Document:

Letter
of Intent

 

This
letter of engagement covers the working relationship between:

 

Sustainable
Projects Group Inc.

225 Banyan Boulevard – Suite 220

Naples, FL 34102

 

And

 

Cormo
AG

Falkenstrasse 17

CH-2502 Biel

 

Cormo
AG is a company based in Biel, Switzerland in the business of producing and developing peat moss replacement and natural foam
products and technologies

 

While
Cormo AG already has significant operations in Europe and operates a manufacturing plant in Elsass, France, the company is looking
to expand its technology platform in the North American market, particularly the United States of America.

 

Sustainable
Projects Group Inc. is a publicly listed company based in Naples, FL, specialized in introducing promising products and companies
from Asia and Europe to North American market through a structured business- and product roll out plan. Sustainable Projects Group
Inc. sees great potential for the technologies developed by Cormo AG in the United States agricultural market.

 

Therefore,
the parties agree on a cooperation consisting of the following:

 

	 	●	Formation
    of a Florida based C-Corporation with location in Naples, FL
	 	●	Funding
    in the amount of CHF600,000 for the new venture will be provided through “friends and family” funding.
	 	●	Based
    on an increase in valuation to desirable level, while taking into consideration a minimum of dilution of existing share holders
    a second funding round which will place a maximum of 15% to outside shareholders.
	 	●	Ownership
    will be split as follows as a first step: Cormo AG 27.5%, SPGX 27.5% and 45% “friends and family”

 

As
part of this letter the parties agree that Sustainable Projects Group Inc. will provide the following:

 

	 	●	Market
    & Success analysis (Market Research: Competitors, Customer Target Groups, Pricing Suggestions)
	 	●	Pre-Sounding
    with potential distribution channels
	 	●	Suggestions
    regarding legal and taxation structure and future business development of Cormo AG in the United States

 

Sustainable
Projects Group Inc.

2316 Pine Ridge Rd #383

Naples, FL 34109

 

    	 

     

    

 

	 	●	Verification
    of steps needed for efficient logistics, customs duties and supply chain
	 	●	Identification
    and marketing to relevant distribution channels
	 	●	Pricing
    negotiations with distribution channels
	 	●	Site
    Visit to Cormo AG’s facilities in Elsass
	 	●	Work
    1-1 with Cormo AG team to develop Cormo USA Inc’s strategy for the United States

 

Confidentiality

 

As
part of the research and business development project Cormo AG will provide SPGX with confidential and proprietary information.
SPGX agrees not to disseminate this information and will treat all confidential information as such.

 

Cormo
AG will provide SPGX with the information required for the project. Data will be provided in the form of a digital data room.
Additionally, Cormo AG will provide sample products, marketing materials and access to a designated person within Cormo AG as
“project leader”.

 

Timing

 

It
is understood that speed is of the essence. For production line in the US should be operational for the harvest season 2019. The
parties furthermore agree that all relevant research, product know how development, legal framework should begin with the signing
of the letter. A shareholder agree will be created and funding received by November 1st.

 

	/s/
        Stefan Muehlbauer

        

        

        

        
	 	/s/
        Stefan Grass

        

        

        

	Stefan
        Muehlbauer – CEO of SPGX	 	Stefan
        Grass – CEO of Cormo AG
	 	 	 
	Zurich 25
        September 2018	 	Zurich 25
        September 2018
	City
        / Date	 	City
        / Date

 

Sustainable
Projects Group Inc.

2316 Pine Ridge Rd #383

Naples, FL 34109SHAREHOLDER’S
AGREEMENT

 

THIS
SHAREHOLDERS’ AGREEMENT (this “Agreement”) is made the 29th day of September, 2018 (the “Effective
Date”) for the company Vitalizer Americas Inc., hereinafter the (“Company”).

 

BETWEEN:

 

	(1)	Sustainable
    Projects Group, Inc. (SPGX), a company whose registered office is 225 Banyan Blvd., Suite 220, Naples, Florida 34105 (“SPGX”);
	 	 
	(2)	Kurt
                                         Muehlbauer, a German national (“Muehlbauer”);

        

	 	 
	(3)	David
                                         Conza, a Swiss national (“Conza”); and

        

	 	 
	(4)	Christopher
    Grunder, a Swiss national (“Grunder”)

 

WHEREAS:

 

	(A)	SPGX,
    Muehlbauer, Conza, and Grunder have entered into this joint venture relationship with its principal purpose
    the import, sale, and distribution of products offered by sister company Vitalizer International of Switzerland.
	 	 
	(B)	Shareholders
                                         of the Company are as follows in the percentages listed: SPGX (55%), Muehlbauer
                                         (15%), Conza (15%), and Grunder (15%).

