Document:

EXHIBIT
10.1

SPLASH
BEVERAGE GROUP, INC. 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of December 27, 2022, by and between
Splash Beverage Group, Inc., a Nevada corporation (the “Company”), and the investors set forth on the signature
pages affixed hereto (each, an “Investor” and, collectively, the “Investors”).

 

WHEREAS, the
Company wishes to sell and issue to the Investors, an aggregate of up to 4 Million ($4,000,000) (the “Maximum Offering
Amount”) of the Company’s convertible promissory notes in the form of Exhibit A attached hereto (each, a
“Promissory Note” or “Note” and collectively the “Promissory Notes” or
“Notes”) which are convertible into the Company’s Common Stock.

 

WHEREAS,
in connection with Investor’s purchase of the Notes, the Company will issue to the Investor a warrant to purchase such number of
shares of Common Stock up to 100% of the shares of Common Stock issuable upon conversion (as of the date hereof) of the Note; and

 

WHEREAS,
unless terminated earlier by the Company, the offering (the “Offering”) and sales of the Promissory Notes shall terminate
on the sooner of the sale of the Maximum Offering Amount or January 31, 2023, but the Company may, in its sole discretion, extend this
Offering to March 31, 2023;

 

NOW,
THEREFORE, in consideration of the mutual terms, conditions and other agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto
hereby agree to the sale and purchase of the Notes as set forth herein.

 

		1.	Definitions.

 

For
purposes of this Agreement, the terms set forth below shall have the corresponding meanings provided below.

 

“Affiliate”
shall mean, with respect to any specified Person (as defined below), (i) if such Person is an individual, the spouse, heirs, executors,
or legal representatives of such individual, or any trusts for the benefit of such individual or such individual’s spouse and/or
lineal descendants, or

(ii)
otherwise, another Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with, the Person specified. As used in this definition, “control” shall mean the possession, directly or indirectly,
of the sole and unilateral power to cause the direction of the management and policies of a Person, whether through the ownership of
voting securities or by contract or other written instrument.

 

“Business
Day” shall mean any day on which banks located in New York City are not required or authorized by law to remain closed.

 

“Closing”
and “Closing Date” as defined in Section 2.3(a) hereof.

 

“Common
Stock” as defined in the recitals above.

 

“Company’s
Knowledge” means the actual knowledge of any executive officer (as defined in Rule 405 under the Securities Act) or director
of the Company, or the knowledge of any fact or matter which any person would reasonably be expected to become aware of in the course
of performing the duties and responsibilities as an executive officer or director of the Company.

 

“Conversion
Shares” means the shares of Common Stock issuable upon conversion of the Promissory Notes.

 

     

     

    

 

“Liens”
means any mortgage, lien, title claim, assignment, encumbrance, security interest, adverse claim, contract of sale, restriction on use
or transfer or other defect of title of any kind.

 

“Material
Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial
or otherwise), business, or prospects of the Company and its Subsidiaries taken as a whole, (ii) the transactions contemplated hereby
or in any of the Transaction Documents or (iii) the ability of the Company to perform its obligations under the Transaction Documents
(as defined below).

 

“Person”
shall mean an individual, entity, corporation, partnership, association, limited liability company, limited liability partnership, joint-stock
company, trust or unincorporated organization.

 

“Purchase
Price” shall mean the amount of the Promissory Notes being purchased by an Investor.

 

“Regulation
D” as defined in Section 3.7 hereof.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Subsidiaries”
and “Subsidiary” shall have the meaning as defined in Section 4.1(a).

 

“Transaction
Documents” shall mean this Agreement, the Promissory Notes and the Investor Warrant.

 

“Transaction
Securities” shall mean the Promissory Notes, Conversion Shares, the Investor Warrant and the Warrant Shares.

 

“Transfer”
shall mean any sale, transfer, assignment, conveyance, charge, pledge, mortgage, encumbrance, hypothecation, security interest or other
disposition, or to make or effect any of the above.

“Warrant
Shares” the shares of Common Stock issuable upon exercise of the Investor Warrant. 

 

		2.	Sale
                                            and Purchase of Promissory Notes.

 

2.1       Subscription
for Promissory Notes by Investors. Subject to the terms and conditions of this Agreement, on each of the respective Closing Dates
(as hereinafter defined) each of the Investors shall severally, and not jointly, purchase, and the Company shall sell and issue to the
Investors, the Promissory Notes, in the respective amounts set forth on the signature pages attached hereto in exchange for the Purchase
Price. Subject to the terms and conditions of the Promissory Note, such Note shall have a term of Eighteen (18) months, bear an interest
rate of 12% per annum and can be converted into Conversion Shares at a fixed conversion price of $1.00 per share, subject to adjustment
as set forth in the Promissory Notes. In connection with Investor’s purchase of the Notes, the Company will issue to the Investor
a warrant (the “Investor Warrant”) to purchase such number of shares of Common Stock equal to 100% of the shares of Common
Stock issuable upon conversion as of the date hereof of the Note. For example if the Investor purchase a Note in the principal amount
of $250,000 the Investor will be issued an Investor Warrant to purchase up to 2500,000 shares of Common Stock. A form of the
Investor Warrant is attached hereto as Exhibit B. The exercise price of the Investor Warrant shall be $.25 subject to adjustment as provided
in the Investor Warrant and shall be valid for 5 years from the date of this agreement.

 

The
Offering shall terminate on the sooner of i) the sale of the Maximum Offering Amount,

ii)
the termination by the Company at its sole discretion, or iii) March 31, 2023.

 

     

     

    

 

2.2              
Conversion and Exercise Limitation.

Conversion
is limited to the terms and conditions set forth in section 2.1 and limited to the terms and conditions within the Convertible Promissory
Note in Exhibit A. Holder may exercise at Its discretion at any time during the 18-month period of the note.

