Document:

Exhibit 10.14

    

     

    

    
      NON-COMPETITION AND

      NON-SOLICITATION AGREEMENT

      

      

      THIS NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this “Agreement”) is entered into as of October 28, 2016 (the “Effective Date”), by
        and among (i) Philip Austin Singleton, Jr. (“Executive”), (ii) One Water Marine Holdings, LLC, a Delaware limited liability company (the “Company”), (iii) One Water Assets & Operations, LLC,
        a Delaware limited liability company (“Intermediate”), and (iv) the Persons identified as “Investors” on the signature pages hereto.  Executive, the Company, Intermediate and the Investors are sometimes collectively referred to herein as the
        “Parties” and individually as a “Party.”  Additional capitalized terms used herein and not defined in this Agreement shall have the meanings ascribed thereto in the Subscription Agreement (as defined below).

      

      

      Executive has been an employee, officer, director and indirect equityholder of the Company and/or its Subsidiaries, and as such, possesses special
        knowledge, abilities and experience regarding the business of the Company and its Subsidiaries;

      

      

      The Company, Intermediate and the Investors have entered into that certain Preferred Unit and Warrant Subscription Agreement (as may be amended, the “Subscription

          Agreement”), dated as of the Effective Date, pursuant to which the Investors have agreed to purchase Preferred Units from Intermediate and the Investor Warrants from the Company and Intermediate, on the terms and conditions set forth therein
        (the “Purchased Securities”);

      

      

      A significant portion of the proceeds from the purchase and sale of the Purchased Securities will be used to make the Member Distribution;

      

      

      Executive is an equityholder and thereby will derive significant economic benefit as a result of the consummation of the transactions contemplated by
        the Subscription Agreement and the other Related Documents (collectively, the “Transaction”), including receipt of Executive’s proportionate share of the Member Distribution;

      

      

      This Agreement is required to be delivered by Executive pursuant to Section 2.02(b) of the Subscription Agreement; and

      

      

      The execution and delivery of this Agreement by Executive is an inducement to and a condition precedent to the Investors’ willingness to consummate the
        Transaction.

      

      

      NOW THEREFORE, in consideration of the execution of the Subscription Agreement by the Company, Intermediate and the Investors and consummation of the
        Transaction and the mutual covenants and agreements set forth herein, the Parties agree as follows:

      

      

      1.          Confidential Information.

      

      

      (a)          Obligation to Maintain Confidentiality.  Executive
          agrees to treat and hold as confidential any information concerning the business and affairs of the Company and its Subsidiaries that is not already generally available to the public (the “Confidential Information”), refrain from using any
          of the Confidential Information except in connection with the Subscription Agreement or in connection with performing his duties as an employee of the Company and/or its Subsidiaries, and deliver promptly to the Company or destroy, at the request
          and option of the Company or any Investor, all tangible embodiments (and all copies) of the Confidential Information which are in his possession or under his control.  Notwithstanding the foregoing, Executive may retain Confidential Information
          to the extent required by applicable law; provided that any Confidential Information so retained shall remain subject to the restrictions set forth herein.  In the event that Executive is requested or required (by oral question or request
          for information or documents in any legal proceeding, interrogatory, subpoena, civil investigative demand, or similar process) to disclose any Confidential Information, Executive shall notify the Company promptly of the request or requirement so
          that the Company may seek an appropriate protective order or waive compliance with the provisions of this Section 1.(a).  If, in the absence of a protective order or the receipt of a waiver hereunder, Executive is, on the advice of
          counsel, compelled to disclose any Confidential Information to any tribunal or else stand liable for contempt, Executive may disclose the Confidential Information to the tribunal; provided that Executive shall use his commercially
          reasonable efforts to obtain, at the request and expense of the Company, an order or other assurance that confidential treatment shall be accorded to such portion of the Confidential Information required to be disclosed as the Company shall
          designate.

      
        
          

      

      
      (b)          Trade Name. Executive agrees not to use, or permit
          any of his Affiliates to use, the “One Water” name, the “Singleton” name, the “Legendary” name, the “Phil Dill” name, the “Rambo Marine” name, the “Lookout Marine” name, the “American Boat Brokers” name, the “Captain’s Choice Marine” name, the
          “Sundance Marine” name or any name that may reasonably be considered confusingly similar to any such names in any manner anywhere in the world; provided that this Section 1.(b) shall not restrict Executive from performing his
          duties as an employee of the Company and/or its Subsidiaries or from use of such names in Executive’s résumé.

