Document:

Exhibit 10.1

 

ASSUMPTION AGREEMENT

 

This Assumption Agreement
(this “Agreement”) is entered into as of December 31, 2020 (the “Effective Date”)
by, between, and among:

 

		i.	UPD Holding Corp., a Nevada corporation (“UPD”);

		ii.	Record Street Brewing Co., a Nevada corporation (“RSB”); and

		iii.	Jesse Corletto, a Nevada resident (“Corletto”).

 

Each of UPD, RSB, and Corletto may hereinafter
be referred to individually as a “Party” or collectively as the “Parties”.

 

RECITALS

 

WHEREAS, UPD acquired
RSB from JC and certain third parties to this Agreement on or about December 31, 2017.

 

WHEREAS, RSB is engaged
in the beer business through the license of its “Record Street” branded products and utilization of contract brewers
and third-party distributors.

 

WHEREAS, RSB has not
less than $248,967.38 of outstanding liabilities on its balance sheet, which are reflected on Schedule A attached hereto.

 

WHEREAS, UPD is a publicly
traded company that has expressed its intent to enter the substance abuse treatment business.

 

WHEREAS, UPD has determined
that the RSB business is substantially incompatible with the substance abuse treatment business.

 

WHEREAS, UPD has determined
to dispose of RSB and the RSB business by conveying it to Corletto in exchange for the assumption of RSB together with the RSB
liabilities.

 

NOW, THEREFORE, in
consideration of the mutual promises and agreements herein contained and certain other good and valuable consideration, the Parties
agree as follows:

 

1.       Recitals.
The foregoing recitals are material, substantive, and integral provisions of this Agreement and are enforceable as if hereinafter
restated.

 

2.       Assignments.
In consideration for the Assumptions described in Section 3 below, UPD hereby assigns all of its right, title, and interest
in and to all of the capital stock of RSB, inclusive of 10,000 shares of RSB common stock, $0.001 par value (the “RSB
Shares”), to Corletto as of the Effective Date, and Corletto hereby accepts the RSB Shares and the sole ownership of
RSB conveyed thereby (the “Assignments”).

 

3.       Assumptions.
In consideration for the Assignments described in Section 2 above, Corletto accepts the RSB Shares subject to the assumption
by RSB of all of the liabilities set forth on Schedule A, together with any and all other, current and contingent,
known and unknown, rights, assets, and liabilities of RSB that may be asserted on behalf, or to the detriment, of RSB now or at
any time in the future (the “Assumptions”).

 

    	 	Page 1 of 4	 

    	Assumption Agreement

    

 

4.       Third-Party
Consents. Each Party agrees that, to the extent the effectiveness of any act or arrangement contemplated by this Agreement
is subject to the consent of a third party to this Agreement, each Party will use its best efforts to promptly obtain such third-party
consent and deliver the same to the other Parties.

 

5.       Further
Instruments. Each Party agrees to execute and deliver such other and further instruments, and to do such other and further
acts, as may be necessary or desirable to effect the transactions contemplated in this Agreement and carry out the intent and purpose
of this Agreement, including, but not limited to, executing all documents required by any transfer agents or regulatory authorities
to transfer title to any securities identified herein.

 

6.       Indemnification.
Each Party agrees to indemnify and hold each other Party harmless against any and all liabilities, directly or indirectly, whether
accrued, absolute, contingent, or otherwise, including any damages, losses, claims, costs, and expenses (including attorney’s
fees) arising out of or resulting from any claims or liabilities against such Party concerning the subject matter hereof prior
to the Effective Date. No Party shall have any liability to any other Party under or arising out of any terminated agreement, assigned
right, or assumed obligation to which such Party was no longer a party after the Effective Date.

 

7.       Other
Agreements Not Affected. No agreement executed by, between, or among any Party or Parties to this Agreement shall be affected
by the terms and conditions of this Agreement unless expressly referred to herein.

 

8.       Independent
Counsel. Each Party has had a full and complete opportunity to consult with legal counsel or other advisers of its own choosing
concerning the terms, enforceability, and implications of this Agreement, and no Party has made any representations or warranties
to the other Party concerning the terms, enforceability, and implications of this Agreement other than as reflected in this Agreement.

 

9.       Miscellaneous.
Each Party to this Agreement agrees that: (i) this Agreement shall be binding upon and inure to the benefit of the Parties, their
respective heirs, devisees, executors, administrators, personal representatives, successors, trustees, receivers, and assigns;
(ii) all covenants, warranties, representations, and indemnities herein shall survive this Agreement and the existence of any loans
or subject securities; (iii) this Agreement shall be governed by the laws of the State of Nevada, except with regard to the conflicts
of law provisions thereof; and (iv) this Agreement may be executed simultaneously in two or more counterparts, each of which shall
be deemed an original and all of which together shall constitute but one and the same instrument.

 

[Signature Page Follows]

 

    	 	Page 2 of 4	 

    	Assumption Agreement

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the Effective Date.

 

	UPD Holding Corp.	 	Record Street Brewing Co.
	 	 	 
	 	 	 
	By: 	 	/s/ Mark Conte	 	By:	 	/s/ Mark Conte
	Name:	 	Mark Conte	 	Name:	 	Mark Conte
	Title:	 	President 	 	Title:	 	President 

 

 

	Jesse Corletto	 
	 	 
	 	 
	By: 	 	/s/ Jesse Corletto	 
	Name:	 	Jesse Corletto	 
	Title:	 	an Individual	 

 

    	 	Page 3 of 4	 

    	Assumption Agreement

    

 

Exhibit A

 

SCHEDULE OF LIABILITIES

 

[Schedule Contents Omitted]

 

 

Page 4 of 4Exhibit 10.2

 

MUTUAL RELEASE AND SETTLEMENT AGREEMENT

 

This Mutual Release
and Settlement Agreement (this “Agreement”) is entered into as of December 31, 2020 (the “Effective
Date”) by, between, and among, and for the benefit of each of, the following parties:

 

		i.	UPD Holding Corp., a Nevada corporation (“UPD”);

		ii.	Property Resource Associates LLC, a Florida limited liability company
(“PRA”);

		iii.	Gary Plichta, a Florida resident; and

		iv.	Each of their accountants, legal counsel, predecessors, successors, heirs,
agents, representatives, parents, subsidiaries, spouses, and affiliates.

