Document:

Exhibit 10.2

 

PROMISSORY NOTE

 

This PROMISSORY
NOTE AGREEMENT is entered into on this 14th day of July, 2020, by and between Coral Investment Partners, LP, a Georgia Limited
Partnership, whose address is 2030 Powers Ferry Road SE, Suite # 212, Atlanta, GA. 30339 (“Creditor” or “CORAL”)
and Sandy Springs Holdings, Inc., a Delaware Corporation, whose principal address is 2030 Powers Ferry Road SE, Suite # 212, Atlanta,
GA. 30339, (“Debtor” or “SANDY SPRINGS”), collectively referred to as the “Parties.”

 

WHEREAS, SANDY
SPRINGS is a corporation with limited resources and from time to time in need of financial assistance in order to maintain its
good standing status and to pay other fees or charges associated with being a public company.

 

WHEREAS, SANDY
SPRINGS is currently does not have a class of shares registered with the Securities and Exchange Commission (“SEC”).
SANDY SPRINGS lacks the funds to become a fully reporting company with the Securities and Exchange Commission (“SEC”).

 

WHEREAS, SANDY
SPRINGS is in need of borrowing funds, and Coral is willing to advance funds to SANDY SPRINGS for the purposes stated above.

 

WHEREAS, Coral
has agreed to advance funds for use in the purposes described above.

 

WHEREAS, Coral
and SANDY SPRINGS are desiring to enter into this Promissory Note Agreement for the purposes of being able to maintain its good
standing status and status as a publicly traded company and to ensure the repayment of the funds advance by Coral.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto,
the parties hereby agree that he debt between both parties is hereby revised and restated as follows:

 

		1.	Amount of Debt: The initial amount of the debt shall be Fifty Thousand Four Hundred Forty-Six
&97/100 Dollars ($50,446.97), which Coral shall fund to SANDY SPRINGS at the time of the signing of this Promissory Note Agreement
via. the assumption and replacement of the Promissory Note Agreement between Coral and Renewable Energy Solution Systems, Inc.
In the event that SANDY SPRINGS is in need of additional funds to maintain its status as a fully reporting company with the SEC,
Coral agrees to advance to SANDY SPRINGS additional funds to be used to maintain this status.

 

		2.	Interest Rate: The Debt shall incur interest at the rate of Twenty-Four Percent (24%) per
annum, compounded monthly (“Interest”) until the Debt is repaid in full. Interest on the Debt shall accrue and
become due and payable on the closing of any transaction resulting in a change in control of SANDY SPRINGS. Any unpaid interest
shall be added to the outstanding principal balance.

 

		3.	Type and Place of Payment: 

 

		A.	The amount due Coral, including principal and interest shall be due and payable upon SANDY SPRINGS
commencing sufficient business operations to repay the debt; or

 

		B.	The amount due Coral, including principal and interest shall be due and payable from the escrow
of any transaction resulting in a change in control of SANDY SPRINGS; and

 

 

 

 

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		4.	Prepayment:  Advance payment or payments may be made on any amounts due under this Note
without penalty or forfeiture. There shall be no penalty for any prepayment.

 

		5.	Acceleration Upon Occurrence of Specified Events. Upon the occurrence or during the continuance
of any one or more of the events hereinafter enumerated, Holder or any of its assigns may forthwith or at any time thereafter or
during the continuance of any such event, by notice in writing to the Maker, declare the outstanding balance be immediately due
and payable without presentation, demand, protest, notice of protest, or other notice of dishonor, all of which are hereby expressly
waived by Maker:

 

		A.	Maker shall file a voluntary petition in bankruptcy or a voluntary petition seeking reorganization,
or shall file an answer admitting the jurisdiction of the court and any material allegations of an involuntary petition filed pursuant
to any act of Congress relating to bankruptcy or to any act purporting to be amendatory thereof, or shall be adjudicated bankrupt,
or shall make an assignment for the benefit of creditors, or shall apply for or consent to the appointment of any receiver or trustee
for Maker, or of all or any substantial portion of its property, or Maker shall make an assignment to an agent authorized to liquidate
any substantial part of its assets; or