      

      

      2.          Noncompetition and Nonsolicitation.

      

      

      (a)          Noncompetition.  In consideration of the Member
          Distribution and other transactions contemplated by the Related Documents, and as a condition precedent to willingness of the Company, Intermediate and the Investors to enter into the Related Documents and consummate the Transaction, during the
          period beginning on the Closing Date and ending on the forty-two (42) month anniversary of the Closing Date (the “Non-Compete Period”), Executive hereby agrees that he shall not engage (whether as an owner, operator, manager, employee,
          officer, director, consultant, advisor, representative or otherwise) directly or indirectly in the business of owning, developing, acquiring, managing or operating boat dealerships or any other business competitive with the Company or any of its
          Subsidiaries (the “Business”) anywhere in Florida, Georgia, Texas, Alabama, Kentucky, South Carolina and Tennessee or any other State where the Company or any of its Subsidiaries has locations or otherwise conducts material business as of
          the Effective Date (the “Restricted Territory”); provided that passive ownership of less than 2% of the outstanding stock of any publicly-traded corporation shall not be deemed to be engaging in the Business solely by reason
          thereof.  Executive acknowledges that the Company and its Subsidiaries currently engage, or propose to engage, in the Business throughout the Restricted Territory.

      
        -2-

        
          

      

      (b)          Nonsolicitation.  Executive agrees that, during
          the Non-Compete Period, his (i) shall not, and shall use his reasonable best efforts not to permit Executive’s Affiliates to, directly or indirectly contact, approach or solicit for the purpose of offering employment to or hiring (whether as an
          employee, consultant, agent, independent contractor or otherwise) or actually hire any Person that is employed by the Company or any of its Subsidiaries in a management-level capacity as of the Closing Date, without the prior written consent of
          the Company and the Investors, and (ii) shall not induce or attempt to induce any vendor or other material business relationship into any business relationship which would materially harm the Company or any of its Subsidiaries; provided however,
          that the foregoing provision will not prevent Executive from (A) making any general public solicitation not directed toward such employees or (B) soliciting or hiring any Person whose employment was terminated by Company or its Subsidiaries after
          the Closing Date and at least six months prior to such solicitation, but only if such previously terminated Person is not then under an applicable non-compete agreement which would be violated by such a hiring.  The term “indirectly” as used in
          this Agreement is intended to mean any acts authorized or directed by or on behalf of Executive or any Person controlled by Executive.

      

      

      3.          Remedy for Breach.  Executive acknowledges and
          agrees that in the event of a breach by Executive of any of the provisions of this Agreement, monetary damages shall not constitute a sufficient remedy.  Consequently, in the event of any such breach, the Company, Intermediate, the Investors
          and/or their respective successors or assigns shall, in addition to other rights and remedies existing in their favor, be entitled to specific performance and/or injunctive or other relief from any court of law or equity of competent jurisdiction
          in order to enforce or prevent any violations of the provisions hereof, and in connection therewith Executive hereby waives (i) any defense in any such action for specific performance that a remedy at law would be adequate, (ii) any requirement
          under any law to post security as a prerequisite to obtaining such equitable relief and (iii) any defense in any such motion for specific performance that such remedy is unavailable as a result of the breach or alleged breach of this Agreement or
          the Subscription Agreement or any other Related Document by the Company, Intermediate or any Investor.

      

      

