Document:

Exhitbit 10.10

 

GUARANTY
AGREEMENT

 

This
GUARANTY AGREEMENT is dated and effective as of December __, 2019 (this “Guaranty”), and is made, jointly and
severally, by SEAPORT GROUP ENTERPRISES, LLC, a limited liability company organized and existing under the laws of the
State of California, and TCA ROYALTY FOODS I, LLC, a limited liability company organized and existing under the laws of
the State of Florida, SNOBAR HOLDINGS, INC., a corporation incorporated under the laws of the State of Delaware, SNOBAR
TRUST, INTERNATIONAL PRODUCTION IMPEX CORP., a corporation incorporated under the laws of the State of California,
and MAS GLOBAL DISTRIBUTORS, INC., a corporation incorporated under the laws of the State of California (each, a “Guarantor”
and together, the “Guarantors”), in favor of TCA SPECIAL SITUATIONS CREDIT STRATEGIES ICAV an
Irish collective asset vehicle (the “Buyer”).

 

WHEREAS,
pursuant to a Securities Purchase Agreement dated as of December __, 2019 and effective as of December __, 2019 (the “Purchase
Agreement”) by and between Pacific Ventures Group Inc., a corporation organized and existing under the laws of the State
of Delaware (the “Company”), and the Buyer, the Company has agreed to issue to the Buyer and the Buyer has
agreed to purchase from Company certain senior secured redeemable debentures (the “Debentures”), as more specifically
set forth in the Purchase Agreement; and

 

WHEREAS,
in order to induce Buyer to purchase the Debentures, and with full knowledge that Buyer would not purchase the Debentures without
this Guaranty, each Guarantor has agreed to execute and deliver this Guaranty to Buyer, for the benefit of Buyer, as security
interest in all of the assets and property of such Guarantor to secure the prompt payment, performance and discharge in full of
all of Company’s obligations under the Purchase Agreement, the Debentures and the other Transaction Documents; and

 

WHEREAS,
each Guarantor is a subsidiary of the Company will significantly benefit from Buyer’s purchase of the Debentures from the
Company; and

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements of the parties hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties each intending to be legally bound, hereby
do agree as follows:

 

1.
OBLIGATIONS GUARANTEED

 

Each
Guarantor hereby, jointly and severally, guarantees and becomes surety to Buyer for the full, prompt and unconditional payment
and performance of the Obligations, when and as the same shall become due, whether at the stated maturity date, by acceleration
or otherwise, and the full, prompt and unconditional performance of each term and condition to be performed by Company under the
Debentures and the other Transaction Documents. This Guaranty is a primary obligation of each Guarantor and shall be a continuing
inexhaustible Guaranty. This is a guaranty of payment and not of collection. Buyer may require a Guarantor to pay and perform
its liabilities and obligations under this Guaranty and may proceed immediately against such Guarantor without being required
to bring any proceeding or take any action against Company or any other Person prior thereto; the liability of each Guarantor
hereunder being independent of and separate from the liability of Company, any other guarantor, any other Person, and the availability
of other collateral security for the Debentures and the other Transaction Documents.

    	 

    	 

    

 

2.
DEFINITIONS

 

All
capitalized terms used in this Guaranty that are defined in the Purchase Agreement shall have the meanings assigned to them in
the Purchase Agreement, unless the context of this Guaranty requires otherwise.

 

3.
REPRESENTATIONS AND WARRANTIES. Each Guarantor represents and warrants to Buyer as follows:

 

3.1.
Organization, Powers. The Guarantors: (i) are each a limited liability company organized and existing under the laws of
the State of California or Florida, as applicable; (ii) have the power and authority to own their properties and assets and to
carry on their business as now being conducted and as now contemplated; and (iii) have the power and authority to execute, deliver
and perform (and the officer or manager executing this Guaranty on behalf of each of the Guarantors has been duly authorized to
so act and execute this Guaranty on behalf of the Guarantors), and by all necessary action has authorized the execution, delivery
and performance of, all of its obligations under this Guaranty and any other Transaction Documents to which it is a party.

 

3.2.
Execution of Guaranty. This Guaranty, and each other Transaction Document to which the Guarantors are a party, have been
duly executed and delivered by the Guarantors. Execution, delivery and performance of this Guaranty and each other Transaction
Document to which the Guarantors are a party will not: (i) violate any provision of any law, rule or regulation, any judgment,
order, writ, decree or other instrument of any governmental authority, or any provision of any contract or other instrument to
which the Guarantors are a party or by which the Guarantors or any of their properties or assets are bound; (ii) result in the
creation or imposition of any lien, claim or encumbrance of any nature, other than the liens created by the Transaction Documents;
and (iii) require any consent from, exemption of, or filing or registration with, any governmental authority or any other Person,
other than any filings in connection with the liens created by the Transaction Documents.

 

3.3.
Obligations of Guarantors. This Guaranty and each other Transaction Document to which the Guarantors are a party are the
legal, valid and binding obligations of the Guarantors, enforceable against the Guarantors in accordance with their terms, except
as the same may be limited by bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of
creditors’ rights generally or by equitable principles which may affect the availability of specific performance and other
equitable remedies. The purchase of the Debenture by Buyer and the assumption by the Guarantors of their obligations hereunder
and under any other Transaction Document to which the Guarantors are a party will result in material benefits to Guarantor. This
Guaranty was entered into by the Guarantors for commercial purposes.

 

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3.4.
Litigation. There is no demand, claim, suit, action, litigation, investigation, audit, study, arbitration, administrative
hearing, or any other proceeding of any nature whatsoever at law or in equity or by or before any governmental authority now pending
or, to the knowledge of the Guarantors, threatened, against or affecting the Guarantors or any of their properties, assets or
rights which, if adversely determined, would materially impair or affect: (i) the value of any collateral securing the Obligations;
(ii) the Guarantors’ right to carry on its business substantially as now conducted (and as now contemplated); (iii) the
Guarantors’ financial condition; or (iv) the Guarantors’ capacity to consummate and perform its obligations under
this Guaranty or any other Transaction Document to which the Guarantors are a party.

 

3.5.
No Defaults. The Guarantors are not in default beyond the expiration of any applicable grace or cure periods, in the performance,
observance or fulfillment of any of the obligations, covenants or conditions contained herein or in any contract or other instrument
to which each Guarantor is a party or by which each Guarantor or any of its properties or assets are bound.

 

3.6.
No Untrue Statements. To the knowledge of each Guarantor, no Transaction Document or other document, certificate or statement
furnished to Buyer by or on behalf of Company or each Guarantor contains any untrue statement of a material fact or omits to state
a material fact necessary in order to make the statements contained herein and therein not misleading. Each Guarantor acknowledges
that all such statements, representations and warranties shall be deemed to have been relied upon by Buyer as an inducement to
purchase the Debentures.

 

4.
NO LIMITATION OF LIABILITY

 

4.1.
Each Guarantor acknowledges that the obligations undertaken herein involve the guaranty of obligations of a Person other than
such Guarantor and, in full recognition of that fact, each Guarantor consents and agrees that Buyer may, at any time and from
time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness of this Guaranty:
(i) change the manner, place or terms of payment of (including, without limitation, any increase or decrease in the principal
amount of the Obligations or the interest rate), and/or change or extend the time for payment of, or renew, supplement or modify,
any of the Obligations, any security therefor, or any of the Transaction Documents evidencing same, and the Guaranty herein made
shall apply to the Obligations and the Transaction Documents as so changed, extended, renewed, supplemented or modified; (ii)
sell, exchange, release, surrender, realize upon or otherwise deal with in any manner and in any order, any property securing
the Obligations; (iii) supplement, modify, amend or waive, or enter into or give any agreement, approval, waiver or consent with
respect to, any of the Obligations, or any part thereof, or any of the Transaction Documents, or any additional security or guaranties,
or any condition, covenant, default, remedy, right, representation or term thereof or thereunder; (iv) exercise or refrain from
exercising any rights against Company or other Persons (including against any Guarantor) or against any security for the Obligations;
(v) accept new or additional instruments, documents or agreements in exchange for or relative to any of the Transaction Documents
or the Obligations, or any part thereof; (vi) accept partial payments on the Obligations; (vii) receive and hold additional security
or guaranties for the Obligations, or any part thereof; (viii) release, reconvey, terminate, waive, abandon, fail to perfect,
subordinate, exchange, substitute, transfer and/or enforce any security or guaranties, and apply any security and direct the order
or manner of sale thereof as Buyer, in its sole and absolute discretion, may determine; (ix) add, release, settle, modify or discharge
the obligation of any maker, endorser, guarantor, surety, obligor or any other Person who is in any way obligated for any of the
Obligations, or any part thereof; (x) settle or compromise any Obligations, whether in a Proceeding or not, and whether voluntarily
or involuntarily, dispose of any security therefor (with or without consideration and in whatever manner Buyer deems appropriate),
and subordinate the payment of any of the Obligations, whether or not due, to the payment of liabilities owing to creditors of
Company other than Buyer and Guarantors; (xi) consent to the merger, change or any other restructuring or termination of the corporate
existence of Company or any other Person, and correspondingly restructure the Obligations, and any such merger, change, restructuring
or termination shall not affect the liability of a Guarantor or the continuing effectiveness hereof, or the enforceability hereof
with respect to all or any part of the Obligations; (xii) apply any sums it receives, by whomever paid or however realized, to
any of the Obligations and/or (xiii) take any other action which might constitute a defense available to, or a discharge of, Company
or any other Person (including any Guarantor) in respect of the Obligations.

 

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4.2.
The invalidity, irregularity or unenforceability of all or any part of the Obligations or any Transaction Document, or the impairment
or loss of any security therefor, whether caused by any action or inaction of Buyer, or otherwise, shall not affect, impair or
be a defense to any Guarantor’s obligations under this Guaranty.

