Document:

EXHIBIT 4.2

    
 EXHIBIT 4.2
  
 NOTE
 

 September   , 2020
 Pompano Beach, Florida
 

 FOR VALUE RECEIVED, Global Boatworks Holdings, Inc. (the "Maker"), hereby promises to pay ______ (the "Payee"), at such place as Payee may, from time to time, designate, the principal sum of $_____ in lawful money of the United States promptly no later than 45 days from the date hereof (the “Maturity Date”). 
 

 Maker further promises to pay interest on the unpaid principal balance hereof at the rate of six percent (6%) per annum, such interest to be paid at maturity.  Interest shall be calculated on the basis of a 360 day year and actual days elapsed.  In no event shall the interest charged hereunder exceed the maximum permitted under the laws of the State of Florida.  In the event this Note is not paid in full as of the Maturity Date, the Payee may convert the Note in full into 500,000 shares of common stock of the Maker which such shares of common stock will be delivered to the Payee or its designees.
 

 This Note can be prepaid in whole or in part at any time without the consent of the Payee provided that Maker shall pay all accrued interest on the principal so prepaid to date of such prepayment.
 

 Notwithstanding the due date of this Note specified above, the entire unpaid principal balance of this Note and interest accrued with respect thereto shall be immediately due and payable upon the occurrence of any of the following:
 

 The Maker commits an act of bankruptcy, making an assignment for the benefit of creditors or making or sending a notice of intended bulk transfer, or if a meeting of creditors is convened or a committee of creditors is appointed for, or any petition or proceeding for any relief under any bankruptcy, reorganization, insolvency, readjustment of debt, receivership, liquidation or dissolution law or statute now or hereinafter in effect (whether at law or in equity) is filed or commenced by or against Maker or any property of Maker, or the appointment of a receiver or trustee for Maker or any property of Maker.
 

 The Maker waives demand, presentment, protest and notice of any kind.
 

 This Note may not be changed, modified or terminated orally, but only by an agreement in writing, signed by the party to be charged.
 

 This Note shall be governed by and construed in accordance with the laws of the State of Florida and shall be binding upon the successors, assigns, heirs, administrators and executors of the Maker and enure to the benefit of the Payee, its successors, endorsees, assigns, heirs, administrators and executors.
 

 If any term or provision of this Note shall be held invalid, illegal or unenforceable, the validity of all other terms and provisions hereof shall in no way be affected thereby.
 

 

 Global Boatworks Holdings, Inc.
 

 

 

 By:____________________________
    

      

 Name: Laurin Leonard
 Title: CEOEXHIBIT 10.2

    
 EXHIBIT 10.2

 

 Robert Rowe
 

 September 21, 2020
 

 Laurin N. Leonard
 1707 N Charles Street, Suite 200A
 Baltimore, MD 21201
 

 Re:  Global Boatworks Holdings, Inc.
 

 Dear Ms. Leonard:
 This agreement will set forth the terms and conditions pursuant to which Robert Rowe (“Seller”), will sell to Laurin N. Leonard (“Buyer”) 1,000,000 shares of Series A Preferred Stock (the “Preferred Stock”) payable by Global Boatworks Holdings, Inc. (“GBBT”).  
  1.

 Seller will sell to Buyer, and Buyer will purchase from Seller, the Preferred Stock for a purchase price of $1,000 (the “Purchase Price”).  Payment of the Purchase Price shall be made concurrently with the execution of this agreement and Seller delivering the Preferred Stock to the Buyer together with written instructions to GBBT to transfer the Preferred Stock to the Buyer.  The Purchase Price will be paid by check.
  2.

 Seller represents that the Seller owns the Preferred Stock free and clear of any liens or options, rights or other security or other interests in the Preferred Stock.  Seller agrees and acknowledges that it will have no further interest in the Preferred Stock.  
  3.

 Buyer represents that Buyer is an accredited investor, as defined in Rule 501 of the Securities Act of 1933, that Buyer is acquiring the Preferred Stock for Buyer’s own account and not with a view to the sale or distribution of the Preferred Stock, that Buyer understands that the Preferred Stock is restricted securities, as defined in said Rule 144, and may not be sold except pursuant to an effective registration statement or an exemption from registration and that the Preferred Stock will bear GBBT’s standard investment legend.  
  4.

