# EDGAR Filing Document

**Accession Number:** 0000836937
**File Stem:** 0001214659-23-000328
**Filing Date:** 2023-1
**Character Count:** 95060
**Document Hash:** 194a7eccf28b9e5a5ef8d3d5895fba7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-23-000328.hdr.sgml**: 20230106

**ACCESSION NUMBER**: 0001214659-23-000328

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20221230

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230106

**DATE AS OF CHANGE**: 20230106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UPD HOLDING CORP.
- **CENTRAL INDEX KEY:** 0000836937
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 133465289
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10320
- **FILM NUMBER:** 23514505

**BUSINESS ADDRESS:**
- **STREET 1:** 75 PRINGLE WAY, 8TH FLOOR, SUITE 804
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89502
- **BUSINESS PHONE:** 775-829-7999

**MAIL ADDRESS:**
- **STREET 1:** 75 PRINGLE WAY, 8TH FLOOR, SUITE 804
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Esio Water & Beverage Development Corp.
- **DATE OF NAME CHANGE:** 20130215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tempco, Inc.
- **DATE OF NAME CHANGE:** 20080411

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NETtime Solutions, Inc
- **DATE OF NAME CHANGE:** 20070510

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________

**FORM 8-K**

_________________________

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): December 30, 2022

_________________________

**UPD HOLDING CORP.**

(Exact Name of Company as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-10320** | **81-4397205** |
| (State or Other Jurisdiction | (Commission File Number) | (IRS Employer |
| of Incorporation) |  | Identification No.) |

---

---

| | |
|:---|:---|
| **75 Pringle Way, Ste 804**<br> **Reno, Nevada** | **89502** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**775-829-7999**

(Company's telephone number, including area code)

_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c)).

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Number of each exchange on which registered <br> Common UPDC Pink Sheet

**UDC Holding Corp. is referred to herein as "we", "our" or "us' or the "Company".**

---

| | |
|:---|:---|
| **Item 1.01.a.** | **Entry Into Material Definitive Agreement -- Acquisition** |

---

On December 30, 2022, our subsidiary, United Product Development Corp., a Nevada corporation ("United Product" or the "Purchaser"), completed an Asset Purchase Agreement (the "Agreement") with Hall Global, LLC , a Texas Limited Liability Company ("Hall Global" or the "Seller"), providing for United Product's purchase of the following assets from Hall Global: (a) Tooling consisting of all models, designs, drawings, molds, dies, casting, and tooling; and (b) Equipment consisting of all furniture, fixtures, and equipment as listed in Schedule A of Exhibit 10.1 attached hereto, but not to include certain Excluded Assets reflected in Schedule B of Exhibit 10.1 consisting of monies, vendor accounts, intellectual property, certain equipment, and inventory. The Agreement was approved by our Board of Directors.

The asset purchase is in connection with our subsidiary's (United Product) intention to utilize the purchased assets to develop, manufacture, and sell beverage products. The Purchase Price to be paid by United Product, the Purchaser, is $3,750,000 and consists of: (a) $1,250,000 of our Common Stock Shares valued at a fixed price of $0.025 per Share; and (b) a $2,500,000 secured promissory note (the "Note") payable by the Borrower, United Product, to the Lender, Hall Global.

The Note provides for repayment by: (a) a payment of principal and 12% interest of $1,000,000 and $225,000, respectively, on December 31, 2023; and (b) a payment of principal and 12% interest of $1,500,00 and $135,000, respectively, on December 31, 2024. The Agreement is subject to respective representations by the Purchaser and the Seller and a mutual indemnification provision holding harmless the respective counterparty to the transaction.

The Note is further subject to a Security Agreement providing that the Borrower, United Product, secures the Note's Principal Sum of $2,500,000 with collateral consisting of: (a) all of the Borrower's right, title and interest in and to the Purchased Assets; and (b) all proceeds and replacements of the Purchased Assets and any after acquired property.

Additionally, the Seller agrees to a 1 year non-complete to not engage in any activity that competes with the Purchaser.

---

| | |
|:---|:---|
| **Item 1.01.b.** | **Entry Into Material Definitive Agreement -- Disposition** |

---

On December 31, 2022, we and our subsidiary, Vital Behavioral Health Inc., a Nevada corporation ("Vital Health"), entered into settlement agreements and assignments of stock with Gary Plichta and Samuel Kesaris (the "Investors"), whereby the Investors extinguished all of our and Vital Health's debts and obligations to the Investors, totaling in excess of $400,000, plus interest, in exchange for all of Vital Health's ownership in VBH Kentucky Inc., a Nevada corporation and previously majority held subsidiary of Vital Health ("VBHK").

As of December 31, 2022, VBHK was operating at a loss and unable to satisfy its recurring financial obligations to third parties.

The settlement agreements and assignments of stock are attached hereto as Exhibits 10.4 through 10.7 and were approved by our Board of Directors.

---

| | |
|:---|:---|
| **Item 5.02.** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

*Resignation of Patrick Ogle as Chief Operating Officer and Director* 

On December 31, 2022, Patrick Ogle tendered his resignation as our Chief Operating Officer ("COO") and Director, which resignations were accepted by our Board of Directors. Patrick Ogle's resignation as our COO and Director was not the result of any disagreement with our Board of Directors or our management or otherwise in connection with our operations, policies or practices.

*Appointment of William Nicholson as Director* 

 

<u>Biography of William Nicholson</u> 

William Nicholson has been an investor and corporate executive for over forty years. He has owned interests in radio stations, ship building, restaurants, real estate and natural gas wells. He was Chief Operating Officer of Amway Corporation from 1984 to 1992. From 1974 to 1977 he served as Appointments Secretary to President Ford. Mr. Nicholson received a B.S. in Finance from the University of Nevada in 1966. He served on the Board of Directors of Twinlab Consolidated Holdings, Inc. from February 23, 2015 until September 22, 2015.

*Appointment of Jeff Guest as President of United Product* 

 

On December 31, 2022, United Product's Board of Directors appointed Jeff Guest as its President.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure** |

---

We will distribute a press release on January 6, 2022 regarding the disclosures set forth in this Current Report on Form 8-K, which is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K with respect to Item 7.01 (including the Press Release attached as Exhibit 99.1 hereto) is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act. This current report on Form 8-K will not be deemed an admission as to the materiality of any information contained herein (including the Press Release attached as Exhibit 99.1 hereto).

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

The exhibits listed below are filed or furnished herewith.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 10.1\* | [Asset Purchase Agreement dated December 30, 2022](ex10_1.htm) |
| 10.2\* | [Secured Promissory Note dated December 30, 2022](ex10_2.htm) |
| 10.3\* | [Security Agreement dated December 30, 2022](ex10_3.htm) |
| 10.4\* | [Mutual Release and Settlement Agreement dated December 31, 2022](ex10_4.htm) |
| 10.5\* | [Mutual Release and Settlement Agreement dated December 31, 2022](ex10_5.htm) |
| 10.6\* | [Assignment of Stock dated December 31, 2022](ex10_6.htm) |
| 10.7\* | [Assignment of Stock dated December 31, 2022](ex10_7.htm) |
| 99.1† | [Press Release dated January 6, 2023](ex99_1.htm) |

---

**_______**

\* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;† Furnished herewith.

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**UPD HOLDING CORP.**

---

| | |
|:---|:---|
| Dated: <u>January 6, 2022</u> | By: <u>**/s/ Mark W. Conte**</u> |
|  | *President and Chief Executive Officer*<br> *(Principal Executive Officer)* |

---

## Exhibit 10.1

**Exhibit 10.1**

**ASSET PURCHASE AGREEMENT**

This Asset Purchase Agreement (this "<u>Agreement</u>") is entered into as of **December 30, 2022** (the "<u>Effective Date</u>"), by **Hall Global, LLC**, a Texas limited liability company ("<u>Seller</u>"), and **United Product Development Corp.**, a Nevada corporation ("<u>Purchaser</u>"). Each of Seller and Purchaser may be referred to hereinafter as a "<u>Party</u>" or, collectively, as the "<u>Parties</u>".

