[DEFM14C] Lazydays Holdings, Inc. Merger Information Statement
Lazydays Holdings, Inc. (GORV) approved an Asset Sale and a Plan of Dissolution by written consent of majority stockholders. The company signed an Asset Purchase Agreement with affiliates of Campers Inn under which buyers will acquire substantially all assets via site-by-site closings. Consideration includes
The transaction requires HSR waiting-period completion and will become effective no earlier than 20 days after mailing of this information statement. Lazydays states proceeds will be applied by contractual priority, primarily to secured lenders, and expects it will not have sufficient cash to repay all unsecured creditors in full. Following the sale, the company expects to wind up and liquidate. The company cautions that no liquidating distributions are expected for stockholders, implying a significant or complete loss of investment.
Lazydays Holdings, Inc. (GORV) ha approvato una vendita di asset e un piano di scioglimento mediante consenso scritto della maggioranza degli azionisti. La società ha firmato un Asset Purchase Agreement con affiliate di Campers Inn, ai sensi del quale gli acquirenti acquisiranno sostanzialmente tutti gli asset tramite chiusure sito per sito. La contropartita comprende
La transazione richiede il completamento del periodo d'attesa HSR e diventerà efficace non prima di 20 giorni dalla spedizione di questa informativa. Lazydays afferma che i proventi saranno applicati con priorità contrattuale, principalmente ai creditori garantiti, e si aspetta che non avrà liquidità sufficiente per rimborsare integralmente tutti i creditori non garantiti. A seguito della vendita, la società prevede di liquidarsi e chiudere le attività. La società avverte che non ci si aspettano distribuzioni liquidanti per gli azionisti, dando adito a una perdita significativa o completa dell'investimento.
Lazydays Holdings, Inc. (GORV) aprobó una venta de activos y un plan de disolución mediante consentimiento por escrito de la mayoría de los accionistas. La empresa firmó un Asset Purchase Agreement con afiliados de Campers Inn, en virtud del cual los compradores adquirirán sustancialmente todos los activos mediante cierres sitio por sitio. La contraprestación incluye
La transacción requiere la finalización del periodo de espera HSR y entrará en vigencia no antes de 20 días después del envío de este informe informativo. Lazydays afirma que los fondos se aplicarán con prioridad contractual, principalmente a prestamistas garantizados, y espera no tener suficiente efectivo para pagar a todos los acreedores no garantizados en su totalidad. Tras la venta, la empresa espera liquidarse. La empresa advierte que no se esperan distribuciones liquidantes para los accionistas, lo que implica una pérdida significativa o total de la inversión.
Lazydays Holdings, Inc. (GORV) 다수 주주의 서면 동의로 자산 매각 및 해산 계획을 승인했습니다. 회사는 Campers Inn 계열사와 자산매입계약을 체결했으며 매수인은 현장별로 자산의 대부분을 인수합니다. 대가에는
거래는 HSR 대기 기간의 완료가 필요하며 이 정보 통지서를 발송한 후 20일 이상 지나야 발효됩니다. Lazydays는 수익이 계약상의 우선순위에 따라 주로 담보 대주주에게 적용될 것이며 미상환 채권자 전부에 상환할 현금이 충분하지 않을 것으로 예상합니다. 매각 후 회사는 폐업 및 청산을 진행할 예정입니다. 주주에 대한 청산 배당은 예상되지 않으며 투자 손실이 크게 또는 완전히 발생할 수 있음을 경고합니다.
Lazydays Holdings, Inc. (GORV) a approuvé une vente d'actifs et un plan de dissolution par consentement écrit de la majorité des actionnaires. L'entreprise a signé un Asset Purchase Agreement avec des affiliés de Campers Inn, en vertu duquel les acheteurs acquerront substantiellement tous les actifs lors de clôtures site par site. La contrepartie comprend
La transaction nécessite l'achèvement de la période d'attente HSR et n'entrera en vigueur qu'au plus tôt 20 jours après l'envoi de cette information. Lazydays déclare que les produits seront appliqués selon une priorité contractuelle, principalement aux prêteurs garantis, et s'attend à ne pas disposer de suffisamment de trésorerie pour rembourser tous les créanciers non garantis dans leur intégralité. Suite à la vente, l'entreprise prévoit de se liquider et de mettre fin à ses activités. L'entreprise avertit qu'aucune distribution liquidatrice n'est prévue pour les actionnaires, ce qui implique une perte importante ou totale de l'investissement.
Lazydays Holdings, Inc. (GORV) hat einen Asset Sale und einen Plan zur Abwicklung durch schriftliche Zustimmung der Mehrheitsaktionäre genehmigt. Das Unternehmen unterzeichnete eine Asset Purchase Agreement mit Tochtergesellschaften von Campers Inn, wonach die Käufer im Wesentlichen alle Vermögenswerte durch standortbezogene Abschlüsse erwerben werden. Die Gegenleistung umfasst
Die Transaktion erfordert den Abschluss der HSR-Wartezeit und wird frühestens 20 Tage nach dem Versand dieses Informationsschreibens wirksam. Lazydays gibt an, dass die Erlöse gemäß vertraglicher Priorität vorrangig an gesicherte Gläubiger verwendet werden und erwartet, nicht über genügend Bargeld zu verfügen, um alle ungesicherten Gläubiger vollständig zu entschädigen. Nach dem Verkauf plant das Unternehmen, zu wind down und zu liquidieren. Das Unternehmen warnt davor, dass voraussichtlich keine liquidierenden Ausschüttungen an die Aktionäre erfolgen werden, was einen erheblichen oder vollständigen Verlust der Investition bedeutet.
وافقت شركة Lazydays Holdings, Inc. (GORV) على بيع الأصول وخطة حل من خلال موافقة مكتوبة من أغلبية المساهمين. وقعت الشركة اتفاقية شراء أصول مع شركات تابعة لـ Campers Inn وبموجبها سيقوم المشترون بشراء غالبية الأصول من خلال إقفالات موقعية. تشمل المقابل
يتطلب الصفقة إكمال فترة انتظار HSR وتصبح سارية المفعول في أقرب تقدير بعد مرور 20 يومًا من إرسال بيان المعلومات هذا. وتذكر Lazydays أن العوائد ستطبق وفق أولوية تعاقدية، وبشكل أساسي للمقرضين الآمنين، وتتوقع أنها لن تكون لديها سيولة كافية لسداد جميع الدائنين غير المضمونين بالكامل. عقب البيع، تتوقع الشركة التصفية والإغلاق. وتحذر الشركة من أنه لا يجوز توقع توزيعات تصفية للمساهمين، ما يشير إلى خسارة كبيرة أو كاملة في الاستثمار.
- None.
- Plan of Dissolution with company disclosure that no liquidating distributions to stockholders are expected, implying potential complete loss of equity value.
- Proceeds projected below total liabilities; funds applied by priority to creditors with unsecured creditors not expected to be repaid in full.
Insights
Sale of substantially all assets with anticipated equity wipeout.
Lazydays approved a sale of substantially all operating assets to Campers Inn affiliates for a mix of fixed and formula-based consideration:
The company discloses proceeds will be used per lien priority and are projected to be less than total secured and unsecured liabilities as of the stated date. It expects insufficient cash to repay all unsecured creditors in full and no liquidating distributions to stockholders under the Plan of Dissolution.
Key dependencies include HSR clearance and satisfaction of closing conditions. The company indicates post-sale wind down and liquidation; actual outcomes depend on final proceeds and creditor claims.
Lazydays Holdings, Inc. (GORV) ha approvato una vendita di asset e un piano di scioglimento mediante consenso scritto della maggioranza degli azionisti. La società ha firmato un Asset Purchase Agreement con affiliate di Campers Inn, ai sensi del quale gli acquirenti acquisiranno sostanzialmente tutti gli asset tramite chiusure sito per sito. La contropartita comprende
La transazione richiede il completamento del periodo d'attesa HSR e diventerà efficace non prima di 20 giorni dalla spedizione di questa informativa. Lazydays afferma che i proventi saranno applicati con priorità contrattuale, principalmente ai creditori garantiti, e si aspetta che non avrà liquidità sufficiente per rimborsare integralmente tutti i creditori non garantiti. A seguito della vendita, la società prevede di liquidarsi e chiudere le attività. La società avverte che non ci si aspettano distribuzioni liquidanti per gli azionisti, dando adito a una perdita significativa o completa dell'investimento.
Lazydays Holdings, Inc. (GORV) aprobó una venta de activos y un plan de disolución mediante consentimiento por escrito de la mayoría de los accionistas. La empresa firmó un Asset Purchase Agreement con afiliados de Campers Inn, en virtud del cual los compradores adquirirán sustancialmente todos los activos mediante cierres sitio por sitio. La contraprestación incluye
La transacción requiere la finalización del periodo de espera HSR y entrará en vigencia no antes de 20 días después del envío de este informe informativo. Lazydays afirma que los fondos se aplicarán con prioridad contractual, principalmente a prestamistas garantizados, y espera no tener suficiente efectivo para pagar a todos los acreedores no garantizados en su totalidad. Tras la venta, la empresa espera liquidarse. La empresa advierte que no se esperan distribuciones liquidantes para los accionistas, lo que implica una pérdida significativa o total de la inversión.