        

	 	 
	(C)	Parties
    will be responsible for the management, operation, and investment into of the Company in the following manner: SPGX
    – general management and day to day operations; Muehlbauer – financial contribution of $75,000 USD;
    Conza – financial contribution of $75,000 USD; and Grunder – financial contribution of $75,000 USD,
    due on the 5th day of October, 2018.
	 	 
	(D)	

        The
        parties hereto agree to enter into this Agreement for the purposes of establishing the operation of the Company as from
        the Effective Date.

 

NOW
IT IS HEREBY AGREED as follows:

 

1.
INTERPRETATION

 

In
this Agreement, including the Recitals, the following expressions shall, except where the context otherwise requires, have the
following meanings:

 

“Affiliate(s)”
means in relation to any specified body corporate or Person, any other body corporate, unincorporated entity or Person directly
or indirectly Controlling, directly or indirectly Controlled by or under direct or indirect common Control with such specified
body corporate or Person;

 

“Articles”
means the Articles of Association of the Company, as amended from time to time;

 

“America”
means the commercial and business territory defined by the fifty (50) states and numerous territories of the United States of
America [including Washington, District of Columbia (DC)] and Canada.

 

“Board”
means the Board of Directors of the Company;

 

“Business”
means the import, sale and distribution of products offered by Vitalizer International of Switzerland and as proposed to be
conducted as of the Effective Date in accordance with this Agreement, and as otherwise may be determined by the Board following
the Effective Date;

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the United States of America
are required or authorized by law or executive order to be closed upon such inclement weather as does not permit business to be
safely conducted between the hours of 9:00 am to 5:00 pm Eastern Standard Time if Florida;

 

“Competing
Business” means any business competing with the Business, including producing or selling massage chairs;

 

    	 	 	 

    	 

    

 

“Confidential
Information” means any information related to the operation of the Company which is intended to be private or restricted
and used for the purpose of conducting the Company’s affairs. Confidential information includes proprietary information
produced by and for the Company.

 

“Control”
means, in relation to a specified body corporate or Person, the power of any other Person directly or indirectly to secure that
the affairs of such specified body corporate or Person are conducted in accordance with the wishes of that other Person:

 

	 	(i)	by
    means of the holding of Equity Securities or the possession of voting power (either at the shareholder, director or other
    comparable level) in or in relation to that specified body corporate or Person or an intermediate Person; or
	 	 	 
	 	(ii)	by
    virtue of any powers conferred by the memorandum and articles of association or by-laws or other similar documents regulating
    that specified body corporate or Person or an intermediate Person;

 

“Director”
means any director of the Company and where applicable, any alternate director;

 

“Due
Date” shall be the 5th day of October, 2018.

 

“Encumbrance”
means any mortgage, charge, pledge, lien (otherwise than arising by statute or operation of law), hypothecation, equities,
adverse claims, or other encumbrance, priority or security interest, over or in any property, assets or rights of whatsoever nature
or interest or any agreement for any of the same and “Encumber” shall be construed accordingly;

 

“Equity
Securities” means, with respect to any Person, such Person’s capital stock, membership interests, partnership
interests, registered capital, joint venture or other ownership interests or any options, warrants or other securities that are
directly or indirectly convertible into, or exercisable or exchangeable for, such capital stock, membership interests, partnership
interests, registered capital or joint venture or other ownership interests (whether or not such derivative securities are issued
by such Person);

 

“Exchange
Rate” shall be the daily average USD/CHF spot price on the date this agreement is signed.

 

“Governmental
Authority” means any government or political subdivision thereof; any department, agency or instrumentality of any government
or political subdivision thereof; any court or arbitral tribunal; and the governing body of any securities exchange, in each case
having competent jurisdiction;

 

“Party”
means one of the parties to this Agreement;

 

“Person”
means any natural person, firm, company, Governmental Authority, joint venture, partnership, association or other entity (whether
or not having separate legal personality);

 

“Related
Person” means (i) any shareholder, director, or officer of the Company or any Affiliate, (ii) any relative of such shareholders,
directors or officers, (iii) any Person in which any shareholder, director or officer of the Company, other than a passive shareholder
of less than two percent (2%), or over which a Related Person exercises, or all Related Persons together can exercise, control
or significant influence through voting, position or ownership;

 

“Senior
Management” means Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and/or any other senior
executives;

 

“Shares”
means the common shares of the Company carrying the rights and privileges as set forth in the Articles and Bylaws;

 

“Shareholders”
means any or all of those Persons at any time holding any Shares in the Company;

 

“Transfer”
means to transfer, sell, assign, pledge, hypothecate, give, create a security interest in or lien on, place in trust (voting or
otherwise), transfer by operation of law (other than a merger or consolidation of the Company) or in any other way Encumber or
dispose of, directly or indirectly and whether or not voluntarily, any Equity Securities;

 

    	 	 	 

    	 

    

 

Further
Interpretation of In this Agreement:

 

	 	(i)	references
    to this Agreement include the Schedules, Exhibits and Appendices, which form an integral part hereof. A reference to any Clause,
    Schedule, Exhibit or Appendix is, unless otherwise specified, to such Clause of, or Schedule, Exhibit or Appendix to, this
    Agreement. The words “hereof,” “hereunder” and “hereto,” and words of like import, unless
    the context requires otherwise, refer to this Agreement as a whole and not to any particular Clause hereof or Schedule, Exhibit
    or Appendix hereto. A reference to any document (including this Agreement) is to that document as amended, consolidated, supplemented,
    novated or replaced from time to time;
	 	 	 
	 	(ii)	references
    to “law” shall include all applicable laws, regulations, rules and orders of any Governmental Authority, including
    any common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule,
    treaty, order, decree or judgment; and “lawful” shall be construed accordingly;
	 	 	 
	 	(iii)	references
    to any statutory provision or any law, rule or regulation (whether or not having the force of law) shall be construed as references
    to the same as amended, varied, modified, consolidated or re-enacted from time to time and to any subordinate legislation
    made under such statutory provision;
	 	 	 
	 	(iv)	words
    importing the singular include the plural and vice versa, words importing one gender include every gender, and references
    to persons include bodies corporate and unincorporated;
	 	 	 
	 	(v)	headings
    are for ease of reference only and shall not affect the interpretation of this Agreement;
	 	 	 
	 	(vi)	references
    to writing include any mode of reproducing words in a legible and non-transitory form;
	 	 	 
	 	(vii)	the
    expression “Shareholders” shall, where the context permits, include their respective successors, assigns and personal
    representatives (where applicable);
	 	 	 
	 	(vii)	any
    reference to a number or price of Shares shall be appropriately adjusted to reflect any share split, share consolidation,
    share dividend, share reclassification, reorganization, capitalization issuance or similar transaction affecting the share
    capital of the Company;
	 	 	 
	 	(ix)	if
    a period of time is specified and dates from a given day or the day of a given act or event, such period shall be calculated
    exclusive of that day; if the day on or by which something must be done is not a Business Day, that thing must be done on
    or by the Business Day immediately following such day;
	 	 	 
	 	(x)	references
    to the provision of written or verbal materials (including notices, reports, circulars, papers and correspondence) by, between
    or among the Company, the Shareholders and the Directors means communications using the English language (unless specifically
    authorized herein to be provided in one or more languages); and
	 	 	 
	 	(xi)	the
    phrase “directly or indirectly” means directly, or indirectly through one or more intermediate persons or through
    contractual or other arrangements, and “direct or indirect” has the correlative meaning.

 

2.
BUSINESS OF THE COMPANY

 

	2.1	The
    Company shall be in the business of importing, selling, and distributing products offered by Vitalizer International of Switzerland
    and shall not conduct any business or activity other than that necessary to complete the tasks named in this article or within
    this document except by the authorized agreement of shareholders

 

	2.2	The
    Parties will use good faith efforts to insure the successful operation of the Company. 

 

3.
SHARE CAPITAL OF THE COMPANY

 

	3.1	Authorized
    Capital.

 

As
of the Effective Date, the authorized capital of the Company is 225,000 Swiss Francs divided into 1,000,000 Shares. All Shares
have been issued of which SPGX holds 550,000 Shares; Muehlbauer holds 150,000 Shares; Conza holds 150,000
Shares; and Grunder holds 150,000 Shares. Future capital increases are permitted by the parties.

 

	3.2	Equity
    Ownership by the Parties.

 

As
of the Effective Date the equity ownership structure in the Company shall be that SPGX owns fifty-five percent (55%), Muehlbauer
owns fifteen percent (15%), Conza owns fifteen percent (15%) and Grunder owns fifteen percent (15%) of the Company’s outstanding
shares.

 

    	 	 	 

    	 

    

 

4.
BOARD CONSTITUTION AND BOARD AND SHAREHOLDERS’ MEETINGS

 

	4.1	The
    number of Persons comprising the Board shall be four (4), of which one (1) shall be nominated by SPGX and one (1) each shall
    consist of Muehlbauer, Conza, and Grunder. In the event of a deadlocked vote, SPGX shall cast the deciding vote. SPGX shall
    have the sole option of appointing the Chairman of the Board. Each Party’s number of Directors will roughly reflect
    its relative ownership percentage of the Company and the constitution of the Board shall be adjusted in accordance with the
    shareholding proportion should it be altered or take on a proportionally different percentage. The size of the Board may be
    increased with the approval of the existing Board members.
	 	 
	4.2	A
    Director shall be removed from the Board, with or without cause, upon, and only upon, divesting its shares of the Company.
    
	 	 
	4.3	In
    the event any Director wishes to be replaced or is removed in accordance with Clause 4.2, the remaining Shareholders must
    approve any replacement Director. 
	 	 