 

		B.	An order shall be entered pursuant to any act of Congress relating to bankruptcy or to any act
purporting to be amendatory thereof approving an involuntary petition seeking reorganization of the Maker, or an order of any court
shall be entered appointing any receiver or trustee of or for Maker, or any receiver of trustee of all or any substantial portion
of the property of Maker, or a writ or warrant of attachment or any similar process shall be issued by any court against all or
any substantial portion of the property of Maker, and such order approving a petition seeking reorganization or appointing a receiver
or trustee is not vacated or stayed, or such writ, warrant of attachment or similar process is not released or bonded within 60
days after its entry or levy.

 

		6.	Assignability: The rights or obligations under this Note may not be assigned and/or delegated
by Maker without the express written consent of the other party. Holder may assign his rights without restriction.

 

		7.	Representations and Warranties of Debtor: the Debtor represents and warrants as follows:

 

		A.	The Debtor is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. The Debtor has the corporate power to own its properties and to carry on its business as now being conducted.

 

		B.	The Debtor has all requisite corporate power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby have been duly authorized by all necessary corporate action on the part of the Debtor. The Debtor’s Board
of Directors has approved this Agreement and the transactions contemplated hereby. This Agreement has been duly executed and delivered
by the Debtor and constitutes a valid and binding obligation of the Debtor, enforceable in accordance with its terms, except (a)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally and (b) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.

 

		C.	This Agreement is the legal, valid and binding obligation of the Debtor, except as limited by applicable
bankruptcy, insolvency, and other similar laws affecting creditors’ rights generally.

 

		8.	Representations and Warranties of Creditor: The Creditor represents and warrants as follows:

 

		A.	That the Creditor has knowledge and experience in financial and business matters and that he understands
that the merits and risks associated with the execution of this Agreement.

 

 

(the remainder
of this page is intentionally left blank)

 

 

 

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		9.	Events of Default: 

 

		A.	In the “Event of Default” as that term is described in 9(B), the total amount
under due under this Agreement shall become immediately due and payable.

 

		B.	The term, “Event of Default” shall constitute the following scenarios;

 

		i.	The Company is unable to make any of the payments specified in paragraph 3(A).

 

		ii.	If the Debtor shall make an assignment for the benefit of creditors or shall admit in writing its
inability to pay its debts as they become due; or

 

		iii.	If the Debtor shall file a voluntary petition in bankruptcy, or shall be the subject of an involuntary
bankruptcy petition, or adjudicated bankrupt or insolvent, or shall file any petition or answer seeking any reorganization arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under the present or any future Federal Bankruptcy Code
or other applicable federal, state or similar statute, law or regulation, or shall seek or consent to or acquiesce in the appointment
of any trustee, receiver or liquidator of the Debtor or of all or any substantial part of its assets.

 

		C.	Notice of Default:  In the event of an action triggering an Event of Default, the Creditor
shall promptly notify the Company by USPS Certified Mail of the Event of Default. The Company shall have ten (10) days from the
mailing of the Event of Default notice to cure the Event of Default by making the specified payment(s).

 

		10.	Notices: All notices, requests or instructions hereunder shall be in writing and delivered
personally or sent by FedEx mail or similar overnight delivery, postage prepaid, as follows:

 

	If to CORAL	
        If to SANDY SPRINGS

         

	
        Coral Investment Partners, LP.

        Att.: Erik S. Nelson

        2030 Powers Ferry Road SE

        Suite # 212

        Atlanta, GA. 30339
	
        Sandy Springs Holdings, Inc.

