Document:

FIRST AMENDMENT TO ASSIGNMENT OF RIGHTS
AND TITLE AGREEMENT

This First Amendment to Assignment of Rights and Title
Agreement (this "First Amendment") is effective
November 6, 2012 and is between the following parties: (a) Global
Ventures Group, LLC, a Florida limited liability company doing
business at 110 North Federal Highway, #807 in Fort Lauderdale,
Florida 33301 ("Global Ventures"); (b) Alfred
Abiouness, Sr. with a mailing address of 4410 East Beach Drive,
Norfolk, Virginia ("Abiouness"), (c) RG Development,
Inc., a Delaware corporation doing business at 364 East Main
Street, Suite 205 in Middleton, Delaware 19709 ("RG
Development"), and (d) Cotton Bay Holdings, Inc., a Delaware
corporation with a resident agent located at 113 Barksdale
Professional Center, Newark, DE 19711 ("Cotton Bay
Holdings")(collectively the "Parties").

WHEREAS, the Parties executed an Assignment of Rights and
Title Agreement (the "Assignment Agreement") on August
1, 2012. This First Amendment amends and modifies the Assignment
Agreement pursuant to Section 7.4 of the Assignment Agreement,
and when read in conjunction with this First Amendment, the
Assignment Agreement and First Amendment constitute a fully
integrated contract under Delaware law.

WHEREAS, to the extent not amended or modified herein, the
Parties' respective rights, duties and obligations under the
Assignment Agreement remain in full force and effect as of the
Effective Date of the Assignment Agreement.

WHEREAS, these Recitals are not mere statements, but rather
representations relied upon by all parties in executing and
performing under this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree to the following
amendments to the stated provisions of the Assignment
Agreement:

1. CONDITION PRECEDENT TO OBLIGATIONS. The Parties agree
that the following conditions must be satisfied in whole prior to
performance by Global Ventures, Abiouness or RG Development:

    1.1 Global Ventures Conveyance of Title to Eleuthera Stock.
Upon written notification by Cotton Bay Holdings, or its
placement agent, escrow agent or title agent, or similar party
acting as trustee over those funds raised by Cotton Bay Holdings
through private and/or public offerings (collectively referred to
as the 'Paying Agent'), that the following events have
occurred:

        1.1.1. In the context of a private offering, a Subscription
Agreement has been executed by an Accredited Investor pursuant to
either a Private Placement Offering for the purchase of common
stock or purchase of a minimum of five (5) Secured Convertible
Notes of Cotton Bay Holdings. Each set of five (5) Notes sold
pursuant to the Cotton Bay Offering is collectively referred to
herein as a 'Block of Notes' or 'Blocks of Note';
or in the context of a public offering through a prospectus, the
sale and purchase of common stock or purchase of a Block of Notes
(collectively referred to as the 'Cotton Bay
Offering');

        1.1.2. The Cotton Bay Offering has been fully funded; and

        1.1.3. The Paying Agent or responsibility paying party
associated with the sale of the stock or Block of Notes in the
Cotton Bay Offering has released net proceeds from the sale of
the common stock or a Block of Notes from the Cotton Bay Offering
to Global Ventures.

    1.2 Representations and Warranties Still Accurate. The
representations and warranties stated by the Parties remain
truthful and accurate during the term of this Agreement.

2. GLOBAL VENTURES CONVEYANCE OF TITLE TO THE ELEUTHERA STOCK.
Upon full satisfaction of the condition precedents set forth in
Section 1, Global Ventures agrees to either (a) convey 1 share of
the Eleuthera Stock in its possession to Cotton Bay Holdings
"free and clear," subject only to the rights of
Abiouness and RG Development, which are to be released under
Sections 2 and 3, below, for each Block of Notes sold, or (b) 1
share of the Eleuthera Stock in its possession to Cotton Bay
Holdings "free and clear," subject only to the rights
of Abiouness and RG Development, which are to be released under
Sections 2 and 3, below, for every $30,000 in stocks sold under
the Cotton Bay Offering. For example, in the event Cotton Bay
sells 10 Blocks of Notes, Global Ventures shall convey title to
10 shares of the Eleuthera Stock to Cotton Bay Holdings, subject
to Sections 2 and 3, below. Similarly, for example, in the event
Cotton Bay sells $300,000 in equity through the Cotton Bay
Offering, Global Ventures shall convey title to 10 shares of the
Eleuthera Stock to Cotton Bay Holdings, subject to Sections 3 and
4, below.