	4.4	Each
    Director shall be entitled to, and the Shareholders shall ensure that each Director shall be entitled to, examine the books
    and accounts of the Company and have free access, at all reasonable times, to any and all properties and facilities of the
    Company. The Shareholders shall procure that the Company shall provide such available information relating to the business
    affairs and financial position of the Company as any Director may reasonably require. 
	 	 
	4.5	Save
    for matters stated herein as requiring Shareholder consent:

 

	 	(i)	SPGX
    shall have ultimate responsibility for management and operation of the Company; and
	 	 	 
	 	(ii)	SPGX
    shall be required to make all regular decisions of the Company and decisions within the day to day business of the Company.
    Significant matters outside the day to day operation of the Company which affect the shareholders of the Company must be referred
    to the Board, and no Shareholder or officer of the Company shall take any actions purporting to commit the Company in relation
    to any such matters without the approval of the Board. 

 

	4.6	The
    Chairman of the Board shall be selected by SPGX.
	 	 
	4.7	Meetings
    of the Board shall take place as frequently as required to operate the business of the same in an efficient manner but in
    any case shall take place generally at least once in every three (3) month period. Meetings shall be conducted in English
    and held in a location approved by a majority of the Directors of the Company having regard to potential tax consequences
    to the Company of having meetings in such location. 
	 	 
	4.8	In
    relation to meetings of the Board, a meeting may be called by the Chairman of the Board or by any Director of the Company
    giving notice in writing to the Company Secretary or Chairman specifying the date, time and agenda for such meeting. The Company
    Secretary or Chairman shall upon receipt of such notice give a copy of such notice by registered post to all Directors at
    such addresses that the Directors shall inform the Company in writing from time to time of such meeting, accompanied by a
    written agenda specifying the business of such meeting and copies of all papers relevant for such meeting. A copy of such
    notice shall be provided as well by electronic mail or facsimile at the address or number, as the case may be, provided by
    the Directors. Not less than fourteen (14) Business Days’ notice shall be given to all Directors; provided, however,
    that such notice period may be reduced with the written consent of all of the Directors.
	 	 
	4.9	All
    meetings of the Board shall require a quorum of at least a majority of the Directors attending in person or by proxy by telephone;
    provided, however, that the quorum must include one Director nominated by SPGX. Notwithstanding the foregoing, if such a quorum
    is not present within one hour from the time appointed for the meeting of the Board, such Board meeting shall be adjourned
    to a meeting to be held on the 10th business day following such meeting at the same time and place of such meeting, and any
    Director present at such second meeting shall constitute a quorum. 
	 	 
	4.10	At
    any Board meeting of the Company each Director may exercise one vote. Any Director may, by written notice to the Company Secretary,
    which is to be appointed by SPGX, authorize another Director to attend and vote by proxy for such Director at any such meetings.

 

    	 	 	 

    	 

    

 

	4.11	Except
    as otherwise provided in this Clause 4.12, all decisions of the Board of the Company should be made by a simple majority vote
    of the Directors present at a meeting at which a quorum has been achieved. However, decisions of the Board with respect to
    the following matters will require the unanimous vote of the Directors present at a meeting at which a quorum has been achieved:

 

	 	(i)	Any
    amendment to this Agreement;
	 	 	 
	 	(ii)	The
    termination or dissolution of the Company;
	 	 	 
	 	(iii)	The
    change of the Company’s name; and
	 	 	 
	 	(iv)
    	Any
    change to the ownership structure of the Company as noted below in section 4.13.

 

	4.12	If
    the agenda for any meeting of the Directors contemplates that the Board will take action with respect to any of the following
    material transactions:

 

	 	(i)	the
    issuance of new shares or alteration of the equity structure of the Company (other than as provided in this Agreement);
	 	 	 
	 	(ii)	any
    merger, or sale of the equity or substantially all the assets of the Company;
	 	 	 
	 	(iii)	the
    acquisition of any material business;
	 	 	 
	 	(iv)	the
    incurrence of material debt, other than trade debt incurred in the ordinary course of business;
	 	 	 
	 	(v)	the
lease or acquisition of real property;

 

then the Chairman of the Board nominated by SPGX may meet in person or by phone to
    discuss any such matter in advance of such Directors’ meeting given the other three directors have received notice ten
    business days before the discussion.

 

	4.13	Directors
    may participate in Board meetings by telephone, and such participation shall constitute presence for purposes of the quorum
    provisions of Clause 4.10 and the Company shall ensure that (i) each such Director is able to hear all other Directors and
    (ii) if such Director wishes, he is able to address other Directors.

 

	4.14	At
    the discretion of the President of the Board, travel expenses related to board meetings will be reimbursed.

 

	4.15	Any
    action that may be taken by the Directors at a meeting may be taken by a written resolution prepared in English signed by
    all of the Directors.

