Document:

Exhibit 10.1

 

STIPULATED SETTLEMENT AGREEMENT

BY, BETWEEN AND AMONGST

DEBTOR, BLUE WATER GLOBAL GROUP, INC., AND

CREDITOR, CONVERTIBLE NOTEHOLDER, UNION CAPITAL, LLC

 

This Stipulated
Settlement Agreement (the “Agreement”), entered into this 25th day of February 2021, by and between Blue Water Global
Group, Inc. (“Blue Water” or “Debtor” or “Company”), a Nevada corporation, and Debtor, in
that certain Chapter 11 Bankruptcy Case No. 21-10322-EPK (the “Blue Water Bankruptcy”) pending in the Bankruptcy Court
for the Southern District of Florida, West Palm Beach Division, before Bankruptcy Judge Erik P. Kimball (the “Bankruptcy
Court”), and Creditor, Convertible Note Holder, Union Capital, Inc., (“Union”) as the holder of two Convertible
Notes given by Blue Water to Union (the “Union Notes”), which pursuant to Blue Water in its Bankruptcy Schedules E/F,
under No. 3.25 & 3.26, respectively claims it owes $51,698.63, and $50,000.00, respectively, to Union, hereby agree to settle
the disputes by and between them as follows:

1.              
Blue Water and Union shall collectively be referred to as the “Parties”.

2.              
Upon the completed execution of this Agreement, Union is immediately allowed to freely convert the Union Notes to Blue
Water Common Stock, subject to the terms of the Union Notes.

3.              
Blue Water and its authorized transfer agent VStock Transfer, LLC (hereinafter the “Transfer Agent” or “TA”),
shall accept Union’s Conversion Notices at the rates and up to the amounts allowable under the Union Notes and reserved
shares, without any restrictions on the converted shares, as allowable by law.

4.              
Blue Water agrees that the Union shares upon conversion of the Union Notes are not property of Blue Water’s bankruptcy
estate, and that the conversion of the same does not constitute a violation of the automatic stay of 11 U.S.C. §362.

5.            
Upon the completed execution of this Agreement, Union waives the balance of any debt remaining on the Union Notes, and
shall not file Proofs of Claims in the Blue Water Bankruptcy Case for any balance that would have remained due and owing on the
Union Notes.

6.            
Upon the completed execution of this Agreement, Blue Water will promptly notify the Transfer Agent to allow the Union shares
in Blue Water to be converted without any restrictions or reservations.

7.            
Blue Water may at its option, and in its discretion, notify the Bankruptcy Court that Blue Water and Union have resolved
their differences between them by way of this Agreement, and may disclose the essential terms to the Bankruptcy Court.

8.            
However, notwithstanding whether or not Blue Water submits this Agreement to the Bankruptcy Court, a hearing is held on
the same, or whether or not, or when, the Bankruptcy Court approves the same, the parties agree that the Agreement is not required
to be approved in order for this Agreement (i) to be effective, (ii) to take immediate effect upon execution, (iii) to bind the
parties hereto, and (iv) to obligate the parties to immediately and promptly take all action necessary to comply with its terms.

 

 

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9.            
Barring a court ruling affirmatively undoing any of the acts taken or required to be done under this Agreement, the parties
to this Agreement shall immediately take such action as is necessary in furtherance of the Agreement.

10.         
This Agreement is intended solely for the benefit of the Parties, and there are no intended third party beneficiaries to
this Agreement. 

11.         
This Agreement is supported by good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by the Parties.

12.         
Time is of the essence as to the Parties’ respective performance of their obligations under this Agreement.

13.           
Except for any continuing obligations that the Parties have to each other under the Union Notes, and under this Agreement,
this Agreement, sets forth the entire understanding of the Parties in connection with the subject matter hereof, and is intended
to supersede all previous oral agreements concerning settlement. None of the Parties have made any statement, representation,
or warranty in connection herewith, except as expressly set forth herein, which has been relied upon by the other Parties hereto
or which acted as an inducement for the other Parties to enter into this Agreement; and each of the Parties agrees it is not in
fact relying upon any such statements, representation, or warranties, or any other expectations, understandings or agreements
other than those expressly set forth or incorporated by reference in this Agreement.

14.           
This Agreement shall be deemed to have been mutually prepared by the Parties, and shall not be construed against any of
them by reason of authorship.

