Document:

Exhibit 10.3

 

Copa
di Vino Wine Group, Inc.

 

2%
convertible Promissory Note

 

	Principal
Amount: $2,000,000 U.S. Dollars  	Issuance
    Date: December 24, 2020
	Original
    Principal Amount: U.S. $[ ]	 

 

FOR
VALUE RECEIVED, Copa di Vino Wine Group, Inc., a Nevada corporation (the “Company”), Splash Beverage Group,
Inc., a Nevada corporation (“Splash Nevada”), and Splash Beverage Group, Inc., a Colorado corporation (“Parent”)
(collectively the “Buyer Parties”) hereby jointly and severally promise to pay to the order of Copa di Vino
Corporation, an Oregon corporation (“Holder”) the amount set out above as the Principal Amount (the “Principal”)
when due, whether upon the respective Repayment Dates (as defined below) or earlier in accordance with the terms hereof, and to
pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate (as defined below) from
the date set out above as the Issuance Date (the “Issuance Date”) until this convertible promissory
note has been paid in full. This convertible promissory note, including all promissory notes issued in exchange, transfer or replacement
hereof, is referred to as this “Note”. This Note is delivered pursuant to the terms of that certain asset purchase
agreement (the “APA”) dated as of the Issuance Date by and among the Holder and the Buyer Parties. Certain
capitalized terms used herein are defined in Section 21.

 

1.
PAYMENTS OF PRINCIPAL. Subject to the conversion of the Note as described in Section 5 and the Company’s withholding
of one monthly payment pursuant to Section 5.03 of the APA, the Principal Amount and accrued Interest outstanding hereunder shall
be payable to the Holder on the fifteenth day of each month (the “Repayment Date”) commencing from January
15, 2021 as set forth in Schedule A, in a series of equal monthly payments in the amount of One Hundred Fourteen Thousand
Four Hundred and Forty-Four Dollars ($114,444). Any remaining unpaid Principal Amount and accrued interest shall be due and payable
in full on the Maturity Date. If the first day of a month is not a Business Day, the Company shall make the payment for the corresponding
Principal Amount and Interest on the following day that is a Business Day.

 

2.
INTEREST; INTEREST RATE. Interest shall accrue on the unpaid principal balance of this Note at the rate of two (2%) per
annum (the “Interest Rate”). Interest shall be calculated from and include the Issuance Date and shall be calculated
on an actual/365-day basis.

 

3.
DEFAULT.

 

(a)
Event of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)
the Buyer Parties’ failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under
this Note, in which case only if such failure remains uncured for a period of at least ten (10) days from the date when a written
notice from the Holder regarding the failure to pay Interest and/or Principal is given by the Holder of the Note, provided however,
after Holder has delivered three notices of failure to pay, any subsequent failure to pay shall constitute an immediate Event
of Default with or without notice;

 

    1

     

    

 

(ii)
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted
by or against the by a third party, shall not be dismissed within thirty (30) days of their initiation;

 

(iii)
the commencement by the Company of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent
by it to the entry of a decree, order, judgment or other similar document in respect of the Company in an involuntary case or
proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the filing of such
petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or
other similar official of the Company or of any substantial part of their properties, or the making by it of an assignment for
the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or
foreign proceeding, or the admission by it in writing of its inability to pay its debts generally as they become due, the taking
of corporate action by the Company in furtherance of any such action or the taking of any action by any Person to commence a Uniform
Commercial Code foreclosure sale or any other similar action under federal, state or foreign law; or

 

(iv)
the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company of a voluntary or involuntary
case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law
or (ii) a decree, order, judgment or other similar document adjudging the as bankrupt or insolvent, or approving as properly filed
a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in respect of the Company under any
applicable federal, state or foreign law or (iii) a decree, order, judgment or other similar document appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of their
property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree, order, judgment or
other similar document or any such other decree, order, judgment or other similar document unstayed and in effect for a period
of thirty (30) consecutive days.