 

4.3.
Upon the occurrence and during the continuance of any Event of Default, Buyer may enforce this Guaranty independently of any other
remedy, guaranty or security Buyer at any time may have or hold in connection with the Obligations, and it shall not be necessary
for Buyer to marshal assets in favor of Company, any other guarantor of the Obligations or any other Person or to proceed upon
or against and/or exhaust any security or remedy before proceeding to enforce this Guaranty. Each Guarantor expressly waives any
right to require Buyer to marshal assets in favor of Company or any other Person, or to proceed against Company or any other guarantor
of the Obligations or any collateral provided by any Person, and agrees that Buyer may proceed against any obligor (including
any Guarantor) and/or the collateral in such order as Buyer shall determine in its sole and absolute discretion. Buyer may file
a separate action or actions against any Guarantor, whether action is brought or prosecuted with respect to any security or against
any other Person, or whether any other Person is joined in any such action or actions. Each Guarantor agrees that Buyer and Company
may deal with each other in connection with the Obligations or otherwise, or alter any contracts or agreements now or hereafter
existing between them, in any manner whatsoever, all without in any way altering or affecting the security of this Guaranty.

 

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4.4.
EACH GUARANTOR EXPRESSLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EVERY PRESENT AND FUTURE DEFENSE, CAUSE OF
ACTION, COUNTERCLAIM WHICH THE CREDIT PARTIES MAY NOW HAVE AS OF THE DATE HEREOF, OR AS THEY MAY IN THE FUTURE COME TO HAVE, TO
ANY ACTION BY BUYER IN ENFORCING THIS GUARANTY AND THE OTHER TRANSACTION DOCUMENTS — OTHER THAN FOR SET OFF TO ESTABLISH
THE AMOUNTS DUE AND PAID PURSUANT TO THE DEBENTURES OR ANY OTHER TRANSACTION DOCUMENT, INCLUDING BUT NOT LIMITED TO THOSE ASSERTED
BY REASON OF: (I) ANY DISABILITY OR OTHER DEFENSE OF COMPANY, OR ANY OTHER GUARANTOR FOR THE OBLIGATIONS, WITH RESPECT TO THE
OBLIGATIONS; (II) THE UNENFORCEABILITY OR INVALIDITY OF ANY SECURITY FOR OR GUARANTY OF THE OBLIGATIONS OR THE LACK OF PERFECTION
OR CONTINUING PERFECTION OR FAILURE OF PRIORITY OF ANY SECURITY FOR THE OBLIGATIONS; (III) THE CESSATION FOR ANY CAUSE WHATSOEVER
OF THE LIABILITY OF COMPANY, OR ANY OTHER GUARANTOR OF THE OBLIGATIONS (OTHER THAN BY REASON OF THE FULL PAYMENT AND PERFORMANCE
OF ALL OBLIGATIONS (OTHER THAN CONTINGENT INDEMNIFICATION OBLIGATIONS)); (IV) ANY FAILURE OF BUYER TO MARSHAL ASSETS IN FAVOR
OF COMPANY OR ANY OTHER PERSON; (V) ANY FAILURE OF BUYER TO GIVE NOTICE OF SALE OR OTHER DISPOSITION OF COLLATERAL TO COMPANY
OR ANY OTHER PERSON OR ANY DEFECT IN ANY NOTICE THAT MAY BE GIVEN IN CONNECTION WITH ANY SALE OR DISPOSITION OF COLLATERAL; (VI)
ANY FAILURE OF BUYER TO COMPLY WITH APPLICABLE LAWS IN CONNECTION WITH THE SALE OR OTHER DISPOSITION OF ANY COLLATERAL OR OTHER
SECURITY FOR ANY OBLIGATIONS, INCLUDING, WITHOUT LIMITATION, ANY FAILURE OF BUYER TO CONDUCT A COMMERCIALLY REASONABLE SALE OR
OTHER DISPOSITION OF ANY COLLATERAL OR OTHER SECURITY FOR ANY OBLIGATIONS; (VII) ANY ACT OR OMISSION OF BUYER OR OTHERS THAT DIRECTLY
OR INDIRECTLY RESULTS IN OR AIDS THE DISCHARGE OR RELEASE OF COMPANY OR ANY OTHER GUARANTOR OF THE OBLIGATIONS, OR OF ANY SECURITY
OR GUARANTY THEREFOR BY OPERATION OF LAW OR OTHERWISE; (VIII) ANY LAW WHICH PROVIDES THAT THE OBLIGATION OF A SURETY OR GUARANTOR
MUST NEITHER BE LARGER IN AMOUNT OR IN OTHER RESPECTS MORE BURDENSOME THAN THAT OF THE PRINCIPAL OR WHICH REDUCES A SURETY’S
OR GUARANTOR’S OBLIGATION IN PROPORTION TO THE PRINCIPAL OBLIGATION; (IX) ANY FAILURE OF BUYER TO FILE OR ENFORCE A CLAIM
IN ANY BANKRUPTCY OR OTHER PROCEEDING WITH RESPECT TO ANY PERSON; (X) THE ELECTION BY BUYER, IN ANY BANKRUPTCY PROCEEDING OF ANY
PERSON, OF THE APPLICATION OR NON-APPLICATION OF SECTION 1111(B)(2) OF THE UNITED STATES BANKRUPTCY CODE; (XI) ANY EXTENSION OF
CREDIT OR THE GRANT OF ANY LIEN UNDER SECTION 364 OF THE UNITED STATES BANKRUPTCY CODE; (XII) ANY USE OF COLLATERAL UNDER SECTION
363 OF THE UNITED STATES BANKRUPTCY CODE; (XIII) ANY GUARANTY OR STIPULATION WITH RESPECT TO THE PROVISION OF ADEQUATE PROTECTION
IN ANY BANKRUPTCY PROCEEDING OF ANY PERSON; (XIV) THE AVOIDANCE OF ANY LIEN OR SECURITY INTEREST IN FAVOR OF BUYER FOR ANY REASON;
(XV) ANY BANKRUPTCY, INSOLVENCY, REORGANIZATION, ARRANGEMENT, READJUSTMENT OF DEBT, LIQUIDATION OR DISSOLUTION PROCEEDING COMMENCED
BY OR AGAINST ANY PERSON, INCLUDING WITHOUT LIMITATION ANY DISCHARGE OF, OR BAR OR STAY AGAINST COLLECTING, ALL OR ANY OF THE
OBLIGATIONS (OR ANY INTEREST THEREON) IN OR AS A RESULT OF ANY SUCH PROCEEDING; OR (XVI) ANY ACTION TAKEN BY BUYER THAT IS AUTHORIZED
BY THIS SECTION OR ANY OTHER PROVISION OF ANY TRANSACTION DOCUMENT. EACH GUARANTOR EXPRESSLY WAIVES ALL SETOFFS (OTHER THAN AS
SET FORTH HEREIN) AND COUNTERCLAIMS AND ALL PRESENTMENTS, DEMANDS FOR PAYMENT OR PERFORMANCE, NOTICES OF NONPAYMENT OR NONPERFORMANCE,
PROTESTS, NOTICES OF PROTEST, NOTICES OF DISHONOR AND ALL OTHER NOTICES OR DEMANDS OF ANY KIND OR NATURE WHATSOEVER WITH RESPECT
TO THE OBLIGATIONS, AND ALL NOTICES OF ACCEPTANCE OF THIS GUARANTY OR OF THE EXISTENCE, CREATION OR INCURRENCE OF NEW OR ADDITIONAL
OBLIGATIONS. EACH GUARANTOR UNDERSTANDS AND AGREES THAT THEY ARE WAIVING DEFENSES AND CLAIMS WHICH MAY NOT YET HAVE ACCRUED OR
OF WHICH THEY MAY NOT YET BE AWARE AS A MATERIAL INDUCEMENT FOR BUYER ENTERING THIS GUARANTY AND GRANTING ANY FINANCIAL ACCOMMODATION
TO THE CREDIT PARTIES. THIS PROVISION IS INTENDED TO BE ONSTRUED AS BROADLY AS PERMISSIBLE UNDER APPLICABLE LAW.

 

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4.5.
This is a continuing guaranty and shall remain in full force and effect as to all of the Obligations until such date as all amounts
owing by Company to Buyer shall have been paid in full in cash and all obligations of Company with respect to any of the Obligations
shall have terminated or expired (other than contingent indemnification obligations) (such date is referred to herein as the “Termination
Date”).

 

5.
LIMITATION ON SUBROGATION

 

Until
the Termination Date, each Guarantor waives any present or future right to which such Guarantor is or may become entitled to be
subrogated to Buyer’s rights against Company or to seek contribution, reimbursement, indemnification, payment or the like,
or participation in any claim, right or remedy of Buyer against Company or any security which Buyer now has or hereafter acquires,
whether or not such claim, right or remedy arises under contract, in equity, by statute, under common law or otherwise. If, notwithstanding
such waiver, any funds or property shall be paid or transferred to a Guarantor on account of such subrogation, contribution, reimbursement,
or indemnification at any time when all of the Obligations have not been paid in full, such Guarantor shall hold such funds or
property in trust for Buyer and shall forthwith pay over to Buyer such funds and/or property to be applied by Buyer to the Obligations.

 

6.
COVENANTS

 

6.1.
Financial Statements; Compliance Certificate. No later than ten (10) days after written request therefore from Buyer, each
Guarantor shall deliver to Buyer: (a) financial statements disclosing all of such Guarantor’s assets, liabilities, net worth,
income and contingent liabilities, all in reasonable detail and in form acceptable to Buyer, signed by an officer, manager or
director of Guarantor, and certified by such officer, manager or director to Buyer to be true, correct and complete in all material
respects; (b) complete copies of federal tax returns, including all schedules, each of which shall be signed and certified an
officer, manager or director of Guarantor to be true and complete copies of such returns; (c) an Affirmation and Compliance Certificate
as provided in section 7.1(d) of the Purchase Agreement every sixty (60) days following closing of the Effective Date and (d)
such other information respecting such Guarantor as Buyer may from time to time reasonably request.

