# EDGAR Filing Document

**Accession Number:** 0001938109
**File Stem:** 0001641172-25-027066
**Filing Date:** 2025-9
**Character Count:** 866055
**Document Hash:** 615b227761cce07d493a01728203a919
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-027066.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0001641172-25-027066

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250904

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250910

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pineapple Financial Inc.
- **CENTRAL INDEX KEY:** 0001938109
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41738
- **FILM NUMBER:** 251306669

**BUSINESS ADDRESS:**
- **STREET 1:** 111 GORDON BAKER ROAD, SUITE 200
- **CITY:** NORTH YORK
- **STATE:** Z4
- **ZIP:** M2H3R1
- **BUSINESS PHONE:** 416-371-0835

**MAIL ADDRESS:**
- **STREET 1:** 111 GORDON BAKER ROAD, SUITE 200
- **CITY:** NORTH YORK
- **STATE:** Z4
- **ZIP:** M2H3R1

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): September 4, 2025

**PINEAPPLE FINANCIAL INC.**

(Exact name of registrant as specified in charter)

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| | | |
|:---|:---|:---|
| **Canada** | **001-41738** | **Not applicable** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

**Unit 200, 111 Gordon Baker Road**

**North York, Ontario M2H 3R1**

(Address of principal executive offices) (Zip Code)

**(416) 669-2046**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Shares, no par value | PAPL | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth ☒

If an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.**

***Subscription Receipt***  ***Agreement***

 ****

As previously disclosed, on September 2, 2025, Pineapple Financial Inc. (the "Company") entered into a securities purchase agreement (the "Securities Purchase Agreement") with certain accredited investors (the "Purchasers") pursuant to which the Company agreed to sell and issue to the Purchasers in a private placement offering (the "Private Placement") subscription receipts (the "Subscription Receipts") of the Company at an offering price of $3.80 per Subscription Receipt, with respect to certain purchasers, $4.16 per Subscription Receipt. Purchasers tendered, at the election of each Purchaser, U.S. dollars or INJ tokens to the Company as consideration for the Subscription Receipts (the aggregate amount paid in such INJ and United States Dollars, the "Subscription Amount").

The Company raised proceeds of approximately $100 million in the Private Placement in order to adopt a digital asset treasury strategy under which the principal holding will be INJ, the native digital asset of the Injective blockchain (the "Treasury Strategy").

The Subscription Receipts are governed by the terms of that certain subscription receipt agreement, dated September 4, 2025 (the "Subscription Receipt Agreement"), by and among the Company, Odyssey Transfer and Trust Company (the "Subscription Receipt Agent") and D. Boral Capital LLC, the exclusive placement agent to the Company (the "Placement Agent") entered into in connection with the closing of the Private Placement. Each Subscription Receipt is exchangeable for one common share, no par value of the Company (the "Common Share") upon meeting certain Escrow Release Conditions (as defined below).

The issuance of the Common Shares to the holders of Subscription Receipts is subject to the satisfaction or waiver of certain escrow release conditions as set forth below (the "Escrow Release Conditions"):

a) the receipt of the Shareholder Approval (as defined below) by the Company; b) the Registration Statement (as defined below) being declared effective by the Commission within sixty (60) days from the closing date of the Securities Purchase Agreement, subject to one or more extensions pursuant to the Securities Purchase Agreement (the "Escrow Deadline"); c) the receipt of required approvals by the applicable stock exchange, third parties, court and regulatory approvals required by the Company; d) the approval of the Common Shares for listing on NYSE American and the completion, satisfaction or waiver by NYSE American of all conditions precedent to such listing; e) the Company shall not be in breach or default of any of its covenants or obligations under the Subscription Receipt Agreement or the agency agreement between the Company and the Placement Agent; f) from the date of the Securities Purchase Agreement until the earlier of (i) the Escrow Deadline, or (ii) such date on which all of conditions listed as items (a) through (f) above have been satisfied or waived, trading in the common shares shall not have been suspended by the Commission or the Company's principal trading market, and trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, and minimum prices shall not have been established on securities whose trades are reported by such service or any trading market; and g) the Company and the Placement Agent, in compliance with the Side Letter (as defined below), shall have delivered a certain escrow release notice to the Subscription Receipt Agent in accordance with the Securities Purchase Agreement, confirming that items (a) through (g), above, inclusive, have been satisfied or waived.

Pursuant to the Securities Purchase Agreement, the Company shall call a meeting of its shareholders to approve (i) the issuance of the Common Shares to be delivered to the holders of Subscription Receipts, and (ii) the amendment to the constating documents of the Company to remove the restriction on transfers of the Common Shares contained in the Articles of Continuance of the Company (the "Shareholder Approval"). The Company shall, within 30 days following execution of the Securities Purchase Agreement, prepare and file a preliminary proxy statement with the U.S. Securities and Exchange Commission (the "Commission") relating to the shareholders' consideration and vote with respect to the Shareholder Approval.

Within five (5) business days of receiving Shareholder Approval, the Company shall file a registration statement on Form S-1 (the "Registration Statement") with the Commission to permit the resale of the Common Shares. Pursuant to the Securities Purchase Agreement, and subject to the satisfaction or waiver of the other Escrow Release Conditions described therein, the Common Shares will not be issued until Shareholder Approval is received and the Registration Statement has been declared effective.

Upon satisfaction or waiver of the Escrow Release Conditions, (i) an aggregate of $2,100,000 shall be released to the Company by the Subscription Receipt Agent for legacy business expenses, working capital, general corporate purposes and for the payment of amounts owed by the Company, (ii) the balance of the aggregate Subscription Amount paid in cash shall be released directly to the Asset Manager and Advisor (each, as defined below) in furtherance of the Company's Injective digital asset treasury strategy, and (iii) the Subscription Receipt Agent shall direct the INJ Escrow Agent (as defined below) to (A) deem that title to the aggregate Subscription Amount paid in the form of INJ, in addition to any staking rewards or other income earned thereon, be transferred to the Company and managed by the Asset Manager and the Advisor for the benefit of the Company.

In connection with the Private Placement, the Company has appointed Canary Capital Group LLC (in such capacity, the "INJ Escrow Agent") to serve as escrow agent with respect to proceeds tendered in the form of INJ, until such proceeds are to be released pursuant to the Subscription Receipt Agreement to the Asset Manager and the Advisor upon satisfaction or waiver of the Escrow Release Conditions.

The Subscription Receipts are being offered in reliance upon the exemption from the registration requirement of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws. The issuance of the Common Shares has not been registered under the Securities Act, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

***First Amendment to***  ***Securities Purchase Agreement***

On September 4, 2025, the Company and the Purchasers of at least 50.1% in interest of the Subscription Receipts, entered into an amendment to the Securities Purchase Agreement (the "SPA Amendment"). Pursuant to the SPA Amendment, the parties agreed to amend the Securities Purchase Agreement in order to (i) provide that the Company shall, subject to the approval of the Compensation Committee of the Board of Directors of the Company, enter into management agreements prior to the Escrow Deadline with certain of its officers on terms substantially consistent with those set forth in the SPA Amendment, (ii) provide for payment of certain service provider expenses at the time of closing the Private Placement, and (iii) make certain corrections to figures and calculations referenced in the closing and use of proceeds provisions of the Securities Purchase Agreement.

The Company will use the net proceeds of the Private Placement to launch a dedicated Injective digital asset treasury strategy and purchase INJ in connection therewith.

 ****

***Registration Rights Agreement***

In connection with entering into the Securities Purchase Agreement, on September 2, 2025, the Company and the Purchasers entered into a Registration Rights Agreement (the "Registration Rights Agreement"), pursuant to which the Company agreed to file a registration statement with the Commission, within five (5) business days of receiving Stockholder Approval, registering the resale of the Common Shares issuable upon the exchange of the Subscription Receipts, the Meteora Warrants (as defined below) and the Common Shares issuable upon the exercise of the Meteora Warrants (the "Meteora Warrant Shares").

***Asset Management Agreement***

 ****

Pursuant to the Securities Purchase Agreement, on September 4, 2025, the Company entered into an Asset Management Agreement (the "Asset Management Agreement") with Canary Capital Group LLC (the "Asset Manager"). Under the Asset Management Agreement, the Asset Manager has been appointed to provide certain asset management services with respect to cryptocurrency assets acquired by the Company in connection with the Private Placement (the "Account Assets") maintained with one or more custodians or cryptocurrency wallet providers acceptable to the Asset Manager. Such asset management services will commence when the Subscription Receipt Agent has (i) notified the INJ Escrow Agent that all Escrow Release Conditions have been satisfied or waived and (ii) has instructed the INJ Escrow Agent to deem that title to the INJ proceeds of the Private Placement be transferred to the Company, with such assets to be managed by the Asset Manager and the Advisor.

As consideration for the Asset Manager's services, the Company will pay an asset-based fee equal to 1% per annum of the Account Assets, which shall be calculated and paid at the end of each quarter, as determined by the Asset Manager in a commercially reasonable manner based on available prices on Coinmarketcap.com. The Asset Management Agreement continues in effect until terminated for cause by the Company upon thirty (30) days' prior written notice or terminated for cause by the Asset Manager upon thirty (60) days' prior written notice. The Agreement contains customary representations, indemnification provisions, confidentiality obligations, and a non-exclusivity clause.

***Trading Advisory Agreement***

 ****

On September 4, 2025, the Company entered into a Trading Advisory Agreement (the "Trading Advisory Agreement") with Monarq Asset Management LLC (the "Advisor"). Under the Trading Advisory Agreement, the Company appoints the Advisor to manage the investment of all digital assets, digital asset derivatives, cash and other assets contained in the Account (as defined in the Trading Advisory Agreement) established by the Company with Bitgo Trust Company, Inc. The Trading Advisory Agreement continues in effect until the earlier of: (i) termination by either party for upon the occurrence of a material breach that is not cured within fifteen days of notice from the non-breaching party, or (ii) the third anniversary of the Trading Advisory Agreement, provided that the Trading Advisory Agreement will be automatically renewed for successive one-year periods unless either party provides written notice of its intention not to renew at least thirty days prior to the expiration of such term.

The services of the Advisor under the Trading Advisory Agreement will commence when the Subscription Receipt Agent has (i) notified the INJ Escrow Agent that all Escrow Release Conditions have been satisfied or waived and (ii) has instructed the INJ Escrow Agent to deem that title to the INJ proceeds of the Private Placement be transferred to the Company, with such assets to be managed by the Asset Manager and the Advisor.

As consideration for the Advisor's services, the Company will pay to the Advisor a quarterly management fee equal to 0.25% (a 1.0% annual rate) of the Account Equity (as defined in the Trading Advisory Agreement) as of the beginning of each calendar quarter regardless of whether there are realized or unrealized profits with respect to the account.

 ****

***Placement Agency Agreement***

 

In connection with the Private Placement, the Company entered into that certain Placement Agency Agreement with D. Boral Capital LLC, dated as of September 4, 2025 (the "Placement Agency Agreement"), appointing D. Boral Capital LLC as the exclusive Placement Agent in connection with the Private Placement and providing for a cash fee to D. Boral Capital LLC of $750,000.

***Voting Agreement***

Pursuant to the Securities Purchase Agreement, the Company has entered into a voting agreement, dated as of September 4, 2025 (the "Voting Agreement"), by and among the Company, Injective Foundation and each member of the Company's board of directors (such members, collectively, the "Shareholders"). Pursuant to the Voting Agreement, the Shareholders have irrevocably committed to vote their Common Shares and any subsequently acquired Common Shares (the "Subject Shares") in favor of the matters constituting the Shareholder Approval. The Shareholders additionally agreed to restrictions on the transfer of such Subject Shares and agreed not to take any action, including the exercise of rights of appraisal or rights of dissent, that might reasonably interfere with or delay the transactions contemplated by Securities Purchase Agreement.

***Lock-up Agreement***

 ****

Pursuant to the Securities Purchase Agreement, the Company entered into that certain Lock-up Agreement, dated as of September 4, 2025 (the "Lock-up Agreement") with certain purchasers participating in the Private Placement. Under the Lock-up Agreement, such purchasers have agreed not to offer, sell, pledge or otherwise dispose of any Common Shares or securities convertible, exercisable or exchangeable into Common Shares (collectively, "Securities"), of the Company for a period of twelve (12) months following the Effective Date (as defined in the Securities Purchase Agreement), provided that, if at any time following the Effective Date, the closing sale price of the Common Shares equals or exceeds (i) $7.588, (ii) $11.382, (iii) $15.176, or (iv) $18.970, then in each case 25% of the Securities held by such purchasers shall be immediately and irrevocably released from the restrictions set forth in the Lock-up Agreement.

***Side Letter Agreement***

 ****

Pursuant to the Securities Purchase Agreement, the Company entered into that certain letter agreement, dated as of September 4, 2025 (the "Side Letter"), with the Placement Agent and Injective Foundation (the "Investor"). The Side Letter provides that, prior to the Escrow Release Notice (as defined in the Securities Purchase Agreement) being sent to the Subscription Receipt Agent, on the day when all of the Escrow Release Conditions (other than the requirement to deliver the Escrow Release Notice) have been waived or satisfied, the Company and the Placement Agent shall provide the Investor with notice, that in their reasonable determination, the Escrow Release Conditions have been met, including supporting documentation of such determination (such notice, the "Pre-release Notice"). The Investor shall be entitled to review the Pre-Release Notice and provide any comments within 24 hours of the receipt thereof, which comments shall be reasonably considered by the Company and the Placement Agent prior to the delivery of the Escrow Release Notice to the Subscription Receipt Agent.

The foregoing summaries of the Securities Purchase Agreement, the Registration Rights Agreement, the SPA Amendment, the Subscription Receipt Agreement, the Asset Management Agreement, the Trading Advisory Agreement, the ELOC Purchase Agreement, the Placement Agency Agreement, the Voting Agreement, the Lock-up Agreement and the Side Letter do not purport to be complete and are qualified in their entirety by reference to the complete text of those agreements, which are attached hereto as Exhibits 10.1 through 10.11 to this Current Report on Form 8-K and are hereby incorporated by reference herein.

***Common Stock Purchase Agreement***

On September 4, 2025, the Company entered into a Common Stock Purchase Agreement (the "ELOC Purchase Agreement") with White Lion Capital, LLC ("White Lion"), whereby the Company has the right, but not the obligation, to sell to White Lion, and White Lion is obligated to purchase, up to an aggregate of $250,000,000 (the "Commitment Amount") Common Shares.

The Company does not have a right to commence any sales of Common Shares to the Purchaser under the ELOC Purchase Agreement until all conditions to the Company's right to commence sales, as set forth in the ELOC Purchase Agreement, have been satisfied, including that a registration statement covering the resale of such shares is declared effective by the SEC. The Company will control the timing and amount of any sales of Common Shares to White Lion during the period beginning with the effectiveness of such registration statement and ending on the earlier of (i) the date on which White Lion shall have purchased Common Shares pursuant to the ELOC Purchase Agreement for an aggregate purchase price equal to the Commitment Amount or (ii) twenty four (24) months following the Effective date of the ELOC Purchase Agreement (the "Commitment Period"), subject to the conditions of the ELOC Purchase Agreement. Actual sales of Common Shares to White Lion under the ELOC Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the Beneficial Owner Limitation (as defined below) of White Lion, and other determinations made by the Company as to appropriate levels and sources of funding.

The purchase price of the Common Shares that the Company elects to sell to White Lion pursuant to the ELOC Purchase Agreement will be determined based on the type of Purchase Notice issued, as follows:

● **Rapid Purchase Price Option 1**: The lowest traded price of the Common Shares on the notice date.

● **Rapid Purchase Option 2**: ninety nine percent (99%) multiplied by the lowest traded price of the Common Stock two hours following the written confirmation of the acceptance of the Rapid Purchase Notice by White Lion.

● **Regular Purchase Price:** (i) ninety-seven percent (97%) multiplied by the lowest daily VWAP of the Common Shares during the Regular Purchase Valuation Period if the Purchase Notice was delivered prior to $20,000,000 in Investment Amount and (ii) ninety-seven and a half percent (97.5 %) multiplied by the lowest daily VWAP of the Common Shares during the Regular Purchase Valuation Period if the Purchase Notice was delivered following $20,000,000 in Investment Amount.

The ELOC Purchase Agreement prohibits the Company from directing White Lion to purchase any Common Shares if those shares, when aggregated with all other Common Shares then beneficially owned by White Lion (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended), would result in White Lion beneficially owning more than 4.99% of the outstanding Common Shares (the "Beneficial Ownership Limitation"), which may be increased to 9.99% at White Lion's discretion upon 61 days' prior written notice.

In consideration for White Lion's execution and delivery of, and agreement to perform under the ELOC Purchase Agreement, the Company shall send to White Lion a number of Injective Tokens (INJ) equal to $1,500,000 divided by the lowest trade price of the token seen on Coinbase three (3) hours prior to delivery of the token (the "Commitment Fee"). The Company shall deliver the tokens within 24 hours of signing the binding term sheet dated on September 1, 2025 to a designated address provided by White Lion. The Company shall timely deliver all Commitment Fee owed, failure to timely do so will result in liquidated damages of $1,500,000, being immediately due and payable to White Lion at its election in the form of cash payment.

Concurrently with the ELOC Purchase Agreement, the Company and White Lion entered into the Registration Rights Agreement.

This Current Report shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from the registration requirements, and certificates evidencing such shares, if any, will contain a legend stating the same.

**Item 3.02 Unregistered Sales of Equity Securities.**

The disclosure required by this Item is included in Item 1.01 of this Current Report on Form 8-K and is incorporated herein by reference. Based in part upon the representations of the Purchasers in the Securities Purchase Agreement, the offering and sale of the Common Shares, the Meteora Warrants, and the Meteora Warrant Shares, were exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

In connection with the Private Placement, the Company has also agreed to issue warrants to Meteora Capital, LLC, a consultant of the Company (the "Meteora Warrants") equal to 4.0% of the total shares outstanding on a pro forma basis after giving effect to the transactions contemplated by the Securities Purchase Agreement, exerciseable into 1,045,654 Common Shares. The Meteora Warrants shall have a term of five (5) years and each Meteora Warrant will be exercisable for the purchase of one Common Share of the Company at an exercise price payable in cash of $3.80.

**Item 7.01. Regulation FD Disclosure.**

Press Release on Announcing the Offering

On September 2, 2025, the Company issued a press release announcing the signing of the Securities Purchase Agreements, pricing of the Private Placement and estimated aggregate gross proceeds of approximately $100 million in cash and INJ tokens, before deducting Placement Agent fees and other offering expenses, to implement an Injective treasury strategy. A copy of the press release is included as Exhibit 99.1 here and is incorporated herein by reference.

On September 5, 2025, the Company issued a press release announcing the closing of the Private Placement. A copy of the press release is included as Exhibit 99.2 here and is incorporated herein by reference.

Corporate Presentation

In connection with the Private Placement, the Company delivered an investor presentation to potential investors on a confidential basis, a copy of which is furnished as Exhibit 99.3 to this Current Report on Form 8-K.

**Item 9.01 Financial Statements and Exhibits**

(a) Exhibits

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| | |
|:---|:---|
| **Number** | **Description** |
| 10.1 | [Form of Securities Purchase Agreement, dated as of September 2, 2025, between Pineapple Financial Inc. and each Purchaser (as defined therein)](ex10-1.htm)<br>|
| 10.2 | [Form of Registration Rights Agreement, dated as of September 2, 2025, between Pineapple Financial Inc. and each Holder (as defined therein)](ex10-2.htm) |
| 10.3 | [First Amendment to Securities Purchase Agreement, dated as of September 4, 2025](ex10-3.htm) |
| 10.4 | [Subscription Receipt Agreement, dated as of September 4, 2025](ex10-4.htm) |
| 10.5 | [Asset Management Agreement, dated as of September 4, 2025](ex10-5.htm) |
| 10.6 | [Trading Advisory Agreement, dated as of September 4, 2025](ex10-6.htm) |
| 10.7 | [ELOC Purchase Agreement, dated as of September 4, 2025](ex10-7.htm) |
| 10.8 | [Placement Agency Agreement, dated as of September 4, 2025](ex10-8.htm) |
| 10.9 | [Voting Agreement, dated as of September 4, 2025](ex10-9.htm) |
| 10.10 | [Lock-up Agreement, dated as of September 4, 2025](ex10-10.htm) |
| 10.11 | [Letter Agreement, dated as of September 4, 2025](ex10-11.htm) |
| 99.1 | [Press Release, dated September 2, 2025.](ex99-1.htm) |
| 99.2 | [Press Release, dated September 5, 2025.](ex99-2.htm) |
| 99.3 | [Investor Presentation.](ex99-3.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**†** Certain portions of Exhibits 10.1 to 10.11 have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish on a supplemental basis an unredacted copy of the exhibits and its materiality and privacy or confidentiality analyses to the Securities and Exchange Commission upon its request.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 10, 2025

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| | |
|:---|:---|
| **PINEAPPLE FINANCIAL INC.** | **PINEAPPLE FINANCIAL INC.** |
| By: | */s/ Shubha Dasgupta* |
|  | Shubha Dasgupta |
|  | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "<u>Agreement</u>") is dated as of September 1, 2025, between Pineapple Financial Inc. (the "<u>Company</u>"), a corporation continued and existing under the *Canada Business Corporations Act*, and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "Purchaser" and collectively, the "<u>Purchasers</u>").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and Rule 506(b) of Regulation D promulgated thereunder, and pursuant to Section 2.4 of Ontario Securities Commission Rule 72-503 – *Distributions Outside Canada*, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement;

WHEREAS, the Company desires to sell to the Purchasers, and each Purchaser desires to purchase from the Company, severally and not jointly, upon the terms and subject to the conditions stated in this Agreement, subscription receipts (the "<u>Subscription Receipts</u>") of the Company to be governed by the terms of the Subscription Receipt Agreement (as hereinafter defined) attached hereto as <u>Exhibit E</u>;

WHEREAS, at the election of a Purchaser as set out in <u>Exhibit A</u> hereto, each Subscription Receipt is exchangeable for (A) one Share (as herein defined) or (B) one Pre-Funded Warrant (as hereinafter defined), as the case may be;

WHEREAS, the gross proceeds from the sale of the Subscription Receipts, including the INJ delivered by certain Purchasers in satisfaction of their Subscription Amount payable in consideration of the Subscription Receipts subscribed for by such Purchasers (the "<u>Escrowed Funds</u>"), will be held in escrow as contemplated by the Subscription Receipt Agreement pending the satisfaction of the Escrow Release Conditions;

WHEREAS, subject to the terms of the Subscription Receipt Agreement and satisfaction of the Escrow Release Conditions (as hereinafter defined), on the Escrow Release Date (as defined in the Subscription Receipt Agreement), each Subscription Receipt will automatically be exchanged (without payment of any further consideration and subject to customary anti-dilution adjustments) for (A) one Share (as herein defined) or (B) one Pre- Funded Warrant (as hereinafter defined);

WHEREAS, if the Escrow Release Conditions are not satisfied prior to the Escrow Deadline, the Subscription Receipt Agent shall return the Escrowed Funds to the Purchasers and the Subscription Receipts will become null, void and of no further force or effect, and will only represent the holder's right to receive such payment from the Subscription Receipt Agent in accordance with the terms of the Subscription Receipt Agreement. In such event, Purchasers who made payment in the form of INJ will receive INJ, and Purchasers who made cash payments will receive cash (the "<u>Returned Consideration</u>");

WHEREAS, contemporaneously with the sale of the Subscription Receipts pursuant to the terms of this Agreement and the Subscription Receipt Agreement, the parties hereto will execute and deliver a registration rights agreement, substantially in the form attached hereto as <u>Exhibit C</u> (the "<u>Registration Rights Agreement</u>"), pursuant to which the Company will agree to provide certain registration rights in respect of the Shares, Pre-Funded Warrants and Pre-Funded Warrant Shares under the Securities Act and applicable state securities laws; and

WHEREAS, the Company and the Purchasers intend, to the extent permitted by the Code, the transactions contemplated by this Agreement to form one integrated transaction to which Section 351 of the Code applies.

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 each Purchaser agree as follows:

**ARTICLE I. DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

"<u>Acquiring Person</u>" shall have the meaning ascribed to such term in Section 4.5.

"<u>Action</u>" shall have the meaning ascribed to such term in Section 3.1(j).

"<u>Affiliate</u>" 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 405 under the Securities Act.

"<u>Anti-Corruption Laws</u>" means: (i) the U.S. Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>"); (ii) the UK Bribery Act 2010 ("UKBA"); (iii) the *Corruption of Foreign Public Official Act* (Canada), the *Criminal Code* (Canada), and the *Extractive Sector Transparency Measures Act* (Canada); (iv) Laws adopted in furtherance of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions; and (v) all other applicable, similar or equivalent anti-corruption or anti-bribery Laws of any jurisdiction.

"<u>Asset Management Agreements</u>" means the Asset Management Agreements between the Company and each of the Asset Managers, to be executed on or prior to the Closing Date.

"<u>Asset Managers</u>" means MNNC Advisors (Cayman) SEZC, a Cayman Islands Company with a registered address at c/o Cayman Enterprise City Ltd, Fairbanks Road, P.O.Box CEC-1, Grand Cayman, Cayman Islands KY1- 9012 and Canary Capital Group LLC, a Delaware limited liability company with a registered address at c/o 850 New Burton Rd., Suite 201, Dover, DE 19904.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Data</u>" means all business information and data, including personal information and confidential information that is accessed, collected, used, stored, shared, distributed, transferred, disclosed, destroyed, disposed of or otherwise processed by or on behalf of the Company or its Subsidiaries in the course of the conduct of the business of the Company or its Subsidiaries.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in- place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>Business Systems</u>" means all software, computer hardware (whether general or special purpose), electronic data processors, databases, communications, telecommunications, networks, interfaces, platforms, workstations, hubs, switches, servers, peripherals, information technology, operational technology and computer systems, including any outsourced systems and processes, and any software and systems provided via the cloud or "as a service", that are owned or administered by the Company or its Subsidiaries and used in the conduct of the business of the Company or its Subsidiaries.

"<u>Canadian Corporate Counsel</u>" means MLT Aikins LLP.

"<u>Canadian Securities Counsel</u>" means Blake, Cassels & Graydon LLP.

"<u>Canadian Securities Laws</u>" means the applicable securities laws, regulations and rules, blanket rulings, policies and written interpretations of and multilateral or national instruments adopted by the Ontario Securities Commission.

"<u>Canadian Tax Act</u>" means the *Income Tax Act* (Canada) and the regulations made thereunder.

"<u>Clearance Deadline</u>" shall have the meaning ascribed to such term in Section 2.5.

"<u>Closing</u>" means the closing of the purchase and sale of the Subscription Receipts pursuant to Section 2.1.

"<u>Closing Date</u>" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to the Purchasers' obligations to pay the Subscription Amount have been satisfied.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Common Shares</u>" means the common shares without par value in the authorized share structure of the Company and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Common Share Equivalents</u>" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

"<u>Company Counsel</u>" means Sichenzia Ross Ference Carmel LLP.

"<u>Custodian</u>" means Bitgo Trust Company, Inc., in its capacity as the custodian of INJ tokens to be held in escrow until such time as the Escrow Release Conditions are met or waived.

"<u>Disclosure Schedules</u>" means the Disclosure Schedules of the Company delivered concurrently herewith.

"<u>Disclosure Time</u>" means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

"<u>Effective Date</u>" means the date that the Registration Statement registering for resale all Shares, Pre-Funded Warrants and Pre-Funded Warrant Shares has been declared effective by the Commission and the Escrow Release Conditions have been met or waived.

"<u>Escrowed Cash Proceeds</u>" shall have the meaning ascribed to such term in Section 2.1.

"<u>Escrow Deadline</u>" means sixty (60) days from the Closing Date, subject (i) to an automatic extension to an aggregate of 90 days from the Closing Date in the event that the Commission notifies the Company that it will review the Registration Statement, and (ii) such further extension(s) to be agreed to in writing by the holders of 50.1% or more of the Subscription Amounts, including Injective Foundation, acting reasonably, in accordance with the Subscription Receipt Agreement.

"<u>Escrowed Funds</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Escrowed INJ Proceeds</u>" shall have the meaning ascribed to such term in Section 2.1.

"<u>Escrow Release Conditions</u>" shall have the meaning ascribed to such term in Section 2.6.

"<u>Escrow Release Notice</u>" shall have the meaning ascribed to such term in Section 2.6.

"<u>Evaluation Date</u>" shall have the meaning ascribed to such term in Section 3.1(s).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Exempt Issuance</u>" means the issuance (a) of Common Shares or options to employees, officers or directors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by a majority of the non- employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) of securities upon the exercise or exchange or conversion of any Securities issued hereunder and/or securities (including options, rights or warrants) exercisable or exchangeable for or convertible into Common Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with common share splits or combinations) or to extend the term of such securities, (c) upon conversion or settlement of outstanding debt as of the date hereof in an amount not to exceed $25,000, (d) of equity interests issued or issuable pursuant to agreements existing as of the date hereof and listed on Schedule 3.1(g) hereto, and (e) of any Common Shares issued pursuant to an equity line of credit or similar financing instrument for the purpose of raising funds to purchase INJ.

"<u>Ex-Im Laws</u>" means all applicable laws relating to export, re-export, transfer, and import controls, including but not limited to the U.S. Department of Commerce Export Administration Regulations, the customs and import Laws administered by U.S. Customs and Border Protection, the Export and *Import Permits Act* (Canada), the customs and import laws administered by the Canada Border Services Agency, the EU Dual Use Regulation, the customs and import laws administered by His Majesty's Revenue and Customs and any similar Laws of any other relevant governmental authority.

"<u>Financial Statements</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>FCPA</u>" means the Foreign Corrupt Practices Act of 1977, as amended.

"<u>GAAP</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Government Official</u>" means any officer or employee of a governmental authority, a public international organization, or any department or agency thereof or any Person acting in an official capacity for such government or organization, including (i) a foreign official as defined in the FCPA; (ii) a foreign public official as defined in the UKBA; (iii) a foreign public official as defined in the Corruption of Foreign Public Officials Act (Canada) and a public officer as defined in the *Criminal Code* (Canada); (iv) an officer or employee of a government-owned, controlled, operated enterprise, such as a national oil company; and (v) any non-U.S. political party, any party official or representative of a non-U.S. political party, or any candidate for a non-U.S. political office.

"<u>Indebtedness</u>" shall have the meaning ascribed to such term in Section 3.1(bb).

"<u>INJ</u>" means the native cryptocurrency of the Injective blockchain.

"<u>INJ Escrow Agent</u>" means Canary Capital Group LLC.

"<u>Insolvency Event</u>" means, in relation to an entity:

i) the entity goes, or proposes to go, into bankruptcy or liquidation;

ii) an order is made or an effective resolution is passed for the winding up or dissolution without winding up (otherwise than for the purposes of a solvent reconstruction or amalgamation) of the entity;

iii) a receiver, receiver and manager, judicial manager, liquidator, trustee, administrator or like official is appointed, or threatened or expected to be appointed, over the entity, the whole or a substantial part of the undertaking or property of the entity, or any application is made to a court for an order, or an order is made, or a meeting is convened, or a resolution is passed, for the purpose of appointing such a person;

iv) the holder of a Lien takes possession of the whole or substantial part of the undertaking or property of the entity;

v) a writ of execution is issued against the entity or any of the entity's assets;

vi) the entity is unable, or admits in writing its inability or failure, to pay its debts generally as they become due;

vii) the entity commits an act of bankruptcy under the *Bankruptcy and Insolvency Act* (Canada);

viii) the entity makes a general assignment for the benefit of creditors;

ix) the entity proposes or takes any steps to implement a reorganization or arrangement or other compromise with its creditors or any class of them, whether pursuant to the *Companies' Creditors Arrangement Act* (Canada) or similar legislation in any jurisdiction or otherwise; or

x) the entity is declared or taken under applicable law to be insolvent or the entity's board of directors resolve that it is, or is likely to become insolvent.

"<u>Intellectual Property Rights</u>" shall have the meaning ascribed to such term in Section 3.1(p).

"<u>Legend Removal Date</u>" shall have the meaning ascribed to such term in Section 4.1(c).

"<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Lock-Up Agreement</u>" means the Lock-Up Agreement, dated as of the date hereof, by and among the Company and the Lock-Up Parties, in the form of <u>Exhibit D</u> attached hereto.

"<u>Lock-Up Parties</u>" means Injective Foundation, [\*] and [\*].

"<u>Management Agreements</u>" means agreements entered into by and among the Company and certain officers of the Company.

"<u>Material Adverse Effect</u>" shall have the meaning assigned to such term in Section 3.1(b).

"<u>Material Permits</u>" shall have the meaning ascribed to such term in Section 3.1(n).

"<u>Net Cash Proceeds</u>" has the meaning ascribed to such term in Section 4.7.

"<u>OSC Rule 72-503</u>" means Ontario Securities Commission Rule 72-503 – *Distributions Outside Canada.*

 

"<u>Permitted Withdrawals</u>" has the meaning ascribed to such term in Section 4.7.

"<u>Person</u>" 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.

"<u>Personal Information</u>" means personal information as defined under applicable privacy laws about the Purchasers.

"<u>Placement Agent</u>" means D. Boral Capital LLC.

"<u>Placement Agent Agreement</u>" means the placement agent agreement between the Company and the Placement Agent dated on or about the date hereof.

"<u>Pre-Funded Warrant</u>" means a pre-funded common share purchase warrant issuable on exchange of an applicable Subscription Receipt, with each Pre-Funded Warrant exercisable for one Pre-Funded Warrant Share following the Effective Date until the date on which the Pre-Funded Warrant is exercised in full, in the form of <u>Exhibit B</u> attached hereto.

"<u>Pre-Funded Warrant Shares</u>" means the Common Shares issuable upon exercise of the Pre-Funded Warrants.

"<u>Proceeding</u>" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

"<u>Public Information Failure</u>" shall have the meaning ascribed to such term in Section 4.2(b).

"<u>Public Information Failure Payments</u>" shall have the meaning ascribed to such term in Section 4.2(b).

"<u>Purchaser Party</u>" shall have the meaning ascribed to such term in Section 4.8.

"<u>Registration Rights Agreement</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Registration Statement</u>" means a resale registration statement addressing the requirements of the Registration Rights Agreement and covering the resale by the Purchasers of the Shares, Pre-Funded Warrants and Pre- Funded Warrant Shares.

"<u>Required Approvals</u>" shall have the meaning ascribed to such term in Section 3.1(e).

"<u>Returned Consideration</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Rule 144</u>" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 424</u>" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Sanctioned Jurisdiction</u>" means at any time, a country, region or territory which is itself the subject or target of any comprehensive Sanctions.

"<u>Sanctioned Person</u>" means at any time any person that is: (i) listed on any Sanctions-related list of designated or blocked Persons administered by a Governmental Authority (including, but not limited to, the U.S. Department of Treasury's Office of Foreign Assets Control's ("<u>OFAC</u>") Specially Designated Nationals List, Non-SDN Menu-Based Sanctions List, Sectoral Sanctions Identifications List, and Foreign Sanctions Evaders List, the Regulations under the *Special Economic Measures Act* (Canada), *Justice for Victims of Corrupt Foreign Officials Act* (Canada), *United Nations Act* (Canada), and *Freezing of Assets of Corrupt Foreign Officials Act* (Canada), the Regulations Establishing a List of Entities under the *Criminal Code* (Canada), the Denied Persons, Entity, and Unverified Lists of the U.S. Department of Commerce's Bureau of Industry and Security, the Debarred List of the U.S. Department of State's Directorate of Defense Trade Controls, any list of sanctioned persons administered and maintained by the U.S. Department of State relating to nonproliferation, terrorism and the EU Consolidated Financial Sanctions List), (ii) the government of, located in, resident in, or organized under the laws of a Sanctioned Jurisdiction, or (iii) directly or indirectly owned (50% or more) or controlled (as such term is used in the applicable Sanctions and any formal guidance associated with the same) by, or acting for or on behalf of, or at the direction of, a person or persons described in clauses (i) through (iii).

"<u>Sanctions</u>" means any and all trade, economic and financial sanctions Laws, regulations, embargoes, and restrictive measures imposed, administered, enacted or enforced by (i) the United States of America (including without limitation OFAC, the U.S. Department of State, and the U.S. Department of Commerce), (ii) Canada, (iii) the European Union and any European Union member states, (iv) the United Nations Security Council, or (v) the United Kingdom (including His Majesty's Treasury).

"<u>SEC Reports</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Securities</u>" means the Subscription Receipts, the Shares, the Pre-Funded Warrants and the Pre-Funded Warrant Shares.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Share</u>" means a Common Share issuable on exchange of an applicable Subscription Receipt on a one for one basis.

"<u>Shareholder Approval</u>" shall have the meaning ascribed to such term in Section 2.4.

"<u>Short Sales</u>" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing Common Shares).

"<u>Side Letter</u>" means a letter agreement by and among Injective Foundation, the Placement Agent and the Company regarding satisfaction of Escrow Release Conditions.

"<u>Subscription Amount</u>" means, as to each Purchaser, the aggregate amount to be paid, in INJ or United States Dollars, as the case may be, for Subscription Receipts purchased hereunder as specified below such Purchaser's name on the signature page of this Agreement and next to the heading "Subscription Amount," in immediately available funds or tokens (minus, if applicable, a Purchaser's aggregate exercise price of the Pre-Funded Warrants, which amounts shall be paid as and when such Pre-Funded Warrants are exercised for cash).

"<u>Subscription Receipt Agent</u>" means Odyssey Transfer and Trust Company, or its successor, in its capacity as subscription receipt agent under the Subscription Receipt Agreement.

"<u>Subscription Receipt Agreement</u>" means the subscription receipt agreement to be entered into between the Company, the Placement Agent and the Subscription Receipt Agent in the form of <u>Exhibit E</u> hereto, governing the issuance of the Subscription Receipts and compliance with the Escrow Release Conditions.

"<u>Subscription Receipt Purchase Price</u>" equals $3.80, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Shares that occur after the date of this Agreement, provided that the purchase price per Pre-Funded Warrant shall be the Subscription Receipt Purchase Price minus Pre-Funded Warrant exercise price of $0.001.

"<u>Subscription Receipts</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Tax</u>" means any and all taxes, duties, levies, assessments, fees or other charges imposed by any Taxing Authority or by any statutory, governmental, state, provincial, federal, cantonal, municipal, local or similar authority of any jurisdiction, including income, capital stock, capital gains, profits, estimated, business, occupation, corporate, capital, gross receipts, transfer, stamp, registration, employment, payroll, unemployment, social security (or similar), employment insurance premiums, workers compensation, disability, Canada Pension Plan, Quebec Pension Plan or other similar contributions, withholding, occupancy, license, severance, production, ad valorem, excise, windfall profits, customs duties, real property, personal property, sales, use, turnover, value added, goods and services and franchise taxes, and alternative or add-on minimum and estimated taxes, whether disputed or not, together with all interest, penalties and additions to tax imposed with respect thereto.

"<u>Tax Return</u>" means any federal, state, local, provincial or non-Canadian return, declaration, disclosure, report, form, statement, claim for refund, election, information return or statement, or other document relating to Taxes, including any schedule, estimate or attachment thereto and any amendment or supplement thereof, in each case provided or required to be provided to a Taxing Authority.

"<u>Taxing Authority</u>" means, with respect to any Tax, any governmental authority or other authority competent to impose such Tax or responsible for the administration and/or collection of such Tax or enforcement of any Law in relation to Tax.

"<u>Trading Day</u>" means a day on which the principal Trading Market is open for trading.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

"<u>Transaction Documents</u>" means this Agreement, the Lock-Up Agreements, the Registration Rights Agreement, the Subscription Receipt Agreement, the Pre-Funded Warrant, the Voting Agreements and the Management Agreements, and all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

"<u>Transfer Agent</u>" means Endeavor Trust Corporation, with a mailing address of 702 – 707 Hornby Street, Vancouver, BC, V6Z 1S4, and any successor transfer agent of the Company.

"<u>Transfer Restriction</u>" means the restriction on transfers of the Common Shares contained in the Articles of Continuance of the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Shares so reported, or (d) in all other cases, the fair market value of a share of Common Shares as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Voting Agreements</u>" means voting agreements entered into by and between the Company and each officer and director of the company, in respect of such directors' and officers' commitment to vote in favor of the Shareholder Approval.

**ARTICLE II.**

**PURCHASE AND SALE AND REGISTRATION STATEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, the number and type of Subscription Receipts, for the aggregate purchase price, set forth opposite the Purchaser's name on <u>Exhibit A</u>. The price per Subscription Receipt is $3.80. To the extent that a Purchaser determines, in its sole discretion, that such Purchaser's Subscription Amount (together with such Purchaser's Affiliates and any Person acting as a group together with such Purchaser or any of such Purchaser's Affiliates) would cause such Purchaser's beneficial ownership of the Common Shares underlying the Subscription Receipts to exceed the Beneficial Ownership Limitation, or as such Purchaser may otherwise choose, such Purchaser shall elect to purchase Subscription Receipts exchangeable for Pre-Funded Warrants. The "Beneficial Ownership Limitation" shall be 4.99% (or, at the election of the Purchaser, 9.99%) of the number of the Common Shares outstanding immediately after giving effect to the issuance of Shares underlying the Subscription Receipts on the Effective Date. In no event may the Beneficial Ownership Limitation exceed 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Pre-Funded Warrant Shares upon exercise of the Pre-Funded Warrant held by a Purchaser. Each Purchaser shall deliver its Subscription Amount at Closing in one of the following forms, as applicable: (i) United States dollars, in immediately available funds, via wire transfer, to the Subscription Receipt Agent (the "<u>Escrowed Cash Proceeds</u>"); or (ii) INJ, delivered to the INJ Escrow Agent in an amount equal to the Purchaser's Subscription Amount set forth on <u>Exhibit A-1</u> or <u>A-2</u>, as the case may be, (A) in the case of Purchasers listed on <u>Exhibit A-1</u>, such amount of INJ representing (x) a purchase price per Subscription Receipt of $3.80, (y) multiplied by the total number of Subscription Receipts set forth opposite such Purchasers name on <u>Exhibit A-1</u>, divided by (z) $13.90 (the "<u>INJ Exchange Price</u>"), or (B) in the case of Purchasers listed on <u>Exhibit A-2</u>, such amount of INJ representing (x) a purchase price per Subscription Receipt of $4.16, (y) multiplied by the total number of Subscription Receipts set forth opposite such Purchaser's name on <u>Exhibit A-2</u>, divided by (z) $13.90 (the "<u>INJ Contribution Price</u>") (in either case, the "<u>Escrowed INJ Proceeds</u>"). The Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur, by the mutual agreement of the parties, by means of electronic transmission of documents, at the offices of the Placement Agent, or at such other location as the parties may mutually agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Deliveries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) the legal opinion of Canadian Corporate Counsel; (B) the legal opinion of Canadian Securities Counsel; and (C) the legal opinion and negative assurance letter of Company Counsel, each in a form reasonably acceptable to the Placement Agent and Injective Foundation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate, duly executed by the Chief Financial Officer of the Company, dated as of the Closing Date, in a form reasonably acceptable by the Placement Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the irrevocable instructions to the Subscription Receipt Agent instructing the Subscription Receipt Agent to deliver, on an expedited basis, in book entry form (unless otherwise requested by the Purchasers) the number of Subscription Receipts (of the type elected by the Purchaser as set out in Exhibit A hereto) equal to such Purchaser's Subscription Amount divided by the Subscription Receipt Purchase Price, registered in the name of such Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscription Receipt Agent's wire instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Lock-Up Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Registration Rights Agreement duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Subscription Receipt Agreement duly executed by the Company, Placement Agent and the Subscription Receipt Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the wallet addresses maintained by Bitgo as Custodian for the INJ Escrow Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Voting Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Management Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Side Letter duly executed by the Company, the Placement Agent and Injective Foundation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company and the Subscription Receipt Agent, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement duly executed by such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Registration Rights Agreement duly executed by such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the delivery by the Company of all the items set forth in Section 2.2(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Asset Management Agreements shall have been executed by the Company and each of the Asset Managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) from the date hereof to the Closing Date, trading in the Common Shares shall not have been suspended by the Commission or the Company's principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Subscription Receipts at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Shareholder Approvals; Proxy Statement</u>. The Company shall, within 30 days following execution of this Agreement, prepare and file with the Commission (at the Company's sole cost and expense) a preliminary proxy statement, as it may be amended or supplemented from time to time, related to the shareholders' consideration and vote with respect to certain proposals, including, inter alia, (i) the issuance of the Shares or Pre-Funded Warrants to be delivered to the holders of Subscription Receipts, (ii) the amendment to the constating documents of the Company to remove the Transfer Restriction, and (iii) any other matters requiring shareholder approval in accordance with the *Canada Business Corporations Act*, the articles and by-laws of the Company, applicable securities exchange requirements and any other applicable requirements in connection with the transactions contemplated by this agreement (the approval of the matters described in clauses (i) and (ii) are referred to herein as the "<u>Shareholder Approval</u>"), as well as hold a duly called shareholders meeting to obtain the Shareholder Approval. The Company shall use its reasonable best efforts to make such filings and take such actions as are necessary to receive Shareholder Approval. Upon receipt of the requisite votes to approve such matters, the Company shall promptly deliver notice of the Shareholder Approval to each Purchaser and file with the Commission a Current Report on Form 8-K disclosing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Registration Statement Filing</u>. The Company shall (i) prepare, as soon as reasonably possible following the Closing Date, and shall file with the Commission within five Business Days of receiving the Shareholder Approval, the Registration Statement (on Form S-1 or other appropriate registration statement form reasonably acceptable to the Purchasers) under the Securities Act, at the sole expense of the Company, in respect of the Purchasers, so as to permit the resale of the Shares, the Pre-Funded Warrants and the Pre-Funded Warrant Shares in the United States under the Securities Act; and (ii) cause the Registration Statement to be declared effective by the Commission as soon as possible and not later than the Escrow Deadline. The Company will notify the Placement Agent immediately following effectiveness of the Registration Statement. The Registration Statement shall cover the resale of 100% of the Shares, Pre-Funded Warrants and Pre-Funded Warrant Shares (including such indeterminate number of Common Shares resulting from stock splits, stock dividends or similar transactions), for an offering to be made on a continuous basis pursuant to Rule 415 (as promulgated by the Commission 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 Commission having substantially the same purpose and effect as such rule). The Securities registered for resale pursuant to the Registration Statement shall not be subject to resale restrictions under Canadian Securities Laws, provided the distribution of the Securities will not take place prior to the Effective Date and the Securities will be distributed under the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Escrow Release Conditions</u>. Upon satisfaction or waiver of the following escrow release conditions (the "<u>Escrow Release Conditions</u>"), the aggregate Subscription Amount, together with all interest and other income earned thereon, shall be released to the Company by the Subscription Receipt Agent in accordance with the terms of the Subscription Receipt Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the
 receipt of the Shareholder Approval by the Company;

b) the
 Registration Statement being declared effective by the Commission by the Escrow Deadline;

c) the
 receipt of required approvals by the applicable stock exchange, third parties, court and
 regulatory approvals required by the Company;

d) the
 Shares and Pre-Funded Warrant Shares being approved for listing on NYSE American and the
 completion, satisfaction or waiver by NYSE American of all conditions precedent to such listing;

e) the
 Company shall not be in breach or default of any of its covenants or obligations under the
 Subscription Receipt Agreement or the agency agreement between the Company and the Placement
 Agent;

f) from
 the date hereof until the earlier of (i) the Escrow Deadline, or (ii) such date on which
 all of conditions listed as items (a) through (f) above have been satisfied or waived, trading
 in the Common Shares shall not have been suspended by the Commission or the Company's
 principal Trading Market, and trading in securities generally as reported by Bloomberg L.P.
 shall not have been suspended or limited, and minimum prices shall not have been established
 on securities whose trades are reported by such service or any Trading Market; and

g) the
 Company and the Placement Agent, in compliance with the Side Letter, shall have delivered
 a release notice (the " <u>Escrow Release Notice</u> ") to the Subscription Receipt
 Agent confirming that items (a) through (g), above, inclusive, have been satisfied or waived.

In the event that the Subscription Receipt Agent does not receive the Escrow Release Notice at or before the Escrow Deadline, the Subscription Receipts will immediately be cancelled and become null and void and of no further effect, and will only represent the holder's right to receive such payment from the Subscription Receipt Agent in accordance with the terms of the Subscription Receipt Agreement. A Purchaser who provided INJ in consideration for the Subscription Receipts subscribed for by such Purchaser shall receive the same INJ in satisfaction of such Purchaser's pro rata entitlement to the Returned Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Automatic Exchange of Subscription Receipts</u>. Immediately following the Effective Date and subject to the prior or concurrent satisfaction of all other Escrow Release Conditions, each Subscription Receipt shall be automatically exchanged (without payment of any further consideration and subject to customary anti-dilution adjustments) for (A) one Share or (B) one Pre-Funded Warrant, as provided in Exhibit A to this Agreement.

**ARTICLE III.**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Representations and Warranties of the Company</u>. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Subsidiaries</u>. All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports or have otherwise been disclosed to Purchasers by the Company. The Company owns, directly or indirectly, all of its common shares or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding common shares of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, continued, validly existing and in good standing under the laws of the jurisdiction of its incorporation, continuation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. The Company and its Subsidiaries carry on business solely within the province of Ontario. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation or continuation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document or the Asset Management Agreements, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company's ability to perform in any material respect on a timely basis its obligations under any Transaction Document or the Asset Management Agreements (any of (i), (ii) or (iii), a "<u>Material Adverse Effect</u>") and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and the Asset Management Agreements, and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents or the Asset Management Agreements by the Company and the consummation by it of the transactions contemplated hereby and thereby have been, or will be, prior to the Closing Date, duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company's shareholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party or the Asset Management Agreements have been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party or the Asset Management Agreements, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) subject to the removal of the Transfer Restriction from the constating documents of the Company, conflict with or violate any provision of the Company's or any Subsidiary's certificate or articles of incorporation or continuance, as the case may be, bylaws or other organizational or charter documents, 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, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents or the Asset Management Agreements, other than: (i) the Shareholder Approval, (ii) the filings required pursuant to Section 4.4 of this Agreement, (iii) the notice and/or additional listing application(s) to each applicable Trading Market for the listing of the Shares and Pre-Funded Warrant Shares for trading thereon in the time and manner required thereby; (iv) the Registration Statement required to be filed by the Registration Rights Agreement; (v) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws; and (vi) the filing of Form 72-503F *Report of Distributions Outside Canada* with the Ontario Securities Commission pursuant to Section 4.1 of OSC Rule 72-503 (collectively, the "<u>Required Approvals</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Issuance of the Securities</u>. The Securities are, or will be on or prior to the Closing Date, duly authorized for issuance and, when Shares are issued in accordance with the applicable Transaction Documents, such Shares will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents, subject to the removal of the Transfer Restriction from the constating documents of the Company, provided the Shares are distributed pursuant to the Registration Statement on or after the Effective Date. The Pre-Funded Warrant Shares, when issued in accordance with the terms of the Pre-Funded Warrants, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents, subject to the removal of the Transfer Restriction from the constating documents of the Company, provided the Pre-Funded Warrants and Pre-Funded Warrant Shares are distributed pursuant to the Registration Statement on or after the Effective Date. The Company has, or will have on or prior to the Closing Date, reserved from its duly authorized share capital the maximum number of Common Shares issuable pursuant to this Agreement and the Pre-Funded Warrants, without taking into account any adjustment provisions. Subject to the accuracy of the representations and warranties made by the Purchasers in <u>Section 3.2</u>, the offer and sale of the Subscription Receipts to the Purchaser is and will be in compliance with applicable exemptions from (i) the registration and prospectus delivery requirements of the Securities Act, (ii) the registration and qualification requirements of applicable securities laws of the states of the United States, and (iii) the prospectus requirements of Canadian Securities Laws, subject to the distribution of the Subscription Receipts being materially compliant with the disclosure requirements of applicable securities law of the United States, as required by Section 2.4 of OSC Rule 72-503.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Capitalization</u>. The capitalization of the Company as of the date hereof is as set forth on <u>Schedule 3.1(g)</u>, which <u>Schedule 3.1(g)</u> shall also include the number of Common Shares owned beneficially, and of record, by Affiliates of the Company as of the date hereof. Except as set forth on <u>Schedule 3.1(g)</u> and as disclosed in the SEC Reports, the Company has not issued any Common Shares since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of stock options under the Company's equity incentive plans, the issuance of Common Shares to employees pursuant to the Company's employee stock purchase plans and pursuant to the conversion and/or exercise of Common Share Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth in <u>Schedule 3.1(g)</u> or as a result of the purchase and sale or conversion or exchange, as applicable, of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Common Shares or common shares of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Common Shares or Common Share Equivalents or common shares of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Common Shares or other securities to any Person (other than the Purchasers). There are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement. All of the outstanding Common Shares of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, including Canadian Securities Laws, and none of such outstanding Common Shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. As of the Closing Date no further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Subscription Receipts; no further approval or authorization of the Board of Directors or others is required for the issuance and sale of any Securities, except for the Shareholder Approval. Except as provided for herein, there are no shareholder agreements, voting agreements or other similar agreements with respect to the Company's Common Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>SEC Reports; Financial Statements</u>. Except as set forth on Schedule 3.1(h), the Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the one year preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the "<u>SEC Reports</u>") on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company (the "<u>Financial Statements</u>") included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved ("<u>GAAP</u>"), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest audited financial statements included within the SEC Reports, except as set forth in the SEC Reports, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company's financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any Common Shares and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company equity incentive plans. The Company and its Subsidiaries are not the subject of an Insolvency Event and, to the knowledge of the Company, there are no circumstances that justify the Company or its Subsidiaries being the subject of an Insolvency Event. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement and the entry into the Asset Management Agreements, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Litigation</u>. Except as set forth on <u>Schedule 3.1(j)</u>, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an "<u>Action</u>"). None of the Actions set forth on <u>Schedule 3.1(j)</u>, (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws, including Canadian Securities Laws, or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Labor Relations</u>. The Company does not have any employees or consultants resident in the United States. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all Canadian federal, provincial, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance</u>. Neither the Company nor any Subsidiary: (i) is 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 or any Subsidiary under), nor has the Company or any Subsidiary received 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), (ii) is in violation of any judgment, decree, or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance, regulation or code of any governmental authority (including for certainty the Mortgage Broker Regulatory Council of Canada), including without limitation all foreign, federal, provincial and local laws relating to mortgage brokering, taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Environmental Laws</u>. The Company and its Subsidiaries (i) are in compliance with all federal, state, provincial, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, "<u>Hazardous Materials</u>") into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder ("<u>Environmental Laws</u>"); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, provincial, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect ("<u>Material Permits</u>"), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Title to Assets</u>. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state, provincial or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Intellectual Property</u>. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the "<u>Intellectual Property Rights</u>"). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Insurance</u>. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage in amount deemed prudent by the Company. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Transactions with Affiliates and Employees</u>. Except as set forth on <u>Schedule 3.1(r)</u>, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any equity incentive plan of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Sarbanes-Oxley; Internal Accounting Controls</u>. The Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. The Company's certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the "<u>Evaluation Date</u>"). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Certain Fees</u>. Except for the fees and expenses of the Placement Agent, no cash brokerage or cash finder's fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Private Placement</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, (i) no registration under the Securities Act is required for the offer and sale of the Subscription Receipts by the Company to the Purchasers as contemplated hereby, (ii) the distribution of the Subscription Receipts is exempt from the prospectus requirements of Canadian Securities Laws, and (iii) the exchange of each Subscription Receipt for one Share or one Pre-Funded Warrant, as applicable, and the issue of Pre-Funded Warrant Shares on the due exercise of the Pre-Funded Warrants is exempt from the prospectus requirements of Canadian Securities Laws. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Subscription Receipts and application of the proceeds as set forth under Section 4.7, will not be or be an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an "investment company" subject to registration under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Registration Rights</u>. Except as set forth on Schedule 3.1(w),other than to each of the Purchasers pursuant to the Registration Rights Agreement, no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Trading Market</u>. The issued and outstanding Common Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed for trading on the NYSE American under the symbol "PAPL". The Company is in compliance with all listing requirements of the NYSE American applicable to the Company. As of the date of this Agreement, there is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by the NYSE American or the Commission, respectively, to prohibit or terminate the listing of the Common Shares on the NYSE American or to deregister the Common Shares under the Exchange Act. The Company has taken no action as of the date of this Agreement that is designed to terminate the registration of the Common Shares under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's certificate of incorporation (or similar constating documents) or the laws of its jurisdiction of continuance that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company's issuance of the Securities and the Purchasers' ownership of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Disclosure</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents and the Asset Management Agreements and the representations made in Section 3.1(i), which constitute material non-public information ("<u>MNPI</u>"), the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute MNPI. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does 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. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Subscription Receipts to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Indebtedness</u>. <u>Schedule 3.1(bb)</u> sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "<u>Indebtedness</u>" means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable or accrued payroll liabilities incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Tax Status</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) All
 material Tax Returns required to be filed by (or with respect to) the Company and its Subsidiaries
 have been duly and timely filed (taking into account any valid extension of time to file),
 and all such Tax Returns are true, correct and complete in all material respects. All material
 Taxes due and payable by (or with respect to) the Company and its Subsidiaries, or for which
 the Company and/or its Subsidiaries may be liable, have been timely paid in full to the appropriate
 Taxing Authority. All material Taxes which are not yet due and payable have been (i) for
 periods covered by the Financial Statements, adequately accrued and reserved on the Financial
 Statements in accordance with GAAP, and (ii) for periods not covered by the Financial Statements,
 accrued on the books and records of the Company, in each case as of the date of this Agreement.
 The Company and its Subsidiaries have withheld and paid to the appropriate Taxing Authority
 all material Taxes required to have been withheld and paid in connection with any amounts
 paid or owing to any current or former employee, independent contractor, creditor, equity
 holder or other Person, and has complied in all material respects with all applicable Law
 relating to the withholding and remittance and related reporting requirements with respect
 to such Taxes. The Company and its Subsidiaries have collected all material sales, use, employment,
 value added, goods and services, and similar Taxes required to be collected and timely remitted
 all such Taxes collected to the appropriate Taxing Authority in accordance with applicable
 Law. The Company and its Subsidiaries have not taken advantage of any Law enacted in connection
 with COVID-19 that has the result of temporarily reducing (or temporarily delaying the due
 date of) any material payment obligation of the Company to any Taxing Authority.

ii) Other than as a beneficiary thereto, the Company and its Subsidiaries are not a party to, or bound by, any Tax indemnity, Tax sharing or Tax allocation agreement or similar Contract (other than any such Contract entered into in the ordinary course of business and not primarily relating to Taxes).

iii) The Company and its Subsidiaries will not be required to include any material item of income in, or exclude any material item of deduction or loss from, taxable income, or make any adjustment under Section 481 of the Code (or any similar provision of state, local or non-U.S. Law), for any Tax period (or portion thereof) beginning after the Closing Date (or, in the case of any taxable period beginning on or before and ending after the Closing Date, the portion of such period beginning after the Closing Date) as a result of any: (i) change in method of accounting made prior to the Closing, including by reason of the application of Section 481 of the Code (or any analogous provision of state, local or foreign Law); (ii) settlement or other agreement with any Taxing Authority made prior to the Closing; (iii) disposition made, payment received or deferred revenue recognized prior to the Closing; or (iv) transaction occurring prior to the Closing between or among members of any affiliated, consolidated, combined or unitary group for U.S. federal, state, local or non-U.S. Tax purposes of which the Company and/or its Subsidiaries is or was a member.

iv) The Company and its Subsidiaries have not been a member of an affiliated, consolidated, combined or unitary group for U.S. federal, state, local or non-U.S. Tax purposes. The Company and its Subsidiaries do not have any liability for the Taxes of any Person (other than the Company) as a result of being a member of a consolidated group, fiscal unity or unified group (including pursuant to Treasury Regulations Section 1.1502-6 or any similar provision of state, local or non-U.S. Law), as a transferee or successor, by contract (other than any such contract entered into in the ordinary course of business and not primarily relating to Taxes) or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) All
 payments by, to or among the Company, and its Affiliates are in material compliance with
 all relevant transfer pricing requirements imposed by any Taxing Authority, including the
 execution and maintenance of contemporaneous documentation substantiating the transfer pricing
 practices and methodologies.

vi) The Company and its Subsidiaries is not a party to any material ruling or similar agreement or arrangement with a governmental authority, and the Company does not have any request for a material ruling in respect of Taxes pending between it and any governmental authority.

vii) No audit, examination, investigation, litigation or other administrative or judicial proceeding in respect of Taxes or Tax matters is pending, being conducted or has been announced or threatened in writing with respect to the Company or its Subsidiaries (and, to the knowledge of the Company, no such audit, examination investigation, litigation or other administrative or judicial proceeding is contemplated). There is no outstanding claim, assessment, deficiency or proposed adjustment against the Company or its Subsidiaries for any material amount of Tax, and no such claim, assessment or deficiency has been asserted or threatened in writing or, to the knowledge of the Company, is contemplated, by any Taxing Authority.

viii) The Company and its Subsidiaries have not waived any statute of limitations with respect to Taxes or agreed to any extension of time with respect to the assessment or collection of any Tax, other than in the ordinary course of business or for automatic extensions of time to file income Tax Returns.

ix) There are no Liens or encumbrances for Taxes upon any of the assets of the Company and its Subsidiaries except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x) The
 Company and its Subsidiaries have not received written notice of any claim from a Taxing
 Authority in a jurisdiction in which the Company and its Subsidiaries, as applicable, does
 not file Tax Returns stating that the Company and its Subsidiaries, as applicable, is or
 may be subject to Tax in such jurisdiction.

xi) To the knowledge of the Company, the Company and its Subsidiaries are not subject to Tax in any country other than Canada by virtue of having employees, a permanent establishment, other place of business or similar presence in that country.

xii) The Company and its Subsidiaries have not participated in a "reportable transaction" within the meaning of United States treasury regulation 1.6011-4(b) (or any corresponding or similar provision of state, local or non-U.S. law).

xiii) The Company and its Subsidiaries is in material compliance with all terms and conditions of any Tax incentives (including those based on COVID-19 relief), Tax exemption, Tax holiday or other Tax reduction arrangement, agreement or order (each, a "<u>Tax Incentive</u>") and the consummation of the Transactions will not have any adverse effect on the continued validity and effectiveness of any such Tax Incentive.

xiv) None of Sections 80 to 80.04, both inclusive, of the Canadian Tax Act have applied or will apply to the Company or its Subsidiaries. The Company and its Subsidiaries have no material unpaid amounts that may be required to be included in income under Section 78 of the Canadian Tax Act.

xv) The Company and its Subsidiaries have not acquired property from any Person in circumstances where the Company or its Subsidiaries, as applicable, did or could have become liable for any Taxes payable by that Person pursuant to Section 160 of the Canadian Tax Act.

xvi) The Company and its Subsidiaries are a registrant for purposes of the *Excise Tax Act* (Canada). All material input tax credits claimed by the Company and its Subsidiaries pursuant to the *Excise Tax Act* (Canada) have been proper, correctly calculated and documented in accordance with the requirements of the *Excise Tax Act* (Canada).

xvii) The Company and its Subsidiaries are a "taxable Canadian corporation" as that term is defined in the Canadian Tax Act.

xviii) There are no liens on any of the assets of the Company and its Subsidiaries.

xix) At all times since inception, the Company has been and continues to be classified as a corporation for U.S. federal income tax purposes.

xx) Neither the Company nor any of its Subsidiaries has been a United States real property holding corporation within the meaning of Code Section 897(c)-2 during the period specified in Code Section 897(c)(1)(A)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>No General Solicitation</u>. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Securities by any form of "general solicitation" or "general advertising" (as such terms are defined in Regulation D under the Securities Act). The Company has offered the Securities for sale only to the Purchasers and certain other "qualified purchasers" within the meaning of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Foreign Corrupt Practices</u>. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision of FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Accountants</u>. The Company's accounting firm is set forth in the SEC Reports. To the knowledge and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company's Annual Report for the fiscal year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>No Disagreements with Accountants and Lawyers</u>. There are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company's ability to perform any of its obligations under any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Acknowledgment Regarding Purchasers' Purchase of Securities</u>. The Company acknowledges and agrees that, to its knowledge, each of the Purchasers is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that, to its knowledge, no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers' purchase of the Securities. The Company further represents to each Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Acknowledgment Regarding Purchaser's Trading Activity</u>. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(g) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or "derivative" securities based on securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities, (iii) any Purchaser, and counter-parties in "derivative" transactions to which any such Purchaser is a party, directly or indirectly, presently may have a "short" position in the Common Shares and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Pre-Funded Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing shareholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Regulation M Compliance</u>. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company's placement agent in connection with the placement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Employee Benefits</u>. Except as would not be reasonably likely to result in a Material Adverse Effect, each benefit plan established by the Company or its Subsidiaries has been established and administered in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code, the Patient Protection and Affordable Care Act of 2010, as amended, and other applicable laws, rules and regulations. The Company and its Subsidiaries are in compliance with all applicable federal, state, provincial and local laws, rules and regulations regarding employment, except for any failures to comply that are not reasonably likely, individually or in the aggregate, to have a Material Adverse Effect. There is no labor dispute, strike or work stoppage against the Company or its Subsidiaries pending or, to the knowledge of the Company, threatened which may interfere with the business activities of the Company, except where such dispute, strike or work stoppage is not reasonably likely, individually or in the aggregate, to have a Material Adverse Effect. None of the plans referred to above is or was within the past six (6) years, nor does the Company or its Subsidiaries have or reasonably expect to have any liability or obligation under, (i) a "registered pension plan" as defined in subsection 248(1) of the Canadian Tax Act, (ii) a "deferred profit sharing plan", a plan providing a "retiring allowance" or a "retirement compensation arrangement", each as defined as subsection 248(1) of the Canadian Tax Act, (iii) a multi-employer pension plan within the meaning of any applicable federal or provincial pension benefits standards legislation in Canada, or (iv) any plan that contains a "defined benefit provision" as defined in subsection 147.1(1) of the Canadian Tax Act. All contributions, premiums or payments required to be made or remitted with respect to any such plan have been timely made or remitted to the extent due or properly accrued on the Financial Statements. The Company and its Subsidiaries have no actual or potential unfunded liabilities with respect to any of such plans and no accumulated funding deficiencies exist in any such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Mortgage Brokering</u>. The Company and its Subsidiaries (i) are in compliance with all federal, state, provincial, local and foreign laws relating to mortgage brokering ("<u>Mortgage Brokering Laws</u>"); (ii) have received all permits licenses or other approvals required of them under applicable Mortgage Brokering Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The sole business of the Company and its Subsidiaries is that of mortgage brokering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Stock Option Plans</u>. Each stock option granted by the Company under the Company's equity incentive plans was granted (i) in accordance with the terms of the Company's applicable equity incentive plan and (ii) with an exercise price at least equal to the fair market value of the Common Shares on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company's applicable equity incentive plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("<u>OFAC</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Bank Holding Company Act</u>. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the "<u>BHCA</u>") and to regulation by the Board of Governors of the Federal Reserve System (the "<u>Federal Reserve</u>"). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Anti-Bribery and Anti-Money Laundering Laws</u>. Each of the Company, its Subsidiaries and, to the knowledge of the Company, any of their respective officers, directors, supervisors, managers, agents, or employees are and have at all times been in compliance with and its participation in the offering will not violate: (A) anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality, including but not limited to any law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of similar purposes and scope or (B) anti-money laundering laws, including, but not limited to, applicable federal, provincial, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including, without limitation, Title 18 US. Code sections 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to concur, all as amended, and any executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>No Disqualification Events</u>. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506(b) of Regulation D under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an "<u>Issuer Covered Person</u>" and, together, "<u>Issuer Covered Persons</u>") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "<u>Disqualification Event</u>"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Other Covered Persons</u>. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Notice of Disqualification Events</u>. The Company will notify the Purchasers and the Placement Agent in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>No Additional Agreements</u>. There are no agreements or understandings between the Company and any Purchaser with respect to the transactions contemplated by the Transaction Agreements other than (i) as specified in the Transaction Agreements and (ii) any side letter agreements with any of the Purchasers, which side letters the Company has shared with all Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Cybersecurity</u>. To the knowledge of the Company, there has been no security breach or other compromise of or relating to any of the Company's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "IT Systems and Data") and (y) the Company and the Subsidiaries have not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data, in each case, except as could not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect; (ii) the Company and the Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices. The Company and its Subsidiaries have not (x) experienced any material unauthorized access, security incident, or use of any of the Business Systems, or unauthorized acquisition, destruction, damage, disclosure, loss, corruption, alteration, or use of any material Business Data stored on the Business Systems; or (y) been subject to, provided, or received written notice of any audits, proceedings or investigations by any governmental authority or any person, or received any claims or complaints regarding the collection, dissemination, storage, processing, or use of personal information, or the violation of any applicable contractual commitments that the Company or its Subsidiaries have entered into or is otherwise bound with respect to privacy and/or data security and, to the Company's knowledge, there is no reasonable basis for the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Compliance with Data Privacy Laws</u>. The Company and its Subsidiaries are, and at all prior times were, in material compliance with all applicable state, federal, provincial and foreign data privacy and security laws and regulations regarding the collection, use, storage, retention, disclosure, transfer, disposal, or any other processing (collectively "<u>Process</u>" or "<u>Processing</u>") of personal data, including without limitation HIPAA, the EU General Data Protection Regulation ("<u>GDPR</u>") (Regulation (EU) No. 2016/679), all other local, state, federal, provincial, national, supranational and foreign laws relating to the regulation of the Company or its Subsidiaries, and the regulations promulgated pursuant to such statutes and any provincial or U.S. counterpart thereof (collectively, the "<u>Privacy Laws</u>"). To ensure material compliance with the Privacy Laws, the Company and its Subsidiaries have in place, comply with, and take all appropriate steps necessary to ensure compliance in all material respects with their policies and procedures relating to data privacy and security, and the Processing of personal and confidential data (the "<u>Privacy Statements</u>"). The Company and its Subsidiaries have, except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, at all times since inception provided accurate notice of their Privacy Statements then in effect to its customers, employees, third party vendors and representatives. None of such disclosures made or contained in any Privacy Statements have been materially inaccurate, misleading, incomplete, or in material violation of any Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Transactions with Affiliates and Employees</u>. No relationship, direct or indirect, exists between or among the Company, on the one hand, and the directors, officers, shareholders, customers or suppliers of the Company, on the other hand, that is required to be described in the SEC Reports that is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>Certain Business Practices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Neither
 the Company nor its Subsidiaries nor, to the knowledge of the Company, any of the officers,
 directors or employees of the Company or its Subsidiaries, as the case may be, or other agent
 acting on behalf of the Company or its Subsidiaries, as the case may be, is currently violating,
 or during the past five (5) years violated, whether directly or indirectly, any applicable
 Sanctions or Ex-Im Laws. Neither the Company nor its Subsidiaries nor, to the knowledge of
 the Company, any of the officers, directors or employees of the Company or its Subsidiaries,
 as the case may be, or other agent acting on behalf of the Company or its Subsidiaries, as
 the case may be, is currently, or has been in the last five (5) years: (i) a Sanctioned Person;
 or (ii) engaging in dealings with any Sanctioned Person, to the extent such activities violate
 Sanctions or Ex-Im Laws applicable to any party to this Agreement. There are not now and
 have not been in the last five (5) years any proceedings, investigations, or disclosures
 to, by or before any governmental authority involving the Company or its Subsidiaries or,
 to the knowledge of the Company, any of the directors, officers or employees of the Company
 or its Subsidiaries relating to Sanctions or Ex-Im Laws, nor to the Company's knowledge,
 is such a proceeding, investigation or disclosure pending or threatened. The Company and
 its Subsidiaries have obtained export licenses and other authorizations as required by, and
 otherwise has operated, and is presently, in compliance with Ex- Im Laws. The Company and
 its Subsidiaries have implemented and maintains in effect policies and procedures reasonably
 designed to promote compliance with Sanctions and Ex-Im Laws.

ii) Neither the Company, its Subsidiaries nor, to the Company's knowledge, the officers or directors of the Company and its Subsidiaries have in the past five (5) years directly or indirectly offered, paid, promised to pay, or authorized the payment of anything of value, including cash, checks, wire transfers, tangible or intangible gifts, favors, entertainment or services (including any facilitation payments) to any Person, including any Government Official, or any employee or representative of a Governmental Authority, or any Person acting for or on behalf of any Government Official while knowing (as defined in the FCPA) or having reason to know that all or some portion would be used for the purpose of: (a) influencing any act or decision of a Government Official or other person, including a decision to fail to perform official functions; (b) inducing any Government Official or other person to do or omit to do any act in violation of the lawful duty of such official; or (c) inducing any Government Official to use influence with any government, department, agency or instrumentality in order to assist the Company or any other Person in obtaining or retaining business with, or directing business to any Person or otherwise securing for any Person an improper advantage.