15.           
The terms of this Agreement will inure to the benefit of, and be binding upon, the Parties and all of their heirs, successors,
assigns, officers, employees, directors, and members.

16.           
If, for any reason whatsoever, any one or more of the provisions of this Agreement shall be held or deemed to be inoperative,
unenforceable or invalid by a court of competent jurisdiction in a particular case or in all cases, such circumstances shall not
have the effect of rendering such provision invalid in any other case or rendering any other provisions of this Agreement inoperative,
unenforceable or invalid.

17.           
The Parties agree that this Agreement may be executed in one or more counterparts, each of which shall be executed by one
or more of the Parties, and such executed counterparts, taken collectively, will constitute one agreement. Copies sent via facsimile
and/or in pdf format via email shall be treated the same as originals.

18.           
This Agreement shall be governed by and enforced in accordance with the laws of the State of Florida, however the Union
Notes shall remain to be governed by and enforced in accordance with the laws of the states set forth within the Union Notes.

19.           
If a dispute arises with respect to the enforcement of this Agreement, or if any legal proceeding shall be brought to enforce
or interpret any provision in this Agreement, or to recover damages for breach of this Agreement, such action shall be brought
exclusively in the state or federal courts located in Palm Beach County, Florida.

 

 

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20.           
However, if a dispute arises with respect to the enforcement of the Union Notes, or if any legal proceeding shall be brought
to enforce or interpret any provision of the Union Notes, or to recover damages for breach of the Union Notes, such action shall
be brought exclusively in the state or federal courts located in the venues and jurisdictions set forth in the Union Notes.

21.           
The Parties waive the right to a jury trial and agree that the matter shall be tried by a court without a jury.

Done and entered
into this 25th day of February, 2021

 

By:___________________________________________

Miro Zecevic, as authorized representative of Blue Water

 

By:___________________________________________

Yanky Borenstein, as authorized representative of Union

 

 

 

    	 	3EX-10.1

 Exhibit 10.1 

DocuSign Envelope ID: 376C7E0C-4408-41A8-98D2-16D89F589199 

 
  

					
	

	 	 U.S. Small Business Administration

NOTE
	  	

  
  

 

			
	SBA Loan #	  	4226568507
		
	SBA Loan Name	  	Beasley Mezzanine Holdings, LLC
		
	Date	  	2021-02-25
		
	Loan Amount	  	$ 10000000.00
		
	Interest Rate	  	1.00% calculated on a non-compounding, non-adjustable basis
		
	Borrower	  	Beasley Mezzanine Holdings, LLC
		
	Operating Company	  	N/A
		
	Lender	  	Synovus Bank

  

	1.	 PROMISE TO PAY: 

In return for the Loan, Borrower promises to pay to the order of Lender the amount of 10000000.00 Dollars, interest on the unpaid principal
balance, and all other amounts required by this Note. 
  

	2.	 DEFINITIONS: 

“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note. 

“Guarantor” means each person or entity that signs a guaranty of payment of this Note. 

“Loan” means the loan evidenced by this Note. 

“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral,
including, but not limited to the Paycheck Protection Program Borrower Application Form. 
 “Loan Forgiveness Amount” means the
amount of Loan proceeds approved by Lender and the SBA to be forgiven pursuant to the Paycheck Protection Program. 
 “Maximum Covered
Period” means twenty-four (24) weeks after the date this Loan is disbursed. 
 “SBA” means the Small Business
Administration, an Agency of the United States of America 

  
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 DocuSign Envelope ID: 376C7E0C-4408-41A8-98D2-16D89F589199 

 

	3.	 PAYMENT TERMS: 

Borrower must make all payments at the place Lender designates. The payment terms for this Note are: 

This loan is made pursuant to the Paycheck Protection Program as part of the Coronavirus Aid, Relief, and Economic Security Act, as amended by
the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. 
 The term of this loan will be sixty (60) months.
Principal and interest payments will be deferred, with interest accruing, until either (a) the date the Loan Forgiveness Amount is remitted from the SBA to Lender, if Borrower applies for forgiveness of the Loan within 10 months after the last day
of the Maximum Covered Period, or (b) 10 months after the last day of the Maximum Covered Period, if Borrower does not apply for forgiveness of the Loan within such time. After the deferral period, Borrower will make monthly principal and interest
payments, amortized over the remaining term of the Loan, at the interest rate provided herein, for the remaining term of the Loan. Lender will apply each payment first to pay interest accrued to the day Lender received the payment, then to bring
principal current, and will apply any remaining balance to reduce principal. Payments must be made on the same day as the date of this Note in the months they are due. Lender shall adjust payments at least annually as needed to amortize principal
over the remaining term of the Note. 
 All remaining unpaid principal and accrued interest is due and payable sixty (60) months from
the date of the Note. 
 The interest rate will be fixed at 1.00% for the life of the loan, calculated on a non-compounding,
non-adjustable basis. Interest will accrue on an Actual/365 day basis. Interest shall accrue from the date hereof on the unpaid principal balance and shall continue to accrue until this Note is paid in full. 

