Document:

Exhibit 10.1 

 

FORM OF

ASSET PURCHASE AGREEMENT

 

ASSET PURCHASE AGREEMENT
(the “Agreement”) made as of October 4, 2021, by and among Eco Innovation Group, Inc., a Nevada corporation (the “Buyer”),
Spruce Engineering & Construction Inc., a newly-formed Alberta corporation (“NewCo”), Spruce Construction, Inc.,
an Alberta corporation (the “Seller”) and Timothy Boezktes, the sole shareholder of Seller (the “Shareholder”).
The Seller, NewCo, Buyer and the Shareholder are referred to herein as each a “Party” and together as the “Parties”.

 

WITNESSETH:

 

WHEREAS, the Shareholder
presently owns 100% of Seller’s issued and outstanding equity; 

 

WHEREAS, the Buyer desires
to purchase from the Seller and transfer to NewCo, and the Seller desires to sell to the Buyer for transfer to NewCo, all of the Seller’s
business, assets and properties used, or held or developed for use, in its construction segment, including the name “Spruce Construction”
(herein, the “Business”), and assume responsibility for and pay certain debts, obligations and liabilities of the Business
existing prior to the Closing Date, upon the terms and conditions hereinafter set forth herein; and

 

WHEREAS, the Buyer and
Shareholder intend to transfer the Business to NewCo and operate NewCo as a common venture, with Buyer holding 85%, Shareholder 10%, and
a third party individual holding 5%, of NewCo’s equity;

 

NOW, THEREFORE, in consideration
of the mutual covenants and promises herein contained and upon the terms and conditions hereinafter set forth, the sufficiency of which
are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1. PURCHASE AND SALE OF
THE BUSINESS/ASSUMPTION OF LIABILITIES. 

 

(a)             
Upon the terms and conditions herein contained, at the Closing (as hereinafter defined), the Seller
shall sell, transfer, assign, convey and deliver to the NewCo, and the Buyer shall purchase from the Seller for the account of NewCo,
all right, title and interest of the Seller in and to all of the Seller’s assets and properties used, or held or developed for use,
in the Business including the name “Spruce Construction”, including, without limitation, the assets set forth on Schedule
A hereto (the “Purchased Assets”), free and clear of any liens, claims, pledges, mortgages, restrictions, obligations,
security interests, charges and encumbrances of any kind, nature and description currently existing with respect to such assets , except
as expressly set out herein.

 

(b)             
At the Closing, the Seller shall transfer, assign, and deliver to the NewCo, and NewCo shall assume,
those obligations specifically set forth in Schedule B attached hereto (the “Assumed Liabilities”);  

 

It is understood and agreed between
the Parties that neither the Buyer or NewCo are assuming and shall not be liable or responsible for any of the liabilities, debts or obligations
of the Seller existing or accruing at the Closing, whether or not relating to the business, and the Seller and the Shareholder shall indemnify
and save harmless NewCo, the Buyer, their Officers, Directors, employees, agents and Shareholders from and against all costs, expenses,
losses, claims or liabilities, including reasonable legal fees and disbursements (on a solicitor client basis) suffered or incurred by
the Buyer, NewCo or any persons arising out of any liabilities, debts and obligations, save and except the Assumed Liabilities.

 

2. CONSIDERATION. In
consideration of sale and transfer to NewCo of the Purchased Assets, (i) the Buyer shall issue to Shareholder (or his designees) 1,000,000
shares of Buyer’s restricted common stock (“Purchase Shares”) and (ii) NewCo agrees to assume the Assumed Liabilities.

 

	 	3.	THE CLOSING AND OTHER RIGHTS.

 

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3.1 The Closing. The closing
of the transactions contemplated by this Agreement (the “Closing”) shall be consummated on the date hereof (the “Closing
Date”).

