Safe & Green Development Corp. Files Material Definitive Agreement

TL;DR

SGC just signed a big deal, details TBD.

AI Summary

On July 23, 2024, Safe & Green Development Corp. entered into a Material Definitive Agreement. The filing does not specify the nature of the agreement or any associated dollar amounts or parties involved.

Why It Matters

This filing indicates a significant new contract or partnership for Safe & Green Development Corp., which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its impact on the company.

Key Players & Entities

• Safe & Green Development Corp. (company) — Registrant
• July 23, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 SGD The Nasdaq Stock Market LLC I
• $100,000 — to contribute capital in the amount of $100,000 to the Joint Venture to be used for the
• $317,500 — greed to contribute the Land, valued at $317,500, to the Joint Venture. The Joint Ventur

Filing Documents

• ea0210155-8k_safe.htm (8-K) — 34KB
• ea021015501ex10-1_safe.htm (EX-10.1) — 109KB
• 0001013762-24-001800.txt ( ) — 337KB
• sgd-20240723.xsd (EX-101.SCH) — 3KB
• sgd-20240723_lab.xml (EX-101.LAB) — 33KB
• sgd-20240723_pre.xml (EX-101.PRE) — 22KB
• ea0210155-8k_safe_htm.xml (XML) — 4KB

01. Entry Into a Material Definitive

Item 1.01. Entry Into a Material Definitive Agreement. On July 23, 2024, Safe and Green Development Corporation (the "Company") entered into a Joint Venture Agreement (the "JV Agreement") with Milk & Honey LLC, a Texas limited liability company ("Milk & Honey"), for the purpose of establishing a joint venture to be conducted under the name of Sugar Phase I LLC (the "Joint Venture") for the purpose of developing and constructing single-family homes (the "Project") on five parcels of land located in Edinburg Texas (the "Land"). Each of the Company and Milk & Honey are referred to as a "Joint Venturer" and collectively are referred to as the "Joint Venturers." Pursuant to JV Agreement, the Company has agreed to contribute capital in the amount of $100,000 to the Joint Venture to be used for the development and construction of single-family homes on the Land, and Milk & Honey has agreed to contribute the Land, valued at $317,500, to the Joint Venture. The Joint Venturers shall make such other capital contributions required to enable the Joint Venture to carry out its purposes as set forth in the JV Agreement as the Joint Venturers may mutually agree upon. The Joint Venturers shall arrange for or provide any financing as may be required by the Joint Venture for carrying out the purposes of the Joint Venture. The JV Agreement provides that the Company will have a 60% interest and Milk & Honey will have a 40% interest in the Joint Venture. In addition, it provides that net profits of the Joint Venture as they accrue will be distributed 45% to the Company and 55% to Milk & Honey, and that the expenses of the Joint Venture will be paid by the Joint Venturers, in the ratio which the contribution of each Joint Venturer bears to the total contributions. The JV Agreement provides that the Company will act as the manager of the Joint Venture and shall be responsible for overseeing and dictating all responsibilities associated with managing a real estate development project,

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits The following exhibits are filed with this Current Report on Form 8-K: Exhibit Number Exhibit Description 10.1* Joint Venture Agreement, dated July 23, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) * Exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted exhibit to the SEC upon request. 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Safe and Green Development Corporation Dated: July 29, 2024 By: /s/ Nicolai Brune Name: Nicolai Brune Title: Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR