Document:

Converted by EDGARwiz

Exhibit 10.2

15500 Roosevelt Blvd.

Suite 301

Clearwater, FL 33760

Phone: (727) 289-0010

Fax: (727) 289-0069

www.islandstocktransfer.com

dave@islandstocktransfer.com

TRANSFER AGENT AGREEMENT

This Transfer Agent Agreement (“Agreement”) is made and entered into as of December 31, 2013 by and between Island Capital Management, LLC, dba Island Stock Transfer (“Agent”) and (“Company”).

RECITALS

WHEREAS, Agent is a transfer agent in the business of maintaining stock ownership and transfer records for companies whose stock is publicly traded;

WHEREAS, Company is a company whose stock is publicly traded or is in the process of having its stock publicly traded;

WHEREAS, Company wishes to utilize the services of Agent as its transfer agent under the terms of this Agreement and Agent wishes to become Company’s transfer agent service provider;

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

1.

APPOINTMENT OF AGENT

Upon the execution of this Agreement by both parties, the Company hereby appoints Agent as its transfer agent, warrant agent, and registrar for the common stock of the Company.

2.

START-UP FEES AND DOCUMENTATION BY COMPANY

Prior to Agent beginning work as the Company’s transfer agent the Company must deliver the following:

A.

An executed copy of this Agreement;

B.

Payment in full of the Start-up Fee and the Security Deposit as set forth on Exhibit A, which is incorporated herein by this reference;

2.1.1.1.

if the company elects to participate in DTC’s FAST1 program, fees associated with this program.    If elected: Initials ________

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2.2   Documents:  The documents listed on Exhibit B, which is incorporated herein by this reference, delivered and represented to by an authorized officer of the Company. The Company agrees to update Agent regarding any changes to its corporate documents including changes to its articles of incorporation, bylaws, and changes to its officers, directors, and all “insiders” or “control persons. The Agent and the Company acknowledge that all documents identified on Exhibit B are the exclusive property of the Company, and the Company agrees to provide the Agent the right to utilize those documents solely in the course of the performance of its duties and obligations under this Agreement.  The Agent agrees not to make any of the documents, or the information contained in such documents, available to any third party, absent prior written authorization from the Company.  

3.

STOCK ISSUANCES BY AGENT 

3.1.

After the Company has provided Agent with all the documentation required under Section 2, Agent will issue original stock of the Company, as directed by the Company, upon receipt of the following:

3.1.1.

A written request by an authorized representative of the Company stating the number of shares, name of shareholder, address of shareholder, social security identification of each shareholder, and delivery instructions;

3.1.2.

A copy of a fully executed Board of Directors resolution authorizing the stock issuance requested by the Company;

3.1.3.

If deemed necessary by Agent, a legal opinion letter from an attorney appointed by the Company approving the stock issuance requested by the Company;

3.1.4.

The payment of the appropriate fee by the Company; and

3.1.5.

Any other documentation deemed necessary at the discretion of Agent.

3.2.

After the Company has provided Agent with all the documentation required under Section 2, in the event of a lost, stolen, or destroyed stock certificate, or a transfer of stock by a shareholder, Agent will issue replacement certificates upon receipt of the following:

3.2.1.

In the event of a lost or destroyed certificate, a lost certificate affidavit or an old certificate with all the necessary endorser’s signatures guaranteed in such a form and manner as Agent requires;

3.2.2.

In the event of a stock transfer, the old certificate being surrendered with a validly executed and medallion guaranteed stock power outlining the new recipients and amount of stock to be issued to each recipient;

3.2.3.

Valid instructions from the Company executed by the authorized representative of the Company regarding the action to be taken by the Agent;

3.2.4.

The payment of the appropriate fees by the Company or shareholder, as applicable; and

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3.2.5.

Any other documentation deemed necessary at the discretion of Agent to evidence the genuineness and effectiveness of any necessary endorsement, and satisfactory evidence of compliance with all applicable laws relating to collection of taxes, if any.

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4.

PURCHASE OF STOCK CERTIFICATES:  The Company hereby authorizes Agent to purchase from time to time, certificates as may be needed by it to perform regular transfer duties, not to exceed 1,000 certificates without prior written approval by the Company.  The cost of such certificates will be invoiced. Such certificates must be signed by authorized officers of the Company, as set forth by law or in the Company’s bylaws, and if required, shall bear the corporate seal of the Company.

5.

REGISTERING TRANSFERS:  In registering transfers, Agent may rely upon the Uniform Commercial Code, Section 17 of the Securities Code as set forth by the Securities and Exchange Commission, or any other statute that in the opinion of counsel protects Agent and Company for the purposes of inquiry, or in refusing registration wherein an adverse claim may require such refusal. The Company agrees to hold the Agent harmless from any liability resulting from instructions issued to Agent by the Company regarding the registering of transfers.

