Exhibit 10.25


 


MEMBERHSIP
UNIT PURCHASE AGREEMENT


 


THIS
MEMBERSHIP UNIT PURCHASE AGREEMENT (this “Agreement”), dated as of February 5, 2021, by and among Paz Gum LLC,
a Nevada limited liability company, located at 32 Pine Tree Drive, Poughkeepsie, NY 12603 (the “Company”), and the
Investor identified on the signature pages hereto (individually, an “Investor” and collectively, the “Investors”).


 


BACKGROUND


 


A.
The Company and the Investor are executing and delivering this Agreement in reliance upon the exemption from registration afforded by
Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D (“Regulation
D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities
Act.


 


B.
The Investor wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, that aggregate
number of limited liability company membership units of the Company (the “Units”) in the aggregate purchase price,
each as set forth on such Investor’s signature page to this Agreement.


 


C.
The Units issued or issuable pursuant to this Agreement are collectively are referred to herein as the “Securities.”


 


NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Company and the Investor agree as follows:


 


ARTICLE
I


DEFINITIONS


 


1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated:


 


“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 144 under the Securities Act.


 


“Agreement”
has the meaning set forth in the Preamble.


 


“Business
Day” means any day other than Saturday, Sunday, any day which shall be a federal legal holiday in the United States or any
day on which banking institutions in The State of New York are authorized or required by law or other governmental action to close.


 


“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.


 


“Closing
Date” means the date and time of the Closing and shall be on such date and time as is mutually agreed to by the Company and
the Investor.


 




    	 



     


    

 


“Company”
has the meaning set forth in the Preamble.


 


“Company
Counsel” means Rimon P.C., counsel to the Company. “Disclosure Materials” has the meaning set forth in Sect)on_3_.1(fJ.
“Exchange Act” means the Securities Exchange Act of 1934, as amended. “GAAP” has the meaning set forth
in Section 3.1(g).


 


“Indebtedness”
has the meaning set forth in Section 3.1(aa).


 


“Intellectual
Property Rights” has the meaning set forth in Section 3.log).


 


“Investor”
has the meaning set forth in the Preamble


 


“Lien”
means any lien, charge, claim, security interest, encumbrance, right of first refusal or other restriction.


 


“Losses”
means any and all losses, claims, damages, liabilities, settlement costs and expenses, including, without limitation, reasonable attorneys’
fees.


 


“Material
Adverse Effect” means (i) a material adverse effect on the results of operations, assets, business, prospects or financial
condition of the Company or (ii) material and adverse impairment of the Company’s ability to perform its obligations under any
of the Transaction Documents, provided, that none of the following alone shall be deemed, in and of itself, to constitute a Material
Adverse Effect: (i) changes in general economic conditions or changes affecting the industry in which the Company operates generally
(as opposed to Company-specific changes) so long as such changes do not have a disproportionate effect on the Company.


 


“Options”
means any outstanding rights, warrants or options to subscribe for or purchase Units.


 


“Person” means
an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.


 


“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, a partial proceeding, such as a deposition),
whether commenced or threatened in writing.


 


“Regulation
D” has the meaning set forth in the Preamble.


 


“Rule
144,” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.


 


“SEC”
has the meaning set forth in the Preamble.


 




    	 



     


    

 


“Securities”
has the meaning set forth in the Preamble.


 


“Securities
Act” has the meaning set forth in the Preamble.


 


“Transaction
Documents” means this Agreement, the schedules and exhibits attached hereto.


 


“Units”
has the meaning set forth in the Preamble.


 


ARTICLE
II


PURCHASE AND SALE


 


2.1
Closing. Subject to the terms and conditions set forth in this Agreement, at the Closing the Company shall issue and sell to the
Investor, and the Investor shall purchase from the Company, such number of Units for the price set forth on such Investor’s signature
page to this Agreement. The date and time of the Closing and shall be 11:00 a.m., New York City Time, on the Closing Date. The Closing
shall take place at the offices of the Company’s Counsel.


 


2.2
Closing Deliveries.


 


(a)
At the Closing, the Company shall deliver or cause to be delivered to the Investor the following:


 


(i)
one or more certificates evidencing such number of Units set forth on such Investor’s signature page to this Agreement, registered
in the name of such Investor; and


 


(ii)
the resolutions adopted by the Board of Directors of the Company approving the transactions contemplated by this Agreement.


