Document:

EXHIBIT 10.1

 

 

PURCHASE AND SALE AGREEMENT

 

This Purchase and Sale Agreement (the “Agreement”) is made and entered into by and between Verde Bio Holdings, Inc. with an address of 5 Cowboys Way, Suite 300, Frisco, Texas 75034 (hereinafter referred to as “Buyer”), and _____________________, with an address of ________________________________________, (hereinafter referred to as “Seller”).  Buyer and Seller are sometimes referred to below individually as a “Party” or collectively as the “Parties”; and 

 

WHEREAS, Seller owns or has the right to sell the mineral & royalty interests located in Adams County, Colorado and being further described on Exhibit “A” attached hereto and made a part hereof. 

 

WHEREAS, Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, those certain interests in oil and gas leases that are defined and described as “Properties” hereinbelow, subject to and on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements contained herein and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, Buyer and Seller agree as follows:

 

Subject to the terms, conditions and provisions of this Agreement, Seller agrees to sell, assign and convey to Buyer  an undivided 100% of Seller’s right, title and interest in and to Seller’s oil, gas and other mineral rights in and to the Properties more specifically described on the attached Exhibit A (“the Properties”) including but not limited to oil royalty, gas royalty, overriding royalty interest, mineral interest and other similar interests which may be produced from said oil, gas and mineral leases and lands1.

 

Terms of this transaction are as follows:

 

1. The purchase price is $150,000 in cash.

  

2. The closing shall occur on or before March 26, 2021, (the "Closing Date") Prior to the Closing Date Buyer will have the exclusive right to conduct its review of the Properties, including title.  As a condition to the Transaction, Buyer must be fully satisfied, in its sole and absolute discretion, with the results of its due diligence investigation. Buyer’s sole remedy for any alleged breach of this agreement, including but not limited to failure of title to one or more of the Properties, shall be termination of this agreement.  Payment for purchase of the Properties shall be made in cash within 1 day of the Closing Date. If additional title review is required by the terms of this Agreement, the Closing Date may be extended without amendment by not more than 14 days to accommodate delays attributable to title review. 

1 The description of the Properties on Exhibit “A” is subject to change pending the Parties verification of title thereto.

3. Seller represents that as of the Closing Date, the Properties are free and clear of any and all known liens, mortgages and encumbrances created by Seller. All known mortgages, liens or encumbrances created by Seller which affect the Properties will either be released or paid-off by Seller on or before the Closing Date. 

 

4.  On the Closing Date, Seller shall execute and deliver to Buyer, and Buyer shall receive, one or more instruments of conveyance.  Such Conveyance of Mineral and Royalty Interest may be hand delivered, or made by Certified U.S. mail or Federal Express (FedEx) to the Buyer.

 

5. Seller shall, upon the reasonable request of the Buyer, execute and deliver all deeds, transfer orders, division orders, letters-in-lieu, curative documents and such other documents as our reasonably necessary to carry out the purposes of this Agreement whether before or after the Closing Date. Seller shall also execute any other conveyance documents as required by Buyer, to the satisfaction of Buyer, or its assigns, in the performance of this Agreement and in order to close on the Properties by the Closing Date.

 

6. Buyer asserts that it is an “accredited investor” within the meaning of Rule 501 under the Securities Act of 1933, as amended. Buyer is financially able to bear the economic risks of acquiring the Properties, including the risk of total investment loss and understands the illiquid nature of this asset class. Buyer is a sophisticated buyer and has such knowledge and experience in the purchase and sale of mineral and royalty interests so as to be capable of evaluating the merits and risks of and making an informed business decision with regard to the acquisition of said purchased interests. 

 

7. The Effective Date of said transaction shall be Production Effective Date of March 1, 2021. Buyer shall be entitled to all revenue from production from the Properties occurring on or after the Effective Date. 

 

8. Buyer reserves the option and right to assign this PSA to another Buyer controlled entity to fulfill the obligations and receive the benefits of this agreement with Seller.

 

9. Prior to the Closing Date or termination of this Agreement, Seller shall not offer the Property for sale to any person or entity, or accept or negotiate any offer to purchase by any person, entity, or other party. 

 

10.  All notices given by Buyer to Seller or by Seller to Buyer, shall be in writing and shall be deemed delivered when actually received, or, if earlier and whether or not actually received, (i) if delivered by courier or in person, when left with any person at the address reflected below, if addressed as set forth below, (ii) if by overnight courier service (such as, by way of example but not limitation, U.S. Express Mail or Federal Express) with instructions for delivery on the next business day, one (1) business day after having been deposited with such courier, addressed as reflected below, and (iii) if delivered by mail, three days after deposited in a Post Office or other depository under the care or custody of the United States Postal Service, enclosed in a wrapper with proper postage affixed (as a certified or registered item, return receipt requested). The addresses of the Parties are the address set out in this Agreement. 

11. This Agreement shall be governed by the laws of the State of Texas, without regard to its conflict of law principles.  All disputes arising from or relating to this Agreement shall be adjudicated in a state district court sitting in Denton County, Texas, and each Party hereby consents to such court's jurisdiction and to such venue.

 

12. This Purchase and Sales Agreement and the rights, duties and obligations represented hereby shall be binding upon the seller hereto, their respective heirs, administrators, executors, representatives, successors and assigns.     