 

	4.16	Subject
    to other provisions of this Agreement, the Board shall have the authority to determine the extent of, and the means of satisfying,
    any future funding needs of the Company, and shall have the discretion to determine the terms of any future issuance of securities
    or incurrence of indebtedness by the Company; provided, however, that no Shareholder shall have any obligation to provide
    any indemnity, guarantee or other security to any other Shareholder or any third party in support of loans, overdraft facilities,
    borrowings or other financial arrangements entered into, required by or otherwise procured for the Company.

 

	4.17	The
    Board shall give not less than fourteen (14) business days notice of meetings of Shareholders to those Persons whose names
    on the date the notice is given appear as Shareholders in the share register of Company and are entitled to vote at the meeting.
	 	 
	4.18	A
    Shareholder or its authorized representative/proxy at the meeting of Shareholders may participate in the meeting of Shareholders
    by means of telephone conference or similar means of communication and any Person participating in a meeting of the Shareholders
    in such manner shall be deemed to be present in person at such meeting and shall be taken into account for the purpose of
    a quorum and can take part in the vote. The Company shall ensure that (i) each such Shareholder is able to hear all other
    Shareholders and (ii) subject to the same treatment of Shareholders present at the meeting in person, if such Shareholder
    wishes, he is able to address other Shareholders.

 

The
Chairman of the Board shall preside as Chairman at every Shareholders’ meeting. Any resolution proposed at any Shareholders’
meeting shall be decided by a simple majority of votes by the voting Shareholders except where a greater majority is required
or required otherwise by this Agreement and/or the Articles. In the case of an equality of votes, the Chairman shall cast the
deciding vote. Shareholders’ resolutions may be passed by written resolution prepared in English, circulated and signed
by all the Shareholders. Any such resolution may consist of several documents in like form each signed by one or more Shareholders.

 

    	 	 	 

    	 

    

 

	4.19	Each
    Shareholder shall exercise any voting rights or other powers of control so as to ensure the passing of resolution(s) necessary
    or appropriate to enable the affairs of the Group Company to be conducted in accordance with the provisions of this Agreement
    or to give full effect to the provisions of this Agreement, and to ensure that no resolution which does not accord with such
    provisions will be passed.

 

	4.20	The
    Shareholders shall vote for any decision made by the Board in accordance with this Agreement if such decision shall be required
    by the applicable laws to be passed at the general meeting of the company. 

 

	4.21	Each
    of the Shareholders shall exercise all voting rights and other powers of control available to them to ensure they comply and
    are consistent with the provisions of this Agreement.

 

5.
REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

 

	5.1	Each
    Party represents, warrants and undertakes to each other Party that:

 

	 	(i)	it
    is a company duly incorporated or established and validly existing in all respects under the laws of its place of incorporation
    and it is established with full power and authority to own its assets and to carry on its business as such business is now
    being conducted and no action has been taken or threatened (whether by it or any third party) for or with a view to its liquidation,
    receivership or analogous process. The execution of this Agreement and all other ancillary documents by such Party has been
    validly authorised;
	 	 	 
	 	(ii)	the
    obligations expressed as being assumed by it under this Agreement constitute its valid, legal and binding obligations enforceable
    against it in accordance with the terms of this Agreement;
	 	 	 
	 	(iii)	neither
    the execution or delivery by it of this Agreement or of any ancillary document nor the performance or observance of any of
    its obligations under this Agreement, does or will:

 

	 	(a)	conflict
    with, or result in any breach or violation of, any judgment, order or decree, trust deed, mortgage, agreement or other instrument
    or arrangement by which it is bound; or
	 	 	 
	 	(b)	where
    applicable, cause any limitation imposed on any of its powers, or on the right or ability of its Directors to exercise such
    powers to be exceeded.

 

5.2
Further Assurances

 

	 	(i)	Each
    Party agrees that it shall do and execute or procure to be done and executed all such further acts, deeds, documents and things
    as may be necessary to give full effect to the terms and intent of this Agreement.

 

6.
MANAGEMENT

 

	6.1	Save
    as otherwise provided in this Agreement or agreed between the Parties, the Shareholders shall, and shall procure the Directors
    nominated by them to exercise their powers and control in relation to the Company so as to ensure that the Company shall:

 

	 	(i)	carry
    on and conduct businesses and affairs in a proper and efficient manner and for its own benefit;

 

	 	(ii)	transact
    its business on arm’s length terms or on terms not less favourable than arm’s length terms;

 

	 	(iii)	keep
    proper books of account and therein make true and complete entries of all its dealings and transactions of and in relation
    to its business;
	 	 	 
	 	(iv)	conduct
    its business in accordance with all applicable legal requirements, including the obtaining of all necessary licences, consents
    and approvals; and

 

	 	(v)	ensure
    that all major documents and agreements subject to Board approval shall be presented to the Board with true and correct translations
    in the English language.

 

    	 	 	 

    	 

    

 

	6.2	The
                                         Shareholders shall vote in general meeting and shall cause the Directors appointed or
                                         nominated by each of them, when determining the amount of dividends to be distributed
                                         by the Company, to give effect to the Shareholders’ intention that, subject to
                                         the Board’s determination of constraints imposed by (a) prudent financial management
                                         and (b) the working capital requirements of the Company, a cash dividend be distributed
                                         at the conclusion of each financial year equivalent to the net profit after tax of the
                                         Company, as calculated by the Board in good faith, and provided that the rights of the
                                         Shareholders with respect to payment of the annual cash dividend under this Clause.

        

	 	 
	6.3	Fifty
                                         percent (50%) net after tax shall remain in the company with the remaining income distributed
                                         as dividends, if dividends are declared. Furthermore, the Board shall have the power
                                         to change the dividend policy at any time.

 

7.
FINANCING OBLIGATIONS

 

	7.1	In
    the event that the Company needs additional resources to fund operations or capital projects and at such time, the number
    of authorized but unissued Shares shall not be sufficient to allow the issuance of additional Shares in connection with a
    Shareholder’s equity contribution, the Company and the Shareholders may instead provide funding in the form of shareholder
    loans until such time as new applications or an increase in registered capital are approved. The Board shall decide to authorize
    more shares.

 

8.
RESTRICTIONS ON TRANSFER OF SHARES

 

	8.1	No
    Shareholder shall Transfer any Shares owned by such Shareholder unless prior written approval shall have been obtained from
    the other Shareholders. Any attempt to Transfer any Shares in violation of the preceding sentence shall be null and void ab
    initio, and the Shareholders shall procure that the Company shall not register any such Transfer.
	 	 
	8.2	Notwithstanding
    any other provisions of this Agreement, neither of the Shareholders shall Transfer any Shares unless:

 

	 	(i)	the
    transferee has agreed in writing to be bound by the terms and conditions of this Agreement, and

 

	 	(ii)	the
    Transfer complies in all respects with the other applicable provisions of this Agreement and applicable laws and regulations.

 

	8.3	The
    provisions set forth in Clauses 9.1 and 9.2 cannot be avoided by the Transfer of any direct or indirect interest, legal or
    beneficial.

 

	8.4	The
    Transfer restrictions in this Agreement shall not be capable of being avoided by the holding of Shares indirectly through
    any entity that can itself be sold in order to Transfer an indirect interest in Shares free of such restrictions, or any trust,
    derivative contract or other economic arrangement transferring the benefits of ownership of any Shares. Each of the Shareholders
    undertakes that it shall not take any action intended to avoid such restrictions in any manner.

 

9.
ACCESS TO INFORMATION

 

	9.1	As
    of the Effective Date, so long as any Shareholder holds any Shares, the Company shall deliver to such Shareholder the following
    documents:

 

	 	(i)	annual
    audited consolidated financial statements within one hundred and twenty (120) days after the end of each financial year, audited
    by a firm at the Company’s election (with draft copies provided within sixty (60) days after the end of each financial
    year);

 

	 	(ii)	copies
    of all documents and information sent to any Shareholder (in his capacity as a shareholder of the Company);

 

	 	(iii)	an
    annual budget and business plans within thirty (30) days prior to the end of each financial year. The budget and business
    plans shall include detailed capital expenditure plans, financial projections (including an income statement, balance sheet
    and cash flow statement etc.), debt financing/repayment requirements, business strategy and detailed arrangements associated
    with the expected creation of any subsidiaries, partnerships and joint ventures. The Board shall as soon as practicable adopt
    detailed budgets and business plans for the Company before the commencement of the relevant financial year;

 

    	 	 	 

    	 

    

 

	9.2	For
    so long as any Shares are outstanding, such Shareholder shall have the following rights during normal business hours: (i)
    inspection rights of the books and records of the Company; and (ii) the right to discuss the business, operations and management
    and other matters of the Company with the Directors, officers, employees, accountants, legal counsel and investment bankers.

 

10.
COMMENCEMENT, TERMINATION AND BREACH

 

	10.1	This
    Agreement shall only take effect and become legally binding on the Parties immediately upon (and only upon) completion, otherwise,
    this Agreement shall have no legal force or effect nor binding on the Parties.

 

	10.2	Except
    as otherwise provided in Clause 13.3, this Agreement shall continue in full force and effect until the Company has been dissolved,
    wound up or otherwise ceases to exist as a separate corporate entity;
	 	 
	10.3	This
    Agreement shall terminate:

 

	 	(i)	if
    all the outstanding Shares are held beneficially by one Shareholder; or

 

	 	(ii)	in
    relation to any Shareholder, after such Shareholder shall have ceased to be a shareholder of Company.