 


(b)
At the Closing, the Investor shall deliver or cause to be delivered to the Company the purchase price set forth on such Investor’s
signature page to this Agreement in United States dollars and in immediately available funds, by wire transfer to an account designated
in writing to such Investor by the Company for such purpose.


 


ARTICLE
III


REPRESENTATIONS AND WARRANTIES


 


3.1
Representations and Warranties of the Companv. The Company hereby represents and warrants to the Investor as follows:


 


(a)
Organization and Oualification. The Company is an entity duly organized, validly existing and in good standing under the laws
of the jurisdiction of its formation, with the requisite legal authority to own and use its properties and assets and to carry on its
business as currently conducted. The Company is not in violation of any of the provisions of its certificate of formation, operating
agreement or other organizational or charter documents.


 


(b)
Authorization; Enforcement. The Company has the requisite corporate authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of each of the Transaction Documents to which it is a party by the Company and the consummation by it of the
transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of the Company and
no further consent or action is required by the Company, its Board of Directors or its Unitholders.


 




    	 



     


    

 


(c)
No Conflicts. The execution, delivery and performance of the Transaction Documents to which it is a party by the Company and the
consummation by the Company of the transactions contemplated hereby and thereby do not, and will not, (i) conflict with or violate any
provision of the Company’s certificate of formation or operating agreement, or (ii) conflict with, or constitute a default (or
an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, credit facility, debt or other instrument (evidencing a Company debt or otherwise) or
other understanding to which the Company is a party or by which any property or asset of the Company is bound, or affected, except to
the extent that such conflict, default, termination, amendment, acceleration or cancellation right is otherwise waived or would not reasonably
be expected to have a Material Adverse Effect.


 


(d)
The Securities. The Units are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents,
will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens and will not be subject to preemptive or similar
rights of Unitholders.


 


(e)
Capitalization. The capitalization table reflecting the aggregate number of Units outstanding has been made available to the Investor
upon request. All outstanding Units are duly authorized, validly issued, fully paid and nonassessable and have been issued in compliance
in all material respects with all applicable securities laws.


 


(f)
Disclosure Materials; Financial Statements. Together with any materials furnished by the Company to the Investor at the Investors
request, or as otherwise provided by the Company to such Investor(s), whether or not any such materials were required to be provided
to Investor(s), together with this Agreement and the Schedules hereto, the “Disclosure Materials”. The financial statements
of the Company have been or will be (if not yet required to be) prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified
in such financial statements, the notes thereto and except that unaudited financial statements may not contain all footnotes required
by GAAP or may be condensed or summary statements, and fairly present in all material respects the consolidated financial position of
the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended.


 


(g) Material
Changes; Undisclosed Events, Liabilities or Developments; Solvencv. Since December 31, 2020, the Company has not incurred any
material liabilities other than (A) trade payables and accrued expenses incurred in the ordinary course of business and (B)
liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP. The Company has not taken any
steps to seek protection pursuant to any bankruptcy law.


 




    	 



     


    

 


(h)
Absence of Litigation. Except as set forth in Schedule 3(h), there is no action, suit, claim, or Proceeding, or, to the
Company’s knowledge, inquiry or investigation, before or by any court, government agency, self-regulatory organization or body
pending or, to the knowledge of the Company, threatened against or affecting the Company that could, individually or in the aggregate,
to have a Material Adverse Effect.


 


(i)
Compliance. Except as would not, individually or in the aggregate, reasonably be expected to have or result in a Material Adverse
Effect, (i) the Company is not in default under or in violation of(and no event has occurred that has not been waived that, with notice
or lapse of time or both, would result in a default by the Company thereunder), nor has the Company received written notice of a claim
that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument
to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), or
(ii) the Company is not in violation of any order of any court, arbitrator or governmental body.


 


(j)
Title to Assets. The Company does not own real property. The Company has good and marketable title in all personal property owned
by them that is material to the business of the Company, in each case free and clear of all Liens, except for Liens that do not, individually
or in the aggregate, have or result in a Material Adverse Effect. Any real property and facilities held under lease by the Company is
held by it under valid, subsisting and enforceable leases of which the Company is in material compliance.


 


(k)
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale
of the Securities. The Company acknowledges that is has not engaged a placement agent in connection with the sale of the Securities.