 

3.2 Seller Deliveries.
At the Closing, the Seller shall deliver to the Buyer:

 

	(a) a Bill of Sale and Assignment and Assumption Agreement, dated as of the Closing Date, in form and substance to be mutually agreed to by the Seller and the Buyer, (i) transferring the Purchased Assets to NewCo, and (ii) evidencing the assumption by NewCo of the Assumed Liabilities (the “Bill of Sale and Assignment and Assumption Agreement”), duly executed by the Seller; and

  

(b) such other documents and instruments
which are necessary to consummate this Agreement and reasonably requested by the Buyer and NewCo.

 

3.3 Buyer Deliveries. At
the Closing, the Buyer shall deliver to the Seller:

 

(a) the Bill of Sale and Assignment
and Assumption Agreement, duly executed by the Buyer and NewCo;

  

4. SELLER REPRESENTATIONS
AND WARRANTIES. The Seller hereby represents and warrants to, and agrees with, the Buyer, that the statements contained in this
Section 4 are true and correct:

 

4.1 Authority. The Seller
has full authority to execute and to perform this Agreement in accordance with its terms; the execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Seller;
and no further authorization or approval, whether of governmental bodies or otherwise, is necessary in order to enable the Seller to enter
into and perform the same; and this Agreement constitutes a valid and binding obligation enforceable against the Seller in accordance
with its terms. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby does not and
will not result in a breach, violation or default or give rise to an event which, with the giving of notice or after the passage of time,
or both, would result in a breach, violation or default of any of the terms or provisions or of its Articles of Incorporation, Bylaws,
any statute, indenture, mortgage, deed of trust, loan agreement or other material agreement, instrument or restriction to which the Seller
is a party or by which the Seller or its assets may be materially bound or affected, or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Seller; and no further authorization or approval, whether of governmental bodies
or otherwise, is necessary in order to enable the Seller to enter into and perform the same.

 

4.2 No Conflict. The execution
and delivery of this Agreement, and the consummation of the transactions contemplated hereby, will not result in a breach, violation or
default or give rise to an event which with the giving of notice or after the passage of time, or both, would result in a breach, violation
or default of any of the terms or provisions of the Seller’s Articles of Incorporation, By-Laws, or any order, rule or regulation
of any court or governmental agency or body having jurisdiction over the Seller.

  

4.3 Litigation. To the
Seller’s knowledge, there are no threatened action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative,
investigative or appellate proceeding), hearing, order, inquiry, audit, examination or investigation commenced, brought, conducted or
heard by or before, or otherwise involving, any court or other any agency or other instrumentality of the United States, Canada, or any
domestic or foreign state, county, city, municipality or other political or governmental subdivision (“Governmental Body”)
or any arbitrator or arbitration panel pending or threatened that relate to the Seller’s ownership of the Purchased Assets, or any
option or other right of the Sellers to the Purchased Assets, or any right of the Seller to receive consideration as a result of this
Agreement, and there is no reasonable basis for any of the foregoing.

 

4.4 Brokers or Finders.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Seller.

 

4.5 Ownership of Purchased
Assets. The Seller is the absolute beneficial owner of the Purchased Assets with good and marketable title thereto, free and clear
of any mortgages, liens, charges, pledges, security interest or

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encumbrances (except for the Assumed Liabilities)
or any rights of others to acquire any ownership in any of the Purchased Assets and is exclusively entitled to possess and dispose of
the same.

 

4.5 Canadian Tax Status.
The Seller is not a non-resident of Canada for the purposes of the Income Tax Act (Canada).

 

5. BUYER AND SHAREHOLDER
REPRESENTATIONS AND WARRANTIES. The Buyer and the Shareholder jointly and severally hereby represent and warrant to, and agree
with, the Seller as follows:

 

5.1 Organization and Good Standing.
The Buyer is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada.

 