 

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6.2.
Subordination of Other Debts. Each Guarantor hereby subordinates the obligations now or hereafter owed by Company to such
Guarantor (“Subordinated Debt”) to any and all obligations of Company to Buyer now or hereafter existing while
this Guaranty is in effect, and hereby agrees that such Guarantor will not request or accept payment of or any security for any
part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to a Guarantor, through error or otherwise, shall
immediately be forwarded to Buyer by such Guarantor, properly endorsed to the order of Buyer, to apply to the Obligations.

 

6.3.
Security for Guaranty. Each Guarantor’s obligations and liabilities evidenced by this Guaranty are also secured by
all of the Collateral of the Guarantors pursuant to that certain Security Agreement by and between Guarantors and Buyer made of
even date herewith (the “Security Agreement”). All of the agreements, conditions, covenants, provisions, representations,
warranties and stipulations contained in the Security Agreement or any other Transaction Documents to which a Guarantor is a party
which are to be kept and performed by a Guarantor are hereby made a part of this Guaranty to the same extent and with the same
force and effect as if they were fully set forth herein, and each Guarantor covenants and agrees to keep and perform them, or
cause them to be kept or performed, strictly in accordance with their terms.

 

7.
EVENTS OF DEFAULT

 

Each
of the following shall constitute a default (each, an “Event of Default”) hereunder:

 

7.1.
The occurrence of any “Event of Default” (as defined in any of the Transaction Documents) under the Purchase Agreement,
the Debentures or any other Transaction Documents, whether by Borrower or Guarantor;

 

7.2.
A breach by a Guarantor of any term, covenant, condition, obligation or agreement under this Guaranty; and

 

7.3.
Any representation or warranty made by any Guarantor in this Guaranty shall prove to be false, incorrect or misleading in any
material respect as of the date when made.

 

8.
REMEDIES.

 

8.1.
Upon an Event of Default, as provided in the Debenture or any other Transaction Document, all liabilities and obligations of each
Guarantor hereunder shall become immediately due and payable without demand or notice and, in addition to any other remedies provided
by law or in equity, Buyer may:

 

8.1.1.
Enforce the obligations of a Guarantor under this Guaranty.

 

8.1.2.
To the extent not prohibited by and in addition to any other remedy provided by law or equity, setoff against any of the Obligations
any sum owed by Buyer in any capacity to a Guarantor whether due or not.

 

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8.1.3.
Perform any covenant or agreement of a Guarantor in default hereunder (but without obligation to do so) and in that regard pay
such money as may be required or as Buyer may reasonably deem expedient. Any costs, expenses or fees, including reasonable attorneys’
fees and costs, incurred by Buyer in connection with the foregoing shall be included in the Obligations guaranteed hereby, and
shall be due and payable on demand, together with interest at the highest non-usurious rate permitted by applicable law, such
interest to be calculated from the date of such advance to the date of repayment thereof. Any such action by Buyer shall not be
deemed to be a waiver or release of any Guarantor hereunder and shall be without prejudice to any other right or remedy of Buyer.

 

8.2.
Settlement of any claim by Buyer against Company, whether in any Proceeding or not, and whether voluntary or involuntary, shall
not reduce the amount due under the terms of this Guaranty, except to the extent of the amount actually paid by Company or any
other obligated Person and legally retained by Buyer in connection with the settlement (unless otherwise provided for herein).

 

9.
MISCELLANEOUS.

 

9.1.
Disclosure of Financial Information. Buyer is hereby authorized to disclose any financial or other information about a
Guarantor to any governmental authority having jurisdiction over Buyer or to any present, future or prospective participant or
successor in interest in the Debentures. The information provided may include, without limitation, amounts, terms, balances, payment
history, return item history and any financial or other information about a Guarantor.

 

9.2.
Remedies Cumulative. The rights and remedies of Buyer, as provided herein and in any other Transaction Document, shall
be cumulative and concurrent, may be pursued separately, successively or together, may be exercised as often as occasion therefor
shall arise, and shall be in addition to any other rights or remedies conferred upon Buyer at law or in equity. The failure, at
any one or more times, of Buyer to exercise any such right or remedy shall in no event be construed as a waiver or release thereof.
Buyer shall have the right to take any action it deems appropriate without the necessity of resorting to any collateral securing
this Guaranty.

 

9.3.
Integration. This Guaranty and the other Transaction Documents constitute the sole agreement of the parties with respect
to the transactions contemplated hereby and thereby and supersede all oral negotiations and prior writings with respect thereto.

 

9.4.
NON-RELIANCE. EACH GUARANTOR UNDERSTANDS AND ACKNOWLEDGES THAT THE AGENTS AND REPRESENTATIVES OF BUYER DO NOT HAVE AUTHORITY
TO MAKE ANY STATEMENTS, PROMISES OR REPRESENTATIONS IN CONFLICT WITH OR IN ADDITION TO THE INFORMATION CONTAINED IN THIS GUARANTY
OR ANY OTHER TRANSACTION DOCUMENTS, AND BUYER HEREBY SPECIFICALLY DISCLAIMS ANY RESPONSIBILITY FOR ANY SUCH STATEMENTS, PROMISES
OR REPRESENTATIONS. BY EXECUTION OF THIS GUARANTY, EACH GUARANTOR ACKNOWLEDGES THAT HE/SHE/IT HAS NOT RELIED UPON SUCH STATEMENTS,
PROMISES OR REPRESENTATIONS, IF ANY, AND WAIVES ANY RIGHTS, DEFENSES, OR CLAIMS ARISING FROM ANY SUCH STATEMENTS, PROMISES OR
REPRESENTATIONS.

 

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9.5.
Attorneys’ Fees and Expenses. If Buyer retains the services of counsel in connection with the exercise, enforcement,
or defense of any of the rights of the Buyer under this Agreement or the Transaction Documents, on account of any matter involving
this Guaranty, or for examination of matters subject to Buyer’s approval under the Transaction Documents, all costs of suit
and all reasonable attorneys’ fees and such other reasonable expenses so incurred by Buyer shall forthwith, on demand, become
due and payable and shall be guaranteed hereby, including but not limited to reasonable attorneys’ fees and costs at all
levels of any litigation or other proceeding including but not limited to any appeals and enforcement of judgments.

 

9.6.
No Implied Waiver. Buyer shall not be deemed to have modified or waived any of its rights or remedies hereunder unless
such modification or waiver is in writing and signed by Buyer, and then only to the extent specifically set forth therein. A waiver
in one event shall not be construed as continuing or as a waiver of or bar to such right or remedy on a subsequent event.

 

9.7.
Waiver. Except as otherwise provided herein or in any of the Transaction Documents, each Guarantor waives notice of acceptance
of this Guaranty and notice of the Obligations and waives notice of default, non-payment, partial payment, presentment, demand,
protest, notice of protest or dishonor, and all other notices to which such Guarantor might otherwise be entitled or which might
be required by law to be given by Buyer. Each Guarantor waives the right to any stay of execution and the benefit of all exemption
laws, to the extent permitted by law, and any other protection granted by law to guarantors, now or hereafter in effect with respect
to any action or proceeding brought by Buyer against it. Each Guarantor irrevocably waives all claims of waiver, release, surrender,
alteration or compromise and the right to assert against Buyer any defenses, set-offs, counterclaims, or claims that such Guarantor
may have at any time against Company or any other party liable to Buyer.

 

9.8.
No Third Party Beneficiary. Except as otherwise provided herein, Guarantors and Buyer do not intend the benefits of this
Guaranty to inure to any third party and no third party (including Company) shall have any status, right or entitlement under
this Guaranty.

 

9.9.
Partial Invalidity. The invalidity or unenforceability of any one or more provisions of this Guaranty shall not render
any other provision invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically
a valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.

 

9.10.
Binding Effect. The covenants, conditions, waivers, releases and agreements contained in this Guaranty shall bind, and
the benefits thereof shall inure to, the parties hereto and their respective heirs, executors, administrators, successors and
permitted assigns; provided, however, that this Guaranty cannot be assigned by any Guarantor without the prior written consent
of Buyer, and any such assignment or attempted assignment by a Guarantor shall be void and of no effect with respect to the Buyer.

 

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9.11.
Modifications. This Guaranty may not be supplemented, extended, modified or terminated except by an agreement in writing
signed by the party against whom enforcement of any waiver, change, modification or discharge is sought. This Agreement does not
permit implied amendments based upon course of dealing or silence or oral representations of any sort.

 

9.12.
Sales or Participations. Buyer may from time to time sell or assign the Debentures, in whole or in part, or grant participations
in the Debentures and/or the obligations evidenced thereby without the consent of Company or any Guarantor (other than as provided
in the Purchase Agreement), provided, however, Buyer shall provide written notice to Company and Guarantors of any such assignment
or grant of participations. The holder of any such sale, assignment or participation, if the applicable agreement between Buyer
and such holder so provides, shall be: (a) entitled to all of the rights, obligations and benefits of Buyer (to the extent of
such holder’s interest or participation); and (b) deemed to hold and may exercise the rights of setoff or banker’s
lien with respect to any and all obligations of such holder to Guarantors (to the extent of such holder’s interest or participation),
in each case as fully as though Guarantors were directly indebted to such holder. Buyer may in its discretion give notice to Guarantors
of such sale, assignment or participation; however, the failure to give such notice shall not affect any of Buyer’s or such
holder’s rights hereunder.