3. ABIOUNESS RELEASE OF SECURITY INTEREST. Upon full
satisfaction of the condition precedents set forth in Section 1
and written confirmation of Global Ventures' conveyance of
the Eleuthera Stock, as set forth in Section 2, Abiouness agrees
to release his security interest in the Eleuthera Stock conveyed
by Global Ventures, and take any and all necessary action in
recording a UCC-3 to modify the Abiouness Lien. For example, in
the event Cotton Bay sells 10 Blocks of Notes, Global Ventures
shall convey title to 10 shares of the Eleuthera Stock to Cotton
Bay Holdings, and Abiouness shall record a UCC-3 releasing his
lien interest to the 10 shares being conveyed, subject to Section
4, below. Similarly, for example, in the event Cotton Bay sells
$300,000 in equity through the Cotton Bay Offering, Global
Ventures shall convey title to 10 shares of the Eleuthera Stock
to Cotton Bay Holdings, and Abiouness shall record a UCC-3
releasing his lien interest to the 10 shares being conveyed,
subject to Section 4, below.

4. RG DEVELOPMENT RELEASE OF SECURITY INTEREST. Upon full
satisfaction of the condition precedents set forth in Section 1,
written confirmation of Global Ventures' conveyance of the
Eleuthera Stock and Abiouness' release of his security
interest, as set forth in Section 3, above, RG Development agrees
to release its security interest in the Eleuthera Stock conveyed
by Global Ventures, and take any and all necessary action in
recording a UCC-3 to modify the RG Lien. For example, in the
event Cotton Bay sells 10 Blocks of Notes, Global Ventures shall
convey title to 10 shares of the Eleuthera Stock to Cotton Bay
Holdings, and Abiouness and RG Development shall record a UCC-3
releasing their respective lien interests to the 10 shares being
conveyed. Similarly, for example, in the event Cotton Bay sells
$300,000 in equity through the Cotton Bay Offering, Global
Ventures shall convey title to 10 shares of the Eleuthera Stock
to Cotton Bay Holdings, and RG Development shall record a UCC-3
releasing its lien interest to the 10 shares being
conveyed."

IN WITNESS WHEREOF, the parties have executed this First
Amendment as of the date first above written.

Global Ventures Group, LLC

/s/ Robert Fortson IV

A&F Bahamas, LLC

Member

Cotton Bay Holdings, Inc.

/s/ Alfred E. Abiouness, Jr.

Alfred E. Abiouness, Jr.

President

RG Development, Inc.

/s/ Douglas Maslo

Douglas Maslo

President

/s/ Alfred Abiouness, Sr.

Alfred Abiouness, Sr.FIRST AMENDED INDEPENDENT CONTRACTOR
AND FINANCING AGREEMENT

This First Amended Independent Contractor and Financing
Agreement (this "Agreement") is made as of November 6,
2012 (the "Effective Date") by and between Global
Ventures Group, LLC, a Florida limited liability company doing
business at 110 North Federal Highway, Unit 807 in Fort
Lauderdale, Florida 33301 (the "Global Ventures") and
Cotton Bay Holdings, Inc., a Delaware corporation doing business
at Las Olas Boulevard, Suite 1036 in Fort Lauderdale, Florida
33301 ("Cotton Bay Holdings"), and supersedes and
amends the Independent Contractor and Financing Agreement entered
into between the parties on August 1, 2012.

