Document:

Exhibit 10.5

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”) dated December 24, 2020 is entered into by and between Splash Beverage Group, Inc,
a Colorado corporation (the “Company” or “Splash”), and James Martin a resident of the State of
Oregon (“Executive”).

 

PRELIMINARY STATEMENTS

 

The
Company desires for Executive to serve as Copa di Vino Founder and Chief Innovation Officer for the Company, and Executive desires
to serve in such capacity with the Company on the terms and conditions as hereinafter set forth.

 

NOW, THEREFORE, the parties
hereto agree as follows:

 

STATEMENT OF AGREEMENT

 

Section 1. EMPLOYMENT

 

Section 1.1 Term of Employment.
The Company shall employ Executive commencing on the closing date of the purchase of the assets of Copa di Vino Corporation (the
“Effective Date”) pursuant to that Asset Purchase Agreement dated December 24, 2020 (the “APA”), and will
be in effect for eighteen (18) months unless Executive’s employment is terminated earlier pursuant to Section 3. The period
during which Executive is employed by the Company is herein referred to as the “Term.” Upon the mutual
agreement of the parties the term of the Agreement will renew for an additional eighteen (18) months following the initial Term.

 

Section 1.2 Title and
Duties. During the Term, Executive shall be employed as Copa di Vino Founder and Chief Innovation Officer of the Company.
Executive shall further perform such reasonable Executive and managerial responsibilities and duties consistent with the title
and his [or her] position as may be assigned to Executive from time to time by his supervisor and senior staff. Executive
shall report to Bill Meissner. Executive shall diligently devote Executive’s business skill and effort to the Company. Executive
will devote at least 80% of his working time during normal business hours performing his duties and responsibilities. Executive
will perform his duties and responsibilities at such places as the needs of the business reasonably require – provided however,
Executive’s primary place of employment shall be based at the Sunshine Mill in The Dalles Oregon. Executive may devote up
to twenty (20) percent of his working time supporting the businesses as described in Schedule B, and any other businesses approved
by Splash in advance in writing, provided that Splash shall be deemed to have approved any other businesses that do not violate
the restrictive covenants set forth in Section 4.1 Executive shall be entitled annually to
vacation (subject to Section 1.3) and sick leave pursuant to policies adopted by the Company from time to time for executives
of the Company and may engage in civic and charitable activities to the extent that they do not interfere with his performance
of his duties hereunder.

 

Section 1.3 Vacation Executive
shall receive 5 weeks of paid vacation per year which shall accrue and be recorded in accordance with the Company’s
governing policies. The scheduling of Executive’s vacation must be approved in advance by the Company in consideration
of business needs and operating requirements. Executive shall only be permitted to take two weeks of
vacation at one time unless special permission is granted by the Company. Executive shall not receive pay in lieu of
vacation, except as required by law upon termination or separation from employment.

 

    1 – James Martin Executive Employment Agreement

     

    

 

Section 2. COMPENSATION

 

Section 2.1 Salary. The Company
shall pay Executive during the Term an annual base salary (the “Base Salary”) of $175,000.00 payable
in accordance with the Company’s regular payroll practices, with such payroll deductions and withholdings as required by
law. Executive will be eligible for a Base Salary increase each year, based on cost-of-living adjustments and the performance of
the Executive. The aforementioned Base Salary increases will be determined by the President and Senior Staff of the Company.

 

Section 2.2 Retention Bonus On the
first anniversary of the Effective Date, the Company shall award Executive a retention bonus of $15,000.00 if Executive has performed
the Duties of the position and remained in good standing with the Company during the previous 12 month period (the “First
Retention Period”). The Company shall award the Executive an additional retention bonus of $15,000.00 following completion
of 18 months of employment if Executive has performed the Duties of the position and remained in good standing with the Company
during the previous 18 month period (the “Second Retention Period”). However, the Executive shall not be entitled
to receive the applicable Retention Bonus in the event that i) Executive fails to remain employed by the Company for the applicable
Retention Period, or ii) Executive fails to perform his or her duties as assigned thereto in a manner reasonably satisfied with
the Company.

 

Section 2.3 Bonus Opportunity. For
each full year of the Term, Executive shall be eligible for a bonus at the sole discretion of the Company equal to $25,000.00.
Executive must be employed as of the final date of the evaluation period to be eligible for the performance bonus. For 2021 specifically
the Bonus Opportunity will be achieved by introducing the TapouT Performance Drink brand to all of Copa di Vino’s distributors,
and by making best efforts to advocate that they add the brand to their N.A. portfolio.