Late Charge: To the extent permitted, if a payment on this Note is more than 10 days late, Lender may charge Borrower a late fee of up
to 5% of the unpaid portion of the regularly scheduled payment. 

  
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 DocuSign Envelope ID: 376C7E0C-4408-41A8-98D2-16D89F589199 

 

	4.	 CONDITIONS PRECEDENT TO FUNDING OF LOAN: 

Before the funding of the Loan, the following conditions must be satisfied: 

 

	 	A.	 Lender has approved the request for the Loan. 

 

	 	B.	 Lender has received approval from SBA to fund the Loan. 

 

	5.	 AGREEMENTS: 

Borrower understands and agrees as follows: 
  

	 	A.	 Borrower understands and acknowledges that (i) Borrower is solely responsible for understanding the rules
and guidance applicable to the Paycheck Protection Program, including the eligibility requirements contained in such rules and guidance; (ii) Borrower is solely responsible for providing accurate information to Lender; and (iii) Lender has
accepted Borrower’s application for the Loan and entered into the Note in reliance on information provided by Borrower and has not verified such information, except as necessary to comply with Lender’s obligations under the Paycheck
Protection Program or other federal or state law. 

  

	 	B.	 Borrower acknowledges that Lender and its affiliates have not and will not provide advice in connection with
the Paycheck Protection Program. 

  

	 	C.	 Forgiveness of the Loan is only available for principal that is used for the limited purposes that qualify for
forgiveness under SBA requirements, and that to obtain forgiveness, Borrower must request it and must provide documentation in accordance with the SBA requirements, and certify that the amounts Borrower is requesting to be forgiven qualify under
those requirements. Borrower also understands that Borrower shall remain responsible under the Loan for any amounts not forgiven, including any interest payable on the Loan that has not been remitted by the SBA. 

 

	 	D.	 Forgiveness is not automatic and Borrower must request it. Borrower is not relying on Lender for its
understanding of the requirements for forgiveness such as eligible expenditures, necessary records/documentation, or possible reductions due to changes in number of employees or compensation. Borrower will consult the SBA’s program materials
instead. 

  

	 	E.	 The application for this Loan is subject to review and that Borrower may not receive the Loan. The Loan also
remains subject to availability of funds under the SBA’s Paycheck Protection Program, and to the SBA issuing an SBA loan number. 

  

	6.	 DEFAULT: 

Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company: 

 

	 	A.	 Fails to do anything required by this Note or other Loan Documents; 

 

	 	B.	 Defaults on any other loan with Lender; 

 

	 	C.	 Does not preserve, or account to Lender’s satisfaction for, any of the Collateral or its proceeds;

  

	 	D.	 Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;

  

	 	E.	 Makes, or anyone acting on their behalf makes, a materially false or misleading representation, attestation or
certification to Lender or SBA; 

  

	 	F.	 Defaults on any loan or agreement with another creditor, if Lender believes the default may materially affect
Borrower’s ability to pay this Note; 

  

	 	G.	 Fails to pay any taxes when due; 

 

	 	H.	 Becomes the subject of a proceeding under any bankruptcy or insolvency law; 

 

	 	I.	 Has a receiver or liquidator appointed for any part of their business or property; 

 

	 	J.	 Makes an assignment for the benefit of creditors; 

  
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 DocuSign Envelope ID: 376C7E0C-4408-41A8-98D2-16D89F589199 

 

	 	K.	 Has any adverse change in financial condition or business operation that Lender believes may materially affect
Borrower’s ability to pay this Note; 

  

	 	L.	 Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s
prior written consent; or 

  

	 	M.	 Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower’s
ability to pay this Note. 

  