6.

RECORDS:  Agent will maintain customary records in connection with its agency, all of which shall be available for examination and inspection by the Company at all reasonable times during normal business hours and with at least twenty-four (24) hours advance notice.

7.

FEES AND PAYMENT OF FEES

7.1.

The Company agrees to pay Agent the following fees:

7.1.1.

A one-time Plan fee, as specified in Section 2. 

7.1.2.

A $200.00 monthly fee to maintain computerized records of the Company in an orderly and accurate manner, and enable Agent to act as the Company’s transfer agent or registrar, or both. 

7.1.3.

The monthly fee associated with DTC’s FAST program.  

If elected: Initials ____ ____

7.2.

These fees, as well as all other costs and fees for actions taken by Agent as the transfer agent of Company, are described in the Plan, which is incorporated herein by this reference. 

7.3.

Agent’s fees may be increased in Agent’s sole discretion upon thirty (30) days written notice to the Company. The Company agrees to pay all amounts due to Agent under this Agreement within 30 days of billing. Company specifically agrees that Agent shall have a lien against all Company records to secure any amounts owed to Agent.  In addition, Company specifically agrees that Agent may, at its option, refuse to make any transfers of Company’s securities until all past due amounts have been paid in full. The issuer acknowledges that its failure to pay transfer agency services is considered a material event to its shareholders, as it could substantially inhibit the liquidity of their security. The issuer therefore agrees that upon its delinquency of 90 days for failure to pay Island Stock Transfer for its transfer agency services, Island Stock Transfer may, in its sole discretion, notify the shareholders of the issuer’s delinquency. The issuer agrees to hold Island Stock Transfer harmless for such notification.

 

8.

TRANSFER AGENT EXPENSE:  The Company agrees to reimburse Agent for any and all expenses resulting from Agent being served with a subpoena by a Federal or State agency or a 

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request from one of said agencies, requiring or requesting that Agent produce information or documents to said agency.  Said expenses include, but are not limited to, travel expenses, copying charges, computer time, employee time, and attorney fees for counsel to the Agent.

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9.

TERMINATION BY COMPANY:  The Company may terminate this Agreement at any time and for any reason and remove Agent at any time by giving Agent thirty (30) days written notice in the form of a resolution from the Board of Directors of the Company authorizing the termination of this Agreement. Upon receipt of such proper notice, the payment of the termination fee (see Exhibit A), and the payment of any other unpaid invoices and fees owed to Agent, Agent shall deliver to a new transfer agent or the Company, all the Company’s records maintained by Agent.

10.

TERMINATION BY AGENT:  Agent may terminate this Agreement at any time and for any reason upon ten (10) days written notice to the Company.  However, if this Agreement is being terminated for non-payment of fees, Agent may refuse to do any work for the Company during the ten (10) day period unless it is paid in full all amounts owed. If Company has paid Agent all fees Agent is owed, then at the end of the ten (10) day period, Agent will deliver all the Company’s records to the Agent’s successor, if any, or to the Company.

11.

INDEMNITY:  The Company hereby agrees to indemnify and hold the Agent harmless from any and all suits, actions, proceedings at law or in equity, liabilities, claims (groundless or otherwise), costs, losses, damages, payments, deficiencies, judgments, settlements, penalties, fines, costs and legal and other expenses, including attorneys’ fees, arising from or related to the performance of the Agent’s duties under this Agreement, specifically including any dispute, litigation, arbitration, or regulatory investigation or action in which the Agent is named as a respondent, defendant, third-party defendant or third-party respondent, or any proceeding or matter where the agent is required to respond to a subpoena, summons, or any other order or inquiry, whether through testimony, in writing, or by the production of documents or information, unless there has been a final and non-appealable adjudication by a court of competent jurisdiction that such claim, loss, damage, or cost was directly caused by the willful misconduct or gross negligence of the Agent, without any contributory negligence by the Company. 

All payments by the Company to the Agent pursuant to this indemnification clause shall be made as soon as practicable after written demand by the Agent therefore is presented to the Company, but in no event later than thirty (30) business days after such written demand is sent by the Agent to the Company.  The Company’s obligation to make such payments shall not be affected by the pendency of any proceeding regarding the amount or validity of the Agent’s demand for indemnification, or by any proceeding alleging willful misconduct or gross negligence by the Agent, unless and until there has been a final and non-appealable adjudication that the Agent is guilty of willful misconduct or gross negligence.

12.

ASSIGNMENT:  This Agreement may not be assigned by either party without the express written consent of the other party.