 

9.13.
MANDATORY FORUM SELECTION. Any dispute arising under, relating to, or in connection
with THIS GUARANTY or related to any matter which is the subject of or incidental to THIS GUARANTY, ANY OTHER TRANSACTION
DOCUMENT, OR THE COLLATERAL (whether or not such claim is based upon breach of contract
or tort) shall be subject to the exclusive jurisdiction and venue of the state and/or federal courts located in Broward County,
Florida; provided, however, BUYER may, at its sole option, elect to bring any action in any other
jurisdiction. This provision is intended to be a “mandatory” forum selection clause and governed by and interpreted
consistent with Florida law OR WYOMING LAW, AS APPLICABLE. EACH GUARANTOR HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION
AND VENUE OF ANY STATE OR FEDERAL COURT HAVING IT SITUS IN SUCH COUNTY (OR TO ANY JURISDICTION OR VENUE, IF BUYER SO ELECTS),
AND EACH GUARANTOR HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

 

9.14.
WAIVER OF PERSONAL SERVICE. EACH GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENTS THAT ALL
SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY FEDERAL EXPRESS, DIRECTED TO SUCH GUARANTOR,
AS SET FORTH AND ACCORDING TO THE TERMS IN THE NOTICE PROVISIONS HEREIN. EACH GUARANTOR AGREES THAT NO ACKNOWLEDGMENT OF ACTUAL
RECEIPT OF PROCESS IS REQUIRED AND SERVICE WILL BE DEEMED EFFECTIVE PURSUANT TO THE TERMS OF NOTICE PROVISIONS CONTAINED HEREIN.
SERVICE MAY ALSO BE MADE IN ANY MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE.

 

    	10

    	 

    

 

9.15.
Notices. All notices, requests and demands to or upon Buyer or Guarantors, to be effective, shall be delivered in the manner
and addressed at the applicable address set forth in the Purchase Agreement. Each Guarantor agrees and acknowledges that notice
may be sent and delivered to the Company, as required under the Purchase Agreement, and such notice to the Company shall be deemed
valid and effective notice to Guarantors hereunder.

 

9.16.
Governing Law. Except as may be for the Mandatory Forum Selection clause set forth in Section 9.13 hereof, this
Guaranty shall be governed by and construed in accordance with the substantive laws of the State of Wyoming without reference
to conflict of laws principles.

 

9.17.
Joint and Several Liability. The word “Guarantor” or “Guarantors” shall mean all of the undersigned
persons, if more than one, and their liability shall be joint and several. The liability of the Guarantors shall also be joint
and several with the liability of any other guarantor under any other guaranty.

 

9.18.
Continuing Enforcement. If, after receipt of any payment of all or any part of the Obligations, Buyer is compelled or reasonably
agrees, for settlement purposes, to surrender such payment to any person or entity for any reason (including, without limitation,
a determination that such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a
diversion of trust funds), then this Guaranty shall continue in full force and effect or be reinstated, as the case may be, and
each Guarantor shall be liable for, and shall indemnify, defend and hold harmless Buyer with respect to the full amount so surrendered.
The provisions of this Section shall survive the termination of this Guaranty and shall remain effective notwithstanding the payment
of the Obligations, the cancellation, conversion or redemption of the Debentures, this Guaranty or any other Transaction Document,
the release of any security interest, lien or encumbrance securing the Obligations or any other action which Buyer may have taken
in reliance upon its receipt of such payment. Any cancellation, release or other such action shall be deemed to have been conditioned
upon any payment of the Obligations having become final and irrevocable.

 

9.19.
WAIVER OF JURY TRIAL. EACH GUARANTOR AGREES THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING,
WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY BUYER OR ANY GUARANTOR ON OR WITH RESPECT TO THIS GUARANTY OR ANY OTHER TRANSACTION
DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. BUYER
AND EACH GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL,
WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER,
BUYER AND EACH GUARANTOR WAIVE ANY RIGHT THEY MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL,
EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH GUARANTOR ACKNOWLEDGES
AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS GUARANTY AND THAT BUYER WOULD NOT PURCHASE THE DEBENTURES
IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS GUARANTY.

 

[
signature page follows ]

 

    	11

    	 

    

 

IN
WITNESS WHEREOF, the undersigned, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of
the day and year first above written.

 

	 	SEAPORT GROUP ENTERPRISES, LLC
	 	 	 
	 	 	 
	 	Name:
    	Shannon
    Masjedi
	 	Title:
    	Manager

 

STATE
OF ____________  )

       ) SS.

COUNTY
OF ___________  )

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon
Masjedi, a Manager of Seaport Group Enterprises, LLC, a California limited liability company, who is personally known to
me to be the same person whose name is subscribed to the foregoing, appeared before me this day in person and acknowledged that
he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said
limited liability company, for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	
	 	Notary
    Public
	 	 
	 	My
Commission Expires:
	 	 

 

[signature
page to Guaranty Agreement (Corporate Guarantors)]

 

    	12

    	 

    

 

IN
WITNESS WHEREOF, the undersigned, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of
the day and year first above written.

 

	 	TCA
    ROYALTY FOODS I, LLC
	 	 	 
	 	Name:
    	Shannon
    Masjedi
	 	Title:
    	Manager

 

STATE OF ________________ )

     ) SS.

COUNTY OF ______________ )

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon
Masjedi, a Manager of TCA Royalty Foods I, LLC, a Florida limited liability company, who is personally known to me to be
the same person whose name is subscribed to the foregoing, appeared before me this day in person and acknowledged that he/she
signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said limited
liability company, for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	
	 	Notary
Public
	 	 
	 	My Commission
Expires:
	 	

 

 

[signature
page to Guaranty Agreement (Corporate Guarantors)]

 

    	13

    	 

    

 

 

IN
WITNESS WHEREOF, the undersigned, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of
the day and year first above written.

 

	 	SNOBAR HOLDINGS, INC.
	 	 	 
	 	By:	
	 	Name:	Shannon
    Masjedi
	 	Title:	Chief
    Executive Officer

 

STATE OF ____________ )  

      SS.
 

COUNTY OF ___________ )  

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, chief
executive officer of Snobar Holdings, Inc., a Delaware corporation, who is personally known to me to be the same person whose
name is subscribed to the foregoing, appeared before me this day in person and acknowledged that he/she signed and delivered the
said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation, for the uses and
purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	
	 	Notary
Public
	 	 
	 	My
Commission Expires:
	 	

 

[signature
page to Guaranty Agreement (Corporate Guarantors)]

 

    	14

    	 

    

 

IN
WITNESS WHEREOF, the undersigned, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of
the day and year first above written.

 

	 	SNOBAR TRUST
	 	 	 
	 	By:	 
	 	Name:	Azizollah
    Masjedi
	 	Title:	Trustee

 

STATE OF ____________ )  

      SS.
 

COUNTY OF __________ )  

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Azizollah Masjedi, the
Trustee of Snobar Trust, who is personally known to me to be the same person whose name is subscribed to the foregoing, appeared
before me this day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary
act and as the free and voluntary act of said trust, for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	
	 	Notary
    Public
	 	 
	 	My
Commission Expires:
	 	

 

[signature
page to Guaranty Agreement (Corporate Guarantors)]

 

    	15

    	 

    

 

IN
WITNESS WHEREOF, the undersigned, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of
the day and year first above written.

 

	 	INTERNATIONAL PRODUCTION IMPEX CORP.
	 	 	 
	 	By:	
	 	Name:	Shannon
    Masjedi
	 	Title:	Chief
    Executive Officer

 

STATE OF ____________ )  

      SS.
 

COUNTY OF __________ )  

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, chief
executive officer of International Production Impex Corp., a California corporation, who is personally known to me to be the same
person whose name is subscribed to the foregoing, appeared before me this day in person and acknowledged that he/she signed and
delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation, for
the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	
	 	Notary Public
	 	 
	 	My Commission Expires:
	 	

 

[signature
page to Guaranty Agreement (Corporate Guarantors)]

 

    	16

    	 

    

 

IN
WITNESS WHEREOF, the undersigned, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of
the day and year first above written.

 

	 	MAS GLOBAL DISTRIBUTORS, INC.
	 	 	 
	 	By:	
	 	Name:	 Shannon Masjedi
	 	Title:	 Chief Executive Officer

 

STATE OF ____________ )  

      SS.
 

COUNTY OF __________ )  

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, chief
executive officer of MAS Global Distributors, Inc., a California corporation, who is personally known to me to be the same person
whose name is subscribed to the foregoing, appeared before me this day in person and acknowledged that he/she signed and delivered
the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation, for the uses
and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	
	 	Notary Public
	 	 
	 	My Commission Expires:
	 	

 

[signature
page to Guaranty Agreement (Corporate Guarantors)]

 

    	17Exhibit
10.11

 

THE
ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN
THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)
AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE
SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.

 

PACIFIC
VENTURES GROUP, INC.

 

SENIOR
SECURED REDEEMABLE DEBENTURE

 

	Dated
    as of: December __, 2019	Principal
    Amount: $1,500.000.00
	Effective
    Date: December __, 2019	 
	Maturity
    Date: June __, 2020	 

 

This
SENIOR SECURED REDEEMABLE DEBENTURE (the “Debenture”) is issued, dated and effective as of December __, 2019
(the “Effective Date”), by PACIFIC VENTURES GROUP, INC., a corporation incorporated under the laws of the State
of California (the “Company”), to TCA SPECIAL SITUATIONS CREDIT STRATEGIES ICAV, an Irish collective asset
vehicle (together with its permitted successors and assigns, the “Holder”) pursuant to exemptions from registration
under the Securities Act of 1933, as amended. This Debenture is issued in connection with that certain Securities Purchase Agreement,
dated as of the date hereof, by and between the Company, the Holder and certain other parties thereto (the “Purchase
Agreement”). All capitalized terms used in this Debenture and not otherwise defined herein shall have the meanings assigned
to them in the Purchase Agreement.