iii) There have been no demands, claims, actions, legal proceedings or investigations by or before any governmental authority or any arbitrator involving the Company, its Subsidiaries or, to the Company's knowledge, the directors or officers of the Company and its Subsidiaries relating to the Anti-Corruption Laws in the past five (5) years nor are there any pending or, to the knowledge of the Company, threatened in writing. In the past five (5) years, no civil, criminal, or administrative penalties have been imposed on the Company or its Subsidiaries with respect to violations of applicable Anti-Corruption Laws, or applicable Anti-Money Laundering Laws, nor have any disclosures been submitted to any other Governmental Authority with respect to violations of such laws.

iv) The Company and its Subsidiaries have conducted its businesses in compliance with applicable Anti- Corruption Laws and Anti-Money Laundering Laws and have instituted and maintain policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) The
 operations of the Company and its Subsidiaries are and have been conducted in material compliance
 with all Anti-Money Laundering Laws and Sanctions. The Company and, to the Company's
 knowledge, the directors and officers of the Company and its Subsidiaries have not knowingly
 falsified any entry in any book, record or account of the Company or of its Subsidiaries,
 and all such entries fairly and accurately reflect the relevant transactions and dispositions
 of the Company's assets or the assets of its Subsidiaries in reasonable detail.

vi) No director, officer or employee of the Company or of its Subsidiaries is a Government Official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Representations and Warranties of the Purchasers</u>. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization; Authority</u>. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar 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 execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Understandings or Arrangements</u>. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser's right to sell the Shares, Pre-Funded Warrants and Warrant Shares pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws, including Canadian Securities Laws). Such Purchaser understands that the Securities are "restricted securities" and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser's right to sell the Shares, Pre-Funded Warrants and Warrant Shares pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business. The Purchaser understands and agrees that the Company is not a "reporting issuer" as defined in the *Securities Act* (Ontario) or the equivalent in any jurisdiction of Canada and, accordingly, the Subscription Receipts, but not the Shares, Pre-Funded Warrants or the Pre-Funded Warrant Shares, will be subject to resale restrictions under applicable Canadian Securities Laws, including National Instrument 45-102 - *Resale of Securities*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Investment Representations and Warranties</u>. The Purchaser hereby represents and warrants that, it (i) as of the date of this Agreement is, if an entity, a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) or an institutional "accredited investor" as that term is defined in Rule 501(a) under Regulation D promulgated pursuant to the Securities Act; or (ii) if an individual, is an "accredited investor" as that term is defined in Rule 501(a) of Regulation D of the Securities Act and has such knowledge and experience in financial and business matters as to be able to protect its own interests in connection with an investment in the Securities. The Purchaser further represents and warrants that (x) it is capable of evaluating the merits and risk of such investment, and (y) that it has not been organized for the purpose of acquiring the Securities and is an "institutional account" as defined by FINRA Rule 4512(c). The Purchaser understands and agrees that the offering and sale of the Securities has not been registered under the Securities Act or any applicable state securities laws or qualified for distribution to the public under Canadian Securities Laws and is being made in reliance upon federal, state and Canadian Securities Laws exemptions for transactions not involving a public offering which depend upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Intent</u>. The Purchaser is purchasing the Securities, solely for the Purchaser's own account and not for the account of others, and not with a view to the resale or distribution of any part thereof to a person or company in Canada (including by way of a pre-arranged sale to one or more purchasers whom the Purchaser, or any person acting on the Purchaser's behalf, has reason to believe are located in Canada) or otherwise in violation of the Securities Act or Canadian Securities Laws, and the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act or Canadian Securities Laws without prejudice, subject however, to the Purchaser's right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state securities laws, including Canadian Securities Laws. Notwithstanding the foregoing, if the Purchaser is purchasing the Securities as a fiduciary or agent for one or more investor accounts, the Purchaser has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account. The Purchaser has no present arrangement to sell the Securities to or through any person or entity. The Purchaser understands that the Securities must be held indefinitely unless such Securities are resold pursuant to a registration statement under the Securities Act or an exemption from registration is available and in compliance with Canadian Securities Laws. Nothing contained herein shall be deemed a representation or warranty by the Purchaser to hold the Securities for any period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Experience of Such Purchaser</u>. Such Purchaser, 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 Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Investment Experience; Ability to Protect Its Own Interests and Bear Economic Risks</u>. The Purchaser acknowledges that it can bear the economic risk and complete loss of its investment in the Securities and has knowledge and experience in finance, securities, taxation, investments and other business matters as to be capable of evaluating the merits and risks of investments of the kind described in this Agreement and contemplated hereby, and the Purchaser has had an opportunity to seek, and has sought, such accounting, legal, business and tax advice as the Purchaser has considered necessary to make an informed investment decision. The Purchaser acknowledges that the Purchaser (i) is a sophisticated investor, experienced in investing in private placements of equity securities and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities and (ii) has exercised independent judgment in evaluating its participation in the purchase of the Securities. The Purchaser acknowledges that the Purchaser is aware that there are substantial risks incident to the purchase and ownership of the Securities, including those set forth in the Company's filings with the Commission. Alone, or together with any professional advisor(s), the Purchaser has adequately analyzed and fully considered the risks of an investment in the Securities and determined that the Securities are a suitable investment for the Purchaser. The Purchaser is, at this time and in the foreseeable future, able to afford the loss of the Purchaser's entire investment in the Securities and the Purchaser acknowledges specifically that a possibility of total loss exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Independent Investment Decision</u>. The Purchaser understands that nothing in the Transaction Agreements or any other materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Securities constitutes legal, tax or investment advice. The Purchaser has consulted such legal, tax and investment advisors as it, in such Purchaser's sole discretion, has deemed necessary or appropriate in connection with its purchase of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Independent Advice</u>. Purchaser understands that nothing in this Agreement or any other materials presented by or on behalf of the Company to Purchaser in connection with the purchase of the Securities constitutes legal, tax or investment advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Securities Not Registered; Legends</u>. The Purchaser acknowledges and agrees that the Securities are being offered in a transaction not involving any public offering within the meaning of the Securities Act, and the Purchaser understands that the Securities have not been registered under the Securities Act, by reason of their issuance by the Company in a transaction exempt from the registration requirements of the Securities Act and the prospectus requirements of Canadian Securities Laws, and that the Securities must continue to be held and may not be offered, resold, transferred, pledged or otherwise disposed of by the Purchaser unless a subsequent disposition thereof is registered under the Securities Act or is exempt from such registration or is made under an exemption from the prospectus requirement of Canadian Securities Laws and in each case in accordance with any applicable securities laws of any state of the United States and Canadian Securities Laws. The Purchaser understands that the exemptions from registration afforded by Rule 144 (the provisions of which are known to it) promulgated under the Securities Act depend on the satisfaction of various conditions including, but not limited to, the time and manner of sale, the holding period and on requirements relating to the Company which are outside of the Purchaser's control and which the Company may not be able to satisfy, and that, if applicable, Rule 144 may afford the basis for sales only in limited amounts. The Purchaser acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, transfer, pledge or disposition of any of the Securities. The Purchaser acknowledges that no federal or state agency has passed upon or endorsed the merits of the offering of the Securities or made any findings or determination as to the fairness of this investment.

The Purchaser understands that any certificates or book entry notations evidencing the Securities may bear one or more legends in substantially the following form and substance:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT, OR (IV) THE SECURITIES ARE TRANSFERRED WITHOUT CONSIDERATION TO AN AFFILIATE OF SUCH HOLDER OR A CUSTODIAL NOMINEE (WHICH FOR THE AVOIDANCE OF DOUBT SHALL REQUIRE NEITHER CONSENT NOR THE DELIVERY OF AN OPINION)."

And any certificates or book entry notations evidencing the Subscription Receipts prior to the exchange into Shares or Pre-Funded Warrants, as the case may be, as contemplated herein, provided they are registered under the Registration Statement and issued on or after the Effective Date and in accordance with this Agreement, will bear the following legend (the "<u>Hold Period Legend</u>"):

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE LATER OF (I) [*INSERT THE DISTRIBUTION DATE*], AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

In addition, the Securities may contain a legend regarding affiliate status of the Purchaser, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No General Solicitation</u>. The Purchaser acknowledges and agrees that the Purchaser is purchasing the Securities directly from the Company. Purchaser became aware of this offering of the Securities solely by means of direct contact from the Placement Agent or directly from the Company as a result of a pre-existing, substantive relationship with the Company or the Placement Agent, and/or their respective advisors (including, without limitation, attorneys, accountants, bankers, consultants and financial advisors), agents, control persons, representatives, affiliates, directors, officers, managers, members, and/or employees, and/or the representatives of such persons. The Securities were offered to Purchaser solely by direct contact between Purchaser and the Company, the Placement Agent and/or their respective representatives. Purchaser did not become aware of this offering of the Securities, nor were the Securities offered to Purchaser, by any other means, and none of the Company, the Placement Agent and/or their respective representatives acted as investment advisor, broker or dealer to Purchaser. The Purchaser is not purchasing the Securities as a result of any general or public solicitation or general advertising, or publicly disseminated advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television, radio or the internet or presented at any seminar or any other general solicitation or general advertisement, including any of the methods described in Section 502(c) of Regulation D under the Securities Act.(k) <u>Access to Information</u>. The Purchaser acknowledges and agrees that the Purchaser and the Purchaser's professional advisor(s), if any, have had the opportunity to ask such questions, receive such answers and obtain such information from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities as the Purchaser and the Purchaser's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Securities and that the Purchaser has independently made its own analysis and decision to invest in the Company. Neither such inquiries nor any other due diligence investigation conducted by the Purchaser shall modify, limit or otherwise affect the Purchaser's right to rely on the Company's representations and warranties contained in this Agreement.(l) <u>Certain Trading Activities</u>. Other than consummating the transaction contemplated hereby, the Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that the Purchaser was first contacted by the Company or any other Person regarding the transaction contemplated hereby and ending immediately prior to the date of this Agreement. Notwithstanding the foregoing, in the case of a Purchaser that is a multi- managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the representation set forth above shall only apply with respect to the portion of the assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement and to its advisors and agents who had a need to know such information, the Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future.(m) <u>Disqualification Event</u>. To the extent the Purchaser is one of the covered persons identified in Rule 506(d)(1), the Purchaser represents that no Disqualification Event is applicable to the Purchaser or any of its Rule 506(d) Related Parties (as defined below), except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. The Purchaser hereby agrees that it shall notify the Company promptly in writing in the event a Disqualification Event becomes applicable to the Purchaser or any of its Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes of this Section, "Rule 506(d) Related Party" means a person or entity that is a beneficial owner of the Purchaser's securities for purposes of Rule 506(d) of the Securities Act.(n) <u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) 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 Subscription Receipts 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 Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser's representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser's right to rely on the Company's representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document, or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

**ARTICLE IV.**

**OTHER AGREEMENTS OF THE PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Securities may only be disposed of in compliance with state, provincial and federal securities laws, including Canadian Securities Laws. For purposes of applicable U.S. securities laws, in connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, 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. As a condition of transfer (other than pursuant to an effective Registration Statement), any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement. For the purposes of Canadian Securities Laws (a) the Subscription Receipts are subject to an indefinite hold period and (b) the Shares, Pre-Funded Warrants and Pre-Funded Warrant Shares will not be subject to a hold period under Canadian Securities Laws provided the Shares, Pre-Funded Warrants and Pre-Funded Warrant Shares are issued under the Registration Statement on or after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of the legends in the form set forth in Section 3.2(i) hereof.

The Company acknowledges and agrees that subject to compliance with applicable securities laws, exchange rules and Canadian Securities Laws, a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser's expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including, if the Securities are subject to registration pursuant to Section 4.4 of this Agreement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling shareholders thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certificates evidencing the Shares, the Pre-Funded Warrants and Pre-Funded Warrant Shares shall not contain any legend, including the legends set forth in Section 3.2(i): (i) if they are registered under a registration statement that is effective under the Securities Act (including under the Registration Statement on or after the Effective Date) covering the resale of such security; (ii) if such Shares or Pre-Funded Warrant Shares are sold pursuant to Rule 144 and the Company is then in compliance with the current public information required under Rule 144, (iii) if such Shares or Pre-Funded Warrant Shares may be sold under Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Shares or Pre-Funded Warrant Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause Company Counsel to issue a legal opinion to the Transfer Agent or the Purchaser promptly after the Effective Date if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively. If all or any portion of a Pre-Funded Warrant is exercised at a time when there is an effective registration statement to cover the resale of the Pre-Funded Warrant Shares, then such Pre-Funded Warrant Shares shall be issued free of all legends. The Company agrees that, following the Effective Date or at such time as such legend is no longer required under this Section 4.1(c), it will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Shares or Pre-Funded Warrant Shares, as the case may be, issued with a restrictive legend (such date, the "<u>Legend Removal Date</u>"), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.1. Certificates for Securities subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser's prime broker with the Depository Trust Company as directed by such Purchaser. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Common Shares as in effect on the date of delivery of a certificate representing Shares or Pre-Funded Warrant Shares, as the case may be, issued with a restrictive legend. The Purchaser shall provide the Company written notice of a removal request (the "<u>Request Notice</u>") at least two (2) Trading Days prior to delivery of the legended Share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition to such Purchaser's other available remedies, the Company shall pay to a Purchaser, in cash,(i) as partial liquidated damages and not as a penalty, for each $1,000 of Shares or Pre-Funded Warrant Shares (based on the VWAP of the Common Shares on the date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date (or, if later, four days after the Request Notice date) until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Purchaser purchases (in an open market transaction or otherwise) Common Shares to deliver in satisfaction of a sale by such Purchaser of all or any portion of the number of Common Shares, or a sale of a number of Common Shares equal to all or any portion of the number of Common Shares that such Purchaser anticipated receiving from the Company without any restrictive legend, then, an amount equal to the excess of such Purchaser's total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the Common Shares so purchased (including brokerage commissions and other out-of-pocket expenses, if any) over the product of (A) such number of Shares or Pre-Funded Warrant Shares that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Common Shares on any Trading Day during the period commencing on the date of the delivery by such Purchaser to the Company of the applicable Shares or Pre-Funded Warrant Shares and ending on the date of such delivery and payment under this clause (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom and from the prospectus requirements of Canadian Securities Laws, and that if Securities are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities as set forth in this Section 4.1 is predicated upon the Company's reliance upon this understanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Furnishing of Information; Public Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For at least one year after the Closing Date, the Company covenants to maintain the registration of the Common Shares under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time during the period commencing from the six (6) month anniversary of the Closing Date and ending at such time that all of the Securities of a Purchaser may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes such an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a "<u>Public Information Failure</u>") then, in addition to such Purchaser's other available remedies, the Company shall pay to that Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Securities, an amount in cash equal to $1,000 per day of a Public Information Failure until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for that Purchaser to transfer the Shares or Pre-Funded Warrant Shares pursuant to Rule 144. The payments to which a Purchaser shall be entitled pursuant to this Section 4.2(b) are referred to herein as "<u>Public Information Failure Payments</u>." Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, other than during the pendency of any bona fide dispute over whether an alleged Public Information Failure has occurred, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser's right to pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Integration</u>. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Securities Laws Disclosure; Publicity; Non-Public Disclosure</u>. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms of the transactions contemplated hereby (including the entry into and material terms of the Asset Management Agreements), and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto (and the Asset Management Agreements as exhibits thereto, or a summary of the material terms thereof), with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all MNPI delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases or making any Commission filings with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release or make any Commission filings nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release or Commission filings of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with (i) any registration statement contemplated by this Agreement and (ii) the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b). Except as set forth in this Section 4.4 with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents and the Asset Management Agreements, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, MNPI, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any MNPI to a Purchaser without such Purchaser's consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such MNPI, provided that the Purchaser shall remain subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an "<u>Acquiring Person</u>" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Satisfaction of Escrow Release Conditions</u>. The Company shall use its best efforts to satisfy the Escrow Release Conditions prior to the Escrow Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Use of Proceeds</u>. Upon satisfaction or waiver of the Escrow Release Conditions, the following items shall be deducted from the Escrowed Cash Proceeds and allocated to the appropriate parties (collectively, the "<u>Permitted Withdrawals</u>"): (i) an amount calculated as a percentage of the Escrowed Cash Proceeds shall be paid to the Placement Agent in respect of the Placement Agent's fee, in accordance with the Placement Agent Agreement, (ii) $272,722 $42,000 and $262,500 shall be allocated to the payment of the legal fees of the Company and paid to MLT Aikins LLP, LLP, Blake, Cassels & Graydon and Sichenzia Ross Ference Carmel LLP, respectively, (iii) $600,000 shall be allocated to the legal fees of Injective Foundation and paid to DLA Piper LLP, and (iv) $600,000 shall be allocated to repay existing debts of the Company.

Following such allocations, the Escrowed Cash Proceeds less the Permitted Withdrawals ("<u>Net Cash Proceeds</u>") shall be delivered by the Subscription Receipt Agent as follows: (i) $1,500,000 shall be paid to the Company and allocated to legacy business expenses, working capital to fund the Company's business operations, for general corporate purposes and other customary or reasonable expenses; and (ii) $21,000,000 shall be paid to the Asset Managers to fund the acquisition of INJ and the establishment of the Company's INJ treasury operations, as provided in Section 4.19 hereof and the Asset Management Agreements. Concurrently, the INJ Escrow Agent shall take all actions necessary to pay the Escrowed INJ Proceeds to the Asset Managers. The Company shall not use the Net Cash Proceeds: (a) for the redemption of any Common Shares or Common Share Equivalents, (b) for the settlement of any outstanding litigation or (c) in violation of FCPA or OFAC regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a "<u>Purchaser Party</u>") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state or federal securities laws, including Canadian Securities Laws, or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company's prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Reservation of Common Shares</u>. As of the date hereof or prior to the Closing Date, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Common Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement (and the Subscription Receipt Agreement) and Pre-Funded Warrant Shares issuable pursuant to any exercise of the Pre-Funded Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Listing of Common Shares</u>. The Company hereby agrees to use its best efforts to maintain the listing or quotation of the Common Shares on the Trading Market on which it is currently listed, and the Company shall apply to list or quote all of the Shares and Pre-Funded Warrant Shares on such Trading Market prior to the Closing and promptly secure the listing of all of the Shares and Pre-Funded Warrant Shares on such Trading Market prior to Closing. The Company further agrees, if the Company applies to have the Common Shares traded on any other Trading Market, it will then include in such application all of the Shares and Pre-Funded Warrant Shares and will take such other action as is necessary to cause all of the Shares and Pre-Funded Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to maintain the listing and trading of its Common Shares on a Trading Market and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 <u>Subscription Receipt Agreement</u>. The Subscription Receipts will be duly and validly created and issued by the Company pursuant to the terms of the Subscription Receipt Agreement. The Subscription Receipt Agreement will contain, among other things, anti-dilution provisions and provisions for the appropriate adjustment in the class, kind and number of Shares and Pre-Funded Warrants, as applicable, issuable to a holder of Subscription Receipts, upon the occurrence of certain events, including the subdivision, consolidation or reclassification of shares or payments of stock dividends or the amalgamation of the Company. Any description of the Subscription Receipts set forth in this Agreement (or any other Transaction Agreement) is a summary only and is subject to the detailed provisions of the Subscription Receipt Agreement in the form attached hereto as <u>Exhibit E</u>. In the event of any inconsistency between the description of the Subscription Receipts contained in this Agreement (or any other Transaction Agreement) and in the Subscription Receipt Agreement, the terms of the Subscription Receipt Agreement will prevail and govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 <u>Subsequent Equity Sales</u>. From the date of this Agreement until sixty (60) days after the Escrow Deadline, as extended pursuant to the terms of this Agreement, the Company shall not (A) issue Common Shares or Common Share Equivalents, (B) effect a reverse Common Share split, recapitalization, share consolidation, reclassification or similar transaction affecting the outstanding Common Shares or (C) file with the Commission a registration statement under the Securities Act relating to any Common Shares or Common Share Equivalents, except pursuant to the terms of the Registration Rights Agreement. Notwithstanding the foregoing, the provisions of this <u>Section 4.12</u> shall not apply to (i) the issuance of the Securities hereunder, (ii) the issuance of Common Shares or Common Share Equivalents upon the conversion, exercise or vesting of any securities of the Company outstanding on the date of this Agreement or outstanding pursuant to clause (iii) below, (iii) the issuance of any Common Shares or Common Share Equivalents pursuant to any Company equity compensation plans or in accordance with the NYSE Rules 303A, (iv) an Exempt Issuance, or (v) the filing of a registration statement on Form S-8 under the Securities Act to register the offer and sale of securities on an equity incentive plan or employee stock purchase plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 <u>Equal Treatment of Purchasers</u>. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 <u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales, of any of the Company's securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 <u>Form D; Blue Sky Filings</u>. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the Closing under applicable securities or "Blue Sky" laws of the states of the United States and shall provide evidence of such actions promptly upon request of any Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 <u>Acknowledgment of Dilution</u>. The Company acknowledges that the issuance of the Securities will result in dilution of the outstanding Common Shares, which dilution will be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Shares and Pre-Funded Warrant Shares pursuant to the Transaction Documents, subject to the satisfaction or waiver of the Escrow Release Conditions at or before the Escrow Deadline, any conditions contained therein, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 <u>Exercise Procedures</u>. The form of Notice of Exercise included in the Pre-Funded Warrants set forth the totality of the procedures required of the Purchasers in order to exercise the Pre-Funded Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Pre- Funded Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Pre-Funded Warrants. The Company shall honor exercises of the Pre-Funded Warrants and shall deliver Pre-Funded Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 <u>Lock-Up Agreements</u>. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements without the prior written consent of the Placement Agent or the respective Lock-Up Parties, and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts to seek specific performance of the terms of such Lock-Up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 <u>Treasury Reserve Policy</u>. In connection with the Closing, the Company in consultation with Injective Foundation and the Asset Managers shall adopt a policy, under which the Company's treasury reserve assets will consist of: (i) cash and cash equivalents and short-term investments that exceed working capital requirements; and (ii) INJ, which will serve as the primary treasury reserve asset of the Company on an ongoing basis, subject to market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 <u>Shareholder Approvals</u>. The Company shall use its reasonable best efforts to make such filings and take such actions as are necessary to receive Shareholder Approval and hold a duly called meeting of the shareholders to obtain the Shareholder Approval. Upon receipt of the requisite votes to approve such matters, the Company shall promptly deliver notice of the Shareholder Approval to each Purchaser and file with the Commission a Current Report on Form 8-K disclosing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 <u>Appointment of Director</u>. The Company shall take all necessary action such that, immediately prior to the Escrow Release Date, one additional individual is appointed to the Board of Directors of the Company. In selecting the director nominee, the Company shall consult with Injective Foundation to evaluate the knowledge and expertise of such nominee in the crypto industry, subject to meeting the necessary requirements of the Stock Exchange.

**ARTICLE V. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Termination</u>. If the Escrow Release Conditions are not satisfied or waived by the Escrow Deadline (as extended pursuant to this Agreement), then this agreement shall immediately be terminated and be of no further effect, <u>provided</u>, <u>however</u>, that no such termination will affect the right of any party to sue for any breach by any other party (or parties). Upon such termination, the Returned Consideration shall be returned to the Purchasers in accordance with Section 2.6 of this Agreement and the Subscription Receipt Agreement. At any time prior to the Escrow Deadline, Purchasers that collectively hold not less 50.1% of the aggregate Subscription Amount and, for so long as Injective Foundation holds any Securities, Injective Foundation, may terminate this Agreement by delivering written notice thereof to the Company if the Company shall have breached or failed to perform in any material respect any of its representations, warranties, covenants, or agreements contained herein and such breach or failure (i) is incapable of being cured, or (ii) if capable of being cured, is not cured within ten (10) days after the Company's receipt of written notice from any Purchaser describing in reasonable detail the nature of such breach or failure. No termination pursuant to this Section 5.1 shall limit or restrict any other rights or remedies of the Purchasers, at law or in equity, including the right to seek monetary damages or specific performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Fees and Expenses</u>. 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. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers, as well as fees and expenses of the Asset Managers (including the expenses of its representatives).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Entire Agreement</u>. 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 thereof 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Notices</u>. 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 time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains MNPI regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Subscription Receipts based on the initial Subscription Amounts hereunder (or, prior to the Closing Date, the Company and each Purchaser) and, for so long as Injective Foundation holds any Subscription Receipts, by Injective Foundation, or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. 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. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Headings</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Successors and Assigns</u>. 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 each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the "Purchasers" (other than in respect of a transfer pursuant to an effective registration statement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Third-Party Beneficiaries</u>. The Placement Agent shall be the third party beneficiary of the representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. 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, except as otherwise set forth in Section 4.8 and this Section 5.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non- prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Survival</u>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>Execution</u>. 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 each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file or DocuSign, 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 ".pdf" or DocuSign signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; <u>provided</u>, <u>however</u>, that, in the case of a rescission of an exercise of a Pre-Funded Warrant, the applicable Purchaser shall be required to return any Common Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser's right to acquire such Common Shares pursuant to such Purchaser's Pre-Funded Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 <u>Replacement of Securities</u>. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 <u>Remedies</u>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to 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 contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 <u>Payment Set Aside</u>. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 <u>Independent Nature of Purchasers' Obligations and Rights</u>. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through the legal counsel to the Placement Agent. The legal counsel of the Placement Agent does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 <u>Liquidated Damages</u>. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 <u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and Common Shares in any Transaction Document shall be subject to adjustment for reverse and forward Common Share splits, Common Share dividends, stock combinations and other similar transactions of the Common Shares that occur after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 <u>Personal Information</u>. The Purchasers consents to the collection by the Company of Personal Information about the Purchaser for the purpose of completing the transactions contemplated by this Agreement. Each Purchaser consents to the Company retaining the Personal Information for as long as permitted or required by law or business practices. Each Purchaser acknowledges that the Company may use the Personal Information: (i) internally (for the purpose of managing the relationship between and contractual obligations of the Company and the Purchaser); (ii) for income tax related purposes; (iii) to demonstrate compliance with applicable securities laws; and (iv) in record books prepared in respect of the offering of the Securities contemplated in this Agreement. Each Purchaser acknowledges that the Company may disclose the Personal Information: (i) to the Canada Revenue Agency; (ii) to professional advisers of the Company in connection with the performance of their professional services; (iii) as required by securities regulatory authorities, stock exchanges and other regulatory bodies; (iv) to a governmental or other authority to which the disclosure is required by court order or subpoena compelling that disclosure (if there is no reasonable alternative to that disclosure); (v) to a court determining the rights of the parties under this Agreement; (vi) to any other parties involved in the offering of the securities contemplated in this Agreement, including legal counsel; (vii) to the Company's registrar and transfer agent (if applicable); and (viii) as otherwise required or permitted by law. Each Purchaser consents to the use and disclosure of the Personal Information set out in this Section 5.21 and agrees to furnish to the Company any additional information as may be required and requested by the Company in order to file any applicable reports or forms under applicable securities laws.

If the Purchaser is an individual, the Purchaser authorizes the indirect collection of the Personal Information by the securities regulatory authority or regulator (each as defined in National Instrument 14-101 – *Definitions*) and confirms that the Purchaser has been notified by the Company: (i) that the Company will be delivering the Personal Information to the securities regulatory authority or regulator; (ii) that the Personal Information is being collected by the securities regulatory authority or regulator under the authority granted in applicable securities laws; (iii) that the Personal Information is being collected for the purposes of the administration and enforcement of applicable securities laws; and (iv) that the title, business address and business telephone number of the public official who can answer questions about the securities regulatory authority's or regulator's indirect collection of the Personal Information is as set out below.

Ontario Securities Commission

20 Queen Street West, 22nd Floor

Toronto, Ontario M5H 3S8

Telephone: 416-593-8314

Toll free in Canada: 1-877-785-1555

Facsimile: 416-593-8122

Email: exemptmarketfilings@osc.gov.on.ca

Public official contact regarding indirect collection of information: Inquiries Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 <u>WAIVER OF JURY TRIAL</u>. <u>IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.</u>

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.

---

| | | |
|:---|:---|:---|
| **<u>PINEAPPLE FINANCIAL INC.</u>** | **<u>PINEAPPLE FINANCIAL INC.</u>** | <u>Address for Notice:</u> |
| By: |  | Unit 200, 111 Gordon Baker Road |
| Name: | Shubha Dasgupta | North York, Ontario M2H 3R1 |
| Title: | Chief Executive Officer |  |

---

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGE FOR PURCHASER FOLLOWS]

**EXHIBIT A**

[PURCHASER SIGNATURE PAGES TO PINEAPPLE FINANCIAL INC. SECURITIES PURCHASE AGREEMENT]

**<u>Exhibit A-1</u>**

[SIGNATURE PAGES CONTINUE]

**<u>Exhibit A-2</u>**

Purchase of Securities at INJ Contribution Price

**EXHIBIT B**

[PRE-FUNDED COMMON SHARE PURCHASE WARRANT]

**EXHIBIT C**

[REGISTRATION RIGHTS AGREEMENT]

**EXHIBIT D**

[LOCK-UP AGREEMENT]

**EXHIBIT E**

[SUBSCRIPTION RECEIPT AGREEMENT]

## Exhibit 10.2

**Exhibit 10.2**

**REGISTRATION RIGHTS AGREEMENT**

**THIS REGISTRATION RIGHTS AGREEMENT** (this "**Agreement**"), dated as of September 2, 2025, is entered into by and among Pineapple Financial Inc., (the "**Company**"), a corporation continued and existing under the *Canada Business Corporations Act* (the "**CBCA**"), and the several investors signatory hereto (each individually, an "**Investor**" and collectively, together with their respective permitted assigns, the "**Investors**"). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement by and among the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "**Purchase Agreement**").

**WHEREAS,** upon the terms and subject to the conditions of the Purchase Agreement, the Company has agreed to issue to the Investors, and the Investors have agreed to purchase, severally and not jointly, an aggregate of up to $100,300,000 of subscription receipts (the "**Subscription Receipts**") of the Company.

**WHEREAS**, subject to the terms of the Subscription Receipt Agreement and the Escrow Release Conditions, on the date immediately following the date on which the Company has obtained notification that the Registration Statement (as hereinafter defined) of the Company filed with the SEC (as hereinafter defined) has been declared effective by the SEC, each Subscription Receipt will automatically be exchanged (without payment of any further consideration and subject to customary anti-dilution adjustments) for (A) one Common Share (as hereinafter defined) (each, a "**Share**") or (B) one pre-funded warrant of the Company (each, a "**Pre-Funded Warrant**"). Each Pre-Funded Warrant is exercisable for one Common Share, subject to customary anti-dilution adjustments (each, a "**Pre-Funded Warrant Share**"). To induce the Investors to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "**Securities Act**"), and applicable state securities laws.

**NOW, THEREFORE, IN CONSIDERATION** of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investors hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. DEFINITIONS.**

For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Common Shares**" means the common shares without par value in the authorized share structure of the Company and any other class of securities into which such securities may hereafter be reclassified or changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Person**" means any individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or any other entity or organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Register**," "**Registered**," and "**Registration**" refer to a registration effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and providing for the offering of securities on a continuous basis, and the declaration or ordering of effectiveness of such registration statement(s) by the U.S. Securities and Exchange Commission (the "**SEC**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Registrable Securities**" means the Shares, Pre-Funded Warrants, Pre-Funded Warrant Shares and any Common Shares issued or issuable with respect to the Shares as a result of any stock split or subdivision, stock dividend, recapitalization, exchange or similar event. Registrable Securities shall cease to be Registrable Securities upon the date on which the Investors shall have resold all the Registrable Securities covered by the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Registration Expenses**" means all registration and filing fee expenses incurred by the Company in effecting any registration pursuant to this Agreement, including (i) all registration, qualification, and filing fees, printing expenses, and any other fees and expenses associated with filings required to be made with the SEC, FINRA or any other regulatory authority, (ii) all fees and expenses in connection with compliance with or clearing the Registrable Securities for sale under any securities or "blue sky" laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses, and (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters required by or incident to such performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Registration Statement**" means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act, that Registers Registrable Securities, including the related prospectus, amendments and supplements to such registration statement, including pre- and post- effective amendments, and all exhibits and all material incorporated by reference in such registration statement as may be necessary to comply with applicable securities laws. "Registration Statement" shall also include a New Registration Statement (as defined herein), as amended when each became effective, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a prospectus subsequently filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Selling Expenses**" means all underwriting discounts and selling commissions applicable to the sale of Registrable Securities and all similar fees and commissions relating to the Investors' disposition of the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. REGISTRATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Registration</u>. The Company shall prepare, as promptly as reasonably practicable after the Closing Date, and in any event no later than five (5) Business Days of receiving Shareholder Approval (the "**Filing Deadline**"), shall file with the SEC an initial Registration Statement (the "**Initial Registration Statement**") covering the resale of all Registrable Securities. Before filing the Registration Statement, the Company shall furnish to the Investors a copy of the Registration Statement. The Investors and their counsel shall have at least five (5) Business Days prior to the anticipated filing date of a Registration Statement to review and comment upon such Registration Statement and any amendment or supplement to such Registration Statement and any related prospectus, prior to its filing with the SEC, provided that such notice and prior review by the Investors and their counsel shall not be required in connection with any supplements or amendments related solely to the Company filing its regular Current Reports on Form 8-K. Subject to any SEC comments, such Registration Statement shall include the plan of distribution substantially in the form attached hereto as <u>Exhibit A</u>. The Company shall (a) use its reasonable best efforts to address in each such document prior to being so filed with the SEC such comments as the Investor or its counsel reasonably propose, and (b) not file any Registration Statement or related prospectus or any amendment or supplement thereto containing information regarding the Investor to which the Investor reasonably objects, unless such information is required to comply with any applicable law or regulation. The Investors shall promptly furnish all information reasonably requested by the Company and as shall be reasonably required in connection with any registration referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effectiveness.</u> The Company shall cause the Initial Registration Statement and any amendment declared effective by the SEC at the earliest possible date but no later than the Escrow Deadline (as defined in the Purchase Agreement). The Company shall notify the Investor by e-mail as promptly as practicable, and in any event, within 24 hours, after the Registration Statement is declared effective or is supplemented and shall provide the Investor with copies of any related prospectus to be used in connection with the sale or other disposition of the securities covered thereby. The Company shall use its best efforts to keep the Initial Registration Statement continuously effective pursuant to Rule 415 promulgated under the Securities Act and available for the resale by the Investors of all of the Registrable Securities covered thereby at all times until the earliest to occur of the following events: (i) the date on which the Investors shall have resold all the Registrable Securities covered thereby; and (ii) the date on which the Registrable Securities may be resold by the Investors without registration and without regard to any volume or manner- of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information requirement under Rule 144 under the Securities Act or any other rule of similar effect (the "**Registration Period**"). The Initial Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sufficient Number of Shares Registered</u>. In the event the number of Common Shares available under the Initial Registration Statement at any time is insufficient to cover the Registrable Securities, the Company shall, to the extent necessary and permissible, amend the Initial Registration Statement or file a new registration statement (such an amendment or new registration statement, together with any prospectuses or prospectus supplements thereunder, a "**New Registration Statement**"), so as to cover all of such Registrable Securities as soon as reasonably practicable, but in any event not later than ten (10) Business Days after the necessity therefor arises (the "**New Registration Filing Deadline**"). The Company shall use its best efforts to have such New Registration Statement become effective as soon as reasonably practicable following the filing thereof but no later than the earlier of (a) the fifteenth (15th) calendar day following the initial filing date of the New Registration Statement if the SEC notifies the Company that it will "review" the New Registration Statement and (b) the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the New Registration Statement will not be "reviewed" or will not be subject to further review (the earlier of such dates, the "**New Registration Effectiveness Deadline**"). The provisions of <u>Sections 2(a)</u> and <u>(b)</u> shall apply to the New Registration Statement, except as modified by this <u>Section 2(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Liquidated Damages</u>. If (i) the Initial Registration Statement has not been filed by the Filing Deadline, (ii) the Initial Registration Statement has not been declared effective by the Escrow Deadline, (iii) the New Registration Statement has not been filed by the New Registration Filing Deadline, (iv) the New Registration Statement has not been declared effective by the New Registration Effectiveness Deadline or (v) after any Registration Statement has been declared effective by the SEC, sales cannot be made pursuant to such Registration Statement for any reason (including without limitation by reason of a stop order, or the Company's failure to update such Registration Statement), but excluding any Allowed Delay (as defined below) and, if the Registration Statement is on Form S-1, excluding a period of twenty (20) days following the date on which the Company files a post-effective amendment to incorporate the Company's Annual Report on Form 10-K (each of the events described in the foregoing clauses (i) through (v), a "**Maintenance Failure**"), then the Company will make pro rata payments to each Investor then holding Registrable Securities, as liquidated damages and not as a penalty, in an amount equal to 1.0% of the aggregate amount paid pursuant to the Purchase Agreement by such Investor for such Registrable Securities then held by such Investor for each thirty (30)-day period or pro rata for any portion thereof during which the Maintenance Failure continues (the "**Blackout Period**"). Such payments shall constitute the Investors' exclusive monetary remedy for such events, but shall not affect the right of the Investors to seek injunctive relief. The amounts payable as liquidated damages pursuant to this paragraph shall be paid in cash no later than five (5) Business Days after each such thirty (30)-day period or portion thereof following the commencement of the Blackout Period until the termination of the Blackout Period (each such date, a "**Blackout Period Payment Date**"). Interest shall accrue at the rate of 1.0% per month on any such liquidated damages payments that shall not be paid by the Blackout Period Payment Date until such amount is paid in full. Notwithstanding the above, in no event shall the aggregate amount of liquidated damages (or interest thereon) paid under this Agreement to any Investor exceed, in the aggregate, 5.0% of the aggregate purchase price of the Shares purchased by such Investor under the Purchase Agreement. Notwithstanding anything in this <u>Section 2(d)</u> to the contrary, during any periods that the Company is unable to meet its obligations hereunder with respect to the Registration of the Registrable Securities because any Investor fails to furnish information required to be provided pursuant to <u>Section 2(a)</u> or <u>Section 4(a)</u> within five (5) Business Days of the Company's request, any liquidated damages that would otherwise accrue as to such Investor only shall be tolled until such information is delivered to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Allowable Delays.</u> On no more than two occasions and for not more than thirty (30) consecutive days or for a total of not more than sixty (60) days in any twelve (12)-month period, the Company may delay the effectiveness of the Initial Registration Statement or any other Registration Statement, or suspend the use of any prospectus included in any Registration Statement, in the event that the Company determines in good faith that such delay or suspension is necessary to (A) delay the disclosure of material non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or supplement the affected Registration Statement or the related prospectus so that such Registration Statement or prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the prospectus in light of the circumstances under which they were made, not misleading (an "**Allowed Delay**"); provided, that the Company shall promptly (a) notify each Investor in writing of the commencement of an Allowed Delay, but shall not (without the prior written consent of an Investor) disclose to such Investor any material non- public information giving rise to an Allowed Delay and (b) advise the Investors in writing to cease all sales under the Registration Statement until the end of the Allowed Delay, and the Company shall use its best efforts to terminate an Allowed Delay as promptly as practicable. The Company shall use its best efforts to minimize the duration and frequency of any Allowed Delay and shall not exercise its right to delay the effectiveness of the Initial Registration Statement or any other Registration Statement or suspend to use of any prospectus included in any Registration Statement for competitive or non-disclosure related reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Rule 415; Cutback</u>. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in any Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act (provided, however, the Company shall be obligated to use its best efforts to advocate with the SEC for the Registration of all of the Registrable Securities) or requires any Investor to be named as an "underwriter," the Company shall (i) promptly notify each holder of Registrable Securities thereof and (ii) use its best efforts to persuade the SEC that the offering contemplated by such Registration Statement is a valid secondary offering and not an offering "by or on behalf of the issuer" as defined in Rule 415 and that none of the Investors is an "underwriter." Each Investor shall have the right to select one legal counsel, at such Investor's expense, to review and oversee any Registration or matters pursuant to this <u>Section 2(f)</u>, including participation in any meetings or discussions with the SEC regarding the SEC's position and to comment on any written submission made to the SEC with respect thereto. No such written submission with respect to this matter shall be made to the SEC to which any Investor's counsel reasonably objects. In the event that, despite the Company's best efforts and compliance with the terms of this <u>Section 2(f)</u>, the SEC refuses to alter its position, the Company shall (i) remove from such Registration Statement such portion of the Registrable Securities (the "**Cut Back Shares**") and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities as the SEC may require to assure the Company's compliance with the requirements of Rule 415 (collectively, the "**SEC Restrictions**"); provided, however, that the Company shall not name any Investor as an "underwriter" in such Registration Statement without the prior written consent of such Investor (provided that, in the event an Investor withholds such consent, the Company shall have no obligation hereunder to include any Registrable Securities of such Investor in any Registration Statement covering the resale thereof until such time as the SEC no longer requires such Investor to be named as an "underwriter" in such Registration Statement or such Investor otherwise consents in writing to being so named). Any cut-back imposed on the Investors pursuant to this <u>Section 2(f)</u> shall be allocated among the Investors on a pro rata basis and shall be applied first to any of the Registrable Securities of such Investor as such Investor shall designate, unless the SEC Restrictions otherwise require or provide or the Investors otherwise agree. No liquidated damages shall accrue as to any Cut Back Shares until such date as the Company is able to effect the registration of such Cut Back Shares in accordance with any SEC Restrictions applicable to such Cut Back Shares (such date, the "**Restriction Termination Date**"). From and after the Restriction Termination Date applicable to any Cut Back Shares, all of the provisions of this <u>Section 2</u> (including the Company's obligations with respect to the filing of a Registration Statement and its obligations to use best efforts to have such Registration Statement declared effective within the time periods set forth herein and the liquidated damages provisions relating thereto) shall again be applicable to such Cut Back Shares; provided, however, that the date by which the Company is required to file the Registration Statement with respect to such Cut Back Shares shall be the tenth (10th) day following the Restriction Termination Date and the date by which the Company is required to have the Registration Statement effective with respect to such Cut Back Shares shall be the fifty-fifth (55th) day following the Restriction Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Trading Restrictions.</u> Nothing in this Agreement shall be construed to restrict or prohibit any Investor from engaging in lawful trading, short sales, hedging transactions, or other transactions involving the Company's securities, except as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. RELATED COMPANY OBLIGATIONS.**