RECITALS

WHEREAS, Global Ventures has the exclusive rights to develop
and construct the Project pursuant to a Master Agreement between
Global Ventures and Eleuthera Properties (the "Master
Agreement") whereby, among other things, in exchange for
performing certain construction and development services on the
Project, Global Ventures has the right to earn 6,500 shares of
Class A Common Shares in Eleuthera (the "Eleuthera
Stock"), of which, Global Ventures has agreed to assign
right, title and interest in 3,250 shares of the Eleuthera Stock
to Cotton Bay Holdings pursuant to an Assignment of Rights and
Title Agreement (the "Assignment&quot;) for purposes of
raising the necessary capital to complete the Project. The
Assignment shall merge into this Agreement creating a fully
integrated contract.

WHEREAS, Cotton Bay Holdings represents that its business
purpose, as set forth in its August 1, 2012 Form 8-K filed with
the United States Securities and Exchange Commission (the
"SEC"), is to raise capital to fund Global
Ventures' performance under the Master Agreement in
constructing and developing the Project, and in turn, Global
Ventures has agreed to convey shares of the Eleuthera Stock to
Cotton Bay Holdings. It is anticipated that this business purpose
will form the basis of Cotton Bay Holdings' future filings
with the SEC.

WHEREAS, Cotton Bay Holdings represents and acknowledges that
it is deriving a financial benefit through Global Ventures'
performance under the Master Agreement, and thus stipulates to
the terms and conditions of this Agreement.

WHEREAS, the parties hereto desire to set forth the terms of
their agreement in writing to be effective as of the date set
forth above.

AGREEMENT

NOW, THEREFORE, for valuable consideration, Global Ventures
and Cotton Bay Holdings agree as follows:

1. Term. Cotton Bay Holdings and Global Ventures agree
that the term of this Agreement shall terminate upon the
occurrence of the following events: (a) written confirmation from
Eleuthera Properties that Global Ventures has fully performed
under the terms of the Master Agreement and that Global Ventures
has been conveyed all 6,500 shares of the Eleuthera Stock, (b)
conveyance of title, free and clear, of 3,250 shares of the
Eleuthera Stock to Cotton Bay Holdings, and (c) release of any
and all liens against the Project caused by Global Ventures'
performance under any third-party agreement with any vendors or
subcontractors.

2. Financing and Stock Conveyance Schedule. Cotton Bay
Holdings and Global Ventures agree to the following financing and
stock conveyance schedule:

(a) Global Ventures shall submit a draw request to Cotton Bay
Holdings in a manner and form deemed to be commercially
reasonable under the circumstances and sufficient enough for
Cotton Bay Holdings to determine the nature of and purpose for
the funds being allocated to Global Ventures. Cotton Bay and
Global Ventures agree that construction of this nature typically
involves change orders and other potential future financing
requirements over and above what is currently contemplated as of
the date of execution; notwithstanding, based upon Cotton Bay
Holdings' current information of the construction
requirements of Global Ventures under the Master Agreement,
Cotton Bay Holdings contemplates the costs of construction, and
thus payments to Global Ventures under this Section 2(a),
consistent with Exhibit A.

(b) Unless otherwise agreed to between the parties in writing,
Cotton Bay Holdings agrees to pay the draw request within five
(5) days of presentation to Cotton Bay Holdings from Global
Ventures; however, the parties agree that a condition precedent
to payment of the specific draw request is that Cotton Bay
Holdings have sufficient funds in its operations account to
satisfy the draw request in full.

In the event Cotton Bay Holdings does not have sufficient
funds in its operations account, Cotton Bay Holdings shall
produce to Global Ventures Group an accounting of its operations
account to confirm its failure to satisfy the draw request, and
shall agree to simple interest on the draw request in the amount
of 8.5% (the "Default Interest").