        Att.: Erik S. Nelson, President

        2030 Powers Ferry Road SE

        Suite # 212

        Atlanta, GA. 30339

 

		11.	Governing Law and Venue: The terms and provisions of this letter are solely for the benefit
of the Issuer and Coral Capital Partners and their respective successors, assigns, heirs and personal representatives, and no other
person shall acquire or have any right by virtue of this letter. Coral Investment Partners and the Issuer agree that any dispute
concerning the interpretation, validity, or enforceability of this agreement, and any action arising from any alleged breach hereof,
shall be adjudicated exclusively in State or Superior Court for the county in which Coral Investment Partners' principal executive
office shall be located at the time of institution of such action, or in the applicable district and division of the U.S. District
Court having venue for disputes in that same county. In the event of any litigation arising from or related to this Agreement,
or the services provided under this Agreement, the prevailing party shall be entitled to recover from the non-prevailing party
all reasonable costs incurred including staff time, court costs, attorney’s fees, and all other related expenses incurred
in such litigation. In the event of a no-adjudicative settlement of litigation between the parties or a resolution of a dispute
by arbitration, the term “prevailing party” shall be determined by that process.

 

		12.	Share & Warrant Purchase: This section has been deleted.

 

 

 

 

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		13.	Entire Agreement:  This Agreement, including all exhibits and schedules attached thereto,
executed on even date herewith, constitutes the full and entire understanding and agreement between the parties with regard to
the Debt, and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants
and agreements.

 

		14.	Severability: The invalidity or unforceability of any provision of this letter shall not
affect the validity or enforceability of any other provisions of this letter, which shall remain in full force and effect.

 

		15.	Counterparts/Electronic Signatures: This Agreement may be executed in counterparts, all
of which together shall constitute one agreement binding on all the parties hereto, not withstanding that all such parties are
not signatories to the original or the same counterpart. Facsimile or electronically transmitted signatures shall be deemed effective
as originals.

 

		16.	Authority/Capacities/Entities: Each person signing this Agreement represents and warrants
that he or she has complete authority and legal capacity to enter into this Agreement on behalf of the entity for which he or she
is signing, and agrees to defend, indemnify, and hold harmless all other parties if that authority or capacity is challenged.

 

		17.	Knowing and Voluntary Agreement: The Parties represent they have read this Agreement, understand
it, voluntarily agree to its terms, and sign it freely.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the date first above written.

 

	Agreed to and Accepted	Agreed to and Accepted
	this 14th day of July, 2020	this 14th day of July, 2020
	 	 
	/s/ Erik S. Nelson          	/s/ Erik S. Nelson          
	Erik S. Nelson	Erik S. Nelson
	President of the General Partner	Erik S. Nelson President
	Coral Investment Partners, LP.	Sandy Springs Holdings, Inc.
	 	 
	 	 

 

 

 

 

 

 

 

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AMENDMENT NO. 1 TO THE 
CREDIT AGREEMENT
Dated as of October 26, 2020
AMENDMENT NO. 1 TO THE CREDIT AGREEMENT (this “Amendment”), dated as of October 26, 2020 among Omnicom Capital Inc., a Connecticut corporation (“OCI”), and Omnicom Finance Limited, a private limited company organized under the laws of England and Wales (“OFL”; OCI and OFL are each a “Borrower” and collectively, the “Borrowers”), Omnicom Group Inc., a New York corporation (the “Guarantor”), the banks, financial institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and Citibank, N.A., as administrative agent (the “Agent”) for the Lenders.
PRELIMINARY STATEMENTS:
(1)    The Borrowers, the Guarantor, the Lenders and the Agent have entered into a Second Amended and Restated Five Year Credit Agreement dated as of February 14, 2020 (the “Credit Agreement”).  Capitalized terms used in this Amendment and not otherwise defined in this Amendment shall have the same meanings as specified in the Credit Agreement.
(2)    The Borrowers, the Guarantor, the Required Lenders and the Agent have agreed to amend the Credit Agreement as hereinafter set forth.
AGREEMENTS:
Section 1.Amendment to the Credit Agreement.  Section 5.03 of the Credit Agreement is, effective as of the date set forth above and subject to the satisfaction of the conditions precedent set forth in Section 2, hereby amended in full to read as follows:
SECTION 5.03.  Financial Covenant.  So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Guarantor will maintain a ratio of Consolidated Debt for Borrowed Money of the Guarantor and its Subsidiaries to Consolidated EBITDA of the Guarantor and its Subsidiaries (the “Leverage Ratio”) for the four quarters most recently ended of not greater than (a) 3.50 to 1.00 for the period of four quarters ended September 30, 2020, (b) 4.00 to 1.00 for the period of four quarters ended December 31, 2020 through and including the period of four quarters ended December 31, 2021 and (c) 3.50 to 1.00 thereafter (or, following the Agent’s receipt of notice from the Company of a Specified Acquisition (a “Covenant Notice”), for four consecutive fiscal quarters commencing with the fiscal quarter in which such Specified Acquisition occurs, (without any consent from the Agent or the Lenders), 4.00 to 1.00); provided that there shall be a period of at least two consecutive fiscal quarters after the covenant steps down to 3.50 to 1.00 before a subsequent Covenant Notice is submitted.
SECTION 2.    Conditions of Effectiveness.  This Amendment shall become effective as of the date first above written when, and only when, the Agent shall have received (a) counterparts of this Amendment executed by the Borrowers, the Guarantor and the Required Lenders and (b) for the account of each Lender who has delivered a counterpart to this Amendment, an amendment fee paid by or on behalf of the Borrowers in an amount equal to 0.05% of the amount of the Revolving Credit Commitment of such Lender.

									
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SECTION 3.    Representations and Warranties of the Company.  The Guarantor represents and warrants as follows:
(a)    The representations and warranties contained in Section 4.01 of the Credit Agreement are correct on and as of the effective date of this Amendment, as though made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) 
(b)    No event has occurred and is continuing that constitutes a Default.
SECTION 4.    Reference to and Effect on the Credit Agreement and the Notes.  (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes to “the Credit Agreement”, “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

(b)    The Credit Agreement and the Notes, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
(c)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under the Credit Agreement, or constitute a waiver of any provision of the Credit Agreement.
SECTION 5.    Costs and Expenses.  The Borrowers agree to pay on demand all reasonable costs and expenses of the Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Agent) in accordance with the terms of Section 9.04 of the Credit Agreement.
SECTION 6.    Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by electronic medium or facsimile shall be effective as delivery of a manually executed counterpart of this Amendment.  The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided, further, that, without limiting the foregoing, upon the request of the Agent, any electronic signature shall be promptly followed by such manually executed counterpart.
									
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SECTION 7.    Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to conflicts of law provisions that might require the application of the laws of a different jurisdiction.

[Signature pages follow]
									
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, effective as of the date first above written.

OMNICOM CAPITAL INC., as Borrower
By:  /s/Rochelle M. Tarlowe        
Name: Rochelle M. Tarlowe
Title:   President and Chief Executive Officer
OMNICOM FINANCE LIMITED, as Borrower
By:  /s/Rochelle M. Tarlowe        
Name: Rochelle M. Tarlowe
Title:   Director
OMNICOM GROUP INC., as Guarantor
By:  /s/Rochelle M. Tarlowe        
Name: Rochelle M. Tarlowe
Title:   Senior Vice President and Treasurer
CITIBANK, N.A., 
as Agent and as Lender
By:  /s/Michael Vondriska        
Name: Michael Vondriska
Title:   Vice President
JPMorgan Chase Bank, N.A.
By:  /s/John Kowalczuk            
Name: John Kowalczuk
Title:   Executive Director
WELLS FARGO BANK, NATIONAL ASSOCIATION
By:  /s/Nicholas Grocholski        
Name: Nicholas Grocholski
Title:   Managing Director
BANK OF AMERICA, N.A.
By:  /s/Marie Harrison            
Name: Marie Harrison
Title:   Director