 This agreement constitutes the entire agreement of the parties as to its subject matter, superseding any prior or contemporaneous agreements, understandings or letter of intent, and may not be amended nor may any right be waived except by an instrument which refers to this agreement, states that it is an amendment or waiver and is signed by both parties in the case of an amendment or the party granting the waiver in the case of a waiver.
 Please confirm your agreement with the foregoing by signing this agreement and returning it to the Buyer and copying GBBT.
 Very truly yours,
 /s/ Robert Rowe
 Robert Rowe
 

 AGREED TO this 21st day of September, 2020.
 

 

 /s/ Laurin N. Leonard
 Laurin N. Leonard
 

 ACKNOWLEDGED:
 

 Global Boatworks Holdings, Inc.
 

 

 By: /s/Robert Rowe
 Name: Robert Rowe
 Title: CEOEXHIBIT 10.3

    
 EXHIBIT 10.3
  
 Global Boatworks Holdings, Inc.
 

 September 22, 2020
 

 Robert Rowe
 

 Re:  Global Boatworks, LLC
 

 Mr. Rowe:
 The agreement will set forth the terms and conditions pursuant to which Global Boatworks Holdings, Inc. (“Seller”) will sell to Robert Rowe (“Purchaser”), 100% of the membership interest (the “Interest”) of Global Boatworks, LLC, a Florida corporation (“GB”), as follows:
  1.

 Seller will sell to Purchaser, and Purchaser will purchase from Seller, the Interest for a purchase price of Buyer assuming $371,067.46 (plus any additional accrued interest, cumulative charges less any payments made in liabilities since the Exhibit A list was composed) of Seller as detailed on Exhibit A attached hereto.  
  2.

 Seller represents that:
  (a)

 Seller owns the Interest free and clear of any liens or options, rights or other security or other interests in the Interest; and
  (b)

 Seller has the right to sell the Interest to Purchaser, and neither the execution of this Agreement nor the sale of the Interest pursuant to this Agreement violates any agreements to which Seller is a party or any law to which Seller is subject.
  3.

 Seller makes no representation or warranty as to the business, financial condition or prospects of GB.
  4.

 Purchaser represents and warrants to Seller as follows:
  (a)

 Purchaser understands that the offer and sale of the Interest is being made only by means of this Agreement, and no representations or warranties are being made except as set forth in this Agreement.
  (b)

 Purchaser acknowledges and agrees that the Interest has not been registered under the Securities Act of 1933 and Purchaser is an accredited investor.
  (c)

 Purchaser is acquiring the Interest as principal for Purchaser’s own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in such Interest.
  (d)

 Purchaser has such knowledge and experience in financial and business matters as to enable Purchaser to understand the nature and extent of the risks involved in purchasing the Interest. Purchaser is fully aware that such investments can and sometimes do result in the loss of the entire investment. Purchaser has engaged his or her own counsel and accountants to the extent that Purchaser deems it necessary.
  5.

 The Agreement constitutes the entire agreement of the parties as to its subject matter, superseding any prior or contemporaneous agreements, understandings or letter of intent, and may not 
 

  
 
 be amended nor may any right be waived except by an instrument which refers to this Agreement, states that it is an amendment or waiver and is signed by both parties in the case of an amendment or the party granting the waiver in the case of a waiver.
 Please confirm your agreement with the foregoing by signing this Agreement and returning it to Seller.
 Very truly yours,
 Global Boatworks Holdings, Inc.
 

 

 By: /s/ Laurin Leonard
 Name: Laurin Leonard
 Title:CEO
 

 AGREED TO this 22nd day of September, 2020.
 