The parties agree that any payments made against future draw
requests may be applied by Global Ventures against the principal
amount of the draw request first, before such payments are
applied against the Default Interest. Any Default Interest
balance shall carry over to the next draw request and continue to
be categorized as Default Interest.

The amounts associated with all draw requests are referred to
herein collectively as the "Principal Contract
Payment," and the Principal Contract Payment and Default
Interest is collectively referred to herein as the "Total
Contract Payment."

(c) Cotton Bay Holdings' payment to Global Ventures of the
Principal Contract Payment in increments of $10,000.00 shall
entitle Cotton Bay Holdings to the right to title of one (1)
share of the Eleuthera Stock, subject to (i) Eleuthera Properties
releasing the share of Eleuthera Stock to Global Ventures under
the Master Agreement, (ii) Cotton Bay Holdings' and Global
Ventures' full performance under the Assignment, and more
specifically, Cotton Bay Holdings securing rights to the
Eleuthera Stock (more specifically, as agreed upon in the
Assignment, title to one (1) share of the Eleuthera Stock
released for $150,000 raised through the sale of Notes or $30,000
in stocks), and (iii) Cotton Bay Holdings satisfying any and all
amounts associated with any outstanding, due and owing Default
Interest.

For example, and example only, assuming Global Ventures
submits a draw request for $20,000 for construction services to
be performed pursuant to Exhibit A and Cotton Bay Holdings pays
the $20,000, Cotton Bay Holdings earns the right to two (2)
shares of Eleuthera Stock. Title to the two (2) shares would be
conveyed to Cotton Bay Holdings under the Assignment once Cotton
Bay Holdings sells either 2 Blocks of Notes (total of 10 Notes
for a total of $300,000) or $60,000 in stock under either a
private or public offering. In the event Eleuthera Properties
releases two (2) shares of the Eleuthera Stock to Global Ventures
but Cotton Bay Holdings owes Global Ventures $8,000 in Default
Interest, Global Ventures will only be obligated to convey title
to the two (2) shares of the Eleuthera Stock once Cotton Bay
Holdings (i) pays the Default Interest in the amount of $8,000,
and (ii) Cotton Bay Holdings sells either 2 Blocks of Notes
(total of 10 Notes for a total of $300,000) or $60,000 in stock
under either a private or public offering.

In the event the Default Interest is not paid, as provided for
in this provision, Global Ventures agrees to hold the subject
shares of the Eleuthera Stock in escrow solely for the benefit of
Cotton Bay Holdings to be released upon payment of the Default
Interest or the Total Contract Payment. In the event Cotton Bay
Holdings fails to pay the Total Contract Payment upon termination
or default of this Agreement, Cotton Bay Holdings agrees that
Global Ventures shall retain, as liquidated damages, the amount
of shares of the Eleuthera Stock held in escrow under this
provision.

(d) Cotton Bay Holdings agrees that the maximum amount of
Eleuthera Stock to be earned under this Agreement is 2,000 shares
(3,250 shares minus the 1250 shares earned and subject to
immediate conveyance to Cotton Bay Holdings). Global Ventures
agrees to convey the title, rights and interest in these 2,000
shares of the Eleuthera Stock to Cotton Bay Holdings prior to
Global Ventures' retention of other shares of the Eleuthera
Stock; however, Cotton Bay Holdings agrees that after conveyance
of the 2,000 shares of the Eleuthera Stock to Cotton Bay Holdings
under this Agreement and the Assignment it is bound to continue
its payment and performance obligations hereunder because Cotton
Bay Holdings agrees that Global Ventures' continued
construction and other services benefits Cotton Bay Holdings (and
its shareholders).