 

    2

     

    

 

(b)
Notice of an Event of Default. As soon as possible and in any event within seven (7) days after the Company becomes aware
that an Event of Default as set forth in Section 3(a)(ii)-(iv) has occurred and has not been cured, the Company shall notify the
Holder in writing of the nature, extent and time of and the facts surrounding such Event of Default, and the action, if any, that
the Company proposes to take with respect to such Event of Default.

 

(c)
       Default Interest Rate. Upon the occurrence of an Event of Default, the unpaid
portion of the Principal Amount will bear simple interest from the date of the Event of Default at a rate equal to seven percent
(7.00%) per annum, for the duration from such Event of Default till the cure of such Default or the repayment date of the entire
outstanding balance of this Note.

 

 

4.
NONCIRCUMVENTION. The Company and Splash Beverage Group, Inc. (the “Parent”), a Colorado corporation
and holding 100% ownership of the Company, hereby covenant and agree that neither of the Company nor the Parent will, by amendment
of its respective Articles of Incorporation, or through any reorganization, transfer of assets, consolidation, merger, scheme
of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Note, and will at all times in good faith carry out all of the provisions of this Note
and take all action as may be required to protect the rights of the Holder of this Note.

 

5.
PREPAYMENT; CONVERSION.

 

(a)       Voluntary
Prepayment. The Company may prepay the outstanding Principal and accrued but unpaid Interest of this Note at any time, in
whole or in part, without penalty or prepayment.

 

(b)       Conversion.
At any time during the Conversion Period as defined below, the Holder may convert the unpaid and outstanding Principal plus any
accrued and unpaid Interest into shares of the Parent’s common stock (the “Common Stock”) at a conversion
price (the “Conversion Price”) of $1.10 per share, subject to certain adjustments as set forth in Section 5(d).
The Conversion Period shall commence on January 1, 2021 and end on the Maturity Date of this Note.

 

    3

     

    

 

(c)Mechanics
of Conversion.

 

i.Conversion
Shares Issuable Upon Conversion. The number of shares issuable upon a conversion (the “Conversion Shares”)
pursuant to Section 5(b) hereunder shall be determined by the quotient obtained by dividing the outstanding principal amount of
this Note and accrued but unpaid interest thereon to be converted by (y) the Conversion Price.

 

ii.Delivery
of Conversion Shares Upon Conversion. Not later than seven (7) Business Days (the “Share Delivery Date”)
after receiving a conversion notice substantially in a form attached herein as Exhibit 1, the Company shall deliver, or
cause to be delivered, to the Holder a certificate or certificates representing the Conversion Shares or a share report of the
Holder reflecting the issuance of Conversion Shares being acquired upon the conversion of this Note, in whole or in part.

 

iii.
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of
this Note. As to any fraction of a share which the Holder would otherwise be entitled to receive upon such conversion, the Company
shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Conversion Price or round up to the next whole share.

 

(d)       Certain
Adjustments.

 

i.Stock
Splits. If the Parent, at any time while this Note is outstanding: (i) subdivides outstanding shares of Common Stock into
a larger number of shares, (ii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a
smaller number of shares or (iii) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital
stock of the Parent, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of
shares of Common Stock (excluding any treasury shares of the Parent) outstanding immediately before such event, and of which the
denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant
to this Section 5(d) shall become effective immediately after the record date for the determination of stockholders entitled to
receive such distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re-classification.

 

ii.
Notice of Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to this Section 5(d),
the Company or the Parent shall promptly deliver to each Holder a notice setting forth the new Conversion Price with three (3)
Business Days after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Failure to provide
such notice shall not constitute an Event of Default.

 

    4

     

    

 

6.
COVENANTS. Until so long as no Principal or accrued but unpaid Interest remains outstanding:

 

(a)
Preservation of Existence. The Company and Parent shall maintain and preserve its existence, rights and privileges,
and become or remain duly qualified and in good standing in each jurisdiction in which the character of the properties owned or
leased by each of the Company and Parent or in which the transaction of its business makes such qualification necessary.

 

(b)       Public
Filings. The Parent shall use its best efforts to maintain its periodic filings required by the Securities Exchange Act of
1934, as amended (the “Exchange Act”) and keep its Common Stock quoted or tradable on the OTC Markets or another
United States stock exchange market.

