Document:

EXHIBIT
10.28

 

Assignor:
Progreen Properties, Inc.

Assignee:
EIG Venture Capital Ltd.

Property/Agreement
Assigned: 13.5% Secured Convertible Debenture, due November 5, 2015, as amended (the “Debenture”) 

 

ASSIGNMENT
AND ASSUMPTION AGREEMENT

 

This
BILL OF SALE AND ASSIGNMENT, made as of the 9th day of February, 201, by and among Progreen Properties, Inc., a Delaware corporation
(hereinafter referred to as "Assignor"), EIG Venture Capital Ltd., a Belize limited company (hereinafter referred to
as "Assignee"), and Rupes Futura AB, a Swedish corporation, the registered holder of the Debenture (hereinafter referred
to as the “Holder”);

 

WITNESSETH:

 

WHEREAS,
it is the desire of Assignor and Assignee that Assignor shall execute and deliver this instrument to Assignee for the purpose
of more effectually selling, assigning, transferring, delivering and conveying to Assignee all of Assignor's estates, rights,
titles, interests, claims and demands in, to and under the property and assets hereinafter described or referred to;

 

NOW,
THEREFORE, in accordance with the terms of this Agreement, the parties hereto hereby agree as follows:

 

		1.	Assignor
                                         hereby sells, assigns, transfers, conveys, delivers and sets over to Assignee, its successors
                                         and assigns, forever, all estates, rights, titles, interests, claims and demands of Assignor
                                         in and to the Debenture.
	 	 	 
	 	 	Effective
as of the date first set out above, Assignee agrees to assume all obligations of Assignor to the Holder under the Debenture, which
Assignee hereby agrees will be exchanged for a loan Note of Assignor, due December 31, 2018, bearing interest at the rate of five
(5%) percent per annum and otherwise substantially in the form of the loan note attached as Exhibit I to this Agreement (the “Exchange
Note”). The Holder hereby consents to the assumption by Assignee of the Debenture, and agrees to exchange the Debenture
for the Exchange Note as aforesaid and agrees to the substitution of Assignee for Assignor as the obligor for all amounts due
to him pursuant to the Debenture.

 

		2.	In
                                         consideration of the assignment of the Debenture as provided herein, the Holder hereby
                                         fully releases Assignor, its owners, directors and officers, subsidiaries, agents, successors
                                         and assigns from all liabilities, damages, causes of action, claims which the Holder
                                         might have against Assignor of any kind or nature, known or unknown, suspected or unsuspected,
                                         accrued or unaccrued, whether in law, equity or otherwise, and whether under contract,
                                         warranty, tort or otherwise, which the Holder ever had, now has or may have, claim or
                                         assert from the beginning of the world to the date of this Assignment and Assumption
                                         Agreement

 

    	 	- 1 -	 

     

    

 

This
Assignment and Assumption Agreement and the covenants and agreements herein contained shall be binding upon Assignor, Assignee
and the Holder, and their respective successors and assigns.

 

IN
WITNESS WHEREOF, the parties have executed this Assignment and Assumption Agreement by their respective officers or representatives
hereunto duly authorized as of the day and year first above set forth.

 

	 	ASSIGNOR:
	 	 	 
	 	PROGREEN
    PROPERTIES, INC.
	 	 	 
	 	BY:	/s/
    Jan Telander
	 	 	 
	 	ASSIGNEE:
	 	 	 
	 	EIG
    VENTURE CAPITAL LTD.
	 	 	 
	 	By:	/s/
    Ulf Telander
	 	Title:	 
	 	 	 
	 	RUPES
    FUTURA AB
	 	 	 
	 	BY:	/s/
Henrik Sellmann
	 	Title:	President

 

 

- 2 -EXHIBIT
10.29

 

NOTICE
OF CONVERSION

 

The
undersigned Lender hereby irrevocably elects, as of the date written below (“Date of Conversion”), to convert
(the “Conversion”) the entire $59,000 amount of the debt for advances by the Lender to Progreen Properties,
Inc. (the “Company”), in July, 2015 (the “Debt”), into 59,000 shares (the “Shares”)
of Series A Preferred Stock, par value $0.0001 per share (“Preferred Stock”), of the Company, and upon issuance
of the Shares to the Lender as provided below, the Debt and all unpaid accrued interest thereon shall be paid in full. If securities
are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with
respect thereto and is delivering herewith such certificates. No fee will be charged to the undersigned for any conversion, except
for transfer taxes, if any.

