Exhibit 10.14

 

Execution Version

 

SECOND AMENDMENT AND WAIVER TO ASSET PURCHASE AGREEMENT

 

THIS SECOND AMENDMENT AND WAIVER TO ASSET PURCHASE AGREEMENT, dated as of June 11, 2023 (this “Amendment and Waiver”), is being entered into by and among Full Glass Wine Co., LLC, a Delaware limited liability company (“Holdco”), Full Glass - Winc, LLC, a Delaware limited liability company (“Buyer”), Project Crush Acquisition Corp LLC, a Delaware limited liability company (“PCA”) and Project Crush DTC Sub, LLC, a California limited liability company (“DTC”, and together with Parent and PCA, each a “Seller” and, collectively, “Sellers”) and AMASS Brands Inc., a Delaware corporation (“Parent”). Each of Buyer, DTC, PCA and Parent are sometimes referred to herein as a “Party” or collectively, the “Parties.” Capitalized terms used in this Amendment that are not otherwise defined herein shall have the meanings given to them in the Purchase Agreement (as defined below).

 

RECITALS

 

A.            The Parties are party to that certain Asset Purchase Agreement, dated as of June 11, 2022, as amended on June 21, 2023 (the “Purchase Agreement”), pursuant to which Buyer is purchasing and acquiring from the Sellers, and the Sellers are selling, conveying, assigning, transferring and delivering to Buyer, the Transferred Assets and Assumed Liabilities of Sellers in the manner and subject to the terms and conditions set forth therein.

 

B.            Pursuant to Section 1.1(a)(i) and Section 1.1(a)(viii) of the Purchase Agreement, the Sellers have agreed to cause BWSC to sell, transfer, convey, assign and deliver to Buyer all of BWSC’s rights, title and interest of every kind and nature in the Inventory and Assumed Contracts pursuant to the Bill of Sale and Assignment and Assumption Agreements.

 

C.            Pursuant to Section 12.7 of the Purchase Agreement, the Purchase Agreement may not be amended, and any provision of the Purchase Agreement may not be waived, except in writing executed by each Party.

 

D.            The Parties desire to amend the Purchase Agreement and Buyer desires to waive certain closing conditions set forth in Article IX of the Purchase Agreement, in each case as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, and the mutual covenants and agreements set forth herein, the Parties agree as set forth below.

 

1.           Amendments to Purchase Agreement.

 

(a)        Schedule 1.1(a)(v). Schedule 1.1(a)(v) of the Purchase Agreement is amended and restated in its entirety as set forth on Schedule 1.1(a)(v) of Attachment A hereto.

 

(b)        Schedule 1.1(a)(viii). Schedule 1.1(a)(viii) of the Purchase Agreement is amended and restated in its entirety as set forth on Schedule 1.1(a)(viii) of Attachment A hereto.

 

 

 

 

(c)        Section 6.22 Section 6.22 of the Purchase Agreement is hereby replaced with a new Section 6.22 as follows:

 

Section 6.22. BR Purchase. The Transferred Assets being transferred to Buyer by BWSC pursuant to this Agreement and the Bill of Sale were and are “Transferred Assets” as defined in and pursuant to that certain Second Amended and Restated Asset Purchase Agreement by and between PCA. Winc. Inc.. Winc Lost Poet. LLC, and BWSC. dated as of January 17. 2023. associated with the BR Purchase, or are inventory which has been produced by BWSC on behalf of the Sellers following the BR Purchase Date. All '‘Cure Costs” (as defined in that certain Second Amended and Restated Asset Purchase Agreement by and between PCA. Winc, Inc., Winc Lost Poet. LLC. and BWSC. dated as of January 17, 2023. associated with the BR Purchase) related to any Transferred Asset have been paid by Sellers to the applicable contract counterparty upon or before assignment of the Transferred Assets to Buyer.