Lazydays Holdings, Inc. (GORV) 다수 주주의 서면 동의로 자산 매각 및 해산 계획을 승인했습니다. 회사는 Campers Inn 계열사와 자산매입계약을 체결했으며 매수인은 현장별로 자산의 대부분을 인수합니다. 대가에는
거래는 HSR 대기 기간의 완료가 필요하며 이 정보 통지서를 발송한 후 20일 이상 지나야 발효됩니다. Lazydays는 수익이 계약상의 우선순위에 따라 주로 담보 대주주에게 적용될 것이며 미상환 채권자 전부에 상환할 현금이 충분하지 않을 것으로 예상합니다. 매각 후 회사는 폐업 및 청산을 진행할 예정입니다. 주주에 대한 청산 배당은 예상되지 않으며 투자 손실이 크게 또는 완전히 발생할 수 있음을 경고합니다.
Lazydays Holdings, Inc. (GORV) a approuvé une vente d'actifs et un plan de dissolution par consentement écrit de la majorité des actionnaires. L'entreprise a signé un Asset Purchase Agreement avec des affiliés de Campers Inn, en vertu duquel les acheteurs acquerront substantiellement tous les actifs lors de clôtures site par site. La contrepartie comprend
La transaction nécessite l'achèvement de la période d'attente HSR et n'entrera en vigueur qu'au plus tôt 20 jours après l'envoi de cette information. Lazydays déclare que les produits seront appliqués selon une priorité contractuelle, principalement aux prêteurs garantis, et s'attend à ne pas disposer de suffisamment de trésorerie pour rembourser tous les créanciers non garantis dans leur intégralité. Suite à la vente, l'entreprise prévoit de se liquider et de mettre fin à ses activités. L'entreprise avertit qu'aucune distribution liquidatrice n'est prévue pour les actionnaires, ce qui implique une perte importante ou totale de l'investissement.
Lazydays Holdings, Inc. (GORV) hat einen Asset Sale und einen Plan zur Abwicklung durch schriftliche Zustimmung der Mehrheitsaktionäre genehmigt. Das Unternehmen unterzeichnete eine Asset Purchase Agreement mit Tochtergesellschaften von Campers Inn, wonach die Käufer im Wesentlichen alle Vermögenswerte durch standortbezogene Abschlüsse erwerben werden. Die Gegenleistung umfasst
Die Transaktion erfordert den Abschluss der HSR-Wartezeit und wird frühestens 20 Tage nach dem Versand dieses Informationsschreibens wirksam. Lazydays gibt an, dass die Erlöse gemäß vertraglicher Priorität vorrangig an gesicherte Gläubiger verwendet werden und erwartet, nicht über genügend Bargeld zu verfügen, um alle ungesicherten Gläubiger vollständig zu entschädigen. Nach dem Verkauf plant das Unternehmen, zu wind down und zu liquidieren. Das Unternehmen warnt davor, dass voraussichtlich keine liquidierenden Ausschüttungen an die Aktionäre erfolgen werden, was einen erheblichen oder vollständigen Verlust der Investition bedeutet.
وافقت شركة Lazydays Holdings, Inc. (GORV) على بيع الأصول وخطة حل من خلال موافقة مكتوبة من أغلبية المساهمين. وقعت الشركة اتفاقية شراء أصول مع شركات تابعة لـ Campers Inn وبموجبها سيقوم المشترون بشراء غالبية الأصول من خلال إقفالات موقعية. تشمل المقابل
يتطلب الصفقة إكمال فترة انتظار HSR وتصبح سارية المفعول في أقرب تقدير بعد مرور 20 يومًا من إرسال بيان المعلومات هذا. وتذكر Lazydays أن العوائد ستطبق وفق أولوية تعاقدية، وبشكل أساسي للمقرضين الآمنين، وتتوقع أنها لن تكون لديها سيولة كافية لسداد جميع الدائنين غير المضمونين بالكامل. عقب البيع، تتوقع الشركة التصفية والإغلاق. وتحذر الشركة من أنه لا يجوز توقع توزيعات تصفية للمساهمين، ما يشير إلى خسارة كبيرة أو كاملة في الاستثمار.
Lazydays Holdings, Inc. (GORV) 已通过大多数股东的书面同意,批准了资产出售和解散计划。 公司与 Campers Inn 的关联公司签订了资产购买协议,买方将通过逐个地点的交割方式实质上收购所有资产。对价包括
该交易需要完成反垄断法(HSR)等待期,且自本信息披露所寄送之日起不少于20日后方可生效。Lazydays 表示收益将按合同优先权进行分配,主要给受保担保方,并预计其现金不足以全部清偿所有无担保债权人。出售后,公司预计将进行清算并终止运营。公司警告称,股东不应期望获得清算分配,表明投资将面临重大或全部损失。
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☐ | Preliminary Information Statement |
☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2)) |
☒ | Definitive Information Statement |
☐ | No fee required |
☒ | Fee paid previously with preliminary materials |
☐ | Fee computed on table in exhibit required by Item 25(b) of Schedule 14A (17 CFR 240.14a-101) per Item 1 of this Schedule and Exchange Act Rules 14c-5(g) and 0-11 |
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1. | The Asset Sale (as defined below) and the Asset Purchase Agreement, dated as of October 6, 2025 (the “Asset Purchase Agreement”), by and among (i) Lazydays, (ii) certain direct and indirect subsidiaries of Lazydays (the “Seller Subsidiaries” and, collectively with Lazydays, the “Sellers”), (iii) CIRV Group, LLC, a Florida limited liability company, and CIRV Group Real Estate Holdings, LLC, a Florida limited liability company (collectively, the “Purchasers”), and (iv) Jeffrey M. Hirsch, an affiliate of the Purchasers (the “Guarantor”), pursuant to which the Sellers will sell substantially all of their assets to the Purchasers (the “Asset Sale”). A copy of the Asset Purchase Agreement is attached to this Information Statement as Annex A. |
2. | An Amended Plan of Liquidation and Dissolution (the “Plan of Dissolution”) pursuant to which Lazydays may choose to liquidate its assets and dissolve after the final closing of the Asset Sale. A copy of the Plan of Dissolution is attached to this Information Statement as Annex B. |
October 27, 2025 | By Order of the Board of Directors | |||||
/s/ Robert DeVincenzi | ||||||
Chairman of the Board of Directors | ||||||
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Page | |||
SUMMARY TERM SHEET | 1 | ||
QUESTIONS AND ANSWERS ABOUT THE ASSET SALE AND DISSOLUTION | 5 | ||
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | 8 | ||
ACTION NO. 1: THE ASSET SALE AND THE ASSET PURCHASE AGREEMENT | 9 | ||
THE PARTIES TO THE ASSET PURCHASE AGREEMENT | 9 | ||
THE ASSET SALE | 11 | ||
THE ASSET PURCHASE AGREEMENT | 28 | ||
ACTION NO. 2: THE PLAN OF DISSOLUTION | 35 | ||
APPRAISAL RIGHTS | 39 | ||
VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF | 39 | ||
DELIVERY OF DOCUMENTS TO SECURITY HOLDERS SHARING AN ADDRESS | 41 | ||
INTERNET AVAILABILITY OF INFORMATION STATEMENT | 41 | ||
WHERE YOU CAN FIND MORE INFORMATION | 41 | ||
OTHER MATTERS | 41 | ||
ANNEX A: ASSET PURCHASE AGREEMENT | A-1 | ||
ANNEX B: PLAN OF DISSOLUTION | B-1 | ||
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• | All waiting periods applicable to the consummation of the transactions contemplated by the Asset Purchase Agreement under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), or any other applicable antitrust laws (to the extent applicable to the Closing at issue) (if any) shall have expired or been terminated. |
• | To the extent approval by the stockholders of the Company is required by law prior to consummating the Asset Sale, written consents from the requisite stockholders of the Company or other manner of obtaining requisite approval from the stockholders of the Company to the consummation of the transactions contemplated by the Asset Purchase Agreement shall have been obtained and become effective in compliance with applicable law, and any waiting period relating thereto, including under Rule 14c-2 under the Exchange Act of 1934, as amended, with respect to the filing of this Information Statement, shall have expired. On October 14, 2025, the Majority Holders, collectively holding a majority of the issued and outstanding shares of Common Stock, approved the transactions contemplated by the Asset Purchase Agreement by execution of the Written Consent. |
• | Certain third-party consents (to the extent applicable to the Closing at issue) shall have been obtained. |
• | The Purchasers shall receive good and marketable title to the applicable purchased assets at the applicable Closing (or, in the case of recent trade-in RV Inventory, powers of attorney and payoffs to allow the Purchasers to clear title in the ordinary course after the Closing), free and clear of all Encumbrances other than Permitted Encumbrances (in each case as defined in the Asset Purchase Agreement). |
• | The Purchasers shall have completed the applicable payments required under the Asset Purchase Agreement with respect to the Closing. |
• | by the Purchasers or a Seller if a final, non-appealable order or law permanently enjoining or otherwise prohibiting the transactions contemplated by the Asset Purchase Agreement has been issued by a governmental authority of competent jurisdiction, but only as to the particular transaction or transactions contemplated by the Asset Purchase Agreement with respect to a site or sites subject to such order or law; |
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• | by Lazydays upon exercise of the Fiduciary Out (as defined in the Asset Purchase Agreement) in accordance with the Asset Purchase Agreement, including payment of a $10 million termination fee; and |
• | by the Purchasers or a Seller if the final Closing has not occurred on or before 11:59 P.M. (Eastern Time) on December 1, 2025; provided, that the right to terminate the Asset Purchase Agreement under this provision will not be available (i) to the Purchasers if the failure of the Purchasers or the Guarantor to fulfill, or breach by the Purchasers or the Guarantor of, any agreement or covenant under the Asset Purchase Agreement has been the cause of, or resulted in, the failure of the final Closing to occur on or before such date and time, and (ii) to the Sellers if the failure of any Seller to fulfill, or breach by any Seller of, any agreement or covenant under the Asset Purchase Agreement has been the cause of, or resulted in, the failure of the final Closing to occur on or before such date and time. |