 

Section 2.4 Expenses. Executive
shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by Executive in the performance
of Executive’s duties for the Company during the Term, in accordance with the policies and procedures adopted by the Company
from time to time for the staff of Executive’s level. Executive shall furnish appropriate documentation of such expenses,
including documentation required by the Internal Revenue Services. Executive shall additionally be entitled to the allowances detailed
in Schedule A attached hereto.

 

Section 2.5 Benefits. During the
Term, Executive shall be entitled to participate in all qualified plans, holidays and other employee benefits which the Company,
in its sole discretion, may maintain from time to time for the benefit of its executives in general, or, if the Company should
discontinue or cause to be discontinued any such benefits, then similar benefits, if any, as may be provided by the Company to
its executives in general. Nothing herein requires the Company to establish or maintain any specific benefit plan.

 

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Section 3. TERMINATION OF EMPLOYMENT

 

Section 3.1 Termination. The Company
shall have the right to terminate Executive’ s employment hereunder upon twenty (21)-day prior written notice, and Executive
shall have the right to resign upon twenty (21)-day prior written notice, for any reason or for no reason, at any time. The notice
period does not commence until the notice is actually received by the other party. The notice period shall be deemed to be waived
in the event of termination of Executive with cause.

 

Section 3.2 Rights
of Executive Upon Termination. In the event that Executive’s employment is terminated for any reason or no reason, the
Company shall have no further obligation to Executive under this Agreement except for payment, subject to any right of set-off,
to Executive of (A) Executive’s accrued, but unpaid Base Salary through the date of termination, (B)
to the extent legally required to be paid, any accrued but unused vacation, and (C) any unreimbursed expenses, subject to Section
2.3.

 

In
addition, in the event that Executive is terminated by the Company without cause (as defined below), Executive shall be
entitled to severance (“ Severance”) of continued payment of Executive’s Base Salary in effect at
the time of termination of employment for the remaining unexpired portion of the 18-month Term of employment payable in
accordance with the Company’ s regular payroll practices. Notwithstanding the foregoing, receipt of Severance shall be
conditioned upon Executive executing a customary release within thirty (30) days of the receipt thereof by the
Company. Provided such customary release has been signed and not revoked, such severance payments shall begin on the next
regular payroll date after the 45th day after the Executive’s termination date in accordance with the Company’s
regular payroll practices and with such payroll deductions and withholdings as required by law.

 

“Cause”
(whether or not capitalized) includes, as determined by the Company, Executive’s: (i) being convicted of fraud or
other material acts of dishonesty with respect to the Company; (ii) commission of a felony or misdemeanor involving moral turpitude;
(iii) willful disobedience of or insubordination with respect to a lawful directive that causes material harm to the Company; (iv)
intentional neglect of the performance of duties which Executive fails to cure (if curable) within ten days of receipt of written
notice from the Company (so long as not recurring in nature for which Executive received prior notice in respect thereof); (v)
intentional withholding or nondisclosure of material information to the Company that causes material harm to the Company; (vi)
knowingly acting to the detriment of the Company for a party (other than any governmental authority or agency) whose interests
are adverse to the Company; (vii) disclosing Company information materially prejudicial to the Company other than in the course
of performing his duties with the Company; (viii) being convicted of a felony; (ix) possession or use by Executive of drugs or
prohibited substances or the excessive drinking of alcoholic beverages on a recurring basis which impairs Executive’s ability
to perform his duties under this Agreement; or (x) material violation of any written personal conduct or ethics code adopted by
the Company, which, if curable, Executive fails to cure within ten days of receipt of written notice from the Company.

 

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Section 3.3 Obligations
of Executive Following Termination. In the event that Executive ‘ s employment is terminated pursuant to Section 3.1,
Executive shall have no further obligations hereunder (other than under Sections 4) other than providing reasonable cooperation
to the Company respecting a transition of Executive’s duties without charge to the Company (but subject to reimbursement
by the Company of any reasonable out-of-pocket costs incurred by Executive in the course of such cooperation with the Company’s
prior approval for the reimbursement).

 

Section 4. COVENANTS.

 

Section 4.1 Restrictive Covenants.

 

(a) Non-Competition. Executive absolutely
and unconditionally covenants and agrees that during the Term and for a period of twelve (12) months thereafter (the “Restrictive
Period’’), Executive shall not directly as an employee, consultant, partner or owner (other than no more than
2% equity interest in a publicly traded company), engage or participate in a competing business. The term “competing
business” means (i) the manufacture, marketing, development, licensing, distribution and/or sale of any Single Serve
wine products excluding cans and bottles.