 

 /s/ Robert Rowe
 Robert Rowe
 

 

  
 
 

 Exhibit A
 Jonathan Leinwand - $    23,874.75
 Bob Rowe - $      45,579.11 
 Chris Van Vliet - $        8,500.00 
 Double P Construction - $      40,922.00 
 Bahia Mar Marina - $        7,741.45 
 Carter Terry - $        9,150.00 
 Kim Hackett - $      15,000.00 
 David Sica - $      22,500.00 
 BofA credit card a/o 7/6/20 - $      34,000.52 
 Barclays Bank Jet Blue credit card a/o 07/08/20 - $        4,388.53 
 CitiBank CostCo CC a/o 03/31/20 - $      10,916.51 
 AmEx Plum CC a/o 07/14/20 - $        2,770.51 
 Greenspoon Marder - $      11,495.00 
 Homeaway - $      11,488.00 
 Florida sales tax payable - $           710.33 
 Bob ST LOC a/o 06/30/20 - $        9,353.11 
 ST loan - WTC #1 a/o 06/30/20 - $      19,829.49 
 ST loan - WTC #2 a/o 06/30/20 - $      38,404.15 
 ST loan - Paladin RB a/o 03/31/20 - $      13,260.82 
 ST loan - WTC RB a/o 03/31/20 - $      13,260.82 
 S-T loan - M Athanas - $      10,000.00 
 Suzuki Motors a/o 08/1/20 - $      17,922.36 
 

 Total  - $    371,067.46EXHIBIT 10.4

   

 EXHIBIT 10.4
  
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
 

 CONVERSION AGREEMENT
 

 THIS CONVERSION AGREEMENT (the "Agreement"), dated as of September 21, 2020 (the “Effective Date”) is made by and between Global Boatworks Holdings, Inc., a Florida corporation (the “Company”), and Robert Rowe (the “Debt Holder”).
 

 WHEREAS, Debt Holder is owed $482,979 in accrued compensation as of the Effective Date (the “Debt”). 
 

 WHEREAS, the Company and Debt Holder wish to convert the Debt into such number of shares of common stock of the Company equal to the Debt divided by the conversion price of $0.4391 per share (the "Conversion Price") resulting in the issuance of 1,100,000 shares of common stock of the Company (the “Shares”) to Debt Holder.
 

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which the parties hereby acknowledge the parties agree as follows:
 

  1.

 Conversion.  It is agreed by the Company and Debt Holder that on the Effective Date the Debt shall convert into the Shares at the Conversion Price.  
 

  2.

 Certificate Delivery. Within three (3) business days of the Effective Date, the Company shall deliver a certificate or evidence of a book entry representing the Shares to Holder.  
 

  3.

 Further Assurances. The parties, by entering into this Agreement, agree to execute all agreements and other documents as reasonably requested by the other party.
 

  4.

 Representations and Warranties and Covenants of Debt Holder. Debt Holder represents, warrants and covenants to the Company as follows:
 

 a. No Registration.  Debt Holder understands that the Shares have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”) by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of Debt Holder’s representations as expressed herein or otherwise made pursuant hereto.
 

 b.  Investment Experience. Debt Holder has substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the Company and acknowledges that Debt Holder can protect Debt Holder’s interests. Debt Holder has such knowledge and experience in financial and business matters so that Debt Holder is capable of evaluating the merits and risks of Debt Holder’s investment in the Company.
 

 

  
 
 d.  Speculative Nature of Investment; SEC Reports; Dilution.  Debt Holder understands and acknowledges that the Company has a limited financial and operating history and that an investment in the Company is highly speculative and involves substantial risks. Debt Holder can bear the economic risk of such investment and is able, without impairing such financial condition, to hold the Shares for an indefinite period of time and to suffer a complete loss of Debt Holder’s investment.  Debt Holder further understands that the Company will need issue additional shares of common stock in connection with (i) future financings, (ii) the retention or hiring of management and employees and (iii) the conversion of existing outstanding debt that will be converted at various conversion prices some which will be at a price less than the Conversion Price, which will significantly dilute Debt Holder.  
 

 e.  Accredited Investor. Debt Holder is an “accredited investor’ within the meaning of Regulation D, Rule 501(a), promulgated by the Securities and Exchange Commission under the Securities Act and shall submit to the Company such further assurances of such status as may be reasonably requested by the Company.
 