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Q: | Why am I receiving this Information Statement? |
A: | On October 6, 2025, following approval of such action by the Board, the Sellers entered into the Asset Purchase Agreement. On October 14, 2025, the Board approved the Plan of Dissolution. On October 14, 2025, the Majority Holders (who collectively held approximately 68.25% of the outstanding shares of Common Stock as of the Record Dates) executed and delivered the Written Consent authorizing, approving and adopting in all respects the Asset Purchase Agreement and the Asset Sale and the Plan of Dissolution. Applicable provisions of Delaware law and certain securities regulations require us to provide you with the information in this Information Statement, even though your vote or consent is neither required nor requested to adopt the Asset Purchase Agreement or the Plan of Dissolution or to complete the Asset Sale. |
Q: | What is the Asset Sale? |
A: | Pursuant to the Asset Purchase Agreement, the Purchasers will acquire substantially all of the Sellers’ assets and assume certain of the Sellers’ liabilities. In addition, the Liquidation and dissolution of the Company pursuant to the Plan of Dissolution are conditioned on the consummation of the Closings. |
Q: | Who is buying substantially all of the Sellers’ assets and what is the aggregate purchase price for the assets? |
A: | The Purchasers are CIRV Group, LLC, a Florida limited liability company, and CIRV Group Real Estate Holdings, LLC, a Florida limited liability company, each of which is an affiliate of Campers Inn. Pursuant to the Asset Purchase Agreement, the Purchasers will pay to the Sellers an aggregate purchase price consisting of: (i) $30 million for the Sellers’ assets other than RV inventory and owned real property; (ii) a price for the Sellers’ RV inventory to be calculated by the parties at each closing based on pricing formulas and methodologies as stated in Exhibit A to the Asset Purchase Agreement; and (iii) $34.9 million for the Sellers’ owned real property. The Purchasers will also assume certain outstanding obligations of the Sellers and are expected to continue operations at certain of the Sellers’ RV dealerships, as further described in Exhibit A to the Asset Purchase Agreement. As of the date of this Information Statement, the estimated aggregate purchase price is $246.5 million. Such estimated price is uncertain and the final purchase price is expected to differ from this estimation because the final purchase price will be calculated based on the status of RV inventories at the time of each Closing in the Asset Sale. |
Q: | When do you expect the Asset Sale to be completed? |
A: | We are working to complete the Asset Sale as quickly as possible. The Asset Sale will occur in a series of site-by-site Closings, each to be completed promptly after all of the conditions to such Closing have been satisfied or waived and subject to the other terms and conditions set forth in the Asset Purchase Agreement. Completion of the Asset Sale is currently expected to occur in November 2025, although Lazydays cannot assure completion by any particular date, if at all. |
Q: | What happens if the Asset Sale is not completed? |
A: | If the Asset Sale is not completed for any reason, the Sellers will not sell or receive any payment for assets related to the remaining Closings, and the Purchasers will not assume any of the related liabilities. |
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Q: | Why am I not being asked to vote on the Asset Purchase Agreement and Asset Sale and the Plan of Dissolution? |
A: | Through execution and delivery of the Written Consent, the Majority Holders have provided the stockholder approval required by applicable law. No further stockholder action, vote, or consent is required in order for the Sellers to perform their obligations under the Asset Purchase Agreement and consummate the Asset Sale or for the Company to dissolve in accordance with the Plan of Dissolution. Therefore, your vote is not required and is not being sought. We are not asking you for a proxy, and you are requested not to send us a proxy. |
Q: | Did the Board authorize and recommend the Asset Sale and the Asset Purchase Agreement? |
A: | Yes. After fully considering the terms and conditions of the Asset Sale, the Asset Purchase Agreement and the other transactions contemplated thereby, the Board (i) determined that the Asset Sale, the Asset Purchase Agreement, and the other transactions contemplated thereby maximize reasonably attainable value for the Company’s residual claimants; (ii) approved the Asset Purchase Agreement, the Asset Sale and the other transactions contemplated thereby; and (iii) approved the execution, delivery and performance by the Sellers of the Asset Purchase Agreement and, subject to obtaining the required approval of the Majority Holders, the consummation of the Asset Sale and the other transactions contemplated thereby. |
Q: | Why was the Plan of Dissolution approved? |
A: | The Plan of Dissolution was approved by the Board and the Majority Holders because, after the final Closing of the Asset Sale, we will have no operating assets with which to conduct business. The Plan of Dissolution permits Lazydays to commence the winding up and liquidation of its remaining assets, if any, following the Asset Sale. We anticipate that we will, beginning after the final Closing, commence the process of liquidating and dissolving pursuant to the Plan of Dissolution. |
Q: | What will happen under the Plan of Dissolution? |
A: | At the appropriate time following the final Closing of the Asset Sale as determined by the Board, and subject to the limitations set forth in the Plan of Dissolution, the Company will liquidate the Company’s remaining assets, if any, following the Asset Sale and file with the Secretary of State of the State of Delaware a certificate of dissolution in accordance with the DGCL to dissolve Lazydays as a legal entity. Proceeds from the liquidation would be applied in accordance with the Plan of Dissolution based on existing contractual priorities, including payments to holders of secured and unsecured indebtedness. After any payments for secured indebtedness, the Company expects it likely will not have sufficient cash to repay all unsecured creditors of the Company in full, subject to uncertain future factors and developments. After the Liquidation is completed, if the Company does not have sufficient cash to repay all unsecured creditors of the Company in full, the Company would not provide any return to the stockholders of the Company, based on their junior priority relative to the priority of the Company’s secured and unsecured creditors. |
Q: | Am I entitled to exercise appraisal or dissenters’ rights? |
A: | No. Appraisal or dissenters’ rights are not available to our stockholders under Delaware law or under our certificate of incorporation or our bylaws in connection with the types of actions contemplated under the Asset Sale and other transactions contemplated by the Asset Purchase Agreement. |
Q: | What are the U.S. federal income tax consequences of the Asset Sale to stockholders of Lazydays? |
A: | The Asset Sale and other transactions contemplated by the Asset Purchase Agreement are a corporate action of Lazydays and the Seller Subsidiaries. Therefore, for federal income tax purposes, the Asset Sale itself will not be a taxable event to our stockholders. For more information, see the section titled “The Asset Sale – U.S. Federal Income Tax Consequences of the Asset Sale” beginning on page 25. |
Q: | Do any of the Company’s directors or executive officers have interests in the matters approved by the Written Consent that may differ from those of Lazydays stockholders generally? |
A: | No. No officer or director of the Company or their respective associates has any substantial interest, direct or indirect, by security holdings or otherwise, in the matters approved by the Written Consent that is not shared by all other Lazydays stockholders. |
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Q: | Where can I find more information about Lazydays? |
A: | We file periodic reports and other information with the SEC. This information is available on the website maintained by the SEC at www.sec.gov. For a more detailed description of the available information, please refer to the section titled “Where You Can Find More Information” in this Information Statement. |
Q: | Who can help answer my other questions? |
A: | If you have any questions about this Information Statement, please contact us by mail at Lazydays Holdings, Inc., 4042 Park Oaks Boulevard, Suite 350, Tampa, Florida 33610, by telephone at (866) 456-7004, or by e-mail at investors@lazydays.com. |