 

(b) Non-Solicitation. Executive
absolutely and unconditionally covenants and agrees that during the Term and Restrictive Period, Executive shall not, either directly
or indirectly, for any reason, whether for Executive’s own account or for the account of any other person, natural or legal,
without the prior written consent of the Company solicit, employ, hire, deal with or otherwise interfere with any contract or relationship
of the Company with any employee (other than Executive’s daughter, Natasha Skov), officer, director or any independent contractor
of the Company, while such person or entity is employed by or associated with the Company (including the Company’s subsidiaries)
or in the case of former employees within one year of the termination of such person’s employment with the Company during
the Restrictive Period (unless such person was terminated by the Company.

 

(c) Use and Treatment
of Confidential Information. Executive agrees not to disclose, divulge, publish, communicate, publicize, disseminate or otherwise
reveal, either directly or indirectly, any Confidential Information to any person, natural or legal, except in the performance
of Executive’s duties during Executive’s employment by the Company. The term “Confidential Information”
means all information in any form relating to the past, present or future business affairs, including without limitation,
research, development or business plans, operations or systems, of the Company or a person not a party to this Agreement whose
information the Company has in its possession under obligations of confidentiality , which is disclosed by the Company to Executive
or which is produced or developed while Executive is an owner of, employee or director of the Company. In addition, “Confidential
Information” shall include the terms set forth in Section 2, provided that Executive may share the information set
forth in Section 2 with his immediate family (so long as they do not work for any competitor of the Company) and legal and tax
advisors, and as otherwise required by law. The term “Confidential Information” shall not include any
information of the Company which (i) becomes publicly known through no wrongful act of Executive, (ii) is received from a person
not a party to this Agreement who is free to disclose it to Executive, or (iii) is lawfully required to be disclosed to any governmental
agency or is otherwise required to be disclosed by law, subpoena or court order but only to the extent of such requirement, provided
that before making such disclosure Executive shall give the Company an adequate opportunity
to interpose an objection or take action to assure confidential handling of such information.

 

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Section 4.2 Ownership and Return of
Confidential Information. All Confidential Information disclosed to or obtained by Executive in tangible form (including, without
limitation, information incorporated in computer software or held in electronic storage media) shall be and remain the property
of the Company. All IP created before the acquisition outside of PulpLoco and Copa IP is Executive’s sole property
and neither the Company nor CDVWG has any claim on it. All intellectual property (“IP”) created by Executive before
the date of this Agreement, other than that transferred to Copa di Vino Wine Group, Inc. (“Buyer”) pursuant to the
APA”, shall remain the property of Executive and the Buyer Parties (as such term is defined in the APA) shall have no claim
on or rights to such property. Executive shall retain all rights to any IP created during the term of employment to the extent
such IP is not related to the Copa di Vino or PulpoLoco product line. All IP created during the term of employment that relates
to the Copa di Vino or PulpoLoco product line shall be the property of the Company.

 

All
of the Company’s Confidential Information possessed by Executive shall be returned to the Company at the time Executive ceases
employment with the Company. Upon the return of Confidential Information, it shall not thereafter be retained in any form, in whole
or in part, by Executive.

 

(a) Remedies upon Breach. The parties
acknowledge that Confidential Information and the other protections afforded to the Company by this Agreement are valuable and
unique and that any breach of any of the covenants contained in this Section 4 may result in irreparable and substantial injury
to the Company for which it may not have an adequate remedy at law. In the event of a breach or threatened breach of any of the
covenants contained in this Section 4, the Company shall be entitled to obtain from any court having competent jurisdiction, with
respect to the Executive, temporary, preliminary and permanent injunctive relief prohibiting any such breach, as well reimbursement
for all reasonable costs, including attorneys’ fees, incurred in enjoining any such breach. Any such relief shall be in addition
to and not in lieu of any appropriate relief in the way of monetary damages and equitable accounting of all earnings, profits and
other benefits arising from such violation, which rights shall be cumulative and in addition to any other rights or remedies to
which the Company may be entitled. Executive does hereby waive any requirement for the Company to post a bond for any injunction.
If, however, a court nevertheless requires a bond to be posted, Executive agrees that such bond shall be in a nominal amount.

 

(b) Other Entities. For purposes
of Sections 4.l through Section 4.2, the “Company” shall be deemed to include the direct and indirect subsidiaries
of the Company.

