under this Agreement with respect to such Proceeding.  (c) Except to the extent it would cause a waiver of a privilege, each party will  make available to each other party and each other party’s representatives all of its books and  records and, as applicable, employees relating to a Third-Party Proceeding as may be reasonably  requested by each other party, and each party will reasonably cooperate to ensure the proper and  adequate defense of such Third-Party Proceeding.  Section 6.5 Other Claims.  A claim for indemnification for any matter not involving a  Third-Party Proceeding must be asserted by a Claim Notice meeting the requirements of Section  6.4(a) to the Indemnifying Party.  Section 6.6 Determination of Losses. The amount of Losses to which a party shall be  entitled under this Article VI shall be determined (a) by written agreement between the Seller and  the Buyer, (ii) by a final unappealable order of a court of competent jurisdiction which has not  been vacated, reversed, stayed, enjoined, set aside, annulled, or suspended, and in relation to which  no appeal is pending and the prescribed time for filing an appeal has expired, or (c) by any other  means as to which the Seller and the Buyer shall agree in writing.  Section 6.7 Exclusive Remedy.  The parties hereto agree that, from and after the  Closing, the sole and exclusive remedies of the parties for any Losses based upon, arising out of  or otherwise in respect of the matters set forth in this Agreement (including any schedules or  exhibits attached hereto or the certificates delivered pursuant hereto), whether based in contract,  tort, equity or law, are the indemnification and reimbursement obligations of the parties set forth  in this Article VI.  The provisions of this Section 6.7 shall not, however, prevent or limit a cause  of action to obtain an injunction or injunctions to prevent breaches of this Agreement or to enforce  specifically the terms and provisions hereof or any remedy based upon actual (and not  constructive) fraud.  Any indemnification payment made under this Agreement shall be treated for  all tax purposes as an adjustment to the Purchase Price, except to the extent required otherwise  under applicable law.  ARTICLE VII  MISCELLANEOUS  Section 7.1 Notices.  All notices, demands and requests required or permitted to be  given under the provisions of this Agreement shall be (i) in writing, (ii) delivered by personal  delivery, or sent by commercial overnight delivery or sent by electronic mail (with confirmation  of receipt), (iii) deemed to have been given on the date of personal delivery or the date set forth in  the records of the commercial delivery service or, in the case of electronic mail, upon receipt  thereof if received during normal business hours and otherwise on the next business day and (iv)  addressed to the parties at the following addresses (or to such other address as either party shall  designate in writing from time to time):  If to the Seller:  

 

 12 Warehouse Goods LLC  6261 Katella Avenue, Suite 250  Cypress, CA 90630  Attention:  Legal  Email:  Legal@greenlane.com    with a copy to:    Pryor Cashman LLP  7 Times Square, 40th Floor  New York, NY 10036  Attention:  Jeffrey Johnson; Michael Weinsier  Email:  JJohnson@pryorcashman.com;  MWeinsier@pryorcashman.com    If to the Buyer:    Portofino Partners LLC  c/o TwinFocus  75 Park Plaza  Boston, MA 02116                                                  Attention:  Paul Karger  Email:  pk@twinfocus.com; ProjectPortofino88@gmail.com    with a copy to:    Carmel, Milazzo and Feil LLP  55 West 39th Street, 18th Floor  New York, NY 10018  Attention:  Ross David Carmel  Email:  rcarmel@cmfllp.com    Section 7.2 Successors; Assigns.  The terms and conditions of this Agreement shall  inure to the benefit of and be binding upon the respective heirs, legal representatives, successors  and assigns of the parties hereto.  No party may assign any of its rights or obligations under this  Agreement without the prior written consent of the other non-assigning parties.  Any person to  whom all or a part of an assigning party’s rights are so assigned may become a party to this  Agreement, entitled to those rights and benefits, and subject to the obligations, set forth herein.  Section 7.3 Severability.  Should any phrase, clause, sentence or section of this  Agreement be judicially declared to be invalid, unenforceable or void, such decision will not have  the effect of invalidating or voiding the remainder of this Agreement, and such part of this  Agreement will be deemed to have been stricken herefrom and the remainder will have the same  force and effect as if such part or parts had never been included herein.  Section 7.4 Governing Law: Jurisdiction and Venue. This Agreement shall be governed  by and construed and enforced in accordance with the internal laws of the State of New York,  

 

 13 without giving effect to such State’s principles governing conflicts of law.  Any state or federal  court located in New York County in the State of New York shall have exclusive jurisdiction over  any dispute or controversy arising under or in connection with this Agreement and, by execution  and delivery of this Agreement, each of the parties hereby submits to the jurisdiction of those  courts, including, but not limited to, the in personam and subject matter jurisdiction of those courts,  waives any objection to such jurisdiction on the grounds of venue or forum non conveniens, the  absence of in personam or subject matter jurisdiction and any similar grounds, and irrevocably  agrees to be bound by any judgment rendered thereby in connection with this Agreement.  Section 7.5 Counterparts.  This Agreement and any amendments hereto may be  executed in any number of counterparts, each of which shall be deemed to be an original but all of  which together shall constitute but one and the same instrument.  Section 7.6 Entire Agreement.  This Agreement constitutes the entire understanding  among the parties with respect to the subject matter hereof. Any agreement, discussions, or  negotiations among the parties prior to the date hereof with respect to the purchase of the  Membership Interest is superseded by this Agreement.  No representation, promise, inducement  or statement of intention has been made by any party in connection with the transactions  contemplated by this Agreement or other document delivered in connection therewith that is not  embodied in this Agreement or such other document, as applicable, and no party will be bound by  or liable for any alleged representation, promise, inducement or statement of intention not so  embodied.  Except as expressly provided herein, nothing in this Agreement, express or implied, is  intended to confer upon any party, other than the parties hereto, any rights, remedies, obligations  or liabilities under or by reason of this Agreement.  Section 7.7 Amendment or Waiver of Agreement.  The provisions of this Agreement  may not be amended or waived except by a written instrument signed by the Buyer and the Seller.  Section 7.8 Expenses.  Except as otherwise expressly provided for herein, each party  hereto will pay its own costs and expenses involved in carrying out the transactions contemplated  by this Agreement.  [remainder of page intentionally left blank; signature page follows]  

 

[SIGNATURE PAGE TO MEMBERSHIP INTEREST PURCHASE AGREEMENT]    IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of  the date first above written.  SELLER:    WAREHOUSE GOODS LLC  By: Greenlane Holdings, LLC  Its:  Manager  By: Greenlane Holdings, Inc.  Its:  Manager      By:               Name:  Nick Kovacevich         Title:    Chief Executive Officer        BUYER:    PORTOFINO PARTNERS LLC      By:               Name:  Paul Karger         Title:    Chief Executive Officer          DocuSign Envelope ID: 18BF119C-13AE-48C4-A41E-F46242CD7665 

 

[SIGNATURE PAGE TO MEMBERSHIP INTEREST PURCHASE AGREEMENT]    IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of  the date first above written.  SELLER:    WAREHOUSE GOODS LLC  By: Greenlane Holdings, LLC  Its:  Manager  By: Greenlane Holdings, Inc.  Its:  Manager      By:               Name:  Nick Kovacevich         Title:    Chief Executive Officer        BUYER:    PORTOFINO PARTNERS LLC      By:               Name:  Paul Karger         Title:    Chief Executive Officer          DocuSign Envelope ID: FE6E8C2D-1FA4-47B1-B3CA-B4ABD1CE01DB

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