Document:

EX-10.15

 Exhibit 10.15 

 
 

 
 Personal & Confidential 

08/01/2017 
 Mr. Evgeny Makarov 

Town and Country way, Apt 301 
 Houston, TX 77024 

Dear Evgeny, 
 This letter documents the extension of your
employment with TMK IPSCO (“the Company”) pursuant to the letter dated July 30, 2013 from Vicki L. Avril and signed by you on August 31, 2013, a copy of which is attached as Exhibit A. The terms of the Letter agreement shall
remain in effect as amended by the following terms. 
 Extension: 

Upon the occurrence of the currently scheduled End Date of August 5, 2017, the End Date shall, subject to the mutual agreement of the parties at that
time, be extended for a period of one (1) year, through and including August 5, 2018 (the “Extension Period”). Thereafter, subsequent further extensions may be agreed to if both parties wish. During the Extension Period, your
Retention Agreement dated January 20, 2016, shall remain in effect in accordance with its terms. 
  

			
	Base Salary:	  	Your base salary during the Extension Period shall continue at its current rate in effective immediately prior to the Extension Period, subject to periodic review and adjustment by the company.
		
	Annual Bonus:	  	The current arrangements for Annual Bonus and Target Percentage of your annual base salary will remain in place.
		
	LTIP:	  	You will remain eligible for participation in the 2017 Long Term Incentive Plan (“LTIP”) during the Extension Period.
		
	Housing:	  	The housing allowance may be subject to review and adjustment by the Company as and when appropriate following discussions with you.

  

											
	/s/ Evgeny Makarov	  	08/01/2017	  		 	By:	  	 /s/ Peter Smith
	  	
	Evgeny Makarov	  	Date	  	 	 	 	  	 Peter Smith
 Vice President and CHRO, TMK
IPSCO
	  	 

					
	

	  	  
  

10120 Houston Oaks Drive, Houston, TX 77064
 T 281 949 1023 W tmk-ipsco.com F 281 970 9941
	  	

 Personal & Confidential 

September 8, 2016 
 Mr. Evgeny Makarov

 5250 Brownway Street, Apt 1107 
 Houston, TX 77056 

Dear Evgeny, 
 This letter documents the extension of your
employment with TMK IPSCO (the “Company”) pursuant to that certain letter dated July 30, 2013, from Vicki L. Avril and signed by you on August 31, 2013 (the “Letter Agreement”), a copy of which is attached hereto as
Exhibit A. The terms of the Letter Agreement shall remain in effect as amended by the following terms: 
 Extension: 

Upon the occurrence of the currently scheduled End Date of August 5, 2016, the End Date shall, subject to the mutual agreement of the parties at that
time, be extended for a period of one (1) year, through and including August 5, 2017 (the “Extension Period”). Thereafter, subsequent further extensions may be agreed to if both parties wish. During the Extension Period, your
Retention Agreement dated January 20, 2016, shall remain in effect in accordance with its terms. 
  

			
	Base Salary:	  	Your Base Salary during the Extension Period shall continue at its current rate in effect immediately prior to the Extension Period, subject to periodic review and adjustment by the Company.
		
	Annual Bonus:	  	The current arrangements for Annual Bonus and Target Percentage of forty percent (40%) of your annual base salary will remain in place.
		
	LTIP:	  	If the Company implements a Long Term Incentive Plan (“LTIP”) during the Extension Period, in lieu of your being a formal participant in the LTIP, you will instead be eligible to receive an annual cash payment, subject
to the achievement of performance measures similar to those utilized for the determination of LTIP awards, if any.
		
	Housing:	  	The housing allowance may be subject to review and adjustment by the Company as and when appropriate following discussions with you.

  

											
	/s/ Evgeny Makarov	  	 	  		 	By:	  	 /s/ Peter Smith
	  	
	Evgeny Makarov	  	Date	  	 	 	 	  	 Peter Smith
 Vice President and CHRO, TMK
IPSCO
	  	 

 EXHIBIT A 
  

					
	

	  	  
 10120 Houston Oaks Dr., Houston, TX 77034

T 281 949 1023 W tmk-ipsco.com F 281 445 4040
	  	

 Evgeniy Makarov 
 40 Pokrovka
St., Bld. 2a 
 Moscow, 105062, Russia 
 July 30, 2013

 Dear Evgeniy, 
 I am pleased to offer you the following
position with TMK IPSCO: 
  

			
	Position Title:	  	Vice President & Chief Financial Officer
		
	Start Date/End Date:	  	Start date to be confirmed; End Date is 3 years from Start Date
		
	Reporting To:	  	Vicki Avril, President and Chief Executive Officer, TMK IPSCO
		
	Location:	  	The position will be based at TMK IPSC0’S offices in Houston, TX.
		