 f.   Rule 144.  Debt Holder acknowledges that the Shares must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. The Debt Holder is aware of the provisions of Rule 144 promulgated under the Securities Act which permit limited resale of shares subject to the satisfaction of certain conditions, including among other things, the existence of a public market for the shares, the availability of certain current public information about the Company and the resale occurring not less than six months after a party has purchased and paid for the security to be sold.  The Debt Holder acknowledges that, in the event all of the requirements of Rule 144 are not met, registration under the Securities Act or an exemption from registration will be required for any disposition of the Shares the Debt Holder understands that, although Rule 144 is not exclusive, the Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales and that such persons and the brokers who participate in the transactions do so at their own risk.  
 

 g.          Authorization.
 

 i. The Debt Holder has all requisite power and authority to execute and deliver this Agreement, and to carry out and perform its obligations under the terms hereof. All action on the part of the Debt Holder necessary for the authorization, execution, delivery and performance of this Agreement, and the performance of all of the Debt Holder’s obligations herein, has been taken.
 

 ii. This Agreement, when executed and delivered by the Debt Holder, will constitute valid and legally binding obligations of the Debt Holder, enforceable 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 or by general principles of equity.
 

 iii.  No consent, approval, authorization, order, filing, registration or qualification of or with any court, governmental authority or third person is required to be obtained by the Debt Holder in connection with the execution and delivery of this Agreement by the Debt Holder or the performance of the Debt Holder’s obligations hereunder.
 

 

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 h.  Brokers or Finders. The Debt Holder has not engaged any brokers, finders or agents, and the Company has not, and will not, incur, directly or indirectly, as a result of any action taken by the Debt Holder, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement and the transactions related hereto.
 

 i.  Tax Advisors. The Debt Holder has reviewed with its own tax advisors the U.S. federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. With respect to such matters, the Debt Holder relies solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. The Debt Holder understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.
 

 j.  Legends.  The Debt Holder understands and agrees that the certificates evidencing the Shares shall bear a legend in substantially the form as follows (in addition to any legend required by any other applicable agreement or under applicable state securities laws):
 

 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”
 

  6.

 Miscellaneous.  
 

 a.  Notice.  Any notice required under this Agreement shall be deemed duly delivered (and shall be deemed to have been duly received if so given), if personally delivered, sent by a reputable courier service, or mailed by registered or certified mail, postage prepaid, return receipt requested, addressed to the parties at the addresses set forth above or to such other address as any party may have furnished to the other in writing in accordance with this Section.
 

 b.  Law and Jurisdiction.  The laws of the State of Florida apply to this Agreement, without deference to the principles of conflicts of law.  Both jurisdiction and venue for any litigation pursuant to this Agreement shall be proper in the courts of Florida.
 

 c.  Severability.  If the law does not allow a provision of this Agreement to be enforced, such unenforceable provision shall be amended to become enforceable and reflect the intent of the parties, and the rest of the provisions of this Agreement shall remain in effect.
 

 d.  Waiver.  The failure of any party, in any instance, to insist upon strict enforcement of the provisions of this Agreement shall not be construed to be a waiver or relinquishment of enforcement in the future, and the terms of this Agreement shall continue to remain in full force and effect.
 

 e.  Assignability.  This Agreement shall not be assignable by either party.
 

 f.  Amendment.  This Agreement may only be amended or modified in a writing signed by both of the parties and referring to this Agreement.
 

 g.  Entire Agreement. This Agreement constitutes the entire agreement and final understanding of the parties with respect to the subject matter of this Agreement and supersedes and 
 

 3
 

 

  
 
 terminates all prior and/or contemporaneous understandings and/or discussions between the parties, whether written or verbal, express or implied, relating in any way to the subject matter of this Agreement.
 

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

 

 GLOBAL BOATWORKS HOLDINGS, INC.
 

 

 

 By: /s/ Robert Rowe
 Name: Robert Rowe
 Title: CEO
 

 

 

 

 /s/ Robert Rowe
 Robert Rowe
 

 

 

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