Waiver of Right of First Offer Agreement between Schwan’s Shared Services, LLC and The tru Shrimp Company (October 17, 2018)
Schwan’s Shared Services, LLC agrees to temporarily waive its Right of First Offer with respect to The tru Shrimp Company. This waiver allows The tru Shrimp Company to seek and accept equity investments, or investments in securities convertible into equity, from other parties without needing to notify or obtain further consent from Schwan’s. The waiver is effective from October 17, 2018, until February 1, 2019.
Exhibit 10.16
October 17, 2018
Schwan’s Shared Services, LLC
Attention: Dimitrios Smyrnios
President and Chief Executive Officer
8500 Normandale Lake Boulevard
Suite 2400
Bloomington, MN 55437
Re: Waiver of Right of First Offer
Ladies and Gentlemen:
This letter will confirm that the terms of the Right of First Offer dated August 8, 2017 (the “ROFO”) are hereby waived for a period from the date of this letter till 1 February 2019 and that The tru Shrimp Company is permitted to solicit offers to invest equity (or securities convertible into equity) and accept such offers during such waiver period without further action or notice to Schwan’s.
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| Very truly yours, |
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| SCHWAN’S SHARED SERVICES, LLC | |||
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| By: | /s/ Brian Sattler |
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| Name: | Brian Sattler |
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| Title: | Secretary |
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