 

		2.3	Closings.

 

(a)               
Closing. Subject to the
terms and conditions set forth in this Agreement, the Company shall issue and sell to each Investor, and each Investor shall, severally
and not jointly, purchase from the Company on each of the respective Closing Dates, a Promissory Note in the amount set

forth
on the signature pages attached hereto, which will be reflected opposite such Investor’s name on Annex A (the “Closing”).
The date of the Closing for each Investor is hereinafter referred to as the “Closing Date.”

 

(b)               
Rolling Closing. One or
more closings shall occur on the date and time agreed to with each Investor purchasing a Note and shall occur remotely via the exchange
of documents and signatures and wire transfers. Each Closing shall occur on the second Business Day following the date of this Agreement
as first above written.

 

2.4.
Closing Deliveries. At the Closing, the Company shall deliver to an Investor, against delivery by the Investor of the Purchase
Price (as provided below) a Promissory Note in the principal amount equivalent to the Purchase Price.

 

At
the Closing, each Investor shall deliver or cause to be delivered to the Company a copy of this Agreement duly signed by such Investor,
a completed accredited investor questionnaire (the “Accredited Investor Questionnaire”), substantially in the form
attached herein as Exhibit C, and the Purchase Price set forth in its counterpart signature page annexed hereto by paying United
States dollars in immediately available funds, to be sent to the Company pursuant to the wiring instruction attached herein as Exhibit
D.

 

		3.	Representations,
                                            Warranties and Acknowledgments of the Investors.

 

Each
Investor, severally and not jointly, represents and warrants to the Company solely as to such Investor that:

 

3.1              
Authorization. The execution,
delivery and performance by such Investor of the Transaction Documents to which such Investor is a party have been duly authorized and
will each constitute the valid and legally binding obligation of such Investor, enforceable against such Investor in accordance with
their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability, relating to or affecting creditors’ rights generally.

 

3.2              
Purchase Entirely for Own
Account. The Transaction Securities to be received by such Investor hereunder will be acquired for such Investor’s own account,
not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, and
such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of
the Securities Act, without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any
part of such Transaction Securities in compliance with applicable federal and state securities laws. Nothing contained herein
shall be deemed a representation or warranty by such Investor to hold the Transaction Securities for any period of time. Such Investor
is not a broker-dealer registered with the SEC under the Exchange Act or an entity engaged in a business that would require it to be
so registered.

 

     

     

    

 

3.3.
Investment Experience. Such Investor acknowledges that the purchase of the Transaction Securities is a highly speculative investment
and that it can bear the economic risk and complete loss of its investment in the Transaction Securities and has such knowledge and experience
in financial or business matters such that it is capable of evaluating the merits and risks of the investment contemplated hereby.

 

3.4              
Disclosure of Information.
Such Investor has had an opportunity to receive all information related to the Company and the Transaction Securities requested by it
and to ask questions of

and
receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Transaction
Securities. Neither such inquiries nor any other due diligence investigation conducted by such Investor shall modify, amend or affect
such Investor’s right to rely on the Company’s representations and warranties contained in this Agreement.

 

3.5              
Restricted Securities.
Such Investor understands that the Transaction Securities are characterized as “restricted securities” under the U.S. federal
securities laws since they are being acquired from the Company in a transaction not involving a public offering and that under such laws
and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances.

 

3.6              
Legends. The Investor
understands that, except as provided below, certificates evidencing the Conversion Shares will bear the following or any similar legend:

 

		(a)	“The
                                            securities represented hereby may not be transferred unless

(i)
such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities may be sold pursuant
to an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, or (iii) the
Company has received an opinion of counsel reasonably satisfactory to it that such transfer may lawfully be made without registration
under the Securities Act of 1933 or qualification under applicable state securities laws.”

 

(b)               
If required by the authorities
of any state in connection with the issuance of sale of the Transaction Securities, the legend required by such state authority.

 

3.7              
Accredited Investor. Each
Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the Securities Act (“Regulation
D”) and the information provided in the Accredited Investor Questionnaire is accurate and complete as of the Closing Date.

 

3.8              
No General Solicitation.
Such Investor did not learn of the investment in the Transaction Securities as a result of any public advertising or general solicitation.

 

3.9              
Brokers and Finders. Except
the Broker, the Investor is not aware of any involvement of any other broker and finder for this Transaction. No Investor will have,
as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company,
any Subsidiary or any other Investor, for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding
entered into by or on behalf of such Investor.

 

		4.	Representations
                                            and Warranties of the Company.

 

The
Company represents, warrants and covenants to the Investors that:

 

     

     

    

 

		4.1.	Organization;
                                            Execution, Delivery and Performance.

 

(a)               
The Company and each of its Subsidiaries,
if any, is a corporation or other entity duly organized, validly existing and in good standing under the laws of the jurisdiction in
which it is incorporated or organized, with full power and authority (corporate and other) to own, lease, use and operate its properties
and to carry on its business as and where now owned, leased, used, operated and conducted. The Company is duly qualified as a foreign
corporation to do business and is in good standing in every jurisdiction in which its ownership or use of property or the nature of the
business conducted by it makes such qualification necessary except where the failure to be so qualified or in good standing would not
have a Material Adverse Effect. As of the date of this Agreement, the Company owned and operated Subsidiaries.

 

(b)               
(i) The Company has all requisite
corporate power and authority to enter into and perform the Transaction Documents and to consummate the transactions contemplated hereby
and thereby and to issue the Transaction Securities, in accordance with the terms hereof and thereof, (ii) the execution and delivery
of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including
without limitation, the issuance of the Transaction Securities) have been duly authorized by the Company’s Board of Directors and
no further consent or authorization of the Company, its Board of Directors, or its stockholders, is required, (iii) each of the Transaction
Documents has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is
a true and official representative with authority to sign each such document and the other documents or certificates executed in connection
herewith and bind the Company accordingly, and (iv) each of the Transaction Documents constitutes, and upon execution and delivery thereof
by the Company will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with
its terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application
affecting enforcement of creditors’ rights and general principles of equity that restrict the availability of equitable or legal
remedies.

