Blue Gold Ltd

The Note bears interest at 10% per annum, calculated on a 360/30 basis from issuance, with principal and accrued interest payable in cash on November 30, 2026. The Note is unsecured and rank pari passu with the Company’s other unsecured, unsubordinated indebtedness. Prepayment requires the applicable holder’s prior written consent. Events of default include nonpayment when due (subject to a three-business-day cure period), material covenant breaches (subject to a ten-business-day cure period), cross-defaults on indebtedness exceeding $1,000,000, bankruptcy or insolvency proceedings, and unsatisfied judgments exceeding $250,000. Upon an event of default, holders may accelerate all amounts due. The Note includes a most favored nation provision covering more favorable economic terms in subsequent debt or equity issuances before the Note is repaid in full and prohibit dividends, share repurchases and other debt repayments while an event of default continues.