 

	10.4	Termination
    of this Agreement shall not release any Party from any liability which at the time of termination has already accrued to the
    other Parties or any liability arising or maturing after such termination as a result of any breach, omission committed or
    omitted prior to such termination.

 

	10.5	The
    Parties hereto agree that any new shareholder, who will hold more than five percent (5%) of any Shares of Company, shall be
    required to sign a deed confirming its agreement to be bound by this Agreement as a condition of its becoming a shareholder
    or increasing the amount of Shares held in the Company, as the case may be.

 

11.
SEVERABILITY

 

If
at any time any one or more provisions hereof is or becomes invalid, illegal, unenforceable or incapable or performance in any
respect, the validity, legality, enforceability or performance of the remaining provisions hereof shall not thereby in any way
be affected or impaired, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never
been contained herein.

 

12.
INDEMNIFICATION

 

The
Company shall indemnify, defend and hold harmless SPGX (the “Indemnified Party”) from and against any and all
losses, damages, liabilities, claims, proceedings, costs and expenses (including the fees, disbursements and other charges of
counsel incurred by the Indemnified Party in any action between the Indemnifying Party and the Indemnified Party or between the
Indemnified Party and any third party, in connection with any investigation or evaluation of a claim or otherwise) (collectively,
“Losses”) resulting from or arising out of any breach by the Indemnifying Party of any representation, warranty,
covenant or agreement in this Agreement. The amount of any payment to the Indemnified Party shall be sufficient to make the Indemnified
Party whole for any diminution in value of the Shares. In connection with the obligation of the Indemnifying Party to indemnify
for expenses as set forth above, the Indemnifying Party shall, upon presentation of appropriate invoices containing reasonable
detail, reimburse the Indemnified Party for all such expenses as they are incurred by the Indemnified Party.

 

13.
ENTIRE AGREEMENT

 

This
Agreement constitutes the entire agreement and understanding between the Parties in connection with the subject- matter of this
Agreement and supersedes all previous proposals, representations, warranties, agreements or undertakings relating thereto whether
oral, written or otherwise and no Party hereto has relied on any such proposals, representations, warranties, agreements or undertakings.
Nothing in this clause shall impair or limit any rights or remedies of the Parties and their Affiliates or relieve any Party or
other Person from liability for fraud or willful misrepresentation.

 

    	 	 	 

    	 

    

 

14.
CLAWBACK PROVISION

 

Notwithstanding
anything to the contrary herein, if Vitalizer International is bought out or purchased by any other entity SPGX, may in its sole
discretion require reimbursement of any expenditures resulting from the management, marketing, sales, day to day operations or
any other expenses or loss of future revenues resulting from this agreement. This premium shall amount to no less than 7 times
projected revenues for the current business year.

 

CLAWBACK
PROVISION

 

Notwithstanding
anything to the contrary herein, if Vitalizer International is bought out or purchased by any other entity SPGX, may in its sole
discretion require reimbursement of any expenditures resulting from the management, marketing, sales, day to day operations or
any other expenses or loss of future revenues resulting from this agreement. This premium shall amount to no less than seven (7)
times projected revenues for the current business year.

 

Likewise,
Vitalizer International has the right to purchase outstanding shares in the company, for an amount no less than seven (7) times
projected revenues for the current year, should business targets be missed for two (2) consecutive years.

 

15.
TIME

 

	15.1	Time
    shall be of the essence of this Agreement.

 

	15.2	No
    time or indulgence given by any Party to the other shall be deemed or in any way be construed as a waiver of any of its rights
    and remedies hereunder.

 

16.
ASSIGNMENT AND COUNTERPARTS

 

	16.1	This
    Agreement shall be binding on and shall inure for the benefits of the successors and assigns of the Parties hereto.

 

	16.2	Save
    as aforesaid, and save as provided herein, no Party hereto may assign or transfer any of his or its rights or obligations
    under this Agreement.

 

	16.3	This
    Agreement may be executed in one or more counterparts including counterparts transmitted by telecopier or facsimile, each
    of which shall be deemed an original, but all of which signed and taken together, shall constitute one document.

 

17.
NOTICES AND OTHER COMMUNICATION

 

	17.1	Any
    notice or other communication to be given under this Agreement shall be in writing and may be sent by post or delivered by
    hand or given by facsimile or by courier to the address or fax number from time to time designated, the initial address and
    fax number so designated by each Party are set out in Schedule 1. Any such notice or communication shall be sent to the Party
    to whom it is addressed and must contain sufficient reference and/or particulars to render it readily identifiable with the
    subject-matter of this Agreement. If so delivered by hand or given by facsimile such notice or communication shall be deemed
    received on the date of dispatch and if so sent by post shall be deemed received three (3) Business Days after the date of
    dispatch (in the case of local mail) and five (5) Business Days after the date of dispatch (in case of overseas registered/certified
    mail).