5.2 Authority. The Buyer
and the Shareholder have full authority to execute and to perform this Agreement in accordance with its terms; the execution and delivery
of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the
part of Buyer and the Shareholder; and no further authorization or approval, whether of governmental bodies or otherwise, is necessary
in order to enable the Buyer or the Shareholder to enter into and perform the same; and this Agreement constitutes a valid and binding
obligation enforceable against the Buyer or the Shareholder in accordance with its terms. The execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby does not and will not result in a breach, violation or default or give rise
to an event which, with the giving of notice or after the passage of time, or both, would result in a breach, violation or default of
any of the terms or provisions or of its Articles of Incorporation, Bylaws, any statute, indenture, mortgage, deed of trust, loan agreement
or other material agreement, instrument or restriction to which the Buyer or the Shareholder is a party or by which the Buyer or the Shareholder
or their respective assets may be materially bound or affected, or any order, rule or regulation of any court or governmental agency or
body having jurisdiction over the Buyer or the Shareholder; and no further authorization or approval, whether of governmental bodies or
otherwise, is necessary in order to enable the Buyer or the Shareholder to enter into and perform the same; and this Agreement constitutes
a valid and binding obligation enforceable against the Buyer and the Shareholder in accordance with its terms.

 

5.3 No Conflict. The execution
and delivery of this Agreement, and the consummation of the transactions contemplated hereby, will not result in a breach, violation or
default or give rise to an event which with the giving of notice or after the passage of time, or both, would result in a breach, violation
or default of any of the terms or provisions of the Buyer’s Articles of Incorporation, By-Laws, or any order, rule or regulation
of any court or governmental agency or body having jurisdiction over the Buyer or the Shareholder. The execution, delivery and performance
by Seller, the Buyer and the Shareholder of this Agreement and any documents, certificates or instruments delivered pursuant to this Agreement
or in connection herewith to which such Party is a party, and the consummation of the transactions contemplated hereby and thereby, do
not and will not require the consent, notice or other action by any an individual, corporation, partnership, joint venture, limited liability
company, Governmental Body, unincorporated organization, trust, association, or other entity (“Person”) under, conflict
with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would
constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel
any contract to which Seller, the Buyer or the Shareholder is a party or by which Seller, the Buyer or the Shareholder is bound or to
which any of their respective properties and assets are subject.

  

5.4 Access To Data. The
Buyer has had full access to all pertinent data and information regarding the Business, including the Purchased Assets and Assumed Liabilities,
and, as such, has received all the information it considers necessary or appropriate for deciding whether to purchase the Purchased Assets
and assume the Assumed Liabilities. The Seller has made no representations or warranties as to the assets of the Seller, except as specifically
set forth in this Agreement.

  

5.6 Litigation. There are
no threatened action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate
proceeding), hearing, order, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise
involving, any court or other Governmental Body or any arbitrator or arbitration panel pending or, to the knowledge of the Buyer or the
Shareholder, threatened that relate to the Shareholder’s ownership of any capital stock of Seller, or any option or other right
of the Shareholder to the capital stock of Seller, or any right of the Shareholder to receive consideration as a result of this

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Agreement, and there is no reasonable basis for any
of the foregoing. There are no actions, suits, proceedings (including any arbitration proceedings), orders, investigations or claims pending
or, to the knowledge of the Buyer or the Shareholder, threatened against or affecting the Buyer or the Shareholder in which it is sought
to restrain or prohibit or to obtain damages or other relief in connection with the transactions contemplated by this Agreement.

 

5.7 Brokers or Finders.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer or the Shareholder.

 

6. INDEMNIFICATION.

 

6.1 Each Party shall defend, indemnify,
and hold the other harmless from and against any and all losses, damages, liabilities and expenses (including penalties and attorneys’
fees) which are incurred or suffered by or imposed upon the other Party arising out of or relating to (i) any failure or breach by the
Party to perform any of its covenants, agreements or obligations under this Agreement, or (ii) any inaccuracy or incompleteness of any
of the representations and warranties of the Party contained in this Agreement; or (iii) any claims based upon, related to, or by reason
of any matter, cause, fact, act or omission, agreement, understanding, representation, warranty occurring or arising at any moment out
of this Agreement, or any other agreements entered into by any of the Parties relating to the Purchased Assets. For purposes of this Section
6, the party or parties jointly and severally indemnifying and holding harmless another party or parties and their respective officers,
directors, employees, stockholders, agents, representatives and Affiliates shall be referred to as the “Indemnifying Party”
and, collectively, the “Indemnifying Parties” and the party or parties seeking indemnification shall be referred to as an
“Indemnified Party” and, collectively, the “Indemnified Parties”.

 

6.2 Indemnification Procedures
for Third-Party Claims. In making a claim under this Section 6, the Indemnified Party and the Indemnifying Party shall:

 

Upon obtaining knowledge of any
claim by a third party that has given rise to, or is expected to give rise to, a claim for indemnification hereunder, the Indemnified
Party shall give written notice (“Notice of Claim”) of such claim or demand to the Indemnifying Party, specifying in
reasonable detail such information as the Indemnified Party may have with respect to such indemnification claim (including copies of any
summons, complaint or other pleading that may have been served on it and any written claim, demand, invoice, billing or other document
evidencing or asserting the same). Subject to the limitations set forth in Section 6.3 hereof, no failure or delay by an Indemnified
Party in the performance of the foregoing shall reduce or otherwise affect the obligation of the Indemnifying Party to indemnify and hold
the r Indemnified Party harmless, except to the extent that such failure or delay shall have actually adversely affected the Indemnifying
Party’s ability to defend against, settle or satisfy any claims for which the Indemnified Party is entitled to indemnification hereunder.

 

If the claim or demand set forth
in the Notice of Claim given by a Indemnified Party pursuant to Section 6.2(a) hereof is a claim or demand asserted by a third
party, the Indemnifying Party shall have fifteen (15) business days after the date on which the Notice of Claim is delivered to notify
the Indemnified Party in writing of its election to defend such third party claim or demand on behalf of the Indemnified Party. If the
Indemnifying Party elects to defend such third party claim or demand, the Indemnified Party shall make available to the Indemnifying Party
and its agents and representatives all records and other materials that are reasonably required in the defense of such third party claim
or demand and shall otherwise cooperate with, and assist the Indemnifying Party in the defense of, such third party claim or demand, and
so long as the Indemnifying Party is defending such third party claim in good faith, the Indemnified Party shall not pay, settle or compromise
such third party claim or demand. If the Indemnifying Party elects to defend such third party claim or demand the Indemnified Party shall
have the right to participate in the defense of such third party claim or demand at the Indemnified Party’s expense. In the event,
however, that such Indemnified Party reasonably determines that representation by counsel to the Indemnifying Party of both the Indemnifying
Party and such Indemnified Party could reasonably be expected to present counsel with a conflict of interest, then the Indemnified Party
may employ separate counsel to represent or defend it in any such action or proceeding at the Indemnifying Party’s own expense.
If the Indemnifying Party does not elect to defend such third party claim or demand or does not defend such third party claim or demand
in good faith, the Indemnified Party shall have the right, in addition to any other right or remedy it may have hereunder, at the Indemnifying
Party’s expense, to defend such third party claim or demand; provided, however, that: (i) such Indemnified Party shall not have
any obligation to participate

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in the defense of or defend any such third party
claim or demand; (ii) such Indemnified Party’s defense of or its participation in the defense of any such third party claim or demand
shall not in any way diminish or lessen the obligations of the Indemnifying Party under the agreements of indemnification set forth in
this Section 6; and (iii) such Indemnified Party may not settle any claim without the consent of the Indemnifying Party, which
consent shall not be unreasonably withheld or delayed.

 

Except for third party claims
being defended in good faith, the Indemnifying Party shall satisfy its obligations under this Section 6 in respect of a valid claim
for indemnification hereunder that is not contested by the Indemnified Party in good faith by wire transfer of immediately available funds
to the Indemnified Party within thirty (30) days after the date on which Notice of Claim is delivered to the Indemnified Party.

 

6.3 Indemnification Procedures
for Non-Third Party Claims. In the event any Indemnified Party should have an indemnification claim against the Indemnifying Party
under this Agreement that does not involve a claim by a third party, the Indemnified Party shall promptly deliver notice of such claim
to the Indemnifying Party in writing and in reasonable detail. The failure by any Indemnified Party to so notify the Indemnifying Party
shall not relieve the Indemnifying Party from any liability that it may have to such Indemnified Party, except to the extent that Indemnifying
Party have been actually prejudiced by such failure. If the Indemnifying Party does not notify the Indemnified Party within fifteen (15)
business days following its receipt of such notice that the Indemnifying Party dispute such claim, such claim specified by the Indemnified
Party in such notice shall be conclusively deemed a liability of the Indemnifying Party under this Section 6 and the Indemnifying
Party shall pay the amount of such liability to the Indemnified Party on demand, or in the case of any notice in which the amount of the
claim is estimated, on such later date when the amount of such claim is finally determined. If the Indemnifying Party disputes its liability
with respect to such claim in a timely manner, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate
a resolution of such dispute.

  

7. COVENANTS.

 

7.1 Restrictive Covenants.

 

(a) Confidentiality. From
and after the date hereof, each Party will, and will cause its respective affiliates to, refrain from using or disclosing, and will take
all commercially reasonable steps to prevent unauthorized use or disclosure of, any Confidential Information. In the event that a Party
reasonably believes after consultation with its counsel or an affiliate is required by applicable law to disclose any Confidential Information,
such Party or such affiliate may disclose only such Confidential Information as may be legally required, provided that it: (i) provides
the Parties with prompt notice before such disclosure so that such Parties may attempt to obtain a protective order or other assurance
that confidential treatment will be accorded to such Confidential Information; and (ii) cooperates with such Parties in attempting to
obtain such order or assurance. “Confidential Information” means all information of a confidential or proprietary nature
(whether or not specifically labeled or identified as “confidential”), in any form or medium, of a Party related to the Business
or the business and operations of the Seller, as a publicly traded company, or respective customers, suppliers, distributors or other
business relations, including all information concerning finances, customer information, supplier information, products, services, prices,
organizational structure and internal practices, forecasts, sales and other financial results, records and budgets, and business, marketing,
development, sales and other commercial strategies, unpatented inventions, ideas, methods and discoveries, trade secrets, know-how, unpublished
patent applications and other confidential intellectual property, designs, specifications, documentation, components, source code, object
code, schematics, drawings, protocols and processes.

  

7.2 Transfer Taxes. All
transfer, documentary, sales, use, registration, stamp and other taxes and fees (including any penalties and interest thereon) incurred
in connection with the transactions contemplated by this Agreement (together, “Transfer Taxes”) shall be paid by the
Buyer when due, and the Buyer shall, at its expense, file all necessary tax returns and other documentation with respect to all such Transfer
Taxes.

  

8. MISCELLANEOUS.

 

8.1 Binding Effect. This
Agreement shall insure to the benefit of, and shall be binding upon, the parties hereto and their respective successors and permitted
assigns. Except as otherwise set forth herein, this Agreement may not be assigned by any party hereto without the prior written consent
of the parties hereto. Except as otherwise set forth

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herein, nothing in this Agreement, expressed or implied,
is intended to confer on any person other than the parties hereto or their respective successors and permitted assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement.

 

8.2 Notices. All notices,
requests, demands and other communications which are required to be or may be given under this Agreement shall be in writing and shall
be deemed to have been duly given when delivered in person, or transmitted by telecopy or telex, or upon receipt after dispatch by certified
or registered first class mail, postage prepaid, return receipt requested, to the party to whom the same is so given or made, at the following
addresses (or such others as shall be provided in writing hereinafter):

 

	 	(a)	If to the Seller, to:

 

Spruce Construction, Inc.

Attention: Timothy Boetzkes

1 Grosvenor Blvd

St Albert, Alberta

T8N 0X1

Email: timothy@spruceconstruction.com

Tel.: 780-918-3855 

 

	 	(b)	If to the Buyer, to:

 

Eco Innovation Group, Inc.

16525 Sherman Way, Suite C-1

Van Nuys, CA

Attention: Julia Otey-Raudes

Email: julia.otey@ecoig.com

Tel. : (818) 310-1806

 

	 	(c)	If to the Shareholder, to:

 

Timothy Boetzkes

1 Grosvenor Blvd

St Albert, Alberta

T8N 0X1

Email: timothy@spruceconstruction.com

Tel.: 780-918-3855 

 

8.3 Entire Agreement. This
Agreement, together with the Schedules and any documents, certificates or instruments delivered pursuant to this Agreement or in connection
herewith, constitutes the entire agreement and supersedes all prior agreements and understandings, oral and written, between the parties
hereto with respect to the subject matter hereof.

