SEC Contract Filing

Filing Date: 2025-06-26

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>10
<FILENAME>e6672_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT 10.4</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Splash Beverage Group, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">1314 E Las Olas Blvd, Suite 221</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Fort Lauderdale, Fl, 33301</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">June 25, 2025</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Exchange
Letter Agreement</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify; text-indent: 0.5in"><B>Preamble</B>. This
letter agreement documents our understanding in connection with the Securities Exchange Letter Agreement (the &ldquo;Exchange Letter&rdquo;)
being entered into by and among Splash Beverage Group, Inc. (the &ldquo;Company&rdquo;) and each of the undersigned holders of Notes (collectively,
the &ldquo;Holders&rdquo;) and the Securities Purchase Agreement (the &ldquo;SPA&rdquo;) being entered into with the Company and certain
purchasers on or about the date hereof. Capitalized words and terms used and not defined herein have the meaning given them in the Exchange
Letter and SPA, as applicable, and, if not defined therein, in the Series B or Series A-1, as applicable. As a result of a continuing
failure to deliver shares of the Company&rsquo;s common stock to the Holders (the &ldquo;Failure to Deliver&rdquo;), this letter agreement
shall modify the Exchange Letter by providing the Holders with additional consideration described below in exchange for their agreeing
to forgo further liquidated damages and cancel their right to such damages solely arising from the Failure to Deliver and not any future
such liquidated damages relating to other conversions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify; text-indent: 0.5in"><B>Exchange Letter</B>.
Relative to other holders of Notes, the Holders&rsquo; respective Notes contain or are subject to the following additional or more favorable
rights and provisions: (A) in connection with certain prior conversions of the Notes and the Company&rsquo;s Failure to Deliver, the Holders&rsquo;
Notes have accrued liquidated damages in the approximate total amount of $925,000, and (B) the Holders&rsquo; Notes are convertible at
variable conversion prices and/or at conversion prices which are below the conversion prices contained in the other Notes and as contemplated
by the Series B (collectively, the &ldquo;Favorable Terms&rdquo;). In consideration of the undersigned Holders&rsquo; waiver and surrender
of the Favorable Terms by virtue of their exchange of Notes for Series B pursuant to the Exchange Letter, the Holders shall be entitled
to the following additional rights with respect to the Exchange Letter and the Series B which the Company shall issue the Holders pursuant
to the Exchange Letter:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Holders shall be entitled to convert their Series B at a Conversion Price of $1.50, which Conversion
Price shall be subject to the adjustment provisions set forth in the Series B Certificate of Designations.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">In the event that the Company fails to (A) timely file a required periodic report with the SEC beginning
six months following the date hereof, (B) fails to make dividend payments contemplated by the Series B, (C) incurs indebtedness for borrowed
money outside of the ordinary course of business in excess of $3,000,000, (D) fails to file a resale registration statement within the
timeframe provided under this letter agreement, or (E) fails to