Document:

Exhibit 10.47

 

 

NOTE CANCELLATION

AND

GENERAL RELEASE

 

 

Reference is hereby made to
the (i) Pledge and Security Agreement dated as of November 30, 2018 (the “Pledge Agreement”) by and among Grom Social
Enterprises, Inc. and the holders of Company’s common stock signatory thereto in favor of each of the holders of the Company’s
12% Secured Notes and The Crone Law Group, P.C. and (ii) Security Agreement dated as of November 30, 2018 (the “Security Agreement”,
and together with the Pledge Agreement, the “Agreements”) by each of Grom Social Enterprises, Inc., Grom Social, Inc.,
Grom Educational Services, Inc., Grom Nutritional Services, Inc. in favor of Newbridge Securities Corporation. Capitalized terms used
herein not otherwise defined shall have the meanings ascribed to such terms in the Agreements.

 

For and in consideration of
the covenants and promises contained herein, the receipt and sufficiency of which are hereby acknowledged, the undersigned Collateral
Agent, on behalf of itself and each of the Debtors, and their respective officers, directors, employees, members, servants, agents, affiliates,
subsidiaries, parents, partners, heirs, executors, administrators, successors and assigns (collectively, the “Releasors”),
hereby fully, finally and forever completely release each of the Company and the Subsidiaries and their respective officers, directors,
agents, affiliates, heirs, executors, administrators, successors and assigns (collectively, the “Released Parties”)
of and from any and all claims, actions, obligations, liabilities, demands, debts, sums of money (including without limitation attorneys’
fees and expenses), damages, judgements and/or causes of action, of whatever kind or character, whether now known or unknown, which such
Releasor has or might claim to have against the Released Parties, directly or indirectly, in connection with the Notes, the Collateral
and the Pledged Collateral.

 

The Releasors hereby agree
to cancel the Notes, to release the Collateral and the Pledged Collateral, and to release and discharge the Released Parties from all
of the Obligations under the Notes, without any further obligations to the Releasors. The Releasors hereby expressly warrant and covenant
that they will not bring suit, claim or cause of action against any of the Released Parties in connection with any and all past, present
and future claims, demands, obligations, causes of action or rights which a Releasor now has or which may hereinafter accrue, including,
but not limited to, with respect to the Notes.

 

This Note Cancellation and
General Release is not being signed under any duress, threat, undue influence and is being executed as a result of the satisfaction in
its entirety under the Note and the Agreements and after adequate consultation with counsel of Releasors’ choosing.

 

This Note Cancellation and
General Release cannot be modified orally and can only be modified through a written document signed by both parties.

 

This Note Cancellation and
General Release shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to conflict
of laws principles. This Note Cancellation and General Release may be executed electronically.

 

IN WITNESS WHEREOF, the parties have executed this
Note Cancellation and General Release on the ____ day of _______________, 2021.

 

 

 

Newbridge Securities Corporation

 

 

By:       _____________________

Name:

Title:Exhibit
10.1

 

 

independent
CONTRACTOR Agreement

 

This
Independent Contractor Agreement (the “Agreement”) effective on the 7th day of April, 2021, ending on the 31st
day of March, 2023, (the “Effective Date”), is entered into, by, and between Global Tech Industries Group,
Inc. (hereafter the “Company”), a corporation organized under the laws of the State of Nevada, having
its offices at 511 Avenue of the Americas, Suite 800, New York, New York, 10011, and          Ronald
Cavalier        , an individual having a primary residence at                             Weston,
CT 06854 hereafter the “Contractor”). The entities and or individuals entering into this agreement may be referred
to individually as a “Party” or collectively as the “Parties”.

 

WHEREAS,
Company desires to engage a competent and capable art market research specialist; and

 

WHEREAS,
Contractor is a knowledgeable and competent market research specialist; and

 

NOW,
THEREFORE, in consideration of the mutual promises contained herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

	1.	SERVICES.
                                         The Contractor, using its best efforts, shall provide Company with those services
                                         customarily provided by contractors in the applicable industry.

 

		a.	Services.
                                         The Services shall include, but not be limited to:

 

		i.	market
                                         research in the field of fine arts performed in a workmanlike manner consistent with
                                         applicable industry standards, and undertaken via traditional means, including internet,
                                         telephonic and/or in person research, as needed.