 

The
undersigned hereby requests that the Company issue the Shares in the name(s) specified immediately below or, if additional space
is necessary, on an attachment hereto:

 

Name:__________________________________________________________________________

Address:________________________________________________________________________

 

The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable to the undersigned
upon conversion of the Debt shall be made pursuant to registration of the securities under the Securities Act of 1933, as amended
(the “Securities Act”), or pursuant to an exemption from registration under the Securities Act.

 

Date
of Conversion: February 9, 2016

Principal
Amount of the Debt: $59,000

Accrued
Interest on Debt as of Date of Conversion: NA

Number
of Shs. of Preferred Stock to be Issued in Conversion: 59,000

 

Signature:
/s/ Ulf Telander

Name:______________________________________

Address:____________________________________

 

The
Company shall issue and deliver the Shares not later than five business days following receipt of this Notice.EXHIBIT
10.30

 

SUBSCRIPTION
AGREEMENT

  

PROGREEN
PROPERTIES, INC.

6355
E. Surrey Road

380
North Old Woodward Ave., Suite 300

Bloomfield,
MI 48009

 

Gentlemen:

 

Section
1. Amount and Method of Payment. Progreen Properties, Inc., a Delaware corporation (the “Company”), and the
undersigned purchaser (the “Purchaser”) have agreed as follows with respect to the sale by the Company to the Purchaser
of an aggregate of 100,000 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the terms of which are
set forth in Exhibit A, the “Series A Preferred Stock”), at a fixed price of $1.00 per share (the “Purchase
Price”). Payment of the Purchase Price shall be made as directed by the Company. All of the shares subscribed for by Purchaser
pursuant to this Agreement shall be purchased on or before April 30, 2016. The shares of Series A Preferred Stock be purchased
by Purchaser are herein referred to as the “Preferred Shares”.

 

Section
2. Representations and Warranties of the Company. The Company represents and warrants to the subscriber that:

 

2.1             
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and
has the power and authority to carry on its business as conducted or proposed to be conducted by it and to hold title to its property.
The Company has the corporate power and authority to execute and deliver this Subscription Agreement, to conduct such business
and to perform its obligations hereunder and consummate the transactions contemplated by each Subscription Agreement tendered
by a subscriber that is accepted by the Company (collectively, the “Subscription Agreements”).

 

2.2             
When (i) the Company has received payment for subscriptions in accordance with the provisions of this Subscription Agreement and
the Preferred Shares are issued to the Purchaser, the Preferred Shares will be duly and validly issued, fully paid and non-assessable
preferred shares of Series A Preferred Stock.

 

2.3             
This Subscription Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes the valid
and binding agreement of the Company, enforceable in accordance with its terms, except that such enforcement may be subject to
the effect of any applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws
relating to or affecting creditors' rights generally and general principals of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law).

 

2.4             
The Company's execution and delivery of this Subscription Agreement, the fulfillment of the terms set forth herein and the consummation
of the transactions contemplated herein will not conflict with or constitute a breach of, or default under (i) the Company's articles
of incorporation or by-laws, (ii) any material agreement, indenture or instrument by which the Company is bound (except to the
extent such conflict, breach or default would not have a material adverse effect on the value of the assets or the operation of
the business of the Company), or (iii) any law, administrative regulation or court decree (except to the extent such conflict,
breach or default would not have a material adverse effect on the value of the assets or the operation of the business of the
Company.

 

    	 	- 1 -	 

     

    

 

Section
3. Representations and Warranties of Purchaser. In order to induce the Company to accept this subscription, the Purchaser
hereby represents and warrants to, and covenants with, the Company as follows:

 

3.1             
The Purchaser is acquiring the Preferred Shares solely for the account of the Purchaser, for investment purposes only, and not
with a view towards the resale or distribution thereof. The Purchaser further agrees not to transfer the Preferred Shares in violation
of the Securities Act, or any applicable state securities law, and no one other than the Purchaser has any beneficial interest
in the Preferred Shares;

 