 

(d)        Section 6.23. A new Section 6.23 of the Purchase Agreement is hereby created as follows:

 

Section 6.23. No Other Representations. Sellers acknowledge that Buyer has not made any representations or warranties regarding the subject matter of this Agreement and the Transaction, express or implied, except as contained in Article V. Sellers acknowledge and agree that in entering into this Agreement they have not relied and are not relying on any other representations, warranties or other statements of Buyer, whether written or oral, other than those contained in Article V.

 

For the avoidance of doubt, Contracts listed in red stricken text (e.g. “       ”) on Attachment A shall be deemed deleted from the applicable Schedule of the Purchase Agreement and Entities and Trademarks listed in blue text (e.g. “Contract B”) shall be deemed added to the applicable Schedule of the Purchase Agreement.

 

2.           Consent and Waiver. Subject to the remainder of this Section. Buyer consents to the waiver of the requirement to obtain BWSC's signature to the Bill of Sale and Assignment and Assumption Agreement as of the Closing, pursuant to Section 9.2 and 9.9(a) of the Purchase Agreement. The Parties agree that Sellers shall obtain and deliver such signature on a post-closing basis by July 7. 2023. Without waiving its rights to indemnification below with respect to such matters. Buyer hereby also acknowledges that its receipt of good and marketable title to the Transferred Assets to be delivered by BWSC will be adversely affected until such time when BWSC’s signatures to the Bill of Sale and Assignment and Assumption Agreement are received. Sellers agree that they will and shall indemnify the Buyer Indemnified Parties from, against and in respect of any and all Damages paid, sustained or incurred by the Buyer Indemnified Parties resulting from, attributable to. or arising out of the failure to obtain BWSC's signature to the Bill of Sale and Assignment and Assumption Agreement as of the Closing. Sellers further agree to adjust payment dates (and waive payment default penalties an remedies) under the Senior Note if and to the extent the foregoing failure delays Buyer’s ability to obtain financing for its inventory and use such proceeds to make payments under the Senior Note.

 

 2 

 

 

3.           Estimated Amounts. Pursuant to Section 2.2(c)(i) of the Purchase Agreement, Sellers provide the following Estimated Amounts to the Buyer: (A) $350,000, (B) $0, (C), $0, and (D), $0.

 

4.           Effect on Other Provisions. This Amendment and Waiver shall constitute and shall be interpreted as a written amendment and waiver to the Purchase Agreement, which shall amend the Purchase Agreement in accordance with Section 12.7 of the Purchase Agreement. In the event of a conflict between the terms of the Purchase Agreement and this Amendment and Waiver, the terms of this Amendment and Waiver shall control. Except as otherwise amended, waived or consented to by this Amendment and Waiver, all other terms and conditions of the Purchase Agreement shall remain in full force and effect.

 

5.           Counterparts. This Amendment and Waiver may be executed in several counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement. This Amendment and Waiver may be executed by .PDF or by other means of electronic signature (including DocuSign), and the exchange of a fully executed agreement (in counterparts or otherwise) by electronic means in .PDF format shall in each case create a valid and binding obligation of the Party executing the same.

 

6.           Severability. In the event that any provision of this Amendment and Waiver, or the application of such provision to any Person or set of circumstances, shall be determined to be invalid, unlawful, void or unenforceable to any extent, the remainder of this Amendment and Waiver, and the application of such provision to Persons or circumstances other than those as to which it is determined to be invalid, unlawful, void or unenforceable, will not be affected and will continue to be valid and enforceable to the fullest extent permitted by law.

 

7.           Amendments. This Amendment and Waiver may not be amended, modified, altered or supplemented except by means of a written instrument executed on behalf of the Parties.

 

8.           Binding on Assigns. This Amendment and Waiver shall be binding upon and shall inure to the benefit of the Parties and their respective successors and assigns.

 

9.           Miscellaneous. Sections 12.1, 12.3, 12.4, 12.11, 12.12, and 12.14 of the Purchase Agreement shall apply to this Amendment and Waiver mutatis mutandis.