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• | the ability of the parties to consummate the Asset Sale and other transactions contemplated by the Asset Purchase Agreement; |
• | satisfaction of closing conditions precedent to the consummation of the Asset Sale and other transactions contemplated by the Asset Purchase Agreement; |
• | potential delays in consummating the Asset Sale and other transactions contemplated by the Asset Purchase Agreement; |
• | our execution costs in connection with the Asset Sale and other transactions contemplated by the Asset Purchase Agreement; |
• | the occurrence of any event, change or other circumstance that could give rise to the termination of the Asset Purchase Agreement; |
• | risks related to disruption of management’s attention from the Company’s ongoing business operations due to the Asset Sale; |
• | the effect of the announcement of the Asset Sale on the Company’s relationships with its vendors and employees, and its operating results and business generally; |
• | the risk that the Company may not have sufficient cash to sustain operations through the completion of the Asset Sale and may need additional financing and/or waivers or amendments to financial obligations and covenants with our lenders to sustain operations through the closing of the Asset Sale, all of which are uncertain and which may not be available to us; and |
• | the outcome of any legal proceedings against Lazydays. |
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• | our substantial operating losses, our limited cash resources, our inability to secure additional capital from investors and our inability to generate sufficient cash to operate as an independent going concern in the foreseeable future; |
• | our substantial secured and unsecured indebtedness and outstanding trade payables, our inability to refinance such indebtedness, the fact that all or substantially all of our assets were encumbered to secure such indebtedness, the Lenders’ expressed desire to cease providing us with a floor plan credit facility, the Lenders’ continuing reduction in the aggregate amount of their floor plan commitments under the Credit Agreement, and our inability to obtain an alternative floor plan credit facility; |
• | the terms of the Credit Agreement, including required loan repayments that we would not be able to satisfy and substantial constraints and conditions imposed on us which were necessary to obtain waivers of those and other defaults thereunder, such as the provision that it would be an immediate default under the Credit Agreement if the Company did not execute an asset purchase agreement consistent in all material respects with the Final Letter of Intent on or before October 6, 2025; |
• | the fact that the Asset Sale is the result of an active, lengthy and thorough evaluation and negotiation of strategic alternatives reasonably available to the Company within the constraints imposed on the Company, and the Board’s determination that no other party provided a Potential Comprehensive Strategic Transaction on terms more favorable than those of the Asset Sale after considering all factors relevant to the directors in their business judgment; |
• | the Board’s business judgment that, through extensive discussions and negotiations, it had obtained the Purchasers’ best and final offer within the available time and that it was unlikely that any other party would be willing to acquire the Company, or substantially all of its assets, on terms as reasonably likely to maximize value to the Company’s residual claimants as the terms of the Purchasers’ offer within the available time; |
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• | the value of the consideration to be received by the Sellers pursuant to the Asset Purchase Agreement and the liabilities and obligations to be assumed by Purchasers pursuant to the Asset Purchase Agreement; |
• | the Purchasers’ obligation to consummate the Asset Sale being limited to four specific conditions (HSR Act; stockholder approval; title to assets; and specified third-party consents) and not being conditioned on anything else, including no conditions for Purchasers’ state licensing, dealer agreements or financing, no conditions relating to representation and warranty bring-downs at closing, and no material adverse effect closing condition; |
• | the fact that the Purchasers did not require any purchase price escrows or holdbacks and waived any post-Closing recourse against the Company under the Asset Purchase Agreement absent fraud; and |
• | the likelihood that the Asset Sale will be completed, including the reasonableness of the conditions to closing contained in the Asset Purchase Agreement. |
• | the incurrence of costs and expenses in connection with attempting to complete the Asset Sale, including investment banking, legal, financial advisory, accounting and other costs; |
• | the fact that the assets being sold to the Purchasers include substantially all of our non-cash assets; |
• | the terms of the Asset Purchase Agreement that do not allow us to consider an alternative strategic transaction or to terminate the Asset Purchase Agreement and accept a superior proposal without paying a $10 million breakup fee; and |
• | the consideration from the Asset Sale is not expected to be sufficient to satisfy the Company’s substantial secured and unsecured claims and, if that proves to be the case, there would be no recovery for our stockholders. |
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• | Tucson, Arizona |
• | Johnstown, Colorado |
• | Seffner, Florida |
• | Wildwood, Florida |
• | Council Bluffs, Iowa |
• | Monticello, Minnesota |
• | Ramsey, Minnesota |
• | Wilmington, Ohio |
• | Portland, Oregon |
• | Knoxville, Tennessee (3 dealerships) |
• | St. George, Utah |
• | Aurora, Colorado |
• | Las Vegas, Nevada |
• | Waller, Texas |
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• | all RV inventory, including RV inventory in transit; |
• | all inventory of parts and accessories for RVs, including parts and accessories in transit; |
• | all furniture, fixtures and equipment and all other non-inventory items of tangible personal property; |
• | all leases for Assumed Dealerships (the “Assumed Leases”); |
• | all owned real estate; |
• | all rights and receivables relating to works for maintenance, repair or replacements for customers that are in process and not completed as of the applicable Closing (“WIP”); |
• | all customer orders for RVs arising in the ordinary course of business, and other contracts as agreed by the parties (collectively, the “Assigned Contracts”); |
• | all customer deposits; |
• | all transferrable governmental permits (if any); |
• | all rights under warranties, net parts return privileges under an applicable manufacturer’s parts return plan, indemnities, and all similar rights against third parties to the extent arising from any of the other Acquired Assets; |
• | all intellectual property, including (i) the lazydays.com domain name, (ii) the lazydays.com website (and access thereto), (iii) access to the version of the lazydays.com website in operation prior to September 2025, (iv) internally developed business intelligence platforms, (v) internally developed software applications (provided that the Purchasers will acquire the items of intellectual property described in the foregoing clauses (i) through (v) only at the final Closing); (vi) tradenames, service marks, brand names, logos and other similar designations of source, sponsorship, association, or origin (provided that the Purchasers will acquire such names, marks, logos or designations containing “Lazydays” only at the final Closing); (vii) customer files; (viii) customer lists; (ix) vendor and supplier lists; (x) business telephone numbers; (xi) machinery and equipment maintenance files; (xii) information related to accounts, personnel and referral sources, customers and prospective customers, and billing records and (xiii) social media accounts and passwords, in each case whether evidenced in writing or electronic data; |
• | all goodwill value of the Sellers’ business or any other acquired asset; and |
• | all claims, causes of action, rights of recovery, rights of set-off, rights of recoupment, choses in action and similar rights of any Seller, in each case, (i) to the extent transferable under applicable law and (ii) to the extent arising with respect to the Acquired Assets or the Assumed Dealerships prior to the applicable Closing, but (iii) excluding any such claims, causes of action, rights of recovery, rights of set-off, rights of recoupment, choses in action or similar rights to the extent arising with respect to Excluded Assets or Excluded Liabilities (in each case as defined below). |
• | all liabilities under the Assumed Leases and Assigned Contracts; |
• | all liabilities of the applicable Seller to perform the WIP from and after the applicable Closing; |
• | all liabilities of the applicable Seller to perform the obligations or services related to any customer deposits from and after the applicable Closing; and |
• | all accrued and unpaid paid time off obligations for any employee transferring to the Purchasers’ employment. |
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• | all cash and cash equivalents; |
• | all accounts receivable for completed services or completed sales and/or deliveries; |
• | all rebates earned prior to Closing and payable to any Seller (including volume rebates earned by achieving purchase levels and any specially negotiated rebates or incentives); |
• | all assets and rights relating to any employee benefit plans ever maintained by any Seller or its affiliates covering employees of any Seller or its affiliates or to which any Seller or its affiliates has made any contribution or to which any Seller or its affiliates could be subject to any liability; |
• | all Contracts that are not Assigned Contracts (including all dealer sales and service agreements for the Sellers’ business and all agreements relating to dealer management systems (“DMS”)); |
• | all prepaid expenses, advance payments and security deposits; |
• | organizational documents, minute books, tax returns and other documents pertaining the corporate or limited liability company existence of any Seller; |
• | all rights of the Sellers under the Asset Purchase Agreement and related transaction documents; |
• | all correspondence or records of the Sellers that constitute attorney-client privileged communications, attorney work product or other information subject to certain confidentiality obligations; |
• | all insurance policies of the Sellers and all rights to applicable claims and proceeds thereunder for claims arising prior to the applicable Closing, including all tail and runoff policies related thereto; |
• | each Seller’s DMS and servers containing such DMS and all emails and email accounts of each Seller’s employees; |
• | all equity interests of all subsidiaries of Lazydays; and |
• | all rights relating to the assets specifically described on a schedule to the Asset Purchase Agreement. |
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• | organization and good standing; |
• | authorization and enforceability; |
• | conflicts and consents; |
• | title to acquired assets; |
• | litigation; |
• | consigned inventory; |
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• | real property; |
• | permits and compliance with laws; |
• | employee benefit plans; |
• | labor and employment matters; |
• | environmental matters; |
• | taxes; and |
• | brokers. |
• | organization and good standing; |
• | authorization and enforceability; |
• | conflicts and consents; |
• | legal proceedings; |
• | sufficiency of funds and floorplan financing; |
• | independent investigation; and |
• | brokers. |
• | the Purchasers and the Sellers will use commercially reasonable efforts to obtain any governmental antitrust approval required for the Asset Sale, including by making filings under the HSR Act; |
• | the Purchasers and the Sellers will use their respective best efforts to obtain consents from specified third-parties; |
• | Lazydays will use its best efforts to obtain its stockholders’ approval of the Asset Sale so long as such approval is required under applicable law; and |
• | the Purchasers will use their best efforts to obtain the proceeds of the floorplan financing commitment letters delivered at the signing of the Asset Purchase Agreement. |
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• | by the Purchasers or a Seller if a final, non-appealable governmental order or law permanently enjoining or otherwise prohibiting the Asset Sale has been issued by a governmental authority of competent jurisdiction, but only as to the particular location to which the order or law relates; or |
• | by Lazydays upon exercise of the Fiduciary Out; or |
• | by the Purchasers or a Seller if the final Closing has not occurred on or before 11:59 P.M. (Eastern Time) on December 1, 2025; provided, that this termination right will not be available (i) to the Purchasers if the failure of the Purchasers or the Guarantor to fulfill, or breach by the Purchasers or the Guarantor of, any agreement or covenant under the Asset Purchase Agreement has been the cause of, or resulted in, the failure of the final Closing to occur on or before such date and time, and (ii) to the Sellers if the failure of any Seller to fulfill, or breach by any Seller of, any agreement or covenant under the Asset Purchase Agreement has been the cause of, or resulted in, the failure of the final Closing to occur on or before such date and time. |
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• | sell, exchange or otherwise dispose of in liquidation of all of the property and assets of the Company, whether such sale, exchange or other disposition occurs in one transaction or a series of transactions; |
• | assign and transfer all of its assets to one or more assignees for the benefit of creditors of the Company; |
• | hire or retain such employees, consultants and advisors as the Company deems necessary or desirable to supervise or facilitate the Dissolution; |
• | pay the Company’s officers, directors, employees, agents and representatives compensation, or additional compensation above their regular compensation, including pursuant to severance and retention agreements, in money or other property, in recognition of the extraordinary efforts they will be required to undertake, or actually undertake, in connection with the implementation of the Plan of Dissolution; |
• | pay any brokerage, agency, professional and other fees and expenses of persons rendering services to the Company in connection with the collection, sale, exchange or other disposition of the Company’s property and assets and the implementation of the Plan of Dissolution; |
• | take any and all actions with respect to each of its direct and indirect subsidiaries, in accordance with the requirements of the laws and charter documents governing each subsidiary, to liquidate, dissolve and wind-up or otherwise dispose of each such subsidiary; |
• | opt to dissolve and wind-up the Company in accordance with the procedures set forth in Sections 280 and 281(a) of the DGCL; and |
• | do any other act that the Board deems necessary, appropriate or desirable to implement the Plan of Dissolution and the transactions contemplated thereby. |
• | pay or make reasonable provision to pay all claims and obligations, including all contingent, conditional or unmatured contractual claims known to the Company; |
• | make such provision as will be reasonably likely to be sufficient to provide compensation for any claim against the Company which is the subject of a pending action, suit or proceeding to which the Company is a party; and |
• | make such provision as will be reasonably likely to be sufficient to provide compensation for claims that have not been made known to the Company or that have not arisen but that, based on facts known to the Company, are likely to arise or to become known to the Company within 10 years after the date of dissolution. |
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Name of Beneficial Owner | Amount and Nature of Beneficial Ownership (Common Stock) | Percent of Class(1) | ||||
Directors and Named Executive Officers | ||||||
John North(2) | 2,354 | * | ||||
Kelly Porter(3) | 774 | * | ||||
Robert DeVincenzi | 3,534(4) | * | ||||
Jerry Comstock | 2,595(5) | * | ||||
James J. Fredlake | 2,511(6) | * | ||||
Susan Scarola | 628 | * | ||||
Amber Dillard | 6,909(7) | * | ||||
Jeff Huddleston | — | * | ||||
Ronald K. Fleming | — | * | ||||
Jeff Needles | — | * | ||||
Kyle Richter | — | * | ||||
Alexandre Zyngier | — | * | ||||
All directors and executive officers as a group (9 persons)(8) | 16,013 | * | ||||
Greater than 5% Securityholders(9) | ||||||
Coliseum Capital Management, LLC and associated persons | 2,889,572(10) | 77.35% | ||||
* | Less than 1%. |
(1) | For purposes of this column, the number of shares of the class outstanding reflects the sum of: (i) the 3,735,655 shares of Common Stock that were outstanding as of the Record Dates; and (ii) the number of shares of Common stock, if any, which the relevant person could acquire on exercise of options or warrants within 60 days of the Record Dates. See the footnotes for further detail. |
(2) | Mr. North resigned as the Chief Executive Officer of Lazydays and as a director of Lazydays on September 13, 2024. |
(3) | Ms. Porter resigned as the Chief Financial Officer of Lazydays on September 13, 2024 and her employment with Lazydays ceased on October 4, 2024. |
(4) | Includes 1,265 shares of Common Stock issuable upon exercise of options exercisable within 60 days of the Record Dates. |
(5) | Includes 270 shares of Common Stock issuable upon exercise of options exercisable within 60 days of the Record Dates. |
(6) | Includes (i) 152 shares of Common Stock owned by the James J. Fredlake Revocable Trust of 2017, of which Mr. Fredlake is the trustee and a beneficiary, and (ii) 271 shares of Common Stock issuable upon the exercise of options exercisable within 60 days of the Record Dates. |
(7) | Includes 243 shares of Common Stock issuable upon exercise of options exercisable within 60 days of the Record Dates. |
(8) | This group includes the following current directors and executive officers of Lazydays: (i) directors Jerry Comstock, Robert DeVincenzi, James J. Fredlake, Susan Scarola, and Alexandre Zyngier; (ii) director and Chief Executive Officer Ronald K. Fleming; (iii) Chief Operating Officer Amber Dillard; (iv) Chief Financial Officer Jeff Needles; and (v) Chief Administrative Officer Kyle Richter. |
(9) | To our knowledge, except as noted above, no person or entity is the beneficial owner of more than 5% of the voting power of the Company’s stock. |
(10) | Based on Amendment No. 22 to Schedule 13D filed on November 19, 2024 by reporting persons CCM, CCP, Coliseum Capital, LLC (“CC LLC”), Christopher Shackelton (“Shackelton”), and Adam Gray (“Gray”), and other information available to Lazydays, and after accounting for the 1-for-30 reverse split of Common Stock which took effect July 11, 2025, this amount includes: (i) 1,904,822 shares of Common Stock held by CCP and 644,945 shares of Common Stock held by Blackwell; and (ii) 271,844 shares of Common Stock issuable upon the exercise of warrants held by CCP and 67,961 shares of Common Stock issuable upon the exercise of warrants held by Blackwell, in each case, with an exercise price of $114.90 per share of Common Stock (the “CCM Warrants”). CCM and its managers, Gray and Shackelton, have shared voting and dispositive power over all of the foregoing securities. CC LLC and CCP have shared voting power and shared dispositive power over (i) 1,904,822 shares of Common Stock held by CCP, and (iii) 271,844 shares of Common Stock issuable upon the exercise of the CCM Warrants held by CCP. CCM and associated persons have their principal place of business at 105 Rowayton Avenue, Rowayton, CT 06853. |
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ARTICLE 1 PURCHASE AND SALE | 1 | ||||||||
1.1 | Acquired Assets | 1 | |||||||
1.2 | Excluded Assets | 2 | |||||||
1.3 | Assumed Liabilities | 3 | |||||||
1.4 | Excluded Liabilities | 3 | |||||||
1.5 | Purchase Price; Closing Payments. | 3 | |||||||
1.6 | Withholding Tax | 4 | |||||||
1.7 | Tax Allocation of Purchase Price | 4 | |||||||
ARTICLE 2 CLOSING | 4 | ||||||||
2.1 | Time; Procedures, Sequence and Place | 4 | |||||||
2.2 | Sellers’ Obligations at Closing | 4 | |||||||
2.3 | Purchaser’s Obligations at Closing | 5 | |||||||
ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE SELLERS | 5 | ||||||||
3.1 | Organization and Good Standing | 5 | |||||||
3.2 | Authorization; Enforceability | 5 | |||||||
3.3 | No Conflicts; Consents | 5 | |||||||
3.4 | Title to Acquired Assets | 5 | |||||||
3.5 | Litigation | 6 | |||||||
3.6 | Consigned Inventory | 6 | |||||||
3.7 | Real Property | 6 | |||||||
3.8 | Permits; Compliance with Laws | 6 | |||||||
3.9 | Employee Benefit Plans | 6 | |||||||
3.10 | Labor and Employment Matters | 6 | |||||||
3.11 | Environmental Matters | 7 | |||||||
3.12 | Taxes | 7 | |||||||
3.13 | Brokers | 7 | |||||||
3.14 | No Other Representations and Warranties | 7 | |||||||
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF PURCHASER AND THE GUARANTOR | 8 | ||||||||
4.1 | Organization and Good Standing | 8 | |||||||
4.2 | Authorization; Enforceability | 8 | |||||||
4.3 | No Conflicts; Consents. | 8 | |||||||
4.4 | Legal Proceedings | 8 | |||||||
4.5 | Sufficiency of Funds; Floorplan Financing | 8 | |||||||
4.6 | Independent Investigation | 9 | |||||||
4.7 | Brokers | 9 | |||||||
4.8 | No Other Representations and Warranties | 9 | |||||||
ARTICLE 5 COVENANTS | 9 | ||||||||
5.1 | Best Efforts to Close | 9 | |||||||
5.2 | Antitrust Laws | 9 | |||||||
5.3 | Specified Third-Party Consents | 11 | |||||||
5.4 | Stockholder Approval | 11 | |||||||
5.5 | Purchaser Floorplan Financing. | 11 | |||||||
5.6 | Operations during the Interim Period | 12 | |||||||
5.7 | Access during the Interim Period | 12 | |||||||
5.8 | Exclusivity | 13 | |||||||
5.9 | Confidentiality; Press Releases | 13 | |||||||
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5.10 | Employees and Employee Benefits. | 13 | |||||||
5.11 | Refunds | 15 | |||||||
5.12 | Non-Assignable Assets | 15 | |||||||
5.13 | Transfer Taxes | 15 | |||||||
5.14 | Bulk Sales Laws | 15 | |||||||
5.15 | Prorations for Assumed Leases | 15 | |||||||
ARTICLE 6 CONDITIONS TO CLOSING | 15 | ||||||||
6.1 | Conditions to the Obligations of the Parties | 15 | |||||||
6.2 | Condition to the Obligations of Purchaser | 16 | |||||||
6.3 | Condition to the Obligations of the Sellers | 16 | |||||||
ARTICLE 7 TERMINATION | 16 | ||||||||
7.1 | Termination of Agreement | 16 | |||||||
7.2 | Effect of Termination | 16 | |||||||
ARTICLE 8 NO SURVIVAL; NO POST-CLOSING RECOURSE | 16 | ||||||||
8.1 | No Post-Closing Survival | 16 | |||||||
8.2 | Waiver of Post-Closing Claims | 16 | |||||||
ARTICLE 9 MISCELLANEOUS PROVISIONS | 17 | ||||||||
9.1 | Notices | 17 | |||||||
9.2 | Amendment and Waiver | 17 | |||||||
9.3 | Entire Agreement | 18 | |||||||
9.4 | Severability | 18 | |||||||
9.5 | Governing Law; Jurisdiction | 18 | |||||||
9.6 | Waiver of Jury Trial | 18 | |||||||
9.7 | Expenses | 18 | |||||||
9.8 | Successors and Assigns | 18 | |||||||
9.9 | No Third Party Beneficiaries | 19 | |||||||
9.10 | Specific Performance | 19 | |||||||
9.11 | Construction | 19 | |||||||
9.12 | Attorneys’ Fees | 19 | |||||||
9.13 | Guarantee of Purchaser’s Obligations | 19 | |||||||
9.14 | TIME OF ESSENCE | 20 | |||||||
9.15 | Counterparts; Transmission | 20 | |||||||
Exhibit A | Transaction Details and Purchase Price | ||
Exhibit B | Defined Terms | ||
Exhibit C | Owned Real Estate Closing Procedures | ||
Exhibit D | Specified Closing Sequence and Procedures | ||
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If to any of the Sellers: | |||||||||||||||||||||||||||||||
Lazydays Holdings, Inc. | |||||||||||||||||||||||||||||||
4042 Park Oaks Boulevard, Suite 350 | |||||||||||||||||||||||||||||||
Tampa, Florida 33610 | |||||||||||||||||||||||||||||||
Attn: | Ronald Fleming; Amber Dillard | ||||||||||||||||||||||||||||||
Emails: | [***] | ||||||||||||||||||||||||||||||
[***] | |||||||||||||||||||||||||||||||
with a copy to (which shall not constitute notice): | |||||||||||||||||||||||||||||||
Stoel Rives LLP | |||||||||||||||||||||||||||||||
760 SW Ninth Avenue, Suite 3000 | |||||||||||||||||||||||||||||||
Portland, Oregon 97205 | |||||||||||||||||||||||||||||||
Attn: | Will Goodling | ||||||||||||||||||||||||||||||
Email: | [***] | ||||||||||||||||||||||||||||||
If to any Purchaser Party: | |||||||||||||||||||||||||||||||
CIRV Group, LLC | |||||||||||||||||||||||||||||||
6200 Lake Gray Blvd. | |||||||||||||||||||||||||||||||
Jacksonville, Florida 32244-5853 | |||||||||||||||||||||||||||||||
Attn: | Jeffrey M. Hirsch | ||||||||||||||||||||||||||||||
Email: | [***] | ||||||||||||||||||||||||||||||
with a copy to (which shall not constitute notice): | |||||||||||||||||||||||||||||||
McLane Middleton, Professional Association | |||||||||||||||||||||||||||||||
City Hall Plaza | |||||||||||||||||||||||||||||||
900 Elm Street | |||||||||||||||||||||||||||||||
P.O. Box 326 | |||||||||||||||||||||||||||||||
Manchester, New Hampshire 03105-0326 | |||||||||||||||||||||||||||||||
Attn: | Michael B. Tule | ||||||||||||||||||||||||||||||
Email: | [***] | ||||||||||||||||||||||||||||||
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PURCHASER: | ||||||
CIRV GROUP, LLC | ||||||
a Florida limited liability company | ||||||
By: | /s/ Jeffrey M. Hirsch | |||||
Name: | Jeffrey M. Hirsch | |||||
Title: | Manager | |||||
CIRV GROUP REAL ESTATE HOLDINGS, LLC | ||||||
a Florida limited liability company | ||||||
By: | /s/ Jeffrey M. Hirsch | |||||
Name: | Jeffrey M. Hirsch | |||||
Title: | Manager | |||||
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SELLERS: | |||||||||
Lazydays Holdings, Inc. | Lazydays RV of Ohio, LLC | ||||||||
a Delaware corporation | a Delaware limited liability company | ||||||||
By: | /s/ Robert DeVincenzi | By: | /s/ Robert DeVincenzi | ||||||
Name: | Robert DeVincenzi | Name: | Robert DeVincenzi | ||||||
Title: | Chairman of the Board of Directors | Title: | Authorized Signatory | ||||||
Lazy Days’ R.V. Center, Inc. | Lazydays RV of Wilmington, LLC | ||||||||
a Delaware corporation | a Delaware limited liability company | ||||||||
By: | /s/ Robert DeVincenzi | By: | /s/ Robert DeVincenzi | ||||||
Name: | Robert DeVincenzi | Name: | Robert DeVincenzi | ||||||
Title: | Authorized Signatory | Title: | Authorized Signatory | ||||||
LDRV Holdings Corp. | Lazydays RV of Oregon, LLC | ||||||||
a Delaware corporation | a Delaware limited liability company | ||||||||
By: | /s/ Robert DeVincenzi | By: | /s/ Robert DeVincenzi | ||||||
Name: | Robert DeVincenzi | Name: | Robert DeVincenzi | ||||||
Title: | Authorized Signatory | Title: | Authorized Signatory | ||||||
Lazydays RV America, LLC | LDRV of Tennessee, LLC | ||||||||