3. Representations and Warranties of Global
Ventures.

(a) Global Ventures represents and warrants to Cotton Bay
Holdings that the statements contained in this Agreement are true
and correct as of the date of this Agreement and will be true and
correct as of the termination of this Agreement, as set forth
above. Global Ventures is a limited liability company duly
organized, validly existing and in good standing under the laws
of the State of Florida. Global Ventures has all requisite
capacity, power and authority to execute, deliver and perform
this Agreement. No other company action on the part of Global
Ventures is necessary to authorize the execution and delivery by
Global Ventures of this Agreement or the consummation by it of
the obligations set forth in Section 2, above. This Agreement has
been duly executed and delivered and, upon execution by Cotton
Bay Holdings, will constitute a valid and legally binding
obligation of Global Ventures, enforceable against Global
Ventures 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.

(b) Global Ventures represents and warrants that it has a
legal right to the Eleuthera Stock, as set forth above, free and
clear of any encumbrances or restrictions on transfer, except for
those encumbrances under the Assignment, and shall remain free
and clear until termination of this Agreement, subject to the
conditions of assignment under the Assignment.

(c) Neither the execution, delivery and performance of this
Agreement by Global Ventures, nor the consummation by Global
Ventures of any transaction related hereto, including the
transfer of title to the Eleuthera Stock will require any
consent, approval, license, Order or authorization of, filing,
registration, declaration or taking of any other action with, or
notice to, any Person, other than such consents, approvals,
filings or actions as may be required under the Assignment.

(d) The execution and delivery by Global Ventures of this
Agreement to which it is or will become a party do not, and the
consummation of the transactions contemplated by this Agreement
shall not, assuming the consents, approvals, filings or actions
described above are made or obtained, as the case may be, (a)
contravene, conflict with, or result in any violation or breach
of any provision of the articles of organization or operating
agreement of Global Ventures, (b) result in any violation or
breach of, or constitute (with or without notice or lapse of
time, or both) a default (or give rise to a right of termination,
cancellation or acceleration of any obligation or loss of any
benefit) under any of the terms, conditions or provisions of any
note, bond, mortgage, indenture, lease, contract or other
agreement, instrument or obligation to which Global Ventures is a
party or by which it or any of its properties or assets may be
bound, other than any such restrictions under the Assignment, or
(c) conflict or violate any permit, concession, franchise,
license, judgment, Order, decree, statute, law, ordinance, rule
or regulation of any government, governmental instrumentality or
court, domestic or foreign, applicable to Global Ventures or any
of its properties or assets, except in the case of (b) and (c)
for any such conflicts, violations, defaults, terminations,
cancellations or accelerations which would not, individually or
in the aggregate, materially and adversely affect the Eleuthera
Stock being conveyed by Global Ventures to Cotton Bay
Holdings.

4. Representations and Warranties of Cotton Bay
Holdings.

(a) Cotton Bay Holdings is a corporation duly organized,
validly existing and in good standing under the laws of the State
of Delaware. Cotton Bay Holdings has all requisite capacity,
power and authority to execute, deliver and perform this
Agreement. No other corporate action on the part of Cotton Bay
Holdings is necessary to authorize the execution and delivery by
Cotton Bay Holdings of this Agreement or the consummation by it
of the Contemplated Transactions (as defined below). This
Agreement has been duly executed and delivered and, upon
execution by Global Ventures, will constitute a valid and legally
binding obligation of Cotton Bay Holdings, enforceable against
Cotton Bay Holdings in accordance with its terms, except (i) as
limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting
enforcement of creditors' rights generally and (ii) as
limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies.

(b) Cotton Bay Holdings represents that at the time of
execution, or at some point thereafter, it shall be a fully
reporting public company subject to the disclosure requirements
of the SEC, and that this Agreement and the Assignment might be
disclosed through annual, quarterly or periodic filings with the
SEC.

5. Mutual Right to Reasonable Accounting. Cotton Bay
Holdings and Global Ventures Group mutually agree to keep full
and detailed accounts and exercise such controls as may be
necessary for proper financial management under this Agreement,
and the accounting and control systems shall be reasonably
satisfactory to each party. The parties shall mutually be
afforded reasonable access to the necessary and relevant records,
books, correspondence, instructions, drawings, receipts,
subcontracts, purchase orders, vouchers, memoranda, and other
data relating to each other's respective performance under
this Agreement, and shall preserve these for a period of three
years after final payment, or for such longer period as may be
required by law. The parties mutually agree to keep such full and
detailed accounts as may be necessary for proper financial
management under this Agreement.