        

BARCLAYS BANK PLC as Lender
By:  /s/Jamie Telkman            
Name: Jamie Telkman
Title:   AVP
BNP Paribas
By:  /s/Maria Mulic            
Name: Maria Mulic
Title:   Managing Director
By:  /s/Stefano Locatelli            
Name: Stefano Locatelli
Title:   Vice President
DEUTSCHE BANK AG NEW YORK BRANCH, as Lender
By:  /s/Annie Chung            
Name: Annie Chung
Title:   Director

By:  /s/Ming K. Chu            
Name: Ming K. Chu
Title:   Director

HSBC BANK USA, NATIONAL ASSOCIATION
By:  /s/Brett H. Bonet            
Name: Brett H Bonet
Title:   Director
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH
By:  /s/Cara Younger            
Name: Cara Younger
Title:   Executive Director
By:  /s/Miriam Trautmann        
Name: Miriam Trautmann
Title:   Senior Vice President

        

ING Bank N.V., Dublin Branch
By:  /s/Sean Hassett            
Name: Sean Hassett
Title:   Director
By:  /s/Pádraig Matthews        
Name: Pádraig Matthews
Title:   Director
Mizuho Bank, Ltd.
By:  /s/Tracy Rahn            
Name: Tracy Rahn
Title:   Executive Director
MUFG BANK, LTD.
By:  /s/Marlon Mathews            
Name: Marlon Mathews
Title:   Director
SOCIETE GENERALE
By:  /s/Shelley Yu            
Name: Shelley Yu
Title:   Director
Sumitomo Mitsui Banking Corporation
By:  /s/Jun Ashley            
Name: Jun Ashley
Title:   Director
TD BANK, N.A.
By:  /s/Matt Waszmer            
Name: Matt Waszmer
Title:   Senior Vice President
U.S. Bank National Association
By:  /s/Kelsey E. Hehman        
Name: Kelsey E. Hehman
Title:   Assistant Vice President

        

INTESA SANPAOLO S.PA. – NEW YORK
By:  /s/Alessandro Toigo        
Name: Alessandro Toigo
Title:   Head of Corporate Desk
By:  /s/Glen Binder            
Name: Glen Binder
Title:   Global Relationship Manager
ROYAL BANK OF CANADA, as Lender
By:  /s/Greg Lagerquist            
Name: Greg Lagerquist
Title:   Vice President, Corporate Client Group
STANDARD CHARTERED BANK
By:  /s/James Beck            
Name: James Beck
Title:   Associate Director
The Bank of Nova Scotia
By:  /s/Kevin McCarthy            
Name: Kevin McCarthy
Title:   Director
The Northern Trust Company
By:  /s/Eric Siebert            
Name: Eric Siebert
Title:   SVP
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, as Lender
By:  /s/Cynthia Dioquino        
Name: Cynthia Dioquino
Title:   Associate Director
Bank of China, New York Branch
By:  /s/Raymond Qiao            
Name: Raymond Qiao
Title:   Executive Vice President

        

Danske Bank A/S, as Lender
By:  /s/Jesper Larsen            
Name: Jesper Larsen
Title:   Senior Loan Manager
By:  /s/Jørgen Linnet            
Name: Jørgen Linnet
Title:   Chief Loan Manager
National Australia Bank Limited
By:  /s/John Allan-Smith        
Name: John Allan-Smith
Title:   Head of Client Coverage – US
UNICREDIT BANK AG, NEW YORK BRANCH
By:  /s/Kimberly Sousa            
Kimberly Sousa
Managing Director
By:  /s/Liz Lebedinskaya        
Liz Lebedinskaya
Associate Director
WESTPAC BANKING CORPORATION
By:  /s/Richard Yarnold            
Name: Richard Yarnold
Title:   Director

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