 

4.2.            
Securities Duly Authorized.
The Transaction Securities to be issued to each Investor pursuant to this Agreement, when issued and delivered in accordance with the
terms of this Agreement, will be duly authorized and validly issued and will be fully paid and nonassessable and free from all taxes
or Liens with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of stockholders of the
Company. Subject to the accuracy of the representations and warranties of the Investors party to this Agreement, the offer and issuance
by the Company of the Transaction Securities is exempt from registration under the Securities Act.

 

4.3 No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Transaction
Securities) will not: (i) conflict with or result in a violation of any provision of the Company’s Articles of Incorporation
or By- laws, each as amended to date or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a
default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument, to which
the Company or any of its Subsidiaries is a party or by which any property or asset of the Company or any of its Subsidiaries is
bound or affected or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and
state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities
are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its
Subsidiaries is bound or affected. Neither the Company nor any of its Subsidiaries is in violation of its Articles of Incorporation,
By-laws or other organizational documents, each as amended to date. Neither the Company nor any of its Subsidiaries is in default
(and no event has occurred which with notice or lapse of time or both could put the Company or any of its Subsidiaries in default)
under, and neither the Company nor any of its Subsidiaries has taken any action or failed to take any action that would give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the
Company or any of its Subsidiaries is a party or by which any property or assets of the Company or any of its Subsidiaries is bound
or affected, or for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect. Except as
required under the Securities Act, the Exchange Act and any applicable state securities laws, the Company is not required to obtain
any consent, authorization or order of, or make any filing or registration with, any court, governmental agency, regulatory agency,
self-regulatory organization or stock market or any third party in order for it to execute, deliver or perform any of its
obligations under this Agreement or to issue and sell the Transaction Securities in accordance with the terms hereof.

 

     

     

    

 

4.4.
Capitalization. As of December 15, 2022, the authorized capital stock of the Company consisted of 300,000,000 shares of Common
Stock, par value $0.001 per share, par value $0.001 per share.

 

4.5
Permits; Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses,
permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its properties
and to carry on its business as it is now being conducted (collectively, the “Company Permits”), and there is no action
pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company Permits. Neither the
Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Company Permits, except for any such
conflicts, defaults or violations which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect.

 

4.7              
Litigation. Except as
set forth in Schedule 4.7 , to the Company’s knowledge there is no action, suit, claim, proceeding, inquiry or investigation pending
before or by any court, public board, government agency, self-regulatory organization or body or, to the Company’s knowledge, threatened
against or affecting the Company or any of its Subsidiaries, or their respective businesses, properties or assets or their officers or
directors in their capacity as such, that may reasonably be expected to have a Material Adverse Effect.

 

4.8              
No General Solicitation.
Neither the Company nor any person participating on the Company’s behalf in the transactions contemplated hereby has conducted
any “general solicitation,” as such term is defined in Regulation D promulgated under the Securities Act, with respect to
any of the Transaction Securities being offered hereby.

 

4.9              
No Integrated Offering.
Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers
or sales in any security or solicited any offers to buy any security under circumstances that would require registration under the Securities
Act of the issuance of the Transaction Securities to the Investors. The issuance of the Transaction Securities to the Investors will
not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any stockholder
approval provisions applicable to the Company or the Securities Act.

 

4.10            Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and
similar rights necessary or required for use in connection with their respective businesses and which the failure to so have could
have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither the Company nor
any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or
been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. Neither
the Company nor any Subsidiary has received, a written notice of a claim or otherwise has any knowledge that the Intellectual
Property Rights violate or infringe upon the rights of any Person, except as could not reasonably be expected to not have a Material
Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing
infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable
security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to
do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

     

     

    

 

4.11          
Financial Statements.
Copies of financial statements consisting of the balance sheet of the Company in each of the years ended December 31, 2021 and 2020 and
the related statements of income and retained earnings and stockholders' equity for the years then ended (the “Financial Statements”)
have been made available to Investor. The Financial Statements have been prepared in accordance with accounting principles that the Company
believes are reasonable for a company of its size and financial condition. The Company represents that the Financial Statements fairly
present in all material respects the financial condition of the Company as of the respective dates they were prepared and the results
of the operations of the Company for the periods indicated.

 

4.12          
Tax Status. Except for
matters that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Company
and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise
tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii)
has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods
to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing
authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.

 

4.13          
Material Adverse Effect.
Except as expressly contemplated by this Agreement and the balance of this offering by The Company, from December 31, 2021 (the “Balance
Sheet Date”) until the date of this Agreement, the Company has operated its business in the ordinary course in all material respects
and there has not been, with respect to the business, and other than in the ordinary course of business, any:

 

		(a)	event,
                                            occurrence or development that has had a Material Adverse Effect;

 

(b)              
incurrence of any indebtedness for borrowed money in connection with the business in an aggregate
amount exceeding $50,000, except unsecured current obligations and liabilities incurred in the ordinary course of business;

 

(c)              
increase in the compensation of any employees, other than as provided for in any written agreements
or in the ordinary course of business;

 

		(d)	adoption,
                                            termination, amendment or modification of any employee benefit plan;

 

(e)              
adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing
of a petition in bankruptcy under any provisions of federal or state bankruptcy law or consent to the filing of any bankruptcy petition
against it under any similar law; or

 

(f)               
any agreement to do any of the foregoing, or any action or omission that would result in any of
the foregoing.