 


(l)
Private Placement; Investment Company. Neither the Company nor any of its Affiliates nor, any Person acting on the Company’s
behalf has, directly or indirectly, at any time within the past six months, made any offer or sale of any security or solicitation of
any offer to buy any security under circumstances that would (i) eliminate the availability of the exemption from registration under
Regulation D under the Securities Act in connection with the offer and sale by the Company of the Securities as contemplated hereby or
(ii) cause the offering of the Securities pursuant to the Transaction Documents to be integrated with prior offerings by the Company
for purposes of any applicable law, regulation or Unitholder approval provisions. Assuming the accuracy of the representations and warranties
of the Investor set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities
by the Company to the Investor as contemplated hereby. The Company is not required to be registered as, and is not an Affiliate of, an
“investment company” within the meaning of the Investment Company Act of 1940, as amended.


 


(m)
Listing. The Company’s Units sold hereunder are neither registered with the United States Securities Exchange or any state
or foreign securities exchange, nor listed with any regulatory agency or recognized trading market, and the Company has no foreseeable
plans at this time to register or list such Securities.


 




    	 



     


    

 


(n)
Registration Rights. The Company has not granted or agreed to grant to any Person any rights (including “piggy-back”
registration rights) to have any securities of the Company registered with the SEC or any other governmental authority.


 


(o)
Disclosure. All disclosure provided by the Company to the Investor regarding the Company, its business and the transactions contemplated
hereby, including the Schedules to this Agreement furnished by or on behalf of the Company, are true and correct in all material respects
and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading.


 


(p)
Acknowledgment Regarding Investors’ Purchase of Securities. Based upon the assumption that the transactions contemplated
by this Agreement are consummated in all material respects in conformity with the Transaction Documents, the Company acknowledges and
agrees that each of the Investor is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction
Documents and the transactions contemplated hereby and thereby.


 


(q)
Patents and Trademarks. The Company owns, or possesses adequate rights or licenses to use, all trademarks, trade names, service
marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations,
trade secrets and other intellectual property rights (“Intellectual Property Rights”) necessary to conduct their respective
businesses as now conducted. The Company does not have any knowledge of any infringement by the Company of Intellectual Property Rights
of others. Except as disclosed herein, there is no claim, action or proceeding being made or brought, or to the knowledge of the Company,
being threatened, against the Company regarding its Intellectual Property Rights.


 


(r)
[Reserved]


 


(s)
Foreign Corrupt Practices. Neither the Company nor, to the knowledge of the Company, any director, officer, agent, employee or
other Person acting on behalf of the Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawfiil expenses relating to political activity; (ii) made any direct
or indirect unlawful payment to any foreign or domestic government official or employee or to any foreign or domestic political parties
or campaigns from corporate funds; (iii) violated or is in violation in any material respect of any provision of the U.S. Foreign Comipt
Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment
to any foreign or domestic government official or employee.


 


(t)
Indebtedness. Except as disclosed in Schedule 3(t) hereto, the Company has no outstanding Indebtedness (as defined below)
which is in violation of any term of or is in default under any contract, agreement or instrument relating to any Indebtedness, except
where such violations and defaults would not result, individually or in the aggregate, in a Material Adverse Effect.


 




    	 



     


    

 


(u)
Emplovee Relations. The Company is not a party to any collective bargaining agreement or employs any member of a union.


 


(v)
Tax Status. The Company (i) has made or filed all federal and state income tax returns, reports and declarations required by any
jurisdiction to which and periods for whiGh it is subject, and (ii) for any years for which it is required, has paid all taxes and other
governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations,
except those being contested in good faith.


 


3.2
Representations and Warranties of the Investor. The Investor hereby, as to itself only and for no other Investor, represents and
warrants to the Company as follows:


 


(a) Organization;
Authority. Such Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite corporate, partnership or other power and authority to enter into and to consummate the
transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
purchase by such Investor of the Securities hereunder has been duly authorized by all necessary corporate, partnership or other
action on the part of such Investor. This Agreement has been duly executed and delivered by such Investor and constitutes the valid
and binding obligation of such Investor, enforceable against it in accordance with its terms, except (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be
limited by applicable law.


 


(b)
No Public Sale or Distribution. Such Investor is (i) acquiring the Units in the ordinary course of business for its own account
and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered
under the Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities
laws, and such Investor does not have a present arrangement to effect any distribution of the Securities to or through any person or
entity; provided, however, that by making the representations herein, such Investor does not agree to hold any of the Securities
for any minimum or other specific term and reserves the right to di5pose of the Securities at any time in accordance with or pursuant
to a registration statement or an exemption under the Securities Act.