	Base Salary:	  	$300,000 per annum, U.S. dollars, paid on the 15th and last day of each month at a per pay period rate of $ 12,500.
		
	Annual Incentive Plan:	  	You will be eligible to participate in our Officer Annual Incentive Plan. Your target bonus under this plan will be 40% of your annual base salary. Your bonus for 2013 will be prorated based on 2013 service with TMK
IPSCO.

					
	

	  	  
 10120 Houston Oaks Dr., Houston, TX 77064

T 281 949 1023 W tmk-ipsco.com F 281 445 4040
	  	

  

			
	Long Term Incentive Plan:	  	You will NOT be eligible to participate in the TMK IPSCO Long Term Incentive Plan. However in lieu of this you will receive the following bonus payments in U.S. dollars, minus applicable withholding; $100,000 in March 2014;
$125,000 in March 2015 and $150,000 in March 2016, provided that you are employed by TMK IPSCO on the payment date.
		
	Healthcare;	  	 The TMK IPSCO PPO healthcare plan provides coverage for healthcare, prescription drugs, dental services, and vision services.

 
 The 2013 monthly rate for the health care plan is $103 for employee only coverage, $196
for employee plus one coverage, and $260 for family coverage. Premium discounts are available with participation in the company’s wellness program. All contributions are made on a pre-tax basis. Your
coverage begins on your first day of work.

		
	Other Benefits:	  	 You will receive a monthly housing allowance of up to $3,000 U.S. dollars per month which will be used to reimburse you for reasonable
housing expenses.
  
 You will receive 1 business class round trip airline ticket from
Houston, TX to Moscow per year for vacation.
  
 You will be entitled to participate in
the TMK IPSCO educational reimbursement program.
  
 Life Insurance of 2-1/2 times annual salary plus AD&D coverage
  

Short and Long- term Disability benefits.

					
	

	  	  
 10120 Houston Oaks Dr., Houston, TX 77064

T 281 949 1023 W tmk-ipsco.com F 281 445 4040
	  	

  

			
		  	 Optional Life Insurance for Employee.
  

Optional Dependent Life Insurance.
  

Health and Dependent Care Flexible Spending Account.

		
	Vacation:	  	You will be eligible for 28 days of vacation per year consistent with company policy.
		
	Relocation;	  	 You will receive the TMK IPSCO Relocation Benefits available in according with the policy. This relocation offers the following
benefits:
  

•    Shipment of household goods subject to International limits

 
 •    Temporary living
costs and car rental for 30 days after start date
  

•    Home/Apartment finding assistance service through a third party service is provided

 

•    One-time payment of 1 month salary for
incidental expenses
  
 You will be eligible for the relocation benefits described above
as long as you begin the relocation process in your first year of employment with TMK IPSCO. Your relocation benefits will commence once you sign the Employee Relocation Agreement. Please contact Maggie Simpson, Benefits Specialist, at 630-453-3237 or msimpson@tmk-ipsco.com and she will send the Employee Relocation Agreement to you and connect you with a local
Relocation Specialist from Graebel — our relocation provider.
  
 At the End Date,
reasonable assistance will be provided for you to return household goods to Moscow subject to International limits and company policy/guidelines.

					
	

	  	  
 10120 Houston Oaks Dr., Houston, TX 77064

T 281 949 1023 W tmk-ipsco.com F 281 445 4040
	  	

  

			
	Tax Preparation:	  	You are eligible for company paid tax preparation services up to an annual maximum of $5,000 U.S. dollars.
		
	Termination:	  	 Either party may terminate this arrangement prior to the End Date by providing 30 days written notice. If you terminate the arrangement
prior to the End Date, or the Company terminates you for Cause, no severance will be due you. If TMK IPSCO terminates this arrangement without Cause and no other suitable position is found for you within the TMK Group, you will be paid the following
severance payments, in return for executing and not revoking a general waiver of release of all claims: (i) 2 months’ salary, (ii) the next bonus payment due you after your termination in lieu of the Long Term Incentive Plan (as
referenced above); and (iii) reasonable assistance for you to return household goods to Moscow, subject to International Limits and company policy/guidelines.
  