 

[SIGNATURE PAGE FOLLOWS]

 

 3 

 

 

IN WITNESS WHEREOF, the Parties have caused this Amendment and Waiver to be executed as of the day and year first above written.

 

  PROJECT CRUSH ACQUISITION CORP LLC
     
  By: AMASS Brands Inc., its sole member
     
  By: /s/ Mark T. Lynn  
  Name: Mark T. Lynn
  Title: Chief Executive Officer
     
  PROJECT CRUSH DTC SUB LLC
     
  By: AMASS Brands Inc., its sole member
     
  By:. /s/ Mark T. Lynn
  Name: Mark T. Lynn
  Title: Chief Executive Officer
     
  AMASS BRANDS INC.
   
  By:. /s/ Mark T. Lynn
  Name: Mark T. Lynn
  Title: Chief Executive Officer

 

Signature Page to Second Amendment and Waiver to Asset Purchase Agreement

 

 

 

 

IN WITNESS WHEREOF, the Parties have caused this Amendment and Waiver to be executed as of the day and year first above written.

 

  FULL GLASS - WINC, LLC
     
  By: /s/ Louis Amoroso 
  Name: Louis Amoroso
  Title: Chairman
     
  FULL GLASS WINE CO., LLC
     
  By: /s/ Louis Amoroso 
  Name: Louis Amoroso
  Title: Chairman

 

Signature Page to Second Amendment and Waiver to Asset Purchase Agreement

 

 

 

 

Attachment A

 

[See attached]

 

Signature Page to Second Amendment and Waiver to Asset Purchase Agreement

 

 

 

 

Schedule 1.1(a)(v)

 

Transferred Trademarks

 

Country   Debtor   Trademark   Status  

App. No./Reg.

No.

  Class / Goods
United States of America   Winc, Inc.   #TBT   Registered   4785880   33 Wine
United States of America   Winc, Inc.   ALMA LIBRE   Registered   4828877   33 Wine
United States of America   Winc, Inc.   ATAVIST   Registered   4828858   33 Wine
United States of America   Winc, Inc.   AU-DELA   Registered   4985275   33 Wine
United States of America   Winc, Inc.   BIG BEAT   Registered   4796870   33 Wine
United States of America   Winc, Inc.   BOKETTO   Pending   88722219   33 Sake
United States of America   Winc, Inc.   Brethren of the Road   Registered   4689816   33 Wine
United States of America   Winc, Inc.   CASA DE LILA   Pending*   90897917   33 Wine
United States of America   Winc, Inc.   CHOMMIE   Registered   4988821   33 Wine
United States of America   Winc, Inc.   DÉCLASSÉ   Registered   5073314   33 Wine
United States of America   Winc, Inc.   DIVINER   Registered   5347935   33 Wine
United States of America   Winc, Inc.   ENDGAME   Registered   4864507   33 Wine
United States of America   Winc, Inc.   FINKE'S WIDOW   Registered   5197280   33 Wine
United States of America   Winc, Inc.   FOG LAND   Registered   4814764   33 Wine
United States of America   Winc, Inc.   FORMA DE VIDA   Pending*   97461706   33 Wine
United States of America   Winc, Inc.   FUNK ZONE   Registered   4733318   33 Wine

 

 

 

 

Country   Debtor   Trademark   Status  

App. No./Reg.

No.