 


(c)
Investor Status. At the time such Investor was offered the Securities, it was, at the date hereof it is an “accredited investor”
as defined in Rule 501(a) under the Securities Act or a “qualified institutional buyer” as defined in Rule 144A(a) under
the Securities Act. Such Investor is not a registered broker dealer registered under Section 15(a) of the Exchange Act, or a member of
the NASD, Inc. or an entity engaged in the business of being a broker dealer.


 


(d) General
Solicitation. Such Investor is not purchasing the Securities as a result of any advertisement, article, notice or other
communication regarding the Securities published in any newspaper, magazine or similar media, broadcast over television or radio,
disseminated over the Internet or presented at any seminar or any other general solicitation or general advertisement.


 




    	 



     


    

 


(e)
Experience of Such Investor. Such Investor, either alone or together with its representatives has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Investor understands that it must bear the economic
risk of this investment in the Securities indefinitely, and is able to bear such risk and is able to afford a complete loss of such investment.


 


(f)
Access to Information. Investor acknowledges that it has reviewed the Disclosure Materials and has been afforded: (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms
and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information
about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such
Investor acknowledges receipt of or electronic access to copies of the Disclosure Materials.


 


(g)
No Governmental Review. Such Investor understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in
the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.


 


(h)
No Conflicts. The execution, delivery and performance by such Investor of this Agreement and the consummation by such Investor
of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Investor or (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Investor
is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws) applicable to such Investor, except in the case of clauses (ii) and (iii) above, for such that are not material and do not otherwise
affect the ability of such Investor to consummate the transactions contemplated hereby.


 


(i)
[Reserved]


 


(j)
Restricted Securities. The Investor understand that the Securities are characterized as “restricted securities” under
the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act only
in certain limited circumstances.


 




    	 



     


    

 


(k)
Legends. It is understood that, except as provided in Section 4.lab) of this Agreement, certificates evidencing such Securities
may bear the legend set forth in Section 4.1fb).


 


(l)
No Legal, Tax or Investment Advice. Such Investor understands that nothing in this Agreement or any other materials presented
by or on behalf of the Company to the Investor in connection with the purchase of the Securities constitutes legal, tax or investment
advice. Such Investor has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate
in connection with its purchase of the Securities. Such Investor understands that the Agent has acted solely as the agent of the Company
in this placement of the Securities, and that the Agent makes no representation or warranty with regard to the merits of this transaction
or as to the accuracy of any information such Investor may have received in connection therewith.


 


ARTICLE
IV


OTHER
AGREEMENTS OF THE PARTIES


 


4.1
Transfer Restrictions.


 


(a)
The Investor covenant that the Securities will only be disposed of pursuant to an effective registration statement under, and in compliance
with the requirements of, the Securities Act or pursuant to an available exemption from the registration requirements of the Securities
Act, and in compliance with any applicable state securities laws. In connection with any transfer of Securities other than pursuant to
an effective registration statement or to the Company, or pursuant to Rule 144 of the Securities Act, the Company may require the transferor
to provide to the Company an opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require registration under the Securities Act. Notwithstanding
the foregoing, the Company hereby consents to and agrees to register on the books of the Company, without any such legal opinion, any
transfer of Securities by an Investor to an Affiliate of such Investor, provided that the transferee certifies to the Company that it
is an “accredited investor” as defined in Rule 501(a) under the Securities Act and provided that such Affiliate does not
request any removal of any existing legends on any certificate evidencing the Securities.


 


(b)
The Investor agree to the imprinting, until no longer required by this Section 4 b), of the following legend on any certificate evidencing
any of the Securities:


 


THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE
STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.


 




    	 



     


    

 


Certificates
evidencing the Units shall not be required to contain such legend or any other legend (i) while a registration statement (including
the Registration Statement) covering the resale of the Units is effective under the Securities Act, (ii) following any sale of such
Securities pursuant to Rule 144 if the holder provides the Company with a legal opinion (and the documents upon which the legal
opinion is based) reasonably acceptable to the Company to the effect that the Securities can be sold under Rule 144, (iii) if the
Securities are eligible for sale under Rule 144, or (iv) if the holder provides the Company with a legal opinion (and the documents
upon which the legal opinion is based) reasonably acceptable to the Company to the effect that the legend is not required under
applicable requirements of the Securities Act (including controlling judicial interpretations and pronouncements issued by the Staff
of the SEC).


 


4.2
[Reserved].