 

              

ACCEPTED AND AGREED TO, this 23rd day of March, 2021

 

 

 

SELLER

 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	Its:

	 

	 

	 

	 

	 

 

	 

	 

	BUYER

	 

	 

	 

	 

	 

	Verde Bio Holdings, Inc.

	 

	 

	 

	 

	 

	By: Scott A. Cox, CEO

	 

	 

	 

Exhibit “A” Lands

 

Exhibit “A” attached to and made part of that certain Purchase and Sale Agreement for purchase of mineral and royalty interests dated March 22nd, 2021 by and between Verde Bio Holdings, Inc. (“Buyer”) and _____________________ (“Seller”).

 

An undivided 100% of all of Seller’s right, title, and interest in the following: 

 

THE ASSIGNED OVERRIDE IS LIMITED TO 100% of SELLER’S  ROYALTY INTEREST IN THE FOLLOWING WELLS/UNITS:

 

	SHOOK 3-10-2NAH

	API # 05-001-09972 

	SHOOK 3-10-2NCH

	API # 05-001-09980

	SHOOK 3-10-3NBH

	API # 05-001-09977 

	SHOOK 3-10-4CDH

	API # 05-001-09974 

	SHOOK 3-10-4NBH

	API # 05-001-09976 

	SHOOK 3-10-5CDH

	API # 05-001-09979 

	SHOOK 3-10-6CDH

	API # 05-001-09981

	MARCUS LD 11-379HN

	API # 05-123-42867

	MARCUS LD 11-380HN

	API # 05-123-42866

	MARCUS LD 11-380HNX

	API # 05-123-45388

 

 

It is the intention to convey an undivided 100% interest in the interests described above. This list is not intended to be final and is subject to change. Legal Descriptions and exact interests will be identified in Due Diligence.Exhibit
10.1

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

UNSECURED
PROMISSORY NOTE

 

	Principal
    Amount: $300,000	Dated as
    of March 23, 2021

 

GreenVision
Acquisition Corp., a Delaware corporation (the “Maker”), promises to pay to the order of Helbiz, Inc., a Delaware
corporation, or its registered assignee or successor in interest (the “Payee”), the principal sum of Three Hundred
Thousand US dollars ($300,000) in lawful money of the United States of America, on the terms and conditions described below. This
Note is being issued by the Maker in consideration of a loan in the amount of Three Hundred Thousand US dollars ($300,000) made
by the Payee to the Maker on March 23, 2021, the proceeds of which will be utilized by the Maker for its working capital purposes.

 

1.
Principal. The principal balance of this Note shall be payable on the earlier of (i) the termination of the Merger Agreement
and Plan of Reorganization (the “Merger Agreement”) entered into among the Payee, the Maker, GreenVision Merger Sub
Inc. and Salvatore Palella, dated February 8, 2021, and (ii) simultaneous with the completion of Business Combination (as defined
in the Merger Agreement). Simultaneous with the Business Combination, Maker shall repay in full the principal amount of the Loan
(i) in the event of the Termination of the Merger Agreement for a reason other than completion of the Business Combination, in
cash to the Payee or (ii) at the closing of the Business Combination, by reducing the amount of Closing Net Debt (as defined in
the Merger Agreement) by the full principal amount of the Loan.

 

2.
Interest. No interest shall accrue on the outstanding principal balance of this Note.

 

3.
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)
Failure to Make Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five
(5) business days of the date specified above.

 

(b)
Voluntary Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the Maker or for any substantial part of
its property, or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay
its debts as such debts become due, or the taking of corporate action by the Maker in furtherance of any of the foregoing.

 

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(c)
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part
of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed
and in effect for a period of 60 consecutive days.

 

4.
Remedies.

 

(a)
Upon the occurrence of an Event of Default specified in Section 3(a) hereof, the unpaid principal amount of this Note shall become
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)
Upon the occurrence of an Event of Default specified in Sections 3(b) and 3(c), the unpaid principal balance of this Note shall
automatically and immediately become due and payable, in all cases without any action on the part of the Payee.

 

5.
Waivers. The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment,
demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in
any proceedings instituted by the Payee under the terms of this Note, and all benefits that might accrue to the Maker by
virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any
sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption
from civil process, or extension of time for payment. The Maker agrees that any real estate that may be levied upon pursuant
to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or
in part in any order desired by the Payee.

 

6.
Unconditional Liability. The Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications
that may be granted by the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers,
endorsers, guarantors, or sureties may become parties hereto without notice to the Maker or affecting the Maker’s liability
hereunder.

 

7.
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in
writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to
such party or such other address or fax number as may be designated in writing by such party, and (iii) by electronic mail,
to the electronic mail address most recently provided to such party or such other electronic mail address as may be
designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on
the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by
facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

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8.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO
CONFLICT OF LAW PROVISIONS THEREOF.

 

9.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

10.
Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (the “Claim”) in or to any distribution of or from the trust account established in which
the proceeds of the initial public offering (the “IPO”) conducted by the Maker (including the deferred
underwriting discounts and commissions) are deposited, as described in greater detail in the registration statement and
prospectus filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason
whatsoever.

 

11.
Amendment. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

12.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

[signature
page follows]

 

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IN
WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned
as of the date first above written.

 

	 	GREENVISION ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Zhigeng (David) Fu
	 	Name:	Zhigeng
(David) Fu
	 	Title:	Chief Executive Officer

 

 

 

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