 

     

     

    

 

“Material
Adverse Effect” shall mean any event, occurrence, fact, condition or change that is materially adverse to (a) the business,
results of operations, financial condition or assets of the Company, taken as a whole, or (b) the ability of the Company to
consummate the transactions contemplated hereby; provided, however, that "Material Adverse Effect" shall not include any
event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i) general economic or
political conditions;

 

(ii)
conditions generally affecting the industries in which the Company operates; (iii) any changes in financial, banking or securities markets
in general, including any disruption thereof and any decline in the price of any security or any market index or any change in prevailing
interest rates; (iv) acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v)
any action required or permitted by this Agreement or any action taken (or omitted to be taken) with the written consent of or at the
written request of the Investor; (vi) any matter of which the Investor is aware on the date hereof;

(vii)
any changes in applicable laws or accounting rules (including GAAP); (viii) any natural or man-made disaster or acts of God; or (ix)
any failure by the Company to meet any internal or published projections, forecasts or revenue or earnings predictions.

 

 

5.              
Registration
Rights 
The Company agrees that, within forty-five (45) calendar days after the Company has received the purchase price of the Convertible
Promissory Note from the Investor that the Company will file with the SEC (at the Company’s sole cost and expense) a registration
statement registering the resale of the Warrant Shares (the initial registration statement and any other registration statement that
may be filed by the Company under this Section , the “Registration Statement”), and the Company shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable

		6.	Transfer
                                            Restrictions.

 

6.1.            
Transfer or Resale. Each
Investor understands that the sale or resale of all or any portion of the Transaction Securities have not been and is not being registered
under the Securities Act or any applicable state securities laws, and all or any portion of the Transaction Securities may not be transferred
unless the Investor shall have delivered to the Company, at its own cost, a customary opinion of counsel that shall be in form, substance
and scope reasonably acceptable to the Company, to the effect that the Transaction Securities to be sold or transferred may be sold or
transferred pursuant to an exemption from such registration.

 

6.2
Shareholder Registry. If an Investor provides the Company with a customary opinion of counsel, that shall be in form, substance
and scope reasonably acceptable to the Company, to the effect that a Transfer of such Transaction Securities may be made without registration
under the Securities Act and such sale or transfer is effected, the Company shall permit the Transfer and promptly record the Transfer
on its shareholder registry or, if the Company has a transfer agent, instruct its transfer agent to enter the Transfer in book-entry
or issue one or more certificates in such name and in such denominations as specified by such Investor.

 

		7.	Conditions
                                            to Closing of the Investors.

 

The
obligation of each Investor hereunder to purchase the Notes at the Closing is subject to the satisfaction, at or before the respective
Closing Dates, of each of the following conditions, provided that these conditions are for each Investor’s sole benefit and may
be waived by such Investor at any time in its sole discretion by providing the Company with prior written notice thereof:

 

7.1.             
Representations, Warranties
and Covenants. The representations and warranties of the Company shall be true and correct in all material respects as of the date
when made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct in all material respects as of such date) and the Company shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required to be performed, satisfied or complied with
by the Company at or prior to the Closing Date.

 

     

     

    

 

7.2.            
Consents. The Company
shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of the Promissory
Notes and Transaction

Securities.
In addition, the Company shall have delivered the consent of its Board of Directors for the Transactions and issuances of the Promissory
Notes and Transaction Securities.

 

7.3.            
Delivery by Company. The
Company shall have duly executed and delivered to such Investor (A) each of the other Transaction Documents such Investor is party to
and (B) copies by mail, fax or e-mail of the Notes being purchased by such Investor(s) pursuant to this Agreement as is set forth on
the signature page.

 

7.4.
No Material Adverse Effect.
Since the date of first execution of this Agreement, no event or series of events shall have occurred that reasonably would have or result
in a Material Adverse Effect.

 

7.5.            
No Prohibition. No statute,
rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court
or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction
Documents.

 

7.6.            
Other Documents. The Company
shall have delivered to such Investor such other documents, instruments or certificates relating to the transactions contemplated by
this Agreement as such Investor or its counsel may reasonably request.

 

		8.	Conditions
                                            to Closing of the Company.

 

The
obligations of the Company to effect the transactions contemplated by this Agreement with each Investor are subject to the fulfillment
at or prior to the Closing Date of the conditions listed below.

 

8.1.            
Representations and Warranties.
The representations and warranties made by such Investor in Section 3 shall be true and correct in all material respects at the time
of such Closing as if made on and as of such date.

 

8.2.            
Corporate Proceedings.
All corporate and other proceedings required to be undertaken by such Investor in connection with the transactions contemplated hereby
shall have occurred and all documents and instruments incident to such proceedings shall be reasonably satisfactory in substance and
form to the Company.

 

8.3.            
Investor Deliveries. The
Company will have received the deliveries of the Investors set forth in Section 2.4.

 

		9.	Miscellaneous.

 

9.1.            
Notices. All notices,
requests, demands and other communications provided in connection with this Agreement shall be in writing and shall be deemed to have
been duly given at the time when hand delivered, delivered by express courier, or sent by facsimile (with receipt confirmed by the sender’s
transmitting device) in accordance with the contact information provided below or such other contact information as the parties may have
duly provided by notice.

 

     

     

    

 

The
Company:

 

	Splash
    Beverage Group, Inc.

    1314
    E. Las Olas Blvd, Suite 221

    Fort
    Lauderdale, Florida 33301

    Attention:
    Ron Wall, CFO

    Email:
    ronw@splashbeveragegroup.com

     
	With
    a copy to: Sichenzia Ross Ference LLP

    1185
    Avenue of the Americans, 31st Floor New York, New York 10036

    Telephone:
    212-930-9700

    Facsimile:
    212-930-9275 Attention: Darrin Ocasio, Esq. Email: dmocasio@srf.law

     

 

 

The
Investor:

 

As
per the contact information provided on the signature pages hereof. 