 

Section 4.3 Non-Disparagement.
During the Term, and thereafter, Executive agrees not to defame or disparage or criticize the Company, its business plan,
procedures, products, services, development, finances, financial condition, capabilities or other aspect of its business, or any
of its stakeholders, and the Company agrees not to defame or disparage or criticize Executive, in any medium (whether oral, written,
electronic or otherwise, whether currently existing or hereafter created), to any person or entity, without limitation in time.
Notwithstanding the foregoing sentence, the Executive and the Company may confer in confidence with his or its respective advisors
and make truthful statements as required by law. This Section 4.3 shall survive any termination
of Executive’s employment and any termination of this Agreement.

 

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Section 4.4 Exceptions. Anything
in this Agreement to the contrary notwithstanding, Executive shall not be restricted from: (i) disclosing information that is required
to be disclosed by law, court orders or other valid and appropriate legal process; provided, however, that in the event such disclosure
is required by law, Executive shall provide the Company with prompt notice of such requirement so that the Company may seek an
appropriate protective order prior to any such required disclosure by Executive; or (ii) reporting possible violations of federal,
state, or local law or regulation to any governmental agency or entity, or from making other disclosures that are protected under
the whistleblower provisions of federal, state, or local law or regulation, and Executive shall not need the prior authorization
of the Company to make any such reports or disclosures and shall not be required to notify the Company that Executive has made
such reports or disclosures. Notwithstanding anything in the foregoing to the contrary, in accordance with the Defend Trade Secrets
Act of 2016, Executive will not be criminally or civilly liable for disclosing a trade secret if it was disclosed: (I) to any government
official or attorney in confidence directly or indirectly for the sole purpose of reporting or investigating a suspected violation
of law; (2) in a complaint or other document filed in a lawsuit or other proceeding if filed under seal; or (3) to an attorney
or used in a court proceeding in a retaliation lawsuit if any document containing a trade secret is filed under seal and is not
disclosed except pursuant to a court order.

 

Section 4.5 No Other Severance Benefits.
Except as specifically set forth in this Agreement, Executive covenants and agrees that Executive shall not be entitled to any
other form of severance benefits from the Company, including, without limitation, benefits otherwise payable under any of the Company’s
regular severance policies, in the event Executive’s employment hereunder ends for any reason and, except with respect to
obligations of the Company expressly provided for herein.

 

Section 5. GENERAL PROVISIONS

 

Section 5.1 Notice. Any notice required
or permitted hereunder shall be given in writing and shall be deemed effectively given upon the earliest of (i) personal delivery
, (ii) actual receipt or (iii) the third full day following deposit in the United States mail with postage prepaid, addressed to
the Company at its principal offices, to the attention of the President or Chief Executive Officer with a copy to the Secretary,
or, if to Executive, to such home or other address as Executive has most recently provided in writing to the Company.

 

Section 5.2 Assignment; Binding Effect.
Neither Executive nor the Company may assign this Agreement without the prior written consent of the other party, except that the
Company may assign this Agreement to any affiliate thereof, or to any subsequent purchaser of the Company of all or substantially
all of the assets of the Company, or by operation of law. This Agreement shall be binding upon the heirs, executors, and administrators
of Executive to the extent that personal service to the Company is not required.

 

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Section
5.3 Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE
WITH AND ENFORCED UNDER THE LAWS OF THE STATE OF FLORIDA. ALL SUITS, ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT, SHALL BE BROUGHT IN A STATE OR FEDERAL COURT LOCATED IN TAMPA, STATE OF FLORIDA, WHICH COURTS SHALL BE THE EXCLUSIVE
FORUM FOR ALL SUCH SUITS, ACTIONS OR PROCEEDINGS. EXECUTIVE AND THE COMPANY HEREBY WAIVE ANY OBJECTION WHICH EXECUTIVE OR IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN ANY SUCH COURT OR ANY SUCH SUIT, ACTION OR PROCEEDING. EXECUTIVE AND THE COMPANY
HEREBY IRREVOCABLY CONSENT AND SUBMIT THEMSELVES TO THE JURISDICTION OF THE COURTS OF THE STATE OF FLORIDA FOR THE PURPOSES OF
ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF THIS AGREEMENT. TO THE FULLEST EXTENT PERMITTED BY LAW, EXECUTIVE AND THE COMPANY
HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND AGREE
THAT ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

Section 5.4 Amendment; Waiver. No
modification, amendment or termination of this Agreement shall be valid unless made in writing and signed by the parties hereto.
Any waiver by any party of any violation of, breach of or default under any provision of this Agreement, by the other party shall
not be construed as, or constitute, a continuing waiver of such provision, or waiver of any other violation of breach of or default
under any other provision of this Agreement.