WHEREAS, Seller is engaged in the business of beverage co-packing at its leased facility located in Naples, Florida (the "<u>Business</u>") and desires to dispose of certain assets (the "<u>Assets</u>");

WHEREAS, Purchaser is a wholly owned subsidiary of **UPD Holding Corp.**, a publicly traded Nevada corporation with a focus in health and wellness services and consumer products ("<u>UPDC</u>");

WHEREAS, Purchaser was formed for the purpose of developing, manufacturing, and marketing beverages, nutraceuticals, and other consumer products; and

WHEREAS, Seller desires to sell the Assets to Purchaser, and Purchaser desires to purchase the Assets from Seller, exclusive of the Business, on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained, and certain other good and valuable consideration, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Recitals</u>. The foregoing recitals and all terms and conditions contained therein are material, substantive, and integral provisions of this Agreement and are enforceable as if hereinafter restated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transactions</u>. Purchaser, or its designee, and Seller will engage in the following transactions (collectively, the "<u>Transactions</u>") at the Closing (as defined below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Payment of Purchase Price</u>. As consideration for the Assets, Purchaser will issue, pay, or deliver to Seller, as the case may be, the aggregate sum of **Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000)** (the "<u>Purchase Price</u>"), which amount shall be payable as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Shares of common stock of UPDC equal to **One Million Two Hundred Fifty Dollars ($1,250,000)** (the "<u>Shares</u>"), valued at the fixed price of $0.025 per Share (the "<u>Purchase Price</u>"). The Shares shall be issued, sold, conveyed, transferred, and delivered to Seller by the creation of a single account as direct registered shares (DRS) at UPDC's transfer agent, AST Financial, in the name of Seller representing the entirety of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A secured promissory note in the amount of **Two Million Five Hundred Thousand Dollars ($2,500,000)**, in a form to be mutually agreed upon by the Parties and executed within one (1) business day of the date of the Closing (as defined below) (the "<u>Note</u>"). The Parties acknowledge and agree that the terms and conditions of the Note (inclusive of any security agreement to which the Note may be a part) exclusively shall govern the obligations of the Parties referenced therein, and a breach of the Note by a Party shall not constitute or form the basis for any claim or cause of action for breach of this Agreement.

**Page 1 of 14**

Asset Purchase Agreement December 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Conveyance of Assets</u>. Seller will: (i) sell and convey to Purchaser all of the Assets, including, but not limited to, those Assets described on <u>Schedule A</u> attached hereto, except as expressly reserved on <u>Schedule B</u> attached hereto, by delivery in person or by conveyance of access to the location of the Assets; and (ii) take all actions necessary to transfer the ownership registration of all such Assets to Purchaser and all other instruments of transfer necessary to transfer good and marketable title to such Assets, free and clear of all licenses, liens, charges, claims, and encumbrances of any nature, except as disclosed on <u>Schedule C</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Assumption of Liabilities</u>. Purchaser does not assume any responsibility for any liabilities or obligations of Seller, fixed or contingent, arising prior to the Closing of the Transactions. No fees, expenses, liabilities, or obligations are being assumed by Purchaser, and all such liabilities and obligations incurred by Seller prior to the date hereof shall remain the sole responsibility of Seller. Without limiting the generality of the foregoing, Purchaser shall not assume, purchase, or be obligated on any existing contracts, licenses, or any ongoing obligations currently existing and binding upon Seller, unless otherwise expressly assumed by Purchaser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Entire Business Not Conveyed</u>. Each Party acknowledges and agrees that: (i) certain assets described on <u>Schedule B</u> are expressly excluded from this Agreement; (ii) the sale of the Assets pursuant to this Agreement will not constitute the entire sale of the assets or business of Seller; and (iii) the Assets themselves will not represent a going concern as of the Closing. Purchaser assumes no rights or obligations with respect to Seller's use of the Assets in any prior going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Bills of Sale and Assignments</u>. Seller agrees to execute any separate bills of sale and assignments of title, in recordable form, as may reasonably be requested by Purchaser to effect the sales and assignments embodied in the Transactions, including, but not limited to, the execution and delivery at closing of the Bill of Sale attached hereto as <u>Exhibit 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Closing</u>. Unless otherwise noted, all Transactions shall be conducted and fully performed on a date to be determined by the Parties (the "<u>Closing</u>"), which date shall be on or before 5:00 p.m., Eastern Time, on **December 30, 2022** (the "<u>Closing Deadline</u>"); provided, however, that each Party shall have the right to a thirty (30) day extension of the Closing Deadline upon obtaining the prior written consent of the other Party, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Closing Contingencies</u>. It is acknowledged and agreed by the Parties that: (i) each and every Transaction contemplated by this Agreement is contingent upon and subject to (A) such regulatory and shareholder approvals as may be required by any applicable corporate governance documents or governmental authority, and (B) the ability of either Party to materially perform each material Closing obligation hereunder by the Closing Deadline (i.e., for 'cause') (each a "<u>Closing Contingency</u>"); and (ii) neither Party shall be liable to the other Party or any breakup fee or otherwise for any failure to close the Transactions due to a Closing Contingency that is not cured or remedied by the non-performing Party or mutually resolved by the Parties in writing on or before the Closing Deadline, or any permitted extensions thereof.

**Page 2 of 14**

Asset Purchase Agreement December 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Resale Restrictions of Shares</u>. It is hereby acknowledged and agreed by the Parties that: (i) the Shares will be restricted as to their resale and bear a customary restrictive legend upon each certificate or direct registered shares (i.e., DRS) statement as a result of being issued in a private, unregistered securities offering; and (ii) all actions required by an issuer under U.S. securities laws for the Shares to be freely tradable after expiration of the applicable restrictive holding period(s) will be performed by Purchaser at Purchaser's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations and Warranties of Seller</u>. Seller represents and warrants to Purchaser as of the Effective Date and at the Closing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>No Active Litigation</u>. Except as disclosed on <u>Schedule C</u> hereto, there is no action, suit, proceeding, inquiry, or investigation by or before any court, governmental agency, public board or body pending or, to the knowledge of Seller, threatened against Seller or enjoining Seller's consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>No Regulatory Restrictions</u>. Except as disclosed in writing by Seller to Purchaser, Seller is not the subject of or party to a memorandum of understanding or any supervisory agreements, cease-and-desist orders, consent agreements, or regulatory restrictions that would affect Seller's ability to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Authority to Contract</u>. Seller has full legal power and authority to perform its obligations under this Agreement, and this Agreement constitutes a legal, valid, and binding obligation of Seller enforceable against it in accordance with its terms except as enforcement may be limited by bankruptcy, insolvency, liquidation, or other similar laws affecting generally the enforcement of creditors' rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Marketable Title</u>. Except as disclosed on <u>Schedule C</u> hereto, Seller has good and marketable title to the Assets identified on <u>Schedule A</u>, free and clear of all liens, charges, claims, and encumbrances of any nature, the Business is not a going concern, and there are no outstanding customer or vendor claims, obligations, or liabilities of the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>No Past Due Accounts</u>. All Seller third-party accounts relating to the Assets attached hereto: (i) have positive balances, are current, or have balances not in excess of thirty (30) days in arrears of the Effective Date; (ii) have been reconciled with all outstanding obligations; and (iii) are not subject to any known or anticipated third-party claim or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Due Diligence</u>. Purchaser provided Seller with the opportunity to conduct any and all due diligence required by Seller concerning Purchaser, its business, its financial condition, and its prospects as Seller has determined to be necessary in connection with the issuance of the Shares, and Seller has had an opportunity to ask such questions and make such inquiries concerning Purchaser, its business, its financial condition, and its prospects as Seller has deemed appropriate in connection with such purchase and to receive satisfactory answers to such questions and inquiries.

**Page 3 of 14**

Asset Purchase Agreement December 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Accredited Investor</u>. Seller is either (i) an "accredited investor" as defined in Rule 501(a) promulgated under the U.S. Securities Act of 1933, as amended, and as defined in Section 1.1 of Canadian National Instrument 45-106 - Prospectus Exemptions, or (ii) a "sophisticated person" as defined in Rule 506(b)(2)(ii) promulgated under the Securities Act of 1933, as amended, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the transactions contemplated under this Agreement. Seller represents that by reason of its, or of its management's, business, and financial experience, Seller has the capacity to evaluate the merits and risks of its investment in the Shares and to protect its own interests in connection with the transactions contemplated in this Agreement. Seller's financial condition is such that it is able to bear all economic risks of investment in the Shares, including a complete loss of its investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>No General Solicitation</u>. Seller is not purchasing the Shares as a result of any advertisement, article, notice, or other communication regarding such shares published in any newspaper, magazine, or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>No Market Pricing of Shares</u>. Seller understands the terms of and risks associated with the acquisition of the Shares, including, without limitation, a lack of liquidity, price transparency, or pricing availability and risks associated with the industry in which Seller operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Brokers</u>. No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the Transactions based upon arrangements made by or on behalf of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations and Warranties of Purchaser</u>. Purchaser represents and warrants to Seller as of the Effective Date and at the Closing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>No Active Litigation</u>. There is no action, suit, proceeding, inquiry, or investigation by or before any court, governmental agency, public board or body pending or, to the knowledge of Purchaser, threatened against Purchaser or UPDC or enjoining the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>No Regulatory Restrictions</u>. Purchaser is not the subject of or party to a memorandum of understanding or any supervisory agreements, cease-and-desist orders, consent agreements, or regulatory restrictions that would directly or indirectly affect Purchaser's or UPDC's ability to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Authority to Contract</u>. Purchaser and UPDC have full legal power and authority to perform its obligations under this Agreement, and this Agreement constitutes a legal, valid, and binding obligation of Purchaser enforceable against Purchaser in accordance with its terms except as enforcement may be limited by bankruptcy, insolvency, liquidation, or other similar laws affecting generally the enforcement of creditors' rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Status of Shares</u>. UPDC is authorized by its Board of Directors to issue the Shares and is the lawful issuer and owner of the Shares, free and clear of all security interests, liens, encumbrances, and other charges.