 

8.4 Further Assurances.
After the Closing, at the request of either party, the other party shall execute, acknowledge and deliver, without further consideration,
all such further assignments, conveyances, endorsements, deeds, powers of attorney, consents and other documents and take such other action
as may be reasonably requested to consummate the transactions contemplated by the Agreement. The Seller shall reasonably cooperate with
the Buyer, at the Buyer’s request and at the Buyer’s expense, in connection with the delivery of any of the Purchased Assets.

 

8.5 Headings. The section
and other headings contained in this Agreement are for reference purposes only and shall not be deemed to be a part of this Agreement
or to affect the meaning or interpretation of this Agreement.

 

8.6 Counterparts. This
Agreement may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an original and all of which
together shall be deemed to be one and the same instrument.

 

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8.7 Governing Law and Attornment.
The provisions of this Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the federal
laws of Canada applicable therein. Any legal actions or proceedings with respect to this Agreement shall be brought in the courts of the
Province of Alberta. Each Party hereby attorns to and accepts the jurisdiction of such courts.

 

8.8 Severability. If any
term or provision of this Agreement shall to any extent be invalid or unenforceable, the remainder of this Agreement shall not be affected
thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

 

8.9 Amendments. This Agreement
may not be modified or changed except by an instrument or instruments in writing executed by the parties hereto.

 

8.10 Consultation with Counsel.
Each Party acknowledges that it has been given the opportunity to consult with counsel before executing this Agreement and are executing
this Agreement without duress or coercion and without reliance on any representations, warranties or commitments other than those representations,
warranties, and commitments set forth in this Agreement.

 

8.11 Survival of Certain Provisions.
The provisions of Section 6 and Section 7.1(a) shall survive the expiration of the termination of this Agreement.

  

[SIGNATURE PAGE TO ASSET PURCHASE AGREEMENT TO FOLLOW]

 

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IN WITNESS WHEREOF, the
Parties have caused this Agreement to be duly executed as of the date first above written.

  

	 	SELLER:
	 	 
	 	SPRUCE CONSTRUCTION, INC.
	 	 
	 	By:	 /s/ Timothy Boetzkes                                
	 	 	Name:  	Timothy Boetzkes
	 	 	Title: 	Chief Executive Officer

   

	 	BUYER:
	 	 
	 	ECO INNOVATION GROUP, INC.
	 	 
	 	By:	/s/ Julia Otey-Raudes
	 	 	Name:	 Julia Otey-Raudes
	 	 	Title: 	Chief Executive Officer
	 	 	 	 
	 	NEWCO:
	 	 
	 	SPRUCE ENGINEERING & CONSTRUCTION INC.
	 	 
	 	By:	/s/ Patrick Laurie
	 	 	Name:	 Patrick Laurie
	 	 	Title: 	Chief Executive Officer

 

	SHAREHOLDER:	 
	 	 
	TIMOTHY BOETZKES	 
	 	 
	By: 	/s/ Timothy Boetzkes	 
	 	Name: 	 Timothy Boetzkes	 
	 	 	 	 

 

	 

 

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	SCHEDULE A - PURCHASED ASSETS
	Trucks	No.	 	Value	 	VIN
	 	 	 	 	 	 