6. Miscellaneous Provisions.

(a) Regardless of whether the transactions contemplated hereby
are consummated, all legal and other costs and expenses incurred
in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party hereto incurring
such costs and expenses.

(b) This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida without regard
to the conflicts of laws provisions thereof.

(c) Section headings used in this Agreement are for
convenience only and shall not affect the meaning or construction
of this Agreement.

(d) This Agreement and the Assignment constitutes the entire
agreement between the parties hereto and supersedes all prior
agreements and understandings, both written and oral, with
respect to the subject matter hereof.

(e) This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument.
Signatures on this Agreement may be communicated by facsimile
transmission and shall be binding upon the parties hereto so
transmitting their signatures. Counterparts with original
signatures shall be provided to the other parties hereto
following the applicable facsimile transmission; provided that
the failure to provide the original counterpart shall have no
effect on the validity or the binding nature of this
Agreement.

(f) Any term of this Agreement may be modified or amended only
by an instrument in writing signed by each of the parties
hereto.

(g) If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be
excluded from this Agreement and the balance of the Agreement
shall be interpreted as if such provision were so excluded and
shall be enforced in accordance with its terms.

IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered as of the date set
forth above.

COTTON BAY HOLDINGS, INC.

By:/s/ Alfred E. Abiouness, Jr.

Alfred E. Abiouness, Jr.

President and Chief Executive Officer

GLOBAL VENTURES GROUP, LLC

By: /s/ Robert Fortson IV

Robert Fortson IV

Authorized Manager

EXHIBIT A

MUTUALLY AGREED UPON CONSTRUCTION COSTS
& DESCRIPTION OF PHASES

	
Item

	

	
PHASE I
(Estates & Villas Holdings Ltd.)

	

	
Mobilization

	
$1,400,000

	

	
Clubhouse

	

	
Building

	
$4,345,000

	

	
Pool

	
$1,250,000

	

	
Pool
Deck

	
$175,000

	

	
Spa
Area

	
$50,000

	

	
Pool
Bar

	
$85,000

	

	
Water
Features

	
$75,000

	

	
Landscaping
(Clubhouse & Main Entrance)

	
$100,000

	

	
Landscaping
(Pool Area/Rear)

	
$200,000

	

	
Beach
Access

	
$75,000

	

	
Professional
Fees

	
$95,000

	

	
Subtotal:

	
$6,450,000

	

	
Villas

	

	
Villa A (six
buildings/twelve two bedroom floorplans)

	
$5,435,000

	

	
Villa B (six
buildings/six three bedroom floorplans)

	
$5,050,000

	

	
Villa C (six
buildings/six total one bedroom floorplans)

	
$2,100,000

	

	
Subtotal:

	
$12,585,000

	

	
Out
Buildings, Features & Structures (Other)

	

	
Managers
Cottage

	
$450,000

	

	
Operations
Duplex

	
$465,000

	

	
Beach Pavillion
(including landscaping)

	
$45,000

	

	
Tennis Courts
(including landscaping)

	
$150,000

	

	
Subtotal:

	
$1,110,000

	

	
Infrastructure

	

	
Waterstorage
(tank completion)

	
$150,000

	

	
Roadways
(hardscape)

	
$1,500,000

	

	
Utilities
(electric/telephone/cable)

	
$1,225,000

	

	
Utilities (water
and sewer systems)

	
$2,500,000

	

	
Professional
Fees

	
$325,000

	

	
Subtotal:

	
$5,700,000

	

	

	
(continued)

	

	
Landscape
& Water Features

	

	
Entrance
Gate

	