 

 

7.
BENEFICIAL OWNERSHIP. In the event that the Holder’s Beneficial Ownership (as defined below) of the Parent’s
Common Stock reaches 5.00% or more, as a result of the Conversion or others, the Holder has agreed to coordinate with the Parent
to file certain disclosure documents as required by Section 13(d) of the 1934 Securities Exchange Act, as amended. For purposes
of this Section 7, the Holder’s Beneficial Ownership shall mean the number of shares of Common Stock beneficially owned
by the Holder and its Affiliates, as defined and calculated in accordance with Section 13(d) of the 1934 Securities Exchange Act
and the rules and regulations promulgated thereunder.

 

8.
AMENDMENTS. No modification, amendment or waiver of any provision of this Note shall be effective unless in writing and
approved by the Company and the Holder. 

 

9.
RESTRICTIONS ON TRANSFER. This Note may not be offered, sold, assigned or transferred by the Holder without the explicit
written consent of the Company, which may be granted or withheld at the sole discretion of the Company.

 

10.
REISSUANCE OF THIS NOTE.

 

(a)
Transfer. If this Note is to be transferred with the Company’s approval as provided in Section 9, the Holder shall
surrender this Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new
Note (in accordance with Section 10(d)), registered as the Holder may request, representing the outstanding Principal being transferred
by the Holder and, if less than the entire outstanding Principal is being transferred, a new Note (in accordance with Section
10(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance
of this Note, acknowledge and agree that, by reason of prepayment or conversion of any portion of this Note, the outstanding Principal
represented by this Note may be less than the Principal stated on the face of this Note.

 

    5

     

    

 

(b)
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below
shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder
to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note,
the Company shall execute and deliver to the Holder a new Note (in accordance with Section 10(d)) representing the outstanding
Principal.

 

(c)
Reserved.

 

(d)
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new
Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 10(a), the Principal designated by the Holder
which, when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed
the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance
date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same
rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest, from the Issuance Date.

 

11.
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents at law
or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note.

 

12.
LEGEND. The Holder understands and agrees that the Conversion Shares upon issuance shall be restrictive and, if represented
by a certificate(s), shall bear substantially the following legend until (i) such Conversion Shares shall have been registered
under the Securities Act and effectively disposed of in accordance with a registration statement that has been declared effective
or (ii) in the opinion of counsel acceptable to the Parent, such Conversion Shares may be sold in reliance on an available exemption
without registration under the Securities Act, as well as any applicable “blue sky” or state securities laws:

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SHARES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED
FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FILED BY THE ISSUER WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION COVERING SUCH SHARES UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

    6

     

    

 

13.
CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be
construed against any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form
part of, or affect the interpretation of, this Note. Terms used in this Note but defined in the other Transaction Documents shall
have the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to
in writing by the Holder.

 

14.
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 privilege. No waiver shall be effective unless it is
in writing and signed by an authorized representative of the waiving party.

 

15.
NOTICES; CURRENCY; PAYMENTS.

 

(a)
Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing sent by mail,
facsimile with printed confirmation, nationally recognized overnight carrier or personal delivery and shall be effective upon
actual receipt of such notice, to the following addresses until notice is received that any such address or contact information
has been changed:

 

	 	To the Buyer Parties: 	
        Copa di Vino Wine Group, Inc.

        1314 East Las Olas
        Blvd., Suite 221

        Fort Lauderdale, Florida 33316

        Attn: Robert Nistico

	 	 	 
	 	
        With another copy

        (which shall not constitute

        Notice) to:
	
        Sichenzia Ross Ference LLP

        1185 Avenue of the Americas, 37th
        Floor

        New York, NY 10036

        Facsimile: 212-930-9725

        Attn: Darrin M. Ocasio

	 	 	 
	 	To Holder:	
        Copa di Vino Corporation

        4010 Emerson Loop Rd.

        The Dalles, OR 97058

        E-mail: ***

        Attention: James Martin

	 	 	 
	 	
         

        With another copy

        (which shall not constitute

        Notice) to:
	
        Harris Berne Christensen
        LLP

        15350 SW Sequoia Parkway, Suite 250

        Portland, OR 97224

        E-mail: ***

        Attn: Milt Christensen

 

    7

     

    

 

(b)
Currency. All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Note shall be paid in U.S. Dollars.