 

ARTICLE
I

 

Section
1.01 Principal and Interest. For value received, the Company hereby promises to pay to the order of the Holder, by no later
than June __, 2020 (the “Maturity Date”), in immediately available and lawful money of the United States of
America, One Million Five Hundred Thousand and No/100 United States Dollars ($1,500,000.00), together with interest on the outstanding
principal amount under this Debenture, at the rate of Sixteen and One Half Percent (16.5%) per annum simple interest (the “Interest
Rate”) from the Effective Date, until paid, as more specifically provided below.

 

    	 	1	 

     

    

 

Section
1.02 Optional Redemption Prior to Maturity. The Company, at its option, shall have the right to redeem this Debenture in
full and for cash, at any time prior to the Maturity Date, with three (3) business days advance written notice (the “Redemption
Notice”) to the Holder. The amount required to redeem this Debenture in full pursuant to this Section 1.02 shall be equal
to: (i) the aggregate principal amount then outstanding under this Debenture; plus all accrued and unpaid interest due under this
Debenture as of the redemption date; plus (ii) all other costs, fees and charges due and payable hereunder or under any other
“Transaction Documents” (as hereinafter defined)(collectively, the “Redemption Amount”). The Company shall
deliver the Redemption Amount to the Holder on the third (3rd) business day after the date of the Redemption Notice.

 

Section
1.03 Mandatory Redemption at Maturity. On the Maturity Date, the Company shall redeem this Debenture for the Redemption
Amount, which Redemption Amount shall be due and payable to the Holder by no later than 2:00 P.M. EST, on the Maturity Date.

 

Section
1.04 Payments.

 

(1)
Payments. The Company shall pay all interest due hereunder on a monthly basis to the Holder, and the principal amount hereof
on the Maturity Date. In the event such day is not a Business Day, then said payment shall be due on the first Business Day thereafter
occurring.

 

(2)
Interest Calculations; Payment Application. Unpaid interest shall be capitalized into the principal balance hereof on a
monthly basis. Interest shall be calculated on the basis of a 360-day year, and shall accrue daily on the outstanding principal
amount outstanding from time to time (including, for the avoidance of doubt, any increase in the outstanding principal amount
due to the capitalization of interest) for the actual number of days elapsed, commencing on the Effective Date until payment in
full of the outstanding principal, together with all accrued and unpaid interest and other amounts which may become due hereunder
or under any Transaction Documents, has been made. All payments received and actually collected by Holder hereunder shall be applied
first to any costs and expenses due or incurred hereunder or under any other Transaction Documents, second to accrued and unpaid
interest hereunder, and last to reduce the outstanding principal balance of this Debenture.

 

(3)
Late Fee. If all or any portion of the payments of principal, interest or other charges due hereunder are not received
by the Holder within five (5) days of the date such payment is due, then the Company shall pay to the Holder a late charge (in
addition to any other remedies that Holder may have) equal to five percent (5%) of each such unpaid payment or sum. Any payments
returned to Holder for any reason must be covered by wire transfer of immediately available funds to an account designated by
Holder, plus a $100.00 administrative fee charge. Holder shall have no responsibility or liability for payments purportedly made
hereunder but not actually received by Holder; and the Company shall not be discharged from the obligation to make such payments
due to loss of same in the mails or due to any other excuse or justification ultimately involving facts where such payments were
not actually received by Holder.

 

    	 	2	 

     

    

 

Section
1.05. Manner of Payments. All sums payable to the order of Holder hereunder shall be payable by ACH transfer of lawful
dollars of the United States of America to the ACH instructions set forth below, or at such place as Holder, from time to time,
may designate in writing. ACH Instructions for all sums due and payable hereunder are as follows:

 

	Bank
    Name:	 
	Bank
    Address:	 
	Beneficiary
    Account Name:	 
	Beneficiary
    Account Number: 	 
	ACH
    Transfer/Routing Number:	 
	SWIFT:	 

 

ARTICLE
II

 

Section
2.01 Secured Nature of Debenture. This Debenture is being issued in connection with the Purchase Agreement. The indebtedness
evidenced by this Debenture is also secured by all of the assets and property of the Credit Parties and various other instruments
and documents referred to in the Purchase Agreement as the “Transaction Documents”. All of the agreements,
conditions, covenants, provisions, representations, warranties and stipulations contained in any of the Transaction Documents
which are to be kept and performed by the Credit Parties are hereby made a part of this Debenture to the same extent and with
the same force and effect as if they were fully set forth herein, and the Company covenants and agrees to keep and perform them,
or cause them to be kept or performed, strictly in accordance with their terms.

 

ARTICLE
III

 

Section
3.01 Events of Default. The occurrence of any of the following events shall constitute an “Event of Default”
hereunder: (i) any Credit Party shall fail to pay any interest, principal or other charges due under this Debenture or any other
Transaction Documents on the date when any such payment shall be due and payable; (ii) any Credit Party makes an assignment for
the benefit of creditors; (iii) any order or decree is rendered by a court which appoints or requires the appointment of a receiver,
liquidator or trustee for any Credit Party, and the order or decree is not vacated within thirty (30) days from the date of entry
thereof; (iv) any order or decree is rendered by a court adjudicating any Credit Party insolvent, and the order or decree is not
vacated within thirty (30) days from the date of entry thereof; (v) any Credit Party files a petition in bankruptcy under the
provisions of any bankruptcy law or any insolvency act; (vi) any Credit Party admits, in writing, its inability to pay its debts
as they become due; (vii) a proceeding or petition in bankruptcy is filed against any Credit Party and such proceeding or petition
is not dismissed within thirty (30) days from the date it is filed; (viii) any Credit Party files a petition or answer seeking
reorganization or arrangement under the bankruptcy laws or any law or statute of the United States or any other foreign country
or state; (ix) any written warranty, representation, report, certification, certificate or statement of any Credit Party in this
Debenture, the Purchase Agreement or any other Transaction Document or any other agreement with Holder shall be false or misleading
in any material respect when made or deemed made; (x) any Credit Party shall fail to perform, comply with or abide by any of the
stipulations, agreements, conditions and/or material covenants contained in this Debenture, the Purchase Agreement or any of the
other Transaction Documents on the part of any Credit Party to be performed complied with or abided by, and such failure continues
or remains uncured for fifteen (15) days following written notice from the Holder to the Company, and (xi) the Equity Offering
shall not have occurred within one hundred twenty (120) days of the Effective Date.

 

    	 	3	 

     

    

 

Section
3.02 Remedies. Upon the occurrence of an Event of Default that is not timely cured within an applicable cure period hereunder,
the interest on this Debenture shall immediately accrue at an interest rate equal to the lesser of (i) twenty-two percent (22%)
per annum or (ii) the maximum interest rate allowable by law, and, in addition to all other rights or remedies the Holder may
have, at law or in equity, the Holder may, in its sole discretion, accelerate full repayment of all principal amounts outstanding
hereunder, together with accrued interest thereon, together with all attorneys’ fees, paralegals’ fees and costs and
expenses incurred by the Holder in collecting or enforcing payment hereof (whether such fees, costs or expenses are incurred in
negotiations, all trial and appellate levels, administrative proceedings, bankruptcy proceedings or otherwise), and together with
all other sums due by the Company hereunder and under the Transaction Documents, all without any relief whatsoever from any valuation
or appraisement laws, and payment thereof may be enforced and recovered in whole or in part at any time by one or more of the
remedies provided to the Holder at law, in equity, or under this Debenture or any of the other Transaction Documents. In connection
with the Holder’s rights hereunder upon an Event of Default, the Holder need not provide, and the Company hereby waives,
any presentment, demand, protest or other notice of any kind, and the Holder may immediately enforce any and all of its rights
and remedies hereunder and all other remedies available to it in equity or under applicable law.

 

ARTICLE
IV

 

Section
4.01 Usury/High-Interest Savings Clause. Notwithstanding any provision in this Debenture or the other Transaction Documents,
the total liability for payments of interest and payments in the nature of interest, including, without limitation, all charges,
fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury
laws of the jurisdiction governing this Debenture or any other applicable law. EACH OF THE CREDIT PARTIES UNDERSTANDS AND ACKNOWLEDGES
THAT IT HAS HAD AN OPPORTUNITY TO REVIEW AND DISCUSS THE OPERATION OF THIS DEBENTURE, ANY FEES, INTEREST, OR OTHER CHARGES OCCASIONED
IN THE TRANSACTION DOCUMENTS WITH A COMPETENT ATTORNEY OF THEIR CHOOSING, AND DOES IN FACT UNDERSTAND THEIR OPERATION AND THUS
AGREES THAT IT IS NOT THE HOLDER’S INTENT TO CHARGE ANY AMOUNT, FEE, OR INTEREST HIGHER THAN THAT PERMITTED UNDER APPLICABLE
LAW, AND THAT IN FACT, THE OBLIGATIONS AND EFFECT OF THE TRANSACTION DOCUMENTS DO NOT CALL FOR THE PAYMENT OF ANY AMOUNT, FEE,
INTEREST OR CHARGE GREATER THAN THAT PERMITTED BY APPLICABLE LAW. In the event the total liability of payments of interest
and payments in the nature of interest, including, without limitation, all charges, fees, exactions or other sums which may at
any time be deemed to be interest, shall, for any reason whatsoever, result in an effective rate of interest, which for any month
or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction governing this Debenture or any
other applicable laws, all sums in excess of those lawfully collectible as interest for the period in question shall, without
further agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal balance
of this Debenture immediately upon receipt of such sums by the Holder, with the same force and effect as though the Borrower had
specifically designated such excess sums to be so applied to the reduction of such outstanding principal balance and the Holder
had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder may, at any time and
from time to time, elect, by notice in writing to the Borrower, to waive, reduce, or limit the collection of any sums in excess
of those lawfully collectible as interest rather than accept such sums as a prepayment of the outstanding principal balance. It
is the intention of the parties that the Borrower does not intend or expect to pay nor does the Holder intend or expect to charge
or collect any interest under this Debenture greater than the highest legal, non-usurious rate of interest which may be charged
under applicable law.

