Maui Land & Pineapple To Sell 6.5-Acre Kapalua Property To Harvest At Kumulani Chapel For $10M

On December 3, 2025, Maui Land & Pineapple Company, Inc., a Delaware corporation ("Company"), entered into a Purchase and Sale Agreement and Escrow Instructions ("Purchase Agreement") with Harvest at Kumulani Chapel, a Hawaii nonprofit corporation ("Buyer"), pursuant to which the Company agrees to sell to Buyer and Buyer agrees to purchase from the Company a 6.5-acre portion of land ("Property"), located in Kapalua, Lahaina, Hawaii.

"Harvest at Kumulani Chapel exemplifies the Kapalua Resort, a place where the local community and visitors feel welcome to gather amid incredible natural beauty," said Race Randle, CEO of Maui Land & Pineapple Company. "As the West Maui community continues to stabilize, it's been our pleasure to work with Harvest on a permanent campus that will provide spiritual stability for generations to come."

Summary of the terms of the Purchase Agreement

The Property is currently the site of five existing buildings totaling approximately 12,000 square feet. The Buyer currently leases the Property, including the buildings, under an unrecorded Ground Lease dated April 1, 2024, which lease will terminate upon consummating and final closing of the purchase under the Purchase Agreement.

The purchase price for the Property is $10,000,000. Terms of the Purchase Agreement include a 90-day due diligence period, during which Buyer shall accept or terminate the Purchase Agreement, and a 730-day entitlement period requiring the Buyer to pursue all government approvals required for their permitted uses and improvements to the Property. Three extensions of 60 days each may extend the entitlement period, and prior to the expiration of the entitlement period, the Buyer will deliver in writing a notice to proceed with the transaction or a notice to terminate the Purchase Agreement. If a notice to proceed is issued, closing of the transaction will occur within 30 days of receipt of the notice to proceed. If a notice to terminate the transaction is issued on or prior to the expiration of the entitlement period, the transaction will be terminated.

Within three business days after the execution date of the Purchase Agreement, the Buyer will deposit $300,000 to escrow. If Buyer elects to exercise any entitlement extension(s), the Buyer will deposit additional deposits of $50,000 to escrow for each extension. If the transaction proceeds to closing, all collected deposits will be applied to the final purchase price. Should the transaction terminate, the deposits will be refunded to the Buyer unless the termination is due to a failure of a condition precedent resulting from a breach by the Buyer, in which case the deposit(s) will be forfeited and retained by the Company.

The foregoing summary of the terms of the Purchase Agreement are not complete and are qualified in their entirety by reference to the full text of the Purchase Agreement, which will be filed as an exhibit to the Company's periodic report for the corresponding period.