 

9.2.            
Expenses. All costs and
expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such
costs and expenses.

 

		9.3.	Reserved.

 

9.4.            
Entire Agreement. This
Agreement contains the entire agreement between the parties hereto in respect of the subject matter contained herein and supersedes all
prior agreements and understandings of the parties, oral and written, with respect to the subject matter contained herein.

 

9.5.            
Underlying Shares. The
Company agrees at all times as long as the Promissory Notes may be converted or exercised, to keep reserved from the authorized and unissued
Common Stock, such number of shares of Common Stock as may be issuable upon conversion of the Promissory Notes.

 

9.6.            
Third Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns and is not for
the benefit of, nor may any provision hereof be enforced by, any other person.

 

9.7.            
Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company nor
any Investor shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding
the foregoing, but subject to the provisions of Section 6.1 hereof, any Investor may, without the consent of the Company or any other
Investor, assign its rights hereunder to any person that purchases Transaction Securities in a private transaction from an Investor or
to any of its Affiliates.

 

9.8
Binding Effect; Benefits. This Agreement and all the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns; nothing in this Agreement, expressed or implied, is intended to confer
on any persons other than the parties hereto or their respective successors and permitted assigns, any rights, remedies, obligations
or liabilities under or by reason of this Agreement.

 

9.10.
Amendment; Waivers. All modifications, amendments or waivers to this Agreement shall require the written consent of both the Company
and the holders of the Promissory Notes.

     

     

    

 

9.12.         
Applicable Law; Disputes.
This Agreement and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to its principles regarding conflicts of law. Each party agrees that all legal proceedings concerning the interpretation, enforcement
and defense of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective
Affiliates, directors, officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the
City of New York, Borough of Manhattan (the "New York Courts"). Each party hereto hereby irrevocably submits to the
exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to
it under this Agreement or the Notes and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable
law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Agreement or the Notes or the transactions contemplated hereby. If any party
shall commence an action or proceeding to enforce any provisions of this Agreement or the Notes, then the prevailing party in such action
or proceeding shall be reimbursed by the other party for its attorney's fees and other costs and expenses incurred in the investigation,
preparation and prosecution of such action or proceeding.

 

9.13.         
Further Assurances. Each
party hereto shall do and perform or cause to be done and performed all such further acts and shall execute and deliver all such other
agreements, certificates, instruments and documents as any other party hereto reasonably may request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

9.14.         
Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall
constitute one and the same instrument. This Agreement may also be executed via facsimile or email, which shall be deemed an original.

 

9.15.         
Independent Nature of Investors.
The obligations of each Investor under this Agreement or other transaction document are several and not joint with the obligations of
any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under
this Agreement or any other transaction document. Each Investor shall be responsible only for its own representations, warranties, agreements
and covenants hereunder. The decision of each Investor to purchase the Transaction Securities pursuant to this Agreement has been made
by such Investor independently of any other Investor and independently of any information, materials, statements or opinions as to the
business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects
of the Company which may have been made or given by any other Investor or by any agent or employee of any other Investor, and no Investor
or any of its agents or employees shall have any liability to any other Investor (or any other person) relating to or arising from any
such information, materials, statements or opinions. Nothing contained herein or in any other transaction document, and no action taken
by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to
such obligations or the transactions contemplated by this Agreement. Except as otherwise provided in this Agreement or any other transaction
document, each Investor shall be entitled to independently protect and enforce its rights arising out of this Agreement or out of the
other transaction documents, and it shall not be necessary for any other

Investor
to be joined as an additional party in any proceeding for such purpose. Each Investor has been represented by its own separate legal
counsel in connection with the transactions contemplated hereby. 

 

[SIGNATURE
PAGES IMMEDIATELY FOLLOW]

 

IN
WITNESS WHEREOF, the undersigned Investors and the Company have caused this Securities Purchase Agreement to be duly executed as
of the date first above written.

 

 

SPLASH
BEVERAGE GROUP INC.

 

 

By:
___________________________________

Name:
Robert Nistico

Title:
CEO

 

 

 

 

INVESTORS:

 

 

The
Investors executing the Signature Page in the form attached hereto as Annex A and delivering the same to the Company or its agents
shall be deemed to have executed this Agreement and agreed to the terms hereof.EXHIBIT 10.2

 

Splash Beverage Group, Inc. 

 

12% convertible
18 Month Promissory Note

 

	Principal Amount: $_____ U.S. Dollars Issuance Date: December 27, 2022	Original Principal Amount: U.S. $[ ]

  

FOR VALUE RECEIVED, Splash
Beverage Group, Inc., a Nevada corporation (the “Company”) hereby promises to pay to the order of ______________ (“Holder”)
the amount set out above as the Principal Amount (the “Principal”) when due, whether upon the respective Repayment
Dates (as defined below) or earlier in accordance with the terms hereof, and to pay interest (“Interest”) on any outstanding
Principal at the applicable Interest Rate (as defined below) from the date set out above as the Issuance Date (the “Issuance Date”)
until this convertible promissory note has been paid in full. This convertible promissory note, including all promissory notes issued
in exchange, transfer or replacement hereof, is referred to as this “Note”.

 

1.             PAYMENTS OF PRINCIPAL. Subject
to the conversion of the Note as described in Section 5, the Principal Amount and accrued Interest outstanding hereunder shall be payable
to the Holder on in full on the Maturity Date. If the first day of a month is not a Business Day, the Company shall make the payment for
the corresponding Principal Amount and Interest on the following day that is a Business Day.