13.

MODIFICATION:  No change, modification, addition, or amendment to this Agreement shall be valid unless in writing and signed by all parties hereto.

14.

NO INTERPRETATION AGAINST DRAFTER:  This Agreement has been negotiated at arm’s length between persons sophisticated and knowledgeable in these types of matters.  In addition, each party has been represented by experienced and knowledgeable legal counsel, or had the opportunity to consult such counsel. Accordingly, any normal rule of construction or legal decision that would require a court to resolve any ambiguities against the drafting party is hereby waived and shall not apply in interpreting this Agreement.

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15.

VENUE/GOVERNING LAW/ATTORNEY’S FEES. Venue for all proceedings in connection with this Agreement shall be Pinellas County, Florida, and all aspects of this Agreement shall be governed by the internal laws of the State of Florida.  In the event that Agent initiates a legal action against Company to collect any unpaid fees or charges for any services rendered or provided by Agent under this Agreement, Agent shall be entitled to an award of fees and costs, including but not limited to its reasonable attorney’s fees, to be paid by the Company.

16.

SEVERABILITY:  In the event any term or provision of this Agreement be determined by appropriate judicial authority to be illegal or otherwise invalid, such provision shall be given its nearest legal meaning or be construed as deleted as such authority determines, and the remainder of this Agreement shall be construed to be in full force and effect.

17.

INTEGRATION 

"The Transfer Agent Agreement, including Schedules, Addenda, and Exhibits" Thereto, constitutes the parties complete, entire, and final agreement about the subject matter of the TA agreement and supersedes all prior and contemporaneous agreements regarding the subject matter.  The TA agreement is a fully integrated contract and any previous negotiations between or representations made by the parties are of no legal consequence.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the Effective Date listed above.

Agent

Company

Island Capital Management, LLC

Endurance Exploration Group, Inc

dba Island Stock Transfer

______________________________________

/s/ David Lopez__

             /s/ Christine Zitman

By: David Lopez

By: Christine Zitman

Its: General Manager

Office/Title:___CFO____________________

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Company Contact Questionnaire

		
	Issuer’s Exact Name:

	Endurance Exploration Group, Inc.

	Issuer’s Tax ID#:

	03-0611187

	Common Stock Cusip #:

	29272J108

	Please identify the current, or any previous, transfer agent used and/or contracted by the 

	Current/Previous TA

	 

	Address

	 

      

								
	Phone Number and Email 

	 

	Issuer’s 

	Name:

	Christine Zitman

	Phone:

	727-533-5555

	Contact  Info:

	E-Mail:

	 
	Fax:

	 

	Issuer’s Physical 

	15500 Roosevelt Blvd., Suite 303

	Address: 

(Please note if there is a different Billing Address.)

	Clearwater, FL. 33760

	 

	Issuer’s 

	Name:

	Christine Zitman

	Title:

	CFO

	Designated  Officers:

	Name:

	Micah Eldred

	Title:

	CEO

	Name:

	Carl Dilley

	Title

	President

	Name:

	 
	Title:

	 

									
	Issuer’s 

	Firm:

	Shumaker, Loop & Kendrick

	Phone:

	 

	Legal Counsel:

	Contact:

	Paul Lynch

	Fax:

	 

	E-Mail:

	plynch@slk-law.com

	 
	Address:

	101 E. Kennedy Blvd. Tampa, FL. 33602

	 
	 
	 

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EXHIBIT A

                                                                           Fee schedule effective 01/06/2011

	Set up fee 

	$0

	Security Deposit

	$0

	Monthly Maintenance Charge         Includes:

	$0 

	Corporate or Professional Consultations & Communications

	Each company has assigned account representative

	Address changes (Shareholders/Issuers)

	 

	Maintenance of files in secure storage centers

	Including rated theft locks and fireproof cabinetry

	Maintenance of offsite data backup

Placement/maintenance  of stop transfer orders

	Ensuring continuous operations in the event of any disaster for the Company or transfer service location

	

Complementary services:

Island Shared Access

	Unlimited 24 hr access to reports for shareholders and issuers

	Legal Review for issuances and transfers (if needed)

	 

	OFAC (Office of Foreign Assets Control) Compliance

	 

	Shareholders List, E-Mail

	 

	Transaction journal, E-Mail

	 

	 
	 

	 

	 

	Certificate Printing

	 

	Up to 2 colors (Logo included)

	$0

	Full Color (Logo included)

	$0

	 

	 

	DTCs FAST program (DWAC/DRS)

	 

	FAST Program Initial Eligibility Application Fee

	$250 

	Additional monthly FAST service fee

	$350 

	FAST Transaction Fee

	$28 each (billable to DTC)

	Deposit or Withdrawal at Custodian (DWAC) Transaction Fee

	$28 each (billable to Company or Shareholder)

	 

	 

	Corporate Actions

	 

	Stock Splits/Dividends 

	$0 (excluding certificate charges)

	

Name Change 

	$0 (excluding certificate charges)

	 

	 

	Reports (certified hard copy)

	Please note that all reports can be accessed through Island Access.