With respect to the Registration Statement and whenever any Registrable Securities are to be Registered pursuant to <u>Section 2</u>, including on the Initial Registration Statement or on any New Registration Statement, the Company shall use its best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notifications</u>. The Company will promptly notify the Investors when any subsequent amendment to the Initial Registration Statement or any New Registration Statement, other than documents incorporated by reference, has been filed with the SEC and/or has become effective or where a receipt has been issued therefor or any subsequent supplement to a prospectus has been filed and of any request by the SEC for any amendment or supplement to the Registration Statement, any New Registration Statement or any prospectus or for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments.</u> The Company will prepare and file with the SEC any amendments, post-effective amendments or supplements to the Initial Registration Statement, any New Registration Statement or any related prospectus, as applicable, that, (a) as may be necessary to keep such Registration Statement effective for the Registration Period and to comply with the provisions of the Securities Act and the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") with respect to the distribution of all of the Registrable Securities covered thereby, or (b) in the reasonable opinion of the Investors and the Company, as may be necessary or advisable in connection with any acquisition or sale of Registrable Securities by the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Investor Review</u>. The Company will not file any amendment or supplement to the Registration Statement, any New Registration Statement or any prospectus, other than documents incorporated by reference, relating to the Investors, the Registrable Securities or the transactions contemplated hereby unless (A) the Investors and their counsel shall have been advised and afforded the opportunity to review and comment thereon at least five (5) Business Days prior to filing with the SEC and (B) the Company shall have given reasonable due consideration to any comments thereon received from the Investors or their counsel, provided that such comments are received by the Company at least one (1) Business Day prior to the deadline for such filing with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Copies Available</u>. The Company will furnish to any Investor whose Registrable Securities are included in any Registration Statement and its counsel copies of the Initial Registration Statement, any prospectus thereunder (including all documents incorporated by reference therein), any prospectus supplement thereunder, any New Registration Statement and all amendments to the Initial Registration Statement or any New Registration Statement that are filed with the SEC during the Registration Period (including all documents filed with or furnished to the SEC during such period that are deemed to be incorporated by reference therein), each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion thereof which contains information for which the Company has sought confidential treatment) and such other documents as Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by Investor that are covered by such Registration Statement, in each case as soon as reasonably practicable upon such Investor's request and in such quantities as such Investor may from time to time reasonably request; provided, however, that the Company shall not be required to furnish any document to the Investor to the extent such document is available on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notification of Stop Orders; Material Changes</u>. The Company shall use its best efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if such order is issued, obtain the withdrawal of any such order as soon as practicable. The Company shall advise the Investors promptly (but in no event later than 24 hours) and shall confirm such advice in writing, in each case: (i) of the Company's receipt of notice of any request by the SEC or any other federal or state governmental authority for amendment of or a supplement to the Registration Statement or any prospectus or for any additional information; (ii) of the Company's receipt of notice of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the effectiveness of the Initial Registration Statement or prohibiting or suspending the use of any prospectus or prospectus supplement, or any New Registration Statement, or of the Company's receipt of any notification of the suspension of qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or contemplated initiation of any proceeding for such purpose; and (iii) of the Company becoming aware of the happening of any event, which makes any statement of a material fact made in any Registration Statement or any prospectus untrue or which requires the making of any additions to or changes to the statements then made in any Registration Statement or any prospectus in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then made therein (in the case of any prospectus, in light of the circumstances under which they were made) not misleading, or of the necessity to amend any Registration Statement or any prospectus to comply with the Securities Act or any other law. The Company shall not be required to disclose to the Investors the substance of specific reasons for any of the events set forth in clauses (i) through (iii) of the immediately preceding sentence (each, a "**Suspension Event**"), but rather, shall only be required to disclose that the event has occurred. If at any time the SEC, or any other federal or state governmental authority shall issue any stop order suspending the effectiveness of any Registration Statement or prohibiting or suspending the use of any prospectus or prospectus supplement, the Company shall use its best efforts to obtain the withdrawal of such order at the earliest practicable time. The Company shall furnish to the Investors, without charge, a copy of any correspondence from the SEC or the staff of the SEC, or any other federal or state governmental authority, to the Company or its representatives relating to the Initial Registration Statement, any New Registration Statement, or any prospectus or prospectus supplement, as the case may be. In the event of a Suspension Event set forth in clause (iii) of the first sentence of this <u>Section 3(e)</u>, the Company will use its best efforts to publicly disclose such event as soon as reasonably practicable, or otherwise resolve the matter such that sales under Registration Statements may resume; provided, however, that if the Company has a bona fide business purpose for not making such information public, the Company may suspend the use of all Registration Statements for up to sixty (60) consecutive calendar days; provided, further, that the Company may not suspend the use of all Registration Statements more than twice, or for more than ninety (90) total calendar days, in each case during any twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Confirmation of Effectiveness</u>. If reasonably requested by an Investor at any time in respect of any Registration Statement, the Company shall deliver to such Investor a written confirmation from Company's counsel of whether or not the effectiveness of such Registration Statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order) and whether or not such Registration Statement is currently effective and available to the Investors for the sale of Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Listing</u>. The Company shall use its best efforts to cause all Registrable Securities, except for the Pre-Funded Warrants, covered by a Registration Statement to be listed on the NYSE American or such other U.S. national securities exchange upon which the Common Shares are then listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Compliance</u>. The Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final prospectus, including any supplement or amendment thereof, with the SEC pursuant to Rule 424 under the Securities Act, promptly inform the Investor in writing if, at any time during the Registration Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Investor is required to deliver a prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder, and make available to the Company's security holders, as soon as reasonably practicable, but not later than the Availability Date (as defined below), an earnings statement covering a period of at least 12 months, beginning after the effective date of each Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act, including Rule 158 promulgated thereunder (for the purpose of this <u>Section 3(h)</u>, "**Availability Date**" means the forty-fifth (45th) day following the end of the fourth fiscal quarter that includes the effective date of such Registration Statement, except that, if such fourth fiscal quarter is the last quarter of the Company's fiscal year, "**Availability Date**" means the ninetieth (90th) day after the end of such fourth fiscal quarter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Blue-Sky</u>. The Company shall register or qualify or cooperate with the Investors and their counsel in connection with the registration or qualification of the Registrable Securities for the offer and sale under the securities or "blue sky" laws of such jurisdictions reasonably requested by the Investors; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this <u>Section 3(i)</u>, (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this <u>Section 3(i)</u>, or (iii) file a general consent to service of process in any such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Rule 144</u>. With a view to making available to the Investors the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may at any time permit the Investors to sell Common Shares to the public without registration, the Company covenants and agrees to: (i) make and keep adequate current public information available, as those terms are understood and defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable Securities may be sold without restriction by the holders thereof pursuant to Rule 144 or any other rule of similar effect or (B) such date as there are no longer Registrable Securities; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act; and (iii) furnish electronically to each Investor as soon as reasonably practicable upon request, for as long as such Investor owns any Registrable Securities, (A) a written statement by the Company that it has complied with the reporting requirements of the Exchange Act, (B) a copy of or electronic access to the Company's most recent Annual Report on Form 10-K (if the Company has filed an Annual Report on Form 10-K), and (C) such other information as may be reasonably requested in order to avail such Investor of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Cooperation</u>. The Company shall cooperate with the holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates or uncertificated shares representing the Registrable Securities to be sold pursuant to such Registration Statement or Rule 144 free of any restrictive legends and representing such number of Common Shares and registered in such names as the holders of the Registrable Securities may reasonably request to the extent permitted by such Registration Statement or Rule 144 to effect sales of Registrable Securities; for the avoidance of doubt, the Company may satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company's Direct Registration System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Cleaning of Material Non-Public Information.</u> The Company shall, as soon as practicable and in any event no later than one (1) business day, publicly disclose any material non-public information provided to any Investor in connection with the transactions contemplated by this Agreement, such that Investors are not restricted from trading the Company's securities on the basis of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. OBLIGATIONS OF THE INVESTORS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investor Information</u>. Each Investor shall provide a completed Investor Questionnaire in the form attached hereto as <u>Exhibit B</u> in connection with the registration of the Registrable Securities. If the Company has not received such completed Questionnaire from an Investor within five (5) Business Days of the Company's request, the Company may file the Registration Statement without including such Investor's Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Suspension of Sales</u>. Each Investor, severally and not jointly with any other Investor, agrees that, upon receipt of any notice from the Company of the existence of Suspension Event as set forth in <u>Section 3(e)</u>, the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until the Investor's receipt of a notice from the Company confirming the resolution of such Suspension Event and that such dispositions may again be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Investor Cooperation</u>. Each Investor, severally and not jointly with any other Investor, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any amendments and supplements to any Registration Statement or New Registration Statement hereunder, unless such Investor has notified the Company in writing of its election to exclude all of its Registrable Securities from such Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. EXPENSES OF REGISTRATION.**

All Registration Expenses incurred in connection with registrations pursuant to this Agreement shall be borne by the Company. All Selling Expenses relating to securities Registered on behalf of the Investors shall be borne by the Investors pro rata on the basis of the number of Registrable Securities so Registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. INDEMNIFICATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investors, each Person, if any, who controls the Investors, the members, the directors, officers, partners, employees, members, managers, agents, representatives and advisors of the Investors and each Person, if any, who controls the Investors within the meaning of the Securities Act or the Exchange Act (each, an "**Indemnified Person**"), against any losses, obligation, claims, damages, liabilities, contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court costs and costs of preparation), reasonable and documented attorneys' fees, amounts paid in settlement or reasonable and documented expenses, (collectively, "**Claims**") reasonably incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency or body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto ("**Indemnified Damages**"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement or omission or alleged omission of any material fact contained in any Registration Statement, any preliminary prospectus or final prospectus, or any amendment or supplement thereof, or (ii) any violation or alleged violation by the Company or any of its subsidiaries of the Securities Act, Exchange Act or any other state securities or other "blue sky" laws of any jurisdiction in which Registrable Securities are offered or any rule or regulation promulgated thereunder applicable to the Company or its agents and relating to action or inaction required of the Company in connection with such registration of the Registrable Securities (the matters in the foregoing clauses (i) and (ii) being, collectively, "**Violations**"). The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable and documented out-of-pocket legal fees or other reasonable and documented expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this <u>Section 6(a)</u>: (A) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by the Investors or such Indemnified Person specifically for use in such Registration Statement or prospectus and was reviewed and approved in writing by such Investor or such Indemnified Person expressly for use in connection with the preparation of any Registration Statement, any prospectus or any such amendment thereof or supplement thereto, in each case if the foregoing was timely made available by the Company; (B) with respect to any superseded prospectus, shall not inure to the benefit of any such Person from whom the Person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any other Indemnified Person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, and the Indemnified Person was promptly advised in writing not to use the outdated, defective or incorrect prospectus prior to the use giving rise to a violation; (C) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to <u>Section 6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Initial Registration Statement, any New Registration Statement or any prospectus, the Investors, severally and not jointly, agree to indemnify, hold harmless and defend, the Company, each of its directors, each of its officers who signed the Initial Registration Statement or signs any New Registration Statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (each, an "**Indemnified Party**"), against any Claims resulting from any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with information about an Investor furnished in writing by such Investor to the Company and reviewed and approved in writing by such Investor or such Indemnified Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement, any prospectus or any such amendment thereof or supplement thereto. In no event shall the liability of an Investor be greater in amount than the dollar amount of the proceeds (net of all expense paid by such Investor in connection with any claim relating to this <u>Section 6</u> and the amount of any damages such Investor has otherwise been required to pay by reason of such untrue statement or omission) received by such Investor upon the sale of the Registrable Securities included in such Registration Statement giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by any Investor pursuant to <u>Section 8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an Indemnified Person or Indemnified Party under this <u>Section 6</u> of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this <u>Section 6</u>, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be, and upon such notice, the indemnifying party shall not be liable to the Indemnified Person or the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Person or the Indemnified Party in connection with the defense thereof; provided, however, that an Indemnified Person or Indemnified Party (together with all other Indemnified Persons and Indemnified Parties that may be represented without conflict by one counsel) shall have the right to retain its own counsel with the reasonable fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise unless such judgment or settlement (i) imposes no liability or obligation on, (ii) includes as an unconditional term thereof the giving of a complete, explicit and unconditional release from the party bringing such indemnified claims of all liability of the Indemnified Party or Indemnified Person in respect to or arising out of such claim or litigation in favor of, and (iii) does not include any admission of fault, culpability, wrongdoing, or wrongdoing or malfeasance by or on behalf of, the Indemnified Party or Indemnified Person.. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this <u>Section 6</u>, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification required by this <u>Section 6</u> shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. Any Person receiving a payment pursuant to this <u>Section 6</u> which person is later determined to not be entitled to such payment shall return such payment (including reimbursement of expenses) to the person making it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. CONTRIBUTION.**

To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under <u>Section 6</u> to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds (net of all expenses paid by such holder in connection with any claim relating to this <u>Section 7</u> and the amount of any damages such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by such seller from the sale of such Registrable Securities giving rise to such contribution obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. ASSIGNMENT OF REGISTRATION RIGHTS.**

The Company shall not assign this Agreement or any rights or obligations hereunder (whether by operation of law or otherwise) without the prior written consent of the Investors holding a majority of the Registrable Securities then outstanding and, for so long as the Injective Foundation holds any Shares, of the Injective Foundation; provided, however, that in any transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company is a party and in which the Registrable Securities are converted into the equity securities of another Person, from and after the effective time of such transaction, such Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term "Company" shall be deemed to refer to such Person and the term "Registrable Securities" shall be deemed to include the securities received by the Investor in connection with such transaction unless such securities are otherwise freely tradable by the Investor after giving effect to such transaction, and the prior written consent of the Investors holding a majority of the Registrable Securities then outstanding shall not be required for such transaction.

An Investor may transfer or assign its rights hereunder, in whole or from time to time in part, to one or more Persons by such Investor to such Person, provided that such Investor complies with all laws applicable thereto, and the provisions of the Purchase Agreement, and provides written notice of assignment to the Company promptly after such assignment is effected, and such Person agrees in writing to be bound by all of the provisions contained herein.

The provisions of this Agreement shall be binding upon and inure to the benefit of each Investor and its successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. AMENDMENTS AND WAIVERS.**

The provisions of this Agreement, including the provisions of this sentence, may be amended, modified or supplemented, or waived only by a written instrument executed by (i) the Company and (ii) the holders of a majority of the then outstanding Registrable Securities (determined as if all of the Pre-Funded Warrants then outstanding have been exercised without regard to any limitations on the exercise of such Pre-Funded Warrants), provided that any party may give a waiver as to itself and provided further that any amendment, modification, supplement or waiver that disproportionately and adversely affects the rights and obligations of any Investor relative to the comparable rights and obligations of the other Investors shall require the prior written consent of such adversely affected Investor or each Investor, as applicable. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of one or more Investors and that does not adversely directly or indirectly affect the rights of other Investors may be given by Investors holding a majority of the Registrable Securities to which such waiver or consent relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. MISCELLANEOUS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. Any notices or other communications required or permitted to be given hereunder shall be in writing and shall be deemed to be given (a) when delivered if personally delivered to the party for whom it is intended, (b) when delivered, if sent by electronic mail during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient's next Business Day, (c) three (3) days after having been sent by certified or registered mail, return-receipt requested and postage prepaid, or (d) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If
 to the Company, addressed as follows:

Pineapple Financial Inc.

Unit 200, 111 Gordon Baker Road,

North York, Ontario M2H 3R1

Attention: Shubha Dasgupta, CEO

Email: shubha@gopineapple.com

with a copy (which shall not constitute notice):

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31<sup>st</sup> Floor

New York, NY 10036

Attention: Darrin M. Ocasio, Esq.

Email: dmocasio@srfc.law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If to any Investor, at its e-mail address or address set forth on its signature page to the Purchase Agreement or to such e-mail address, or address as subsequently modified by written notice given in accordance with this <u>Section 10</u>.

Any Person may change the address to which notices and communications to it are to be addressed by notification as provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consent to Electronic Notice</u>. Each Investor consents to the delivery of any stockholder notice pursuant to applicable Canadian law, as amended or superseded from time to time, by electronic mail (or any successor thereto) at the e-mail address set forth below the Investor's name on the signature page or <u>Exhibit B</u>, as updated from time to time by notice to the Company. To the extent that any notice given by means of electronic mail is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected e-mail address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each party agrees to promptly notify the other parties of any change in its e-mail address, and that failure to do so shall not affect the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waiver.</u> No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term, provision or condition or as a waiver of any other term, provision or condition of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governing Law</u>. The provisions of <u>Section 5.9</u> of the Purchase Agreement are incorporated by reference herein *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Headings</u>. The titles, subtitles and headings in this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Counterparts</u>. This Agreement may be executed in two or more identical counterparts, all of which 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; provided that a facsimile or pdf signature including any electronic signatures complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com, shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic reproduction of a) signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Further Assurances</u>. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Contract Interpretation</u>. This Agreement is the joint product of each Investor and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Third Party Beneficiaries</u>. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the parties to this Agreement any rights, remedies, claims, benefits, obligations or liabilities under or by reason of this Agreement, and no Person that is not a party to this Agreement (including, without limitation, any partner, member, shareholder, director, officer, employee or other beneficial owner of any party to this Agreement, in its own capacity as such or in bringing a derivative action on behalf of a party to this Agreement) shall have any standing as a third party beneficiary with respect to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. If any part or provision of this Agreement is held unenforceable or in conflict with the applicable laws or regulations of any jurisdiction, the invalid or unenforceable part or provisions shall be replaced with a provision which accomplishes, to the extent possible, the original business purpose of such part or provision in a valid and enforceable manner, and the remainder of this Agreement shall remain binding upon the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Non-Recourse</u>. Notwithstanding anything that may be expressed or implied in this Agreement, the Company covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, stockholder, general or limited partner or member of the Investors or of any affiliates or assignees thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future director, officer, employee, stockholder, general or limited partner or member of the Investors or of any affiliates or assignees thereof, as such for any obligation of the Investors under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Specific Performance.</u> In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement, each Investor shall be entitled to specific performance of the agreements and obligations of the Company hereunder and to such other injunction or other equitable relief as may be granted by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Cumulative Remedies</u>. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF,** the parties have caused this Registration Rights Agreement to be duly executed as of date first written above.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **PINEAPPLE FINANCIAL INC.** | **PINEAPPLE FINANCIAL INC.** |
| By: |  |
| Name: | Shubha Dasgupta |
| Title: | Chief Executive Officer |

---

*[Signature Page to Registration Rights Agreement}*

 

**IN WITNESS WHEREOF,** the parties have caused this Registration Rights Agreement to be duly executed as of date first written above.

---

| |
|:---|
| **INVESTOR:** |
| **[NAME]** |
| By: |
| Name: |
| Title: |

---

**<u>Exhibit A</u>**

**PLAN OF DISTRIBUTION**

The selling stockholders, which term as used herein includes donees, pledgees, transferees or other successors-in-interest selling shares of common shares or interests in shares of common shares received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common shares or interests in shares of common shares on any stock exchange, market or trading facility on which the common shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

<br> The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:

● distributions to members, partners, stockholders or other equityholders of the selling stockholders;

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● short sales and settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;

● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

● broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;

● a combination of any such methods of sale; and

● any other method permitted pursuant to applicable law.

The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the common shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell such common shares, from time to time, under this prospectus, or under an amendment to this prospectus filed under Rule 424(b)(3) or other applicable provision of the Securities Act, amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer the common shares owned by them in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling stockholders for purposes of this prospectus.

In connection with the sale of our common shares or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the common shares in the course of hedging the positions they assume. The selling stockholders may also sell shares of our common shares short and deliver these securities to close out their short positions, or loan or pledge the common shares to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker- dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The aggregate proceeds to the selling stockholders from the sale of the common shares offered by them will be the purchase price of the common shares less discounts or commissions, if any. Each of the selling stockholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common shares to be made directly or through agents. We will not receive any of the proceeds from this offering. [Upon any exercise of the pre-funded warrants or common warrants by payment of cash, however, we will receive the exercise price of the pre-funded warrants or common warrants.]

The selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that they meet the criteria and conform to the requirements of that rule, or another available exemption from the registration requirements under the Securities Act.

The selling stockholders and any underwriters, broker-dealers or agents that participate in the sale of the common shares or interests therein may be "underwriters" within the meaning of Section 2(a)(11) of the Securities Act (it being understood that the selling stockholders shall not be deemed to be underwriters solely as a result of their participation in this offering). Any discounts, commissions, concessions or profits they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders who are "underwriters" within the meaning of Section 2(a)(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.

To the extent required, the shares of our common shares to be sold, the names of the selling stockholders, the respective purchase prices and public offering prices, the names of any agent, dealer or underwriter, and any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

In order to comply with the securities laws of some states, if applicable, the common shares may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the common shares may not be sold unless such shares have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

We have advised the selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities of the selling stockholders and their affiliates. In addition, to the extent applicable, we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.

We have agreed to indemnify the selling stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus.

We have agreed with the selling stockholders to use our best efforts to cause the registration statement of which this prospectus constitutes a part to become effective and to remain continuously effective until the earlier of: (i) the date on which the selling stockholders shall have resold or otherwise disposed of all the shares covered by this prospectus and (ii) the date on which the shares covered by this prospectus no longer constitute "Registrable Securities" as such term is defined in the Registration Rights Agreement, such that they may be resold by the selling stockholders without registration and without regard to any volume or manner-of-sale limitations and without current public information pursuant to Rule 144 under the Securities Act or any other rule of similar effect.

**<u>Exhibit B</u>**

**Investor Questionnaire**

## Exhibit 10.3

**Exhibit 10.3**

**FIRST AMENDMENT**

**TO**

**SECURITIES PURCHASE AGREEMENT**

This First Amendment to Securities Purchase Agreement (this "<u>Amendment</u>") is made and entered into as of September 4, 2025, by and among Pineapple Financial Inc., a corporation continued and existing under the *Canada Business Corporations Act* (the "<u>Company</u>**"**) and each purchaser (each, including its successors and assigns, a "<u>Purchaser</u>" and collectively, the "<u>Purchasers</u>", and together with the Company, the "<u>Parties</u>") identified on the signature pages to that certain Securities Purchase Agreement, dated as of September 2, 2025 (the "Purchase Agreement"). Capitalized terms used herein but not otherwise defined herein shall have the respective meanings assigned to such terms in the Purchase Agreement (as defined below).

**<u>RECITALS</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **WHEREAS**, the Company and the Purchasers entered into the Purchase Agreement, which sets forth the Parties' rights and obligations with respect to the transactions contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **WHEREAS**, in due consideration of the promises that the Parties have made to each other in the Purchase Agreement and therewith, the Parties desire to amend the Purchase Agreement in the manner set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **WHEREAS**, Section 5.5 of the Purchase Agreement provides that the Purchase Agreement may be amended in a written instrument signed by the Company and the Purchasers of at least 50.1% in interest of the Subscription Receipts, and the Injective Foundation, for as long as Injective Foundation is a holder of the Subscription Receipts (the "<u>Requisite Consent</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **WHEREAS**, the Purchasers identified on the signature pages hereto constitute the Requisite Consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **WHEREAS**, the Parties intend that this Amendment shall be binding upon and inure to the benefit of each of the Parties and their respective successors and permitted assigns.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**ARTICLE I**

**<u>AMENDMENTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1 The definition of "Subscription Receipt Purchase Price" in the Purchase Agreement is hereby amended and restated in its entirety, and replaced with the following:

"<u>Subscription Receipt Purchase Price</u>" equals $3.80, in the case of Purchasers listed on <u>Exhibit A-1</u>, and $4.16, in the case of Purchasers listed on <u>Exhibit A-2</u>, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Shares that occur after the date of this Agreement, provided that the purchase price per Pre-Funded Warrant shall be the Subscription Receipt Purchase Price minus Pre-Funded Warrant exercise price of $0.001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The definition of "Transaction Documents" is hereby amended and restated in its entirety, and replaced with the following:

"<u>Transaction Documents</u>" means this Agreement, the Lock-Up Agreements, the Registration Rights Agreement, the Subscription Receipt Agreement, the Pre- Funded Warrant, the Voting Agreements, and all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Clause (xi) of Section 2.2(a) of the Purchase Agreement is hereby amended and restated in its entirety, and replaced with the following:

"(xi) [Reserved]; and"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Section 2.1 of the Purchase Agreement is hereby amended and restated in its entirety, and replaced with the following:

"2.1 <u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, the number and type of Subscription Receipts, for the aggregate purchase price, set forth opposite the Purchaser's name on <u>Exhibit A</u>-<u>1 or A-2</u>, as applicable. The price per Subscription Receipt equals $3.80, in the case of Purchasers listed on <u>Exhibit A-1</u>, and $4.16, in the case of Purchasers listed on <u>Exhibit A-2</u>. To the extent that a Purchaser determines, in its sole discretion, that such Purchaser's Subscription Amount (together with such Purchaser's Affiliates and any Person acting as a group together with such Purchaser or any of such Purchaser's Affiliates) would cause such Purchaser's beneficial ownership of the Common Shares underlying the Subscription Receipts to exceed the Beneficial Ownership Limitation, or as such Purchaser may otherwise choose, such Purchaser shall elect to purchase Subscription Receipts exchangeable for Pre-Funded Warrants. The "Beneficial Ownership Limitation" shall be 4.99% (or, at the election of the Purchaser, 9.99%) of the number of the Common Shares outstanding immediately after giving effect to the issuance of Shares underlying the Subscription Receipts on the Effective Date. In no event may the Beneficial Ownership Limitation exceed 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Pre- Funded Warrant Shares upon exercise of the Pre-Funded Warrant held by a Purchaser. Each Purchaser shall deliver its Subscription Amount at Closing in one of the following forms, as applicable: (i) United States dollars, in immediately available funds, via wire transfer, to the Subscription Receipt Agent (the "Escrowed Cash Proceeds"); or (ii) INJ, delivered to the INJ Escrow Agent in an amount equal to the Purchaser's Subscription Amount set forth on <u>Exhibit A-1</u> or <u>A-2</u>, as the case may be, (A) in the case of Purchasers listed on <u>Exhibit A-1</u>, such amount of INJ representing (x) a purchase price per Subscription Receipt of $3.80, (y) multiplied by the total number of Subscription Receipts set forth opposite such Purchasers name on <u>Exhibit A-1</u>, divided by (z) $13.90 (the "<u>INJ Exchange Price</u>"), or (B) in the case of Purchasers listed on <u>Exhibit A-2</u>, such amount of INJ representing (x) a purchase price per Subscription Receipt of $4.16, (y) multiplied by the total number of Subscription Receipts set forth opposite such Purchaser's name on <u>Exhibit A-2</u>, divided by (z) $13.90 (the "<u>INJ Contribution Price</u>") (in either case, the "<u>Escrowed INJ Proceeds</u>"). The Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur, by the mutual agreement of the parties, by means of electronic transmission of documents, at the offices of the Placement Agent, or at such other location as the parties may mutually agree."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Section 4.7 of the Purchase Agreement is hereby amended and restated in its entirety, and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Use of Proceeds</u>. On or immediately following the Closing Date, the following items shall be deducted from the Escrowed Cash Proceeds and allocated to the appropriate parties (collectively, the "<u>Permitted Withdrawals</u>"): (i) $750,000 of the Escrowed Cash Proceeds shall be delivered to the Placement Agent in respect of the Placement Agent's fees, (ii) $250,000 shall be allocated to the payment of the legal fees of the Placement Agent and paid to Lucosky Brookman LLP, (iii) $272,722 $42,000 and $262,500 shall be allocated to the payment of the legal fees of the Company and paid to MLT Aikins LLP, Blake, Cassels & Graydon and Sichenzia Ross Ference Carmel LLP, respectively, and (iv) $600,000 shall be allocated to the legal fees of Injective Foundation and paid to DLA Piper LLP. Notwithstanding anything in this Agreement to the contrary, if the Closing does not occur by September 4, 2025, or if the Escrow Release Conditions are not satisfied or waived by the Escrow Deadline, the Company shall return in full to the Purchasers all cash and INJ tokens tendered in the Permitted Withdrawals.

Upon the satisfaction or waiver of the Escrow Release Conditions, the Escrowed Cash Proceeds, net of the Permitted Withdrawals ("<u>Net Cash Proceeds</u>") shall be delivered by the Subscription Receipt Agent as follows: (i) $1,500,000 shall be paid to the Company and allocated to legacy business expenses, working capital to fund the Company's business operations, for general corporate purposes and other customary or reasonable expenses; (ii) $600,000 shall be allocated to repay existing debts of the Company, and (iii) $17,672,734.20 shall be paid to the Asset Managers to fund the acquisition of INJ and the establishment of the Company's INJ treasury operations, as provided in Section 4.19 hereof and the Asset Management Agreements. The Company shall not use the Net Cash Proceeds: (a) for the redemption of any Common Shares or Common Share Equivalents, (b) for the settlement of any outstanding litigation or (c) in violation of FCPA or OFAC regulations."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 The Company hereby covenants and undertakes that, subject to the approval of the Compensation Committee of the Board of Directors of the Company, prior to the Escrow Deadline, it shall enter into Management Agreements with Shubha Dasgupta and Kendall Marin on terms that are substantially consistent with those set forth in <u>Exhibit A</u> hereto.

**ARTICLE II**

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>No other Amendments</u>. Except as expressly amended hereby, the terms and conditions of the Purchase Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Governing Law</u>. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Miscellaneous</u>. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[*The remainder of this page is intentionally left blank.*]

**IN WITNESS WHEREOF**, the Parties have caused this Amendment to be signed by their respective officers thereunto duly authorized, all as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **PINEAPPLE FINANCIAL INC.** | **PINEAPPLE FINANCIAL INC.** |
| By: |  |
| Name: | Shubha Dasgupta |
| Title: | Chief Executive Officer |

---

[Signature Page to First Amendment to Securities Purchase Agreement]

---

| |
|:---|
| **PURCHASER:** |
| By: |
| Name: |
| Title: |

---

[Signature Page to First Amendment to Securities Purchase Agreement]

**EXHIBIT A**

**MANAGEMENT AGREEMENT TERMS**

**I.** **SUMMARY TERMS OF EMPLOYMENT** 

Customary terms including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Salary
 and bonus consistent with compensation of such executive prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reimbursement
 of reasonable out of pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Customary
 benefits and paid time off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Six
 months salary and benefits if terminated without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Non-solicitation
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Confidentiality
 and ownership of intellectual property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Participation
 in the management incentive program set forth below.

**II.** **MANAGEMENT INCENTIVE PROGRAM** 

Capitalized terms used herein but not otherwise defined herein shall have the respective meanings assigned to such terms in the Purchase Agreement.

<u>Earnout Payments</u>. In connection with the INJ Treasury Strategy, the Executives will have the opportunity to earn additional consideration (such consideration, if any, the "<u>Earnout Payments</u>") based on the achievement of certain Milestones in accordance with the terms and calculations set forth on this <u>Exhibit A</u>.