      4.          Additional Acknowledgments.  Executive acknowledges
          that the provisions of this Agreement are in consideration of: (i) the Transaction, including Executive’s right to receive (indirectly, as an equityholder of the Company) his portion of the Member Payment and (ii) additional good and valuable
          consideration as set forth in this Agreement and the other Related Documents.  In addition, Executive agrees and acknowledges that the restrictions contained in Sections 1, 2 and 3 do not preclude Executive from
          earning a livelihood, nor do they unreasonably impose limitations on Executive’s ability to earn a living.  In addition, Executive acknowledges (x) that the business of the Company and its Subsidiaries will be conducted throughout the Restricted
          Territory and (y) notwithstanding the state of organization or principal office of the Company, or any of its executives or employees, it is expected that the Company and its Subsidiaries will have business activities and have valuable business
          relationships in the Business throughout the Restricted Territory.  Executive agrees and acknowledges that the potential harm to the Investors and the Company and its Subsidiaries of the non‐enforcement of any provision of Sections 1,
          2 and 3 outweighs any potential harm to Executive of its enforcement by injunction or otherwise.  Executive acknowledges that he has carefully read this Agreement and consulted with legal counsel of his choosing regarding its
          contents, has given careful consideration to the restraints imposed upon Executive by this Agreement and is in full accord as to their necessity for the reasonable and proper protection of confidential and proprietary information of the Company
          now existing or to be developed in the future.  Executive expressly acknowledges and agrees that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area. If the final
          judgment of a court of competent jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the Parties agree that the court making the determination of invalidity or unenforceability shall have the power to
          reduce the scope, duration, or area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to
          expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment may be appealed. Reformation of a restriction to
          validate its enforcement in any particular jurisdiction, however, will not affect the enforcement of the restriction as stated in any other jurisdiction in which it is enforceable as stated.  Also, the invalidity of a restriction in any
          particular jurisdiction will not affect the validity or enforcement of the restriction in another jurisdiction where it is otherwise valid.

      
        -3-

        
          

      

      5.          Third Party Beneficiaries.  This Agreement shall
          not confer any rights or remedies upon any Person other than the Parties and their respective successors and permitted assigns.

      

      

      6.          Entire Agreement.  This Agreement (including the
          Subscription Agreement and the other Related Documents and the other documents referred to therein) constitutes the entire agreement among the Parties regarding the subject matter hereof and supersedes any prior understandings, agreements, or
          representations by or between the Parties, written or oral, to the extent they related in any way to the subject matter hereof; provided that Executive’s obligations hereunder with respect to Confidential Information shall be in addition to, and
          not in lieu of, any other agreement or arrangement between Executive, on the one hand, and the Company, Intermediate and the Investors, on the other hand.

      

      

      7.          Succession and Assignment.  This Agreement shall be
          binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns.  No Party may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior
          written approval of the other Parties; provided however, that the Company, Intermediate and each Investor may each assign its rights under this Agreement (but may not delegate its obligations hereunder) to (a) an Affiliate by a
          written assignment and assumption agreement pursuant to which such Affiliate agrees to assume all obligations of such Party, or (b) to any of such Party’s lender(s) as collateral security.

      
        -4-

        
          

      

      8.          Counterparts.  This Agreement may be executed in
          one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

      

      

      9.          Headings.  The section headings contained in this
          Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

      

      

      10.          Notices.  All notices, demands and other
          communications given or delivered under this Agreement shall be in writing and shall be deemed to have been given when personally delivered, mailed by first class mail, return receipt requested, or delivered by express courier service or
          telecopied (with hard copy to follow).  Notices, demands and communications to the Parties shall, unless another address is specified in writing, be sent to the address or telecopy number indicated below:

      

      

      If to Executive:

      

      

      Last address of Executive on Company’s payroll records

      

      

      

      

      If to the Company or Intermediate:

      

      

      OneMarine Water Holdings, LLC

      6275 Lanier Islands Parkway

      Buford, GA 30518

      

      

      with a copy (which shall not constitute notice) to :

      

      

      Mike Gold

      6515 Shiloh Road, Suite 100

      Alpharetta, GA 30005

      

      

      If to any Investor, to the address set forth on the signature page hereto.

      

      

      11.          Governing Law; Jurisdiction.  All questions
          concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision
          (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

      

      

      12.          CONSENT TO JURISDICTION.  THE PARTIES AGREE THAT
          JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY ANY PARTY PURSUANT TO THIS AGREEMENT SHALL EXCLUSIVELY LIE IN ANY FEDERAL OR STATE COURT LOCATED IN NEW CASTLE COUNTY, DELAWARE].  BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY
          SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR HIMSELF OR HERSELF AND IN RESPECT OF HIS PROPERTY WITH RESPECT TO SUCH ACTION.  THE PARTIES IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVE ANY OBJECTION THAT SUCH COURT
          IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION.  THE PARTIES FURTHER AGREE THAT THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL CONSTITUTE VALID AND
          LAWFUL SERVICE OF PROCESS AGAINST THEM, WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE OR RULE OF COURT.