	7.	 LENDER’S RIGHTS IF THERE IS A DEFAULT: 

Without notice or demand and without giving up any of its rights, Lender may: 

 

	 	A.	 Require immediate payment of all amounts owing under this Note; 

 

	 	B.	 Collect all amounts owing from any Borrower or Guarantor; 

 

	 	C.	 File suit and obtain judgment; 

 

	 	D.	 Take possession of any Collateral; or 

 

	 	E.	 Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.

  

	8.	 LENDER’S GENERAL POWERS: 

Without notice and without Borrower’s consent, Lender may: 
  

	 	A.	 Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses;

  

	 	B.	 Incur expenses to collect amounts due under this Note, enforce the terms of this Note or any other Loan
Document, and preserve or dispose of the Collateral. Among other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s fees and costs. If
Lender incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the principal balance; 

  

	 	C.	 Release anyone obligated to pay this Note; 

 

	 	D.	 Compromise, release, renew, extend or substitute any of the Collateral; and 

 

	 	E.	 Take any action necessary to protect the Collateral or collect amounts owing on this Note.

  
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 DocuSign Envelope ID: 376C7E0C-4408-41A8-98D2-16D89F589199 

 

	9.	 WHEN FEDERAL LAW APPLIES: 

When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or
local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this
Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law. 
  

	10.	 SUCCESSORS AND ASSIGNS: 

Under this Note, Borrower and Operating Company include the successors of each, and Lender includes its successors and assigns. 

 

	11.	 GENERAL PROVISIONS: 

  

	 	A.	 All individuals and entities signing this Note are jointly and severally liable. 

 

	 	B.	 Borrower waives all suretyship defenses. 

 

	 	C.	 Borrower must sign all documents necessary at any time to comply with the Loan Documents and to enable Lender
to acquire, perfect, or maintain Lender’s liens on Collateral and further agrees to fully cooperate to correct or supplement, if necessary, in the sole discretion of Lender, any and all Loan Documents so that all Loan Documents accurately
describe the Loan. 

  

	 	D.	 Borrower acknowledges, certifies and attests in good faith that all of the information and certifications set
forth in the application for the Loan and this Note, including but not limited to Borrower’s certification that it is eligible for this Loan and will use the Loan proceeds in accordance with the statutory requirements, regulations, and guidance
related to this Loan, which have been provided to Lender remain true, correct and complete. 

  

	 	E.	 Borrower further agrees to provide such additional instrumentation or documentation that Lender may from time
to time deem to be required by the SBA or the Paycheck Protection Program. 

  

	 	F.	 Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender
may delay or forgo enforcing any of its rights without giving up any of them. 

  

	 	G.	 Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.

  

	 	H.	 If any part of this Note is unenforceable, all other parts remain in effect. 

 

	 	I.	 To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including
presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that Lender did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did not
obtain the fair market value of Collateral at a sale. 

  

	 	J.	 Lender may amend this Note as necessary to comply with changes in the law applicable to this Loan.

  

	12.	 ELECTRONIC SIGNATURE: 

Borrower’s electronic signature shall have the same force and effect as an original signature and shall be deemed (i) to be
“written” or “in writing” or an “electronic record”, (ii) to have been signed and (iii) to constitute a record established and maintained in the ordinary course of business and an original written record when
printed from electronic files. Such paper copies or “printouts,” if introduced as evidence in any judicial, arbitral, mediation or administrative proceeding, will be admissible as between the parties to the same extent and under the same
conditions as other original business records created and maintained in documentary form. 

  
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 DocuSign Envelope ID: 376C7E0C-4408-41A8-98D2-16D89F589199 

 

	13.	 STATE-SPECIFIC PROVISIONS: 

If Borrower is a resident of Georgia, the following language applies: 

The undersigned Borrower hereby waives the right to require the Holder of this obligation to confirm any foreclosure sale as a condition
for taking action to collect on this Note. 

  
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 DocuSign Envelope ID: 376C7E0C-4408-41A8-98D2-16D89F589199 

 

	14.	 BORROWER’S NAME(S) AND SIGNATURE(S): 

By signing below, each individual or entity becomes obligated under this Note as Borrower. 

 

			
	BEASLEY MEZZANINE HOLDINGS, LLC
		
	By:	 	 /s/ Marie Tedesco

		
	Printed Name:	 	Marie Tedesco
		
	Title:	 	CFO
		
	Date Signed:	 	3/1/2021

  
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