	
Water &
Landscape

	
$550,000

	

	
Pavers

	
$150,000

	

	
Automatic
Security Gate

	
$100,000

	

	
Roundabout

	

	
Water
Features

	
$75,000

	

	
Pavers

	
$50,000

	

	
Villas

	

	

	
Landscaping

	
$600,000

	

	
Parking/Paving

	
$150,000

	

	
Water
Features

	
$250,000

	

	
Roads &
Paths (replanting)

	
$450,000

	

	
Lagoon
Completion (construction)

	
$200,000

	

	
Lagoon Surround
(landscaping)

	
$80,000

	

	
Retaining
Walls

	
$100,000

	

	
Subtotal:

	
$2,755,000

	

	

	
Phase I
Total: $30,000,000

	

	
PHASE II
(Cotton Bay Developers Ltd.)

	

	
Mobilization

	
$1,600,000

	

	
Infrastructure

	

	
Engineering

	
$200,000

	

	
Surveying

	
$250,000

	

	
Clearing
Roadways

	
$1,000,000

	

	
Roadway Earth
Work

	
$2,000,000

	

	
Roadway
Drainage

	
$500,000

	

	
Utilities

	
$3,000,000

	

	
Landscaping
Roadways

	
$500,000

	

	
Subtotal:

	
$7,450,000

	

	
Golf

	

	
Golf Design
Fees

	
$850,000

	

	
Clearing Golf
Holes

	
$2,000,000

	

	
Earthwork

	
$4,000,000

	

	
Sand
Importation

	
$3,000,000

	

	
Rough
Shaping

	
$2,750,000

	

	
Fine
Shaping

	
$2,250,000

	

	
Greens
Construction

	
$1,250,000

	

	
Tees &
Bunkers Construction

	
$1,100,000

	

	
Drainage

	
$250,000

	

	
Cart
Paths

	
$1,500,000

	

	
Irrigation/RO
Plant

	
$5,000,000

	

	
Grassing/Landscaping

	
$2,000,000

	

	

	
(continued)

	

	
Subtotal:

	
$25,950,000

	

	

	
Phase II
Total: $35,000,000

	

	
TOTALS

	

	
TOTAL
CONSTRUCTION COSTS

	
USD $65,000,000
- 1

	

	
DEVELOPER FEE
(15%)

	
USD
$9,750,000

	

	
PROFESSIONAL
ENGINEER CONSULTANT (10%)

	
USD
$6,500,000

	

	
COTTON BAY
HOLDINGS TOTALS

	
USD
$81,250,000

	

	
The above
construction costs are through Certificate of Occupancy, upon
which Cotton Bay Holdings will turn over completed assets to
Eleuthera Properties.  At that point, Cotton Bay Holdings
will be a fully vested partner within the Cotton Bay project as
noted within the Executive Summary.  Information, documents,
and biographies related to the Developer, A&E Bahamas, LLC,
and the Professional Engineer Consultant, Nical Construction,
Inc., is available upon request. 

	

	
SHARED
CONSTRUCTION COST TOTALS - 2

	

	
SHARED
CONSTRUCTION COST TOTALS

	
USD
$3,540,000

	

	
DEVELOPER FEE
(15%)

	
USD
$531,000

	

	
PROFESSIONAL
ENGINEER CONSULTANT (10%)

	
USD
$354,000

	

	
SHARED
CONSTRUCTION COST TOTALS

	
USD
$4,425,000

	

	
1
- Total Construction Costs is inclusive of Global Ventures'
overhead, profit and contingency. 

	
2
- Shared Construction Costs is defined as a cost shared between
teh Common Shareholder of Eleuthera Properties and Class
"A" Common Shareholders of Eleuthera Properties, based
upon the percentage of ownership within the two Eleuthera
Properties' subsidiaries - Eleuthera Estates and Villages
Holdings, Ltd. and Cotton Bay Developers,
Ltd.

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