Document:

Exhibit 10.12

     

    
      	
               

            	
              THIRD AMENDED AND RESTATED GUARANTY

            	
              Execution Version

            

    

     

    TO: WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC

    10 S. Wacker Drive, 20th Floor, Chicago, Illinois 60606

     

    1.          For value received, and in consideration of financing extended or to be extended by WELLS FARGO COMMERCIAL
        DISTRIBUTION FINANCE, LLC (“Lender”) to or for the benefit of LEGENDARY ASSETS & OPERATIONS, LLC, a Florida limited liability company (“LAO”), SINGLETON ASSETS & OPERATIONS, LLC,  a Georgia limited liability company (“SAO”), SOUTH FLORIDA ASSETS & OPERATIONS, LLC, a Florida limited liability company (“SFAO”), MIDWEST ASSETS & OPERATIONS, LLC, a Delaware limited
      liability company (“MAO”), SOUTH

        SHORE LAKE ERIE ASSETS & OPERATIONS, LLC, a Delaware limited liability company (“SSAO”)  and Bosun’s Assets &
      Operations, LLC, a Delaware limited liability company (“BAO,” and together with LAO, SAO, SFAO, MAO and BAO, collectively, the “Debtors”, individually each a “Debtor”), the
      undersigned (whether one or more, “Guarantor”) unconditionally (and, if more than one Guarantor, jointly and severally) guarantees the full and punctual payment and performance when due and at all times thereafter, of all indebtedness and
      other obligations of any nature whatsoever of each Debtor to Lender, whether direct, indirect, acquired, joint and/or several, existing, future, arising before or after a bankruptcy of such Debtor, contingent or otherwise, and whether for principal,
      interest, fees, expenses, reimbursement obligations or otherwise, (collectively, the “Liabilities”). Guarantor further agrees to pay all reasonable fees and expenses (including, without limitation, attorneys’ fees and expenses, whether or not
      litigation is commenced, and, if litigation is commenced, during both the trial and any appellate phases of such litigation) incurred by or on behalf of Lender to protect or enforce any of Lender’s rights under this Third Amended and Restated
      Guaranty (this “Guaranty”).

    2.          This Guaranty is a guarantee of payment and not of collection. Guarantor agrees that the obligations of Guarantor under this Guaranty shall be
      unconditional irrespective of, at any time, (a) the invalidity or unenforceability of (i) the Liabilities for any reason, including without limitation, any law, regulation or order affecting the Liabilities, or the disallowance in bankruptcy or other
      proceedings, or (ii) any agreement or instrument relating to any of the Liabilities including any other guaranty of the Liabilities (collectively, the “Transaction Documents”), (b) any change in the time, manner or place of payment of the
      Liabilities, or any other amendment, waiver or consent with respect to any Transaction Document, (c) the absence of any attempt to collect the Liabilities from Debtors or any of them or any other person liable for the Liabilities or of any attempt to
      realize upon any collateral, (d) any exchange, release, non-perfection or impairment of any collateral or security, (e) any release of or settlement with any person (including Debtors or any other guarantor) liable in whole or in part for the
      Liabilities, or (f) any dispute between Lender and any Debtor, or any termination or modification of credit provided to Debtors. Upon a default under any Transaction Document, Lender may proceed directly and at once against Guarantor to collect the
      full amount of all or any portion of the liability of Guarantor hereunder, without notice and without first proceeding against Debtor or any other person primarily or secondarily liable on the Liabilities.

    3.          Without limiting the foregoing, Lender is hereby authorized in its sole discretion, without notice to Guarantor and without impairing the
      liability of Guarantor hereunder, from time to time to (a) renew, extend, accelerate or change the time, place or manner for payment of, or other terms relating to, the Liabilities, or otherwise modify, amend, change or waive compliance with the
      terms of the Liabilities or any of the Transaction Documents, (b) accept partial payments on the Liabilities, (c) apply the collateral and direct the manner of sale thereof, and apply payments and credits (from any source) to Liabilities, in any
      order, (d) release or compromise the Liabilities or any portion thereof, or (e) extend additional credit and financial accommodations which may create additional Liabilities.