  Class / Goods
United States of America   Winc, Inc.   GOLDEN CHILD   Registered   6640189   33 Wine
United States of America   Winc, Inc.   HONEY BEAST   Registered   5142393   33 Wine
United States of America   Winc, Inc.   HOUSE OF LUCK   Registered   6599173   33 Sake
United States of America   Winc, Inc.   IDEE FIXE   Registered   4842289   33 Wine
United States of America   Winc, Inc.   IF A TREE FALLS   Registered   5004566   33 Wine
United States of America   Winc, Inc.   KIN + COUNTRY   Registered   4765964   33 Wine
United States of America   Winc, Inc.   LA MULETA   Registered   4864499   33 Wine
United States of America   Winc, Inc.   L'ATELIER DU SUD   Registered   4753309   33 Wine
United States of America   Winc, Inc.   LAUGHING OWL   Registered   4864511   33 Wine
United States of America   Winc, Inc.   LE FERMIER   Pending   97329797   33 Wine
United States of America   Winc, Inc.   LIGHT & SPACE   Registered   6009175   33 Wine
United States of America   Winc, Inc.   LIKELIHOOD OF
CONFUSION
  Registered   4988823   33 Wine
United States of America   Winc, Inc.   LOVES ME NOT   Registered   5293657   33 Wine
United States of America   Winc, Inc.   MATCHLOCK   Registered   5417171   33 Wine
United States of America   Winc, Inc.   OBJET D'ART   Registered   5166174   33 Wine
United States of America   Winc, Inc.   ONE FROM THE QUIVER   Pending*   90870209   33 Wine
United States of America   Winc, Inc.   PRETTY YOUNG THING   Registered   4762003   33 Wine
United States of America   Winc, Inc.   PRISMUS   Registered   4761999   33 Wine

 

 

 

 

Country   Debtor   Trademark   Status  

App. No./Reg.

No.

  Class / Goods
United States of America   Winc, Inc.   QTY   Registered   5197235   33 Wine
United States of America   Winc, Inc.   RESTLESS
EARTH
  Registered   5197040   33 Wine
United States of America   Winc, Inc.   ROME OF THE NORTH   Registered   6840849   33 Wine
United States of America   Winc, Inc.   RUZA   Registered   4814797   33 Wine
United States of America   Winc, Inc.   SALIENT   Registered   4746631   33 Wine
United States of America   Winc, Inc.   SO THIS
HAPPENED...
  Registered   4733319   33 Wine
United States of America   Winc, Inc.   SUPERCLUSTER   Registered   4762004   33 Wine
United States of America   Winc, Inc.   THE BLUFFER   Registered   4924159   33 Wine
United States of America   Winc, Inc.   THE
INDEPENDENT
  Registered   4825091   33 Wine
United States of America   Winc, Inc.   VILLE BASSE   Registered   4711882   33 Wine
United States of America   Winc, Inc.   WINC   Registered   5143508   45 Preparation of customized gift sets
United States of America   Winc, Inc.   WINC   Registered   5086799   35 Online store and retail store services featuring wine; administering a wine club by means of providing select wines for members to purchase and arranging periodic shipments of wines to club members
United States of America   Winc, Inc.   ZWICKER   Registered   4878574   33 Wine
United States of America   Winc, Inc.   CLUB W   Registered   4176945   35 On-line retail store services featuring wine
39 Wine club services featuring periodic shipments of wine to members
43 Providing a web site where users can post ratings, reviews and recommendations on wines for wine appreciation purposes

 

 

 

 

Country  Debtor  Trademark  Status 

App. No./Reg.

No.

  Class / Goods
United States of America  Winc, Inc.    Pending*  97029528  32 Non-alcoholic beverages containing fruit juices
United
States of America
  Winc, Inc.    Registered  6754306 

33 Wine, sake


35 Online retail store services featuring wine; retail store services featuring wine; administering a wine club by means of providing select wines for members to purchase and arranging periodic shipments of wines to club members

 

* Marks labeled with an asterisk are not currently in use and may be revived by filing a petition to revive and required extension of time.

