Binding Term SheetMerger Agreement • August 3rd, 2021 • Brownie's Marine Group, Inc • Sporting & athletic goods, nec
This Term Sheet (this “Term Sheet”) represents the binding intention of Brownie’s Marine Group, Inc. (the “Buyer”) to acquire all of the equity interests of Submersible Systems, LLC (the “Company”) from its two equity owners (the “Sellers”). Upon execution and delivery of this Term Sheet, the parties agree to mutually negotiate, execute and deliver a merger agreement (the “Merger Agreement”) containing the terms and provisions provided below, including representations, warranties and indemnities customary for a transaction of this nature, and the ancillary agreements incorporating the other terms hereof. The parties intend that the merger (“Merger”) qualify as a “reorganization” under Section 368(a) of the Internal Revenue Code of 1986, as amended.