 

2.             INTEREST; INTEREST RATE. Interest
shall accrue on the unpaid principal balance of this Note at the rate of Twelve (12%) per annum (the “Interest Rate”).
Interest shall be calculated from and include the Issuance Date and shall be calculated on an actual/365-day basis.

 

3.             DEFAULT.

 

(a)            Event of Default. Each of the
following events shall constitute an “Event of Default”:

 

(i)        the Company’s
failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note, in which case only if
such failure remains uncured for a period of at least ten (10) days from the date when a written notice from the Holder regarding the
failure to pay Interest and/or Principal is given by the Holder of the Note, provided however, after Holder has delivered three notices
of failure to pay, any subsequent failure to pay shall constitute an immediate Event of Default with or without notice;

 

(ii)        bankruptcy, insolvency,
reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or against the by a third
party, shall not be dismissed within thirty (30) days of their initiation;

 

    1

     

    

  

(iii)       the commencement
by the Company of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by it to the entry
of a decree, order, judgment or other similar document in respect of the Company in an involuntary case or proceeding under any applicable
federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
federal, state or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of
their properties, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the
occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts
generally as they become due, the taking of corporate action by the Company in furtherance of any such action or the taking of any action
by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under federal, state or foreign law;
or

 

(iv)       the entry by a court
of (i) a decree, order, judgment or other similar document in respect of the Company of a voluntary or involuntary case or proceeding
under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or (ii) a decree, order, judgment
or other similar document adjudging the as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable federal, state or foreign law or (iii) a decree,
order, judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or of any substantial part of their property, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document
unstayed and in effect for a period of thirty (30) consecutive days.

 

(b)          Notice of an Event of Default.
As soon as possible and in any event within seven (7) days after the Company becomes aware that an Event of Default as set forth in Section
3(a)(ii)-(iv) has occurred and has not been cured, the Company shall notify the Holder in writing of the nature, extent and time of and
the facts surrounding such Event of Default, and the action, if any, that the Company proposes to take with respect to such Event of Default.

 

    2

     

    

 

(c)            Default
Interest Rate. Upon the occurrence of an Event of Default, the unpaid portion of the Principal
Amount will bear simple interest from the date of the Event of Default at a rate equal to seven percent (7.00%) per annum, for the duration
from such Event of Default till the cure of such Default or the repayment date of the entire outstanding balance of this Note.

 

4.            NONCIRCUMVENTION. The Company hereby
covenants and agrees that the Company will not by amendment of its Articles of Incorporation (as amended), or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Note, and will at all times in good faith carry out all
of the provisions of this Note and take all action as may be required to protect the rights of the Holder of this Note.

 

5.             PREPAYMENT; CONVERSION.

 

(a)           Voluntary
Prepayment. The Company may prepay the outstanding Principal and accrued but unpaid Interest of this Note at any time, in whole or
in part, without penalty or prepayment.

 

(b)           Conversion.
At any time during the Conversion Period as defined below, the Holder may convert the unpaid and
outstanding Principal plus any accrued and unpaid Interest into shares of the Company’s common stock (the “Common Stock”)
at a conversion price (the “Conversion Price”) of $1.00 per share,
subject to certain adjustments as set forth in Section 5(d). The Conversion Period shall commence on the Issuance Date and end on the
Maturity Date of this Note. 

 

In
any trading day, the Holder will not sell more than the total of 10% of the daily trading volume on NYSE American of the shares issuable
upon conversion of this Note and the shares issuable upon exercise of the Warrant issued in connection with this Note. 

 

Notwithstanding
anything herein to the contrary herein, on the Maturity Date the principal and interest and any amounts due on this Note shall automatically
convert unless at least one Business Date prior to such date, the Holder and/or the Company have indicated in writing that the Note shall
not automatically Convert (the “Automatic Conversion”). 

 

    3

     

    

 

(c)            Mechanics
of Conversion.

 

 (i.)            Conversion
Shares Issuable Upon Conversion. The number of shares issuable upon a conversion (the “Conversion Shares”) pursuant
to Section 5(b) hereunder shall be determined by the quotient obtained by dividing the outstanding principal amount of this Note and
accrued but unpaid interest thereon to be converted by (y) the Conversion Price.

 

 (ii.)           Delivery
of Conversion Shares Upon Conversion. Not later than seven (7) Business Days (the “Share Delivery Date”) after
receiving a conversion notice substantially in a form attached herein as Exhibit 1, the Company shall deliver, or cause to be delivered,
to the Holder a certificate or certificates representing the Conversion Shares or a share report of the Holder reflecting the issuance
of Conversion Shares being acquired upon the conversion of this Note, in whole or in part.

 

 (iii.)          Fractional Shares. No fractional shares or scrip
representing fractional shares shall be issued upon the conversion of this Note. As to any fraction of a share which the Holder
would otherwise be entitled to receive upon such conversion, the Company shall at its election, either pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by the Conversion Price or round up to the next whole
share.

 

(d)            Certain
Adjustments.