 

Section 5.5 Withholding of Taxes.
The Company may withhold from any amounts payable under this Agreement all federal, state, city or other local taxes as shall be
required to be withheld pursuant to any laws or government regulations or rulings.

 

Section 5.6 Severability. Any provision
of this Agreement, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent possible without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision
in any other jurisdiction.

 

Section 5.7 Survival of Certain Obligations.
The obligations of the Company and Executive set forth in this Agreement which by their terms extend beyond or survive the termination
of the Term (whether or not specifically provided) shall not be affected or diminished in any way by the termination of the Term.

 

Section 5.8 Headings. The headings
in this Agreement are intended solely for convenience and shall be disregarded in interpreting this Agreement.

 

Section 5.9 Third Parties. Nothing
expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person or entity other than
the Company and Executive any rights or remedies under this Agreement.

 

Section 5.10 Counterparts. This
Agreement may be executed in counterparts, and all of such counterparts (including facsimile or PDF), when separate
counterparts have been executed by the parties hereto, shall be deemed to be one and the
same agreement. This Agreement shall only become effective as of the date hereof.

 

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Section 5.11 No Cooperation. Without
limitation to any other provision herein set forth, Executive agrees not to act in any manner that might damage the business of
the Company or any affiliate thereof – provided however, such restriction shall not prevent Executive from assisting Copa
di Vino Corporation and Discover Development LLC with enforcing their rights arising out of the APA and the Transaction Documents
(as such term is defined in the APA). Executive further agrees that Executive will not knowingly counsel or assist any attorneys
or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by
any third party against the Company or any affiliate thereof, unless under a subpoena or other court order to do so. Executive
agrees both to notify immediately the Board (care of the Chairman) upon receipt of any such subpoena or court order, and to furnish,
within three business days of its receipt, a copy of such subpoena or court order to any of the Company or any affiliate thereof.
If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances,
claims, charges, or complaints against the Company or any affiliate thereof, Executive shall state no more than that Executive
cannot provide counsel or assistance.

 

Without
limitation to the preceding paragraph, Executive shall reasonably provide assistance and cooperation to the Company or any affiliate
thereof in any legal or administrative proceedings or inquiries concerning events which occurred while Executive was an employee
of the Company (or any affiliated or related entity) and involving any person or event about which Executive has relevant knowledge
or information. In the event that Executive is served notice of such legal process following the date hereof, the Company (or its
designee) shall compensate Executive with reasonable consulting fees of $250.00 per hour plus any out-of-pocket expenses Executive
may incur in performing Executive’s obligation to cooperate; provided that the foregoing shall only be payable from and after
such time as when Executive is no longer an employee of the Company, and only for periods thereafter. By way of example, but without
limitation, assistance and cooperation may include: (1) identifying documentation or specific dates; (2) meeting with legal counsel
of the Company or any affiliate thereof from time to time to assist in the preparation of arguments and the discovery or compilation
of factual matters; and (3) providing testimony or statements in connection with any legal or administrative proceedings or inquiries.
The Company (or its affiliates and related persons) shall provide Executive with reasonable advance notice of any such legal process
and shall work with Executive to find mutually convenient times to meet or communicate with Executive concerning such matters.

 

For
the avoidance of doubt, this Section 5.11 shall survive any termination of Executive’s employment and any termination of
this Agreement.

 

Section 5.12 409A.
The parties intend that the payments and benefits provided for in this Agreement to either be exempt from Section 409A of the
Internal Revenue Code, as amended (the “Code”) or be provided in a manner that complies with Section
409A of the Code. Notwithstanding anything contained herein to the contrary, all payments and benefits which are payable upon
a termination of employment hereunder shall be paid or provided only upon those terminations of employment that constitute a ‘separation
from service’ from the Company within the meaning of Section 409A of the Code (determined
after applying the presumptions set forth in Treas. Reg. Section l.409A-l(h)(l)). For purposes of Section 409A of the Code, the
right to a series of installment payments hereunder shall be treated as a right to a series of separate payments. ln the event
Executive is a specified employee under Section 409A of the Code, for purposes of any payment on termination of employment hereunder,
if such payment would otherwise be made within six months of termination, such payment will be paid to Executive in a lump sum
cash amount on the first payroll date which is more than six months following the date of Executive’s termination, to the
extent required to avoid any adverse tax consequences under Section 409A of the Code.