 

    	 	4	 

     

    

 

ARTICLE
V

 

Section
5.01 No Exemption. To the extent possible pursuant to applicable rules, regulations and laws, the Company hereby waives
and releases all benefit that might accrue to the Company by virtue of any present or future laws exempting any property that
may serve as security for this Debenture, or any other property, real or personal, or any part of the proceeds arising from any
sale of any such property, from attachment, levy, or sale under execution, exemption from civil process, or extension of time
for payment; and the Company agrees that, to the extent possible pursuant to applicable rules, regulations and laws, any property
that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued thereon, may be sold
upon any such writ in whole or in part in any order or manner desired by Holder.

 

Section
5.02 Exercise of Remedies. The remedies of the Holder as provided herein and in any of the other Transaction Documents
shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the Holder,
and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in
no event be construed as a waiver or release thereof.

 

Section
5.03 WAIVER OF CLAIMS AND DEFENSES. THE CREDIT PARTIES WAIVE EVERY PRESENT AND FUTURE DEFENSE, CAUSE OF ACTION, COUNTERCLAIM
OR SETOFF WHICH THE CREDIT PARTIES MAY NOW HAVE AS OF THE DATE HEREOF, OR AS THEY MAY IN THE FUTURE COME TO HAVE, TO ANY ACTION
BY HOLDER IN ENFORCING THIS DEBENTURE OR ANY OTHER TRANSACTION DOCUMENTS — OTHER THAN FOR SET OFF TO ESTABLISH THE AMOUNTS
DUE AND PAID IN RESPECT OF THE DEBENTURES. THE CREDIT PARTIES UNDERSTAND AND AGREE THAT THEY ARE WAIVING DEFENSES AND CLAIMS WHICH
MAY NOT YET HAVE ACCRUED OR OF WHICH THEY MAY NOT YET BE AWARE AS MATERIAL INDUCEMENT FOR HOLDER PURCHASING THIS DEBENTURE, ENTERING
THE OTHER TRANSACTION DOCUMENTS AND GRANTING ANY FINANCIAL ACCOMMODATION TO THE CREDIT PARTIES. THIS PROVISION IS INTENDED TO
BE CONSTRUED AS BROADLY AS PERMISSIBLE UNDER APPLICABLE LAW. FURTHER, EACH OF THE CREDIT PARTIES UNDERSTANDS AND ACKNOWLEDGES
THAT THE AGENTS AND REPRESENTATIVES OF THE HOLDER DO NOT HAVE AUTHORITY TO MAKE ANY STATEMENTS, PROMISES OR REPRESENTATIONS IN
CONFLICT WITH OR IN ADDITION TO THE INFORMATION CONTAINED IN THIS DEBENTURE OR ANY OTHER TRANSACTION DOCUMENT, AND BY ITS ACCEPTANCE
HEREOF HOLDER HEREBY SPECIFICALLY DISCLAIMS ANY RESPONSIBILITY FOR ANY SUCH STATEMENTS, PROMISES OR REPRESENTATIONS. BY EXECUTION
OF THIS DEBENTURE, EACH CREDIT PARTY ACKNOWLEDGES THAT HE/SHE/IT HAS NOT RELIED UPON SUCH STATEMENTS, PROMISES OR REPRESENTATIONS,
IF ANY, AND WAIVES ANY RIGHTS, DEFENSES, OR CLAIMS ARISING FROM ANY SUCH STATEMENTS, PROMISES OR REPRESENTATIONS.

 

    	 	5	 

     

    

 

Section
5.04 No Waiver. Holder shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies
hereunder unless such waiver is in writing and signed by Holder, and then only to the extent specifically set forth in the writing.
A waiver on one event shall not be construed as continuing or as a bar to or waiver of any right or remedy to a subsequent event.

 

ARTICLE
VI

 

Section
6.01 Notice. Any notices, consents, waivers, or other communications required or permitted to be given under the terms
of this Debenture shall be made in accordance with the terms of the Purchase Agreement.

 

Section
6.02 MANDATORY FORUM SELECTION. TO INDUCE HOLDER TO PURCHASE THIS DEBENTURE, EACH OF THE CREDIT PARTIES IRREVOCABLY
AGREES THAT ANY DISPUTE ARISING UNDER, RELATING TO, OR IN CONNECTION WITH, DIRECTLY OR INDIRECTLY, THIS DEBENTURE OR RELATED TO
ANY MATTER WHICH IS THE SUBJECT OF OR INCIDENTAL TO THIS DEBENTURE ANY OTHER TRANSACTION DOCUMENT, OR THE COLLATERAL (WHETHER
OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT) SHALL, EXCEPT AS HEREINAFTER PROVIDED, BE SUBJECT TO THE EXCLUSIVE
JURISDICTION AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN BROWARD COUNTY, FLORIDA; PROVIDED, HOWEVER, HOLDER MAY, AT
HOLDER’S SOLE OPTION, ELECT TO BRING ANY ACTION IN ANY OTHER JURISDICTION. THIS PROVISION IS INTENDED TO BE A “MANDATORY”
FORUM SELECTION CLAUSE AND GOVERNED BY AND INTERPRETED CONSISTENT WITH FLORIDA LAW. EACH OF THE CREDIT PARTIES HEREBY CONSENTS
TO THE EXCLUSIVE JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT HAVING IT SITUS IN SUCH COUNTY (OR TO ANY JURISDICTION OR
VENUE, IF HOLDER SO ELECTS), AND EACH OF THE CREDIT PARTIES HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

 

    	 	6	 

     

    

 

Section
6.03 WAIVER OF PERSONAL SERVICE. EACH CREDIT PARTY HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENTS
THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY FEDERAL EXPRESS, DIRECTED TO THE
BORROWER, AS SET FORTH AND ACCORDING TO THE TERMS IN THE NOTICE PROVISIONS HEREIN. EACH OF THE CREDIT PARTIES AGREES THAT NO ACKNOWLEDGMENT
OF ACTUAL RECEIPT OF PROCESS IS REQUIRED AND SERVICE WILL BE DEEMED EFFECTIVE PURSUANT TO TERMS OF NOTICE PROVISIONS CONTAINED
HEREIN. SERVICE MAY ALSO BE MADE IN ANY MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE.

 

Section
6.04 Governing Law. Except in the case of the Mandatory Forum Selection Clause in Section 6.02 above, which clause shall
be governed and interpreted in accordance with Florida law, this Debenture and the Transaction Documents shall be delivered and
accepted in, and shall be deemed to be contracts made under and governed by, the internal laws of the State of Wyoming, and for
all purposes shall be construed in accordance with the laws of the State of Wyoming, without giving effect to the choice of law
provisions of such State. The governing law provisions of this Section 6.04 are a material inducement for Holder to purchase this
Debenture, and the Borrower hereby agrees, acknowledges and understands that the Holder would not have purchased this Debenture,
without the full agreement and consent of the Credit Parties, with full knowledge and understanding, that except in the case of
the Mandatory Forum Selection Clause in Section 6.02 above, which clause shall be governed and interpreted in accordance with
Florida law, this Debenture, and each of the Transaction Documents, shall be governed by the internal laws of the State of Wyoming,
and for all purposes shall be construed in accordance with the laws of the State of Wyoming, without giving effect to the choice
of law provisions. In this regard, each of the Credit Parties hereby acknowledges that it has reviewed this Debenture and all
Transaction Documents, and specifically, this Section 6.04, with competent counsel selected by the Credit Parties, and in that
regard, each of the Credit Parties fully understands the choice of law provisions set forth in this Section. In addition, each
of the Credit Parties agree, and acknowledge that it has had an opportunity to negotiate the terms and provisions of this Debenture
and the other Transaction Documents with and through its counsel, and that the Credit Parties have sufficient leverage and economic
bargaining power, and have used such leverage and economic bargaining power, to fairly and fully negotiate this Debenture and
the other Transaction Documents in a manner that is acceptable to the Credit Parties. Moreover, because of the material nature
of this choice of law provision in inducing Holder to purchase this Debenture, each of the Credit Parties hereby fully and absolutely
waives any and all rights to make any claims, counterclaims, defenses, to raise or make any arguments (including any claims, counterclaims,
defenses, or arguments based on grounds of public policy, unconscionability, or implied covenants of fair dealing and good faith),
or to otherwise undertake any litigation strategy or maneuver of any nature or kind that would result in, or which otherwise seeks
to, invalidate this choice of law provision, or that would otherwise result in or require the application of the laws of any other
State other than the State of Wyoming in the interpretation or governance of this Debenture or any other Transaction Documents
(except for the Mandatory Forum Selection clause in Section 6.2 hereof). Each of the Credit Parties has carefully considered this
Section 6.04 and has carefully reviewed its application and effect with competent counsel, and in that regard, fully understands
and agrees that Holder would not have purchased this Debenture without the express agreement and acknowledgement of each of the
Credit Parties to this choice of law provision, and the express waivers set forth herein.

 

    	 	7	 

     

    

 

Section
6.05 Severability. In the event any one or more of the provisions of this Debenture shall for any reason be held to be
invalid, illegal, or unenforceable, in whole or in part, in any respect, or in the event that any one or more of the provisions
of this Debenture operates or would prospectively operate to invalidate this Debenture, then and in any of those events, only
such provision or provisions shall be deemed null and void and shall not affect any other provision of this Debenture. The remaining
provisions of this Debenture shall remain operative and in full force and effect and shall in no way be affected, prejudiced,
or disturbed thereby.