 

(c)
Payments. The Company will make all payments of Principal and Interest under this Note by wire transfer of immediately
available funds to the bank account specified by the Holder in written notice delivered to the Company on or before each Repayment
Date.

 

16.
CANCELLATION. After all Principal, accrued Interest, and other amounts at any time owed on this Note have been paid in
full or converted in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation
and shall not be reissued.

 

17.
WAIVER OF JURY TRIAL. Each party hereby waives its right to a jury trial in connection with any suit, action or proceeding
in connection with any matter relating to this Note.

 

18.
GOVERNING LAW. This Note shall be governed by and construed in accordance with the laws of the State of Florida, without
giving effect to its principles regarding conflicts of law.

 

19.       
ATTORNEY FEES AND COSTS OF COLLECTION. With respect to any dispute relating to this Note, or in the event that a suit,
action, arbitration, or other proceeding of any nature whatsoever is instituted to collect the amounts due under the Note or to
interpret or enforce the provisions of this Agreement, including, without limitation, any proceeding under the U.S. Bankruptcy
Code and involving issues peculiar to federal bankruptcy law or any action, suit, arbitration, or other proceeding seeking a declaration
of rights or rescission, the prevailing party will be entitled to recover from the losing party its reasonable attorney fees,
paralegal fees, expert fees, and all other fees, costs, and expenses, including costs of collection, actually incurred and reasonably
necessary in connection therewith, as determined by the judge or arbitrator at trial, arbitration, or other proceeding, or on
any appeal or review, in addition to all other amounts provided by law.

 

    8

     

    

 

20.
MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or
other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Company to the Holder and thus refunded to the Company.

 

21.
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)        ”Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

(b)       
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City
of New York are authorized or required by law to remain closed.

 

(c)       
“Maturity Date” shall mean June 15, 2022.

 

(d)       
“Person” means “person” as such term is used for purposes of Section 13(d) or 14(d) of the Securities
Exchange Act of 1934, as amended, including any individual, corporation, limited liability company, partnership, trust, unincorporated
organization, government or any agency or political subdivision thereof, or any other entity or any group of persons.

 

(e)       
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(f)       
“Transaction Documents” means, collectively, the Note, the APA and any other agreements and instruments entered
into or delivered by any of the parties hereto in connection with the transactions contemplated by the APA, as may be amended
from time to time.

 

[signature
page follows]

 

    9

     

    

 

[SIGNATURE
PAGE TO THE CONVERTIBLE PROMISSORY NOTE]

 

IN
WITNESS WHEREOF, the Buyer Parties have caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	COMPANY:

        Copa
        di Vino Wine Group, Inc.

        a
        Nevada corporation

         

	 	By
                                         /s/ Robert Nistico

        Name:
        Robert Nistico

        Title:
        CEO

	 	 
	 	SPLASH
                                         NEVADA:

        Splash
        Beverage Group, Inc.,

        a
        Nevada corporation

         

	 	By
                                         /s/ Robert Nistico

        Name:
        Robert Nistico

        Title:
        CEO

         

	 	PARENT:

        Splash
        Beverage Group, Inc.,

        a
        Colorado corporation

         

	 	By
                                         /s/ Robert Nistico

        Name:
        Robert Nistico

        Title:
        CEO

 

    10

     

    

 

Schedule
A

Schedule
of Repayment

 

	Date	Outstanding
                                         

        Principal
	Monthly
    Payment- Principal	Monthly
    Payment- Interest	Total

        Monthly
        Payment
	Remaining
    Balance
	12/24/2020	  2,000,000
    	   -
    	  -
    	   -
    	 2,000,000
    