 

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Section 5.13 Acknowledgement. The
parties acknowledge that they have had an adequate opportunity to read this Agreement, to consider it and to consult with an attorney
if so desired.

 

Section 5.14 Entire
Agreement. This Agreement sets forth the entire understanding of the parties to this Agreement regarding the subject matter
hereof and supersedes all prior agreements, arrangements, communications, representations and warranties, whether oral or written,
between the parties regarding the subject matter hereof. In no event shall Executive be entitled to any rights with respect to
Executive’s engagement with the Company, or otherwise with respect to the Company, other than as provided herein. Nothing
in this Agreement shall confer upon any member of the Company any fiduciary obligation to Executive. 

 

[SIGNATURE PAGE FOLLOWS]

 

    9 – James Martin Executive Employment Agreement

     

    

 

IN WITNESS
WHEREOF, the Company and Executive have executed this Employment Agreement as of the date first written above. 

 

COMPANY:

Splash Beverage Group, Inc. a Colorado corporation

 

By:
/s/ Robert Nistico

       Robert
Nistico, CEO

 

EXECUTIVE:

 

/s/ James Martin

James Martin, as an individual

 

    10 – James Martin Executive Employment Agreement

     

    

 

Schedule A

Additional Benefits

 

Executive shall be entitled
to the following Additional Benefits:

A stipend of $150 per month to cover personal Computer, cell
phone and electronics costs.

All milage costs at .30 cents a mile for of travel using
a personal vehicle including travel to and from airport for business purposes.

 

 

Schedule B

James Martin Companies

 

Discover Development/Sunshine Mill Quenett Winery

Sunshine
Mountain Vineyards/Oregon Mountain Vineyards

Copa Di Vino Corporation

TGE LLC

Baldwin Saloon

Drinx Tec

Eturnity

 

    11 – James Martin Executive Employment AgreementExhibit 10.6

 

NON-COMPETITION,
NON-SOLICITATION AND

CONFIDENTIAL
INFORMATION AGREEMENT

 

THIS
NON-COMPETITION, NON-SOLICITATION AND CONFIDENTIAL INFORMATION AGREEMENT (this “Agreement”) is made as of December
24, 2020 (the “Effective Date”), by and among

 

Robert
Nistico 

(the
“Key Person”),

 

SPLASH
BEVERAGE GROUP, INC., a Colorado corporation,

1314
East Las Olas Boulevard, Suite 221 

Fort
Lauderdale, FL 33301

(“Company”),

 

and

 

DECATHLON
ALPHA IV, L.P., a Delaware limited partnership,

1441
West Ute Boulevard, Suite 240 

Park
City, UT 84098

(the “Lender”).

 

Background

 

Pursuant
to that certain Revenue Loan and Security Agreement (the “Loan Agreement”) dated the same date as this Agreement,
Lender will advance to Company the Initial Advance. The Loan Agreement requires as a condition to closing that the Key Person
enter into a Non-Competition, Non- Solicitation and Confidential Information Agreement. Any capitalized terms used in this Agreement
and not otherwise defined herein have the meanings given to them in the Loan Agreement.

 

Agreement

 

The
parties hereby agree as follows:

 

1.
Reserved.

 

2.
Former Employer Information; No Breach of Prior Agreements. The Key Person agrees that the Key Person will not improperly
use for the benefit of the Company or disclose to the Company any proprietary information or trade secrets of any former employer
or other person or entity, and that the Key Person will not bring onto the premises of the Company any unpublished document or
proprietary information belonging to any former employer or other person or entity unless consented to in writing by such former
employer, person, or entity. The Key Person represents that the Key Person’s performance of the terms of this Agreement
and the Key Person’s duties to the Company will not breach any invention assignment, proprietary information, confidentiality,
or similar agreement with any former employer or other person or entity by which the Key Person is bound.

 

3.
Third Party Information. The Key Person recognizes that the Company has received and in the future will receive from
third parties their confidential or proprietary information, which information may have been provided subject to a duty on
the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.
The Key Person agrees to hold all such third party confidential or proprietary information in the strictest confidence and
not to disclose it to any person or entity or to use it except as necessary in carrying out the Key Person’s work for
the Company and in a manner consistent with the Company’s agreement with such third party.

 

    1

     

    

 

4.
Maintenance of Confidentiality. The Key Person agrees that the Key Person will take reasonable measures to protect the secrecy
of and avoid disclosure and unauthorized use of the Confidential Information, but in no event less than reasonable care. Without
limiting the foregoing, the Key Person will take at least those measures that the Key Person takes to protect the Key Person’s
own confidential information and will ensure that the Key Person’s employees or other third parties who have access to Confidential
Information are aware of the confidentiality restrictions set forth in this Agreement prior to any disclosure of Confidential
Information to such parties.