 

Section
6.06 Entire Agreement. This Debenture and the other Transaction Documents: (i) are valid, binding and enforceable against
the Credit Parties and Holder in accordance with their provisions and no conditions exist as to their legal effectiveness; (ii)
constitute the entire agreement between the parties; and (iii) are the final expression of the intentions of the Credit Parties
and Holder. No promises, either expressed or implied, exist between the Credit Parties and Holder, unless contained herein or
in the Transaction Documents. This Debenture and the Transaction Documents supersede all negotiations, representations, warranties,
commitments, offers, contracts (of any kind or nature, whether oral or written) prior to or contemporaneous with the execution
hereof. EACH CREDIT PARTY ACKNOWLEDGES THAT HE/SHE/IT HAS NOT RELIED UPON ANY STATEMENTS, PROMISES OR REPRESENTATIONS, IF ANY,
THAT ARE NOT CONTAINED WITHIN THIS DEBENTURE OR IN ANY OTHER THE TRANSACTION DOCUMENT AND WAIVES ANY RIGHTS, DEFENSES, OR CLAIMS
ARISING FROM ANY SUCH STATEMENTS, PROMISES OR REPRESENTATIONS.

 

Section
6.07 Amendments; Waivers. No promises of future action, amendment, modification, forbearance, termination, discharge or
waiver of any provision of this Debenture or of the Transaction Documents, nor any consent to any departure from the terms of
this Debenture or any other Transaction Document, by the Credit Parties therefrom, shall in any event be effective unless the
same shall be in writing and signed by Holder, and then such waiver or consent shall be effective only for the specific purpose
for which given. This Debenture does not permit implied amendments based upon course of dealing or silence or oral representations
of any sort.

 

Section
6.08 Binding Effect. This Debenture shall be binding upon the Credit Parties and the successors and assigns of any Credit
Party and shall inure to the benefit of the Holder and the successors and assigns of the Holder.

 

Section
6.09 Assignment. The Holder may from time to time sell or assign, in whole or in part, or grant participations in, this
Debenture and/or the obligations evidenced hereby without the consent of the Credit Parties. The holder of any such sale, assignment
or participation, if the applicable agreement between Holder and such holder o provides, shall be: (i) entitled to all of the
rights obligations and benefits of Holder (to the extent of such holder’s interest or pa1ticipation); and (ii) deemed to
hold and may exercise the rights of setoff or banker’s lien with respect to any and all obligations of such holder to any
Credit Parties (to the extent of such holder s interest or participation), in each case as fully as though the Credit Parties
was directly indebted to such holder. Holder shall give written notice to a Credit Party of such sale, assignment or participation.

 

    	 	8	 

     

    

 

Section
6.10 Lost or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed the Credit Parties shall
execute and deliver, in exchange and substitution for and upon cancellation of a mutilated Debenture or in lieu of or in substitution
for a lost, stolen or destroyed Debenture a new Debenture for the principal amount of this Debenture so mutilated, lost stolen
or destroyed, but only upon receipt of evidence of such loss, theft or destruction of such Debenture, and of the ownership hereof,
reasonably satisfactory to the Company.

 

Section
6.11 WAIVER OF JURY TRIAL. EACH CREDIT PARTY HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES ALL RIGHT
TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED ON THIS DEBENTURE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS
DEBENTURE OR ANY OTHER TRANSACTION DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF OR BETWEEN ANY PARTY HERETO, AND EACH CREDIT PARTY AGREES AND CONSENTS TO THE GRANTING TO HOLDER OF RELIEF FROM
ANY STAY ORDER WHICH MIGHT BE ENTERED BY ANY COURT AGAINST HOLDER AND TO ASSIST HOLDER IN OBTAINING SUCH RELIEF. THIS PROVISION
IS A MATERIAL INDUCEMENT FOR HOLDER ACCEPTING THIS DEBENTURE FROM THE COMPANY. THE CREDIT PARTIES’ REASONABLE RELIANCE UPON
SUCH INDUCEMENT I HEREBY ACKNOWLEDGED.

 

    	 	9	 

     

    

 

Section
6.12 WAIVER AND RELEASE. IN CONSIDERATION OF THE MUTUAL PROMISES AND COVENANTS MADE HEREIN, AND OTHER GOOD AND VALUABLE
CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, AND INTENDING TO BE LEGALLY BOUND HEREBY, EACH CREDIT
PARTY HEREBY AGREES TO FULLY, FINALLY AND FOREVER RELEASE AND FOREVER DISCHARGE AND COVENANT NOT TO SUE THE HOLDER INDEMNITEES,
AND EACH ONE OF THEM, FROM ANY AND ALL DEBTS, FEES, ATTORNEYS’ FEES, LIENS, COSTS, EXPENSES, DAMAGES, SUMS OF MONEY, ACCOUNTS,
BONDS, BILLS, COVENANTS, PROMISES, JUDGMENTS, CHARGES, DEMANDS, CLAIMS, CAUSES OF ACTION, PROCEEDINGS, SUITS, LIABILITIES, EXPENSES,
OBLIGATIONS OR CONTRACTS OF ANY KIND WHATSOEVER, WHETHER IN LAW OR IN EQUITY, WHETHER ASSERTED OR UNASSERTED, WHETHER KNOWN OR
UNKNOWN, FIXED OR CONTINGENT, UNDER STATUTE OR OTHERWISE, FROM THE BEGINNING OF TIME THROUGH THE EFFECTIVE DATE AND FROM THE EFFECTIVE
DATE THROUGH THE FUTURE, INCLUDING ANY AND ALL CLAIMS RELATING TO OR ARISING OUT OF ANY FINANCING TRANSACTIONS, CREDIT FACILITIES,
NOTES, DEBENTURES, SECURITY AGREEMENTS, AND OTHER AGREEMENTS, INCLUDING EACH OF THE TRANSACTION DOCUMENTS, ENTERED INTO BY THE
CREDIT PARTIES WITH HOLDER. WITHOUT IN ANY MANNER LIMITING THE GENERALITY OF THE FOREGOING RELEASE, EACH OF THE CREDIT PARTIES
HEREBY AGREES AND ACKNOWLEDGES THAT THEY ARE RELEASING ANY CLAIMS THEY HAVE NOW WHICH HAVE ACCRUED OR WHICH MAY ACCRUE IN THE
FUTURE, SPECIFICALLY INCLUDING BUT NOT LIMITED TO: (A) ANY AND ALL CLAIMS REGARDING OR RELATING TO THE ENFORCEABILITY OF THE TRANSACTION
DOCUMENTS AS AGAINST ANY OF THE CREDIT PARTIES; (B) ANY AND ALL CLAIMS REGARDING, RELATING TO, OR OTHERWISE CHALLENGING THE GOVERNING
LAW PROVISIONS OF THE TRANSACTION DOCUMENTS ; (C) ANY AND ALL CLAIMS REGARDING OR RELATING TO THE AMOUNT OF PRINCIPAL, INTEREST,
FEES OR OTHER OBLIGATIONS DUE FROM ANY OF THE CREDIT PARTIES TO THE HOLDER UNDER ANY OF THE TRANSACTION DOCUMENTS ; (D) ANY AND
ALL CLAIMS REGARDING OR RELATING TO THE HOLDER’S CONDUCT OR HOLDER’S FAILURE TO PERFORM ANY OF HOLDER’S COVENANTS
OR OBLIGATIONS UNDER ANY OF THE TRANSACTION DOCUMENTS; (E) ANY AND ALL CLAIMS REGARDING OR RELATING TO ANY DELIVERY OR FAILURE
TO DELIVER ANY NOTICES BY THE HOLDER TO THE CREDIT PARTIES; (F) ANY AND ALL CLAIMS REGARDING OR RELATING TO ANY FAILURE BY THE
HOLDER TO FUND ANY ADVANCES OR OTHER AMOUNTS UNDER ANY OF THE TRANSACTION DOCUMENTS; (G) ANY AND ALL CLAIMS REGARDING OR RELATING
TO ANY ADVISORY OR INVESTMENT BANKING SERVICES (OR THE LACK THEREOF) PROVIDED BY THE HOLDER TO ANY OF THE CREDIT PARTIES FOR WHICH
ANY ADVISORY OR INVESTMENT BANKING FEES MAY BE DUE AND OWING AND INCLUDED WITHIN THE OBLIGATIONS; AND (H) ANY AND ALL CLAIMS BASED
ON GROUNDS OF PUBLIC POLICY, UNCONSCIONABILITY, OR IMPLIED COVENANTS OF FAIR DEALING AND GOOD FAITH – OTHER THAN THOSE DEEMED
NON-WAIVABLE BY LAW OR APPLICABLE PUBLIC POLICY. THE CREDIT PARTIES FURTHER EXPRESSLY AGREE THAT THE FOREGOING RELEASE AND WAIVER
IS INTENDED TO BE AS BROAD AND INCLUSIVE AS PERMITTED BY THE LAWS GOVERNING THE TRANSACTION DOCUMENTS, AND THESE RELEASED CLAIMS
INCLUDE CLAIMS THAT THE CREDIT PARTIES DO NOT KNOW OR SUSPECT TO EXIST, WHETHER THROUGH IGNORANCE, OVERSIGHT, ERROR, NEGLIGENCE,
OR OTHERWISE, AND WHICH, IF KNOWN, WOULD MATERIALLY AFFECT THEIR DECISION TO EXECUTE THIS DEBENTURE OR ANY OTHER TRANSACTION DOCUMENT.
THE CREDIT PARTIES UNDERSTAND THAT THEY COULD HAVE CLAIMS ACCRUE IN THE FUTURE IN CONNECTION HEREWITH, BUT VOLUNTARILY ELECT TO
RELEASE THOSE CLAIMS NOW AS AN INDUCEMENT TO THE FINANCIAL ACOMMODATIONS PROVIDED HERE BY THE HOLDER. THE FOREGOING WAIVERS AND
RELEASES BY THE CREDIT PARTIES ARE A MATERIAL INDUCEMENT FOR THE HOLDER TO PURCHASE THIS DEBENTURE, AND THE HOLDER’S AGREEMENT
TO PURCHASE THIS DEBENTURE IS SEPARATE AND MATERIAL CONSIDERATION TO THE CREDIT PARTIES FOR THE WAIVERS AND RELEASES CONTAINED
HEREIN, THE RECEIPT AND SUFFICIENCY OF SUCH CONSIDERATION IS HEREBY ACKNOWLEDGED BY THE CREDIT PARTIES. IN ADDITION, EACH OF THE
CREDIT PARTIES AGREES AND ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO NEGOTIATE THIS SPECIFIC WAIVER AND RELEASE PROVISION
OF THIS DEBENTURE, WITH AND THROUGH THEIR OWN COMPETENT COUNSEL. THE FOREGOING WAIVERS AND RELEASES SHALL SURVIVE THE TERMINATION
OF THIS DEBENTURE OR ANY OF THE OTHER TRANSACTION DOCUMENTS, AND REPAYMENT OF THE OBLIGATIONS.