	Hardcopy Shareholder List (Certified)

	$0 

	Detail List/Special Report

	$0

	Transaction Journal 

	$0 (Charged monthly if automated reports are requested)

	Audit Report

	$0

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	Transactions

	 

	New Share Issuance

	$0 PER CERTIFICATE/BOOK POSITION ISSUED (Bulk Rates May Be Available)

	Routine Transfer

	 $25.00 PER CERTIFICATE ISSUED

$3.00 PER CERTIFICATE CANCELLED

	Restricted transfer

	• $28.00 PER EACH  CERTIFICATE ISSUED

• $3.00 PER CERTIFICATE CANCELLED (Billable to Company or Shareholder)

	Restricted legend removal

	·

$53.00 FOR LEGEND REMOVAL

·

$3.00 PER CERTIFICATE CANCELLED

·

$25.00 TO ISSUE EACH FREE TRADING CERTIFICATE

	Special legend

	$10 

	Stop Transfer Placement, Monitoring and Notification Fee

	$0 Per Cert (If the claimant is successful in obtaining the court order or injunction in the time period allotted the Fee may be refunded to the claimant.

	Rejections

	$75 per rejection

	Emergency certificates

	$0 

	Reserve Letter Fees

	 

	Using Island template with no review needed by Compliance or Legal

	$50

	Using a letter other than Island Stock Transfer Template that requires Compliance and Legal review

	$150

	Shipping

	 

	Within the United States(priority overnight)

	$45 

	Ground

	$25 

	Canada (priority overnight)

	$50 

	Outside the United States and Canada (next day) Europe

	$65 

	Asia

	$85

	 

	 

	Mailing services includes:

Printing of materials and envelopes

	$300.00  or $1.50 per shareholder whichever is greater plus postage at cost

	Mailing Labels

	$0.25 PER LABEL (Postage at cost)

	Mailing Cost and Expenses

	$300/ or $1.50 per holders (whichever is greater) plus postage and printing expenses.

	Bad Address or Return Delivery

	$25 Processing Fee

	Incorrect Delivery Account No.

	$1.50 Processing Fee per holder (For fees associated with incorrect or bad mailing/delivery account numbers provided to Island Stock Transfer) 

	Special Mailing Requests

	$50 Per Hour, Minimum 1 Hour Charge.

	Stock Certificate/Typesetting

	CALL FOR QUOTE

	 

	 

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	Proxy services includes:

	CALL/EMAIL FOR QUOTE

	Access to voting online

Printing of materials and envelopes

Tabulating votes

	 

	 

	 

	Other fees and services

	 

	Other Custom Service Requests

	$100.00 Per Hour (excluding 3rd party and other necessary charges, charged at cost)

	Legal/Compliance Fee

	$200 per hour

	RUSH fee

	$100 for issuer/shareholder    $150 for broker

	Lost shareholders placement/maintenance

	$25 yearly (billed in the end of the year)

	 

	 

	Terminations

	 

	Large Job Certificate Destructions

	$100.00 (Per box for jobs 200 total certificates or more)

	Termination Fee

	$5,000.00 within the first 2 years, $2,500.00 after.

FOR ANY INVOICES AGED IN EXCESS OF 60 DAYS, AGENT SHALL SUSPEND ALL SERVICES UNTIL COMPANY PAYS ALL OUTSTANDING AMOUNTS OWED.

Transactions over $1,000 have to be prepaid.

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EXHIBIT B

Company documents to be delivered to Island:

A.

A copy of the Articles of Incorporation and bylaws of the Company, including all the amendments thereto, and a copy of the Articles of Incorporation as issued by the State of Incorporation.

B.

Specimens of all forms of outstanding certificates for all classes of securities of the Company, in the forms approved by the Board of Directors.

C.

A resolution certifying the authorized and outstanding securities of the Company including a list of all outstanding securities together with a statement that future transfers may be made without restriction on all securities, except as to securities subject to a restriction noted on the face of said securities and in the corporate stock records.

D.

A certified list of all shareholders, including identification of shareholders deemed to be “insiders” or “control persons” as defined in the Securities Act of 1933 & 1934 and other acts of Congress and rules and regulations of the United States Securities and Exchange Commission when applicable.