 

		ii.	research
                                         and tokenization of non-fungible assets, including but not limited to fine art.

 

		b.	Additional
                                         Services. Any broadening of the Services contained in section a., above, shall be
                                         evidenced by a written agreement between the Parties.

 

	2.	CONTRACTORS’
                                         COMPENSATION. Company shall compensate Contractor as follows:

 

		a.	Common
                                         Shares. Company agrees to issue to Contractor 200,000 common shares of the Company
                                         (the “Shares”), which Shares may be subject to certain restrictions, payable
                                         in 8 equal installments, with each installment to be issued by the end of each quarter
                                         during the Term of this Agreement, in book entry form.

 

		i.	Any
                                         share issuance made after the end of the quarter in which it was earned shall be marked
                                         with a “tacking date”, pursuant to Rule 144 of the Securities Act of 1933,
                                         of no later than the last day of the quarter in which it was earned.

 

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		b.	Reimbursement
                                         of Expenses. Contractor will be reimbursed only for those costs and expenses incurred
                                         in the performance of the Services that were previously authorized in writing by the
                                         Company.

 

		c.	Additional
                                         Documentation. Contractor agrees to review and execute, upon Company’s request,
                                         any further or other documents that the Company may, in its discretion, deem necessary
                                         to affirm that the issuance of the shares pursuant to this Agreement were in full satisfaction
                                         of all Services performed during the applicable quarter, and that no other sums, billed
                                         or unbilled, are owed to Contractor.

 

	3.	TERM.
                                         The term of this Agreement shall be from the Effective Date and until March 31, 2023.
                                         This Agreement will terminate if either Party materially fail to perform its obligations
                                         herein, enter into bankruptcy, or fail to comply with the Confidentiality provisions
                                         set forth herein.

 

		a.	The
                                         provisions contained in sections 8, and 9 through 20 shall survive termination of this
                                         Agreement.

 

	4.	PERSONAL
                                         NATURE OF AGREEMENT. Contractor acknowledges that the rights, duties, and sums payable
                                         pursuant to this Agreement are personal to Ronald Cavalier, and Ronald Cavalier may not
                                         assign and/or sublicense this Agreement or its rights or obligations hereunder to any
                                         other party without the written consent of Company.

 

	5.	CONFLICTS
                                         OF INTEREST. Both Parties shall use their best efforts to identify, and provide notice
                                         to the other Party, of any potential or actual conflicts of interest between Company,
                                         Contractor, and any third-party. Contractor hereby agrees to cancel, rescind, or otherwise
                                         terminate any agreement with any third-party that the Company believes, in its discretion,
                                         is averse to Company’s interests.

 

	6.	STATUS.
                                         Contractor is an independent contractor only. Neither party is an employee, agent, partner,
                                         director, officer, joint-venturer or representative of the other Party. No provisions
                                         herein shall be construed as providing authority to bind either Party to any third-party
                                         agreements, nor shall any provision herein be construed as creating or conferring rights
                                         as an intended or incidental third-party beneficiary in any party, individual, or entity.

 

	7.	TAXES.
                                         Each Party shall retain its own responsibility for reporting and paying any and all
                                         applicable Federal, State, or local taxes that may arise as a result of this Agreement.
                                         Contractor agrees to provide to Company that information necessary for Company to comply
                                         with applicable tax reporting requirements.
	 	 

	8.	CONFIDENTIALITY.
                                         Except as required by a court order or by law elsewhere, each Party agrees to treat any
                                         non-public and proprietary information it may become privy to as a result of this Agreement
                                         as confidential and to take all reasonable precautions against disclosure of such information
                                         to unauthorized third-parties during and after the term of this Agreement.

 

	9.	INDEMNIFICATION.
                                         Both Parties agree to indemnify, defend, and hold harmless the other Party, its respective
                                         officers, directors, employees, agents, representatives, or successors and assigns from
                                         any claim or liability arising out of, or in any way relating to this Agreement, including
                                         actions taken or fines levied by any regulatory agency or body of the United States or
                                         of any State.
	 	 