 

Section
6.13 NON-US STATUS. THE HOLDER IS A NON-US PERSON AS THAT TERM IS DEFINED IN THE UNITED STATES INTERNAL REVENUE CODE. IT
IS HEREBY AGREED AND UNDERSTOOD THAT THE OBLIGATIONS HEREUNDER MAY BE SOLD ONLY TO NON-U.S. PERSON. THE INTEREST PAYABLE HEREUNDER
IS PAYABLE ONLY OUTSIDE THE UNITED STATES. ANY U.S. PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE
UNITED STATES INCOME TAX LAW. BY ACCEPTING THIS OBLIGATION, THE HOLDER REPRESENTS AND WARRANT THAT IT IS NOT A UNITED STATES PERSON
(OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SEC 6049(8)(4) OF THE INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER) AND THAT
IT IS NOT ACTING FOR OR ON BEHALF OF A UNITED STATE PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SEC. 6049(B)(4) OF THE
INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER).

 

[signature
page follows]

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF with the intent to be legally bound hereby, the Company has executed this Senior Secured Redeemable Debenture
as of the date first written above.

 

	PACIFIC
    VENTURES GROUP, INC.	 
	 	 	 
	By:	 	 
	Name:
    	Shannon
    Masjedi	 
	Title:
    	Chief
    Executive Officer	 

 

	STATE
    OF ________________ 	)	
		) SS.	
	COUNTY
    OF ______________	)	

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, the
Chief Executive Officer of Pacific Ventures Group, Inc., a California corporation, who is personally known to me to be the same
person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he/she
signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation,
for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	 
	 	Notary
    Public
	 	 
	 	My
    Commission Expires:
	 	 
	 	 

 

    	 	11	 

     

    

 

CONSENT
AND AGREEMENT

 

The
undersigned is a Guarantor, as that term is defined in that certain securities purchase agreement by and between the Company and
the Holder and, as such, the undersigned hereby consents and agrees to the payment of the amounts contemplated in the senior secured
redeemable debenture, documents contemplated thereby and to the provisions contained therein relating to conditions to be fulfilled
and obligations to be performed by the Company pursuant to or in connection with said senior secured redeemable debenture to the
same extent as if the undersigned were a party to said senior secured redeemable debenture.

 

	GUARANTOR:	 
	 	 
	SEAPORT
    GROUP INDUSTRITES, LLC	 
	 	 	 
	By:	 	 
	Name:
    	Shannon
    Masjedi	 
	Title:
    	Manager	 

 

	STATE
    OF ________________ 	)	
		) SS.	
	COUNTY
    OF ______________	)	

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, a Manager
of Seaport Group Industries, LLC, a California limited liability company, who is personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he/she signed
and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said limited liability
company, for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	 
	 	Notary
    Public
	 	 
	 	My
    Commission Expires:
	 	 
	 	 

 

    	 	12	 

     

    

 

CONSENT
AND AGREEMENT

 

The
undersigned is a Guarantor, as that term is defined in that certain securities purchase agreement by and between the Company and
the Holder and, as such, the undersigned hereby consents and agrees to the payment of the amounts contemplated in the senior secured
redeemable debenture, documents contemplated thereby and to the provisions contained therein relating to conditions to be fulfilled
and obligations to be performed by the Company pursuant to or in connection with said senior secured redeemable debenture to the
same extent as if the undersigned were a party to said senior secured redeemable debenture.

 

	GUARANTOR:	 
	 	 
	TCA
    ROYALTY FOODS I, LLC	 
	 	 	 
	By:	 	 
	Name:
    	Shannon
    Masjedi	 
	Title:
    	Manager	 

 

	STATE
    OF ________________ 	)	
		) SS.	
	COUNTY
    OF ______________	)	

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, a Manager
of TCA Royalty Foods I, LLC, a Florida limited liability company, who is personally known to me to be the same person whose name
is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he/she signed and delivered
the said instrument as his/her own free and voluntary act and as the free and voluntary act of said limited liability company,
for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	 
	 	Notary
    Public
	 	 
	 	My
    Commission Expires:
	 	 
	 	 

 

    	 	13	 

     

    

 

CONSENT
AND AGREEMENT

 

The
undersigned is a Guarantor, as that term is defined in that certain securities purchase agreement by and between the Company and
the Holder and, as such, the undersigned hereby consents and agrees to the payment of the amounts contemplated in the senior secured
redeemable debenture, documents contemplated thereby and to the provisions contained therein relating to conditions to be fulfilled
and obligations to be performed by the Company pursuant to or in connection with said senior secured redeemable debenture to the
same extent as if the undersigned were a party to said senior secured redeemable debenture.

 

	GUARANTOR:	 
	 	 
	SNOBAR
    HOLDINGS, INC.	 
	 	 	 
	By:	 	 
	Name:
    	Shannon
    Masjedi	 
	Title:
    	Chief
    Executive Officer	 

 

	STATE
    OF ________________ 	)	
		) SS.	
	COUNTY
    OF ______________	)	

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, the
Chief Executive Officer of Snobar Holdings, Inc., a Delaware corporation, who is personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he/she signed
and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation,
for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	 
	 	Notary
    Public
	 	 
	 	My
    Commission Expires:
	 	 
	 	 

 

    	 	14	 

     

    

 

CONSENT
AND AGREEMENT

 

The
undersigned is a Guarantor, as that term is defined in that certain securities purchase agreement by and between the Company and
the Holder and, as such, the undersigned hereby consents and agrees to the payment of the amounts contemplated in the senior secured
redeemable debenture, documents contemplated thereby and to the provisions contained therein relating to conditions to be fulfilled
and obligations to be performed by the Company pursuant to or in connection with said senior secured redeemable debenture to the
same extent as if the undersigned were a party to said senior secured redeemable debenture.

 

	GUARANTOR:	 
	 	 
	SNOBAR
    TRUST	 
	 	 	 
	By:	 	 
	Name:
    	Azizollah
    Masjedi	 
	Title:
    	Trustee\	 

 

	STATE
    OF ________________ 	)	
		) SS.	
	COUNTY
    OF ______________	)	

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Azizollah Masjedi, the
Trustee of Snobar Trust, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free
and voluntary act and as the free and voluntary act of said limited liability company, for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	 
	 	Notary
    Public
	 	 
	 	My
    Commission Expires:
	 	 
	 	 

 

    	 	15	 

     

    

 

CONSENT
AND AGREEMENT

 

The
undersigned is a Guarantor, as that term is defined in that certain securities purchase agreement by and between the Company and
the Holder and, as such, the undersigned hereby consents and agrees to the payment of the amounts contemplated in the senior secured
redeemable debenture, documents contemplated thereby and to the provisions contained therein relating to conditions to be fulfilled
and obligations to be performed by the Company pursuant to or in connection with said senior secured redeemable debenture to the
same extent as if the undersigned were a party to said senior secured redeemable debenture.

 

	GUARANTOR:	 
	 	 
	INTERNATIONAL
    PRODUCTION IMPEX CORP.	 
	 	 	 
	By:	 	 
	Name:
    	Shannon
    Masjedi	 
	Title:
    	Chief
    Executive Officer	 

 

	STATE
    OF ________________ 	)	
		) SS.	
	COUNTY
    OF ______________	)	

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, the
Chief Executive Officer of International Production Impex Corp.., a California corporation, who is personally known to me to be
the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that
he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said
corporation, for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	 
	 	Notary
    Public
	 	 
	 	My
    Commission Expires:
	 	 
	 	 

 

    	 	16	 

     

    

 

CONSENT
AND AGREEMENT

 

The
undersigned is a Guarantor, as that term is defined in that certain securities purchase agreement by and between the Company and
the Holder and, as such, the undersigned hereby consents and agrees to the payment of the amounts contemplated in the senior secured
redeemable debenture, documents contemplated thereby and to the provisions contained therein relating to conditions to be fulfilled
and obligations to be performed by the Company pursuant to or in connection with said senior secured redeemable debenture to the
same extent as if the undersigned were a party to said senior secured redeemable debenture.

 

	GUARANTOR:	 
	 	 
	MAS
    GLOBAL DISTRIBUTORS, INC.	 
	 	 	 
	By:	 	 
	Name:
    	Shannon
    Masjedi	 
	Title:
    	Chief
    Executive Officer	 

 

	STATE
    OF ________________ 	)	
		) SS.	
	COUNTY
    OF ______________	)	

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Shannon Masjedi, the
Chief Executive Officer of MAS Global Distributors, Inc., a California corporation, who is personally known to me to be the same
person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he/she
signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation,
for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	 
	 	Notary
    Public
	 	 
	 	My
    Commission Expires:
	 	 
	 	 

 

    	 	17

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