On September 23, 2021, Maui Land & Pineapple Company, Inc., a Hawaii corporation (the “Company”), received a notice of termination from KCRMD, LLC, a Delaware limited liability company (“KCRMD”), to that certain Purchase and Sale Agreement and Escrow Instructions (“Purchase Agreement”) dated February 6, 2020 by and between the Company and KCRMD, as amended, pursuant to which MLP had agreed to sell to KCRMD and KCRMD had agreed to purchase from MLP approximately 46 acres of property located in the Kapalua Resort, commonly known as the Kapalua Central Resort project (the “Property”), for a purchase price of $43.9 million. The closing of the transaction was contingent upon, among other things, the satisfaction of certain customary closing conditions, including an extended due diligence period ending on September 30, 2021, with the closing date of the sale of the Property previously expected to be 30 days after the last day of the due diligence period. Neither the Company nor KCRMD have any continuing obligations to each other except those obligations that survive termination as set forth in the Purchase Agreement.