      
        -5-

        
          

      

      13.          WAIVER OF JURY TRIAL.  AS A SPECIFICALLY BARGAINED
          INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL), EACH PARTY EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM
          THIS AGREEMENT, THE SUBSCRIPTION AGREEMENT, THE TRANSACTION OR ANY OTHER MATTERS CONTEMPLATED BY THE FOREGOING.

      

      

      14.          Amendments and Waivers.  No amendment or waiver of
          any provision of this Agreement shall be valid unless the same shall be in writing and signed by each Party.  No waiver by any Party of any inaccuracy in or breach of any representation or warranty hereunder, or of any breach of any covenant
          hereunder shall be deemed to extend to any prior or subsequent inaccuracy in or breach of any representation or warranty hereunder, or of any breach of any covenant hereunder, or affect in any way any rights arising by virtue of any prior or
          subsequent such occurrence.

      

      

      15.          Severability.  Whenever possible, each provision
          of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only
          to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

      

      

      16.          Effectiveness. This Agreement shall be a binding
          obligation of the Parties as of the Effective Date.

      

      

      17.          Interpretation; Construction.  The language used
          in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Person.  The following provisions shall be applied where appropriate
          herein:  (a) “herein,” “hereby,” “hereunder,” “hereof” and other equivalent words shall refer to this Agreement in its entirety and not solely to the particular portion of this Agreement in which any such word is used; (b) all definitions set
          forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders;
          (d) the words “including” and “include” and other words of similar import shall be deemed to be followed by the phrase “without limitation” and shall not be limited by any enumeration or otherwise; (e) neither this Agreement nor any other
          agreement, document or instrument referred to herein or executed and delivered in connection herewith shall be construed against any Party as the principal draftsperson hereof or thereof; (f) any references herein to a particular Section means a
          Section of this Agreement unless another agreement is specified.

      
        -6-

        
          

      

      18.          Further Actions.  Each Party shall execute and
          deliver such further instruments of conveyance and transfer and take such additional action as any other Party may reasonably request to effect, consummate, confirm, or evidence the agreements of the Parties contemplated hereby.

      

      

      19.          Executive’s Representations.  Executive represents
          and warrants to the other Parties that (a) his execution, delivery and performance of this Agreement does not and shall not conflict with, or result in the breach of or violation of, any other agreement, instrument, order, judgment or decree to
          which he is a party or by which he is bound, and (b) upon the execution and delivery of this Agreement by the other Parties hereto, this Agreement shall be his valid and binding obligation, enforceable in accordance with its terms. Executive
          further acknowledges that nothing in this Agreement will be construed as constituting a commitment, promise, guarantee, agreement, understanding of any kind or nature that the Company or its Subsidiaries will continue to employ Employee; nor will
          this Agreement affect in any way the right of Company or its Subsidiaries to terminate the employment of Employee at any time and for any reason whatsoever.  Employee expressly acknowledges and agrees that Employee’s employment is “at will.”

      

      

      *    *    *    *

      
        -7-

        
          

      

      IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

      

      

      	 	
              HOLDINGS

            
	 	 	 	 
	 	 	
              ONE WATER MARINE HOLDINGS, LLC

            
	 	 	 	 
	 	 	
              By:

            	
              /s/ Anthony Aisquith

            
	 	 	
              Name:

            	
              Anthony Aisquith

            
	 	 	
              Title:

            	
              Manager

            
	 	 	 	 
	 	
              INTERMEDIATE

            
	 	 	 	 
	 	 	
              ONE WATER ASSETS & OPERATIONS, LLC

            
	 	 	 	 
	 	 	
              By:

            	
              /s/ Anthony Aisquith

            
	 	 	
              Name:

            	
              Anthony Aisquith

            
	 	 	
              Title:

            	
              Manager

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              EXECUTIVE

            
	 	 	 	 
	 	 	
              By:

            	
              /s/ Philip Austin Singleton, Jr.

            
	 	 	
              Name:

            	
              Philip Austin Singleton, Jr.

            

       

      

      
        Signature Page to Non-Competition and Non-Solicitation Agreement

      

      
        
          

      

      	 	
              INVESTORS:

            	 
	 	 	 	 
	 	 	
              GOLDMAN, SACHS & CO.