**Page 4 of 14**

Asset Purchase Agreement December 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Due Diligence</u>. Seller provided Purchaser with the opportunity to conduct any and all due diligence required by Purchaser concerning Seller, its business, its financial condition, and its prospects as Purchaser has determined to be necessary in connection with the Assets being acquired, and Purchaser has had an opportunity to ask such questions and make such inquiries concerning Seller, its business, its financial condition, and its prospects as Seller has deemed appropriate in connection with such purchase and to receive satisfactory answers to such questions and inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Brokers</u>. No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the Transactions based upon arrangements made by or on behalf of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnities</u>. Each Party agrees to indemnify and hold harmless (the "<u>Indemnifying Party</u>") the other Party and all of its officers, directors, employees, and agents (the "<u>Indemnified Party</u>") from and against any and all liability, claim, cost, or expense (including court costs and attorney's fees) incurred by the Indemnified Party attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Misrepresentation</u>. Any material misrepresentation in this Agreement by the Indemnifying Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Breach</u>. Any material breach of a material warranty or covenant of this Agreement by the Indemnifying Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Limitations on Indemnities</u>. Notwithstanding the indemnification provisions of <u>Section 11</u> hereof, neither Purchaser nor Seller shall be liable to either Party or any third party for any amounts, in the aggregate, in excess of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Third-Party Beneficiaries</u>. This Agreement does not confer any rights or remedies upon any third parties or any parties to this Agreement other than Seller and Purchaser. However, each of the undersigned additional parties does hereby consent to each and every term and condition of this Agreement without any reservation of rights. Seller and Purchaser reserve the right to amend or terminate this Agreement without the consent of the additional undersigned parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Non-Compete</u>. Seller agrees that, for a period of one (1) year from the Effective Date of this Agreement, Seller will not engage in any activity that, directly or indirectly, involves, competes with, or infringes upon Purchaser's or Purchaser's designee's, assignee's, or successor's use of the Assets to the detriment or exclusion of the Company; provided, however, that this provision shall not prohibit Seller from completing any in-process orders or conducting its Business with Purchaser, in cooperation with Purchaser, or with the consent of Purchaser, which consent shall not be unreasonably withheld.

**Page 5 of 14**

Asset Purchase Agreement December 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notices</u>. All notices under this Agreement will be in writing and will be sent:

If to Seller, to:

Hall Global, LLC<br> c/o Hallett and Perrin<br> 1445 Ross Ave #2400<br> Dallas, TX 75202<br> Attn: Dan Phillips

If to Purchaser, to:

United Product Development Corp.<br> 75 Pringle Way,<br> 8th Floor, Suite 804,<br> Reno, NV 89502<br> Attn: Mark Conte

All notices to be sent or delivered hereunder shall be deemed to be given or become effective for all purposes of this Agreement as follows: (i) when delivered in person, when given; (ii) when sent by mail, when received by the person to whom it is given, unless it is mailed by registered, certified or express mail, in which case it shall be deemed given or effective on the earlier of the date of receipt or refusal; and (iii) when sent by electronic mail, facsimile or other form of electronic transmission, twelve (12) hours after the transmission with proof that it was sent to the correct electronic mail address, telephone number or similar address, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Litigation Notices</u>. In the event a subpoena or other legal process including any notice, order, or inquiry from any state or federal regulatory authority concerning the Assets is served upon Seller, Seller agrees that it will notify Purchaser immediately upon receipt of such legal process and will cooperate in a lawful effort to comply with or contest the validity of the legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Costs and Fees</u>. Each Party agrees to pay its own costs, expenses, and attorneys' fees incurred in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Currency</u>. All amounts of money referenced in this Agreement are intended to be expressed in United States currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Language</u>. To the extent that this Agreement may be translated into any other language, the original version drafted in the English language in the dialect used in the United States shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Further Acts and Instruments</u>. Each Party agrees to execute and deliver such other and further instruments and to do such other and further acts as may be necessary or desirable to effect the transactions contemplated in this Agreement and carry out the intent and purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Opportunity to Review</u>. The Parties acknowledge and agree that they have had a full and fair opportunity to review, comment, and make compromise revisions to this Agreement.

**Page 6 of 14**

Asset Purchase Agreement December 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Consultation with Legal Counsel</u>. Each Party acknowledges that it has had a full and complete opportunity to consult with legal counsel or other advisers of its own choosing concerning the terms, enforceability, and implications of this Agreement, and that no Party has made any representations or warranties to any other Party concerning the terms, enforceability, and implications of this Agreement other than as are reflected in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Succession; Assignment</u>. This Agreement and any other agreement or documentation necessary to give effect to the transactions contemplated hereby shall bind and inure to the benefit of the heirs, administrators, executors, successors, and assigns of the Parties. In the interest of clarity, Purchaser shall be permitted to assign all of Purchaser's right, title, and interest in this Agreement, in whole or in part, to any designee in Purchaser's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Severability</u>. The Parties agree that, if any term or condition of this Agreement is found to be illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the balance of this Agreement, and the Parties shall substitute for the affected term or condition an enforceable provision that approximates as nearly as possible the intent and economic benefit of the affected term or condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Entire Agreement</u>. The Parties acknowledge and agree that this Agreement and the documents that are to be executed pursuant to this Agreement contain the entire agreement between or among the Parties, as the case may be, regarding the subject matter hereof and supersede and replace any and all prior oral and written agreements, arrangements, or understandings between or among the Parties, as the case may be, relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Interpretation</u>. In the event of any discrepancy between the terms and conditions of this Agreement and any specific agreement or document referenced herein that is dated the same date hereof or as at the Closing and mutually executed by the Parties (each a "<u>Referenced Document</u>"), the terms and conditions of the Referenced Document shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Applicable Law</u>. The Parties agree that this Agreement shall be governed by, construed, and enforced in accordance with, and subject to, the laws of the **State of Nevada**, except with respect to the choice of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>Jurisdiction; Venue</u>. Each Party hereby submits to the jurisdiction and venue of the state and federal courts located in the **State of Nevada** for purposes of any arbitration or litigation related to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>No Fiduciary Duty; No Joint Venture</u>. Nothing contained in this Agreement is intended to create any fiduciary duty of one Party to another Party, any joint venture between the Parties, or any partnership or other type of business entity involving the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. <u>Remedies</u>. In the event of any breach or threatened breach of any term of this Agreement, a Party seeking relief shall be entitled to seek specific performance, injunctive, and other equitable relief, which shall be in addition to, and not in lieu of, money damages or any other legal remedy available to the Party seeking relief, except that no party shall be entitled to an award of any lost opportunity, revenue, or profits, consequential, or speculative damages.

**Page 7 of 14**

Asset Purchase Agreement December 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. <u>Amendments; Changes; Modifications</u>. No amendment, change, or modification to this Agreement shall be valid unless set forth in writing and signed by a duly authorized representative of each Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. <u>Waivers</u>. No delay or omission by any Party hereto in exercising any right, power, or privilege under this Agreement shall impair such right, power, or privilege, nor shall any single or partial exercise of any such right, power, or privilege preclude any further exercise thereof or the exercise of any other right, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. <u>Headings</u>. All headings in this Agreement are provided for convenience and reference only, are not integral or substantive provisions of this Agreement, and shall not affect any interpretation of the substantive provisions to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. <u>Counterparts</u>. The Parties agree that this Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. <u>Electronic Signatures</u>. This Agreement may be executed by original, facsimile, and electronic signatures, each of which when affixed shall be deemed to be an original that is enforceable against the executing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. <u>Independent Legal Counsel</u>. Each Party to this Agreement represents, warrants, and agrees that it (i) has been advised of its right to retain independent legal counsel in connection with the negotiation, legal effect, and meaning of this agreement and (ii) has either done so or knowingly and voluntarily waived such right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. <u>No Legal Representation</u>. Each Party acknowledges and agrees that: (i) neither Party nor its owners, officers, directors, managers, employees, agents, or legal counsel are acting as legal counsel to any other Party in the negotiation, drafting, or performance of this Agreement, or otherwise; and (ii) this Agreement shall not be relied upon by any Party as legal advice.