For purposes of this arrangement, “Cause” shall mean:
  

(i) your conviction of a felony or other crime involving theft, misappropriation of funds, fraud or moral turpitude; (ii) your engaging in conduct which
is demonstrably and materially injurious to TMK IPSCO, monetarily or otherwise, including but not limited to any material misrepresentation related to the performance of your duties, misappropriation, fraud (including with respect to TMK
IPSCO’s accounting and financial statements), embezzlement or conversion by you of TMK IPSCO’s or any of its subsidiaries’ property in connection with your duties or in the course of your employment with TMK IPSCO; (iii) your
gross negligence or gross misconduct in carrying out your duties, in either case, resulting in material harm to TMK IPSCO, (iv) your intentional violation of the company’s policies regarding sexual harassment, (v) your employment is
terminated for documented failure to meet performance standards in your position, (vi) any violation of company rules or policies that constitute grounds for termination, or (vii) any egregious conduct, such as gross insubordination, that
has a detrimental impact on the Company and its employees.

					
	

	  	  
 10120 Houston Oaks Dr., Houston, TX 77064

T 281 949 1023 W tmk-ipsco.com F 281 445 4040
	  	

 This arrangement will be interpreted, enforced and governed under the laws of the State of Texas. 

Evgeniy, the above summarizes the major features of the arrangements for your appointment as the Vice President & Chief Financial Officer position.
Of course, TMK IPSCO retains the right to amend the terms of the benefits plans and arrangements described above at any time. If the foregoing is acceptable, please sign below and return a copy of the signed letter to me along with the attached
Confidentially, Assignment and Non-Competition Agreement. 
 I am looking forward to having you as a key member of
our Senior Management Team. I am confident that your experience and leadership will move us along the path to excellence. 
 Best Regards, 

 

	
	/s/ Vicki L. Avril
	Vicki L. Avril

 President and Chief Executive Officer 
  

											
	 Acceptance
	  	 /s/ Evgeniy Makarov
	  		 	Date:	  	 31/08/2013
	  	
		  	 Evgeniy MakarovExhibit
10.1

 

 

Funding
Agreement – Xantis S.A. and Global Equity International Inc.

 

This
FUNDING AGREEMENT (“Agreement”), made as of January 11, 2018, by and between Xantis S.A. a company
incorporated under the laws of Luxembourg that is the legally appointed fund management company of Xantis Private Equity
a sub-fund of Xantis Investments Securitisation Fund, having its registered office located in 75 Parc d’Activités,
L-8308 Capellen, Grand Duchy of Luxembourg and Global Equity International Inc., a corporation organized under the laws
of the State of Nevada, United States of America, whose principal place of business is Office 3305, X3 Jumeirah Bay Tower, JLT,
Dubai, UAE.

 

RECITALS:

 

	 	A.	The
    Lender, Xantis Private Equity is a sub-fund of Xantis Investments Securitisation Fund.
	 	 	 
	 	B.	The
    Borrower, Global Equity International Inc., is a corporate consulting business that desires to obtain funding from the Lender,
    on the terms and conditions set forth below;
	 	 	 
	 	C.	The
    Borrower’s common shares are currently traded on the US NASDAQ OTC, trading symbol GEQU and International Securities
    Identification Number (ISIN) US37952E1091.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

Financing
Commitment.

 

	 	1.	Financing
    Commitment. The Lender agrees to provide to Borrower a minimum of £2,000,000 (GBP) in loans (equivalent to approximately
    US$2,678,000 at the date of this agreement), in one or more tranches commencing within the month of January 2018. Each loan
    (“Tranche”) shall be evidenced by a “Convertible Note” in the amount of such Tranche, bearing interest
    at the rate of 6% per annum, payable semi-annually. Each “Convertible Note” shall be due and payable on the 366th
    calendar day following receipt by the Borrower of each Tranche (“Maturity Date”). On each Maturity Date,
    the outstanding Convertible Notes shall be automatically converted into shares of Borrower’s common stock at a conversion
    price equal to the greater of US$0.02 or the average closing price of Borrower’s common stock on the Over-the-Counter
    Bulletin Board for the prior 60 trading days. Attached hereto as Exhibit “A” and incorporated herein by reference
    is a copy of the form of “Convertible Note” that will be issued hereunder. In the event of any discrepancy between
    this Agreement and the “Convertible Notes”, the terms and conditions of the Convertible Notes shall control.
	 	 	 
	 	2.	Use
    of Proceeds. Borrower shall use the proceeds of each Tranche for reduction of indebtedness, inorganic growth via acquisitions
    of various advisory firms with funds under management and general working capital purposes.
	 	 	 
	 	3.	Reservation
    of Shares. Upon receipt of each tranche of funding, Borrower shall issue irrevocable written instructions to its US
    Transfer Agency, Clear Trust LLC, to reserve, at a minimum, that number of shares of Borrower’s common stock which would
    equal the amount of each Tranche divided by U.S. $0.02, to be issued upon conversion of the Convertible Notes.

 

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Funding
Agreement – Xantis S.A. and Global Equity International Inc.

 

	 	4.	Amendment;
    Breach and Waiver. This Agreement may not be amended or modified in any manner, except by an instrument in writing
    duly executed by both parties hereto. The failure of either party hereto to enforce at any time any of the provisions of this
    Agreement shall in no way be construed to constitute a waiver of any such provision or any other provision, or of the right
    of such party thereafter to enforce each and every such provision or other provision in the event of a subsequent breach of
    this Agreement.
	 	 	 
	 	5.	Agreement
    Binding Upon Successors. This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto,
    their successors and assigns.
	 	 	 
	 	6.	Choice
    of Law and Forum. This Agreement shall be governed by and construed in accordance with the laws of England and Wales,
    exclusive of its choice-of-law principles. Each party hereby submits to the jurisdiction of the civil courts of England and
    Wales. In any action or proceeding arising out of or relating to this Agreement or any of the Convertible Notes issued pursuant
    hereto, each party hereto hereby irrevocably waives the defenses of improper venue or inconvenient forum for the maintenance
    of any such action or proceeding to the fullest extent permitted by law.
	 	 	 
	 	7.	Counterparts.
    This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but both of which together
    shall constitute one and the same instrument.
	 	 	 
	 	8.	Section
    Headings. The Section headings contained in this Agreement are for reference purposes only and shall not affect in
    anyway the meaning or interpretation of this Agreement.
	 	 	 
	 	9.	Public
    Disclosure. A copy of this agreement will be formally filed, with the US Securities and Exchange Commission (SEC),
    via a Form 8-k within three working days from the date of execution.
	 	 	 
	 	10.	Lock-in
    period on Preferred “B” Class of Shares. Management of Global Equity International Inc. have agreed to
    lock-in and not convert any of their personally owned Preferred “B” shares to Common Stock until an earliest date
    of September 27, 2020 (previously November 12, 2017). This new lock-in date, September 27, 2020, equates to the same lock-in
    period of the recently designated and issued Preferred “C” class of shares.
	 	 	 
	 	11.	Responsibilities
    and Liabilities. All parties agree that Xantis Private Equity, a sub-fund of Xantis Investments Securitisation Fund,
    is solely responsible for lending to the Borrower the agreed minimum of £2,000,000; and that under no circumstance will
    Xantis S.A. and/or its representatives, in their capacity of appointed fund managers, be responsible for under writing the
    minimum amount of funding agreed in this document.
	 	 	 
	 	12.	Entire
    Agreement. This Agreement and the Convertible Note attached hereto as Exhibit “A” constitute the entire
    agreement between the parties hereto with respect to the subject matter hereof, and there are no agreements, covenants, undertakings,
    restrictions, warranties, promises or representations between the parties with respect to the subject matter hereof other
    than those set forth herein.

 

(Signature
page to follow)

 

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Funding
Agreement – Xantis S.A. and Global Equity International Inc.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day first written above.

 

	Lender:
    	 
	 	 
	Xantis
    S.A.	 
	 	 
	/s/
    David Evans	 
	Mr.
    David Evans	 
	 	 
	/s/
    Eva Fridrich	 
	Miss
    Eva Fridrich	 
	 	 
	Borrower:	 
	 	 
	Global
    Equity International, Inc.	 
	 	 
	/s/
    Enzo Taddei	 
	Mr.
    Enzo Taddei - CFO & Director	 

 

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Funding
Agreement – Xantis S.A. and Global Equity International Inc.

 

Exhibit
“A”

 

Convertible
Note

 

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Exhibit
“A” to Funding Agreement

 

Principal
Amount: £___________________         / US$ __________________ 

 

Issue
Date: ________________, 2018

 

Purchase
Price: Par

 

CONVERTIBLE
NOTE

 

FOR
VALUE RECEIVED, GLOBAL EQUITY INTERNATIONAL, INC., a corporation organized under the laws of the State of Nevada, United
States of America (the “Borrower”), hereby promises to pay to the order of the XANTIS PRVATE EQUITY
sub-fund of Xantis Investments securitization Fund represented by XANTIS S.A. (the “Holder”) the sum
of £___________________ equivalent to $___________________ together with any interest as set forth herein, on _______________________,
___________ (“Maturity Date”), and to pay interest semi-annually on the unpaid principal balance hereof at the rate
of six percent (6%) (“Interest Rate”) per annum from the date hereof (“Issue Date”) until the same becomes
due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. This Note may not be prepaid in whole
or in part except as otherwise explicitly set forth herein. Interest shall commence accruing on the date that the Note is fully
funded and shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments due hereunder
shall be converted into common stock, $0.001 par value per share (“Common Stock”) in accordance with the terms hereof.
Payment of the first semi-annual payment date shall be made in lawful money of the United Kingdom unless the Holder requests that
such amount of interest be converted into Common Stock in accordance with the terms hereof. All payments shall be made at such
address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Note.
Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a business day, the same shall
instead be due on the next succeeding day which is a business day. As used in this Note, the term “business day” shall
mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of London, England are authorized or
required by law to remain closed.

 

The
following terms shall apply to this Note:

 

Article
I. CONVERSION RIGHTS

 

1.1
Conversion Right. The Borrower shall have the absolute right on the Maturity Date of this Note to pay the outstanding principal
amount hereof together with accrued interest by issuing to the Borrower shares of the Borrower’s Common Stock in lieu of
paying cash to the Borrower. The number of shares of Common Stock to be issued upon such conversion of this Note shall be determined
by dividing the “Conversion Amount” (as defined below) by the “Conversion Price” (as defined and determined
below). The term “Conversion Amount” means, the sum of (1) the principal amount of this Note plus (2) accrued
and unpaid interest on such principal amount at the interest rate provided in this Note on the Maturity Date.

 

1.2
Conversion Price.

 

(a)
Calculation of Conversion Price. The conversion price (“Conversion Price”) shall be equal to the greater of
U.S.$0.02 or the average closing price of Borrower’s Common Stock on the Over-the-Counter Bulletin Board for the prior 60
trading days (subject to equitable adjustments for stock splits and similar events). A “trading
day” shall mean any day on which the Common Stock is tradable for any period on the
stock exchange on which the Borrower’s Common Stock is traded or quoted. 

 

    	 	 	 

     

    

 

 

Exhibit
“A” to Funding Agreement

 

1.3
Authorized Shares. The Borrower covenants that during the period the Note is outstanding, the Borrower will reserve from
its authorized and unissued Common Stock a sufficient number of shares (“Reserved Amount”) to provide for the issuance
of Common Stock upon the full conversion of this Note. The Borrower represents that upon issuance, such shares will be duly and
validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or make any change to its
capital structure which would change the number of shares of Common Stock into which the Notes shall be convertible at the then
current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient
number of shares of Common Stock authorized and reserved for conversion of the outstanding principal amount and accrued interest
due under this Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates
for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute full
authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock in accordance with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of
the Note.

 

1.4
Method of Conversion.

 

(a)
Surrender of Note upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note
in accordance with the terms hereof, the Holder shall be required to physically surrender this Note to the Borrower for cancellation.
The Holder may not transfer this Note unless the Borrower consents thereto in writing and the Holder first physically surrenders
this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order of the Holder a new Note of
like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, representing in
the aggregate the remaining unpaid principal amount of this Note.

 

(b)
Delivery of Common Stock upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail
(or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in
this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder ́s
certificates for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”)
(and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with
the terms hereof and the Purchase Agreement.

 

    	 	2	 

     

    

 

 

Exhibit
“A” to Funding Agreement

 

1.5
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer
agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act
(or a successor rule) (“Rule 144”). Until such time as the shares of Common Stock issuable upon conversion of this
Note have been registered under the Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number
of securities as of a particular date that can then be immediately sold, each certificate for shares of Common Stock issuable
upon conversion of this Note that has not been so included in an effective registration statement or that has not been sold pursuant
to an effective registration statement or an exemption that permits removal of the legend, shall bear a legend substantially in
the following form, as appropriate:

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE 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.”

