SEC Contract Filing

Filing Date: 2022-01-04

Document Content:
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<TYPE>EX-10.66
<SEQUENCE>3
<FILENAME>lsfp_ex10z66.htm
<DESCRIPTION>COLLATERAL STOCK PLEDGE AGREEMENT
<TEXT>
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<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style='border-bottom:1px solid #000000'><B>COLLATERAL </B><B>STOCK </B><B>PLEDGE AGREEMENT</B></FONT></P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'>THIS COLLATERAL STOCK PLEDGE AGREEMENT (<B>&#8220;Agreement&#8221;</B>), dated effective as of January 3, 2022, is by and between NICHOLAS S. WARRENDER, a Wisconsin resident with his principal residence at 328 55<SUP>th</SUP> Street B, Kenosha, WI 53140 (<B>&#8220;Secured Party&#8221;</B>), LFTD PARTNERS INC., a Nevada corporation (&#8220;LSFP&#8221;), and LIFTED LIQUIDS, INC., an Illinois corporation (&#8220;<B>LL</B>&#8221; and, together with LSFP, each a <B>&#8220;Pledgor&#8221; </B>and collectively the &#8220;<B>Pledgors</B>&#8221;).</P>
<P align=center style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style='border-bottom:1px solid #000000'>BACKGROUND</FONT></P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'>Pledgors have jointly and severally executed and delivered to Secured Party a Promissory Note (the <B>&#8220;Note&#8221;</B>), dated the date hereof, in the original principal amount of Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000), in accordance with Section 2 of that certain Agreement dated as of December 30, 2021, by and among Pledgors, Gerard M. Jacobs, William C. Jacobs, 95<SUP>th</SUP> Holdings, LLC, and Secured Party.</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'>In order to secure the repayment of the Note, Pledgors have agreed to grant to the Secured Party a continuing lien on and security interest in (i) a first lien security interest in all of the assets of Pledgors; (ii) all of the capital stock of LL; (iii) all of the capital stock of Bendistillery Inc., Bend Spirits, Inc., and Ablis Holding Company that is owned by Pledgors; and (iv) all of the capital stock of any other entity owned by any Pledgor or any of its subsidiaries.</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'>NOW, THEREFORE, in consideration of the premises contained herein, and intending to be legally bound, Pledgors hereby agree as follows:</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;color:#000000'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:36pt'>1.</KBD><KBD style=margin-left:72pt></KBD><FONT style='border-bottom:1px solid #000000'>Pledge.</FONT> In order to secure Pledgors&#8217; obligations under the Note (the <B>&#8220;Obligations&#8221;</B>), each Pledgor hereby assigns and pledges to Secured Party, and grants to Secured Party a lien on and security interest in and to the following (the <B>&#8220;Pledged Collateral&#8221;</B>): (i) all of the capital stock of LL; (ii) all of the capital stock of Bendistillery Inc., Bend Spirits, Inc., and Ablis Holding Company that is owned by Pledgors; and (iii) all of the capital stock of any other entity owned by any Pledgor or any of its subsidiaries, in each case as set forth in further detail on <FONT style='border-bottom:1px solid #000000'>Exhibit A</FONT> hereto, together with all profit distributions, cash, instruments, and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Collateral. &nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;color:#000000'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:36pt'>2.</KBD><KBD style=margin-left:72pt></KBD><FONT style='border-bottom:1px solid #000000'>Representations and Warranties.</FONT> &nbsp;Each Pledgor represents and warrants as follows with respect to the Pledged Collateral listed under its name on <FONT style='border-bottom:1px solid #000000'>Exhibit A</FONT> hereto:&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;color:#000000'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:72pt'>(a)</KBD><KBD style=margin-left:108pt></KBD>Except as pledged herein, Pledgor has not sold, assigned, transferred, pledged or granted any security interest in the Pledged Collateral and Pledgor is the legal and beneficial owner of the Pledged Collateral free and clear of any liens, encumbrances, pledges, security interests, option or other charge or encumbrance (collectively, &#8220;<B>Encumbrances</B>&#8221;).&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;color:#000000'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:72pt'>(b)</KBD><KBD style=margin-left:108pt></KBD>this Agreement creates a valid and perfected security interest in the Pledged Collateral securing the payment of the Note and the satisfaction of the Obligations.&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;color:#000000'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:36pt'>3.</KBD><KBD style=margin-left:72pt></KBD><FONT style='border-bottom:1px solid #000000'>Possession of Stock and Further Assurances.</FONT>&nbsp;</P>
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