Any trademark rights associated with the following brands:

 

·Cape Route

 

·Diviner

 

·Easy Peasy Lemon Squeezy

 

·Emu in the Sky

 

·Far + Wide

 

·Finke's

 

·Invoke

 

·Lucky Look

 

·Mercana

 

·Outer Sounds

 

·Point De Passage

 

·Rogue Admirals

 

·Sister Snake

 

·Vinyasa

 

·Yé-Yé

 

 

 

 

Schedule l.l(a)(viii)

 

Assumed Contracts

 

        Entity Currently
Counterparty Name   Description of Contract   Held By
Ascend by Partnerize/ Pepperjam   20230228_winc.com_Ascend Affiliate  

Project Crush

DTC Sub LLC

ATTENTIVE MOBILE INC   Copy of Attentive - MSA and Order Form (2021-06-01) [Executed]   AMASS Brands Inc
ATTENTIVE MOBILE INC   Copy of Attentive - Order Form (2021-10-01) [Executed]   AMASS Brands Inc
ATTENTIVE MOBILE INC  

Copy of

Attentive Winc 2 year LTD V3 12.22.21

  AMASS Brands Inc
AWESOME OS INC   WINC - Seventh Amendment_SIGNED10012021 (1).doc   AMASS Brands Inc
BrandBass   May invoice -675013A5-0003.pdf   Project Crush DTC Sub LLC
CLOUDFLARE INC   CI_183621_5222023143944.pdf   AMASS Brands Inc
DOMO INC   W Club Domo renewal - 3yr with 15B rows.pdf   AMASS Brands Inc
FIVETRAN INC   Order_Form_(Amass_and_Fivetran) (1 ).pdf   AMASS Brands Inc
IDOLOGY INC   ENTERPRISE APPLICATION & MASTER SERVICE AGREEMENT DTD 6/2/2020   AMASS Brands Inc
Oracle Responsys   Oracle Responsys - Renewal (2022-2024) (2).pdf   AMASS Brands Inc
Steven Bero   Steven AMASS Winc_Consulting- sabero13 gmail.com  

Project Crush

DTC Sub LLC

TABLEAU SOFTWARE LLC  

3/2023 - 3/2024 Contract: Q-

06764896 from salesforcecom.pdf

  AMASS Brands Inc
Tech Bay Leaf   TBL_Contract - AMASS.pdf  

Project Crush

DTC Sub LLC

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.   AMERICAN EXPRESS CARD ACCEPTANCE AGREEMENT DTD 10/2022   BWSC
UPCURVE CLOUD   PRP-245436 (1).pdf   AMASS Brands Inc
ZENDESK INC  

Bill INV09556760 INV09556760 686121 02152023

(2)

  AMASS Brands Inc
Azure (SoftwareOne)   Invoice Detail - US-PSI-1341540 2023-05-30.pdf   AMASS Brands Inc
VisualStudios (SoftwareOne)   US-QUO-1097488.pdf   AMASS Brands Inc
Twilio   2023-5-Twilio-receipt.pdf   AMASS Brands Inc
Snowflake   Usage - 2001_61 ebcbdf-9405-485e-a7a2- 8eab57af6a8f 149208.pdf   AMASS Brands Inc
Medillia   Invoice-INV-042151   AMASS Brands Inc
Figma   Invoice-DBD72BF6-0027.pdf   N/A
Lingo   Invoice_Lingo_May   AMASS Brands Inc
Rebrandly   Invoice_Rebrandly_May   N/A
Jasper   Jasper_Yearly.png   N/A
Zendesk Talk   Zendesk - Invoice (2018-02-28)   N/A
GitHub   github-ClubW-receipt-2023-05-30   N/A
RayGun   5024298663.pdf   N/A
PaperTrail   5q5gxc7x (1).pdf   N/A
1 Password   1 Password for Winc.pdf   AMASS Brands Inc
AWS   Invoice_1216488929.pdf   AMASS Brands Inc

 

 

 

 

Counterparty Name   Description of Contract  

Entity Currently

Held By

DigitalOcean   DigitalOcean Invoice 2023 Apr (2795876-457106562) (l).pdf   N/A
Atlassian (Jira/Confluence)   Atlassian_Invoice_IN-000-217-532-1 .pdf   N/A
Email on Acid   2023_01_30_EmailonAcid.pdf   N/A

 

The Contracts for the Social Media Accounts set forth on Section 6.12(a) of the Disclosure Schedule