 

Each of the foregoing parties may hereinafter
be referred to each as “Party” and, collectively, as the “Parties”.

 

TO ALL WHOM THESE PRESENTS
SHALL COME OR MAY CONCERN, know that, for valuable consideration, including, but not limited to the total sum of Ninety-Seven
Thousand Five Hundred Dollars ($97,500) payable from UPD to PRA or its designees by the issuance of Three Million Nine Hundred
Thousand (3,900,000) shares of UPD common stock, $0.005 par value, the receipt of which is hereby acknowledged, and in exchange
for the mutual promises and agreements contained herein, the Parties do hereby release, waive, and forever discharge one another
of and from any and all manner of actions, causes of actions, claims, suits, debts, demands, judgments, agreements, and/or obligations
of any nature whatsoever, at law or in equity, whether known or unknown, suspected, or asserted, matured or unmatured, accrued
or unaccrued, direct or indirect, which it ever had, now has, or which it hereafter can, shall, or may have, or claim to have,
for or by reason of any cause, matter, event, occurrence, or thing whatsoever from the beginning of the world to the Effective
Date asserted in or which could have been asserted by the Parties or a third party in relation to the mutual business dealings
and personal interactions of the Parties, including, but not limited to, the lending of funds and extension of credit by PRA and
Plichta, jointly and severally, to UPD in the amounts set forth in Schedule A attached hereto (collectively, the “Outstanding
Debts”), or in any mediation, arbitration, administrative, or regulatory proceeding, tribunal, or court of law arising
out of or connected with, directly or indirectly, any and all dealings, contracts, agreements, transactions, events, or other activities
by, between, or among the Parties or any third parties.

 

The Parties hereto
shall execute and deliver all documents, provide all information, and take or forbear from all such action as may be necessary
or appropriate to achieve the purposes of this Agreement. PRA and its designees agree to complete such accredited investor questionnaires
and execute such subscription documents as are customary and necessary for the issuance of capital stock by UPD in reliance upon
Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended.

 

    	 	Page 1 of 4	 

    	 

    

 

Each Party hereby agrees
to safeguard and hold confidential from disclosure to unauthorized parties all non-public information relating to this Agreement
and the Mutual Business Dealings. For purposes of the foregoing, only officers, directors, and employees of either Party or its
affiliates, including accountants, auditors, and attorneys, shall be authorized parties on a “need to know basis” consistent
with their respective positions, legal obligations, and responsibilities. Each Party agrees that it will not make any statements
or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which
may, directly or indirectly, disparage any Party, its affiliates, or their respective officers, directors, employees, advisors,
businesses, or reputations. Notwithstanding the foregoing, nothing in this Agreement shall preclude a Party from making truthful
statements or disclosures that are required by applicable law, regulation, or legal process.

 

Each Party further
agrees that: (i) it has had a full and complete opportunity to consult with legal counsel or other advisers of its own choosing
concerning the terms, enforceability, and implications of this Agreement, and no Party has made any representations or warranties
to any other Party concerning the terms, enforceability, and implications of this Agreement other than as reflected in this Agreement;
(ii) it has had a full and fair opportunity to review, comment, and make compromise revisions to this Agreement; (iii) this Agreement
shall be governed by and interpreted in accordance with the laws of the State of Nevada without giving effect to the conflicts
of laws principals thereof; (iv) it hereby submits to the jurisdiction and venue of the courts located in Washoe County, Nevada,
for purposes of any arbitration or litigation related to this Agreement; (v) each provision of this Agreement is severable, and
the unenforceability or invalidity of any provision of this Agreement shall not affect the validity or enforceability of the remaining
provisions of this Agreement; provided, however, that each Party shall use reasonable efforts to give effect to the economic or
other intended purpose of any provision that is unenforceable or invalid; (vi) this Agreement may be executed in counterparts,
each of which when executed and delivered shall be deemed an original, but all of which shall constitute one and the same instrument;
and (vii) this Agreement may be executed by original, facsimile, and electronic signatures, each of which when affixed shall be
deemed to be an original that is enforceable against the executing Party.

 

Subject to any limitations
of applicable law, this Agreement shall continue in full force and effect from the Effective Date until the end of time and to
the bounds of the universe unless earlier terminated by the written agreement of the Parties, or any of them; provided, however,
that no termination shall be binding upon any non-terminating Party.

 

[Signature Page Follows]

 

    	 	Page 2 of 4	 

    	 

    

 

IN WITNESS WHEREOF,
the Parties have executed and delivered this Agreement as of the Effective Date.

 

	UPD HOLDING CORP.	 	GARY PLICHTA
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Mark Conte	 	By:	/s/ Gary Plichta
	Name:  Mark Conte	 	Name:  Gary Plichta
	Title:  Chief Executive Officer	 	Title:  (an individual)

 

	PROPERTY RESOURCE ASSOCIATES LLC
	 	 	 
	 	 	 
	By:	/s/ Gary Plichta	 
	Name:  Gary Plichta	 
	Title:  Manager	 

 

    	 	Page 3 of 4	 

    	 

    

 

Schedule A

 

OUTSTANDING LIABILITIES

 

[Schedule Contents Omitted]

 

 

Page 4 of 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]