<u>Definitions</u>. For purpose of this <u>Exhibit A</u>, the following terms have the meanings set forth below:

"<u>Average INJ Assets</u>" means the amount of INJ tokens held pursuant to the Company's INJ Treasury Strategy, as reported and calculated in accordance with the Asset Management Agreements.

"<u>Executives</u>" means certain executive officers of the Company who will enter into incentive agreements pursuant to Section 4.22 of the Purchase Agreement.

"<u>INJ Treasury Strategy</u>" means the INJ digital asset treasury strategy contemplated by the Purchase Agreement and the Transaction Documents entered into in connection therewith.

"<u>Measurement Period</u>" means a continuous period of not less than 60 calendar days.

"<u>Staking Rewards</u>" means rewards earned in the form of INJ tokens in connection with the staking of INJ tokens on the Injective blockchain.

"<u>Milestone</u>" means, in each case, the occurrence of (i) 3,000,000 (the "<u>3,000,000 INJ Milestone</u>"), (ii) 6,000,000 (the "<u>6,000,000 INJ Milestone</u>"), (iii) 9,000,000 (the "<u>9,000,000 INJ Milestone</u>") and (iv) 12,000,000 (the "<u>12,000,000 INJ Milestone</u>") of Average INJ Assets under management by the Asset Managers pursuant to the INJ Treasury Strategy for the applicable Measurement Period, as set forth below:

---

| | |
|:---|:---|
| **Average INJ Assets during Measurement Period** | **Executives' percentage share of Staking Rewards** |
| 3,000,000 INJ | [total of 7.5% among all Executives entering into an incentive agreement]<sup>1</sup> |
| 6,000,000 INJ | [total of 10.0%] |
| 9,000,000 INJ | [total of 12.5%] |
| 12,000,000 INJ | [total of 15.0%] |

---

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Earnout Structure and Milestones** 

Subject to the vesting conditions and payment schedule set forth in Section 2 below, the Executives shall be entitled to receive the following Earnout Payments, in each case on the basis of Average INJ Assets for the applicable Measurement Period:

&nbsp;&nbsp;&nbsp;&nbsp;i. With
 respect to the 3,000,000 INJ Milestone, [total of 7.5]%<sup>2</sup> of Staking Rewards generated
 by the INJ Treasury Strategy from the Date of this Agreement until achievement of the 6,000,000
 INJ Milestone.

&nbsp;&nbsp;&nbsp;&nbsp;ii. With
 respect to the 6,000,000 INJ Milestone, an additional [2.5]% of Staking Rewards generated
 by the INJ Treasury Strategy (for a total of [10.0%]) until achievement of the 9,000,000
 INJ Milestone.

&nbsp;&nbsp;&nbsp;&nbsp;iii. With
 respect to the 9,000,000 INJ Milestone, an additional [2.5%] of Staking Rewards generated
 by the INJ Treasury Strategy (for a total of [12.5%]) until achievement of the 12,000,000
 INJ Milestone.

&nbsp;&nbsp;&nbsp;&nbsp;iv. With
 respect to the 12,000,000 INJ Milestone, an additional [2.5%] of Staking Rewards generated
 by the INJ Treasury Strategy (for a total of [15.0%]).

For the avoidance of doubt, at any time, the Executives shall be entitled to receive only the highest percentage for which the Executives have qualified as of the date the Staking Rewards are generated, and shall not be entitled to receive multiple Earnout Payments with respect to the same Staking Rewards.

<sup>1</sup> All percentages set forth on Exhibit A represent the total pool available to the Executives.

 

<sup>2</sup> See footnote above. Bracketed figures represent the total pool available to all executives that will enter into incentive agreements, to be allocated among the executives).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Vesting of Earnout** 

The Earnout Payments shall be subject to vesting and paid semi-annually over a period of three (3) years, with a one-year cliff, as follows:

Two-sixths (2/6) of any Earnout Payment to the Executives in respect of this Section 5 shall vest and be paid to the Executives in INJ on the first anniversary of this Agreement.

Thereafter, one-sixth (1/6) of any Earnout Payment to the Executives in respect of this Section 5 shall vest and be paid to the Executives in INJ at the end of each six-month period following the first anniversary of this Agreement and through the third anniversary of this Agreement.

Notwithstanding anything to the contrary herein, to be eligible to qualify to receive any Earnout Payment in respect of any Milestone, an Executive must be employed by the Company at the date such Milestone is achieved (for the avoidance of doubt, any Milestone is only considered achieved upon/ the completion of the applicable Measurement Period).

## Exhibit 10.4

**Exhibit 10.4**

**PINEAPPLE FINANCIAL INC.**

**-and -**

**ODYSSEY TRANSFER AND TRUST COMPANY**

**-and -**

D. BORAL CAPITAL LLC

**SUBSCRIPTION RECEIPT AGREEMENT**

**Providing for the Issue of Subscription Receipts of Pineapple Financial Inc.**

**Dated as of September 4, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **ARTICLE 1 INTERPRETATION** | **ARTICLE 1 INTERPRETATION** | **2** |
| 1.1 | Definitions | 2 |
| 1.2 | Interpretation | 8 |
| 1.3 | Applicable Law | 8 |
| **ARTICLE 2 THE SUBSCRIPTION RECEIPTS** | **ARTICLE 2 THE SUBSCRIPTION RECEIPTS** | **9** |
| 2.1 | Creation and Issue of Subscription Receipts | 9 |
| 2.2 | Terms of Subscription Receipts | 9 |
| 2.3 | Form of Subscription Receipt | 10 |
| 2.4 | Register for Subscription Receipts | 10 |
| 2.5 | [Reserved] | 10 |
| 2.6 | Authentication by Subscription Receipt Agent | 10 |
| 2.7 | Subscription Receipts to Rank Pari Passu | 11 |
| 2.8 | [Reserved] | 11 |
| 2.9 | Purchaser not a Shareholder | 11 |
| **ARTICLE 3 REGISTRATION, TRANSFER AND OWNERSHIP OF SUBSCRIPTION RECEIPTS** | **ARTICLE 3 REGISTRATION, TRANSFER AND OWNERSHIP OF SUBSCRIPTION RECEIPTS** | **12** |
| 3.1 | Registration of Subscription Receipts | 12 |
| 3.2 | [Reserved] | 12 |
| 3.3 | [Reserved] | 12 |
| 3.4 | Ownership of Subscription Receipts | 12 |
| 3.5 | Transfer of Subscription Receipts | 12 |
| **ARTICLE 4 CONVERSION OF SUBSCRIPTION RECEIPTS** | **ARTICLE 4 CONVERSION OF SUBSCRIPTION RECEIPTS** | **13** |
| 4.1 | Exchange of Subscription Receipts by Subscription Receipt Agent | 13 |
| 4.2 | Effect of Exchange | 14 |
| 4.3 | Fractions | 14 |
| 4.4 | Recording | 14 |
| 4.5 | [Reserved] | 14 |
| **ARTICLE 5 COVENANTS** | **ARTICLE 5 COVENANTS** | **14** |
| 5.1 | General Covenants | 14 |
| 5.2 | Remuneration and Expenses of Subscription Receipt Agent | 16 |
| 5.3 | Notice of Issue | 16 |
| 5.4 | Securities Qualification Requirements | 16 |
| 5.5 | Performance of Covenants by Subscription Receipt Agent | 16 |
| **ARTICLE 6 DEPOSIT OF PROCEEDS AND CANCELLATION OF SUBSCRIPTION RECEIPTS** | **ARTICLE 6 DEPOSIT OF PROCEEDS AND CANCELLATION OF SUBSCRIPTION RECEIPTS** | **17** |
| 6.1 | Deposit of Escrowed Cash Proceeds in Escrow | 17 |
| 6.2 | Investment of Escrowed Cash Proceeds and Escrowed INJ Proceeds | 18 |
| 6.3 | Release of Escrowed Cash Proceeds and Escrowed INJ Proceeds | 19 |
| 6.4 | Escrowed Funds | 20 |
| 6.5 | [Reserved] | 20 |
| 6.6 | Representation Regarding Third Party Interests | 21 |

---

---

| | | |
|:---|:---|:---|
| **ARTICLE 7 LIMITATION OF LIABILITY** | **ARTICLE 7 LIMITATION OF LIABILITY** | **21** |
| **ARTICLE 8 MEETING OF PURCHASERS** | **ARTICLE 8 MEETING OF PURCHASERS** | **21** |
| **ARTICLE 9 SUPPLEMENTAL AGREEMENTS AND SUCCESSOR COMPANIES** | **ARTICLE 9 SUPPLEMENTAL AGREEMENTS AND SUCCESSOR COMPANIES** | **21** |
| 9.1 | Provision for Supplemental Agreements for Certain Purposes | 21 |
| 9.2 | Successor Entities | 22 |
| **ARTICLE 10 CONCERNING SUBSCRIPTION RECEIPT AGENT** | **ARTICLE 10 CONCERNING SUBSCRIPTION RECEIPT AGENT** | **22** |
| 10.1 | Applicable Legislation | 22 |
| 10.2 | Rights and Duties of Subscription Receipt Agent | 23 |
| 10.3 | Evidence, Experts and Advisers | 24 |
| 10.4 | Documents, Money, Etc. held by Subscription Receipt Agent | 25 |
| 10.5 | Action by Subscription Receipt Agent to Protect Interests | 25 |
| 10.6 | Subscription Receipt Agent not Required to Give Security | 25 |
| 10.7 | Protection of Subscription Receipt Agent | 25 |
| 10.8 | Replacement of Subscription Receipt Agent | 27 |
| 10.9 | Acceptance of Duties and Obligations | 28 |
| **ARTICLE 11 GENERAL** | **ARTICLE 11 GENERAL** | **28** |
| 11.1 | Notice to the Corporation and Subscription Receipt Agent | 28 |
| 11.2 | Notice to Purchasers | 29 |
| 11.3 | Satisfaction and Discharge of Agreement | 30 |
| 11.4 | Sole Benefit of Parties and Purchasers | 30 |
| 11.5 | Tax Reporting | 30 |
| 11.6 | Force Majeure | 30 |
| 11.7 | Privacy Consent | 31 |
| 11.8 | Counterparts and Formal Date | 31 |

---

**SUBSCRIPTION RECEIPT AGREEMENT**

**THIS AGREEMENT** ("**Agreement**") dated as of September 4, 2025,

**AMONG:**

**PINEAPPLE FINANCIAL INC.**, a corporation existing under the laws of Canada (the "**Corporation**")

- and -

**ODYSSEY TRANSFER AND TRUST COMPANY**, a trust company incorporated in the State of Minnesota

(the "**Subscription Receipt Agent**")

- and -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. BORAL CAPITAL LLC**, a limited liability company existing under the laws of Nevada (collectively, the "**Placement Agent**")

**WHEREAS** the Corporation proposes to issue and sell Subscription Receipts at a price of $3.80 per Subscription Receipt, payable in cash or in INJ (defined herein), or at a price of $4.16 per Subscription Receipt in INJ as payment therefor from the Purchasers set forth in Exhibit A-2 to the Purchase Agreement, on a private placement basis, with each Subscription Receipt representing the right to acquire one Common Share in the manner herein set forth;

**AND WHEREAS** the Corporation has agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pending
 the satisfaction of the Escrow Release Conditions and pursuant to this Agreement, (i) the
 Escrowed Cash Proceeds are to be delivered to and held by the Subscription Receipt Agent
 as escrow agent hereunder, unless otherwise directed and deposited with an Approved Bank
 in the manner set forth herein, and (ii) the Escrowed INJ Proceeds are to be delivered to
 and held by Canary Capital Group as INJ Escrow Agent with respect to the Escrowed INJ Proceeds
 at the direction of the Subscription Receipt Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Escrow Release Conditions are satisfied no later than the Escrow Deadline, Purchasers
 will be entitled to receive, without payment of additional consideration or the taking of
 any further action, one Common Share for each Subscription Receipt then held, and the Subscription
 Receipt Agent will (i) release to the Asset Managers the Escrowed Cash Proceeds (together
 with all Earned Interest less applicable tax withholding), net of the Permitted Releases
 to the persons and in the manner set forth herein and as directed in the Escrow Release Notice;
 and (ii) deliver to the INJ Escrow Agent the Escrow Release Certification in the form of <u>Exhibit C</u> to the Subscription Receipt Agreement, notifying the INJ Escrow Agent that
 all Escrow Release Conditions have been satisfied or waived, and instructing the INJ Escrow
 Agent (A) to deem the title to the Escrowed INJ Proceeds (inclusive of all Staking Rewards)
 to be transferred to the Company and (B) to intrust Bitgo to transfer ownership of the Escrowed
 INJ Proceeds to the Company, in each case in accordance with the directions set out in the
 INJ Escrow Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Escrow Release Conditions are not satisfied prior to the Escrow Deadline, then (i) Purchasers
 who purchased Subscription Receipts with cash will be entitled to the return of their respective
 Escrowed Cash Proceeds, plus their pro rata portion of the Earned Interest (to the extent
 that the Escrowed Cash Proceeds are not sufficient to refund the aggregate subscription price,
 the Corporation will contribute such amounts as are necessary to satisfy the shortfall amount),
 and (ii) the Purchasers who purchased Subscription Receipts with INJ will be entitled to
 the return of their respective Escrowed INJ Proceeds, plus their pro rata portion of the
 Staking Rewards.

**AND WHEREAS** the Subscription Receipt Agent has agreed to act registrar and transfer agent for the Subscription Receipts, and escrow agent with respect to the Escrowed Cash Proceeds, with Canary Capital Group LLC acting as INJ Escrow Agent with respect to the Escrowed INJ Proceeds, in accordance with the terms and conditions set out herein.

**AND WHEREAS** all things necessary have been done and performed to make the Subscription Receipts, when issued and delivered as herein provided, legal, valid and binding obligations of the Corporation with the benefits of and subject to the terms of this Agreement;

**AND WHEREAS** the foregoing recitals are made as representations by the Corporation and not by the Subscription Receipt Agent or the Placement Agent; and

**AND WHEREAS** the Subscription Receipt Agent has agreed to enter into this Agreement and to hold all rights, interests and benefits contained herein for and on behalf of the Purchasers of Subscription Receipts issued pursuant to this Agreement.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that for good and valuable consideration mutually given, the receipt and sufficiency of which are hereby acknowledged by each of the Corporation, the Subscription Receipt Agent and the Placement Agent, the Corporation hereby appoints the Subscription Receipt Agent as agent for the Purchasers, to hold all rights, interests and benefits contained herein for and on behalf of the Purchasers of Subscription Receipts issued pursuant to this Agreement, and the Corporation, the Subscription Receipt Agent and the Placement Agent hereby covenant, agree and declare as follows:

**ARTICLE 1**

**INTERPRETATION**

**1.1 <u>Definitions</u>**

In this Agreement, including the recitals unless there is something in the subject matter or context inconsistent therewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Action** "
 means any action, suit, inquiry, notice of violation, proceeding or investigation pending
 or threatened in connection with this Agreement before or by any court, arbitrator, governmental
 or administrative agency or regulatory authority (federal, state, county, local or foreign);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Legislation**" means such provisions of any statute of United States or of a State
 thereof, and of regulations under any such statute, relating to subscription receipt agreements
 or to the rights, duties and obligations of corporations and of subscription receipt agents
 under subscription receipt agreements, as are from time to time in force and applicable to
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Approved Bank**" has the meaning ascribed thereto in Section 6.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Asset Managers**" means MNNC Advisors (Cayman) SEZC, a Cayman Islands Company with a registered
 address at c/o Cayman Enterprise City Ltd, Fairbanks Road, P.O. Box CEC-1, Grand Cayman,
 Cayman Islands KY1-9012 and Canary Capital Group LLC, a Delaware limited liability company
 with a registered address at c/o 850 New Burton Rd., Suite 201, Dover, DE 19904;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Authenticated** "
 means with respect to the issuance of an Subscription Receipt, one in respect of which the
 Subscription Receipt Agent has completed all Internal Procedures such that the particulars
 of such Subscription Receipt as required by Section 2.6(a) are entered in the register of
 Purchasers, and "**Authenticate**" and "**Authentication** "
 have the appropriate correlative meanings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Bitgo** "
 means Bitgo Trust Company, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Board** "
 means the board of directors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Business Day**" means any day other than a Saturday, Sunday or a statutory or civic holiday,
 or any other day on which banks are not open for business in New York City, New York, or
 Woodbury, Minnesota and shall be a day on which the Stock Exchange is open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Canadian Securities Laws**" means the applicable securities laws, regulations and rules, blanket
 rulings, policies and written interpretations of and multilateral or national instruments
 adopted by the Ontario Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Closing Date**" means the Trading Day on which all of the Transaction Documents (as defined
 in the Purchase Agreement) have been executed and delivered by the applicable parties thereto,
 and all conditions precedent to the Purchaser's obligations to pay the Subscription
 Amount have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Commission** "
 means the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Common Shares**" means the common shares in the capital of the Corporation as constituted
 on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Corporation** "
 means Pineapple Financial Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Counsel** "
 means such firm serving as legal counsel for the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**DRS** "
 means the Direct Registration System, which allows securities to be held in book- entry form
 on a company's securities register; "**Earned Interest**" means the
 interest and other income actually earned and received on the deposit of the Escrowed Cash
 Proceeds with an Approved Bank between the Closing Date and the earlier of: (i) the Escrow
 Release Date; and (ii) the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Effective Date**" means the date that the Registration Statement registering for resale all
 Common Shares has been declared effective by the Commission and each Escrow Release Condition
 has been met or waived, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Escrow Deadline**" means at or prior to 5:00 p.m. (New York time) on the date that is 60
 days from the Closing Date, subject (i) to an automatic extension to an aggregate of 90 days
 from the Closing Date in the event that the Commission notifies the Corporation that it will
 review the Registration Statement, and (ii) such further extension(s) to be agreed to in
 writing by the holders of 50.1% or more of the Subscription Amounts, including Injective
 Foundation, acting reasonably, in accordance with the Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Escrowed Funds**" means the Escrowed Cash Proceeds (plus all Earned Interest) and the Escrowed
 INJ Proceeds (plus all Staking Rewards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Escrowed Cash Proceeds**" means an amount equal to the aggregate Subscription Amount paid
 in United States Dollars for certain of the Subscription Receipts issued on the Closing Date,
 delivered to the Subscription Receipt Agent to be held in escrow on the terms and subject
 to the conditions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Escrowed INJ Proceeds**" means the aggregate INJ delivered and paid in satisfaction of the
 Subscription Amount, calculated in accordance with the Purchas Agreement, for certain of
 the Subscription Receipts issued on the Closing Date, delivered to the INJ Escrow Agent and
 held in escrow on the terms of the INJ Escrow Agreement and subject to the conditions of
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Escrow Release Conditions**" means collectively, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 receipt of the Shareholder Approval by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Registration Statement being declared effective by the Commission by the Escrow Deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 receipt of required approvals by the applicable stock exchange, third parties, court and
 regulatory approvals required by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Common Shares being approved for listing on NYSE American and the completion, satisfaction
 or waiver by NYSE American of all conditions precedent to such listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Corporation shall not be in breach or default of any of its covenants or obligations under
 the Subscription Receipt Agreement or the Placement Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) from
 the date hereof until the earlier of (i) the Escrow Deadline, or (ii) such date on which
 all of conditions listed as items (i) through (v) above have been satisfied or waived, as
 applicable, trading in the Common Shares shall not have been suspended by the Commission
 or the Corporation's principal Trading Market, and trading in securities generally
 as reported by Bloomberg L.P. shall not have been suspended or limited, and minimum prices
 shall not have been established on securities whose trades are reported by such service or
 any Trading Market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Corporation and the Placement Agent, in compliance with the Side Letter, shall have delivered
 the Escrow Release Notice to the Subscription Receipt Agent confirming that items (i) through
 (vi), above, inclusive, have been satisfied or waived, provided that, under no circumstances
 shall the conditions in either of clauses (i) or (ii), above, be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Escrow Release Date**" means either (i) the date, prior to the Escrow Deadline, on which
 the Escrow Release Notice is received by the Subscription Receipt Agent in accordance with
 the terms of this Agreement, provided that the Escrow Release Notice is received by the Subscription
 Receipt Agent by 11:00 a.m. (New York time), on such date; or (ii) the first Business Day,
 provided that it is prior to the Escrow Deadline, following the date on which the Escrow
 Release Notice is received by the Subscription Receipt Agent in accordance with the terms
 of this Agreement, if the Escrow Release Notice is received by the Subscription Receipt Agent
 after 11:00 a.m. (New York time), on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Escrow Release Time**" means 1:00 p.m. (Eastern time) on the Escrow Release Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Escrow Release Notice**" means a written notice in substantially the form set out in <u>Exhibit A</u> attached hereto, executed by the Corporation and the Placement Agent in compliance
 with the Side Letter, confirming that the Escrow Release Conditions have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Exchange Act**" means the United States Securities Act of 1934, as amended, and the rules
 and regulations promulgated thereunder;

(z) "**Exempt Issuance**" has the meaning set forth in the Purchase Agreement;

(aa) "**INJ** "
 means the native cryptocurrency of the Injective blockchain;

(bb) "**INJ Escrow Agent**" has the meaning set forth in the recitals;

(cc) "**INJ Escrow Agreement**" means the escrow agreement of even date of this Agreement attached
 hereto as <u>Exhibit B</u> by and among the Corporation, the Subscription Receipt Agent and
 the INJ Escrow Agent;

(dd) "**Internal Procedures**" means in respect of the making of any one or more entries to, changes
 in or deletions of any one or more entries in the register at any time (including, without
 limitation, original issuance or registration of transfer of ownership) the Subscription
 Receipt Agent's internal procedures customary at such time for the entry, change or
 deletion made to be completed under the operating procedures followed at the time by the
 Subscription Receipt Agent;

(ee) "**Permitted Releases**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $600,000
 shall be allocated to repay existing debts of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) $1,500,000
 to the Corporation for legacy business expenses, working capital to fund the Corporation's
 business operations, and for general corporate purposes and other customary or reasonable
 expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Permitted Withdrawals** "
 means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $750,000
 of the Escrowed Cash Proceeds shall be delivered to the Placement Agent in respect of the
 Placement Agent's Fee, in accordance with the Placement Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Placement Agent Expenses (defined herein) in the amount of $250,000 of the Escrowed Cash
 Proceeds shall be delivered to Lucosky Brookman LLP; for Placement Agent's Expenses
 (defined herein), in accordance with the Placement Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) $272,222,
 $42,000 and $262,500 shall be allocated to the payment of the legal fees of the Corporation
 and delivered to MLT Aikins LLP, Blake, Cassels & Graydon, LLP and Sichenzia Ross Ference
 Carmel LLP, respectively, in payment of legal fees of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) $600,000
 shall be allocated to the legal fees of Injective Foundation and delivered to DLA Piper LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Person** "
 includes an individual, corporation, partnership, trustee, unincorporated organization or any other entity whatsoever, and words importing
 Persons have a similar extended meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Placement** "
 means the sale of 24,642,700 Subscription Receipts by the Corporation pursuant to the Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Placement Agency Agreement**" means the placement agency agreement dated September 4, 2025 between the Corporation and the Placement Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Placement Agent** "
 means D. Boral Capital LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Placement Agent's Expenses**" means up to $250,000 for the fees and expenses of the Placement agent, including the fees and expenses of Lucosky
 Brookman LLP, counsel to the Placement Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Placement Agent's Fee**" means $750,000 in cash

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Placement Securities** "
 means of subscription receipts of the Corporation that are each exchangeable for one Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Proceeding** "
 means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
 such as a deposition), whether commenced or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Purchase Agreement** "
 means that certain Securities Purchase Agreement, dated September 2, 2025, by and among Pineapple Financial Inc. and each Purchaser
 identified on the signature pages thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Purchase Price** "
 means $3.80 per Subscription Receipt or $4.16 per Subscription Receipt in INJ with respect to the Purchasers set forth in Exhibit A-2
 to the Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Purchaser** "
 means a purchaser of Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Registration Rights Agreement**" means the registration rights agreement among the Corporation and the Purchasers pursuant to which the Corporation
 agrees to provide certain registration rights in respect of the Common Shares under the Securities Act and applicable state securities
 laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Registration Statement** "
 means a resale registration statement addressing the requirements of the Registration Rights Agreement and covering the resale by the
 Purchasers of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) **"Securities Act** "
 means the *Securities Act of 1933*, as amended, and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Shareholder Approval** "
 means the approval by the holders of the Common Shares of the following matters (i) the issuance of the Common Shares to be delivered
 to the Purchasers and (ii) the amendment to the constating documents of the Corporation to remove the Transfer Restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Side Letter**" means a letter agreement by and among Injective Foundation, the Placement
 Agent and the Corporation regarding satisfaction of Escrow Release Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Staking Rewards** "
 means all benefits and valuable consideration accruing to a holder of INJ in respect of the proof of stake validation process of the
 Injective blockchain, including its underlying code and smart contracts, in any form such rewards may take, including, without limitation,
 in the form of additional units of INJ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) **"Stock Exchange" means NYSE American;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Subscription Amount** "
 means, as to each Purchaser, the aggregate amount to be paid, in INJ or United States Dollars, as the case may be, for Subscription
 Receipts purchased hereunder as specified below such Purchaser's name on Exhibit A-1 or Exhibit A-2 of the Purchase Agreement,
 and under to the heading "Aggregate Subscription Amount (Cash)" or "Aggregated Subscription Amount (INJ Tokens),"
 in each case in immediately available funds or tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Subscription Receipts** "
 means the subscription receipts created and issued pursuant to Section 2.1(a) hereof and authorized for issue hereunder and that have
 not at the particular time expired, been purchased by the Corporation, converted or otherwise becomes null, void and of no further
 force or effect, which may be either evidenced by a DRS Advice or held through the book entry system;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Subscription Receipt Agent**" means Odyssey Transfer and Trust Company, including its successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Termination Date** "
 means the earlier of: (i) the Escrow Deadline, if the Escrow Release Conditions are not satisfied or waived, as applicable, by 5:00
 p.m. (New York Time) on the Escrow Deadline; or (ii) the date on which the Corporation has received notice of termination of the Purchase
 Agreement by the requisite Purchasers in accordance with Section 5.1 of the Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Termination Notice** "
 means the written notice that the Corporation shall deliver to the Subscription Receipt Agent upon the occurrence of the Termination
 Date, which such notice shall indicate that the Termination Date has occurred and directing the Subscription Receipt Agent to return
 (i) the Escrowed Cash Proceeds to the Purchasers who paid the Subscription Amount in cash (together with all Earned Interest less any
 withholding tax required to be withheld in respect thereof) and (ii) the Escrowed INJ Proceeds to the Purchasers who paid the Subscription
 Amount in INJ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Trading Day** "
 means a day on which the Stock Exchange (or such other exchange on which the Common Shares are listed and which forms the primary trading
 market for such shares) is open for trading, and if the Common Shares are not listed on a stock exchange, a day on which an over-the-counter
 market where such shares are traded is open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Trading Market** "
 means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question:
 the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange,
 OTCQB or OTCQX (or any successors to any of the foregoing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**this Subscription Receipt Agreement** ", "**this Agreement** ", "**hereto** ", "**hereunder** ", "**hereof** ",
 "**herein** ", "**hereby**" and similar expressions mean or refer to this Subscription Receipt Agreement
 and any agreement, indenture, deed or instrument supplemental or ancillary hereto, and the expressions "article", "section",
 "subsection", "paragraph", "subparagraph", "clause" and "subclause" followed
 by a number mean the specified article, section, subsection, paragraph, subparagraph, clause or subclause of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Transfer Restriction** "**means the restriction on transfers of the Common Shares contained in the Articles of Continuance of the Corporation;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**United States**" or "**U.S.**" means the United States of America, its territories
 and possessions, any state of the United States, and the District of Columbia.

**1.2 <u>Interpretation</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Words Importing the Singular</u>: Words importing the singular include the plural and vice versa
 and words importing a particular gender or neuter include both genders and neuter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interpretation Not Affected by Headings, Etc.</u>: The division of this Agreement into articles, sections,
 subsections, paragraphs, subparagraphs, clauses and subclauses, the provision of a table
 of contents and the insertion of headings are for convenience of reference only and shall
 not affect the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Day Not a Business Day</u>: Unless otherwise indicated, if the day on or before which any action
 which would otherwise be required to be taken hereunder is not a Business Day that action
 will be required to be taken on or before the requisite time on the next succeeding day that
 is a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Time of the Essence</u>: Time will be of the essence in all respects in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Currency</u>:
 Except as otherwise stated, all dollar amounts herein are expressed in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Severability</u>:
 In the event that any provision hereof shall be determined to be invalid or unenforceable
 in any respect, such determination shall not affect such provision in any other respect or
 any other provision hereof, all of which shall remain in full force and effect.

**1.3 <u>Applicable Law</u>**

All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of this Agreement, then, in addition to the obligations of the Corporation under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

**ARTICLE 2**

**THE SUBSCRIPTION RECEIPTS**

**2.1 <u>Creation and Issue of Subscription Receipts</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 aggregate of up to 24,642,700 Subscription Receipts entitling the Purchasers thereof to be
 issued an aggregate of up to 24,642,700 Common Shares, on the terms and subject to the conditions
 herein provided, are hereby created and authorized for issue at the applicable Purchase Price
 for each Subscription Receipt paid in cash or in INJ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) One
 Subscription Receipt shall be issued, without any further act or formality, on the Closing
 Date, for each $3.80 received by the Corporation in cash or in INJ as payment therefor, or
 for each $4.16 received by the Corporation in INJ as payment therefor from the Purchasers
 set forth in Exhibit A-2 to the Purchase Agreement, and each such Subscription Receipt shall
 be a fully paid and non-assessable security of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 the issue of the Subscription Receipts in accordance with Section 2.1(b), Subscription Receipts
 shall be in registered form by way of DRS entries or evidenced by a position appearing on
 the register for Subscription Receipts of the Subscription Receipt Agent for an amount representing
 the aggregate number of such Subscription Receipts outstanding from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Subscription Receipt issued hereunder will entitle the Purchaser thereof, upon the conversion
 thereof in accordance with the provisions of Article 4 hereof, and without payment of any
 additional consideration, to be issued for one Common Share.

**2.2 <u>Terms of Subscription Receipts</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>[Reserved</u> ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Cancellation of Subscription Receipts</u>: In the event that either (i) a Termination Notice is delivered
 prior to the Escrow Deadline, or (ii) the Escrow Release Notice is not delivered to the Subscription
 Receipt Agent prior to the Escrow Deadline, all of the Subscription Receipts shall, without
 any action on the part of the Purchasers, be cancelled by the Subscription Receipt Agent
 as of the Termination Date and the Purchasers shall thereafter have no rights thereunder
 except to receive, and the Subscription Receipt Agent shall pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 such Purchasers who paid the Subscription Amount in cash from the Escrowed Cash Proceeds,
 an amount equal to the aggregate Subscription Amount for their Subscription Receipts, plus
 their *pro rata* portion of the Earned Interest (less any withholding tax required to
 be withheld in respect thereof). Such amount (less any withholding tax required to be withheld
 in respect thereof) shall be returned to each Purchaser by the Subscription Receipt Agent
 in accordance with Section 6.3(b) hereof. The Corporation shall be liable for any shortfall
 between (A) the amounts owing to Purchasers under this Section 2.2(b) and (B) the amount
 of the Escrowed Cash Proceeds plus all Earned Interest, and the Corporation shall fund any
 shortfall in accordance with Section 6.3(b) hereof. The Subscription Receipt Agent shall
 have no responsibility for any shortfall owing to the Purchasers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 such Purchasers who paid the Subscription Amount in INJ, such number of INJ from the Escrowed
 INJ Proceeds equal to their pro rata portion of (A) the Escrowed INJ Proceeds and (B) the
 Staking Rewards. Such Escrowed INJ Proceeds and Staking Rewards shall be returned to each
 applicable Purchaser by the INJ Escrow Agent in accordance with Section 6.3(b) hereof.

**2.3 <u>Form of Subscription Receipt</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Form</u>:
 The Subscription Receipts shall be issued in uncertificated form being evidenced by a book
 entry position on the register of Purchasers to be maintained by the Subscription Receipt
 Agent in accordance with Section 3.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Legend</u>:
 The Subscription Receipts shall be deemed to bear the following legends:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, (III) THE CORPORATION HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT, OR (IV) THE SECURITIES ARE TRANSFERRED WITHOUT CONSIDERATION TO AN AFFILIATE OF SUCH HOLDER OR A CUSTODIAL NOMINEE (WHICH FOR THE AVOIDANCE OF DOUBT SHALL REQUIRE NEITHER CONSENT NOR THE DELIVERY OF AN OPINION)."

Any Subscription Receipts shall be deemed to bear the following legend, any book entry notations evidencing the Subscription Receipts while outstanding will bear the following legend and any instrument whatsoever representing or evidencing the Subscription Receipts will bear or be deemed to bear the following legend:

"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE LATER OF (I) SEPTEMBER 4, 2025, AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY."

**2.4 <u>Register for Subscription Receipts.</u>**

The Corporation hereby appoints the Subscription Receipt Agent as registrar and transfer agent of the Subscription Receipts, and the Corporation shall cause to be kept by the Subscription Receipt Agent at its designated officer, a securities register in which shall be entered the names and addresses of Purchasers and the number of Subscription Receipts held by each holder and any other particulars prescribed by law of the Subscription Receipts held by them. The Corporation shall also cause to be kept by the Subscription Receipt Agent at its designated office the register of transfers, and may also cause to be kept by the Subscription Receipt Agent, branch registers of transfers in which shall be recorded the particulars of the transfers of Subscription Receipts registered in that branch register of transfers.

**2.5 <u>[Reserved</u>]**

**2.6 <u>Authentication by Subscription Receipt Agent</u>**

The Subscription Receipt Agent shall Authenticate Subscription Receipts (whether upon original issuance, exchange, registration of transfer, partial payment, or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Subscription Receipt under this Agreement. Such Authentication shall be conclusive evidence that such Subscription Receipt has been duly issued hereunder and that the holder or holders are entitled to the benefits of this Agreement. The register shall be final and conclusive evidence as to all matters relating to Subscription Receipts with respect to which this Agreement requires the Subscription Receipt Agent to maintain records or accounts. In case of differences between the register at any time and any other time, the register at the later time shall be controlling, absent manifest error, and any Subscription Receipts recorded therein shall be binding on the Corporation.

No Subscription Receipt shall (a) be considered issued, valid, or obligatory; nor (b) entitle the holder thereof to the benefits of this Agreement, until it has been Authenticated by the Subscription Receipt Agent. Authentication by the Subscription Receipt Agent, including by way of entry on the register, shall not be construed as a representation or warranty by the Subscription Receipt Agent as to the validity of this Agreement or of such Subscription Receipts (except the due Authentication thereof) or as to the performance by the Corporation of its obligations under this Agreement and the Subscription Receipt Agent shall in no respect be liable or answerable for the use made of the Subscription Receipts or any of them or of the consideration thereof. Authentication by the Subscription Receipt Agent shall be conclusive evidence as against the Corporation that the Subscription Receipts so Authenticated have been duly issued hereunder and that the holder thereof is entitled to the benefits of this Agreement.

No Subscription Receipt shall (a) be considered issued or obligatory; nor (b) entitle the holder thereof to the benefits of this Agreement, until it has been Authenticated by entry on the register of the particulars of the Subscription Receipt. Such entry on the register of the particulars of an Subscription Receipt shall be conclusive evidence that such Subscription Receipt is a valid and binding obligation of the Corporation and that the holder is entitled to the benefits of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certification No Representation</u>: The Authentication by the Subscription Receipt Agent of any Subscription
 Receipts whether by way of entry on the register or otherwise shall not be construed as a
 representation or warranty by the Subscription Receipt Agent as to the validity of the Agreement
 or such Subscription Receipts (except the due Authentication thereof) or as to the performance
 by the Corporation of its obligations under this Agreement and the Subscription Receipt Agent
 shall in no respect be liable or answerable for the use made of the Subscription Receipts
 or any of them or the proceeds thereof.

**2.7 <u>Subscription Receipts to Rank Pari Passu</u>**

All Subscription Receipts will rank *pari passu*, whatever may be the actual dates of issue.

**2.8 <u>[Reserved</u>]**

**2.9 <u>Purchaser not a Shareholder</u>**

Nothing in this Agreement or in the holding of a Subscription Receipt evidenced by a DRS entry, or otherwise, shall be construed as conferring on any Purchaser any right or interest whatsoever as a shareholder of the Corporation, including, but not limited to, any right to vote at, to receive notice of, or to attend any meeting of shareholders or any other proceeding of the Corporation or any right to receive any dividend or other distribution.