            
	 	 	 	 
	 	 	
              By:

            	
              /s/ Greg Watts

            
	 	 	
              Name:

            	
              Greg Watts

            
	 	 	
              Title:

            	
              Managing Director

            
	 	 	 	 
	 	 	
              Address for Notices:

            
	 	 	 	 
	 	 	
              Goldman, Sachs & Co.

            
	 	 	
              200 West Street

            
	 	 	
              New York, New York 10272

            
	 	 	
              Attn: AmSSG Legal Department

            
	 	 	 	 
	 	 	
              with a copy to (which shall not constitute notice):

            
	 	 	 	 
	 	 	
              Vinson & Elkins LLP

            
	 	 	
              2001 Ross Avenue, Suite 3700

            
	 	 	
              Dallas, TX 75201-2975

            
	 	 	
              Attention: Peter Marshall

            
	 	 	
              Phone: 214-220-7849

            
	 	 	
              Email:

            	 

       

      

      
        Signature Page to Non-Competition and Non-Solicitation Agreement

      

      
        
          

      

      	 	
              

              

            	OWM BIP INVESTOR, LLC
	 	 	 	 
	 	 	
              By:

            	
              /s/ John Troiano

            
	 	 	
              Name:

            	
              John Troiano

            
	 	 	
              Title:

            	
              Manager

            
	 	 	 	 
	 	 	
              Address for Notices:

            
	 	 	 	 
	 	 	
              c/o The Beekman Group

            
	 	 	 	 
	 	 	
              489 Fifth Avenue, 19th Floor

            
	 	 	
              New York, New York 10017

            
	 	 	
              Attention:

            	
              John Troiano

            
	 	 	 	
              James Clippard

            
	 	 	
              Fax: (646) 502-3333

            
	 	 	
              Email:

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	
              with a copy to (which shall not constitute notice):

            
	 	 	 	 
	 	 	
              Akerman LLP

            
	 	 	
              350 East Las Olas Boulevard

            
	 	 	
              Fort Lauderdale, Florida 33301

            
	 	 	
              Attention: David Birke, Esq.

            
	 	 	
              Fax: (305) 982-5606

            
	 	 	
              Email:

            

       

      

      
        Signature Page to Non-Competition and Non-Solicitation AgreementExhibit 10.15

   

  CONSIGNMENT AGREEMENT

   

  This Consignment Agreement (this “Agreement”) is dated as of ___________June 1__________, 2019, among Global Marine Finance LLC, a Delaware limited liability company (“Global - Consignor”), and Bosuns Assets & Operations LLC, a Delaware limited liability company (“Consignee”).

   

  Global has a perfected security interest in certain assets of Consignor, including, but not limited to inventory, accounts, general intangibles and proceeds
    of all the foregoing.

   

  Consignor and Consignee desire to enter into a consignment relationship under which Consignor will periodically transfer certain inventory owned by
    Consignor (collectively, the “Inventory”) to

    Consignee for the purpose of Consignee’s offering the Inventory for sale to its customers in the ordinary course of its business.

   

  Now therefore, for and in consideration of the above premises, and the mutual promises and covenants contained herein, the receipt and sufficiency of which
    are hereby acknowledged, the parties do hereby agree as follows:

   

  1.         Intent to Consign Inventory. Consignor and Consignee
    intend that all transfers to Consignee of the Inventory are subject to the terms of this Agreement and constitute a consignment as defined by Article 9 of the Uniform Commercial Code as adopted under the laws of the applicable state (the “UCC”). Consignor and Consignee further intend and agree that the perfected security interest of Global in the consigned Inventory continues in the hands of Consignee and will attach to all proceeds thereof. The
    transfer of the Inventory to Consignee is neither a “sale” nor a “sale or return” as those terms are defined in Article 2 of the UCC. Consignor at all times retains title and ownership of the Inventory until Consignee sells Inventory to a third party,
    and then the title and ownership for such Inventory shall pass directly from Consignor to such third party. Consginee agrees that it has no, and expressly disclaims any, interest of any kind in the Inventory.

   

  2.         Further Security. Notwithstanding the intent among the
    parties as set forth above, Consignee agrees to and herein does grant to Global and Consignor a security interest as set forth below, if for any reason the transactions are not deemed to have been consignment transactions, but rather purchases and
    sales in which Global and Consignor have retained a security interest therein.