	2017 Ford F150 XLT Supercrew SWB 4WD	1	 	 $ 40,276.46 	 	1FTEW1EP6HKD21590
	 	 	 	 	 	 
	2007 Ford F150 King Ranch	1	 	 $ 12,500.00 	 	1FTPW14587KB29627
	 	 	 	 	 	 
	TOOLS	 	 	 	 	 
	 	 	 	 	 	 
	Ridgid Table Saw	1	 	 	 	 
	Milwaukee Mitre Saw	1	 	 	 	 
	MasterCraft Mitre Saw	1	 	 	 	 
	DeWalt Compressor	1	 	 	 	 
	Porter Cable Compressor	1	 	 	 	 
	Makita Circular Saw	1	 	 	 	 
	Makita Cordless Saw	2	 	 	 	 
	Dremel Max Saw	1	 	 	 	 
	Makita Cordless Impact Drill	1	 	 	 	 
	Makita Cordless Drill	1	 	 	 	 
	Makita Reciprocating Saw	1	 	 	 	 
	Makita Grinder	1	 	 	 	 
	Ridgid Oscillating Saw	1	 	 	 	 
	Baker scaffold	1	 	 	 	 
	Hilti Chipping hammer	1	 	 	 	 
	Maikita Hammer Drill	1	 	 	 	 
	Bosch Hammer Drill	1	 	 	 	 
	Planer	1	 	 	 	 
	Ridgid Jigsaw	1	 	 	 	 
	Ryobi Sander	1	 	 	 	 
	Ridgid Sander	1	 	 	 	 
	Ridgid Vacuum	1	 	 	 	 
	Ramset	1	 	 	 	 
	Mastercraft Router	1	 	 	 	 
	Nailer 18 Gauge	1	 	 	 	 
	Nailer 16 Gauge	1	 	 	 	 
	Nailer Stapler and 18 Gauge	1	 	 	 	 
	Roof Nailer	1	 	 	 	 
	Framing Nailer	1	 	 	 	 

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	Ridgid Wet Saw	1	 	 	 	 
	Basic Wet Saw	1	 	 	 	 
	1/2'' Drill	1	 	 	 	 
	Corded Drill	1	 	 	 	 
	Drywall drill	1	 	 	 	 
	Ultra max Paint Sprayer	1	 	 	 	 
	Dewalt Palm Sander	1	 	 	 	 
	Construction light stand	1	 	 	 	 
	TOTAL AGGREGATE TOOL VALUE	 	 	 $    15,000.00 	 	 

 

 

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Schedule B

Assumed Liabilities of NewCo

		1.	Spruce Engineering & Construction Inc. will pay from its future net operating revenues to Spruce
Construction Inc. the sum of $130,000 as follows: 

 

		·	$70,000 to cover previously-paid operational costs to be
paid within 6 months from Closing. 

		·	$60,000 to cover government loan to be paid by December
1, 2022. 

 

		2.	Remaining finance debt of approximately $34,000 for vehicle 2017 Ford F150 VIN 1FTEW1EP6HKD21590Exhibit 10.2

 

FORM OF

LOCK-UP/LEAK-OUT AGREEMENT

 

LOCK-UP/LEAK-OUT AGREEMENT (the “Agreement”)
dated as of October 4, 2021 (the “Closing Date”), by and between Timothy Boekztes (“BOEKZTES”) and Eco
Innovation Group, Inc., a Nevada corporation (“ECOX”).

 

WHEREAS, as of the Closing Date, BOEKZTES and
ECOX have entered into that certain Asset Purchase Agreement as of even date herewith (“Asset Purchase Agreement”); and

 

WHEREAS, pursuant to the Asset Purchase Agreement,
the sale and transfer of the Shares shall be subject to this Agreement;

 

NOW, THEREFORE, in consideration of the foregoing
and the terms, conditions and mutual covenants appearing in this Agreement, the parties hereto hereby agree as follows:

 

SECTION 1. (a) The resale of the Shares shall be according to the
following schedule: Beginning on the date six months after the Closing Date and for twelve (12) months thereafter, BOEKZTES may sell the
Shares and shall be limited to sell not more than the aggregate quantity of shares equaling 10,000 per week, or 40,000 per month. Prior
to the date six months after the Closing Date, the Shares may not be sold or transferred.

 

(b) Sales of Shares shall be by means of “in-the-market”
transactions.  “In the market” shall mean a brokered sale made on the OTC Market, or any subsequent primary trading market,
or customary trading channels and/or, with the mutual consent of the parties, a private offering, which consent shall not be unreasonably
withheld, conditioned or delayed. If sold to a purchaser in a private offering, such purchaser shall agree to comply with all the terms
and conditions of the Agreement.