[Signature Page Follows]

**Page 8 of 14**

Asset Purchase Agreement December 30, 2022

IN WITNESS WHEREOF, the Parties have executed this Agreement with full force and effect as of the Effective Date.

---

| |
|:---|
| **"PURCHASER"** |
| **UNITED PRODUCT DEVELOPMENT CORP.** |
| By: ____________________________ |
| Name: Mark Conte |
| Title: President |

---

**"SELLER"** 

**Hall Global, LLC**

By: ____________________________

Name: Jeff Guest

Title: CEO

**Reviewed, acknowledged, consented, and agreed by:**

**UPD Holding CORP.**

By: ____________________________

Name: Mark Conte

Title: President

**Page 9 of 14**

Asset Purchase Agreement December 30, 2022

**<u>Schedule A</u>**

**SCHEDULE OF CONVEYED ASSETS**

The Assets to be conveyed by **Hall Global, LLC**, a Texas limited liability company and, to **United Product Development Corp.**, a Nevada corporation, pursuant to that certain Asset Purchase Agreement, dated **December 30, 2022**, include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Tooling</u>. All models, designs, drawings, molds, dies, castings, and tooling.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Certain Equipment</u>. All furniture, fixtures, and equipment specifically identified
in the exhibit attached hereto.

Dated: <u>December 30, 2022</u> Initials:   \ <u>.</u>

**Page 10 of 14**

Asset Purchase Agreement December 30, 2022

**<u>Exhibit to Schedule A</u>**

**DESCRIPTION OF CONVEYED ASSETS**

---

| | |
|:---|:---|
| 1. Natural gas fired boiler 1m BTU.<br> 2. Two (2) 1,750-gal SS mixing tanks.<br> 3. RO/UV/DI ozone metered water system with 1,750-gal SS holding tank (20 gal/min.).<br> 4. Blending Pharmacy with scales.<br> 5. Fristam high sheer homogenizer mixer.<br> 6. Liquid transfer pump.<br> 7. Good Nature plate and frame pasteurizer with regen and HTST change over.<br> 8. Palace bottle unscrambler.<br> 9. Bevco bottle washer, rinser, and air flush system.<br> 10. 20-head inline liquid overflow filler.<br> 11. ACASI 8-spindle capper / feeder with UV sterilizer.<br> 12. Reject station.<br> 13. Enercon induction cap sealer.<br> 14. 30-second gripper bottle inventor.<br> 15. Retorque station inspection conveyor.<br> 16. Extra-large oversized SS cooling tunnel, 3 section, with super chiller, high flow pumps, closed system.<br> 17. Bidirectional oversized tunnel exit conveyor for drying and inspection (line back upholding areas, designed to never stop filling in a hot fill plan).<br> 18. Air-jet bottle drying conveyor.<br> 19. Line spray auto chlorinator (sterile) – integrated across production line.<br> 20. 550-gal RO water bypass collector for quick water change in cooling tunnel (mounted over tunnel). | 21. Tripack full body sleever.<br> 22. Aaxon 6' steam tunnel.<br> 23. Dedicated steam boiler for tunnel.<br> 24. Marburg heat shrink neck band tunnel.<br> 25. Lift transfer conveyor with ink jet lot printer.<br> 26. Accumulator table and pack out table.<br> 27. Auto box taper and pallet shrink wrapper.<br> 28. Electric pallet lift transfer walk behind.<br> 29. Shipping scales.<br> 30. Ten (10) line connection conveyors with digital freak drives.<br> 31. Over the line powder coated mezzanine rack holding 550-gal water back up, super chiller, steam generator and parts storage (space saver).<br> 32. Camera system.<br> 33. External 20' freezer.<br> 34. External 40' refrigerator.<br> 35. Exterior forklift.<br> 36. Two (2) high-volume air compressor sets w/ chillers and filters.<br> 37. Back up tower cooler.<br> 38. Fill Rite flow meter for liquid batching.<br> 39. Mandrels (change parts) Tri pre labeler.<br> 40. Ecolab foamer sanitation pressure cleaner.<br> 41. Three (3) ladders (rolling and folding).<br> 42. Tool trailer, drum dolly, filler change over hoses, flame-proof cabinet, tools, and other parts assemblages. |

---

Dated: <u>December 30, 2022</u> Initials:   \ <u>.</u>

**Page 11 of 14**

Asset Purchase Agreement December 30, 2022

**<u>Schedule B</u>**

**SCHEDULE OF EXCLUDED ASSETS**

The personal property that is expressly excluded from the Assets to be conveyed by **NVIP, LLC**, a Nevada limited liability company and successor-in-interest to **Hall Global, LLC**, a dissolved Nevada limited liability company, to **United Product Development Corp.**, a Nevada corporation, pursuant to that certain Asset Purchase Agreement, dated **December 30, 2022**, include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Monies</u>. All cash and cash equivalents, accounts payable to third parties,
accounts receivable from third parties, and all other rights to receive or obligations to pay any monies.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Accounts</u>. All rights and obligations regarding any and all vendors.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Intellectual Property</u>. All intellectual property, except to the extent it
is embodied in or necessary to the function of the conveyed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Certain Equipment</u>. All furniture, fixtures, and equipment specifically identified
in the exhibit attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Inventory</u>. All raw materials and finished goods inventories shall remain
the assets of Seller.

Dated: <u>December 30, 2022</u> Initials:   \ <u>.</u>

**Page 12 of 14**

Asset Purchase Agreement December 30, 2022

**<u>Exhibit to Schedule B</u>**

**DESCRIPTION OF EXCLUDED ASSETS**

---

| | |
|:---|:---|
| 1. Alpha 10-Head Canning System including In-Line Filler, DePalletizer and conveyor belts<br> 2. MicroCanner 10-head Inline Can Filling System<br> 3. MicroCanner 4-head Inline Can Filling System<br> 4. 25 ton Chiller | 5. CO2 Carbonation System<br> 6. 7-Chill Tanks<br> 7. Inline 8-head Filler System<br> 8. Liquid nitrogen bottle flusher. (OMITTED: Not part of production line)<br> 9. Aaxon neck auto bander. |

---

Dated: <u>December 30, 2022</u> Initials:   \ <u>.</u>

**Page 13 of 14**

Asset Purchase Agreement December 30, 2022

**<u>Schedule C</u>**

**SCHEDULE OF LIABILITIES AND LITIGATION**

Pursuant to <u>Section 9(a)</u> of the Asset Purchase Agreement, dated **December 30, 2022** (the "<u>Agreement</u>"), **Hall Global, LLC**, a Texas limited liability company, hereby represents and warrants to **United Product Development Corp.**, a Nevada corporation, that there are (i) no liabilities, liens, or encumbrances and (ii) no actions, suits, proceedings, inquiries, or investigations by or before any court, governmental agency, public board or body pending or, to the knowledge of Seller, in existence or threatened against Seller or enjoining the consummation of the Transactions (as defined in the Agreement), except as described below:

&nbsp;&nbsp;&nbsp;&nbsp;**<u>NONE</u>**

Dated: <u>December 30, 2022</u> Initials:   \ <u>.</u>

**Page 14 of 14**

## Exhibit 10.2

**Exhibit 10.2**

**<u>SECURED PROMISSORY NOTE</u>**

---

| | |
|:---|:---|
| **$2500000** | **January 1, 2023** |
| **(Two Million Five Hundred Thousand Dollars)** | **State of Nevada** |

---

FOR VALUE RECEIVED, **United Product Development Corp.** ("<u>Borrower</u>"), a Nevada corporation having its principal place of business at 75 Pringle Way, 8th Floor, Suite 804, Reno, NV 89502 ("<u>Borrower's Address</u>"), hereby promises to pay to **Hall Global, LLC**, a ("<u>Lender</u>"), Texas limited liability company having its principal place of business at c/o Dan Phillips, Esq., Hallett and Perrin, 1445 Ross Ave #2400, Dallas, TX 75202 ("<u>Lender's Address</u>"), the principal sum of **Two Million Five Hundred Thousand Dollars** (**$2,500,000**) in United States currency ("<u>Principal</u>") and interest accrued upon the Principal from **January 1, 2023** ("<u>Issue Date</u>") through and including **December 31, 2024** ("<u>Maturity Date</u>"). The unpaid principal and all unpaid but accrued interest shall be due and payable on the Maturity Date.