E.

The names and specimen signatures of all officers who are and have been authorized to sign certificate for securities on behalf of the Company and the names and addresses of any other Transfer Agents or Registrars of securities of the Company.

F.

A copy of the Resolution of the Board of Directors of the Company, authorizing its execution of this Agreement and approving the terms and conditions herein including the agreement that in the event that there are any future amendments or changes to any of the foregoing, the Company will issue prompt written notification of such change or changes, together with copies of the relevant resolutions, instruments or other documents, specimen signatures, certificates, opinions or the like as the Agent may deem necessary or appropriate. This resolution will also approve a credit and background check for the company and its officers and directors.

G.

List of “stopped” certificates, in which an adverse action had been, or is in process of being, filed.

H.

Completed Company Contact Questionnaire.

Footnotes

1 FAST AUTOMATED SECURITIES TRANSFER (FAST) – An industry system used by the Depository Trust and Clearing Corporation whereby certificates for registered securities are maintained at the offices of individual registrars and can be transferred to a beneficial owner in a more timely and efficient manner.

13Converted by EDGARwiz

Exhibit 10.3

THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE 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. 

Principal Amount:

$272,356.00

Date:  May 6, 2013

  

DEBT CONVERSION AGREEMENT

PARTIES

Company

Tecton Corporation

15500 Roosevelt Blvd., Suite 301

Clearwater, FL  33760

Holder

Endeavour Cooperative Partners, LLC

15500 Roosevelt Blvd., Suite 301

Clearwater, FL  33760

RECITALS

A.

Endeavour Cooperative Partners LLC (“Holder”) has entered into Stock and Debt Purchase agreements with several stockholders and has acquired $272,356.00 in outstanding debt (the “Debt”). 

B.

Accordingly, as of May 6, 2013, the total amount due to Holder under the acquired debt is $272,356 USD.

C.

The Company and the Holder have agreed that the Company should repay the Debt by means of conversion of the debt into equity of the Company pursuant to the terms of this Agreement.

AGREEMENTS

Therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

A.

The Company is a corporation duly organized and existing under, and by virtue of, the laws of the State of Nevada and is in good standing under such laws. The Company has requisite corporate power and authority to own and operate its properties and assets, and to carry on its business as presently conducted and as proposed to be conducted.

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B.

The Company has all requisite legal and corporate power and authority to execute and deliver this agreement, and to issue shares of Stock of the Company (the “Stock”) upon conversion of the amounts due under the Debt and to carry out and perform its obligations under the terms of this Agreement.

C.

As of the Date, the authorized capital stock of the Company consists of 100,000,000 shares of capital stock consisting of 80,000,000 shares of Stock, par value $0.0001 per share, of which 79,736,560 shares are issued and outstanding, and 20,000,000 shares of  preferred stock, par value $0.0001 per share, of which there are NO shares are outstanding. There are also 533,333 shares issuable.  The outstanding shares have been duly authorized and validly issued, and are fully paid and nonassessable. 

D.

All corporate action on the part of the Company, its Holder and shareholders necessary for the authorization, execution, delivery and performance of this Agreement by the Company, the authorization, issuance and delivery of the Shares (as defined below) and the performance of all of the Company's obligations hereunder has been taken or will be taken concurrent herewith. This Agreement, when executed and delivered by the Company, shall constitute a valid and binding obligation of the Company, enforceable in accordance with its terms. The Shares, when issued in compliance with the provisions of this Agreement, will be validly issued, fully paid and nonassessable. The Shares will be subject to restrictions on transfer under state and/or federal securities laws, unless the Holder obtains a legal opinion stating the Shares are to be issued without restriction.

1.

CONVERSION RIGHTS

1.1.

Conversion Right.  The Holder shall have the right from time to time to convert all or any part of the Debt into fully paid and non- assessable shares of Stock, as such Stock exists on the Date of this Debt Conversion Agreement, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”).  The number of shares of Stock to be issued upon the conversion of the Debt shall be determined by multiplying the Conversion Amount (as defined below) by the Conversion Price (as defined in paragraph 1.2 below). The term “Conversion Amount” means, with respect to any conversion of this Debt, the amount the Holder elects to convert. 

1.2.

Conversion Price

1.2.1.

The conversion factor (the “Conversion Factor”) shall be 5804.87 shares per dollar converted.  

1.2.2.

In the event of a change in authorized capital and a corresponding change in issued and outstanding shares, the Conversion Factor shall be increased or decreased in proportion to the increase or decrease in authorized shares.

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1.3.

 Authorized Shares.  

1.3.1.