 


4.3
[Reservedl-


 


4.4
Use of Proceeds. The Company intends to use the net proceeds from the sale of the Securities for working capital and general corporate
purposes. The Company also may use a portion of the net proceeds, currently intended for general corporate purposes, to acquire or invest
in technologies, products or services that complement its business, although the Company has no present plans or commitments and is not
currently engaged in any material negotiations with respect to these types of transactions.


 


ARTICLE
V


CONDITIONS


 


5.1
Conditions Precedent to the Obligations of the Investor. The obligation of the Investor to acquire Securities at the Closing is
subject to the satisfaction or waiver by such Investor, at or before the Closing, of each of the following conditions:


 


(a)
Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct in
all material respects as of the date when made and as of the Closing as though made on and as of such date; and


 


(b)
Performance. The Company and the Investor shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the
Closing.


 


(c) Absence
of Litigation. No action, suit or proceeding by or before any court or any governmental body or authority, against the Company
or pertaining to the transactions contemplated by this Agreement or their consummation, shall have been instituted on or before the
Closing Date, which action, suit or proceeding would, if determined adversely, have a Material Adverse Effect.


 






    	 



     


    

 


5.2
Conditions Precedent to the Obligations of the Company. The obligation of the Company to sell the Securities at the Closing is
subject to the satisfaction or waiver by the Company, at or before the Closing, of each of the following conditions:


 


(a)
Representations and Warranties. The representations and warranties of the Investor contained herein shall be true and correct
in all material respects as of the date when made and as of the Closing Date as though made on and as of such date; and


 


(b)
Performance. The Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Investor at or prior to the Closing.


 


ARTICLE
VI


MISCELLANEOUS


 


6.1
Termination. This Agreement may be terminated by the Company or the Investor, by written notice to the other parties, if the Closing
has not been consummated by the third business day following the date of this Agreement; provided that no such termination will affect
the right of any party to sue for any breach by the other party (or parties).


 


6.2
Fees and E enses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses
of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement.


 


6.3
Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with
respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules. At or after the
Closing, and without further consideration, the Company will execute and deliver to the Investor such further documents as may be reasonably
requested in order to give practical effect to the intention of the parties under the Transaction Documents.


 


6.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via facsimile or email at the facsimile number or email address specified in this Section prior to 6:30 p.m. (New York City time) on
a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile
or email at the facsimile number or email address specified in this Section on a day that is not a Business Day or later than 6:30
p.m. (New York City time) on any Business Day, (c) the Business Day following the date of deposit with a nationally recognized
overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The addresses,
facsimile numbers and email addresses for such notices and communications are those set forth on the signature pages hereof, or such
other address or facsimile number as may be designated in writing hereafter, in the same manner, by any such Person.


 




    	 



     


    

 


6.5
Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the
case of an amendment, by the Company and each of the Investor or, in the case of a waiver, by the party against whom enforcement of any
such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed
to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement
hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.


 


6.6
Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be applied against any party.


 


6.7 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the
Investor. Any Investor may assign its rights under this Agreement to any Person to whom such Investor assigns or transfers any
Securities, provided (i) such transferor agrees in writing with the transferee or assignee to assign such rights, and a copy of such
agreement is furnished to the Company after such assignment, (ii) the Company is furnished with written notice of(x) the name and
address of such transferee or assignee, (iii) following such transfer or assignment, the further disposition of such securities by
the transferee or assignee is restricted under the Securities Act and applicable state securities laws, (iv) such transferee agrees
in writing to be bound, with respect to the transferred Securities, by the provisions hereof that apply to the
“Investors” and (v) such transfer shall have been made in accordance with the applicable requirements of this Agreement
and with all laws applicable thereto.


 


6.8
No Third-Ph Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and
permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.


 


6.9
Governing Law; Arbitration, Jurisdiction. The interpretation and construction of this Agreement, and all matters relating
hereto (including, without limitation, the validity or enforcement of this Agreement), shall be governed by the laws of New York without
regard to any conflicts or choice of law provisions of the State of New York that would result in the application of the law of any other
jurisdiction.


 


Arbitration.


 


(1)
All disputes, claims or controversies arising out of or relating to this Agreement, or any agreement executed and delivered pursuant
hereto, or the negotiation, breach, validity or performance hereof, or the transactions contemplated hereby, shall be settled by
arbitration in the City, County and State of New York administered by the American Arbitration Association under its Commercial
Arbitration Rules and judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. In
connection with such arbitration proceeding, civil discovery shall be permitted for the production of documents and the taking of
depositions. All discovery shall be governed by the rules of the American Arbitration Association and all issues pertaining to
discovery shall be determined by the arbitrators.