**ARTICLE 3**

**REGISTRATION, TRANSFER AND OWNERSHIP OF SUBSCRIPTION RECEIPTS**

**3.1 <u>Registration of Subscription Receipts</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Register</u>:
 The Corporation will cause to be kept by the Subscription Receipt Agent at its principal
 office in Woodbury, Minnesota a register of Purchasers in which shall be entered in alphabetical
 order the names and addresses of the Purchasers and particulars of the Subscription Receipts
 held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Notice of Trusts</u>: Subject to Applicable Legislation, neither the Corporation nor the
 Subscription Receipt Agent will be bound to take notice of or see to the execution of any
 trust, whether express, implied or constructive, in respect of any Subscription Receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Inspection</u>:
 The register referred to in Section 3.1(a) hereof, and any branch registers maintained pursuant
 to Section 3.1(d) hereof, will at all reasonable times during the regular business hours
 of the Subscription Receipt Agent be open for inspection by the Corporation and any Purchaser.
 The Subscription Receipt Agent will from time to time when requested to do so in writing
 by the Corporation or any Purchaser (upon payment of the reasonable charges of the Subscription
 Receipt Agent) furnish the Corporation or such Purchaser with a list of the names and addresses
 of Purchasers entered on such registers and showing the number of Subscription Receipts held
 by each such holder.

**3.2 <u>[Reserved]</u>**

**3.3 <u>[Reserved]</u>**

**3.4 <u>Ownership of Subscription Receipts</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Owner</u>:
 The Corporation and the Subscription Receipt Agent shall deem and treat the Person in whose
 name any Subscription Receipt is registered as the absolute owner of such Subscription Receipt
 for all purposes, and such Person will for all purposes of this Agreement be and be deemed
 to be the absolute owner thereof, and the Corporation and the Subscription Receipt Agent
 will not be affected by any notice or knowledge to the contrary except as required by statute
 or by order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rights of Registered Holder</u>: The registered holder of any Subscription Receipt will be entitled
 to the rights represented thereby free from all equities and rights of set-off or counterclaim
 between the Corporation and the original or any intermediate holder thereof and all Persons
 may act accordingly, and the issue and delivery to any such registered holder of Common Shares
 issuable pursuant thereto (or the payment of amounts payable in respect thereof pursuant
 to Section 2.2(b) hereof) will be a good discharge to the Corporation and the Subscription
 Receipt Agent therefor and neither the Corporation nor the Subscription Receipt Agent will
 be bound to inquire into the title of any such registered holder.

**3.5 <u>Transfer of Subscription Receipts</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Subscription Receipts have not been registered under the Securities Act nor qualified for
 distribution to the public under Canadian Securities Laws, by reason of their issuance by
 the Corporation in a transaction exempt from (i) the registration requirements of the Securities
 Act and (ii) the prospectus requirements of Canadian Securities Laws. The Subscription Receipts
 must continue to be held and may not be offered, resold, transferred, pledged or otherwise
 disposed of by the Purchaser unless a subsequent disposition thereof is registered under
 the Securities Act or is exempt from such registration, and in each case in accordance with
 any applicable securities laws of any state of the United States and Canadian Securities
 Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) However,
 notwithstanding the foregoing, Subscription Receipts may only be transferred upon: (i) compliance
 with such reasonable requirements as the Subscription Receipt Agent may prescribe, (ii) compliance
 with all applicable securities legislation and requirements of regulatory authorities, including
 the Securities Act, Canadian Securities Laws and the rules and regulations of the Stock Exchange,
 and (iii) delivery to the Subscription Receipt of a legal opinion prepared by counsel to
 a prospective transferor, at such transferor's sole expense, as to the compliance of
 such transfer with all requirements set forth in clause (iii) above. All such transfers shall
 be duly noted in such register by the Subscription Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Subscription Receipts transferred or issued pursuant to this Section 3.5 shall bear the legends
 presented in Section 2.3(b) of this Agreement.

**ARTICLE 4**

**CONVERSION OF SUBSCRIPTION RECEIPTS**

**4.1 <u>Exchange of Subscription Receipts by Subscription Receipt Agent</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exchange by Subscription Receipt Agent</u>: Following receipt of the Escrow Release Notice by the
 Subscription Receipt Agent, all Subscription Receipts will be automatically exchanged for
 Common Shares by the Subscription Receipt Agent at the Escrow Release Time for and on behalf
 of the holder thereof and the holder thereof shall, without payment of any additional consideration
 and without any action on the part of the holder thereof, be deemed to have subscribed for
 the corresponding number of the Common Shares issuable upon the conversion of such Subscription
 Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Rights on Exchange</u>: The holder of any Subscription Receipt exchanged pursuant to Section 4.1(a)
 hereof shall have no rights hereunder except to be issued the Common Shares, as the case
 may be, upon the exchange of the Subscription Receipts. No certificates (or other electronic
 evidence of issue) will be issued or delivered in respect of the Common Shares issuable upon
 conversion of the applicable Subscription Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Escrow Release Notice</u>: As soon as practicable following the satisfaction of all of
 the Escrow Release Conditions (other than the Escrow Release Condition to deliver the Escrow
 Release Notice), the Corporation will deliver to the Placement Agent the Escrow Release Notice
 duly executed by the Corporation, together with a certificate executed by the President and
 Chief Executive Officer of the Corporation (or such other officer as may be acceptable to
 the Placement Agent, acting reasonably) certifying to the Placement Agent that the Escrow
 Release Conditions have been satisfied. Upon receipt of the Escrow Release Notice and such
 certificate from the Corporation, the Placement Agent will review the Escrow Release Notice
 and, unless the Placement Agent in good faith contests any of the statements contained therein,
 the Placement Agent will as soon as practicable, subject to the Side Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) execute
 the Escrow Release Notice in acknowledgement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver
 the Escrow Release Notice, jointly executed by the Corporation and the Placement Agent, to
 the Subscription Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Direction of Subscription Receipt Agent</u>: The parties hereby irrevocably authorize and direct the
 Subscription Receipt Agent to exchange the Subscription Receipts pursuant to Section 4.1(a)
 hereof upon receipt of the Escrow Release Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Release of Escrowed Funds</u>: Upon receipt of the Escrow Release Notice, the Subscription Receipt
 Agent will (i) release the Escrowed Cash Proceeds and (ii) instruct the INJ Escrow Agent
 to release the Escrowed INJ Proceeds in accordance with Section 6.3(a) hereof.

**4.2 <u>Effect of Exchange</u>**

Upon the Exchange of the Subscription Receipts in accordance with Section 4.1(a), the Common Shares thereby issuable will be deemed to have been validly issued, and the Person or Persons to whom such securities are to be issued will be deemed to have become the holder or holders of record thereof, at the Escrow Release Time unless the transfer registers for the Common Shares are closed on that date, in which case such Common Shares will be deemed to have been issued and such Person or Persons will be deemed to have become the holder or holders of record thereof on the date on which such transfer registers are reopened, but such Common Shares will be issued on the basis of the number of Common Shares to which such Person or Persons were entitled at the Escrow Release Time.

**4.3 <u>Fractions</u>**

Subject to the immediately following sentence, the Corporation shall not be required, upon the exchange of the Subscription Receipts, to issue fractions of Common Shares to any Person. To the extent that the Purchaser would otherwise have been entitled to receive a fraction or fractions of a Common Share on the conversion of its Subscription Receipts, that Purchaser may exercise such right in respect of the fraction or fractions only in combination with its entitlement to a fraction or fractions of a Common Share in respect of another Subscription Receipt or Subscription Receipts that in the aggregate entitle the Purchaser to receive a whole number of Common Shares and the Corporation shall issue such whole Common Shares to the Purchaser in respect of those fractions that in the aggregate form whole Common Shares. All fractions of a Common Share will be rounded down and the Corporation shall not pay any amounts to the holder in satisfaction of the right to otherwise have received a fraction of a Common Share.

**4.4 <u>Recording</u>**

The Subscription Receipt Agent will record the particulars of each Subscription Receipt exchanged, which particulars will include the name and address of each Person to whom the Common Shares are thereby issued and the number of the Common Shares or so issued at the Escrow Release Time. Within five Business Days after the date of exchange, the Subscription Receipt Agent will provide such particulars in writing to the Corporation if requested in writing.

**4.5 <u>[Reserved</u>]**

**ARTICLE 5**

**COVENANTS**

**5.1 <u>General Covenants</u>**

The Corporation covenants with the Subscription Receipt Agent, the Placement Agent and the Purchasers, that so long as any Subscription Receipts remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Maintenance</u>:
 The Corporation will use its commercially reasonable efforts to at all times maintain its
 corporate existence, carry on and conduct its business, and that of its material subsidiaries,
 in a proper, efficient and business-like manner and keep or cause to be kept proper books
 of account in accordance with generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Listing</u>:
 The Corporation will use its commercially reasonable efforts to at all times maintain the
 listing of the Common Shares on the Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reservation of Common Shares</u>: The Corporation is duly authorized to create and issue the Subscription
 Receipts and, when issued and Authenticated in accordance with the terms set forth herein
 (including, without limitation, deposit of the Escrowed Cash Proceeds and the Escrowed INJ
 Proceeds in respect thereof), such Subscription Receipts shall be valid and enforceable against
 the Corporation in accordance with the terms herein, and it will reserve and conditionally
 allot for the purpose and keep available sufficient unissued Common Shares to enable it to
 satisfy its obligations on the conversion of the Subscription Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issue of Common Shares</u>: The Corporation will cause the Common Shares to be issued pursuant
 to the exchange of the Subscription Receipts and such Common Shares will be issued and delivered
 in accordance with the provisions of this Agreement and the terms hereof and all Common Shares
 that are issued on the conversion of the Subscription Receipts will be fully paid and non-assessable
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>[Reserved]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Commission Matters</u>: The Corporation confirms that it has either (i) a class of securities registered
 pursuant to Section 12 of the Exchange Act; or (ii) a reporting obligation pursuant to Section
 15(d) of the Act, and has provided the Subscription Receipt Agent with an Officers'
 Certificate (in a form provided by the Subscription Receipt Agent certifying such reporting
 obligation and other information as requested by the Subscription Receipt Agent. The Corporation
 covenants that in the event that any such registration or reporting obligation shall be terminated
 by the Corporation in accordance with the Exchange Act, the Corporation shall promptly notify
 the Subscription Receipt Agent of such termination and such other information as the Subscription
 Receipt Agent may require at the time. The Corporation acknowledges that the Subscription
 Receipt Agent is relying upon the foregoing representation and covenants in order to meet
 certain Commission obligations with respect to those clients who are filing with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Open Registers</u>: The Corporation will cause the Subscription Receipt Agent to keep open the
 registers of Purchasers referred to in Section 3.1 hereof as required by such section and
 will not take any action or omit to take any action which would have the effect of preventing
 the Purchasers from receiving any of the Common Shares issued upon conversion of the Subscription
 Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Filings</u>:
 The Corporation will make all requisite filings, including filings with appropriate securities
 commissions and stock exchanges, in connection with the exchange of the Subscription Receipts
 and the issue of the Common Shares, including, as contemplated in the Escrow Release Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Termination</u>: In the event that (i) the Corporation delivers the Termination Notice,
 or (ii) if the Escrow Release Notice has not been provided in accordance with the provisions
 hereof on or prior to the Escrow Deadline, the Corporation shall send or cause to be sent
 to each Purchaser written notice advising of that fact and each Purchaser who paid the Purchase
 for its Subscription Receipts in cash shall receive that an amount equal to the aggregate
 Subscription Amount for their Subscription Receipts, plus their *pro rata* portion of
 the Earned Interest (less any withholding tax required to be withheld in respect thereof),
 each Purchaser who paid the Purchase for its Subscription Receipts in INJ shall receive such
 number of INJ from the Escrowed INJ Proceeds equal to their pro rata portion of the Escrowed
 INJ Proceeds and such notice shall be sent within three Business Days after the Termination
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Record Dates</u>: The Corporation shall provide at least fourteen Business Days written notice to
 each Purchaser of any record date to be set or declared by the Corporation with respect to
 any meeting or written resolution of holders of Common Shares, other than with respect to
 the meeting of holders of Common Shares at which the Shareholder Approvals are to be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>General Performance</u>: Generally, the Corporation will perform and carry out all acts and things
 to be done by it as provided in this Agreement or in order to consummate the transactions
 contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Default</u>:
 The Corporation will promptly advise the Subscription Receipt Agent and the Purchasers in
 writing of any material default under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Notices</u>:
 Any notices or deliveries required to be provided to the Purchasers hereunder shall be sent
 by prepaid mail or delivery to each Purchaser at the address of such Purchaser appearing
 on the register of Subscription Receipts maintained hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Corporate Actions</u>: The Corporation shall not, from the date of the Purchase Agreement until sixty
 (60) days after the Escrow Deadline, (A) issue Common Shares or Common Share Equivalents
 (as defined in the Purchase Agreement, (B) effect a reverse stock split, recapitalization,
 share consolidation, reclassification or similar transaction affecting the outstanding Common
 Shares or (C) file with the Commission a registration statement under the Securities Act
 relating to any Common Shares or Common Share Equivalents, except pursuant to the terms of
 the Registration Rights Agreement. Notwithstanding the foregoing, the provisions of this
 Section 5.1(n) shall not apply to (i) the issuance of the Subscription Receipts and the Common
 Shares, under the Purchase Agreement, (ii) the issuance of Common Shares or Common Share
 Equivalents upon the conversion, exercise or vesting of any securities of the Corporation
 outstanding on the date of the Purchase Agreement or outstanding pursuant to clause (iii)
 below, (iii) the issuance of any Common Shares or Common Share Equivalents pursuant to any
 Corporation stock-based compensation plans or in accordance with the NYSE Rules 303A, (iv)
 an Exempt Issuance, or (v) the filing of a registration statement on Form S-8 under the Securities
 Act to register the offer and sale of securities on an equity incentive plan or employee
 stock purchase plan.

**5.2 <u>Remuneration and Expenses of Subscription Receipt Agent</u>**

The Corporation covenants that it will pay to the Subscription Receipt Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse the Subscription Receipt Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Subscription Receipt Agent in the administration or execution of this Agreement (including the reasonable compensation and the disbursements of its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Subscription Receipt Agent hereunder shall be finally and fully performed, except for any expense, disbursement or advance that arises out of or results from the Subscription Receipt Agent's gross negligence, wilful misconduct or bad faith. Any amount owing hereunder and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Subscription Receipt Agent against unpaid invoices and shall be payable upon demand. This Section shall survive the removal or resignation of the Subscription Receipt Agent and/or the termination of this Agreement. In no event shall any amount payable to the Subscription Receipt Agent hereunder be paid out of the Escrowed Cash Proceeds unless the Escrowed Cash Proceeds are, at the time of payment, payable to the Corporation.

**5.3 <u>Notice of Issue</u>**

The Corporation will give written notice of and make all requisite filings respecting the issue of securities pursuant to the conversion of the Subscription Receipts, in such detail as may be required, to each securities commission, stock exchange, or similar regulatory authority in each jurisdiction in Canada in which there is legislation or regulations requiring the giving of any such notice in order that such issue of securities and the subsequent disposition of the securities so issued will not be subject to the prospectus requirements, if any, of such legislation or regulations.

**5.4 <u>Securities Qualification Requirements</u>**

If, in the opinion of Counsel, any instrument is required to be filed with, or any permission is required to be obtained from any governmental authority or any other step is required under Applicable Legislation or Canadian Securities Laws before any securities which a Purchaser is entitled to acquire pursuant to the exchange of any Subscription Receipt may properly and legally be issued upon due exchange thereof, the Corporation covenants that it will promptly take such required action, including, without limitation, the filings referenced in Section 5.1(h) and all exhibits, schedules or amendments thereto.

**5.5 <u>Performance of Covenants by Subscription Receipt Agent</u>**

If the Corporation fails to perform any of the obligations thereof under this Agreement, the Subscription Receipt Agent may notify the Purchasers of such failure or may itself perform any of such obligations capable of being performed by the Subscription Receipt Agent, and the Subscription Receipt Agent will notify the Purchasers that it is so doing. All amounts expended or advanced by the Subscription Receipt Agent in so doing will be repayable as provided in Section 5.2 hereof. No such performance, expenditure or advance by the Subscription Receipt Agent will relieve the Corporation of any default or of its continuing obligations hereunder.

**ARTICLE 6**

**DEPOSIT OF PROCEEDS AND CANCELLATION OF SUBSCRIPTION RECEIPTS**

**6.1 <u>Deposit of Escrowed Cash Proceeds in Escrow</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Corporation shall direct that, immediately prior to the issuance of the Subscription Receipts,
 the Escrowed Cash Proceeds shall be deposited with the Subscription Receipt Agent by way
 of electronic wire transfer by the Purchasers in the amount of$21,949,956.20. The Subscription
 Receipt Agent shall immediately place such funds in a segregated account in accordance with
 the provisions of this Article 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Corporation shall direct that, immediately prior to the issuance of the Subscription Receipts,
 the Escrowed INJ Proceeds, representing an aggregate Subscription Amount of 5,593,525.06
 INJ, shall be deposited with the INJ Escrow Agent as escrow agent for the benefit of the
 Subscription Receipt Agent in accordance with the INJ Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Corporation acknowledges and agrees that it is a condition of the payment by the Purchasers
 of $3.80 per Subscription Receipt therefor (payable in cash or in INJ), except for the subscription
 of the Purchasers set forth in Exhibit A-2 to the Purchase Agreement in the amount of $4.16
 per Subscription Receipt therefor, that the Escrowed Cash Proceeds and the Escrowed INJ Proceeds
 are held by the Subscription Receipt Agent, and the INJ Escrow Agent, respectively in accordance
 with the provisions of this Article 6 and the INJ Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Corporation and the Placement Agent each further acknowledges and confirms that it has no
 interest in the Escrowed Cash Proceeds (or in the Earned Interest accrued thereon) or the
 Escrowed INJ Proceeds unless and until the Escrow Release Notice is delivered to the Subscription
 Receipt Agent. The Subscription Receipt Agent shall retain the Escrowed Cash Proceeds (and
 the Earned Interest accrued thereon),and shall instruct the INJ Escrow Agent to retain the
 Escrowed INJ Proceeds for the benefit of the Purchasers. Upon delivery of the Escrow Release
 Notice to the Subscription Receipt Agent, the Subscription Receipt Agent shall hold the Permitted
 Releases for the benefit of the parties to whom Permitted Releases are payable in accordance
 with the provisions of this Article 6.

**6.2 <u>Investment of Escrowed Cash Proceeds and Escrowed INJ Proceeds</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until
 released in accordance with this Agreement, the Escrowed Cash Proceeds shall be kept segregated
 in the records of the Subscription Receipt Agent and shall be deposited in one or more interest-bearing
 bank accounts to be maintained by the Subscription Receipt Agent in the name of the Subscription
 Receipt Agent at Truist Bank or such other bank agreed upon between the Subscription Receipt
 Agent and the Corporation (each such bank, an "**Approved Bank** "). If deposited
 into an Approved Bank, the Escrowed Cash Proceeds shall bear interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 amounts held by the Subscription Receipt Agent pursuant to this Agreement shall be held by
 the Subscription Receipt Agent for the benefit of the Purchasers, and the delivery of the
 Escrowed Cash Proceeds to the Subscription Receipt Agent shall not give rise to a debtor-creditor
 or other similar relationship between the Subscription Receipt Agent and the Purchasers.
 The amounts held by the Subscription Receipt Agent pursuant to this Agreement are the sole
 risk of the Purchasers and, without limiting the generality of the foregoing, the Subscription
 Receipt Agent shall have no responsibility or liability for any diminution of the Escrowed
 Cash Proceeds which may result from any deposit made with an Approved Bank pursuant to this
 Section 6.2, including any losses resulting from a default by the Approved Bank or other
 credit losses (whether or not resulting from such a default) and any credit or other losses
 on any deposit liquidated or sold prior to maturity. The Corporation acknowledges and agrees
 that the Subscription Receipt Agent acts prudently in depositing the Escrowed Cash Proceeds
 at any Approved Bank, and that the Subscription Receipt Agent is not required to make any
 further inquiries in respect of any such bank.

At any time and from time to time, the Corporation shall be entitled to direct the Subscription Receipt Agent by written notice (a) not to deposit any new amounts in any Approved Bank specified in the notice and/or (b) to withdraw all or any of the Escrowed Cash Proceeds that may then be deposited with any Approved Bank specified in the notice and re-deposit such amount with one or more of such other Approved Banks as specified in the notice. With respect to any withdrawal notice, the Subscription Receipt Agent will endeavor to withdraw such amount specified in the notice as soon as reasonably practicable and the Corporation acknowledges and agrees that such specified amount remains at the sole risk of the Purchasers prior to and after such withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [intentionally
 deleted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Until
 released in accordance with this Agreement and the INJ Escrow Agreement, the Escrowed INJ
 Proceeds shall be deposited in accordance with the INJ Escrow Agreement in a whitelisted
 wallet maintained by Bitgo Trust Company, Inc. as custodian, or any successor thereof, managed
 by the INJ Escrow Agent.

**6.3 <u>Release of Escrowed Cash Proceeds and Escrowed INJ Proceeds</u>**

The Subscription Receipt Agent shall release the Escrowed Cash Proceeds and shall direct the INJ Escrow Agent, as applicable, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With
 respect to the Permitted Withdrawals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release,
 within three Business Days of the Closing Date, $750,000 to the Placement Agent for the Placement
 Agent's Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) release,
 within three Business Days of the Closing Date, $250,000 to Lucosky Brookman LLP for Placement
 Agent's Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) release,
 within three Business Days of the Closing Date, $272,722 to MLT Aikins LLP in payment of
 legal fees of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) release,
 within three Business Days of the Closing Date, $262,500 to Sichenzia Ross Ference Carmel
 LLP in payment of legal fees of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) release,
 within three Business Days of the Closing Date, $600,000 to DLA Piper LLP in payment of legal
 fees of Injective Foundation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) release,
 within three Business Days of the Closing Date, $42,000 to Blake, Cassels & Graydon,
 LLP in payment of amounts owed by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event that the Escrow Release Notice is delivered to the Subscription Receipt Agent prior
 to the Escrow Deadline, the Subscription Release Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release,
 within three Business Days, $600,000 to the Corporation in payment of amounts owed by the
 Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) release,
 within three Business Days, $1,500,000 to the Corporation for legacy business expenses, working
 capital to fund the Corporation's business operations, and for general corporate purposes
 and other customary or reasonable expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) release
 the balance of the Escrowed Cash Proceeds (inclusive of all Earned Interest) directly to
 the Asset Managers, less an amount payable to the Subscription Receipt Agent equal to its
 reasonable fees for services rendered and disbursements incurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) deliver
 to the INJ Escrow Agent the Escrow Release Certification in the form of <u>Exhibit C</u> to the Subscription Receipt Agreement, notifying the INJ Escrow Agent that all Escrow Release
 Conditions have been satisfied or waived, and instructing the INJ Escrow Agent (i) to deem
 the title to the Escrowed INJ Proceeds (inclusive of all Staking Rewards) to be transferred
 to the Company and (ii) to intrust Bitgo to transfer ownership of the Escrowed INJ Proceeds
 to the Company, in each case in accordance with the directions set out in the INJ Escrow
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the event that a Termination Notice is delivered to the Subscription Receipt Agent or in
 the event that the Escrow Release Notice has not been received by the Subscription Receipt
 Agent prior to the Escrow Deadline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject
 to receipt of the funds from the Corporation for any shortfall as mentioned herein below,
 so that the Subscription Receipt Agent will have an amount equal to the aggregate Subscription
 Amount and Earned Interest for the Subscription Receipts held by each Purchaser who paid
 the Subscription Amount for its Subscription Receipts in cash, the Subscription Receipt Agent
 shall pay to each such Purchaser an amount equal to the aggregate Subscription Amount for
 their Subscription Receipts, plus their *pro rata* portion of the Earned Interest (less
 any withholding tax required to be withheld in respect thereof) and the Subscription Receipt
 Agent shall, within three Business Days of the Termination Date, mail or deliver, or cause
 to be mailed or delivered, to the Purchasers a cheque in the amount payable at the address
 on the register of Purchasers or by wire if payable to the Depository. The Corporation shall
 fund any shortfall between the amount of such Purchasers *pro rata* share of the Escrowed
 Cash Proceeds and the aggregate Subscription Amount of the Subscription Receipts (plus Earned
 Interest) held by them by providing the Subscription Receipt Agent, within two Business Days
 of the Termination Date, with the required funds by certified cheque, bank draft or wire
 transfer. The Subscription Receipt Agent shall only be obliged to make payments under section
 6.3(b) to the extent that the Escrowed Cash Proceeds (including Earned Interest) and the
 amount of any shortfall to be deposited by the Corporation hereunder are sufficient. The
 Subscription Receipt Agent shall not be responsible for any shortfall; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 accordance with the INJ Escrow Agreement, the Subscription Receipt Agent shall cause to be
 delivered by the INJ Escrow Agent promptly (subject to the technical capabilities of the
 Injective Protocol (as defined in the INJ Escrow Agreement)), to each Purchaser who paid
 the Subscription Amount for its Subscription Receipts in INJ, that number of INJ from the
 Escrowed INJ Proceeds equal to their pro rata portion of the Escrowed INJ Proceeds plus Staking
 Rewards.

**6.4 <u>Escrowed Funds</u>**

In addition to the other rights granted to Purchasers in this Agreement, until the earlier of the Termination Date and the Escrow Release Date, each Purchaser who paid the Subscription Amount for its Subscription Receipts in cash or INJ has a claim against the Escrowed Cash Proceeds held by the Subscription Receipt Agent (in the case of cash) or the Escrowed INJ Proceeds held by the INJ Escrow Agent on behalf of the Subscription Receipt Agent (in the case of INJ) and against the Corporation, in the amount equal to $3.80 or 0.2734 INJ, as applicable, for each Subscription Receipt held by such Purchaser, and $4.16 or 0.30 INJ for each Subscription Receipt held by such Purchaser set forth in Exhibit A-2 to the Purchase Agreement, which claim shall subsist until such time as the Common Shares issuable upon the exchange of such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Date and the first Business Day following the Escrow Release Date, the Corporation (i) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Corporation seeking relief on behalf thereof as a debtor, or to adjudicate the Corporation a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Corporation or the debts of the Corporation under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Corporation or any substantial part of the property and assets of the Corporation or the Corporation takes any corporate action to authorize any of the actions set forth above, or (ii) the Corporation shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Corporation or any substantial part of its property and assets or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Corporation or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each Purchaser to be issued Common Shares upon the exchange of the Subscription Receipts of such Purchaser will terminate and such Purchaser will be entitled to assert a claim against the Escrowed Cash Proceeds held by the Subscription Receipt Agent (in the case of cash) or the Escrowed INJ Proceeds held by the INJ Escrow Agent on behalf of the Subscription Receipt Agent (in the case of INJ) and against the Corporation for any shortfall, in an amount equal to $3.80 or 0.2734 INJ, as applicable, for each Subscription Receipt held by such Purchaser, and $4.16 or 0.30 INJ for each Subscription Receipt held by such Purchaser set forth in Exhibit A-2 to the Purchase Agreement, plus such Purchaser's pro rata portion of the Earned Interest, less any withholding tax required to be withheld in respect thereof (in the case of cash).

**6.5 <u>[Reserved]</u>**

**6.6 <u>Representation Regarding Third Party Interests</u>**

Each party to this Agreement (in this Section 6.6 referred to as a "**representing party**") hereby represents to the Subscription Receipt Agent that any account to be opened by, or interest to be held by, the Subscription Receipt Agent, or at its direction, the INJ Escrow Agent, in connection with this Agreement, for or to the credit of such representing party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such representing party hereby agrees to complete, execute and deliver forthwith to the Subscription Receipt Agent a declaration of third party interest in the Subscription Receipt Agent's prescribed form in accordance with applicable federal or state laws, regulations and guidance, or in such other form as may be satisfactory to it, as to the particulars of such third party.

**ARTICLE 7**

**LIMITATION OF LIABILITY**

The obligations hereunder are not personally binding on, nor will recourse hereunder be had to the property of, any past, present or future director, shareholder, officer, employee or agent of the Corporation, but only the property of the Corporation shall be bound in respect hereof.

**ARTICLE 8**

**MEETING OF PURCHASERS**

At any time prior to the termination of this Agreement, a meeting of Purchasers may be convened at any time by the Subscription Receipt Agent upon reasonable notice to the Subscription Receipt Agent by the Purchasers of at least 33.3% of the outstanding Subscription Receipts. A quorum will be established by not less than two Subscription Receiptholders present at the meeting in person or by proxy holding in the aggregate not less than 25% of the total number of Subscription Receipts then outstanding. At any such meeting, which may be held virtually, the Purchasers in attendance may, by resolution passed by Purchasers that collectively hold not less than 50.1% of the aggregate Subscription Amount and, for so long as Injective Foundation holds any Subscription Receipts, Injective Foundation, exercise powers with respect to the rights and interests of the Purchasers, including, without limitation, approving amendments to this Agreement, waiving defaults by the Corporation, directing the Subscription Receipt Agent to enforce or refrain from enforcing certain obligations under the agreement, removing the Subscription Receipt Agent, and authorizing any compromise or arrangement affecting the rights of the Purchasers, so long as such resolutions do not constitute a breach of the Purchase Agreement. Any resolution passed at such meeting in accordance with this Article 8 shall be binding on all Purchasers.

**ARTICLE 9**

**SUPPLEMENTAL AGREEMENTS AND SUCCESSOR COMPANIES**

**9.1 <u>Provision for Supplemental Agreements for Certain Purposes</u>**

From time to time the Corporation and the Subscription Receipt Agent may, without the consent of the Purchasers, and subject to the provisions of this Agreement, execute and deliver agreements or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing
 for the issuance of additional Subscription Receipts hereunder and any consequential amendments
 hereto as may be required by the Subscription Receipt Agent provided the same are not prejudicial
 to the interests of the Purchasers based on the opinion of Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evidencing
 the succession, or successive successions, of any other person to the Corporation and the
 assumption by such successor of the covenants of, and obligations of the Corporation under
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) adding
 to the provisions hereof such additional covenants and enforcement provisions as are necessary
 or advisable, provided that the same are not in the opinion of the Subscription Receipt Agent,
 relying on the opinion of Counsel, prejudicial to the interests of the Purchasers as a group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making
 such provisions not inconsistent with this Agreement as may be necessary or desirable with
 respect to matters or questions arising hereunder provided that such provisions are not,
 in the opinion of the Subscription Receipt Agent, relying on the opinion of Counsel, prejudicial
 to the interests of the Purchasers as a group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) adding
 to or amending the provisions hereof in respect of the transfer of Subscription Receipts,
 or making provision for the exchange of Subscription Receipts ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) modifying
 any of the provisions of this Agreement or relieving the Corporation from any of the obligations,
 conditions or restrictions herein contained, provided that no such modification or relief
 shall be or become operative or effective if, in the opinion of the Subscription Receipt
 Agent, relying on the opinion of Counsel, such modification or relief impairs any of the
 rights of the Purchasers, as a group, or of the Subscription Receipt Agent, and provided
 further that the Subscription Receipt Agent may in its sole discretion decline to enter into
 any supplemental agreement which in its opinion may not afford adequate protection to the
 Subscription Receipt Agent when the same shall become operative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for
 any other purpose not inconsistent with the terms of this Agreement, including the correction
 or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes
 or omissions herein, provided that, in the opinion of the Subscription Receipt Agent, relying
 on the opinion of Counsel, the rights of the Subscription Receipt Agent and the Purchasers
 as a group are not materially prejudiced thereby.

**9.2 <u>Successor Entities</u>**

In the case of the amalgamation, arrangement, consolidation, merger or transfer of the undertaking or assets of the Corporation as an entirety, or substantially as an entirety, to another person (a "**successor entity**"), the successor entity resulting from the amalgamation, arrangement, consolidation, merger or transfer (if not the Corporation) shall be bound by the provisions hereof and all obligations for the due and punctual performance and observance of each and every covenant and obligation contained in this Agreement to be performed by the Corporation and the successor entity shall by supplemental agreement satisfactory in form to the Subscription Receipt Agent (acting reasonably) and executed and delivered to the Subscription Receipt Agent, expressly assume those obligations.

**ARTICLE 10**

**CONCERNING SUBSCRIPTION RECEIPT AGENT**

**<u>10.1 Applicable Legislation</u>**

If and to the extent that any provision of this Agreement limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation or Canadian Securities Laws, the mandatory requirement will prevail. The Corporation, the Placement Agent and the Subscription Receipt Agent each will at all times in relation to this Agreement and any action to be taken hereunder observe and comply with and be entitled to the benefits of Applicable Legislation and Canadian Securities Laws.

**10.2 <u>Rights and Duties of Subscription Receipt Agent</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duty of Subscription Receipt Agent</u>: In the exercise of the rights and duties prescribed or
 conferred by the terms of this Agreement, the Subscription Receipt Agent will act honestly
 and in good faith and will exercise that degree of care, diligence and skill that a reasonably
 prudent subscription receipt agent would exercise in comparable circumstances. The Subscription
 Receipt Agent shall not be bound to give any notice or do or take any act, action or proceeding
 by virtue of the powers conferred on it hereby unless and until it shall be required so to
 do under the terms hereof; nor shall the Subscription Receipt Agent be required to take notice
 of any default hereunder, unless and until notified in writing of such default, which notice
 shall distinctly specify the default desired to be brought to the attention of the Subscription
 Receipt Agent and in the absence of any such notice the Subscription Receipt Agent may for
 all purposes of this Agreement conclusively assume that no default has been made in the observance
 or performance of any of the representations, warranties, covenants, agreements or conditions
 contained therein. Any such notice shall in no way limit any discretion herein given to the
 Subscription Receipt Agent to determine whether or not the Subscription Receipt Agent shall
 take action with respect to any default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Relief From Liability</u>: No provision of this Agreement will be construed to relieve the
 Subscription Receipt Agent from liability for its own grossly negligent act, wilful misconduct
 or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Actions</u>:
 The obligation of the Subscription Receipt Agent to commence or continue any act, action
 or proceeding in connection herewith, including, without limitation, for the purpose of enforcing
 any right of the Subscription Receipt Agent or the Purchasers hereunder is on the condition
 that the Subscription Receipt Agent shall have received a Purchasers' Request specifying
 the act, action or proceeding which the Subscription Receipt Agent is requested to take and,
 when required by notice to the Purchasers by the Subscription Receipt Agent, the Subscription
 Receipt Agent is furnished by one or more Purchasers with sufficient funds to commence or
 continue such act, action or proceeding and an indemnity reasonably satisfactory to the Subscription
 Receipt Agent to protect and hold it harmless against the costs, charges, expenses and liabilities
 to be incurred thereby and any loss and damage it may suffer by reason thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Funding</u>:
 No provision of this Agreement will require the Subscription Receipt Agent to expend or risk
 its own funds or otherwise incur financial liability in the performance of any of its duties
 or in the exercise of any of its rights or powers unless it is so indemnified and funded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>[Reserved]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Restriction</u>:
 Every provision of this Agreement that relieves the Subscription Receipt Agent of liability
 or entitles it to rely on any evidence submitted to it is subject to the provisions of Applicable
 Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Right Not to Act/ Right to Resign</u>: The Subscription Receipt Agent shall retain the right not
 to act and shall not be liable for refusing to act if, due to a lack of information or for
 any other reason whatsoever, the Subscription Receipt Agent, in its sole judgment, determines
 that such act might cause it to be in non-compliance with any applicable anti-money laundering,
 anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should
 the Subscription Receipt Agent, in its sole judgment, determine at any time that its acting
 under this Subscription Receipt Agreement has resulted in its being in non- compliance with
 any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation
 or guideline, then it shall have the right to resign on ten days' written notice to
 the Corporation and the Placement Agent provided (i) that the Subscription Receipt Agent's
 written notice shall describe the circumstances of such noncompliance; and (ii) that if such
 circumstances are rectified to the Subscription Receipt Agent's satisfaction within
 such ten-day period, then such resignation shall not be effective. Furthermore, the Subscription
 Receipt Agent shall retain the right not to act and shall not be held liable for refusing
 to act unless it has received clear and reasonable documentation which complies with the
 terms of this Agreement, which documentation does not require the exercise of any discretion
 or independent judgment.