   

  2.1          Grant of Security Interest. As further security for the payment of the sums due with respect to the Inventory, whether now or hereafter
    consigned or transferred by Consignor to Consignee, Consignee hereby grants to Global and to Consignor a security interest in all of Consignee’s inventory, equipment, and fixtures that are consigned by or otherwise acquired from Consignor, whether now
    owned or hereafter acquired and wherever located, including, without limitation, boats; all returns, repossessions, exchanges, substitutions, replacements, attachments, parts, accessories and accessions of any of the foregoing; all price protection
    payments, discounts, rebates, credits, factory holdbacks and incentive payments related to any of the foregoing; supporting obligations to any of the foregoing; and products and proceeds in whatever form of any of the foregoing (including without
    limitation all goods, money, checks, accounts, deposit accounts, chattel paper, instruments, documents, and general intangibles arising from any of the foregoing).

   

  2.2          Filing of Financing Statements. Consignee further consents to the filing by
    Global and Consignor of financing statements and the sending of any notices to third party creditors as prescribed by the UCC for the purpose of perfecting the consignment interests and security interests granted hereunder.

   

  CONSIGNMENT AGREEMENT - Page 1 of 5

  
    
      
 

  

  2.3          Power of Attorney. Consignor and
    Consignee grant Global an irrevocable power of attorney coupled with an interest to execute and file financing statements and consignment notification letters; and do anything to preserve and protect the Inventory and Consignor’s and/or Global’s rights
    and interest therein.

   

  2.4         Subordination Agreements. Consignee acknowledges and agrees that Global and
    Consignor may seek agreements from Consignee’s third-party creditors to subordinate any interest said creditors may have or may appear to have in the Inventory and proceeds thereof. Consignee agrees to cooperate with all reasonable requests of Global
    and/or Consignor in obtaining such subordination agreements.

   

  3.         Inventory Held in Trust. Consignee agrees to
    hold the Inventory in trust for Global and Consignor as Consignor’s property, for the sole purpose of selling the Inventory on behalf of Consignor. All Inventory shall be kept at locations of which Consignee has notified Consignor in writing. Consignee
    agrees to inform Consignor and Global within a reasonable time in advance of moving the Inventory to a new location for sale. Consignee further agrees not to operate, use or demonstrate any of the Inventory without the written consent of Consignor, nor
    will Consignee lend, rent, mortgage, pledge or encumber the Inventory, but will keep it in good condition, properly housed and free from all claims and taxes, or other encumbrances, and will pay all costs, expenses and disbursements incurred by
    Consignor in protecting its security interest in the Inventory.

   

  4.         Right of Sale. Consignee is hereby authorized to sell the Inventory on behalf of Consignor in the
    ordinary course of business, upon such terms as Consignor and Consignee agree from time to time, subject to Consignor’s and Global’s security interest in proceeds thereof. Consignee shall not transfer possession of the Inventory to any purchaser
    thereof until such time as Consignee has received payment in accordance with terms agreed upon by Consignor. Consignee agrees to keep the proceeds from sales thereof separate and capable of identification as the property of Consignor; to make entries
    in its books showing that the Inventory is held for the account of Consignor; to report to Consignor the consummation of any sale immediately after it is made; and to furnish Consignor, on demand, a true and complete report of Consignee’s sales for any
    period of time stated by Consignor.

   

  5.         Insurance. Consignee agrees to keep the Inventory fully insured, at its sole expense, against such
    risks as Consignor may request, the insurance policies to be satisfactory to Consignor, payable jointly to Global and Consignor as their interests may appear and to be delivered to Consignor, promptly on demand. Consignee shall be liable to Consignor
    for all loss, destruction or damage to the Inventory by theft, fire or otherwise, whether or not covered by insurance.

   

  6.        Right to Remove Inventory. Consignor and Global, or their respective representatives, shall at all
    times have the right to enter Consignee’s premises during normal business hours to inspect, remove or take possession of the Inventory without interference of the Consignee and, in the case of Global, in the exercise of Global’s rights as a secured
    party of Consignor.

   

  7.         Rights of Centennial Bank as Secured Party. As a secured party of Consignor, Global shall have the
    rights of a secured party in the event of the foreclosure of Global’s security interest in Consignor’s assets, including, but not limited to, Consignor’s rights under this Agreement.