3.2             
The Purchaser agrees that it will not sell or otherwise dispose of any of the Preferred Shares to a U.S. person as defined in
Regulation S under the Securities Act of 1933, as amended (“Securities Act”), unless such sale or other disposition
(i) has been registered under the Securities Act or, in the opinion of counsel, is exempt from registration under the Securities
Act and (ii) has been registered or qualified or, in the opinion of such counsel, is exempt from registration or qualification
under the applicable state securities laws. The Purchaser may not sell, transfer, or otherwise dispose of the Preferred Shares,
except in compliance with the applicable rules of the SEC and applicable state securities authorities;

 

3.3             
The Purchaser, if not a resident of the United States, is not a “U.S. person” as defined in Regulation S under the
Securities Act and, if a U.S. resident, has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of the Purchaser’s investment in the Company. The Purchaser has the financial ability to
bear the economic risks of its entire investment for an indefinite period, would be able to sustain a complete loss of its investment,
and the Purchaser has no need for liquidity with respect to its investment in the Company;

 

3.4             
Each of the Purchaser, and if applicable, the Purchaser’s representative, has received and carefully reviewed the periodic
reports filed by the Company under the Securities Exchange Act of 1934, as amended (“Exchange Act”). The Purchaser
acknowledges and agrees that the foregoing shall be supplemented by subsequent periodic reports filed by the Company with the
United States Securities and Exchange Commission (“SEC”) pursuant to the Exchange Act.

 

3.5             
The Purchaser, and if applicable, the Purchaser’s representative, has had a reasonable opportunity to ask questions of and
receive answers from the Company concerning the Company and to verify the accuracy of any representation or information set forth
in the Company Reports, and all such questions, if any, have been answered to the full satisfaction of the Purchaser;

 

3.6             
The Purchaser has full power and authority to execute and deliver this Subscription Agreement and to perform the Purchaser’s
obligations hereunder, and this Subscription Agreement is a legally binding obligation of the Purchaser enforceable against Purchaser
in accordance with its terms; and

 

Section
4. All the information which the undersigned has furnished to the Company, or which is set forth herein, is correct and complete
as of the date of this Subscription Agreement, and if there should be any material change in such information, the Purchaser will
immediately furnish such revised or corrected information to the Company. 

 

    	 	- 2 -	 

     

    

 

Section
5. Binding Effect. The Purchaser understands that this subscription is not binding upon the Company until the Company accepts
it, which acceptance is at the sole discretion of the Company and is to be evidenced by the Company’s execution of the Signature
Page where indicated. This Subscription Agreement shall be null and void if the Company does not accept it as aforesaid. Upon
acceptance by the Company and receipt of the Purchase Price, the Company will issue to the Purchaser Notes in the principal amount
set forth on the Signature Page hereof.

 

Section
6. Restrictive Legend and Stop-Transfer Instructions.

 

6.1             The Purchaser shall comply with all of the following restrictions prior to reselling any of the Preferred Shares:

 

(a)             Until the Preferred Shares have been registered with the SEC, the Purchaser shall notify the Company about any proposed resale
to a U.S. Person (as defined above) which notice must be received by the Company at least five (5) business days prior to such
resale;

 

(b)             All offers or sales of the Preferred Shares by the Purchaser in the United States or to U.S. persons may only be made pursuant
to an effective registration statement filed under this Securities Act or by an exemption from registration under the Securities
Act and in compliance with all applicable state securities laws; and

 

(c)             If requested by the Company, the Purchaser shall provide a satisfactory opinion from legal counsel that the Purchaser’s
resale complies with this Section 6.1.

 

Any
certificate or certificates representing the Preferred Shares shall bear an appropriate legend evidencing the preceding restrictions

 

    	 	- 3 -	 

     

    

 

Section
7. Confidentiality. The Purchaser acknowledges and agrees that all information relating to the Company shall be kept confidential
by the Purchaser, except as otherwise required by law or made public other than by or through the undersigned.

 

Section
8. Nontransferability. Neither this Subscription Agreement nor any of the rights of the Purchaser hereunder may be transferred
or assigned by the Purchaser and any attempted assignment shall be null and void.