**10.3 <u>Evidence, Experts and Advisers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Evidence</u>:
 In addition to the reports, certificates, opinions and other evidence required by this Agreement,
 the Corporation will furnish to the Subscription Receipt Agent such additional evidence of
 compliance with any provision hereof, and in such form, as is prescribed by Applicable Legislation
 and Canadian Securities Laws or as the Subscription Receipt Agent reasonably requires by
 written notice to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Reliance by Subscription Receipt Agent</u>: In the exercise of any right or duty hereunder the Subscription
 Receipt Agent, if it is acting in good faith, may act and rely, as to the truth of any statement
 or the accuracy of any opinion expressed therein, on any statutory declaration, opinion,
 report, certificate or other evidence furnished to the Subscription Receipt Agent pursuant
 to a provision hereof or of Applicable Legislation or Canadian Securities Laws or pursuant
 to a request of the Subscription Receipt Agent, if such evidence complies with Applicable
 Legislation and/or Canadian Securities Laws, as applicable, and the Subscription Receipt
 Agent examines such evidence and determines that it complies with the applicable requirements
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Statutory Declaration</u>: Whenever Applicable Legislation and/or Canadian Securities Laws requires
 that evidence referred to in Section 11.3(a) hereof be in the form of a statutory declaration,
 the Subscription Receipt Agent may accept such statutory declaration in lieu of a Certificate
 of the Corporation required by any provision hereof. Any such statutory declaration may be
 made by any one or more of the Chief Executive Officer, President, Chief Financial Officer
 or Secretary of the Corporation or by any other officer(s) or director(s) of the Corporation
 to whom such authority is delegated by the directors of the Corporation from time to time.
 In addition, the Subscription Receipt Agent may act and rely and shall be protected in acting
 and relying upon any resolution, certificate, direction, instruction, statement, instrument,
 opinion, report, notice, request, consent, order, letter, telegram, cablegram or other paper
 or document believed by it to be genuine and to have been signed, sent or presented by or
 on behalf of the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Proof of Execution</u>: Proof of the execution of any document or instrument in writing, including
 a Purchasers' Request, by a Purchaser may be made by the certificate of a notary public,
 or other officer with similar powers, that the Person signing such instrument acknowledged
 to him the execution thereof, or by an affidavit of a witness to such execution, or in any
 other manner that the Subscription Receipt Agent considers adequate and in respect of a corporate
 Purchaser, shall include a certificate of incumbency of such Purchaser together with a certified
 resolution authorizing the Person who signs such instrument to sign such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Experts</u>:
 The Subscription Receipt Agent may employ or retain such counsel, accountants, appraisers,
 or other experts or advisers as it reasonably requires for the purpose of determining and
 discharging its rights and duties hereunder and may pay the reasonable remuneration and disbursements
 for all services so performed by any of them, and will not be responsible for any misconduct
 or negligence on the part of any of them. The Corporation shall pay or reimburse the Subscription
 Receipt Agent for any reasonable fees of such counsel, accountants, appraisers, or other
 experts or advisors. The Subscription Receipt Agent may act and rely and shall be protected
 in acting or not acting and relying in good faith on the opinion or advice of or information
 obtained from any counsel, accountant, appraisers or other expert or advisor, whether retained
 or employed by the Corporation or by the Subscription Receipt Agent, in relation to any matter
 arising in the administration of the duties and obligations hereof.

**10.4 <u>Documents, Money, Etc. held by Subscription Receipt Agent</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Safekeeping</u>:
 Any security, document of title or other instrument that may at any time be held by the Subscription
 Receipt Agent subject to the provisions of this Agreement hereof may be placed in the deposit
 vaults of the Subscription Receipt Agent or of any Canadian chartered bank or deposited for
 safekeeping with any such bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interest</u>:
 All interest or other income received by the Subscription Receipt Agent in respect of such
 deposits and investments (subject to Sections 6.1 and 6.2), will belong to the Corporation.

**10.5 <u>Action by Subscription Receipt Agent to Protect Interests</u>**

The Subscription Receipt Agent will have power to institute and to maintain such actions and proceedings as it considers necessary or expedient to protect or enforce its interests and the interests of the Purchasers.

**10.6 <u>Subscription Receipt Agent not Required to Give Security</u>**

The Subscription Receipt Agent will not be required to give any bond or security in respect of the execution of the duties and obligations and powers of this Agreement.

**10.7 <u>Protection of Subscription Receipt Agent</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Protection</u>:
 By way of supplement to the provisions of any law for the time being relating to subscription
 receipt agents, it is expressly declared and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Subscription Receipt Agent will not be liable for or by reason of, or required to substantiate,
 any statement of fact, representation or recital in this Agreement, but all such statements
 or recitals are and will be deemed to be made by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing
 herein contained will impose on the Subscription Receipt Agent any obligation to see to,
 or to require evidence of, the registration or filing (or renewal thereof) of this Agreement
 or any instrument ancillary or supplemental hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Subscription Receipt Agent will not be bound to give notice to any Person of the execution
 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Subscription Receipt Agent shall not be liable for any error in judgment or for any act done
 or step taken or omitted by it in good faith or for any mistake, in fact or law, or for anything
 which it may do or refrain from doing in connection herewith except arising out of its own
 gross negligence, wilful misconduct or fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Subscription Receipt Agent will not incur any liability or responsibility whatever or be
 in any way responsible for the consequence of any breach by the Corporation of any obligation
 or warranty herein contained or of any act of any director, officer, employee or agent of
 the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Subscription Receipt Agent, in its personal or any other capacity, may buy, lend upon and
 deal in securities of the Corporation and in the Subscription Receipts and generally may
 contract and enter into financial transactions with the Corporation or any related corporation
 without being liable to account for any profit made thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Subscription Receipt Agent shall incur no liability with respect to the delivery or non-delivery
 of any certificate or certificates whether delivered by hand, mail or any other means provided
 that they are sent in accordance with the provisions hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if
 the Subscription Receipt Agent delivers any cheque as required hereunder, the Subscription
 Receipt Agent shall have no further obligation or liability for the amount represented thereby,
 unless any such cheque is not honoured on presentation, provided that in the event of the
 non-receipt of such cheque by the payee, or the loss or destruction thereof, the Subscription
 Receipt Agent, upon being furnished with reasonable evidence of such non-receipt, loss or
 destruction and, if required by the Subscription Receipt Agent, an indemnity reasonably satisfactory
 to it, shall issue to such payee a replacement cheque for the amount of such cheque;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the
 Subscription Receipt Agent will disburse funds in accordance with the provisions hereof only
 to the extent that funds have been deposited with it. The Subscription Receipt Agent shall
 not under any circumstances be required to disburse funds in excess of the amounts on deposit
 (including any interest accrued thereon) with the Subscription Receipt Agent at the time
 of disbursement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) notwithstanding
 the foregoing or any other provision of this Agreement, any liability of the Subscription
 Receipt Agent shall be limited, in the aggregate, to the amount of fees paid by the Corporation
 to the Subscription Receipt Agent under this Agreement, which limitation does not apply to
 the extent that the Subscription Receipt Agent has acted with gross negligence, wilful misconduct
 or bad faith. Notwithstanding any other provision of this Agreement, and whether such losses
 or damages are foreseeable or unforeseeable, the Subscription Receipt Agent shall not be
 liable under any circumstances whatsoever for any (a) breach by any other party of securities
 law or other rule of any securities regulatory authority, (b) lost profits or (c) special,
 indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnity</u>:
 In addition to and without limiting any protection of the Subscription Receipt Agent hereunder
 or otherwise by law, the Corporation shall at all times indemnify the Subscription Receipt
 Agent and its affiliates, their successors and assigns, and each of their directors, officers,
 employees and agents (the "**Indemnified Parties**") and save them harmless
 from and against all claims, demands, losses, actions, suits, proceedings, liabilities, damages,
 costs, charges, assessments, judgments and expenses (including reasonable expert consultant
 and legal or advisor fees and disbursements on a solicitor and client basis and expenses
 incurred in connection with the enforcement of this indemnity) of whatever kind and nature
 which may at any time be imposed on, incurred by or asserted against the Subscription Receipt
 Agent in connection with the performance of its duties and obligations hereunder, except
 to the extent that such claims, demands, losses, actions, suits, liabilities, damages, costs,
 charges, judgments and expenses are attributable to the gross negligence, wilful misconduct
 or fraud of the Subscription Receipt Agent, and including any action or liability brought
 against or incurred by the Indemnified Parties in relation to or arising out of any breach
 by the Corporation. Notwithstanding any other provision hereof, the Corporation agrees that
 its liability hereunder shall be absolute and unconditional regardless of the correctness
 of any representations of any third parties and regardless of any liability of third parties
 to the Indemnified Parties, and shall accrue and become enforceable without prior demand
 or any other precedent action or proceeding. Notwithstanding any other provision hereof,
 this indemnity shall survive the resignation or removal of the Subscription Receipt Agent
 and the termination or discharge of this Agreement. No provision of this Agreement shall
 be construed to relieve the Subscription Receipt Agent form liability for its own gross negligence,
 wilful misconduct or fraud.

**<u>10.8</u> <u>Replacement of Subscription Receipt Agent</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Resignation</u>:
 The Subscription Receipt Agent may resign and be discharged from all further duties and liabilities
 hereunder, except as provided in this section, by giving to the Corporation and the Placement
 Agent not less than sixty (60) days' notice in writing or, if a new subscription receipt
 agent has been appointed, such shorter notice as the Corporation accepts as sufficient provided
 that such resignation and discharge shall be subject to the appointment of a successor thereto
 in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Removal</u>:
 By written consent, the Corporation and Purchasers holding not less than 50.1% of the then-issued
 and outstanding Subscription Receipts, including, for as long as Injective Foundation is
 a Purchaser, Injective Foundation, may at any time remove the Subscription Receipt Agent
 and appoint a new subscription receipt agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Appointment of New Subscription Receipt Agent</u>: If the Subscription Receipt Agent so resigns or is
 so removed or is dissolved, becomes bankrupt, goes into liquidation or otherwise becomes
 incapable of acting hereunder, the Corporation will forthwith appoint a new subscription
 receipt agent unless a new subscription receipt agent has already been appointed by the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Failure to Appoint</u>: Failing such appointment by the Corporation, the retiring Subscription Receipt
 Agent or any Purchaser may apply at the expense of the Corporation to the federal or state
 courts sitting in the City of New York, Borough of Manhattan, on such notice as such court
 directs, for the appointment of a new subscription receipt agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>New Subscription Receipt Agent</u>: Any new subscription receipt agent appointed under this Section
 10.8 must be a corporation authorized to carry on the business of a transfer agent or trust
 company in the United States and, if required by the Applicable Legislation of any other
 jurisdiction, in such other jurisdiction. On any such appointment the new subscription receipt
 agent will be vested with the same powers, rights, duties and responsibilities as if it had
 been originally named herein as Subscription Receipt Agent without any further assurance,
 conveyance, act or deed, but there will be immediately executed, at the expense of the Corporation,
 all such conveyances or other instruments as, in the opinion of Counsel, are necessary or
 advisable for the purpose of assuring the transfer of such powers, rights, duties and responsibilities
 to the new subscription receipt agent including, without limitation, an appropriate instrument
 executed by the new subscription receipt agent accepting such appointment and, at the request
 of the Corporation, the predecessor Subscription Receipt Agent shall, upon payment of its
 outstanding remuneration and expenses, execute and deliver to the new subscription receipt
 agent an appropriate instrument transferring to such new subscription receipt agent all rights
 and powers of the Subscription Receipt Agent hereunder, and shall duly assign, transfer and
 deliver to the new subscription receipt agent all securities, property and all records kept
 by the predecessor Subscription Receipt Agent hereunder or in connection therewith. Any new
 subscription receipt agent so appointed by the Corporation or a court will be subject to
 removal as aforesaid by the Purchasers and by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notice of New Subscription Receipt Agent</u>: On the appointment of a new subscription receipt agent,
 the Corporation will promptly give notice thereof to the Purchasers in accordance with Section
 11.2(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Successor Subscription Receipt Agent</u>: A corporation into or with which the Subscription Receipt
 Agent is merged or consolidated or amalgamated, or a corporation succeeding to the corporate
 trust business of the Subscription Receipt Agent, will be the successor to the Subscription
 Receipt Agent hereunder without any further act on its part or on the part of any party hereto
 if such corporation would be eligible for appointment as a new subscription receipt agent
 under Section 10.8(e) hereof.

**10.9 <u>Acceptance of Duties and Obligations</u>**

The Subscription Receipt Agent hereby accepts the duties and obligations in this Agreement declared and provided for and agrees to perform them on the terms and conditions herein set forth. The Subscription Receipt Agent accepts the duties and responsibilities under this Agreement solely as custodian, bailee and agent. No trust is intended to be or will be created hereby and the Subscription Receipt Agent shall owe no duties hereunder as a trustee.

**ARTICLE 11**

**GENERAL**

**11.1 <u>Notice to the Corporation and Subscription Receipt Agent</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Corporation</u>:
 Unless herein otherwise expressly provided, a notice to be given hereunder to the Corporation
 or the Subscription Receipt Agent will be validly given if delivered or if sent by registered
 letter, postage prepaid, or if sent by electronic transmission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 to the Corporation:

Pineapple Financial Inc.

Unit 200, 111 Gordon Baker Road,

North York, Ontario M2H 3R1

Email: shubha@gopineapple.com

Attention: Shubha Dasgupta, CEO

with a copy to:

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31st Floor

New York, NY 10036

Email: dmocasio@srfc.law

Attention: Darrin M. Ocasio, Esq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 to the Subscription Receipt Agent:

Odyssey Transfer and Trust Company

2155 Woodlane Drive, Suite 100

Woodbury, Minnesota 55125

Email: clientsus@odysseytrust.com

Attention: Client Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 to the Placement Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Boral Capital LLC

590 Madison Avenue, 39<sup>th</sup> Floor

New York, NY 10022

Email: pwiederlight@dboralcapital.com

Attention: Philip Wiederlight, COO

with a copy to:

Lucosky Brookman LLP

101 Wood Avenue South, 5<sup>th</sup> Floor

Woodbridge, NJ 08830

Attention: Peter Campitiello, Esq.

Email: pcampitiello@lucbro.com

and any such notice delivered or sent in accordance with the foregoing prior to 5:00 p.m. (New York time) on a Business Day will be deemed to have been received on the date of delivery or electronic transmission or, if mailed, on the second Business Day following the day of the mailing of the notice. The original of any document sent by electronic transmission to the Subscription Receipt Agent shall be subsequently mailed to the Subscription Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Address</u>: Any party hereto may from time to time notify each of the other parties hereto
 in the manner provided in Section 11.1(a) hereof of a change of address which, from the effective
 date of such notice and until changed by like notice, will be the address of such party for
 all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Postal Interruption</u>: If, by reason by reason of acts of God, riots, terrorism, acts of war,
 epidemics, governmental action or judicial order, earthquakes, or any other similar causes,
 a notice to be given to the Subscription Receipt Agent, the Placement Agent or to the Corporation
 hereunder could reasonably be considered unlikely to reach or likely to be delayed in reaching
 its destination, the notice will be valid and effective only if it is delivered to an officer
 of the party to which it is addressed. Any notice delivered in accordance with the foregoing
 will be deemed to have been received on the date of delivery to such officer.

**11.2 <u>Notice to Purchasers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notice</u>:
 Unless herein otherwise expressly provided, a notice to be given hereunder to Purchasers
 will be deemed to be validly given if the notice is sent by facsimile, email, or ordinary
 surface or air mail, postage prepaid, addressed to the Purchasers or delivered (or so mailed
 to certain Purchasers and so delivered to the other Purchasers) at their respective addresses
 appearing on any of the registers of Purchasers described in Section 3.1 hereof].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Date of Notice</u>: A notice so given by facsimile or email to the address set forth on any of
 the registers of Purchasers described in Section 3.1 hereof shall be deemed to have been
 given and effective on the earliest of: (a) at the time of transmission, if such notice or
 communication is given at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b)
 the next Trading Day after the time of transmission, if such notice or communication is given
 on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
 Day, or (c) upon actual receipt by the party to whom such notice is required to be given.
 A notice so given by mail or so delivered will be deemed to have been given on the first
 Business Day after it has been mailed or on the day on which it has been delivered, as the
 case may be, and a notice so given by publication will be deemed to have been given on the
 day on which it has been published as required. In determining under any provision hereof
 the date when notice of a meeting or other event must be given, the date of giving notice
 will be included and the date of the meeting or other event will be excluded. Accidental
 error or omission in giving notice or accidental failure to mail notice to any Purchaser
 will not invalidate any action or proceeding founded thereon.

**11.3 <u>Satisfaction and Discharge of Agreement</u>**

Upon the earlier of (i) the issuance of the Common Shares required to be issued in compliance with the provisions hereof and payment of all consideration as provided for in Section 6.3(a) upon satisfaction of the Escrow Release Conditions; and (ii) the payment of all consideration pursuant to Section 6.3(b) upon delivery of a Termination Notice, this Agreement will cease to be of further effect. The Subscription Receipt Agent shall execute proper instruments acknowledging the satisfaction of and discharging of this Agreement upon (a) demand of, and at the cost and expense of the Corporation, (b) delivery to the Subscription Receipt Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Agreement have been complied with, (c) payment to the Subscription Receipt Agent of the fees and other remuneration payable to the Subscription Receipt Agent,.

**11.4 <u>Sole Benefit of Parties and Purchasers</u>**

Nothing in this Agreement, expressed or implied, will give or be construed to give to any Person other than the parties hereto and the Purchasers, as the case may be, any legal or equitable right, remedy or claim under this Agreement, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Purchasers.

**11.5 <u>Tax Reporting</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Corporation agrees that during the term of this Agreement and until the Escrowed Funds are
 released and distributed, for tax reporting purposes, all interest or other taxable income
 earned from the Escrowed Funds in any tax year shall be taxable, and the requisite tax reporting
 forms shall be issued to the Corporation in the taxation year that it was earned, notwithstanding
 if no such amount has been distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event the Escrowed Funds are released and distributed to the Purchasers pursuant to Section
 6.3, the Corporation agrees that for tax reporting purposes, all Earned Interest in that
 tax year shall be taxable, and the requisite tax reporting forms shall be issued to the Purchasers,
 as applicable, in that taxation year that it was earned and the Subscription Receipt Agent
 shall be entitled to withhold or deduct from the Escrowed Cash Proceeds to be released and
 distributed as applicable, on a *pro rata* basis to the Purchasers, the amount of any
 such taxes or other charges payable on the Earned Interest.

**11.6 <u>Force Majeure</u>**

No Party shall be liable to the other, or held in breach of this Agreement, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Agreement shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section 11.6.

**11.7 <u>Privacy Consent</u>**

The parties acknowledge that the Subscription Receipt Agent may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 provide the services required under this Agreement and other services that may be requested
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 help the Subscription Receipt Agent manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 meet the Subscription Receipt Agent's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 Social Insurance Numbers are collected by the Subscription Receipt Agent, to perform tax
 reporting and to assist in verification of an individual's identity for security purposes.

Each party acknowledges and agrees that the Subscription Receipt Agent may receive, collect, use and disclose personal information provided to it or acquired by it in the course of this Agreement for the purposes described above and, generally, in the manner and on the terms described in its Privacy Code, which the Subscription Receipt Agent shall make available on its website or upon request, including revisions thereto. The Subscription Receipt Agent may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.

Further, each party agrees that it shall not provide or cause to be provided to the Subscription Receipt Agent any personal information relating to an individual who is not a party to this Agreement unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

**11.8 <u>Counterparts and Formal Date</u>**

This Agreement may be executed in several counterparts, each of which when so executed will be deemed to be an original and such counterparts together will constitute one and the same instrument and notwithstanding the date of their execution will be deemed to be dated as of the date of this Agreement. Delivery of counterparts may be effected by electronic transmission thereof.

*Remainder of page left intentionally blank.*

 

 

**IN WITNESS WHEREOF** the parties hereto have executed this Subscription Receipt Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **PINEAPPLE FINANCIAL INC.** | **PINEAPPLE FINANCIAL INC.** |
| Per: | ![](ex10-4_001.jpg) |
| Name: |  |
| Title: |  |
| **D. BORAL CAPITAL LLC** | **D. BORAL CAPITAL LLC** |
| Per: | |
| Name: |  |
| Title: |  |
| **ODYSSEY TRANSFER AND TRUST COMPANY** | **ODYSSEY TRANSFER AND TRUST COMPANY** |
| Per: | |
| Name: |  |
| Title: |  |
| Per: | |
| Name: |  |
| Title: |  |

---

Per:   <br> Name: <br> Title:

**<u>EXHIBIT A</u>**

**ESCROW RELEASE NOTICE**

**TO: ODYSSEY TRANSFER AND TRUST COMPANY**

Reference is made to the subscription receipt agreement dated September [ ], 2025 (the "**Subscription Receipt Agreement**") among Pineapple Financial Inc. (the "**Corporation**"), D. Boral Capital LLC (the "**Placement Agent**") and Odyssey Transfer and Trust Company (the "**Subscription Receipt Agent**"). Unless otherwise defined herein, words and terms with the initial letter or letters thereof capitalized shall have the meanings given to such words and terms in the Subscription Receipt Agreement.

The Subscription Receipt Agent is hereby notified that the Escrow Release Conditions have been satisfied in full in accordance with the Subscription Receipt Agreement.

Accordingly, the Subscription Receipt Agent is hereby irrevocably directed and authorized to, in accordance with Section 4.1(f) of the Subscription Receipt Agreement, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release,
 within three Business Days, to the Corporation $600,000 in payment of amounts owed by the
 Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) release,
 within three Business Days, $1,500,000 to the Corporation for legacy business expenses, working
 capital to fund the Corporation's business operations, and for general corporate purposes
 and other customary or reasonable expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) release
 the balance of the Escrowed Cash Proceeds directly to the Asset Managers (such amount inclusive
 of all Earned Interest), less an amount payable to the Subscription Receipt Agent equal to
 its reasonable fees for services rendered and disbursements incurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) deliver
 to the INJ Escrow Agent the Escrow Release Certification in the form of <u>Exhibit C</u> to the Subscription Receipt Agreement, notifying the INJ Escrow Agent that all Escrow Release
 Conditions have been satisfies or waived, and instructing the INJ Escrow Agent to (i) deem
 the title to the Escrowed INJ Proceeds (inclusive of all Staking Rewards) to be transferred
 to the Company and (ii) to intrust Bitgo to transfer ownership of the Escrowed INJ Proceeds
 to the Company, in each case in accordance with the directions set out in the INJ Escrow
 Agreement.

All wire instructions to facilitate the wire releases above are set out in the Schedule "A" attached hereto.

This Escrow Release Notice, which may be signed in counterparts and delivered by electronic transmission, is irrevocable and shall constitute your good and sufficient authority for taking the actions described herein.

[Balance of page intentionally left blank. Signature page follows.]

DATED this day of , 2025.

---

| |
|:---|
| **PINEAPPLE FINANCIAL INC.** |
| Per: |
| Name: |
| Title: |
| **D. BORAL CAPITAL LLC** |
| Per: |
| Name: |
| Title: |

---

**<u>Schedule 'A'</u>**

**[Wire Instructions]**

**<u>EXHIBIT B</u>**

[INJ ESCROW AGREEMENT]

**INJ ESCROW AGREEMENT**

THIS INJ ESCROW AGREEMENT (the "Escrow Agreement") is entered into and effective as of September 4, 2025 by and between Canary Capital Group LLC, a Delaware limited liability company ("Canary" or the "Escrow Agent") and Pineapple Financial Inc., a corporation existing under the *Canada Business Corporations Act* (the "Company") for the benefit of the purchasers of subscription receipts ("Subscription Receipts") of the Company pursuant to that certain Securities Purchase Agreement, dated September 1, 2025 (the "SPA") by and among the Company and the purchasers set forth on the signature pages thereto (each a "Purchaser" and together, the "Purchasers"). In connection with the purchase of the Subscription Receipts, the Company, D. Boral Capital LLC, the placement agent for the transactions contemplated under the SPA (the "Placement Agent") and Odyssey Transfer and Trust Company (the "Subscription Receipt Agent") are entering into a Subscription Receipt Agreement dated as of the date hereof (the "SRA"), which will govern the issuance of the Subscription Receipts and exchange of such Subscription Receipts into Shares and Pre-Funded Warrants (as such terms are defined in the SPA) upon the satisfaction or waiver, as applicable and as permitted under the SRA, of certain Escrow Release Conditions (as such term is defined in the SPA).

**PRELIMINARY STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Purchasers and the Company are parties to the SPA, whereby certain Purchasers (as set forth
 on <u>Schedule 1</u>) shall contribute certain in-kind digital assets in the form of Staked
 INJ (collectively, the "Escrowed INJ Proceeds") in exchange for Subscription
 Receipts of the Company, pursuant to the terms and conditions of the SPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 connection with the SPA, Escrow Agent has also been engaged by the Company to serve as an
 asset manager along with Monarq Asset Management LLC ("Monarq") for a digital
 asset treasury strategy involving INJ (Monarq and Canary each an "Asset Manager",
 and together, the "Asset Managers").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 SRA provides that the cash consideration and the Escrowed INJ Proceeds will be placed in
 escrow until the satisfaction or waiver of the Escrow Release Conditions, as applicable and
 as permitted under the SRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Escrow
 Agent maintains a custody account with Bitgo Trust Company, Inc. ("Bitgo") capable
 of receiving the Escrowed INJ Proceeds, as set forth on <u>Exhibit A</u> (the "Escrow
 Wallet"). The Escrow Wallet has been whitelisted by the Purchasers to receive the Escrowed
 INJ Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 parties desire to utilize the Escrow Wallet established by the Escrow Agent to serve as the
 escrow account (the "Escrow Account") for the purposes of this Escrow Agreement
 and as the Company's INJ custody account for the period of time between receipt of
 the Escrow Release Certification (as defined herein) and the time when the transfer of the
 Escrow Account to the Company has been effected by Bitgo (this period, the "Stub Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 Company desires to appoint Canary to serve as Escrow Agent of the Escrowed INJ Proceeds until
 the Escrow Release Conditions are satisfied or waived, as applicable and as permitted under
 the SRA, at which time, upon receipt of the Escrow Release Certification (as defined herein),
 title to the Escrowed INJ Proceeds shall be deemed transferred to the Company and management
 of the Escrowed INJ Proceeds from that point forward, will be governed by the terms of the
 Asset Management Agreement entered into between the Company and Canary as of September [4],
 2025 (the "Canary Asset Management Agreement") with respect to the Asset Manager
 Allocation (as defined in the Canary Asset Management Agreement) and the remainder to be
 governed by the terms of the Asset Management Agreement among the Company and Monarq, dated
 as of September [4], 2025. Upon the satisfaction of the Escrow Release Conditions, the Escrow
 Agent shall instruct Bitgo to transfer ownership of the Escrow Account to the Company.

NOW, THEREFORE, in consideration of the premises herein, the parties hereto agree as follows:

1. Terms and Conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1. Appointment of and Acceptance by Escrow Agent.** The Company hereby appoints the Escrow Agent to serve as Escrow Agent of the Escrowed INJ Proceeds for the purposes set forth herein, and the Escrow Agent hereby accepts such appointment and agrees to perform its duties as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2. Deposits into Escrow.** Pursuant to the terms of the SPA, the Company shall instruct the Purchasers to deliver the Escrowed INJ Proceeds to the Escrow Account at the wallet address as provided by the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3. Staking of the Escrow Funds**. The Company acknowledges that the Escrowed INJ Proceeds shall be committed to the proof of stake validation process ("Stake" or "Staking") of the Injective blockchain and its underlying code and smart contracts (the "Injective Protocol"). The Company further directs the Escrow Agent to Stake the Escrowed INJ Proceeds. The parties acknowledge and agree that the Escrow Agent is not responsible for the results of the Staking activities of the Escrow Account (including without limitation slashing or other losses) and such Staking activities are subject to Section 1.4(d), 2.2, Section 2.7, and Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4. Disbursements of the Escrowed INJ Proceeds**. The Escrowed INJ Proceeds shall be released from escrow by the Escrow Agent in accordance with the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Satisfaction of Escrow Release Conditions**. Upon (i) the satisfaction or waiver of the Escrow Release Conditions, as applicable and as permitted under the SRA; and (ii) receipt of the instructions from the Subscription Receipt Agent in the form attached hereto as <u>Exhibit B</u> (the "Escrow Release Certification"), Escrow Agent shall instruct Bitgo to transfer ownership of the Escrow Account to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Stub Period**. During the Stub Period title to the Escrowed INJ Proceeds will be deemed to be transferred to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Return of Escrowed INJ Proceeds.** In the event that the SPA and the SRA are terminated in accordance with their respective terms, the Escrowed INJ Proceeds shall be returned to the Purchasers pursuant to the terms of the SPA. In such case, upon the receipt of written instructions from the Subscription Receipt Agent, the Escrow Agent shall promptly (subject to the technical capabilities of the Injective Protocol) return the Escrowed INJ Proceeds paid by each such Purchaser to such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Transfer of Staking Rewards.** Upon the receipt of the Escrow Release Certification, the Escrow Agent shall transfer to the respective Purchasers their pro-rata portion of any accrued Staking rewards earned on the Escrowed INJ Proceeds for the period prior to the Escrow Agent's receipt of the Escrow Release Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Free and Clear of Claims.** The Escrowed INJ Proceeds returned to each Purchaser shall be free and clear of any and all claims of the Escrow Agent.

2. Provisions as to the Escrow Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2. Limitations on Liability of Escrow Agent.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** In performing its duties under this Escrow Agreement, or upon the claimed failure to perform its duties, the Escrow Agent shall have no liability except for the Escrow Agent's breach of this Escrow Agreement and the Escrow Agent's willful misconduct, bad faith, gross negligence, or noncompliance with applicable law. In no event shall the Escrow Agent be liable for incidental, indirect, special, consequential or punitive damages of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action in which such damages are sought; and the Escrow Agent shall be liable only for actual, direct damages that are solely attributable to the Escrow Agent's willful misconduct, gross negligence, breach of this Escrow Agreement, or noncompliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Except in cases of the Escrow Agent's breach of this Escrow Agreement or the Escrow Agent's willful misconduct, bad faith, gross negligence, or noncompliance with applicable law, the Escrow Agent shall be fully protected (i) in acting in reliance upon any certificate, statement, request, notice, advice, instruction, direction, other agreement or instrument or signature reasonably and in good faith provided by the Subscription Receipt Agent with respect to such party's information and believed by the Escrow Agent to be genuine; (ii) in assuming that any person purporting to give the Escrow Agent any of the foregoing in connection with either this Escrow Agreement or the Escrow Agent's duties has been duly authorized to do so; and (iii) in acting or failing to act if such act or failure to act was completed or omitted in good faith in accordance with the terms of this Escrow Agreement on the advice of outside counsel retained by the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Escrow Agent shall have no liability with respect to the transfer or distribution of any digital assets effected by the Escrow Agent pursuant to transfer instructions provided to the Escrow Agent in accordance with the provisions of this Escrow Agreement, except as a result of the Escrow Agent's willful misconduct, gross negligence, breach of this Escrow Agreement, or noncompliance with applicable law. The Escrow Agent shall be entitled to rely upon all wallet information provided to the Escrow Agent by the applicable authorized representative of the Company or the Subscription Receipt Agent as set forth on <u>Exhibit C</u>. The Escrow Agent shall have no duty to verify or otherwise confirm any written transfer instructions except as set forth in Section 2.3 below, but it may do so in its discretion on any occasion without incurring any liability to any party for failing to do so on any other occasion. The Escrow Agent shall process all transfers based on wallet address information rather than the names of the intended recipient of the digital assets, even if such addresses pertain to a recipient other than the recipient identified in the transfer instructions. The Escrow Agent shall have no duty to detect any such inconsistencies and shall resolve any such inconsistencies by using the wallet information. In connection with any payments that the Escrow Agent is instructed to make, the Escrow Agent shall not be liable for the acts or omissions of (i) the Company, the Purchasers, and the Subscription Receipt Agent or other person providing such instructions, including without limitation errors as to the amount, or wallet address; or (ii) any other person or entity, any transmission or communications facility, any funds transfer system, any receiver or receiving depository financial institution, and no such person or entity shall be deemed to be an agent of the Escrow Agent. Any transfers of digital assets made by the Escrow Agent pursuant to this Escrow Agreement will be made subject to and in accordance with the Escrow Agent's usual and ordinary transfer procedures in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** No provision of this Escrow Agreement shall require the Escrow Agent to risk or advance its own funds or digital assets or otherwise incur any financial liability or potential financial liability in the performance of its duties or the exercise of its rights under this Escrow Agreement. The Escrow Agent shall not be obligated to take any legal action or to commence any proceedings in connection with this Escrow Agreement or any property held hereunder or to appear in, prosecute or defend in any such legal action or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3. Security Procedure for Digital Asset Transfers.** The Escrow Agent shall confirm each digital asset transfer instruction received in the name of a party by telephone call-back or electronic meeting to a person specified on <u>Exhibit C</u> at the telephone number or email specified for such authorized person on <u>Exhibit C</u>. The person confirming the digital asset transfer instruction shall be a person other than the person from whom the funds transfer instruction was received, unless only one person is designated on <u>Exhibit C</u>. Once delivered to the Escrow Agent, <u>Exhibit C</u> may be revised or rescinded only by a writing signed by an authorized representative of the applicable party. Such revisions or rescissions shall be effective only after actual receipt and following such period of time as may be necessary to afford the Escrow Agent a reasonable opportunity to act on it. If a revised <u>Exhibit C</u> or a rescission of an existing <u>Exhibit C</u> is delivered to the Escrow Agent by an entity that is a successor-in-interest to such party, such document shall be accompanied by additional documentation satisfactory to the Escrow Agent showing that such entity has succeeded to the rights and responsibilities of the applicable authorized representative of a party under this Escrow Agreement. The Company understands that the Escrow Agent's inability to receive or confirm digital asset transfer instructions pursuant to the above security procedure may result in a delay in accomplishing such transfer, and agree that the Escrow Agent shall not be liable for any loss caused by any such delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4. No Duty to Notify.** The Escrow Agent shall in no way be responsible for nor shall it be its duty to notify any party hereto or any other party interested in this Escrow Agreement of any payment required or maturity occurring under this Escrow Agreement or under the terms of any instrument deposited therewith unless such notice is explicitly provided for in this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5. Other Relationships.** The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents. The Escrow Agent and its affiliates, and any of their respective directors, officers or employees may become pecuniarily interested in any transaction in which any of the other parties hereto may be interested and may contract and lend money to any such party and otherwise act as fully and freely as though it were not escrow agent under this Escrow Agreement. Nothing herein shall preclude the Escrow Agent or its affiliates from acting in any other capacity for any such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6. Disputes.** In the event of any disagreement or doubt between the Company and any third party resulting in adverse claims or demands being made in connection with the matters covered by this Escrow Agreement, the Escrow Agent may tender into the registry or custody of any court having jurisdiction, all funds, equity and property held under this Escrow Agreement as finally adjudicated by a court of competent jurisdiction, and the Escrow Agent shall have the right to take such other legal action as may be appropriate or necessary, in the sole discretion of the Escrow Agent. Upon such tender, the Company agrees that the Escrow Agent shall be discharged from all further duties under this Escrow Agreement, unless the tender was not in compliance with the provisions of this Section 2.6 or was as a result of willful misconduct, gross negligence, breach of this Escrow Agreement, or noncompliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7. Indemnification.** The Company agrees to defend, indemnify and hold harmless the Escrow Agent and each of the Escrow Agent's officers, directors, agents and employees (the "Escrow Indemnified Parties") from and against any and all losses, liabilities, claims, damages, expenses and costs (including, without limitation, attorneys' fees and expenses) of every nature whatsoever (collectively, "Escrow Agent Losses") which any such Escrow Indemnified Party may incur and which arise directly or indirectly from this Escrow Agreement or which arise directly or indirectly by virtue of the Escrow Agent's undertaking to serve as the Escrow Agent hereunder; provided, however, that no Escrow Indemnified Party shall be entitled to indemnity with respect to Escrow Agent Losses that have been finally adjudicated by a court of competent jurisdiction to have been caused by such Escrow Indemnified Party's gross negligence, bad faith, willful misconduct, breach of this Escrow Agreement, or noncompliance with applicable law. The Escrow Agent agrees to defend, indemnify and hold harmless the Company and each of its officers, directors, agents and employees (the "Company Indemnified Parties") from and against any and all losses, liabilities, claims, damages, expenses and costs (including, without limitation, attorneys' fees and expenses) of every nature whatsoever (collectively, "Company Losses") which any such Company Indemnified Party may incur and which arise directly or indirectly from an Escrow Indemnified Party's gross negligence, bad faith, willful misconduct, breach of this Escrow Agreement, or noncompliance with applicable law. The provisions of this section shall survive the termination of this Escrow Agreement and any resignation or removal of the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8. Resignation; Removal.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Escrow Agent may resign and be discharged from its duties and obligations at any time under this Escrow Agreement by providing written notice to the Company. Such resignation shall be effective on the date set forth in such written notice, which shall be no earlier than thirty (30) days after such written notice has been furnished; provided, however, that such resignation shall not be effective until a successor escrow agent is appointed in accordance with this Section 2.8 accepts such appointment in accordance with Section 2.8(c) below and the Escrowed INJ Proceeds have been delivered to an account or accounts designated by the successor escrow agent in a manner reasonably acceptable to the successor escrow agent and the Company, or until another disposition of the subject matter has been agreed upon by the parties. Thereafter, the Escrow Agent shall have no further obligation except to hold the Escrowed INJ Proceeds as depository and cooperate reasonably in the transfer of the Escrowed INJ Proceeds to a successor escrow agent. The Company shall promptly appoint a successor escrow agent. The Escrow Agent shall refrain from taking any action until it receives a written direction from the Company designating the successor escrow agent. However, in the event no successor escrow agent has been appointed on or prior to the date such resignation is to become effective as specified in the notice of resignation, the Escrow Agent may, upon ten (10) Business Days' notice to the Company, appoint a successor that is reasonably acceptable to the Company, provided that such successor accepts such appointment and delivery of the Escrowed INJ Proceeds in accordance with this Section 2.8(a) and Section 2.8(c) below and is reasonably acceptable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Company shall have the right to terminate the appointment of the Escrow Agent upon thirty (30) days' written notice to the Escrow Agent specifying the date upon which such termination shall take effect. Thereafter, the Escrow Agent shall have no further obligation except to hold the Escrowed INJ Proceeds as depository and cooperate reasonably in the transfer of the Escrowed INJ Proceeds to a successor escrow agent. The Escrow Agent shall refrain from taking any action until it receives a written notice from the Company designating the successor escrow agent. However, in the event no successor escrow agent has been appointed on or prior to the date such termination is to become effective, the Escrow Agent shall be entitled to tender into the custody of any court of competent jurisdiction all funds, equity and other property then held by the Escrow Agent hereunder and the Escrow Agent shall thereupon be relieved of all further duties and obligations under this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The successor escrow agent appointed by the Company shall execute, acknowledge and deliver to the Escrow Agent and the other parties an instrument in writing accepting its appointment hereunder, and thereafter, the Escrow Agent shall deliver all of the then- remaining balance of the Escrowed INJ Proceeds, less any fees and expenses then incurred by and unpaid to the Escrow Agent, to such successor escrow agent in accordance with the written notice of the Company and upon receipt of the Escrowed INJ Proceeds, the successor escrow agent shall be bound by all of the provisions of this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9. Compensation of the Escrow Agent.** The parties agree that upon the execution of this Escrow Agreement, the Company will pay the Escrow Agent the amount of custody charges incurred in the Escrow Account at BitGo during the period prior to the transfer of the Escrowed INJ Proceeds pursuant to Section 1.4 and Section 2.3.