	1/15/2021	  2,000,000
    	 111,111
    	 3,333
    	 114,444
    	 1,888,889
    
	2/15/2021	  1,888,889
    	 111,111
    	 3,333
    	 114,444
    	 1,777,778
    
	3/15/2021	  1,777,778
    	 111,111
    	 3,333
    	 114,444
    	 1,666,667
    
	4/15/2021	  1,666,667
    	 111,111
    	 3,333
    	 114,444
    	 1,555,556
    
	5/15/2021	  1,555,556
    	 111,111
    	 3,333
    	 114,444
    	 1,444,444
    
	6/15/2021	  1,444,444
    	 111,111
    	 3,333
    	 114,444
    	 1,333,333
    
	7/15/2021	  1,333,333
    	 111,111
    	 3,333
    	 114,444
    	 1,222,222
    
	8/15/2021	  1,222,222
    	 111,111
    	 3,333
    	 114,444
    	 1,111,111
    
	9/15/2021	  1,111,111
    	 111,111
    	 3,333
    	 114,444
    	 1,000,000
    
	10/15/2021	  1,000,000
    	 111,111
    	 3,333
    	 114,444
    	 888,889
    
	11/15/2021	  888,889
    	 111,111
    	 3,333
    	 114,444
    	 777,778
    
	12/15/2021	  777,778
    	 111,111
    	 3,333
    	 114,444
    	 666,667
    
	1/15/2022	  666,667
    	 111,111
    	 3,333
    	 114,444
    	 555,556
    
	2/15/2022	  555,556
    	 111,111
    	 3,333
    	 114,444
    	 444,444
    
	3/15/2022	  444,444
    	 111,111
    	 3,333
    	 114,444
    	 333,333
    
	4/15/2022	  333,333
    	 111,111
    	 3,333
    	 114,444
    	 222,222
    
	5/15/2022	  222,222
    	 111,111
    	 3,333
    	 114,444
    	 111,111
    
	6/15/2022	  111,111
    	 111,111
    	 3,333
    	 114,444
    	  0.00
    

 

    11

     

    

 

EXHIBIT
1

Form
of Conversion Notice

 

Copa
di Vino Wine Group, Inc.

1314
East Las Olas Blvd., Suite 221

Fort
Lauderdale, Florida 33316

Attn:
Chief Financial Officer

 

The
undersigned hereby elects to convert certain outstanding amount as set forth below of the 2% Convertible Promissory Note of Copa
di Vino Wine Group, Inc., a Colorado corporation (the “Company”), issuance date [ ], 2020, into shares of common
stock (the “Common Stock”), of Splash Beverage Group, Inc. (the “Parent”), a Colorado company,
according to the conditions hereof, as of the date written below. If shares of Common Stock 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 and opinions as reasonably requested by the Company and Parent in accordance therewith. No fee will
be charged to the holder for any conversion, except for such transfer taxes, if any.

 

The
undersigned agrees to comply with the delivery requirements under the applicable securities laws in connection with any transfer
of the aforesaid shares of Common Stock.

 

Conversion
calculations:

 

Principal
Amount of Note to be Converted: $_____

 

The
Amount of Interest of the Note to be Converted: $____

 

Conversion
Price per Share: $_____

 

Number
of Shares of Common Stock to be Issued upon Conversion: ________

 

Signature:

Name
(Print):

 

Mailing
Address:

Phone
number:

Email:

Date: 

 

    12Exhibit 10.4

 

AGREEMENT REGARDING OTHER ACCOUNTS PAYABLE

 

This
Agreement Regarding Other Accounts Payable (“Agreement”) is entered into on December 24, 2020 by and between Copa di
Vino Corporation, an Oregon corporation (“Seller”), on the one hand, and Copa di Vino Wine Group, Inc., a Nevada
corporation (“Buyer”), Splash Beverage Group, Inc., a Nevada corporation (“Splash Nevada”),
and Splash Beverage Group, Inc., a Colorado corporation (“Parent”), on the other hand. Buyer, Splash Nevada,
and Parent are hereafter referred to as the “Buyer Parties.”