The Company covenants that during the period the conversion right exists, the Company will reserve from its authorized and unissued Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Stock upon the full conversion of this Debt.  The Company represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable.  In addition, if the Company shall issue any securities or make any change to its capital structure which would change the number of shares of Stock into which the Debts shall be convertible at the Conversion Price, the Company shall at the same time make proper provision so that thereafter there shall be a sufficient number of shares of Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Debts.

1.3.2.

If, at any time a Holder of this Debt submits a Notice of Conversion, and the Company does not have sufficient authorized but unissued shares of Stock available to effect such conversion in accordance with the provisions of this Article I (a “Conversion Default”), the Company shall issue to the Holder all of the shares of Stock which are then available to effect such conversion.  The portion of this Debt which the Holder included in its Conversion Notice and which exceeds the amount which is then convertible into available shares of Stock (the “Excess Amount”) shall, notwithstanding anything to the contrary contained herein, not be convertible into Stock in accordance with the terms hereof until (and at the Holder’s option at any time after) the date additional shares of Stock are authorized by the Company to permit such conversion.

1.4.

Method of Conversion

1.4.1.

Mechanics of Conversion.  Subject to Section 1.1, this Debt may be converted by the Holder in whole or in part at any time following the date of this Debt Agreement, by (A) submitting to the Company the form attached hereto as Exhibit A (the “Notice of Conversion”) (by facsimile or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., Clearwater, Florida time) and (B) subject to Section 1.4.2, surrendering the underlying debt purchase agreements at the principal office of the Company

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1.4.2.

Surrender of Debt Purchase Agreements Upon Conversion.  Notwithstanding anything to the contrary set forth herein, upon conversion of the Debt in accordance with the terms hereof, the Holder shall not be required to physically surrender all the Debt Purchase Agreements to the Company unless the entire unpaid principal amount of the Debt is so converted.  The Holder and the Company shall maintain records showing the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of Debt Purchase Agreements upon each such conversion.  In the event of any dispute or discrepancy, such records of the Company shall, prima facie, be controlling and determinative in the absence of manifest error.  The Holder and any assignee, by acceptance of this Debt Conversion Agreement, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Debt, the unpaid and unconverted principal amount of the Debt represented by this Debt Conversion Agreement may be less than the amount stated on the face hereof.

1.4.3.

Payment of Taxes.  The Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Stock or other securities or property on conversion of this Debt in a name other than that of the Holder (or in street name), and the Company shall not be required to issue or deliver any such shares or other securities or property unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held for the Holder’s account) requesting the issuance thereof shall have paid to the Company the amount of any such tax or shall have established to the satisfaction of the Company that such tax has been paid

1.4.4.

Delivery of Stock Upon Conversion.  Upon receipt by the Company from the Holder of a facsimile transmission (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 1.4, the Company shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder the Stock issuable upon such conversion within three (3) business days after such receipt in accordance with the terms hereof.

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1.4.5.

Obligation of Company to Deliver Stock.  Upon receipt by the Company of a Notice of Conversion, the Holder shall be deemed to be the holder of record of the Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this Debt shall be reduced to reflect such conversion, and, unless the Company defaults on its obligations under this Article I, all rights with respect to the portion of this Debt being so converted shall forthwith terminate except the right to receive the Stock or other securities, cash or other assets, as herein provided, on such conversion.  If the Holder shall have given a Notice of Conversion as provided herein, the Company’s obligation to issue and deliver the Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Company to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Company, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with such conversion.  The Conversion Date specified in the Notice of Conversion shall be the Conversion Date so long as the Notice of Conversion is received by the Company before 6:00 p.m., EST.

1.4.6.

Delivery of Stock by Electronic Transfer.  In lieu of delivering physical certificates representing the Stock issuable upon conversion, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions contained in Section 1.1 and in this Section 1.4, the Company shall use its best efforts to cause its transfer agent to electronically transmit the Stock issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system or other electronic transfer service. 

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1.5.

Concerning the Shares.  

1.5.1.

The shares of Stock issuable upon conversion of this Debt may not be sold or transferred unless  (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Company 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”) or (iv) such shares are transferred to an “affiliate” (as defined in Rule 144) of the Company who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5. Until such time as the shares of Stock issuable upon conversion of this Debt 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 Stock issuable upon conversion of this Debt 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.” 

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1.5.2.

The legend set forth above shall be removed and the Company shall issue to the Holder a new certificate therefore free of any transfer legend if (i) the Company 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 Stock may be made without registration under the Act and the shares are so sold or transferred, (ii) such Holder provides the Company or its transfer agent with reasonable assurances that the Stock issuable upon conversion of this Debt can be sold pursuant to Rule 144 or (iii) in the case of the Stock issuable upon conversion of this Debt, 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 as to the number of securities as of a particular date that can then be immediately sold.

