[color=red][/color]Item 1.02 - Termination of a Material Definitive Agreement.
On Monday, May 17, 2021, Enterprise Diversified, Inc. (the “Company”) entered into a confidential settlement agreement and mutual general release with Woodmont Lexington, LLC (“Woodmont”) and Mt Melrose, LLC (“Mt Melrose”), pursuant to which such parties have amicably settled their disputes and the previously reported related litigation between them following a mediation.
Pursuant to such settlement, all rights and obligations of the Company to Woodmont and/or Mt Melrose, and of Woodmont and/or Mt Melrose to the Company, set forth in the membership interest purchase agreement between the Company and Woodmont and the Amended and Restated Limited Liability Company Agreement of Mt Melrose, LLC by and among the Company and Woodmont dated June 27, 2019, and all amendments of those agreements, are terminated and of no further force or effect, effective as of May 17, 2021. As consideration for the termination of the Company’s membership interests,the Company shall receive $850,000 in cash proceeds.
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