    4.          Until any Liabilities shall have been indefeasibly paid and discharged in full and all Transaction Documents (including any commitments) have
      been terminated, Guarantor shall have no right, and agrees it will not make any claim, against Debtor or any other person primarily or secondarily liable on the Liabilities with respect to any payment which Guarantor may make to Lender under this
      Guaranty, including without limitation, any right of subrogation, contribution, indemnification or other reimbursement. Guarantor waives all right of set off and all notices, presentments, protests and demands of any kind with respect to any
      Liabilities and this Guaranty (including without limitation demands for performance, notices of non-payment or non-performance, notices of protest, notices of dishonor and notices of acceptance of this Guaranty) and promptness and diligence with
      respect to the Liabilities.

    5.          Guarantor hereby agrees that Lender shall have no duty to advise Guarantor of information now or hereafter known to Lender regarding the
      financial or other condition of Debtors or any other person primarily or secondarily liable on the Liabilities or regarding any circumstance bearing on the risk of non-payment of the Liabilities. Guarantor has made an independent investigation of the
      financial condition of Debtors and gives this Guaranty based on that investigation and not upon any representation made by Lender.

    6.          Guarantor agrees to provide to Lender, promptly after Lender’s request therefor, such financial statements and other financial records and
      information respecting Guarantor as may be from time to time requested by Lender. Guarantor authorizes Lender, throughout the term of this Guaranty, to investigate or make inquiries of creditors or other persons and credit bureaus regarding Guarantor
      (including equity holders of Guarantor), and provide to creditors or other persons any financial, credit or other information regarding or relating to Guarantor, whether supplied by Guarantor to Lender or otherwise obtained by Lender.

    7.          Guarantor agrees that (a) the repurchase of inventory collateral by a seller of goods pursuant to a repurchase agreement between Lender and
      such seller shall be a commercially reasonable method of disposition, and (b) Guarantor is not a beneficiary of, and has no right to require Lender to enforce, any repurchase agreement.

    8.          This Guaranty may be terminated only upon written notice to Lender effective no earlier than sixty (60) days after the date such written notice
      is actually received by Lender. Any such termination shall not affect the liability of Guarantor under this Guaranty with respect to Liabilities created or incurred prior to the effective date of such termination. Without limiting the foregoing, any
      such termination shall not relate to any approval given by Lender to or for the benefit of Debtors prior to the effective date of such termination and upon any such termination, Guarantor shall nevertheless remain liable with respect to all
      Liabilities, and the performance of all duties, created or arising theretofore or based on a commitment theretofore entered into or any approval theretofore given to or for the benefit of Debtors to the full extent of Guarantor’s liability therefor
      as provided herein.

    9. No delay on the part of Lender in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by Lender of
      any right or remedy shall preclude any further exercise thereof. No modification, waiver or amendment of any of the provisions of this Guaranty shall be binding upon Lender except as expressly set forth in a writing signed by Lender and delivered to
      Guarantor. Lender’s failure at any time to require strict performance by Guarantor of any of the provisions contained in this Guaranty shall not waive, affect or diminish any right of Lender at any time to demand strict performance therewith.

    10.          To the extent Lender receives any payment of the Liabilities (through the exercise of remedies with respect to collateral or from any other
      source, including setoff) and such payments or any part thereof are later required to be repaid by Lender under any bankruptcy law, or other state or federal law, then to the extent of such repayment, the obligation originally intended to be
      satisfied shall be revived and continued in full force and effect. Notwithstanding anything in this Guaranty to the contrary, the right of recovery against Guarantor under this Guaranty is limited to the extent it is judicially determined with
      respect to Guarantor that entering into this Guaranty would violate § 548 of the United States Bankruptcy Code or any comparable federal, state or other laws relating to fraudulent transfers or the like, in which case Guarantor shall be liable under
      this Guaranty only for amounts aggregating up to the largest amount that would not render Guarantor’s obligations under this Guaranty subject to avoidance under § 548 of the United States Bankruptcy Code or any such comparable laws.