1.6.

Effect of Certain Events

1.6.1.

Effect of Merger, Consolidation, Etc.  At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the assets of the Company, the effectuation by the Company of a transaction or series of related transactions in which more than 50% of the voting power of the Company is disposed of, or the consolidation, merger or other business combination of the Company with or into any other Person (as defined below) or Persons when the Company is not the survivor shall either:  (i) be deemed to be an Event of Default (as defined in Article III) pursuant to which the Company shall be required to pay to the Holder upon the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III) or (ii) be treated pursuant to Section 1.6.2 hereof.  “Person” shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

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1.6.2.

Adjustment Due to Merger, Consolidation, Etc.  If, at any time when this Debt is issued and outstanding and prior to conversion of all of the Debt, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as a result of which shares of Stock of the Company shall be changed into the same or a different number of shares of another class or classes of stock or securities of the Company or another entity, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company, then the Holder of this Debt shall thereafter have the right to receive upon conversion of this Debt, upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Stock immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Debt 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 Debt 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 Debt) shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof.  The Company shall not affect any transaction described in this Section 1.6.2 unless (a) it first gives, to the extent practicable, thirty (30) days prior written notice (but in any event at least fifteen (15) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Debt) and (b) the resulting successor or acquiring entity (if not the Company) assumes by written instrument the obligations of this Section 1.6.2.  The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

1.6.3.

Adjustment Due to Distribution.  If the Company shall declare or make any distribution of its assets (or rights to acquire its assets) to holders of Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution to the Company’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 Debt shall be entitled, upon any conversion of this Debt 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 Stock issuable upon such conversion had such Holder been the holder of such shares of Stock on the record date for the determination of shareholders entitled to such Distribution.

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1.6.4.

Purchase Rights.  If, at any time when any Debt is outstanding, the Company issues any convertible securities or rights to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record holders of any class of Stock, then the Holder of this Debt will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Stock acquirable upon complete conversion of this Debt (without regard to any limitations on conversion contained herein) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such record is taken, the date as of which the record holders of Stock are to be determined for the grant, issue or sale of such Purchase Rights.

1.6.5.

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 Company, at its expense, shall promptly compute such adjustment or readjustment and prepare and furnish to the Holder of a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based.  The Company 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 and (ii) the number of shares of Stock and the amount, if any, of other securities or property which at the time would be received upon conversion of the Debt.

1.7.

Status as Shareholder.  Upon submission of a Notice of Conversion by a Holder, (i) the shares covered thereby (other than the shares, if any, which cannot be issued because their issuance would exceed the authorized share amount) shall be deemed converted into shares of Stock and (ii) the Holder’s rights as a Holder of such converted portion of this Debt shall cease and terminate, excepting only the right to receive certificates for such shares of Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure by the Company to comply with the terms  of this Debt.

2.

ARTICLE II.  CERTAIN COVENANTS

2.1.

Distributions on Capital Stock.  So long as the Company shall have any obligation under this Debt, the Company shall not without the Holder’s written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other securities) on shares of capital stock other than dividends on shares of Stock solely in the form of additional shares of Stock or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock except for distributions pursuant to any shareholders’ rights plan which is approved by a majority of the Company’s disinterested directors

2.2.

Restriction on Stock Repurchases.  So long as the Company shall have any obligation under this Debt, the Company shall not without the Holder’s written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of the Company or any warrants, rights or options to purchase or acquire any such shares.

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2.3.

Borrowings.  So long as the Company shall have any obligation under this Debt, the Company shall not, without the Holder’s written consent, create, incur, assume or suffer to exist any liability for borrowed money, except (a) borrowings in existence or committed on the date hereof and of which the Company has informed Holder in writing prior to the date hereof, (b) indebtedness to trade creditors or financial institutions incurred in the ordinary course of business or (c) borrowings, the proceeds of which shall be used to repay this Debt.

2.4.

Sale of Assets.  So long as the Company shall have any obligation under this Debt, the Company 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.

2.5.

Advances and Loans.  So long as the Company shall have any obligation under this Debt, the Company shall not, without the Holder’s written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries and affiliates of the Company, except loans, credits or advances (a) in existence or committed on the date hereof and which the Company has informed Holder in writing prior to the date hereof, (b) made in the ordinary course of business or (c) not in excess of $100,000.

2.6.

Contingent Liabilities.  So long as the Company shall have any obligation under this Debt, the Company shall not, without the Holder’s written consent, which shall not be unreasonably withheld, assume, guarantee, endorse, contingently agree to purchase or otherwise become liable upon the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments for deposit or collection and except assumptions, guarantees, endorsements and contingencies (a) in existence or committed on the date hereof and which the Company has informed Holder in writing prior to the date hereof, and (b) similar transactions in the ordinary course of business

3.