a Delaware limited liability company | a Delaware limited liability company | ||||||||
By: | /s/ Robert DeVincenzi | By: | /s/ Robert DeVincenzi | ||||||
Name: | Robert DeVincenzi | Name: | Robert DeVincenzi | ||||||
Title: | Authorized Signatory | Title: | Authorized Signatory | ||||||
LD Real Estate, LLC | Airstream of Knoxville at Lazydays RV, LLC | ||||||||
a Delaware limited liability company | a Delaware limited liability company | ||||||||
By: | /s/ Robert DeVincenzi | By: | /s/ Robert DeVincenzi | ||||||
Name: | Robert DeVincenzi | Name: | Robert DeVincenzi | ||||||
Title: | Authorized Signatory | Title: | Authorized Signatory | ||||||
Lazydays of Central Florida, LLC | Lazydays RV of Knoxville, LLC | ||||||||
a Delaware limited liability company | a Delaware limited liability company | ||||||||
By: | /s/ Robert DeVincenzi | By: | /s/ Robert DeVincenzi | ||||||
Name: | Robert DeVincenzi | Name: | Robert DeVincenzi | ||||||
Title: | Authorized Signatory | Title: | Authorized Signatory | ||||||
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Lazydays RV of Iowa, LLC | Lazydays RV of St. George, LLC | ||||||||
a Delaware limited liability company | a Delaware limited liability company | ||||||||
By: | /s/ Robert DeVincenzi | By: | /s/ Robert DeVincenzi | ||||||
Name: | Robert DeVincenzi | Name: | Robert DeVincenzi | ||||||
Title: | Authorized Signatory | Title: | Authorized Signatory | ||||||
Lazydays of Minneapolis LLC | |||||||||
a Delaware limited liability company | |||||||||
By: | /s/ Robert DeVincenzi | ||||||||
Name: | Robert DeVincenzi | ||||||||
Title: | Authorized Signatory | ||||||||
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GUARANTOR: | |||
/s/ Jeffrey M. Hirsch | |||
Jeffrey M. Hirsch | |||
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Old Republic Title Company | ||||||
By: | /s/ Derek Smith | |||||
Name: | Derek Smith | |||||
Title: | SVP | |||||
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Locations and Parties | Purchase Price | |||||||||||||||||||||||||||||||
Location | Owned or Leased Real Estate | Real Estate Seller | Mortgage Holder for Owned Real Estate | Asset Seller & Tenant | Landlord | Lease Guarantor(s) | Assumed Lease | Base Purchase Price (Acquired Assets other than Owned Real Estate and RV Inventory) Equals $30 million total. | Owned Real Estate Purchase Price | Purchase Price for RV Inventory (as defined in the table below) | ||||||||||||||||||||||
Part A. Assumed Dealerships (Buyer Will Acquire All Owned Real Estate and All Assets; Assume All Leases; and Continue Operations) | ||||||||||||||||||||||||||||||||
Johnstown (Denver/ Loveland) 4777 Marketplace Dr. Johnstown, CO 80534 | Leased | N/A | N/A | Lazydays RV America, LLC | CO.BB&P LLC(CO) | None | Johnstown Lease (as defined below) | $2,763,988.54 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Knoxville Airstream 7400 Sawyer Ln. Knoxville, TN 37924 | Owned | LD Real Estate, LLC | Manufacturers and Traders Trust Company, as Seller Credit Agreement Agent | LDRV of Tennessee, LLC | LD Real Estate, LLC | None | N/A | $1,054,426.56 | $2,337,500 | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Knoxville Lake Springs Rd. (Storage Lot) 7655 Lake Springs Rd. Knoxville, TN 37924 | Owned | Airstream of Knoxville at Lazydays RV, LLC | Manufacturers and Traders Trust Company, as Seller Credit Agreement Agent | LDRV of Tennessee, LLC | Airstream of Knoxville at Lazydays RV, LLC | None | N/A | (included above for Knoxville Airstream dealership) | $3,000,000 | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Knoxville Strawberry Plains (Dealership) 835 Huckleberry Springs Rd. Knoxville, TN 37924 | Leased | N/A | N/A | LDRV of Tennessee, LLC | Bash Group, LLC(TN) | Lazydays Holdings, Inc. | Strawberry Plains Dealership Lease (as defined below) | $2,763,988.54 (collectively for Strawberry dealership) | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Knoxville Strawberry Plains (Display Lot) 7453 Sawyer Ln. Knoxville, TN 37924 | Leased | N/A | N/A | LDRV of Tennessee, LLC | Bash Group, LLC(TN) | Lazydays Holdings, Inc. | Strawberry Plains Display Lot Lease (as defined below) | (included above for Strawberry dealership) | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Knoxville Strawberry Plains (Body Shop) 315 East Dumplin Rd. Kodak, TN 37764 | Leased | N/A | N/A | LDRV of Tennessee, LLC | Sellers Enterprises, LLC(TN) | Lazydays Holdings, Inc. | Strawberry Plains Body Shop Lease (as defined below) | (included above for Strawberry dealership) | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Knoxville Turkey Creek 11730 Snyder Rd. Knoxville, TN 37932 815 Herron Rd. Knoxville, TN 37934 | Owned | LD Real Estate, LLC | First Horizon Bank | Lazydays RV of Knoxville, LLC | LD Real Estate, LLC | None | N/A | $1,781,766.31 | $13,260,000 | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
St. George (Dealership) 150 East 1160 South Saint George, UT 84770 | Leased | N/A | N/A | LD Real Estate, LLC (sublandlord)1 Lazydays RV of St. George, LLC (subtenant) | SDSGC, LLC (UT) | None | St. George Dealership Lease (as defined below) | $933,784.24 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
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Locations and Parties | Purchase Price | |||||||||||||||||||||||||||||||
Location | Owned or Leased Real Estate | Real Estate Seller | Mortgage Holder for Owned Real Estate | Asset Seller & Tenant | Landlord | Lease Guarantor(s) | Assumed Lease | Base Purchase Price (Acquired Assets other than Owned Real Estate and RV Inventory) Equals $30 million total. | Owned Real Estate Purchase Price | Purchase Price for RV Inventory (as defined in the table below) | ||||||||||||||||||||||
St. George (Service Center) 1265 E Telegraph St. Washington, UT 84780 | Leased | N/A | N/A | LD Real Estate, LLC | RVzz L.L.C. (UT) | None | St. George Service Center Lease (as defined below) | $933,784.24 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Tampa 6102 and 6130 Lazy Days Blvd. Seffner, FL 33584 6210 County Road 579 Seffner, FL 33584 | Leased | N/A | N/A | LDRV Holdings Corp. | CARS MTI-4 L.P. (DE) | Lazydays Arizona, LLC Lazydays Land Holdings, LLC Lazydays Tampa Land Holdings, LLC Lazy Days’ R.V. Center, Inc. Lazydays RV America, LLC Lazydays Mile Hi RV, LLC Lazydays RV Discount, LLC | Tampa Lease (as defined below) | $15,625,841.36 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Tucson 3200 East Irvington Rd. Tucson, AZ 85714 5043 South Country Club Rd. Tucson, AZ 85714 5055 S. Sunbelt Ave. Tucson, AZ 85714 | Leased | N/A | N/A | LDRV Holdings Corp. | CARS-DB4, L.P. (DE) | Lazydays Holdings, Inc. | Tucson Lease (as defined below) | $1,901,368.75 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Part B. Other Dealerships (Buyer Will Acquire All Assets and Continues to Assess Whether to Assume the Lease and Continue Operations) | ||||||||||||||||||||||||||||||||
Council Bluffs 2140 South 35th St. Council Bluffs, Iowa 51501 | Leased | N/A | N/A | Lazydays RV of Iowa, LLC | NNN REIT, LP (DE) | Lazydays Holdings, Inc. | N/A | $0 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Minneapolis (Ramsey) 8390 US-10 Ramsey, MN 55303 | Leased | N/A | N/A | Lazydays of Minneapolis LLC | CAR LAZ MN AN L.L.C. (DE) | Lazydays Holdings, Inc. LDRV Holdings Corp. | N/A | $0 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Monticello Airstream 3939 Chelsea Rd. Monticello, MN 55362 | Leased | N/A | N/A | Lazydays of Minneapolis LLC | CARS-DB13 L.L.C. (DE) | Lazydays Holdings, Inc. LDRV Holdings Corp. | N/A | $0 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
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Locations and Parties | Purchase Price | |||||||||||||||||||||||||||||||
Location | Owned or Leased Real Estate | Real Estate Seller | Mortgage Holder for Owned Real Estate | Asset Seller & Tenant | Landlord | Lease Guarantor(s) | Assumed Lease | Base Purchase Price (Acquired Assets other than Owned Real Estate and RV Inventory) Equals $30 million total. | Owned Real Estate Purchase Price | Purchase Price for RV Inventory (as defined in the table below) | ||||||||||||||||||||||
Portland (Sales Lot) 16803 SE McLoughlin Blvd. Portland, OR 97267 | Leased | N/A | N/A | Lazydays RV of Oregon, LLC | BYMB Holdings, LLC (OR) | Lazydays Holdings, Inc. | N/A | $0 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Portland (Service Lot) 17009 SE McLoughlin Blvd. Portland, OR 97267 | Leased | N/A | N/A | Lazydays RV of Oregon, LLC | Hadi Nouredine | LDRV Holdings Corp. | N/A | $0 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Wildwood (Display Lot) 4319 E SR 44 Wildwood, FL 34785 | Leased | N/A | N/A | Lazydays of Central Florida, LLC | Cynthia Clark | None | N/A | $0 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Wildwood (Sales and Service Lot) 4505 Monaco Way Wildwood, FL 34785 | Leased | N/A | N/A | Lazydays of Central Florida, LLC | Shapiro Real Estate Inc. (FL) | None | N/A | $0 | N/A | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