 

5.
Returning Company Documents. The Key Person agrees that, if the Key Person’s relationship to the Company is terminated
for any reason, the Key Person will immediately deliver to the Company (and will not keep in the Key Person’s possession,
recreate, or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications,
drawings, blueprints, sketches, equipment, materials containing Confidential Information, other documents or property, or reproductions
of any of the foregoing items developed by the Key Person pursuant to the Key Person’s service to the Company or otherwise
belonging to the Company, or its successors, or assigns.

 

6.
No License. Nothing in this Agreement is intended to grant any rights to the Key Person under any patent, trademark, mask
work right or copyright of the Company, nor will this Agreement grant the Key Person any rights in or to Confidential Information
except as expressly set forth in this Agreement.

 

7.
Non-Competition; Non-Solicitation. The Key Person agrees that, during the term of the Key Person’s employment with the
Company and for a period of 6 months after the Key Person ceases to be employed with the Company, the Key Person will not directly
or indirectly, either on behalf of the Key Person or any other person or entity (other than with respect to a subsidiary of the
Company):

 

7.1.
engage in any business activity that competes with the business in which the Company is now involved or becomes involved during
the term of this Agreement, or any planned business of the Company;

 

7.2.
render advice or assistance (including but not limited to financial assistance, as an investor, lender, or otherwise) to any
business that competes with any activity in which the Company is now involved or becomes involved during the term of this Agreement,
or any planned business of the Company;

 

7.3.
acquire an ownership interest in any business that competes with any activity in which the Company is now involved or becomes
involved during the term of this Agreement, or any business of the Company planned as of the date of the termination of this Agreement;

 

7.4.
solicit, induce, recruit or encourage any employees of the Company to leave their employment; or

 

7.5.
interfere in any manner with the contractual or employment relationship between the Company and any employee, customer or
supplier of the Company or cause any such customer or supplier to cease doing business with, or reduce the amount of business
it does with the Company.

 

    2

     

    

 

Notwithstanding
the foregoing, nothing in this Agreement shall prevent or restrict Key Person from any of the following: (i) owning as a passive
investment less than 1% of the outstanding shares of the capital stock of a corporation (whether public or private) that is engaged
in a business that competes with the Company if Key Person is not otherwise associated with such corporation; (ii) performing
speaking engagements and receiving honoraria in connection with such engagements; (iii) being employed by any government agency,
college, university, or other non-profit research organization; or (iv) owning a passive equity interest in a private debt or
equity investment fund in which the Key Person does not have the ability to control or exercise any managerial influence over
such fund.

 

8.
Non-Disparagement. The Key Person agrees that at all times during the term of this Agreement and thereafter, the Key Person
will not make any untruthful or disparaging statements, written or oral, about the Company, Lender, or their respective successors,
shareholders, directors, officers, members, managers, or employees.

 

9.
Term. This Agreement will automatically terminate upon full satisfaction of all Obligations of the Company to Lender pursuant
to the Loan Agreement.

 

10.
Specific Enforcement. The Key Person acknowledges that the Company and Lender will be irreparably injured if the provisions
of this Agreement are not specifically enforced. If the Key Person commits or, in the reasonable belief of the Company or Lender,
threatens to commit a breach of any of the provisions of this Agreement, the Company and/or Lender will have the right and remedy,
in addition to any other remedy that may be available at law or in equity, to have the provisions of this Agreement specifically
enforced by any court having equity jurisdiction together with an accounting for any benefit or gain by the Key Person in connection
with any such breach, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury
to the Company and Lender and that money damages will not provide an adequate remedy therefor. Such injunction will be available
without the posting of any bond or other security.

 

11.
General Provisions.

 

11.1.
Entire Agreement. This Agreement, including any attached exhibits, constitutes the entire, final and exclusive agreement between
the parties with regard to the subject matter hereof, and supersedes all prior written or oral understandings, representations
and agreements by or between the parties relating thereto.

 

11.2.
Governing Law; Venue. This Agreement will be governed by and interpreted under the laws of the state of Florida, without regard
to its conflict of laws principles. The parties hereby expressly consent and submit to the exclusive jurisdiction of either the
federal or state district courts located in such state.