 

Section
9. Amendment; Entire Agreement; Governing Law. This Subscription Agreement (i) may only be modified by a written instrument
executed by the Purchaser and the Company, (ii) together with the investor questionnaire, sets forth the entire agreement of the
Purchaser and the Company with respect to the subject matter hereof and supersedes all prior agreements and understandings between
or among the parties with respect to the subject matter hereof, (iii) shall be governed by the laws of the State of Michigan applicable
to contracts made and to be wholly performed therein, and (iv) shall inure to the benefit of, and be binding upon, the Company
and the Purchaser and their respective legal representatives, successors and permitted assigns.

 

Section
10. Pronouns; Counterparts. Unless the context otherwise requires, all personal pronouns used in this Subscription Agreement,
whether in the masculine, feminine or neuter gender, shall include all other genders. This Subscription Agreement may be executed
in counterparts and by facsimile and each of such counterparts shall constitute an original, and all of which together shall constitute
one and the same document.

 

    	 	- 4 -	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have hereunto set their hands and seals as of the respective dates and year set forth below.

 

	Preferred Shares subscribed:	 	 	 	100,000	 

 

	Aggregate Purchase Price of Preferred Shares subscribed:	 	 	$	100,000	 

 

Payment
Method: Check or wire transfer ____

 

Debt
Conversion or Assumption _____

 

	 	 	 
	 	 	Purchaser
    (please print)
	 	 	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Date:
    _______________, 2016
	 	 	 
	 	 	ACCEPTED:
	 	 	 
	 	 	PROGREEN PROPERTIES, INC.
	 	 	 
	 	By:	 
	 	 	Chief
    Executive Officer
	 	 	 
	 	Date:	 

 

    	 	- 5 -	 

     

    

 

 EXHIBIT
A

 

Series
A Preferred Stock of Progreen Properties, Inc. (“Company”)

Summary
of Terms (February 9, 2016)

 

The
key terms:

	The
    Company:	Progreen
    Properties, Inc., a Delaware corporation (the “Company”).
	The
    Securities:	Series
        A Convertible Preferred Stock (“Series A Preferred”); Purchase Price: $1.00 per share (the “Original
        Purchase Price”).

         

	Dividends:	Series
A Preferred will be entitled to receive dividends when and if declared by the board. For any other dividends or distributions,
Series A Preferred will participate with Common Stock on an as-converted basis. 

         

	Liquidation
    Preference:	In
the event of any liquidation of the Company, or merger or sale in which the shareholders of the Company do not own a majority
of the outstanding shares of the surviving corporation, the holders of Series A Preferred will be entitled to receive in preference
to the holders of Common Stock an amount per share equal to their Original Purchase Price plus all accrued but unpaid dividends
(“Liquidation Preference”). 

         

	Conversion:	The
holders of Series A Preferred will have the right to convert Series A Preferred shares on an after January 1, 2017, at the option
of the holder, into shares of Common Stock at an initial conversion price of $0.0033. The conversion price shall be subject from
time to time to anti-dilution adjustments as described below.

         

 

    	 	- 6 -	 

     

    

 

Other
provisions: 

	 	 
	Anti-dilution:	The
conversion price of the Series A Preferred will be adjusted on a “broad-based weighted-average” basis, in the
event that the Company issues additional shares of Common or Common equivalents (other than for stock option grants and other
customary exclusions) at a purchase price less than the applicable Series A Preferred conversion price. Proportional anti-dilution
protection for stock splits, stock dividends, combinations, recapitalizations, etc.  

	 	 
	Voting
    Rights:	Each
        share of Series A Preferred will have a right to the number of votes as the underlying Common Stock shares issuable upon
        conversion.

         

        For
so long as shares of Series A Preferred Stock remain outstanding, the prior vote or written consent of a majority of the
Series A Preferred will be required for any action that , (a) alter or change adversely the powers, preferences or rights given
to the Series A Preferred Stock, (b) alter or amend the Certificate of Designation, (c) amend its certificate of incorporation,
bylaws or other charter documents so as to affect adversely any rights of any Holders of the Series A Preferred Stock, (d) increase
the authorized or designated number of shares of Series A Preferred Stock, (e) issue any additional shares of Series A Preferred
Stock (including the reissuance of any shares of Series A Preferred Stock converted for Common Stock), (f) issue any Senior Securities,
or (g) enter into any agreement with respect to the foregoing.

         

 

 

- 7 -

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