 

RECITALS

 

		A.	Seller and the Buyer Parties have entered into an Asset Purchase Agreement
of even date herewith (the “APA”), pursuant to which Seller is selling certain assets to Buyer and the Buyer
Parties are assuming certain liabilities of Seller.

 

		B.	Seller has certain other vendor trade payables and distributor credit payables
owed to third- party vendors and distributors (each a “Creditor”) that are listed on Exhibit A attached hereto,
which the Buyer Parties are not assuming pursuant to the APA (the “Other AP”).

 

		C.	The parties wish to work together to resolve Seller’s obligations
owed to the Creditors in connection with the Other AP.

 

		D.	The parties wish to make a prospective amendment to the Convertible Promissory
Note that is being issued pursuant to the APA (the “Note”).

 

AGREEMENT

 

Now, Therefore, the parties agree as follows.

 

1.       Settlement
Period. During the period beginning on the date of this Agreement and ending on April 1, 2021 (the “Settlement Period”),
the parties and their executives will cooperate with and assist each other in attempting to reduce and settle the obligations owed
to the Creditors in connection with the Other AP.

 

2.       Assumption
of Settled Obligations. The Buyer Parties will jointly and severally assume the obligation to pay the reduced amount of a settled
Other AP obligation upon reaching a settlement with a Creditor.

 

3.       Assumption
of Remaining Obligations. At the end of the Settlement Period, the Buyer Parties will jointly and severally assume the remaining
Other AP obligations owed to Creditors.

 

4.       Indemnification. The
Buyer Parties will jointly and severally hold Seller harmless from and defend and indemnify Seller against all costs
(including, but not limited to, attorney fees), expenses, liabilities and obligations arising out of the obligations to
Creditors required to be assumed by the Buyer Parties pursuant to Sections 2 and 3 above.

 

    1 – Agreement Regarding Other Accounts Payable

     

    

 

5.       Amendment
to Note. On April 1, 2021, the Note shall automatically be amended by adding the following language to the Note:

 

“Remedies for Default.
If the Buyer Parties fail to make three (3) monthly payments as set forth in Schedule A of the Note and those failures have
not been cured as of the date the Seller delivers a default notice to the Buyer Parties, the Seller shall, upon conversion of the
Note, be entitled to additional shares of the Parent’s common stock equal to the remaining unpaid Principal Amount and all
accrued, but unpaid interest of the Note minus the product of (i) the Conversion Shares issuable upon Conversion of the Note and
(ii) the closing price per share on such date of default notice, with the difference to be divided by the closing price per share
on such date of default notice with a maximum number of up to 2,181,818 shares (the “Default Remedy Shares”). The Default
Remedy Shares shall be placed in an escrow account pursuant to an escrow agreement.”

 

6.       Miscellaneous.

 

6.1       Entire
Agreement. This Agreement constitutes the sole and entire agreement of the parties with respect to the subject matter contained
herein and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such
subject matter.

 

6.2       Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. No party may assign its rights or obligations hereunder without the prior written consent of
the other parties, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party
of any of its obligations hereunder.

 

6.3       No
Third-party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal
or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

6.4       Time
of Essence. Time is of the essence with respect to all dates and time periods set forth or referred to in this Agreement.

 

6.5       Amendment
and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party
hereto.

 

6.6       Waiver. No
waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by
the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or
default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising
from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.

 

    2 – Agreement Regarding Other Accounts Payable

     

    

 

6.7       Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Florida without
giving effect to any choice or conflict of law provision or rule (whether of the State of Florida or any other jurisdiction).

 

6.8       Submission
to Jurisdiction. Any action or proceeding seeking to enforce any provision of this Agreement or based on any right arising
out of this Agreement must be brought against any of the parties in a Broward County Court of the State of Florida or, subject
to applicable jurisdictional requirements, in the United States District Court for the Southern District of Florida, and each of
the parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding
and waives any objection to such venue.