Interest payable hereunder through and including the Maturity Date shall accrue at a simple interest rate equal to **Nine Percent (9.0%)** per annum, calculated on the basis of a 365-day year and actual days elapsed, and shall be paid in arrears on each due date hereunder ("<u>Interest</u>"). Principal and Interest due hereunder shall be due and payable in two installments pursuant to the following schedule:

---

| | | | |
|:---|:---|:---|:---|
| <u>Due Date</u> | <u>Principal</u> | <u>Interest</u> | <u>Total</u> |
| December 31, 2023 | $1000000 | $225000 | $1225000 |
| December 31, 2024 | $1500000 | $135000 | $1635000 |
| TOTALS | $2500000 | $360000 | $2860000 |

---

All principal and interest due and payable hereunder that has not been timely paid in accordance with the foregoing schedule shall be due and payable on or before the Maturity Date. The Principal plus any accrued but unpaid Interest evidenced by this Secured Promissory Note may be prepaid, in whole or in part, at any time prior to any Due Date, without penalty.

Any Principal and Interest accrued to the Maturity Date, either in part or in whole, that is not paid on the Due Date shall bear interest at a simple interest rate equal to **Twelve Percent (12.0%)** per annum and be payable on demand ("<u>Default Interest</u>"). In no event shall any Interest or Default Interest payable hereunder be compounded or exceed the maximum rate or amount permitted by applicable law.

Principal and Interest accrued thereon are payable to the Lender at the Lender's Address or to such other nominee or address as the Lender may direct by written notice to the Borrower at the Borrower's Address.

The Borrower and Lender hereby waive trial by jury in any action, proceeding, or counterclaim brought by any party hereto or any beneficiary hereof on any matter whatsoever arising out of or in any way connected with this Secured Promissory Note.

The Borrower and Lender acknowledge that this Secured Promissory Note is entered into upon condition that each such party has entered into and fully executed Security Agreement referencing this Secured Promissory Note and dated as of the same date hereof (the "<u>Security Agreement</u>").

**Page 1 of 2**

---

| | |
|:---|:---|
| **Secured Promissory Note** | **January 1, 2022** |

---

This Secured Promissory Note shall be governed by, and construed in accordance with, the laws of the **State of Nevada**, without regard for the conflicts of laws principles thereof, and any action or controversy arising under or in connection with this Secured Promissory Note shall be brought in a state or federal court located in the **State of Nevada**.

The Borrower's failure to abide by or comply with or make any payment due under the terms of this Secured Promissory Note or the Security Agreement shall be deemed an "<u>event of default</u>". Upon the occurrence of any event of default, Lender may exercise any rights and or remedies against the Borrower under the Security Agreement, including, but not limited to, acceleration of amounts owed, the exercise of any rights extended under the Security Agreement or otherwise, or a legal action against the Borrower for the amounts owed hereunder.

In the event of any discrepancy of language or interpretation between this Secured Promissory Note and the Security Agreement, the language and interpretation of the Secured Promissory Note shall govern and control each of this Secured Promissory Note and the Security Agreement.

This instrument may be executed in any number of counterparts, each of which, when taken together, will be deemed to be an original and one and the same instrument. This instrument will not become effective until all counterparts hereof have been duly executed by all parties hereto.

In witness whereof, the Borrower has caused this Secured Promissory Note to be executed on the date and year first above written.

---

| |
|:---|
| **"BORROWER"**<br>**UNITED PRODUCT DEVELOPMENT CORP.** |
| By: |
| Name: Mark Conte<br> Title: President |

---

**Reviewed, agreed, and accepted as of January 1, 2022 by:**

---

| |
|:---|
| **"LENDER"**<br>**HALL GLOBAL, LLC** |
| By: |
| Name: Jeff Guest<br> Title: CEO |

---

**Page 2 of 2**

## Exhibit 10.3

**Exhibit 10.3**

**<u>SECURITY AGREEMENT</u>**

This Security Agreement is effective as of **January 1, 2022**, by and between **Hall Global, LLC**, a Texas limited liability company ("<u>Lender</u>"), and **United Product Development Corp.**, a Nevada corporation (the "<u>Borrower</u>").

WHEREAS, Lender and Borrower entered into an Asset Purchase Agreement, dated as of the same date hereof, for the purchase and sale of certain assets that are used for beverage co-packing (the "<u>APA</u>");

WHEREAS, Borrower has executed a Secured Promissory Note to Lender, executed on the same date hereon (the "<u>Secured Promissory Note</u>"); and

WHEREAS, Lender has required, as a condition of accepting said Secured Promissory Note, that Borrower execute this Security Agreement to secure the repayment of all obligations of Borrower under the Secured Promissory Note.

NOW THEREFORE, in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Liability Secured</u>. This Security Agreement is entered into as security for repayment of the Secured Promissory Note with the principal sum of **Two Million Five Hundred Thousand Dollars ($2,500,000.00)** executed by the same parties hereto and on the same date hereon, bearing interest at the rate of **Nine Percent (9.0%)** per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Granting Clause</u>. As security for the obligations under the Secured Promissory Note and every extension or renewal thereof, Borrower does hereby grant, pledge, transfer, sell, assign, convey, and deliver to Lender a security interest in all of the right, title, and interest of Borrower, in and to the personal property set forth below and referred to as the "<u>Collateral</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Collateral</u>. All of the following personal property shall be deemed "<u>Collateral</u>" for purposes of this Security Agreement: (a) all of Borrower's right, title, and interest in and to the Assets, as that term is defined in the APA; and (b) all proceeds and replacements of the foregoing and any after acquired property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Warranties of Title</u>. Borrower hereby: (a) covenants with Lender, his successors and assigns that Borrower is the lawful owner of the Collateral and has the right to sell, assign, convey, and grant a security interest in the same and that the Collateral is free and clear of all encumbrances and security interests (other than that of Lender); (b) warrants and covenants to forever defend the title of the Collateral unto Lender, his successors and assigns against the claims of all persons whomsoever, whether lawful or unlawful; (c) warrants that no financing statement covering any of the Collateral or any proceeds therefrom is on file at any public office; and (d) agrees, promptly upon request from Lender to join with Lender in executing one or more financing statements pursuant to the State of Nevada Uniform Commercial Code in a form satisfactory to Lender and to pay the cost of filing the same in all public offices wherever filing is deemed necessary or prudent by Lender.

**Page 1 of 4**

---

| | |
|:---|:---|
| **Security Agreement** | **January 1, 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Nonrecourse</u>. Except as expressly provided herein, (i) Lender's recourse for the obligations under the Secured Promissory Note shall be limited to the Collateral, and Borrower shall have no further liability to Lender for any deficiency remaining thereafter; (ii) Lender shall not assert against Borrower any claim of any kind arising from or relating to the APA, the Secured Promissory Note, or the Collateral, including any claim based upon any "implied covenant of good faith and fair dealing," tort-based theory of liability (such as "waste"), or other theory of any kind whatsoever; and (vii) Lender waives any right to assert any personal liability against any officer, directors, shareholder, or other principal or affiliate of Borrower arising from any obligation of Borrower under the APA, the Secured Promissory Note, or the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Taxes and Assessments</u>. Borrower agree to pay all taxes, rents, assessments, and charges levied against the Collateral and all other claims that are or may become liens against the Collateral, or any part thereof, and should default be made in the payment of the same, Lender, at its option, may pay the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Non-Waiver</u>. It is agreed that no delay in exercising any right or option given or granted hereby to Lender shall be construed as a waiver thereof; nor shall a single or partial exercise of any other right, power, or privilege. Lender may permit Borrower to remedy any default without waiving the default so remedied, and Lender may waive any default without waiving any other subsequent or prior default by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Events of Default</u>. As used in this Security Agreement, the terms "<u>default</u>" or "<u>event of default</u>" shall mean the occurrence of a violation or default in the observance or performance of any term, agreement, covenant, condition, or stipulation contained or referred to in this Security Agreement or the occurrence of an event of default under the Secured Promissory Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Acceleration of Liabilities</u>. Upon the occurrence of any event of default, Lender shall have the right without further notice to Borrower to declare the entire unpaid balance of the Secured Promissory Note immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Lender's Right After Default</u>. Upon the occurrence of an event of default under this Security Agreement, Lender shall have, in addition to any other rights under this Security Agreement or under applicable law, the right upon reasonable notice to Borrower to take any or all of the following actions at the same or different times: (a) to collect all or any part of the Collateral defined herein and take control of any cash or non-cash proceeds of Collateral; (b) to enforce payment of any Collateral, to prosecute any action or proceeding with respect to the Collateral, to extend the time of payment of any and all Collateral, to make allowance and adjustments with respect thereto, and to issue credits in the name of Borrower; and (c) to exercise, in addition to all other rights and remedies of a Lender upon default under the State of Nevada Uniform Commercial Code. The net cash proceeds resulting from the exercise of any of the foregoing rights, after deducting all charges, expenses, costs, and attorneys' fees relating thereto, including any and all costs and expenses incurred in securing the possession of Collateral and preparing the same for sale, shall be applied by Lender to the payment of the Secured Promissory Note, in any order that Lender may determine or choose, and whether due or to become due.