    11.          This Guaranty shall be binding upon Guarantor, and its heirs, personal representatives, trustees and successors and shall inure to the benefit
      of Lender’s successors and assigns. References herein to Lender shall be deemed to refer to Lender and its successors and assigns. Guarantor cannot assign its obligations under Guaranty without Lender’s prior written consent. Lender may assign or
      participate Lender’s interest, in whole or in part, without Guarantor’s consent. Wherever possible each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
      Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Guaranty. This
      Guaranty contains all of the understandings, promises and undertakings concerning the subject matter, and all prior undertakings and agreements, oral or written, concerning the subject matter are merged herein. This Guaranty may be validly executed
      and delivered by fax or other electronic transmission and in one or more counterpart signature pages. In the event there is any dispute under this Guaranty, the aggrieved party shall not be entitled to exemplary or punitive damages so that the
      aggrieved party’s remedy in connection with any action arising under or in any way related to this Guaranty shall be limited to a breach of contract action and any damages in connection therewith are limited to actual and direct damages, except that
      Lender may seek equitable relief in connection with any judicial repossession of, or temporary restraining order with respect to, the Collateral. This Guaranty and all agreements between Debtors and Lender have been substantially negotiated and will
      be substantially performed in the state of Illinois. Accordingly, all disputes will be governed by, and construed in accordance with, the laws of such state without regard to the conflict of law rules. ANY LEGAL
        PROCEEDING WITH RESPECT TO ANY DISPUTE WILL BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE WITHOUT A JURY. GUARANTOR HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN ANY SUCH PROCEEDING. GUARANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY
        LOCAL, STATE OR FEDERAL COURT LOCATED WITHIN ILLINOIS AND WAIVES ANY OBJECTION WHICH GUARANTOR MAY HAVE BASED ON IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY ACTION OR PROCEEDING IN ANY SUCH COURT.

    12.          This Guaranty amends and restates that certain Second Amended and Restated Guaranty issued by Guarantor in favor of Lender dated August 2,
      2017 (the “Existing Guaranty”) in its entirety and all obligations, of every type or nature of Guarantor under the Existing Guaranty are ratified and confirmed by Guarantor as though all of such obligations arose under this Guaranty. Guarantor
      acknowledges and agrees that Lender’s name was inadvertently described as Wells Fargo Distribution Finance, LLC in the Existing Guaranty and Lender’s name under the Existing Guaranty is as it appears in this Guaranty.

     

    THIS THIRD AMENDED AND RESTATED GUARANTY CONTAINS JURY WAIVER AND PUNITIVE DAMAGE WAIVER PROVISIONS.

     

    Dated: June 14, 2018

    

    

    [Signature Page to Follow]

    

    

    
       

      
        
 

    

    
    
      IN WITNESS WHEREOF, the undersigned Guarantor has duly executed this Guaranty as of the date set
          forth above.

       

      
        	
                By:

              	
                /s/ Philip Austin Singleton, Jr.

              	
                 

              
	
                Print Name:

              	
                Philip Austin Singleton, Jr.

              	
                 

              
	 	 	 
	
                Home Address for Notice to Guarantor

              	
                 

              
	 	 
	 	 

      

    

     

    [Signature Page to 3rd A&R Singleton Personal Guaranty]Exhibit 10.13

  

  

  EXECUTION VERSION

  

  

  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) Anthony

    Aisquith (“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.

  
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  (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.

  
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  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:

  

  

  Anthony Aisquith

  

  

  

  

  

  

  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.

  
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  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.

  

  

  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.

  
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  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.”

  

  

  *    *    *    *

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

  

  

  HOLDINGS

  

  

  ONE WATER MARINE HOLDINGS, LLC

  

  

  	 	
          By:

        	
          /s/ Philip Austin Singleton, Jr.

        
	 	
          Name:

        	
          Philip Austin Singleton, Jr.

        
	 	
          Title:

        	
          Chief Executive Officer

        

  

  

  INTERMEDIATE

  

  

  ONE WATER ASSETS & OPERATIONS, LLC

  

  

  	 	
          By:

        	
          /s/ Philip Austin Singleton, Jr.

        
	 	
          Name:

        	
          Philip Austin Singleton, Jr.

        
	 	
          Title:

        	
          Manager

        

  

  

  

  

  

  

  EXECUTIVE

  

  

  	 	
          By:

        	
          /s/ Anthony Aisquith

        
	 	
          Name:

        	
          Anthony Aisquith

        

   

  

  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 Agreement

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