   

  CONSIGNMENT AGREEMENT - Page 2 of 5

  
    
      
 

  

  8.         Affirmative Warranties and Representations of Consignee.
    Consignee warrants and represents to Global and Consignor that: (a) Consignee will execute all documents Global or Consignor request to perfect and maintain Global’s and Consignor’s security interest in the Collateral; (b) Consignee will at all times
    be duly organized, existing, in good standing, qualified and licensed to do business in each state, county, or parish, in which the nature of its business or property so requires; (c) Consignee has the right and is duly authorized to enter into this
    Agreement; (d) Consignee’s execution of this Agreement does not constitute a breach of any agreement to which Consignee is now or hereafter becomes bound; (e) Consignee has duly filed and will duly file all tax returns required by law; (f) Consignee
    has paid and will pay when due all taxes, levies, assessments and governmental charges of any nature; (g) Consignee will give Global and Consignor thirty (30) days prior written notice of any change in Consignee’s identity, name, form of business
    organization, ownership, management, principal place of business, and before moving any books and records to any other location; and (h) Consignee will comply with all applicable laws and will conduct its business in a manner which preserves and
    protects the Inventory and the earnings and income thereof.

   

  9.         Default. Consignee will be in default under this
    Agreement if: (a) Consignee breaches any terms, warranties or representations contained herein or in any other agreement between Global and Consignee; (b) any guarantor of Consignee’s debts to Global breaches any terms, warranties or representations
    contained in any guaranty or other agreement between the guarantor and Global; (c) any representation, statement, report or certificate made or delivered by Consignee or any guarantor to Global is not accurate when made; (d) Consignee fails to pay any
    portion of Consignee’s debts to Global when due and payable hereunder or under any other agreement between Global and Consignee; (e) Consignee abandons any of the inventory; (f) Consignee or any guarantor is or becomes in default in the payment of any
    debt owed to any third party; (g) a money judgment issues against Consignee or any guarantor; (h) an attachment, sale or seizure issues or is executed against any assets of Consignee or of any guarantor; (i) the undersigned dies while Consignee’s
    business is operated as a sole proprietorship, any general partner dies while Consignee’s business is operated as a general or limited partnership, or any member dies while Consignee’s business is operated as a limited liability company, as applicable;
    (j) any guarantor dies; (k) Consignee or any guarantor shall cease existence as a corporation, partnership, limited liability company or trust, as applicable; (l) Consignee or any guarantor ceases or suspends business; (m) Consignee, any guarantor or
    any member while Consignee’s business is operated as a limited liability company, as applicable, makes a general assignment for the benefit of creditors; (n) Consignee, any guarantor or any member while Consignee’s business is operated as a limited
    liability company, as applicable, becomes insolvent or voluntarily or involuntarily becomes subject to the Federal Bankruptcy Code, any state insolvency law or any similar law; (o) any receiver is appointed for any assets of Consignee, any guarantor or
    any member while Consignee’s business is operated as a limited liability company, as applicable; (p) any guaranty of Consignee’s debts to Global is terminated; (q) Consignee loses any franchise, permission, license or right to sell or deal in the
    Inventory; (r) Consignee or any guarantor misrepresents Consignee’s or such guarantor’s financial condition or organizational structure; or (s) Global determines in good faith that it is insecure with respect to any of the Inventory or the payment of
    any part of Consignee’s obligation to Global. Upon occurrence of a default, and if such default shall be declared at the option of Consignor and/or Global, Consignor and/or Global shall have the right: (a) to foreclose the security interest by any
    available judicial procedure and (b) to take possession of the Inventory.

   

  10.       No Waiver. Consignee agrees that any extension, release, waiver or other indulgence of any character
    whatsoever may be granted by Consignor with respect to the sums and indebtedness secured by this Agreement, or with respect to any sums and indebtedness evidenced by notes, trade acceptances or other evidences of indebtedness of the Consignee to
    Consignor. Any such extension, release, waiver or other indulgence, or any failure by Consignor to exercise any rights or privileges hereunder, shall in no way affect or impair the rights of Consignor or Consignor’s security interest as herein
    provided, or the Consignee’s liability hereunder.