**Page 2 of 4**

---

| | |
|:---|:---|
| **Security Agreement** | **January 1, 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Successors and Assigns</u>. All covenants and agreements herein made by Borrower shall bind it and its respective successors and assigns, and every option, right, and privilege herein reserved or granted to Lender shall inure to the benefit of and may be exercised by Lender's successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Modification; Amendment; Waiver</u>. No modification, amendment, or waiver of any provision of this Security Agreement, any note secured hereby, nor consent to any departure by Borrower therefrom shall in any event be effective unless the same shall be in writing and signed by Lender and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Any request, demand, or notice provided in this Security Agreement to be given by either party hereto to the other shall be conclusively deemed to have been given when the same shall have been deposited in the United States mail, postage prepaid, addressed to the party to whom such request, demand, or notice is directed, at the following address, or delivered by hand to such party at such address:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Lender:<br>Hall Global, LLC<br> c/o Hallett and Perrin,<br> 1445 Ross Ave #2400,<br> Dallas, TX 75202<br> Attn: Dan Phillips, Esq. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Borrower:<br>United Product Development Corp.<br> 75 Pringle Way,<br> 8th Floor, Suite 804,<br> Reno, NV 89502<br> Attn: Mark Conte |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law; Venue</u>. This Security Agreement shall be construed in accordance with and governed by the laws of the **State of Nevada**, without regard to the conflicts of laws principles thereof, and any claim arising hereunder shall be brought in the state or federal courts located in the **State of Nevada**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Interpretation</u>. In the event of any discrepancy of language or interpretation between this Security Agreement and the Secured Promissory Note, the language and interpretation of the Secured Promissory Note shall govern and control each of this Security Agreement and the Secured Promissory Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Counterparts</u>. This instrument may be executed in any number of counterparts, each of which, when taken together, will be deemed to be an original and one and the same instrument. This instrument will not become effective until all counterparts hereof have been duly executed by all parties hereto.

[Signature Page Follows]

**Page 3 of 4**

---

| | |
|:---|:---|
| **Security Agreement** | **January 1, 2022** |

---

IN WITNESS WHEREFORE, each of the undersigned parties has executed this Security Agreement on the day and year first above written.

---

| |
|:---|
| **"BORROWER"** |
| **UNITED PRODUCT DEVELOPMENT CORP.** |
| By: |
| Name: Mark Conte |
| Title: President |

---

---

| |
|:---|
| **"LENDER"** |
| **HALL GLOBAL, LLC** |
| By: |
| Name: Jeff Guest |
| Title: CEO |

---

**Page 4 of 4**

## Exhibit 10.4

**Exhibit 10.4**

**<u>MUTUAL RELEASE AND SETTLEMENT AGREEMENT</u>**

This Mutual Release and Settlement Agreement (this "<u>Agreement</u>") is entered into as of **December 31, 2022** (the "<u>Effective Date</u>") by, between, and among, and for the benefit of each of, the following parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **UPD Holding Corp.**, a Nevada corporation (" <u>UPDC</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **Vital Behavioral Health Inc.**, a Nevada corporation (" <u>VBHI</u> ",
together with UPDC, the " <u>UPDC Parties</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. **Gary Plichta**, a Florida resident (" <u>Plichta</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. **Property Resources Associates, LLC**, a Florida limited liability company (" <u>PRA</u> ",
together with Plichta, the " <u>Plichta Parties</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Each of their accountants, legal counsel, predecessors, successors, heirs, agents,
representatives, parents, subsidiaries, spouses, and affiliates.

Each of the foregoing parties may hereinafter be referred to each as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>".

The term "<u>affiliate</u>" means a person that, directly or indirectly, controls, is controlled by, or is under common control with a Party. The term "<u>control</u>" means the power or authority, directly or indirectly, to direct or cause the direction of the affairs or management of a person. The term "<u>person</u>" means an individual, corporation, partnership, limited partnership, limited liability company, joint venture, estate, association, trust, unincorporated organization, or other entity of any kind.

TO ALL WHOM THESE PRESENTS WILL COME OR MAY CONCERN, know that, in exchange for the mutual promises and agreements contained herein and the following valuable consideration:

**Three Thousand Seven Hundred (3,700) shares** of common stock, $0.001 par value, of **VBH Kentucky Inc.**, a Nevada corporation, to be assigned from VBHI to **Afgin Investments, LLC**, a Florida limited liability company, pursuant to an Assignment of Stock of even date herewith;

the Parties do hereby release, waive, and forever discharge one another of and from any and all manner of actions, causes of actions, claims, suits, debts, demands, judgments, agreements, and/or obligations of any nature whatsoever, at law or in equity, whether known or unknown, suspected, or asserted, matured or unmatured, accrued or unaccrued, direct or indirect, which it ever had, now has, or which it hereafter can, will, or may have, or claim to have, for or by reason of any cause, matter, event, occurrence, or thing whatsoever from the beginning of time to the Effective Date asserted in or which could have been asserted by the Parties or any third party in relation to the mutual business dealings and personal interactions of the Parties, or in any mediation, arbitration, administrative or regulatory proceeding, tribunal, or court of law arising out of or connected with, directly or indirectly, any dealings, contracts, agreements, transactions, events, or other activities by, between, or among the Parties or any third party.

**Page 1 of 3**

The Parties agree to execute and deliver all documents, provide all information, and take or forbear from taking any and all actions as may be necessary or appropriate to achieve the purposes of this Agreement. Further, the Plichta Parties will jointly and severally indemnify and hold harmless each of the UPDC Parties and their affiliates from any direct damages, loss, cost, or liability (including reasonable legal fees and the cost of enforcing this indemnity) arising out of or resulting from: (i) any third-party claims, debts, and other business and personal liabilities of any of the Plichta Parties; (ii) any tax or insurance liability of any kind owed or incurred by or for the benefit of any of the Plichta Parties; and (iii) any breach of this Agreement by any of the Plichta Parties or their affiliates; each from the beginning of time, through the Effective Date, and in perpetuity.

Each Party hereby agrees to safeguard and hold confidential from disclosure to unauthorized parties all non-public information relating to this Agreement and the mutual business dealings of the Parties. For purposes of the foregoing, only officers, directors, and employees of either Party or its affiliates, including accountants, auditors, and attorneys, will be authorized parties on a 'need to know' basis consistent with their respective positions, legal obligations, and responsibilities. Each Party agrees that it will not make any statements or representations or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage any Party, its affiliates, or their respective officers, directors, employees, advisors, businesses, or reputations. Notwithstanding the foregoing, nothing in this Agreement will preclude a Party from making truthful statements or disclosures that are required by applicable law, regulation, or legal process.

Each Party further agrees that: (i) no Party has made any representations or warranties to any other Party concerning the terms, enforceability, and implications of this Agreement; (ii) it has had a full and fair opportunity to consult with legal counsel or other advisers of its own choosing concerning the terms, enforceability, and implications of this Agreement; (iii) it has had a full and fair opportunity to review, comment, and make compromise revisions to this Agreement; (iv) this Agreement will be governed by and interpreted in accordance with the laws of the State of Nevada without giving effect to the conflicts of laws principals thereof; (v) it hereby submits to the jurisdiction and venue of the courts located in Washoe County, Nevada, for purposes of any arbitration or litigation related to this Agreement; (vi) each provision of this Agreement is severable, and the unenforceability or invalidity of any provision of this Agreement will not affect the validity or enforceability of the remaining provisions of this Agreement; provided, however, that each Party will use reasonable efforts to give effect to the economic or other intended purpose of any provision that is unenforceable or invalid; (vii) this Agreement may be executed in counterparts, each of which when executed and delivered will be deemed an original, but all of which will constitute one and the same instrument; and (viii) this Agreement may be executed by original, facsimile, and electronic signatures, each of which when affixed will be deemed to be an original that is enforceable against the executing Party.

**Page 2 of 3**

Subject to any limitations of applicable law or as otherwise provided herein, this Agreement will continue in full force and effect from the Effective Date until the end of time and to the bounds of the universe unless earlier terminated by the written agreement of the Parties, or any of them; provided, however, that no termination will be binding upon any non-terminating Party.

IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **UPD HOLDING CORP.** | **VITAL BEHAVIORAL HEALTH INC.** |
| <br> By: | By: |
| Name: Mark W. Conte<br> Title: Chief Executive Officer | Name: Mark W. Conte<br> Title: Authorized Signatory |
| **PROPERTY RESOURCES ASSOCIATES, LLC** | **GARY PLICHTA** |
| By: | By: |
| Name: Gary Plichta<br> Title: Manager | Name: Gary Plichta<br> Title: an individual |
| **Reviewed, acknowledged, and agreed by:** |  |
| **AFGIN INVESTMENTS, LLC** |  |
| By: |  |
| Name: Christina Plichta<br> Title: Authorized Signatory |  |

---

**Page 3 of 3**

## Exhibit 10.5

**Exhibit 10.5**

**<u>MUTUAL RELEASE AND SETTLEMENT AGREEMENT</u>**

This Mutual Release and Settlement Agreement (this "<u>Agreement</u>") is entered into as of **December 31, 2022** (the "<u>Effective Date</u>") by, between, and among, and for the benefit of each of, the following parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **UPD Holding Corp.**, a Nevada corporation (" <u>UPDC</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **Vital Behavioral Health Inc.**, a Nevada corporation (" <u>VBHI</u> ",
together with UPDC, the " <u>UPDC Parties</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. **Samuel Kesaris**, a Florida resident (" <u>Kesaris</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. **USR Holdings LLC**, a Florida limited liability company (" <u>USR</u> ",
together with Kesaris, the " <u>Kesaris Parties</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Each of their accountants, legal counsel, predecessors, successors, heirs, agents,
representatives, parents, subsidiaries, spouses, and affiliates.

Each of the foregoing parties may hereinafter be referred to each as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>".

The term "<u>affiliate</u>" means a person that, directly or indirectly, controls, is controlled by, or is under common control with a Party. The term "<u>control</u>" means the power or authority, directly or indirectly, to direct or cause the direction of the affairs or management of a person. The term "<u>person</u>" means an individual, corporation, partnership, limited partnership, limited liability company, joint venture, estate, association, trust, unincorporated organization, or other entity of any kind.

TO ALL WHOM THESE PRESENTS WILL COME OR MAY CONCERN, know that, in exchange for the mutual promises and agreements contained herein and the following valuable consideration:

**Three Thousand Seven Hundred (3,700) shares** of common stock, $0.001 par value, of **VBH Kentucky Inc.**, a Nevada corporation, to be assigned from VBHI to USR pursuant to an Assignment of Stock of even date herewith;

the Parties do hereby release, waive, and forever discharge one another of and from any and all manner of actions, causes of actions, claims, suits, debts, demands, judgments, agreements, and/or obligations of any nature whatsoever, at law or in equity, whether known or unknown, suspected, or asserted, matured or unmatured, accrued or unaccrued, direct or indirect, which it ever had, now has, or which it hereafter can, will, or may have, or claim to have, for or by reason of any cause, matter, event, occurrence, or thing whatsoever from the beginning of time to the Effective Date asserted in or which could have been asserted by the Parties or any third party in relation to the mutual business dealings and personal interactions of the Parties, or in any mediation, arbitration, administrative or regulatory proceeding, tribunal, or court of law arising out of or connected with, directly or indirectly, any dealings, contracts, agreements, transactions, events, or other activities by, between, or among the Parties or any third party.

**Page 1 of 3**

The Parties agree to execute and deliver all documents, provide all information, and take or forbear from taking any and all actions as may be necessary or appropriate to achieve the purposes of this Agreement. Further, the Kesaris Parties will jointly and severally indemnify and hold harmless each of the UPDC Parties and their affiliates from any direct damages, loss, cost, or liability (including reasonable legal fees and the cost of enforcing this indemnity) arising out of or resulting from: (i) any third-party claims, debts, and other business and personal liabilities of any of the Kesaris Parties; (ii) any tax or insurance liability of any kind owed or incurred by or for the benefit of any of the Kesaris Parties; and (iii) any breach of this Agreement by any of the Kesaris Parties or their affiliates; each from the beginning of time, through the Effective Date, and in perpetuity.

Each Party hereby agrees to safeguard and hold confidential from disclosure to unauthorized parties all non-public information relating to this Agreement and the mutual business dealings of the Parties. For purposes of the foregoing, only officers, directors, and employees of either Party or its affiliates, including accountants, auditors, and attorneys, will be authorized parties on a 'need to know' basis consistent with their respective positions, legal obligations, and responsibilities. Each Party agrees that it will not make any statements or representations or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage any Party, its affiliates, or their respective officers, directors, employees, advisors, businesses, or reputations. Notwithstanding the foregoing, nothing in this Agreement will preclude a Party from making truthful statements or disclosures that are required by applicable law, regulation, or legal process.

Each Party further agrees that: (i) no Party has made any representations or warranties to any other Party concerning the terms, enforceability, and implications of this Agreement; (ii) it has had a full and fair opportunity to consult with legal counsel or other advisers of its own choosing concerning the terms, enforceability, and implications of this Agreement; (iii) it has had a full and fair opportunity to review, comment, and make compromise revisions to this Agreement; (iv) this Agreement will be governed by and interpreted in accordance with the laws of the State of Nevada without giving effect to the conflicts of laws principals thereof; (v) it hereby submits to the jurisdiction and venue of the courts located in Washoe County, Nevada, for purposes of any arbitration or litigation related to this Agreement; (vi) each provision of this Agreement is severable, and the unenforceability or invalidity of any provision of this Agreement will not affect the validity or enforceability of the remaining provisions of this Agreement; provided, however, that each Party will use reasonable efforts to give effect to the economic or other intended purpose of any provision that is unenforceable or invalid; (vii) this Agreement may be executed in counterparts, each of which when executed and delivered will be deemed an original, but all of which will constitute one and the same instrument; and (viii) this Agreement may be executed by original, facsimile, and electronic signatures, each of which when affixed will be deemed to be an original that is enforceable against the executing Party.

**Page 2 of 3**

Subject to any limitations of applicable law or as otherwise provided herein, this Agreement will continue in full force and effect from the Effective Date until the end of time and to the bounds of the universe unless earlier terminated by the written agreement of the Parties, or any of them; provided, however, that no termination will be binding upon any non-terminating Party.

IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **UPD HOLDING CORP.** | **VITAL BEHAVIORAL HEALTH INC.** |
| <br> By: | By: |
| Name: Mark W. Conte<br> Title: Chief Executive Officer | Name: Mark W. Conte<br> Title: Authorized Signatory |
| **USR HOLDINGS LLC** | **SAMUEL KESARIS** |
| By: | By: |
| Name: Mark W. Conte<br> Title: President | Name: Samuel Kesaris<br> Title: an individual |

---

**Page 3 of 3**

## Exhibit 10.6

**Exhibit 10.6**

**ASSIGNMENT OF STOCK**

This Assignment of Stock (this "<u>Assignment</u>") is entered into as of **December 31, 2022** (the "<u>Effective Date</u>"), by and between **Vital Behavioral Health Inc.**, a Nevada corporation ("<u>Assignor</u>"), and **Afgin Investments, LLC**, a Florida limited liability company ("<u>Assignee</u>"). Each of Assignor and Assignee may be referred to herein as a "<u>Party</u>" or collectively as the "<u>Parties</u>".

WHEREAS, Assignor is the controlling shareholder of **VBH Kentucky Inc.**, a Nevada corporation ("<u>VBHK</u>"), and desires to assign to Assignee **Three Thousand Seven Hundred (3,700) shares** of common stock, $0.001 par value, of VBHK (the "<u>Stock</u>"); and

WHEREAS, Assignee and/or its affiliates have expended certain funds on behalf of, and contributed significant value to, VBHK in exchange for which Assignee desires to receive the Stock from Assignor in full settlement thereof.

NOW, THEREFORE**,** for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each of the foregoing recitals is an integral part of this Assignment and is binding upon the Parties as if set forth below in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Assignor hereby assigns all of its right, title, and interest in and to the Stock to Assignee, free and clear of any pledge, lien, or encumbrance placed upon the Stock by Assignor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assignor makes no representations or warranties to Assignee concerning the threat or existence of any adverse claims against the Stock or VBHK by any third parties, whether known or unknown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject to the foregoing reservations and exceptions by Assignor with respect to the Stock and VBHK, Assignee hereby assumes all of Assignor's right, title, and interest in and to the Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Each Party agrees to timely execute any and all papers and documents and do all other and further lawful acts that are necessary to give effect to the intent of this Assignment.