Wilmington 785 W. Curry Rd. Wilmington, OH 45177 | Owned | Lazydays RV of Ohio, LLC | Manufacturers and Traders Trust Company, as Seller Credit Agreement Agent | Lazydays RV of Wilmington, LLC | Lazydays RV of Ohio, LLC | None | N/A | $2,241,051.46 | $5,962,500 | RV Inventory Pricing Methodology (as defined below) | ||||||||||||||||||||||
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Locations and Parties | Purchase Price | |||||||||||||||||||||||||||||||
Location | Owned or Leased Real Estate | Real Estate Seller | Mortgage Holder for Owned Real Estate | Asset Seller & Tenant | Landlord | Lease Guarantor(s) | Assumed Lease | Base Purchase Price (Acquired Assets other than Owned Real Estate and RV Inventory) Equals $30 million total. | Owned Real Estate Purchase Price | Purchase Price for RV Inventory (as defined in the table below) | ||||||||||||||||||||||
Part C. Corporate Headquarters (Buyer Will Acquire All Assets but Not Assume the Lease or Continue Operations) | ||||||||||||||||||||||||||||||||
Corporate HQ 4042 Park Oaks Blvd., Suite 100, 220, 320, 350 Tampa, FL 33610 | Leased | N/A | N/A | LDRV Holdings Corp. | PRII Highland Oaks, LLC (DE) | None | N/A | $0 | N/A | N/A | ||||||||||||||||||||||
Part D. Unused Owned Real Estate (Buyer Will Acquire) | ||||||||||||||||||||||||||||||||
Aurora 18.1 Acres, South Rome Way Aurora, CO 80010 | Owned | LD Real Estate, LLC | Manufacturers and Traders Trust Company, as Seller Credit Agreement Agent | N/A | N/A | N/A | N/A | $0 | $3,060,000 | N/A | ||||||||||||||||||||||
Las Vegas 2495, 2575, 2595 E. Sahara Ave. Las Vegas, NV 2575 Atlantic St. Las Vegas, NV | Owned | LD Real Estate, LLC | Manufacturers and Traders Trust Company, as Seller Credit Agreement Agent | N/A | N/A | N/A | N/A | $0 | $4,644,000 | N/A | ||||||||||||||||||||||
Waller Hwy 290 & Stokes Rd. Waller, TX | Owned | LD Real Estate, LLC | Manufacturers and Traders Trust Company, as Seller Credit Agreement Agent | N/A | N/A | N/A | N/A | $0 | $2,592,000 | N/A | ||||||||||||||||||||||
1 | Utah Power Toys L.L.C. is also a subtenant under a lease that by its terms converted to month-to-month on November 30, 2024 and can be terminated with 60 days’ notice. |
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RV Inventory Class | Purchase Price* | ||
Each new 2026 model year RV | 100% of Invoice | ||
Each new 2025 model year RV | 90% of Invoice | ||
Each new 2024 model year RV | 80% of Invoice | ||
Each new 2023 and earlier model year RV | 85% of NADA wholesale book value | ||
Each used RV | 85% of NADA wholesale book value | ||
* | With respect to all RV Inventory located at the dealerships in Oregon, Minnesota, Iowa and Ohio, the applicable purchase price will be reduced by $1,000 per unit. |
* | With respect to all RV Inventory located at the Wildwood, Florida dealership, the applicable purchase price will be reduced by $400 per unit. |
* | Any remaining inventory denoted as “specified units” in writing by Lazydays to Campers Inn on September 11, 2025 to be purchased at $50,000 per unit. |
* | Inventory with material damage shall be priced in accordance with the procedures set forth on Exhibit D. |
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“Johnstown Lease” | Lease Agreement, dated November 11, 2015, between CO.BB&P LLC, as ultimate successor by assignment to 6701 Marketplace Drive, LLC, a Colorado limited liability company, as landlord, and Lazydays RV America, LLC, a Delaware limited liability company, as tenant, as amended by a First Amendment to Lease Agreement dated November 30, 2020, as assigned by an Assignment and Assumption dated December 30, 2021, and together with notices of exercise of renewal options dated April 15, 2020 and April 16, 2025. | ||
“Strawberry Plains Dealership Lease” | Lease Agreement (835 Huckleberry Springs Road, Knoxville, TN), dated December 6, 2018, between Bash Group, LLC, a Tennessee limited liability company, as landlord, and LDRV of Tennessee, LLC, a Delaware limited liability company, as tenant. | ||
“Strawberry Plains Display Lot Lease” | Lease Agreement (7453 Sawyer Lane, Knoxville, TN), dated December 6, 2018, between Bash Group, LLC, a Tennessee limited liability company, as landlord, and LDRV of Tennessee, LLC, a Delaware limited liability company, as tenant. | ||
“Strawberry Plains Body Shop Lease” | Lease Agreement, dated December 6, 2018, between Sellers Enterprises, LLC, a Tennessee limited liability company, as landlord, and LDRV of Tennessee, LLC, a Delaware limited liability company, as tenant. | ||
“St. George Dealership Lease” | Lease, dated November 6, 2023, between SDSGC, LLC, a Utah limited liability company, as landlord, and LD Real Estate, LLC, as tenant, as amended by a First Amendment of Lease dated February 29, 2024. | ||
“St. George Service Center Lease” | Lease with Option to Purchase and Right of First Refusal, dated November 6, 2023, between RVzz L.L.C., a Utah limited liability company, and LD Real Estate, LLC, as tenant, together with an Exercise Notice of First Renewal Option dated July 1, 2024, and an Exercise Notice of Second Renewal Option dated July 9, 2025. | ||
“Tampa Lease” | Lease Agreement, dated December 23, 2015, between CARS MTI-4 L.P., a Delaware limited partnership, as landlord, and LDRV Holdings, as tenant. | ||
“Tucson Lease” | Lease Agreement, dated October 4, 2021, between CARS-DB4, L.P., a Delaware limited partnership, as landlord, and LDRV Holdings, as tenant. | ||
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Situated | in Military Survey No.’s 1733 and 2248, Liberty Township, Clinton County, Ohio and being the same property conveyed to Lazydays RV of Ohio LLC in D.N. 2022-00001377 (parcels 1 and 2) (all references made herein to recorded documents are those of the Clinton County Recorder in Wilmington, Ohio) and being more particularly described as follows: | ||
Beginning | at an iron pin with cap found at the intersection of the north limited access right of way line of Interstate 71, the Centerline Plat for which is recorded in Plat Book 6, Page 137, and the west right of way line of West Curry Road, dedicated in Plat Book 8, Page 155A; | ||
Thence | with said west right of way line, North 23"49'19” West, a distance of 80.01 feet to an iron pin with cap found; | ||
Thence | continuing with said west right of way line, North 36"41'19” West, a distance of 139.54 feet to an iron pin with cap found; | ||
Thence | continuing with said west right of way line, North 5"14'48” West, a distance of 603.22 feet to an iron pin with cap found; | ||
Thence | continuing with said west right of way line, along an arc deflecting to the right through a central angle of 37"02'18”, having a radius of 463.00 feet, an arc length of 299.30 feet, and a chord bearing North 13"16'21“ East for a chord distance of 294.12 feet to an iron pin with cap set; | ||
Thence | continuing with said west right of way line, North 31"47'30” East, a distance of 76.95 feet to an iron pin with cap found at the southwest corner of a parcel of land conveyed to Deng De Yau and Yi Feng Chen in Official Record 438, Page 807; | ||
Thence | leaving said west right of way line, with the south line of said Yau and Chen parcel, South 58"12'05”East, a distance of 552.15 feet to an iron pin with cap found at an angle point in the west line of a parcel of land conveyed to RLR Investments LLC in Official Record 493, Page 49; | ||
Thence | with the west line of said RLR Investments parcel, South 5"14'48” East, passing an iron pin with cap found at 164.11 feet, for a total distance of 643.71 feet to an iron pin with cap set at the northeast corner of a parcel of land conveyed to Lazydays RV of Ohio LLC, D.N. 2022-00001377, being in the north limited access right of way line of Interstate 71; | ||
Thence | with said north limited access right of way line, South 66"10'31” West, a distance of 508.70 feet to the point of beginning; | ||
Containing | 11.9872 acres, more or less, and being subject to the rights of all legal highways, easements, covenants, conditions, and restrictions of record. | ||
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1. | NORTH 00"00'00” EAST, 1221.33 FEET; |
2. | NORTH 89"20'58” EAST, 391.01; |
3. | SOUTH 46"53'14” EAST, 173.49 FEET, TO A POINT OF NON-TANGENT CURVE; |
4. | SOUTHERLY ALONG THE ARC OF A CURVE TO THE LEFT, THE RADIAL LINE TO THE CENTER POINT BEARS NORTH 84"15'32” E, A RADIUS OF 1341.87 FEET, THRU A CENTRAL ANGLE OF 17"25'23”, AN ARC LENGTH OF 408.05 FEET, WHOSE CHORD BEARS SOUTH 14"27'15“ EAST A LENGTH OF 406.48 FEET; |
5. | SOUTH 23"09'56” EAST, 702.32 FEET, TO A POINT OF TANGENT CURVE; |
6. | SOUTHERLY ALONG THE ARC OF A CURVE TO THE RIGHT, THE RADIAL LINE TO THE CENTER POINT BEARS SOUTH 66"50'04” WEST A RADIUS OF 1196.87 FEET, THRU A CENTRAL OF 02"59'55”, AN ARC LENGTH OF 62.64 FEET, WHOSE CORD BEARS SOUTH 21"39'59” EAST A LENGTH OF 62.63 FEET, TO THE SOUTH LINE OF SAID NORTH 1⁄2 OF THE NORTHWEST 1⁄4 OF SECTION 25; |
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