 

(c) Any sales of Shares in violation of this Agreement by either party
shall constitute an event of default under this Agreement and an equal number of Shares shall be forfeited by BOEKZTES.

 

(d) BOEKZTES acknowledges that their breach or impending violation
of any of the provisions of this Agreement may cause irreparable damage to ECOX, for which remedies at law would be inadequate.  BOEKZTES
further acknowledges that the provisions set forth herein are essential terms and conditions of the Asset Purchase Agreement and this
Agreement.  BOEKZTES therefore agrees that ECOX shall be entitled to a decree or order by any court of competent jurisdiction enjoining
such impending or actual violation of any of such provisions.  Such decree or order, to the extent appropriate, shall specifically
enforce the full performance of any such provision by BOEKZTES, which hereby consents to the jurisdiction of any such court of competent
jurisdiction, state or federal, sitting in the State of Nevada.  This remedy shall be in addition to all other remedies available
to the parties at law or equity.  If any portion of this Section 1 is adjudicated to be invalid or unenforceable, this Section 1
shall be deemed amended to delete there from the portion so adjudicated, such deletion to apply only with respect to the operation of
this Section 1 in the jurisdiction in which such adjudication is made.

 

(e) Shares shall not at any time be used to cover “short”
sales of the common stock of ECOX.

 

SECTION 2.  Subject to Section 5 hereunder, this Agreement shall
inure to the benefit of and be binding upon both BOEKZTES and ECOX, their successors and assigns.

 

SECTION 3.  Should any part of this Agreement, for any reason
whatsoever, be declared invalid, illegal, or incapable of being enforced in whole or in part, such decision shall not affect the validity
of any remaining portion, which remaining portion shall remain in full force and effect as if this Agreement had been executed with the
invalid

 

 

    	1 

    	 

    

portion thereof eliminated, and it is hereby declared the intention
of the parties hereto that they would have executed the remaining portion of this Agreement without including therein any portion which
may for any reason be declared invalid.

 

SECTION 4.  This Agreement shall be construed and enforced in
accordance with the laws of the State of Nevada applicable to agreements made and to be performed in such State without application of
the principles of conflicts of laws of such State.

 

SECTION 5.  This Agreement and all rights hereunder are personal
to the parties and shall not be assignable, and any purported assignments in violation thereof shall be null and void.

 

SECTION 6. All notices and other communications required or permitted
to be given under this Agreement shall be in writing and shall be deemed to have been given if delivered personally or by facsimile or
seven days after having been sent by certified mail, return receipt requested, postage prepaid, to the parties to this Agreement at the
following address or to such other address either party to this Agreement shall specify by notice to the other party:

 

		(a)	if to BOEKZTES, to: 

 

Timothy Boetzkes

1 Grosvenor Blvd

St Albert, Alberta

T8N 0X1

 

		(b)	if to ECOX, to: 

 

Eco Innovation Group, Inc.

16525 Sherman Way, Suite C-1

Van Nuys, CA

Attention: Ms. Julia Otey-Raudes

	 	 	 	 	 

 

SECTION 7.  The failure of either party to insist upon the strict
performance of any of the terms, conditions and provisions of this Agreement shall not be construed as a waiver or relinquishment of future
compliance therewith, and said terms, conditions and provisions shall remain in full force and effect.  No waiver of any term or
condition of this Agreement on the part of either party shall be effective for any purpose whatsoever unless such waiver is in writing
and signed by such party.

 

[Remainder of page intentionally left blank]

[Signature page to follow]

 

 

 

 

 

    	2 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	 	 
	TIMOTHY BOEKZTES
	 	
     

     

	By:	 	/s/ Timothy Boekztes
	Name:	 	Timothy Boekztes
	 
	ECO INNOVATION GROUP, INC.
	 	
     

     

	By:	 	/s/ Julia Otey-Raudes
	Name:	 	Julia Otey-Raudes
	Title:	 	Chief Executive Officer

 

 

 

 

 

[Agreement Signature Page]

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