 

(i.)       
Stock Splits. If the Company, at any time while this Note is outstanding: (i) subdivides outstanding shares of Common Stock into
a larger number of shares, (ii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller
number of shares or (iii) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the
Company, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock
(excluding any treasury shares of the Company) outstanding immediately before such event, and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section 5(d) shall become effective
immediately after the record date for the determination of stockholders entitled to receive such distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

  (ii.)          
Most Favored Nation Status. If the Company or any subsidiary thereof, as applicable, at any time while this Note is outstanding
or the Holder holds any Conversion Shares, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise
dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock
Equivalents, at an effective price per share less than the Conversion Price then in effect (such lower price, the “Base Share
Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that
if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments,
reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which
are issued in connection with such issuance, be entitled to receive Common Stock at an effective price per share that is less than the
Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive Issuance
at such effective price),

 

    4

     

    

 

then simultaneously with the consummation of each Dilutive Issuance the Conversion Price shall be reduced and
only reduced to equal the Base Share Price. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued.
Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section in respect of an Exempt Issuance. The Company
shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common
Stock Equivalents subject to this Section, indicating therein the applicable issuance price, or applicable reset price, exchange price,
conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification,
whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section, upon the occurrence of any Dilutive Issuance,
the Holder is entitled to receive a number of Conversion Shares based upon the Base Share Price regardless of whether the Holder accurately
refers to the Base Share Price in the Notice of Conversion. Notwithstanding anything to the contrary herein, the Company shall not issue
any shares of Common Stock pursuant to this Section if to do so would require the Company to obtain approval of its shareholders under
the applicable rules of the NYSE American and as such the Company shall only issue such number of shares of common stock as would not
require the Company to obtain shareholder approval under the applicable rules of the NYSE American.

 

(iii.)          Notice of Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to this Section 5(d), the Company
shall promptly deliver to each Holder a notice setting forth the new Conversion Price with three (3) Business Days after such adjustment
and setting forth a brief statement of the facts requiring such adjustment. Failure to provide such notice shall not constitute an Event
of Default.

 

6.             COVENANTS. Until so long as no
Principal or accrued but unpaid Interest remains outstanding:

 

(a) Preservation of Existence. The
Company shall maintain and preserve its existence, rights and privileges, and become or remain duly qualified and in good standing in
each jurisdiction in which the character of the properties owned or leased by the Company or in which the transaction of its business
makes such qualification necessary.

 

(b)           Public
Filings. The Company shall use its best efforts to maintain its periodic filings required by the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) and keep its Common Stock quoted or tradable on the OTC Markets or another United States
stock exchange or market.

 

7.             BENEFICIAL OWNERSHIP. In the event
that the Holder’s Beneficial Ownership (as defined below) of the Company’s Common Stock reaches 5.00% or more, as a result
of the Conversion or others, the Holder has agreed to coordinate with the Company to file certain disclosure documents as required by
Section 13(d) of the 1934 Securities Exchange Act, as amended. For purposes of this Section 7, the Holder’s Beneficial Ownership
shall mean the number of shares of Common Stock beneficially owned by the Holder and its Affiliates, as defined and calculated in accordance
with Section 13(d) of the 1934 Securities Exchange Act and the rules and regulations promulgated thereunder.

 

    5

     

    

 

8.             AMENDMENTS. No modification, amendment
or waiver of any provision of this Note shall be effective unless in writing and approved by the Company and the Holder.

 

9.             RESTRICTIONS ON TRANSFER. This
Note may not be offered, sold, assigned or transferred by the Holder without the explicit written consent of the Company, which may be
granted or withheld at the sole discretion of the Company.

 

10.           REISSUANCE OF THIS NOTE.

 

(a)           Transfer. If this Note is to be
transferred with the Company’s approval as provided in Section 9, the Holder shall surrender this Note to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 10(d)), registered as
the Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than the entire outstanding
Principal is being transferred, a new Note (in accordance with Section 10(d)) to the Holder representing the outstanding Principal not
being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of prepayment or conversion
of any portion of this Note, the outstanding Principal represented by this Note may be less than the Principal stated on the face of this
Note.

 

(b)           Lost, Stolen or Mutilated Note.
Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note
(as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss,
theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in the case
of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver to the Holder a new Note (in accordance
with Section 10(d)) representing the outstanding Principal.

 

    6

     

    

 

(c)            Reserved.

 

(d)           Issuance of New Notes. Whenever
the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall be of like tenor with this Note,
(ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding (or in the case of a new Note being
issued pursuant to Section 10(a), the Principal designated by the Holder which, when added to the principal represented by the other new
Notes issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Note immediately prior to
such issuance of new Notes), (iii) shall have an issuance date, as indicated on the face of such new Note, which is the same as the Issuance
Date of this Note, (iv) shall have the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest, from
the Issuance Date.

 

11.           REMEDIES, CHARACTERIZATIONS, OTHER
OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative and in addition to all other remedies
available under this Note and any of the other Transaction Documents at law or in equity (including a decree of specific performance and/or
other injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual and consequential damages for any failure
by the Company to comply with the terms of this Note.

 

12.           LEGEND. The Holder understands
and agrees that the Conversion Shares upon issuance shall be restrictive and, if represented by a certificate(s), shall bear substantially
the following legend until (i) such Conversion Shares shall have been registered under the Securities Act and effectively disposed of
in accordance with a registration statement that has been declared effective or (ii) in the opinion of counsel acceptable to the Company,
such Conversion Shares may be sold in reliance on an available exemption without registration under the Securities Act, as well as any
applicable “blue sky” or state securities laws:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES
LAWS. SUCH SHARES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED BY THE ISSUER WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION COVERING SUCH SHARES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

    7

     

    

 

13.           CONSTRUCTION; HEADINGS. This Note
shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof.
The headings of this Note are for convenience of reference and shall not form part of, or affect the interpretation of, this Note. Terms
used in this Note but defined in the other Transaction Documents shall have the meanings ascribed to such terms on the Closing Date in
such other Transaction Documents unless otherwise consented to in writing by the Holder.

 

14.           FAILURE OR INDULGENCE NOT WAIVER.
No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privilege. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving
party.