 

6.9       Attorney
Fees. With respect to any dispute relating to this Agreement, or in the event that a suit, action, arbitration, or other proceeding
of any nature whatsoever is instituted to interpret or enforce the provisions of this Agreement, including, without limitation,
any proceeding under the U.S. Bankruptcy Code and involving issues peculiar to federal bankruptcy law or any action, suit, arbitration,
or other proceeding seeking a declaration of rights or rescission, the prevailing party will be entitled to recover from the losing
party its reasonable attorney fees, paralegal fees, expert fees, and all other fees, costs, and expenses actually incurred and
reasonably necessary in connection therewith, as determined by the judge or arbitrator at trial, arbitration, or other proceeding,
or on any appeal or review, in addition to all other amounts provided by law.

 

6.10       Waiver
of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely to involve
complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to
a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby.

 

6.11       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[Signatures on next page]

 

    3 – Agreement Regarding Other Accounts Payable

     

    

 

In Witness Whereof, the undersigned
parties have executed this Agreement effective on the date first written above.

 

	 	Copa
    di Vino Corporation 
	 	 
	 	By /s/ James Martin

        

        Name: James Martin 

        Title: CEO

	 	 

                                           Copa di Vino Wine
                                         Group, Inc. 

	 	 
	 	By /s/ Robert Nistico

        Name: Robert Nistico 

        Title: CEO

	 	 
	 	Splash Beverage Group,
Inc.,  

        a Nevada corporation

	 	 
	 	By /s/ Robert Nistico

        Name: Robert Nistico 

        Title: CEO 

         

	 	Splash Beverage Group,
Inc.,  

        a Colorado corporation

	 	 
	 	By /s/ Robert Nistico 

        Name: Robert Nistico 

        Title: CEO

 

    4 – Agreement Regarding Other Accounts Payable

     

    

  

EXHIBIT A

 

List of Other AP

 

Vendor Trade Payables

 

		·	Andersen Plastics greater than 90 days old ($344,876.81)

 

		·	Ciatti Wine & Grape ($21,320)

 

		·	Coventry Vale Winery ($108,792.30)

 

		·	J Lohr Estates ($12,381.25)

 

		·	O’Neil Vintners ($18,855.75)

 

		·	Rowe & Deming ($7,940.00)

  