 

11.3.
Waiver of Jury Trial. EACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS AGREEMENT.

 

11.4.
Amendments. No amendments or supplements to this Agreement, including any amended or additional schedules or exhibits, will
be binding unless in writing and manually signed by both parties.

 

11.5.
Waiver. None of the terms of this Agreement may be waived except by an express agreement in writing manually signed by the
party against whom enforcement of such waiver is sought. The failure or delay of a party in enforcing its rights under this Agreement
will not be deemed a continuing waiver of such right, and the waiver of one breach hereunder will not constitute the waiver of
any other or subsequent breach.

 

    3

     

    

 

11.6.
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law. If any provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in
part, under applicable law by a court of competent jurisdiction, such provision will be ineffective only to the extent of such
illegality, invalidity or unenforceability, without affecting the remainder of such provision or the remaining provisions of this
Agreement. If a court of competent jurisdiction determines that the scope of any provisions of this Agreement is too broad in
scope or long in duration to permit enforcement under applicable law, the court shall limit such provision to the minimum extent
required to be enforceable. This Agreement should be construed in a manner that renders its provisions valid and enforceable to
the maximum extent (not exceeding its express terms) possible under applicable law.

 

11.7.
Assignment. Neither the Company nor the Key Person may assign any of its rights or obligations under this Agreement without
Lender’s prior written consent. Lender may assign any of its rights or obligations under this Agreement.

 

11.8.
Binding Effect; No Third-Party Beneficiaries. This Agreement and the rights and obligations created hereunder will be binding
upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns. Except as otherwise
expressly set forth in this Agreement, the parties do not intend to confer upon any third party any right, remedy, or claim under
or by virtue of this Agreement.

 

11.9.
Notices. Any notices required or permitted by this Agreement will be in writing and will be effective: (a) when delivered
in person; (b) when properly delivered by Federal Express or another recognized overnight courier; or (c) on the date of transmission
if sent by facsimile or any other reliable means of electronic transmission (which specifically does not include email), so long
as the sender receives written confirmation of the receipt of same by the recipient’s machine. All such notices must be
addressed to the party to whom it is directed at the address set forth below or such other address as a party may from time to
time designate in writing to the another party at the address set forth on the signature page of this Agreement.

 

11.10.
Further Assurances. Each party will, upon the reasonable request of another party from time to time, execute and deliver such
additional documents and take such other action as may be reasonably necessary to effect the purposes of this Agreement.

 

11.11.
Expenses; Attorneys’ Fees. The parties will pay all of their own expenses in connection with the negotiation of this
Agreement, the performance of their respective obligations under this Agreement and the consummation of the transactions contemplated
by this Agreement, except that in any dispute arising under or relating to this Agreement, the reasonable attorneys’ fees
and costs of the party ultimately prevailing in such dispute will be paid by the other party.

 

11.12.
Interpretation. This Agreement has been cooperatively and mutually drafted and will not be construed or interpreted more strictly
against either party.

 

11.13.
Headings. The headings contained in this Agreement are for the convenience of reference only and will not be considered in
any substantive manner.

 

    4

     

    

 

11.14.
Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which will be deemed
an original and all of which together will constitute one and the same document. This Agreement may be executed and delivered
by facsimile or in PDF format via email, and any such signatures will have the same legal effect as manual signatures. If a party
delivers its executed copy of this Agreement by facsimile signature or email, such party will promptly execute and deliver to
the other party a manually signed original if requested by the other party.

 

11.15.
Survival. Any provision in this Agreement which by its express terms survive termination will survive any termination or expiration
of this Agreement.

 

[Signature
page follows.]

 

    5

     

    

 

The
Company, Lender and the Key Person have caused this Agreement to be duly executed as of the Effective Date.

 

	 	DECATHLON ALPHA IV, L.P.
	 	a Delaware limited partnership 
	 	 
	 	
        By: Decathlon Alpha GP IV, LLC

        Its: General Partner

	 	 
	 	
        By: /s/ Wayne Cantwell

        Name: Wayne Cantwell

	 	Title: Managing Director
	 	 
	 	SPLASH BEVERAGE GROUP, INC.
	 	a Colorado corporation
	 	 
	 	
        By: /s/ Robert Nistico

        Robert Nistico, Chief Executive Officer

	 	 
	 	KEY PERSON
	 	 
	 	Signature: /s/ Robert Nistico
	 	Name: Robert Nistico  
	 	Address: 8350 Bee Ridge Rd Suite 121

                 Sarasota FL 34241

 

 

[Signature
Page to Non-Competition, Non-Solicitation & Confidential Information Agreement]

 

    6

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