 

	17.2	Each
    Person making a communication hereunder by facsimile shall promptly confirm by telephone to the Person to whom such communication
    was addressed each communication made by it by facsimile pursuant thereto, but the absence of such confirmation shall not
    affect the validity of any such communication.

 

    	 	 	 

    	 

    

 

18.
GOVERNING LAW, JURISDICTION AND PROCESS AGENTS

 

	18.1	This
    Agreement shall be governed by, and construed in accordance with, the laws of Florida, without regard to the principles of
    conflicts of law of any jurisdiction.

 

	18.2	All
    of the provisions of the Framework Agreement that apply to the Basic Documents, including, without limitation, are hereby
    incorporated into this Agreement by reference.

 

19.
U.S. TAX MATTERS

 

The
Company hereby authorize and empower SPGX on behalf of and in the name of the Company to make such elections, filings and determinations
under the tax laws of the United States, any state in the United States or the District of Columbia, as SPGX may in its sole discretion
determine. In addition, the Company will provide in a timely manner all information requested by SPGX to assist SPGX and its beneficial
owners in completing any U.S. tax returns or otherwise complying with U.S. tax laws.

 

20.
MISCELLANEOUS

 

	20.1	No
    waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party
    waiving such provision. No failure or delay by a Party in exercising any right, power or remedy under this Agreement shall
    operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any further exercise thereof or
    the exercise of any other right, power or remedy. Without limiting the foregoing, no waiver by a Party of any breach by any
    other Party of any provision hereof shall be deemed to be a waiver of any subsequent breach of that or any other provision
    hereof.

 

	20.2	No
    Shareholder, acting solely in its capacity as a Shareholder, shall act as an agent of the Company or have any authority to
    act for or to bind the Company, except as authorized by the Board. For the purposes of this Clause, unless acting expressly
    solely in its capacity as a Shareholder, any Shareholder who is a director or officer or employee of the Company or its Subsidiaries
    acting in the ordinary course of business of the Company or its Subsidiaries shall be conclusively deemed to act for and on
    behalf of, and shall not be regarded as acting as an agent of, the Company or such Subsidiary, as the case may be. Any Shareholder
    that takes any action or binds the Company in violation of this Clause shall be solely responsible for, and shall indemnify
    the Company and each other Shareholder against, any losses, claims, damages, liabilities, judgments, fines, obligations, expenses
    and liabilities of any kind or nature whatsoever (including but not limited to any investigative, legal and other expenses
    reasonably incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding)
    that the Company, or such other Shareholder, as the case may be, may at any time become subject to or liable for by reason
    of such violation. The provisions of this Clause survive the termination of this Agreement.

 

	20.3	The
                                         Shareholders expressly do not intend hereby to form a partnership, either general or
                                         limited, under any jurisdiction’s partnership law. The Shareholders do not intend
                                         to be partners one to another, or partners as to any third party, or create any fiduciary
                                         relationship among themselves, solely by virtue of their status as Shareholders. To the
                                         extent that any Shareholder, by word or action, represents to another Person that any
                                         Shareholder is a partner or that the Company is a partnership, the Shareholder making
                                         such representation shall be liable to any other Shareholders that incur any losses,
                                         claims, damages, liabilities, judgments, fines, obligations, expenses and liabilities
                                         of any kind or nature whatsoever (including but not limited to any investigative, legal
                                         or other expenses reasonably incurred in connection with, and any amount paid in settlement
                                         of, any pending or threatened legal action or proceeding) arising out of or relating
                                         to such representation. The provisions of this Clause survive the termination of this
                                         Agreement.

        

        

 

[Signature
Page Follows]

 

    	 	 	 

    	 

    

 

IN
WITNESS whereof the parties executed this Agreement the day and year first above written.

 

	SIGNED
    by	/s/
    Authorized Signatory	)	 
	 	 	)	 
	For
    and on behalf	 	)	 
	SPGX	 	)	 
	 	 	 	 
	in
    the presence of:	 	)	 
	 	 	 	 
	SIGNED
    by	/s/
    Kurt Muehlbauer	)	 
	 	 	)	 
	for
    and on behalf	 	)	 
	MUEHLAUER	 	)	 
	in
    the presence of :	 	)	 
	 	 	 	 
	SIGNED
    by	/s/
    David Conza	)	 
	 	 	)	 
	for
    and on behalf	 	)	 
	CONZA	 	)	 
	in
    the presence of :	 	)	 
	 	 	 	 
	SIGNED
    by	/s/
    Christopher Grunder	)	 
	 	 	)	 
	for
    and on behalf	 	)	 
	Grunder	 	)	 
	in
    the presence of :	 	)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]