	Distributor Credit Payables	 	 	 
	 	 	Current	 	 	1 - 30	 	 	31 - 60	 	 	61 - 90	 	 	> 90	 	 	TOTAL	 
	Ajax Turner Beverages	 	0.00	 	 	0.00	 	 	0.00	 	 	0.00	 	 	(260.83)	 	 	(260.83)	 
	Alliance Bev. Distributing	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(1,436.74	)	 	 	(1,436.74	)
	Atlanta Beverage	 	 	0.00	 	 	 	(849.00	)	 	 	(2,617.50	)	 	 	0.00	 	 	 	0.00	 	 	 	(3,466.50	)
	Bemiss Distributing	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(339.00	)	 	 	(339.00	)
	Ben E. Keith Beverages	 	 	0.00	 	 	 	(333.90	)	 	 	(163.70	)	 	 	0.00	 	 	 	0.00	 	 	 	(497.60	)
	Bernie Little Distributors	 	 	0.00	 	 	 	(406.05	)	 	 	0.00	 	 	 	(110.95	)	 	 	0.00	 	 	 	(517.00	)
	Better Brands, Inc	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(2,323.51	)	 	 	0.00	 	 	 	(2,323.51	)
	Bigfoot Beverages	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(1,140.80	)	 	 	(1,140.80	)
	Brown    Distributing     Company VA	 	 	0.00	 	 	 	(280.00	)	 	 	(418.25	)	 	 	0.00	 	 	 	0.00	 	 	 	(698.25	)
	Burkhardt Sales & Service	 	 	0.00	 	 	 	(292.60	)	 	 	(127.30	)	 	 	(72.30	)	 	 	0.00	 	 	 	(492.20	)
	Capitol-Husting	 	 	0.00	 	 	 	0.00	 	 	 	(488.76	)	 	 	0.00	 	 	 	0.00	 	 	 	(488.76	)
	Central Distributors	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(980.90	)	 	 	(980.90	)
	City Beverages	 	 	(3,623.35	)	 	 	(5,142.00	)	 	 	0.00	 	 	 	0.00	 	 	 	(16,198.08	)	 	 	(24,963.43	)
	Craft Beer Guild Distributing-LA	 	 	0.00	 	 	 	(380.50	)	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(380.50	)
	Double Eagle FL	 	 	0.00	 	 	 	(78.40	)	 	 	(133.70	)	 	 	0.00	 	 	 	0.00	 	 	 	(212.10	)
	E-Corp, Inc	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(932.84	)	 	 	(932.84	)
	Eastown Distributors	 	 	0.00	 	 	 	(16.80	)	 	 	(100.80	)	 	 	0.00	 	 	 	0.00	 	 	 	(117.60	)
	Fahr Beverage	 	 	0.00	 	 	 	0.00	 	 	 	(243.94	)	 	 	0.00	 	 	 	(23.94	)	 	 	(267.88	)
	Great Plains Distributors, LP	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(32.50	)	 	 	(32.50	)
	Hensley Beverage	 	 	0.00	 	 	 	(551.65	)	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(551.65	)
	L&F Distributors	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(104.00	)	 	 	(104.00	)
	Lake Beverage Corporation	 	 	0.00	 	 	 	(18,711.00	)	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(18,711.00	)
	Lakeshore Beverage	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(4,504.00	)	 	 	(5,506.00	)	 	 	(10,010.00	)
	Lewis Bear Co.	 	 	0.00	 	 	 	(352.80	)	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(352.80	)
	Lohr Distributing-St. Louis	 	 	0.00	 	 	 	(638.70	)	 	 	0.00	 	 	 	0.00	 	 	 	(130.13	)	 	 	(768.83	)
	Madison Bottling Company	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(82.50	)	 	 	(82.50	)
	McCraith Beverages	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(10.60	)	 	 	(10.60	)
	Mike Hopkins	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(387.66	)	 	 	(387.66	)
	Mussetter Distributing	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(179.80	)	 	 	0.00	 	 	 	(179.80	)

 

    5 – Agreement Regarding Other Accounts Payable

     

    

 

	Nevada Beverage	 	 	0.00	 	 	 	(54.08	)	 	 	(508.42	)	 	 	0.00	 	 	 	0.00	 	 	 	(562.50	)
	NKS Distributors	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(167.70	)	 	 	(167.70	)
	North Florida Sales	 	 	0.00	 	 	 	(117.00	)	 	 	(54.00	)	 	 	0.00	 	 	 	(104.40	)	 	 	(275.40	)
	Odom WA	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(164.90	)	 	 	(164.90	)
	Peace River Distributors	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(974.70	)	 	 	(974.70	)
	Pepin Dist	 	 	0.00	 	 	 	(18.00	)	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(18.00	)
	Quality Beverage	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(159.75	)	 	 	(159.75	)
	Quality Beverage Chicopee	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(1,042.88	)	 	 	(1,042.88	)
	Sanzo Beverage	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(2,432.75	)	 	 	(2,432.75	)
	Saratoga Eagle	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(274.50	)	 	 	(274.50	)
	Southern Eagle Sales & Service	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(1,453.94	)	 	 	(1,453.94	)
	Straub Distributing	 	 	0.00	 	 	 	(129.30	)	 	 	(180.60	)	 	 	0.00	 	 	 	0.00	 	 	 	(309.90	)
	Suncoast Beverage Sales	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(443.00	)	 	 	(443.00	)
	TryIt Distributing	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(207.00	)	 	 	(207.00	)
	Virginia Eagle Distributing	 	 	0.00	 	 	 	(956.00	)	 	 	(1,154.00	)	 	 	0.00	 	 	 	0.00	 	 	 	(2,110.00	)
	Wantz	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	(326.28	)	 	 	(326.28	)
	TOTAL	 	 	(3,623.35	)	 	 	(29,307.78	)	 	 	(6,190.97	)	 	 	(7,190.56	)	 	 	(35,318.32	)	 	 	(81,630.98	)

 

    6 – Agreement Regarding Other Accounts Payable

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