**Page 1 of 2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Each Party further agrees that: (i) no Party has made any representations or warranties to any other Party concerning the terms, enforceability, and implications of this Assignment; (ii) it has had a full and fair opportunity to consult with legal counsel or other advisers of its own choosing concerning the terms, enforceability, and implications of this Assignment; (iii) it has had a full and fair opportunity to review, comment, and make compromise revisions to this Assignment; (iv) this Assignment will be governed by and interpreted in accordance with the laws of the State of Nevada without giving effect to the conflicts of laws principals thereof; (v) it hereby submits to the jurisdiction and venue of the courts located in Washoe County, Nevada, for purposes of any arbitration or litigation related to this Assignment; (vi) each provision of this Assignment is severable, and the unenforceability or invalidity of any provision of this Assignment will not affect the validity or enforceability of the remaining provisions of this Assignment; provided, however, that each Party will use reasonable efforts to give effect to the economic or other intended purpose of any provision that is unenforceable or invalid; (vii) this Assignment may be executed in counterparts, each of which when executed and delivered will be deemed an original, but all of which will constitute one and the same instrument; and (viii) this Assignment may be executed by original, facsimile, and electronic signatures, each of which when affixed will be deemed to be an original that is enforceable against the executing Party.

IN WITNESS WHEREOF, the Parties have executed and delivered this Assignment as of the Effective Date.

---

| | |
|:---|:---|
| "**ASSIGNOR**" | **"ASSIGNEE**" |
| **VITAL BEHAVIORAL HEALTH INC.** | **AFGIN INVESTMENTS, LLC** |
| By: ______________________________<br> Name: Mark W. Conte<br> Title: Authorized Signatory | By: ______________________________<br> Name: Christina Plichta<br> Title: Authorized Signatory |

---

**Reviewed, acknowledged, and agreed to by:**

**VBH KENTUCKY INC.**

By: ______________________________

Name: Mark W. Conte

Title: Authorized Signatory

**Page 2 of 2**

## Exhibit 10.7

**Exhibit 10.7**

**ASSIGNMENT OF STOCK**

This Assignment of Stock (this "<u>Assignment</u>") is entered into as of **December 31, 2022** (the "<u>Effective Date</u>"), by and between **Vital Behavioral Health Inc.**, a Nevada corporation ("<u>Assignor</u>"), and **USR Holdings LLC**, a Florida limited liability company ("<u>Assignee</u>"). Each of Assignor and Assignee may be referred to herein as a "<u>Party</u>" or collectively as the "<u>Parties</u>".

WHEREAS, Assignor is the controlling shareholder of **VBH Kentucky Inc.**, a Nevada corporation ("<u>VBHK</u>"), and desires to assign to Assignee **Three Thousand Seven Hundred (3,700) shares** of common stock, $0.001 par value, of VBHK (the "<u>Stock</u>"); and

WHEREAS, Assignee and/or its affiliates have expended certain funds on behalf of, and contributed significant value to, VBHK in exchange for which Assignee desires to receive the Stock from Assignor in full settlement thereof.

NOW, THEREFORE**,** for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each of the foregoing recitals is an integral part of this Assignment and is binding upon the Parties as if set forth below in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Assignor hereby assigns all of its right, title, and interest in and to the Stock to Assignee, free and clear of any pledge, lien, or encumbrance placed upon the Stock by Assignor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assignor makes no representations or warranties to Assignee concerning the threat or existence of any adverse claims against the Stock or VBHK by any third parties, whether known or unknown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject to the foregoing reservations and exceptions by Assignor with respect to the Stock and VBHK, Assignee hereby assumes all of Assignor's right, title, and interest in and to the Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Each Party agrees to timely execute any and all papers and documents and do all other and further lawful acts that are necessary to give effect to the intent of this Assignment.

**Page 1 of 2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Each Party further agrees that: (i) no Party has made any representations or warranties to any other Party concerning the terms, enforceability, and implications of this Assignment; (ii) it has had a full and fair opportunity to consult with legal counsel or other advisers of its own choosing concerning the terms, enforceability, and implications of this Assignment; (iii) it has had a full and fair opportunity to review, comment, and make compromise revisions to this Assignment; (iv) this Assignment will be governed by and interpreted in accordance with the laws of the State of Nevada without giving effect to the conflicts of laws principals thereof; (v) it hereby submits to the jurisdiction and venue of the courts located in Washoe County, Nevada, for purposes of any arbitration or litigation related to this Assignment; (vi) each provision of this Assignment is severable, and the unenforceability or invalidity of any provision of this Assignment will not affect the validity or enforceability of the remaining provisions of this Assignment; provided, however, that each Party will use reasonable efforts to give effect to the economic or other intended purpose of any provision that is unenforceable or invalid; (vii) this Assignment may be executed in counterparts, each of which when executed and delivered will be deemed an original, but all of which will constitute one and the same instrument; and (viii) this Assignment may be executed by original, facsimile, and electronic signatures, each of which when affixed will be deemed to be an original that is enforceable against the executing Party.

IN WITNESS WHEREOF, the Parties have executed and delivered this Assignment as of the Effective Date.

---

| | |
|:---|:---|
| "**ASSIGNOR**" | **"ASSIGNEE**" |
| **VITAL BEHAVIORAL HEALTH INC.** | **USR HOLDINGS LLC** |
| By: ______________________________<br> Name: Mark W. Conte<br> Title: Authorized Signatory | By: ______________________________<br> Name: Samuel Kesaris<br> Title: Manager |

---

**Reviewed, acknowledged, and agreed to by:**

**VBH KENTUCKY INC.**

By: ______________________________

Name: Mark W. Conte

Title: Authorized Signatory

**Page 2 of 2**

## Exhibit 99.1

**Exhibit 99.1**

**UPD HOLDING CORP. ANNOUNCES RE-ENTRY INTO BEVERAGE BUSINESS, <br> APPOINTMENT OF NEW DIRECTOR, AND CANCELLATION OF CERTAIN DEBT**

**January 6, 2022 - Reno, NV – UPD Holding Corp. (OTC:UPDC) (the "Company" or "UPDC")**, a publicly traded holding company in the health and wellness industry, is pleased to announce that it is re-entering the beverage business with a focus on specialty waters and functional beverages.

The Company's wholly owned subsidiary, United Product Development Corp., a Nevada corporation ("United Product"), entered into an agreement on December 30, 2022 for the acquisition of several complete equipment operating lines for various bottle and can formats, including printed- and sleeve-labeled standard and slimline 12 fl. oz. cans, shrink-labeled 2 fl. oz. shot bottles, and adhesive-labeled 2 fl. oz. tincture bottles. Within these packaging formats, United Product is able to meet cold, hot, pasteurized, pH-adjusted, colored, flavored, carbonated, and other beverage-enhanced fill demands.

The purchase price paid by United Product is $3,750,000, consisting of: (a) $1,250,000 of the Company's common stock shares, valued at a fixed price per share of $0.025 ; and (b) a $2,500,000 secured promissory note payable to the seller over two years in annual installments.

"This Company has a long history of being in the beverage industry from time to time, and we believe current demand and functional ingredient innovation make this a prudent time to re-enter the consumer beverage market," said Mark Conte, the Company's CEO.

Along with the acquisition, the Company is pleased to announce that William "Bill" Nicholson, has been named to the Company's Board of Directors to provide valuable strategic guidance to the Company's management team.

Bill Nicholson's wide-ranging experience includes serving as Appointments Secretary to President Gerald R. Ford; providing key leadership to the Amway Corporation where, as COO, he oversaw revenue growth from under $1 billion to over $6 billion; and serving on the boards of UCLA's Center on Middle Eastern Development, M.D. Anderson Cancer Center, and Grand Valley State University. Bill Nicholson also has served as an advisor to the Van Andel Institute for many years.

The Company also is pleased to announce that it has named Jeff Guest as the President of United Product to lead the new beverage operations. Jeff Guest brings over a decade of experience in top executive leadership roles in the health care and health products industries, including recreational and functional beverages and total business lifecycle participation from start-up to generating multi-million dollar revenues and profitability.

CEO Mark Conte added: "Bill Nicholson is a powerhouse who brings decades of successful experience and unenumerable business and financing opportunities to the companies he advises. We are lucky to have him on the Company's Board of Directors and also to be joined by Jeff Guest who brings the right operational experience and leadership to us at the right time."

Subsequent to the acquisition of the beverage assets by United Product, the Company disposed of the entirety of its majority interest in VHB Kentucky, Inc., a Nevada corporation, in exchange for the cancellation of in excess of $400,000 of debt and ongoing negative cash flow obligations at its location in Frankfort, Kentucky.

**About UPD Holding Corp.**

**UPD Holding Corp.** is a publicly traded holding company in the health and wellness industry that conducts business through its primary operating subsidiaries, United Product Development Corp. and Vital Behavioral Health Inc.

*<u>Mark Conte</u>, CEO & Director*

(775) 829-7999

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***Notice About Forward-Looking Statements***

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*This news release may contain "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed for any acquisitions, production, marketing, products or product sales, and the timeliness within which such items may be accomplished, as referred to in this news release.*

 

*Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with acquisitions, product development and sale. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and that which is made publicly available by us from time to time. No information in his press release should be construed in any way as an indication of the Company's future revenues, financial condition, or stock price.*