 






    	 



     


    

 


(2)
The arbitrators’ decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrators shall
not have power to award damages in excess of actual compensatory damages and shall not multiply actual damages or award punitive damages,
and each party hereby irrevocably waives any claim to such damages.


 


(3)
The parties covenant and agree that they will participate in the arbitration in good faith and that they will, except as provided below,
(i) bear their own attorneys’ fees, costs and expenses in connection with the arbitration, and (ii) share equally in the fees and
expenses charged by the arbitrators. The arbitrators may in their discretion assess costs and expenses against any party to a proceeding.
Any party unsuccessfully refusing to comply with an order of the arbitrators shall be liable for costs and expenses, including attorneys’
fees, incurred by the other party in enforcing the award. Section 6.9(1)-f3) applies equally to requests for temporary, preliminary
or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court
without prior arbitration for the purposes of avoiding immediate and irreparable harm or to enforce any other restrictions set forth
in this Agreement.


 


Submission
to Jurisdiction.


 


Each
of the parties hereto hereby submit to the exclusive jurisdiction of the Supreme Court of the State of New York, New York County or the
United States District Court for the Southern District of New York sitting in New York County in connection with any action seeking injunctive
relief pursuant to the arbitration provisions of Section 6.9(3), or to confirm, vacate or enforce an arbitration award in an arbitration
commenced hereunder.


 


6.10
Survival. The representations and warranties, agreements and covenants contained herein shall survive the Closing.


 


6.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or email attachment, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or email-attached signature page were an original thereof.


 


6.12
Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such
substitute provision in this Agreement.


 








6.13
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
each of the Investor and the Company will be entitled to seek specific performance under the Transaction Documents. The parties agree
that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the
foregoing sentence and hereby agree to waive in any action for specific performance of any such obligation (other than in connection
with any action for a temporary restraining order) the defense that a remedy at law would be adequate.


 


6.14
[Reserved].


 


6.15
Independent Nature of Investors’ Obligations and Rights. The decision of the Investor to purchase Securities pursuant to
this Agreement has been made by such Investor independently of any other Investor and independently of any information, materials, statements
or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or
otherwise) or prospects of the Company.


 


[SIGNATURE
PAGES TO FOLLOW]


 




    	 



     


    

 


IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.


 


	 	PAZ
    GUM LLC.
	 	 	 
	 	By:	                        
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address
    for Notice: 
	 	 
	 	32 Pine Tree Drive,
	 	Poughkeepsie,
    NY 12603
	 	Tel:
    (845) 462-4000
	 	Attn:
    Azzy Reckess, President
	 	 
	 	With
    a copy to:
	 	 
	 	Rimon,
    P.C.
	 	245 Park Avenue

                                                                                New York, NY 10136

	 	Attn: Theodore J. Ghorra, Esq. Tel

                                                                                and Fax: 212-515-9979







 


COMPANY
SIGNATURE PAGE


 




    	 



     


    

 


Investor
Signature Page


 


By
its execution and delivery of this signature page, the undersigned Investor hereby joins in and agrees to be bound by the terms and conditions
of the Unit Membership Purchase Agreement dated as of February , 2021 (the “Purchase Agreement”) by and among Paz Gum LLC
and the Investor (as defined therein), as to the number of Units set forth below, to also execute such Joinder to the Company’s
Operating Agreement and to be bound by the terms thereunder, and authorizes this signature page to be attached to the Purchase Agreement
or counterparts thereof.


 


	 	Name
    of Investor:
	 	 
	 	Tauriga
    Sciences, Inc.
	 	 	 
	 	By:	 
	 	Name:	Seth
    M. Shaw
	 	Title:	Chief
    Executive Officer
	 	 	2/5/2021
	 	 	 
	 	Address:
	 	 
	 	4
    Nancy Court, Suite 4
	 	Wappingers
    Falls, NY 12590
	 	Telephone
    No.: (917) 796-7726
	 	Number
    of Units: 5,000
	 	 
	 	Aggregate
    Purchase Price: $50,000 (for 5% of the Company’s Units, based upon an initial aggregate Company valuation of $1,000,000 @ $10
    per unit)


 




    	 



     


    

 


Schedule
3.1(h)


 


None.


 




    	 



     


    

 


Schedule
3(t)


 


 Indebtedness.




 


None.