MLP amends two property sale agreements; Kapalua Central price stays $40M, Omaopio price reduced to $9.6M

MAUI LAND & PINEAPPLE CO INC

Amendment No. 3 for Kapalua Central: purchase price remains $40M; closing conditioned on obtaining 5-year extension of construction completion deadline by April 10, 2023.
Initial deposit $300K restructured to allow $290K spent on extension costs; $1.5M additional deposit replaced with $2M fund for extension-related costs.
For Omaopio property: purchase price reduced from $9.7M to $9.6M; closing anticipated on or around May 20, 2022.
Hoa Pono waived diligence; $2M deposit became non-refundable; if fails to close, deposit awarded to MLP.
Automatic cancellation of Kapalua Central if extension not granted; Fakhrey may terminate if extension imposes new conditions.

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