 

15.           NOTICES; CURRENCY; PAYMENTS.

 

(a)           Notices. Any notice or other communication
required or permitted to be given hereunder shall be in writing sent by mail, facsimile with printed confirmation, nationally recognized
overnight carrier or personal delivery and shall be effective upon actual receipt of such notice, to the following addresses until notice
is received that any such address or contact information has been changed:

 

	 	To the Company:	Splash Beverage Group, Inc.	 
	 	 	1314 East Las Olas Blvd., Suite 221	 
	 	 	Fort Lauderdale, Florida 33316	 
	 	 	Attn: Robert Nistico	 
	 	 	 	 
	 	With another copy	 	 
	 	(which shall not constitute	 	 
	 	Notice) to:	Sichenzia Ross Ference LLP	 
	 	 	1185 Avenue of the Americas, 31st Floor	 
	 	 	New York, NY 10036	 
	 	 	Facsimile: 212-930-9725	 
	 	 	Attn: Darrin M. Ocasio	 
	 	 	 	 
	 	To Holder:	 	 
	 	 	 	 
	 	With another copy	 	 
	 	(which shall not constitute 	 	 
	 	Notice) to:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

  

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(b)          Currency. All dollar amounts referred
to in this Note are in United States Dollars (“U.S. Dollars”), and all amounts owing under this Note shall be paid
in U.S. Dollars.

  

(c)           Payments. The Company will make
all payments of Principal and Interest under this Note by wire transfer of immediately available funds to the bank account specified by
the Holder in written notice delivered to the Company on or before each Repayment Date.

 

16.           CANCELLATION. After all Principal,
accrued Interest, and other amounts at any time owed on this Note have been paid in full or converted in full, this Note shall automatically
be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

17.           WAIVER OF JURY TRIAL. Each
party hereby waives its right to a jury trial in connection with any suit, action or proceeding in connection with any matter relating
to this Note.

 

18.           GOVERNING
LAW. This Note shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to its
principles regarding conflicts of law.

 

19.          
Reserved. 

 

20.           MAXIMUM PAYMENTS. Nothing contained
herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by
applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by
such law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded
to the Company.

 

21.           CERTAIN DEFINITIONS. For purposes
of this Note, the following terms shall have the following meanings:

 

(a)  “Affiliate” means
any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with
a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

    9

     

    

 

(b)   “Business
Day” means any day other than Saturday, Sunday or otherday on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

		(c)	“Common Stock Equivalents” means any securities of the Company or any subsidiary which
would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right,
option, warrant, unit, or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Common Stock.

 

		(d)	“Exempt Issuance” means the issuance of
(a) shares of Common Stock or options to employees, officers, directors, advisors or independent contractors of the Company; provided,
however, that such issuance is approved by a majority of the board of directors of the Company, (b) shares of Common Stock, warrants or
options to advisors or independent contractors of the Company for compensatory purposes, (c) securities upon the exercise or exchange
of or conversion of any securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares
of Common Stock issued and outstanding on the date hereof, provided that such securities have not been amended since the date hereof to
increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, (d) securities
issuable pursuant to any contractual anti-dilution obligations of the Company in effect as of the date hereof, provided that such obligations
have not been materially amended since the date of hereof, and (e) securities issued pursuant to acquisitions or any other strategic transactions
approved by a majority of the disinterested members of the Board of Directors, provided that any such issuance shall not include a transaction
in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities.

 

		(e)	“Maturity Date”
                                            shall mean June 27, 2024.

  

		(f)	“Person” means “person” as such term is used for purposes of Section 13(d)
or 14(d) of the Securities Exchange Act of 1934, as amended, including any individual, corporation, limited liability company, partnership,
trust, unincorporated organization, government or any agency or political subdivision thereof, or any other entity or any group of persons.

 

    10

     

    

 

		(g)	“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

 

		(h)	“Trading Day” means a day on which the principal
Trading Market is open for trading. 

 

		(i)	“Trading Market” means any of the following markets
or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital
Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; any level of the OTC Markets operated
by OTC Markets Group, Inc. or the OTC Bulletin Board (or any successors to any of the foregoing). 

 

		(j)	“Transaction Documents” means, collectively, this Note, the Securities Purchase Agreement, between the Company
and the Holder dated December _ __, 2022 and the other agreements and instruments entered into or delivered by any of the parties hereto
in connection with the transactions contemplated by the APA, as may be amended from time to time.

 

[signature page follows]

 

    11

     

    

 

[SIGNATURE PAGE TO THE CONVERTIBLE
PROMISSORY NOTE]

 

IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	COMPANY:
	 	Splash Beverage Group, Inc.
	 	A Nevada Corporation
	 	 
	 	By	 
	 	Name: 	Robert Nistico
	 	Title: 	CEO

  

	 	HOLDER:
	 	 
	 	By	 
	 	Name:	 

 

    12

     

    

 

EXHIBIT 1

 Form of Conversion Notice

 

Splash Beverage Group, Inc.

1314 East Las Olas Blvd., Suite 221

Fort Lauderdale, Florida 33316

Attn: Chief Financial Officer

 

The undersigned hereby elects
to convert certain outstanding amount as set forth below of the 12% Convertible Promissory Note of Splash Beverage Group, Inc., a Nevada
corporation (the “Company”), issuance date _______, 202__, into shares of common stock (the “Common Stock”),
of the Company according to the conditions hereof, as of the date written below. If shares of Common Stock 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 and opinions as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for
any conversion, except for such transfer taxes, if any.

 

The undersigned agrees to comply
with the delivery requirements under the applicable securities laws in connection with any transfer of the aforesaid shares of Common
Stock.

 

Conversion calculations:

 

Principal Amount of Note to be Converted:
$_____

 

The Amount of Interest of the Note to be
Converted: $____

 

Conversion Price per Share: $_____

 

Number of Shares of Common Stock to be Issued
upon Conversion: ________

 

	 	Signature:	 
	 	 
	 	Name (Print):	 
	 	 
	 	Mailing Address:	 
	 	 	 
	 	 
	 	Phone number:	 
	 	Email:	 
	 	Date:	 

 

13

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