ARTICLE III.  EVENTS OF DEFAULT

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

3.1.

Conversion and the Shares.  The Company fails to issue shares of Stock to the Holder (or announces or threatens that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Debt, fails to transfer or cause its transfer agent to transfer (electronically or in certificated form) any certificate for shares of Stock issued to the Holder upon conversion of or otherwise pursuant to this Debt as and when required by this Debt, or fails to remove any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of Stock issued to the Holder upon conversion of or otherwise pursuant to this Debt as and when required by this Debt (or makes any announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue uncured (or any announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for three (3) days after the Company shall have been notified thereof in writing by the Holder;

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3.2.

Breach of Covenants.  The Company breaches any material covenant or other material term or condition contained in this Debt and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of ten (10) days after written notice thereof to the Company from the Holder;

3.3.

Breach of Representations and Warranties.  Any representation or warranty of the Company made herein or in any agreement, statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), 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 Debt or the Purchase Agreement;

3.4.

Receiver or Trustee.  The Company or any subsidiary of the Company 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.

Judgments.  Any money judgment, writ or similar process shall be entered or filed against the Company or any subsidiary of the Company or any of its property or other assets for more than $50,000, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld;

3.6.

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 or against the Company or any subsidiary of the Company;

3.7.

Failure to Comply with the Exchange Act.  The Company shall fail to comply with the reporting requirements of the Exchange Act; and/or the Company shall cease to be subject to the reporting requirements of the Exchange Act;

3.8.

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

3.9.

Cessation of Operations. Any cessation of operations by Company or Company admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Company’s ability to continue as a “going concern” shall not be an admission that the Company cannot pay its debts as they become due.

3.10.

Maintenance of Assets. The failure by Company to maintain any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future).

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4.

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 above 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 as stated under “Parties” above.

4.3.

Amendments.  This Debt Conversion Agreement and any provision hereof may only be amended by an instrument in writing signed by the Company and the Holder.  The term “Debt Conversion Agreement” 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 Debt shall be binding upon the Company and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns.  Each transferee of this Debt must be an “accredited investor” (as defined in Rule 501(a) of the 1933 Act).  Notwithstanding anything in this Debt to the contrary, this Debt may be pledged as collateral in connection with a bona fide margin account or other lending arrangement.

4.5.

Governing Law.  This Agreement shall be governed in all respects by the internal laws of the State of Nevada.

4.6.

Notice of Corporate Events.  Except as otherwise provided below, the Holder of this Debt shall have no rights as a Holder of Stock unless and only to the extent that it converts this Debt into Stock. 

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4.7.

Remedies.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Debt will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Debt, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Debt and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required

4.8.

Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

This Agreement may be executed in one or more counterparts and by transmission of a facsimile or digital image containing the signature of an authorized person, each of which shall be deemed and accepted as an original, and all of which together shall constitute a single instrument. Each party represents and warrants that the person executing on behalf of such party has been duly authorized to execute this Agreement.

The foregoing Agreement is hereby executed as of the date first above written.

			
	COMPANY

	 
	HOLDER

	Tecton Corporation

	 
	Endeavour Capital Partners LLC

	By: /s/ Micah Eldred

	 
	By:  /s/ Micah Eldred

	Micah Eldred, President

	 
	 Micah Eldred, President

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EXHIBIT A

NOTICE OF CONVERSION

The undersigned hereby irrevocably elects to convert $__________ principal amount of the Debt (defined below) into shares of Stock,  $0.0001 par value per share (“Stock”), of Tecton Corp., a Nevada corporation (the “Company”) according to the conditions of the Debt Conversion Agreement of the Company dated as of ___________ (the “DCA”), as of the date written below. 

If securities are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates.  No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.  A copy of the DCA is attached hereto (or evidence of loss, theft or destruction thereof). 

The Company shall electronically transmit the Stock issuable pursuant to this Notice of Conversion (which number is based on the Holder’s calculation attached hereto) to the account of the undersigned or its nominee with Island Stock Transfer. 

The undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable to the undersigned upon conversion of the Debt shall be made pursuant to registration of the securities under the Securities Act of 1933, as amended (the “Act”), or pursuant to an exemption from registration under the Act. 

		
	Date of Conversion:

	 

	Conversion Price:

	 

	Number of shares of Stock to be issued pursuant to the conversion of $_________________ of the debt:

	 

	Signature:

	/s/ Micah Eldred

	Name:

	Micah Eldred

	Address:

	 

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