   

  CONSIGNMENT AGREEMENT - Page 3 of 5

  
    
      
 

  

  11.       Termination. Consignor may at any time terminate this
    Agreement and shall have the right to take possession of the Inventory, or such part thereof as remains in the Consignee’s possession, and any and all proceeds of such Inventory as have been sold, wherever and in whatever form they may be; and for
    purposes of repossession, Consignor, or its representatives, may enter any premises without legal process and Consignee hereby waives and releases Consignor of and from any and all claims in connection therewith or arising therefrom. Consignee agrees,
    upon demand of Consignor, to assemble the Inventory and make it available to Consignor at a place reasonably convenient to both parties.

   

  12.       Binding Effect. This Agreement will protect and bind
    Global’s, Consignor’s and Consignee’s respective heirs, representatives, successors and assigns.

   

  13.       Severability. If any provision of this Agreement or its
    application are invalid or unenforceable, the remainder of this Agreement will not be impaired or affected and will remain binding and enforceable.

   

  14.       Supplement. If Global, Consignor and/or Consignee have
    heretofore executed other agreements in connection with all or any part of the Inventory, this Agreement shall supplement each and every other agreement previously executed by and among any or all of the parties hereto, and in that event this Agreement
    shall neither be deemed a novation nor a termination of such previously executed agreement nor shall execution of this Agreement be deemed a satisfaction of any obligation secured by such previously executed agreement.

   

  15.       Attorney’s Fees. Consignee agrees that, in the event
    Global or Consignor shall take any legal action to recover possession of the Inventory or any proceeds from the sales thereof or to recover any sums due Consignor hereunder or under any promissory notes, trade acceptances or invoices, Consignee shall
    bear all Global’s or Consignor’s attorney’s fees and costs in connection therewith.

   

  16.       Assignment by Global

        and/or Consignor. Global may, within its sole discretion and without any notice to or consent from Consignor or Consignee, assign to any third party all or any part of Global’s rights, title and
    interest in, to and under this Agreement and/or the Inventory, and all of such rights, title and interest assigned shall pass to and may be exercised by any such assignee thereof. Neither Consignor nor Consignee may assign it interests in this
    Agreement without the prior written consent of Global.

   

  17.       No Interest in Inventory. Nothing contained in this
    Agreement shall, in any sense, be considered as constituting a sale of the Inventory to the Consignee, or as giving the Consignee an ownership interest in the
    Inventory.

   

  18.      No Agreement to Lend. The parties hereto acknowledge and
    agree that the purpose for entry into this Agreement is the facilitation of the business transactions contemplated between Consignor and Consignee and the protection of the security interest of Global in the Inventory and proceeds. This Agreement is
    not an agreement by Global to lend to Consignor, nor does it alter or amend the respective rights and obligations contained in any Loan and Security Agreement or other agreement between Global and Consignor.

   

  19.       Governing Law. This Agreement shall be governed by, and
    construed in accordance with, the laws of the State of Delaware, without reference to applicable conflict of laws principles. Each of the parties hereto consents to the non-exclusive jurisdiction of Delaware courts in connection with the resolution of
    any disputes concerning the matters contemplated herein.

   

  CONSIGNMENT AGREEMENT - Page 4 of 5

  
    
      
 

  

  Global, Consignor, and Consignee have caused this Agreement to be executed as of the date and year first above written.

   

  
    	 	
            GLOBAL MARINE FINANCE

          
	 	 	 

  

  
    		
            By:

          	
            /s/ BRYAN BRALEY

          

  

  

  
    	 	
            Print Name:

          	
            BRYAN BRALEY

          

  

  
    	 	
            Title:

          	
            MEMBER

          

  

   

   

  

  
    	
             

          	
            (Consignor)

          

  

   

  
    	 	
            By:

          	 

  

  
    	 	
            Print Name:

          	 

  

  
    	 	
            Title:

          	 

  

   

  
    	 	
            ONEWATER MARINE HOLDINGS

          
	 	
            (Consignee)

          

  

   

  
    	 	
            By:

          	/s/ P. AUSTIN SINGLETON

  

  
    	 	
            Print Name:

          	
            P. AUSTIN SINGLETON

          

  

  
    	 	
            Title:

          	
            CEO

          

  

   

  CONSIGNMENT AGREEMENT - Page 5 of 5

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