	10.	NOTICE.
                                         Any notice or communication required or permitted under this Agreement will be sufficiently
                                         given if delivered in person, by certified mail, return receipt requested or by email.
                                         The email address for GTII is david@gtii-us.com.
                                         The email address for Contractor is rjcjr58p@gmail.com.

 

	11.	ASSIGNMENT.
                                         This Agreement may not be assignable by either Party without the prior written consent
                                         of the other party. This Agreement will be binding upon and inure to the benefit of the
                                         Parties and their respective successors and permitted assigns.

 

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	12.	FORCE
                                         MAJEURE. If performance of this Agreement or any obligation under this Agreement
                                         is prevented, restricted, or interfered with by causes beyond either Party’s reasonable
                                         control (“Force Majeure”), and if the Party unable to carry out its obligations
                                         provides the other Party prompt written notice of such event, then the obligations of
                                         the party invoking this provision will be suspended to the extent necessary by such event.
                                         The term Force Majeure will include, without limitation:

 

		a.	Acts
                                         of God, fire, explosion, vandalism, storm or other similar occurrence, orders or acts
                                         of military or civil authority, or by national emergencies, insurrections, riots, or
                                         wars, or strikes, lock-outs, or work stoppages.

 

	13.	ENTIRE
                                         AGREEMENT. This Agreement contains the entire agreement of the parties, and there
                                         are no other promises or conditions in any other agreement whether oral or written.

 

	14.	AMENDMENTS.
                                         This Agreement may not be amended or modified except by an instrument in writing signed
                                         by the Parties.

 

	15.	SEVERABILITY.
                                         If a Court finds that any provision of this Agreement is invalid or unenforceable for
                                         any reason, the remaining provisions will continue to be valid and enforceable. If a
                                         court finds that any provision of this Agreement is invalid or unenforceable, but that
                                         by limiting such provision it would become valid and enforceable, then such provision
                                         will be deemed to be written, construed, and enforced as so limited.

 

	16.	APPLICABLE
                                         LAW. The laws of the State of New York shall govern, construe and enforce all of
                                         the rights and duties of the parties arising from, or relating in any way to, the subject
                                         matter of this Agreement. The Parties submit to the exclusive personal jurisdiction of
                                         the State of New York, and further agree that any action brought to enforce any portion
                                         of this agreement, or rights arising thereunder, will be brought in a New York State
                                         court or a federal court which sits in the State of New York.

 

	17.	WAIVER
                                         OF RIGHT. The failure of either Party to enforce any provision of this Agreement
                                         will not be construed as a waiver or limitation of that Party’s right
                                         to subsequently enforce and compel strict compliance with every provision of this Agreement.

 

	18.	HEADINGS.
                                         Headings are used for reference only and carry no legal significance.

 

	19.	REPRESENTATIONS.
                                         If applicable, each party represents and warrants that: (a) it is duly organized, validly
                                         existing and in good standing under the laws of the State where organized; (b) it has
                                         all requisite power and authority to own and operate its assets and carry on its business;
                                         (c) it is duly qualified to transact business and is in good standing in each jurisdiction
                                         in which the obligations under this Agreement are to be performed; (d) this Agreement
                                         is valid and binding obligation of each party, enforceable in accordance with its terms;
                                         and (e) entering into this Agreement will not violate any other agreements
                                         or obligations owed to any third-party.

 

	20.	AUTHORIZED
                                         SIGNATORIES. It is agreed and warranted by the Parties that the individuals singing
                                         this Agreement on behalf of themselves or the respective Parties are authorized to execute
                                         such an agreement.

 

	21.	COUNTERPARTS.
                                         This Agreement may be executed in any number of counterparts, each of which when
                                         so executed and delivered shall be deemed an original, and all of which together shall
                                         constitute one and the same agreement.

 

SIGNATURE
PAGE TO FOLLOW

 

REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK

 

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IN
WITNESS WHEREOF, the Parties hereunder have caused this Agreement to be executed as of the Effective Date, above.

 

On
behalf of:

 

	Global Tech Industries Group, Inc.	 	Ronald Cavalier
	 	 	 
	/s/
    David Reichman	 	/s/
    Ronald Cavalier
	 	 	 	 	 
	Name:
    	David
    Reichman	 	Name:
    	Ronald
    Cavalier
	 	 	 	 	 
	Title:	Chairman
    of the Board	 	 	 

 

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