 

The
legend set forth above shall be removed and the Borrower shall issue to the Holder a new certificate therefor free of any transfer
legend if (i) the Borrower or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary
for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock may be made
without registration under the Act, which opinion shall be accepted by the Company so that the sale or transfer is effected or
(ii) in the case of the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder
under an effective registration statement filed under the Act or otherwise may be sold pursuant to Rule 144 without any restriction.

 

1.6
Effect of Certain Events.

 

(a)
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Notes, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other
similar event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number
of shares of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance
of all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the
Borrower, then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis
and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable
upon conversion, such stock or securities which the Holder would have been entitled to receive in such transaction had this Note
been converted in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein),
and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note
to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of
the number of shares issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in
relation to any stock or securities thereafter deliverable upon the conversion hereof.

 

    	 	3	 

     

    

 

 

Exhibit
“A” to Funding Agreement

 

(b)
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire
its assets) to holder of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any
dividend or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock
of a subsidiary (i.e., a spin-off) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion
of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such
assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had
such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to
such Distribution.

 

(c)
Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the
events described in this Section 1.6, the Borrower, at its expense, shall promptly compute such adjustment or readjustment and
prepare and furnish to the Holder a certificate setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Borrower shall, upon the written request at any time of the Holder, furnish
to such Holder a like certificate setting forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in
effect and (iii) the number of shares of Common Stock and the amount, if any, of other securities or property which at the time
would be received upon conversion of the Note.

 

Article
II. CERTAIN COVENANTS

 

2.1
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the
Holder ́s written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary
course of business. Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

Article
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) shall occur:

 

3.1
Failure to Pay Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity or otherwise.

 

3.2
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this
Note and such breach continues for a period of thirty (30) days after written notice thereof to the Borrower from the Holder.

 

3.3
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection herewith, shall be false or misleading in any material
respect when made and the breach of which has (or with the passage of time will have) a material adverse effect on the rights
of the Holder with respect to this Note.

 

    	 	4	 

     

    

 

 

Exhibit
“A” to Funding Agreement

 

3.4
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business,
or such a receiver or trustee shall otherwise be appointed.

 

3.5
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by the Borrower or any subsidiary
of the Borrower.

 

3.6
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC
Pink Current Information, Over-the-Counter Bulletin Board or an equivalent replacement exchange, the Nasdaq National Market, the
Nasdaq Small Cap Market, the New York Stock Exchange, or the American Stock Exchange.

 

3.7
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

Article
IV. MISCELLANEOUS

 

4.1
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 privileges. All rights and remedies existing hereunder
are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

4.2
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be:

 

    	 	5	 

     

    

 

 

Exhibit
“A” to Funding Agreement

 

If
to the Borrower, to:

 

Global
Equity International, Inc.

X3
Jumeirah Bay Tower,

Office
3305,

JLT,
Dubai,

UAE.

 

Attn:
Enzo Taddei, CFO

 

With
copy to:

 

David
E. Wise, Attorney

The
Colonnade,

9901
IH-10 West, Suite 800,

San
Antonio, Texas 78230.

 

Attn:
David E. Wise, Esq.

 

If
to the Holder:

 

Xantis S.A. Management
Company of Xantis Private Equity, Sub-fund of Xantis Investments Securitization Fund

75
Parc d’Activités,

L-8308
Capellen,

Grand
Duchy of Luxembourg

 

Attn:
Mr. David Evans / Miss Eva Fridrich / Miss Janice Allgrove

 

4.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and
the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

4.4
Assignability. This Note shall be binding upon the Borrower and its successors and/or its assignees, and shall inure to
be the benefit of the Holder and its successors and/or its assignees. Each transferee of this Note must be an “accredited
investor” (as defined in Rule 501(a) of the 1933 Act).

 

4.5
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

    	 	6	 

     

    

 

 

Exhibit
“A” to Funding Agreement

 

4.6
Governing Law. This Note shall be governed by and construed in accordance with the laws of England and Wales without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the courts of England and Wales. The parties to this Note hereby irrevocably waive any objection
to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or
venue or based upon “forum non conveniens”. The Borrower and Holder waive trial by jury. The prevailing party
shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision
of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform to such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives
personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement
or any other Transaction Document 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 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 law.

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer this ____ day of ________________,
________.

 

 

	 	GLOBAL
    EQUITY INTERNATIONAL, INC.
	 	 	 
	 	By:	 
	 	 	Mr.
    Enzo Taddei – CFO & Director

 

    	 	7

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