3. Tax Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1. Delivery of IRS Forms.** The Escrow Agent shall have the right to request from any party to this Escrow Agreement, or any other person or entity entitled to payment hereunder, a Form W-9 or Form W-8Ben (or, in each case, any successor form), as applicable, and any additional forms, documentation or other information as may be reasonably necessary for the Escrow Agent to satisfy its reporting and withholding obligations under the Internal Revenue Code of 1986, as amended (the "Code") and applicable state and local income tax law. To the extent any such forms to be delivered under this Section 3.1 are not provided, following a reasonable request by the Escrow Agent pursuant to this Section 3.1, by the time the related payment is required to be made or are determined by the Escrow Agent to be incomplete and/or inaccurate in any respect, the Escrow Agent shall be entitled to withhold (without liability) a portion of any interest or other income earned on the investment of the Escrowed INJ Proceeds or on any such payments hereunder to the extent withholding is required under Chapters 3, 4, or 61 of the Code, and shall have no obligation to gross up any such payment. The Escrow Agent shall have the sole right to make the determination as to which payments hereunder are "reportable payments" or "withholdable payments" under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2. Tax Obligations of the Company.** The Company agrees that, subject to the terms and conditions of this Escrow Agreement, the owner of the digital assets held in the Escrow Account prior to the delivery of the Escrow Release Certification by the Subscription Receipt Agent is the respective Purchasers (including any accrued Staking rewards), and thereafter, the owner of the digital assets held in the Escrow Account is the Company for all tax purposes (including any accrued Staking rewards accrued after the delivery of the Escrow Release Certification) and the Escrow Agent shall report to the Internal Revenue Service ("IRS"), as of each calendar year-end, all income earned from the investment of any sum held in the Escrow Account as the income of the Purchasers or the Company, as the case may be, for purposes of the Code and applicable state and local income tax law. The Escrow Agent is authorized and directed to report all interest and other income earned (including Staking rewards) on the Escrowed INJ Proceeds in accordance with the IRS Form W-9 or W-8BEN (or, in each case, any successor form) provided to the Escrow Agent by the Company or the Purchasers, as the case may be. The Company covenants that it shall report, and cause the affected Purchasers to report, all interest or other income (including Staking rewards), if any, that is earned on the Escrowed INJ Proceeds as income of the Company or such affected Purchasers in the taxable year or years in which such income is properly includable in the gross income of the relevant party and shall pay any and all taxes attributable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3. Delivery of Form 1099.** The Escrow Agent shall timely furnish (if applicable) to the relevant parties, the IRS, and any other taxing authority, an IRS Form 1099 (and any other applicable form) showing the income earned from the Escrow Account for each tax year. Notwithstanding anything to the contrary herein provided, except for the delivery of IRS Form 1099, the Escrow Agent shall have no duty to prepare or file any Federal or state tax report or return (including, without limitation IRS Forms 1099-B) with respect to any funds or equity held pursuant to this Escrow Agreement or any income earned thereon other than such information reports as the Escrow Agent is required to prepare and file as required by applicable law. The Escrow Agent shall have no responsibility to report any payments from the Escrowed INJ Proceeds other than the interest earned on the Escrowed INJ Proceeds as set forth in this Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4. Tax Indemnities.** The Company shall indemnify, defend and hold the Escrow Agent harmless from and against any tax, late payment, interest, penalty or other cost or expense that may be assessed against the Escrow Agent on or with respect to the digital assets held under this Escrow Agreement or any earnings or interest thereon, unless such tax, late payment, interest, penalty or other cost or expense was finally adjudicated by a court of competent jurisdiction to have been directly caused by the gross negligence, bad faith, willful misconduct, breach of this Escrow Agreement, or noncompliance with applicable law of the Escrow Agent. The indemnification provided in this section is in addition to the indemnification provided in Section

2.8 and shall survive the resignation or removal of the Escrow Agent and the termination of this Escrow Agreement.

4. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. Disbursements.** The Escrow Agent shall make no disbursement, investment or other use of the Escrowed INJ Proceeds except as provided by this Escrow Agreement and the duly issued instructions of the Subscription Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2. Accounting.** The Escrow Agent shall provide monthly reports of transactions and holdings to the Company as of the end of each month, at the address provided by the Company in Section 4.3 or Schedule 1. The Company undertakes to share these reports with the Purchasers whose Escrowed INJ Proceeds are held in escrow pursuant to the terms of this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3. Notices.** Any notice, request for consent, report, or any other communication required or permitted in this Escrow Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to any individual party, (ii) when delivered by electronic mail to the e-mail address given below, provided that written confirmation of receipt is obtained promptly from the recipient after completion of the electronic mail transmission or (iii) on the first (1st) Business Day after the date of deposit with an overnight courier with a reputable national overnight delivery service for next day delivery, postage paid, or on the third (3rd) Business Day after deposit in the U.S. mail, certified or registered, return receipt requested, postage prepaid, addressed in all cases to the party at her, his or its respective address set forth below, or to such other address as such party may designate, provided that notices will be deemed to have been given to the Escrow Agent on the actual date received:

If to the Escrow Agent:

Canary Capital Group LLC

Attn: Legal

8 Cadillac Drive, Suite 300

Brentwood, TN 37027

Email: legal@canary.capital

If to the Company:

Pineapple Financial Inc.

Unit 200, 111 Gordon Baker Road

North York, Ontario M2H 3R1

Attention: Shubha Dasgupta

Email: shubha@gopineapple.com

If to the Subscription Receipt Agent:

Odyssey Transfer and Trust Company

2155 Woodlane Drive, Suite 100

Email: clientsus@odysseytrust.com

Attention: Client Services

If to a Purchaser:

At the address set forth on Schedule 1

The parties may unilaterally designate a different address by giving notice of each change in the manner specified above to each other party. In all cases, the Escrow Agent shall be entitled to rely on a copy or electronic transmission of any document with the same legal effect as if it were the original of such document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4. Governing Law.** This Escrow Agreement shall be governed by and construed according to the laws of the State of Delaware, without regard to principles of conflicts of law. The parties hereto consent to the exclusive jurisdiction of the state and federal courts sitting in the State of New York, Borough of Manhattan, and consent to personal jurisdiction of and venue in such courts with respect to any and all matters or disputes arising out of this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5. Waiver of Jury Trial.** TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON OR IN CONNECTION WITH THIS ESCROW AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.5 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6. Assignment; Binding Effect.** Neither this Escrow Agreement nor any rights or obligations hereunder may be assigned by any party hereto without the express written consent of each of the other parties hereto. This Escrow Agreement shall inure to and be binding upon the parties hereto and their respective successors, heirs and permitted assigns. Notwithstanding the foregoing, any entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any entity to which all or substantially all the escrow agent business of the Escrow Agent may be transferred, shall be the successor escrow agent under this Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, in each case without the execution or filing of any instrument or paper or the performance of any further act (other than due notice to the applicable party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7. Amendment and Waiver.** The terms of this Escrow Agreement may be altered, amended, modified or revoked only by an instrument in writing signed by all the parties hereto. No course of conduct shall constitute a waiver of any terms or conditions of this Escrow Agreement, unless such waiver is specified in writing, and then only to the extent so specified. A waiver of any of the terms and conditions of this Escrow Agreement on one occasion shall not constitute a waiver of the other terms of this Escrow Agreement, or of such terms and conditions on any other occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8. Severability.** If any provision of this Escrow Agreement shall be held or deemed to be or shall in fact, be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative or unenforceable to any extent whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9. Further Assurances.** If at any time the Company shall reasonably determine or be advised that any further agreements, assurances or other documents are reasonably necessary or desirable to carry out the provisions of this Escrow Agreement and the transactions contemplated by this Escrow Agreement, the Company shall execute and deliver any and all such agreements or other documents and do all things reasonably necessary or appropriate to carry out fully the provisions of this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10. No Third Party Beneficiaries.** Except with respect to the Purchasers, this Escrow Agreement is for the sole benefit of the parties hereto, and their respective successors and permitted assigns, and nothing herein, express or implied, is intended to or shall confer upon any other person or entity (except for the Purchasers) any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11. Force Majeure.** No party to this Escrow Agreement shall be liable to any other party hereto for losses due to, or if it is unable to perform its obligations under the terms of this Escrow Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission failure, digital asset network failures or interruptions, interruption or malfunctions of communications or power supplies, labor difficulties, actions of public authorities or other similar causes reasonably beyond its control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12. Termination.** This Escrow Agreement shall terminate upon the distribution by the Escrow Agent in accordance with the terms of this Escrow Agreement of all funds, equity and property held under this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.13. Titles and Headings.** All titles and headings in this Escrow Agreement are intended solely for convenience of reference and shall in no way limit or otherwise affect the interpretation of any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.14. Counterparts; Facsimile Execution.** This Escrow Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed signature page to this Escrow Agreement and agreements, certificates, instruments and documents entered into in connection herewith by facsimile or other electronic transmission (including Adobe PDF format) will be effective as delivery of a manually executed counterpart to this Escrow Agreement or such agreements, certificates, instruments and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15. Entire Agreement.** This Escrow Agreement constitutes the entire agreement between the Escrow Agent and the Company in connection with the subject matter of this Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16. Compliance with Laws.** The Company hereby represents that (i) it is not a person that is the target of any sanctions program administered by the U.S. Department of the Treasury Office of Foreign Assets Control ("Sanctioned Person"); (ii) it is not directly or indirectly controlled by, or acting hereunder for or on behalf of, any Sanctioned Person; and (iii) none of the funds used to make any payments contemplated under this Agreement are derived from any illegal activity. The Escrow Agent hereby represents and agrees that it will perform its obligations and all activities under this Escrow Agreement in compliance with applicable law. Without limiting the generality of the previous sentence, the Escrow Agent represents and agrees that it is not registered, and is not required to register, as a broker-dealer under federal or state law.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed as of the date first above written.

---

| |
|:---|
| ESCROW AGENT: |
| Canary Capital Group LLC |
| By: |
| Name: |
| Title: |
| THE COMPANY: |
| Pineapple Financial Inc. |
| By: |
| Name: |
| Title: |

---

Signature Page to Escrow Agreement

SCHEDULE 1

Purchasers

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Address** | **Email** | **Wallet Address** | **List of Authorized Representatives** |

---

EXHIBIT A

Escrow Wallet

Wallet Instructions:

inj1grg4uhz47a9sh0ak7kz9zq5fkrv8v4w3grre0k

Exhibit A <br> Escrow Wallet

EXHIBIT B

Escrow Release Certification

[INSERT DATE]

In connection with that certain Securities Purchase Agreement, dated as of September 1, 2025 by and among the Company and the purchasers set forth on the signature pages thereto (the "SPA"), and pursuant to that certain Escrow Agreement dated as of September [4], 2025 by and between Canary Capital Group LLC, a Delaware limited liability company (the "Escrow Agent") and Pineapple Financial Inc., a corporation existing under the Canada Business Corporations Act (the "Company"), Odyssey Transfer and Trust Company, acting as the subscription receipt agent (the "Subscription Receipt Agent") under the subscription receipt agreement between the Company, D. Boral Capital LL and Odyssey Transfer and Trust Company (the "SRA") hereby (i) notifies the Escrow Agent that all Escrow Release Conditions of the SPA have been satisfied or waived, as applicable and as permitted under the SRA; (ii) instructs the Escrow Agent to deem the title to the Escrowed INJ Proceeds to be transferred to the Company; and (iii) instructs the Escrow Agent to instruct Bitgo to transfer ownership of the escrow Account to the Company.

IN WITNESS WHEREOF, I have caused this Escrow Release Certification to be executed as of the date first above written.

---

| |
|:---|
| ODYSSEY TRANSFER AND TRUST COMPANY |
| By: |
| Name: |
| Title: |

---

Exhibit B <br> Escrow Release Certification

EXHIBIT C

Certificate of Incumbency

(List of Authorized Representatives)

Pineapple Financial Inc.

As an Authorized Officer of the above referenced entity, I hereby certify that each person listed below is an authorized signor for such entity and is authorized to provide direction and initiate or confirm transactions, including funds transfer instructions, on behalf of the above referenced entity, and that the title, signature and contact number appearing beside each name is true and correct.

---

| |
|:---|
| Name: |
| Title: |
| Signature: |
| Email: |
| Phone: |
| Name: |
| Title: |
| Signature: |
| Email: |
| Phone: |

---

IN WITNESS WHEREOF, this certificate has been executed by a duly authorized officer on:

---

| |
|:---|
| Date: |
| Signature: |
| Name: |
| Title: |

---

Exhibit C <br> Certificate of Incumbency

**<u>EXHIBIT C</u>**

Escrow Release Certification

[ ], 2025

In connection with that certain Securities Purchase Agreement, dated as of September 2, 2025 by and among the Company and the purchasers set forth on the signature pages thereto (the "SPA"), and pursuant to that certain Escrow Agreement dated as of September [4], 2025 by and between Canary Capital Group LLC, a Delaware limited liability company (the "Escrow Agent") and Pineapple Financial Inc., a corporation existing under the Canada Business Corporations Act (the "Company"), Odyssey Transfer and Trust Company, acting as the subscription receipt agent (the "Subscription Receipt Agent") under the subscription receipt agreement between the Company, D. Boral Capital LL and Odyssey Transfer and Trust Company (the "SRA") hereby (i) notifies the Escrow Agent that all Escrow Release Conditions of the SPA have been satisfied or waived, as applicable and as permitted under the SRA (ii) instructs the Escrow Agent to deem the title to the Escrowed INJ Proceeds to be transferred to the Company; and (iii) instructs the Escrow Agent to instruct Bitgo to transfer ownership of the escrow Account to the Company.

IN WITNESS WHEREOF, I have caused this Escrow Release Certification to be executed a s of the date first above written.

---

| |
|:---|
| ODYSSEY TRANSFER AND TRUST COMPANY |
| By: |
| Name: |
| Title: |

---

## Exhibit 10.5

**Exhibit 10.5**

**ASSET MANAGEMENT AGREEMENT**

This ASSET MANAGEMENT AGREEMENT (this "<u>Agreement</u>"), effective September 4, 2025 (the "<u>Effective Date</u>"), is entered into by and between Pineapple Financial Inc., a corporation continued and existing under the Canada Business Corporations Act (the "<u>Client</u>"), and Canary Capital Group LLC, a Delaware limited liability company (the "<u>Asset Manager</u>" and, together with the Client, the "<u>Parties</u>").

WHEREAS, the Client wishes to appoint the Asset Manager and Monarq Asset Management LLC ("Monarq") to manage certain assets of the Client;

WHEREAS, certain assets of the Client are subject to terms and conditions of that certain INJ Escrow Agreement, dated on or about the date hereof (the "Escrow Agreement"), including satisfaction of the Escrow Release Conditions (as defined in the Escrow Agreement); and

WHEREAS, the Asset Manager wishes to be appointed by the Client for such purposes, subject to and in accordance with the terms and conditions contained herein.

NOW, THEREFORE, in consideration of the mutual promises contained herein, and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to be bound on the terms and conditions set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of the Asset Manager; Authority</u>. The Client hereby appoints the Asset Manager to provide certain asset management services with respect to the Account Assets (as defined below) in the accounts or cryptocurrency "wallets" identified in <u>Schedule A</u> attached hereto as amended from time to time, collectively, the "<u>Account</u>") maintained with one or more custodian(s) or cryptocurrency wallet providers acceptable to the Asset Manager (collectively, the "<u>Custodian</u>"). The Asset Manager hereby accepts its appointment and agrees to provide such asset management services upon the terms and conditions set forth herein. The Client agrees that the Asset Manager may provide the services under this Agreement via affiliates of the Asset Manager ("<u>Asset Manager Affiliates</u>"). The Client and the Asset Manager understand and agree that changes to <u>Schedule A</u> may be made from time to time following the date of execution of this Agreement by mutual agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Account Assets</u>. Subject to the Asset Manager Allocation described in Section 13(g), the "<u>Account Assets</u>" shall consist of (a) certain cash net proceeds or in-kind contributions of assets in connection with the offering of the Client's securities in accordance with that certain Securities Purchase Agreement (the "Purchase Agreement"), dated on or around September 1, 2025, between the Client and each purchaser identified on the signature pages thereto (the "<u>Capital Raise</u>"); (b) any additional cash proceeds or in-kind contributions of assets designated as "Account Assets" in accordance with this Section 2, in each case which the Client agrees it has placed or will place into the Account; and (c) all investments thereof, proceeds of, income on and additions or accretions to same, including all assets which are or were in the Account, but which are staked from time to time in accordance with this Agreement. The (x) Capital Raise, (y) cash proceeds or in-kind contributions the Client receives in connection with additional capital raises, the stated use of which is to further the Digital Asset Strategy and (z) additional available assets placed in the Account (collectively, the "<u>Available Capital</u>") shall be contributed to the Account in accordance with Section 13(g).

The Client shall notify the Asset Manager of its intention to contribute Available Capital to be designated and maintained as Account Assets held in the Account three business days in advance of such contribution. Liquidation of Account Assets may be required for any withdrawal by the Client during the term of this Agreement and notice shall be given as soon as possible and, in any event, at least five business days in advance. The Client acknowledges that the Account Assets may constitute only a part of the assets of the Client, and that the Asset Manager may act without regard to or consideration of any other assets that may from time to time be held by the Client and shall have no responsibility, duty or liability with respect to any assets not Account Assets.

For the purposes of the above, the "<u>Digital Asset Strategy</u>" means the digital asset strategy overseen by the Asset Manager's Chief Investment Officer, or other authorized individual as designated by the Client's Chief Executive Officer in writing, primarily in digital assets, including staking, restaking and liquid staking of such digital assets to improve returns. The Parties agree that the "<u>Account Assets</u>" shall not include "securities" as defined in the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"). The Client understands and agrees that (i) it is not engaging the Asset Manager to provide investment advice about securities; (ii) the Account Assets do not include securities and the Asset Manager's services hereunder are confined to non- securities, the Client is not an "advisory client" for purposes of the Advisers Act, and to the fullest extent permitted by applicable law, shall not be afforded the protections of advisory clients under the Advisers Act; and (iii) the Asset Manager is not a registered investment adviser. For the avoidance of doubt, nothing in this Section 2 shall be construed to limit or restrict the Asset Manager's ability to invest the Account Assets in accordance with the Investment Guidelines set forth in <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Authority of Asset Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. The Asset Manager (and, where applicable, any Asset Manager Affiliate) shall have sole responsibility and authority regarding the asset management of the Account Assets and, as herein provided, shall from time to time direct the investment and reinvestment of such assets in the Account. Subject to the Investment Guidelines set forth in <u>Schedule B</u>, the Asset Manager (and, where applicable, any Asset Manager Affiliate) shall have full power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. enter
 into all transactions and other undertakings that, subject to the Investment Guidelines set
 forth in <u>Schedule B</u>, the Asset Manager may deem necessary or advisable to carry out
 its investment decisions, including but not limited to the ability to buy, sell, exchange,
 convert, swap, stake, redeem, and otherwise trade in digital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. make
 investment decisions in respect of the Account Assets and the Account in accordance with
 the Investment Guidelines set forth in <u>Schedule B</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. purchase,
 acquire, hold, invest, reinvest, sell, stake, redeem or dispose of, or otherwise trade in
 any assets which constitute or will constitute all or any portion of the Account Assets,
 and place orders with respect to, and arrange for any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. select
 liquidity providers, cryptocurrency wallet providers, staking, restaking and liquid staking
 service providers and other intermediaries, exchanges and counterparties in consultation
 with the Client, which may or may not be affiliated with the Asset Manager, as may be necessary
 to execute transactions as described above and any other transactions contemplated herein,
 and to instruct the Custodian as necessary to open accounts in the name, or for the benefit,
 of the Client with such selected liquidity providers, cryptocurrency wallet providers, staking,
 restaking and liquid staking service providers and other intermediaries, exchanges and counterparties
 and to pay reasonable fees and charges applicable to transactions in the Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. instruct
 the Custodian to deliver an asset sold, exchanged or otherwise disposed of by the Account
 in exchange for cash and to deliver cash to pay for assets delivered to the Custodian that
 were acquired by the Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. instruct
 the Custodian to exercise or abstain from exercising any option, privilege or right held
 in the Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. monitor
 the correct collection of income on the Account Assets by the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. execute,
 in the name and on behalf of Client, all such documents and take all such other actions which
 Asset Manager shall deem requisite, appropriate or advisable to carry out its duties hereunder,
 provided that any actions authorized by this Agreement and executed by the Asset Manager
 pursuant to the authority herein granted shall not cause any Account Assets to be custodied
 by any party other than the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. to
 engage such independent agents, administrators, subadvisors, attorneys and accountants as
 the Asset Manager may deem necessary or advisable for the Account Assets and to instruct
 the Custodian as necessary to pay on behalf of the Client all reasonable and documented fees
 incurred thereby (including reasonable and documented legal and accounting fees and disbursements,
 commissions, banking, brokerage, registration and private placement fees, and transfer, capital
 and other taxes, duties and costs incurred in connection with the making of investments by
 the Client in Account transactions), *provided* the Asset Manager receives prior written
 approval from the Client's except where such approval has already been provided herein
 or in accordance with Section 5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. take
 any other action with respect to property in the Account as necessary or desirable to carry
 out its obligations under this Agreement (except that the Asset Manager is not authorized
 to withdraw any money or other property from the Account either in the name of the Client
 or otherwise and shall under no circumstances act as custodian of the Account or take or
 have title to, or authority to take possession of the Account Assets, except as expressly
 described herein).

The foregoing authority shall remain in full force and effect until expressly revoked by the Client in writing to the Asset Manager or the termination of this Agreement as provided herein. Revocation shall not affect transactions entered into prior to such revocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power of Attorney</u>. In furtherance of the authority set forth in paragraph (a) above, the Client hereby irrevocably designates and appoints the Asset Manager as its agent and attorney- in-fact, with full power and authority and without further approval of the Client, in the Client's name, place and stead, to (i) negotiate, make, execute, sign, acknowledge, swear to, deliver, record and file any agreements, documents or instruments which may be considered necessary or desirable by the Asset Manager to carry out fully the provisions of this Agreement and (ii) to perform all other acts contemplated by this Agreement or necessary, advisable or convenient to carry out its duties hereunder (subject at all times, however, to each and all of the limitations and stipulations set forth herein and in the Investment Guidelines set forth in <u>Schedule B</u>). Because this limited power of attorney shall be deemed to be coupled with an interest, it shall be irrevocable and survive and not be affected by the Client's insolvency or dissolution. However, this limited power of attorney will become revocable upon the expiration of such interest and, therefore, this limited power of attorney will terminate upon termination of this Agreement in accordance with Section 13 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Compliance with Investment Guidelines</u>. The Client acknowledges and agrees that the compliance with the Investment Guidelines set forth in <u>Schedule B</u>, including, without limitation, compliance with sector and industry weights of the Account, as applicable, shall be determined in accordance with the Asset Manager's internal systems. The Client understands and agrees that the Asset Manager does not guarantee or represent that any investment objectives will be achieved. In the event of any breach of the Investment Guidelines set forth in <u>Schedule B</u>, the Asset Manager shall seek to return the Account to compliance with the Investment Guidelines set forth in <u>Schedule B</u> as soon as reasonably practicable. The Client and the Asset Manager understand and agree that (i) changes to <u>Schedule B</u> may be made from time to time following the date of execution of this Agreement by mutual agreement of the Parties and (ii) the Asset Manager may obtain the approval of the Client from time to time for exceptions from the Investment Guidelines in accordance with procedures mutually agreed between the Asset Manager and Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. <u>Custody of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets held by Custodian</u>. All Account Assets shall be held in cryptocurrency wallets (i) established and controlled by the Client, to which the Asset Manager has restricted access; or (ii) established and controlled by the Asset Manager for benefit of the Client. Title to the Account and all Account Assets shall be held in the name of the Client or for benefit of the Client, provided that for convenience in buying, selling and exchanging assets, title to such assets may be held in the name of the Asset Manager, the Custodian (or its nominee), or the street name of the Custodian. Neither the Asset Manager nor any of its affiliates shall take physical custody, possession, or have any authority to take physical custody or possession of, or handle any cash, mortgages or deeds of trust, or other indicia of ownership of any of the Account Assets. Notwithstanding any transactions authorized by this Agreement and executed by the Asset Manager pursuant to authority granted herein, all Account Assets shall be custodied by the Custodian. The Asset Manager shall under no circumstances act as custodian for the Account or take, have title, possession, or any authority to take physical custody or possession of the Account Assets. Instructions by the Asset Manager to the Custodian with respect to the Account Assets shall be made electronically (e.g., through an API feed), in writing, or by other documented means agreeable to both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Expenses of the Custodian; No Liability</u>. The Client shall pay all charges, fees and expenses of the Custodian and any sub-custodian(s). The fees charged to the Client by the Custodian are exclusive of, and in addition to, the management fees and other charges, discussed herein. The Asset Manager shall have no liability with respect to the choice of Custodian or loss of private keys or access to the Account, except for any recommendation made or such loss of access relating to the Asset Manager's own conduct or credentials (which recommendation or loss of access is not otherwise exculpated or indemnified in accordance with Section 11).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. <u>Proper Instructions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All instructions communicated hereunder to the Asset Manager from the Client shall be made in writing and transmitted to the Asset Manager by persons properly authorized by the Client, including without limitation the Client's Chief Executive Officer. Any such communication appropriately indicating that it reflects action or instruction by the Client may be so accepted by the Asset Manager and the Asset Manager shall have no obligation to inquire further with respect thereto and shall be fully protected in relying and acting upon the writing so indicating the action or instruction of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Client shall provide the Asset Manager with a list of authorized persons and their specimen signatures from whom the Asset Manager may accept written day to day instructions, confirmations or authority under this Agreement ("<u>Proper Instructions</u>") and the Asset Manager shall be fully protected in relying on such list until notified in writing by the Client to the contrary. As of the date of this Agreement, the Client's list of authorized persons and their specimen signatures are as set forth in <u>Schedule C</u> attached hereto. Proper Instructions may be sent via email, Adobe's Portable Document Format ("<u>PDF</u>") or other electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6. <u>Management Fees; Account Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the Asset Manager's services rendered hereunder, the Client shall pay the management fees described in <u>Schedule D</u> attached hereto and as may be amended from time to time by written agreement of the Asset Manager and the Client (the "<u>Fee Schedule</u>"). The Fee Schedule shall be deemed to have been adopted and made a part of this Agreement as if fully rewritten herein. The Asset Manager will furnish invoices monthly, and all fees shall be payable from the Account not later than ten business days following Client's receipt of such invoice. The Client hereby acknowledges that it is the Client's responsibility to verify the accuracy of the calculation of the Asset Manager's fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Manager will be responsible for all of its overhead costs. The Client shall pay or reimburse the Asset Manager for all reasonable and documented expenses related to the operation of the Account, which shall be paid or reimbursed by the Client out of the Account Assets. The amount of such expenses may vary from time to time and shall include, without limitation: (i) custodial fees; (ii) bank service fees; (iii) liquidity provider commissions and all other transaction costs; (iv) clearing and settlement fees; (v) interest and withholding or transfer taxes incurred in connection with trading for the Account; and (vi) any other reasonable and documented fees and expenses related to the trading and investment activity of the Account as determined by the Asset Manager in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, the Client may incur an expense which forms part of a larger aggregate expense relating to a number of other managed accounts or pooled investment vehicles for which the Asset Manager or its affiliates provide services. If any such expenses are incurred for the account of any persons in addition to the Client, the Asset Manager will allocate the total expense among the Client and such other persons and will determine the portion reimbursable to the Client, if any, in a fair and reasonable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations of the Asset Manager</u>. The Asset Manager represents to the Client as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Asset Manager has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power and authority to own its own properties and conduct its business as currently conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Asset Manager has or will obtain all other governmental authorizations, approvals, consents or filings required in connection with the execution, delivery or performance of this Agreement by the Asset Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement constitutes a binding obligation of the Asset Manager, enforceable against the Asset Manager in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws relating to or affecting creditors' rights or by general equity principles, regardless of whether such enforceability is considered in a proceeding in equity or at law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution, delivery and performance of this Agreement do not conflict with any obligation by which the Asset Manager is bound, whether arising by contract, operation of law or otherwise, or any applicable law, in each case in a manner that would result in a material adverse effect on the Asset Manager or the Client or that would materially impede the Asset Manager's ability to perform its obligations hereunder.

The foregoing representations and warranties shall be continuing during the term of the Agreement, and if at any time during the term of this Agreement any event has occurred which would make any of the foregoing representations and warranties untrue or inaccurate in any material respect, the Asset Manager shall promptly notify the Client of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations of the Client</u>. The Client represents and warrants to the Asset Manager as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Client has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of continuation, with power and authority to own its own properties and conduct its business as currently conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Client has the authority to appoint the Asset Manager to manage the assets held in the Account and has, by appropriate action, duly authorized the execution and implementation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement constitutes a binding obligation of the Client, enforceable against the Client in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws relating to or affecting creditors' rights or by general equity principles, regardless of whether such enforceability is considered in a proceeding in equity or at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution, delivery and performance of this Agreement do not conflict with any obligation by which the Client is bound, whether arising by contract, operation of law or otherwise, or any applicable law, in each case in a manner that would result in a material adverse effect on the Asset Manager or the Client or that would materially impede the Client's ability to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except in either case to the extent the Client has notified the Asset Manager in writing: (i) the Account Assets belong to the Client free and clear of any liens or encumbrances, and (ii) the Client will not pledge or encumber any Account Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Client is not an investment company, as that term is defined in the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Client is experienced in engaging asset managers and is aware of the risks associated with such engagements in general, and that it understands the risks associated with the investments contemplated hereby, and the risk that the Account could suffer substantial diminution in value, including complete loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Client has reviewed all other materials and agreements provided by the Asset Manager relating to the Account and to the investments contemplated hereby, understands such materials and agreements and has had the opportunity to ask questions regarding such materials and agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Client is an "accredited investor" as that term is or may in the future be defined in Rule 501 under the Securities Act of 1933, as amended (the "<u>Securities Act</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Client is a "United States person" as defined in Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Client is a "qualified institutional buyer" as defined in paragraph (a) of Rule 144A promulgated under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Account Assets held in the Account are not assets: of an "employee benefit plan" as defined in and subject to the fiduciary responsibility provisions of the U.S. Employee Retirement Security Act of 1974, as amended ("<u>ERISA</u>"); a "plan" as defined in and subject to Section 4975 of the Code; a government plan, foreign plan, or church plan subject to laws similar to ERISA or Section 4975 of the Code; or an entity that holds "plan assets" as defined in Section 3(42) of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Client represents and warrants that (i) the monies being used by it to fund the Account and the Account Assets held in the Account as of the Effective Date are not (A) derived from or related to any illegal activities, including but not limited to money laundering activities, or (B) derived from, invested for the benefit of or related in any way to the governments of, or persons within, any country under a U.S. embargo enforced by the U.S. Treasury Department's Office of Foreign Assets Control and (ii) the opening, operation and maintenance of the Account does not directly or indirectly contravene U.S. federal, state, international or other laws or regulations, including anti-money laundering laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) neither the Client, nor any person controlling, controlled by, or under common control with it, nor any shareholder or other person having a beneficial interest in the Client is a Prohibited Investor,<sup>1</sup> and Account Assets are not being invested on behalf, or for the benefit, of any Prohibited Investor. Neither the Client nor any director, officer, partner, member, affiliate, nor, if the Client is an unlisted company, any shareholder or beneficial owner of the Client, is a Senior Foreign Political Figure,<sup>2</sup> any member of a Senior Foreign Political Figure's Immediate Family<sup>3</sup> or any Close Associate<sup>4</sup> of a Senior Foreign Political Figure unless the Client has notified Asset Manager of such fact. The Client is not resident in, or organized or chartered under the laws of, a jurisdiction that has been designated by the Secretary of the Treasury under Section 311 of the USA PATRIOT Act as warranting special measures due to money laundering concerns.<sup>5</sup> No Account Assets originate from, nor were they routed through, an account maintained at a Foreign

<sup>1</sup> "<u>Prohibited Investors</u>" include: (1) a person or entity whose name appears on the list of Specially Designated Nationals and Blocked Persons maintained by Office of Foreign Assets Control ("<u>OFAC</u>") or prohibited under OFAC country sanctions, or any blocked persons list maintained by a governmental or regulatory body as may become applicable to the Trustee or Fund, (2) any Foreign Shell Bank, (as defined below), and (3) any person or entity resident in or whose funds are transferred from or through an account in a jurisdiction that has been designated as non- cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as Financial Action Task Force ("FATF"), of which the U.S. is a member and with which designation the U.S. representative to the group or organization continues to concur. See http://www.fatf-gafi.org for FATF's list of Non-Cooperative Countries and Territories.

<sup>2</sup> "<u>Senior Foreign Political Figure</u>" means a current or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major non-U.S. political party, or a current or former senior executive of a non-U.S. government- owned commercial enterprise. In addition, a Senior Foreign Political Figure includes any corporation, business or other entity that has been formed by, or for the benefit of, a Senior Foreign Political Figure. Senior executives are individuals with substantial authority over policy, operations, or the use of government-owned resources.

<sup>3</sup> "<u>Immediate Family</u>" with respect to a Senior Foreign Political Figure, typically includes the figure's parents, siblings, spouse, children and in-laws.

<sup>4</sup> "<u>Close Associate</u>" means, with respect to a Senior Foreign Political Figure, a person who is widely and publicly known internationally to maintain an unusually close relationship with the Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of the Senior Foreign Political Figure.

<sup>5</sup> Notice of jurisdictions that have been designated by the Treasury Department as a primary money laundering concern under Section 311 are published in the Federal Register and on the website of the Treasury Department's Financial Crimes Enforcement Network ("<u>FinCEN</u>") at https://www.fincen.gov/resources/statutes-and-regulations/311-special- measures. FinCEN also issues advisories regarding jurisdictions that it deems to be deficient in their counter-money laundering regimes. Such advisories are posted at https://www.fincen.gov/resources/advisoriesbulletinsfact- sheets/advisories.

Shell Bank,<sup>6</sup> an offshore bank, a bank organized or chartered under the laws of a jurisdiction that has been designated by FATF as non-cooperative with international anti-money laundering principles or a financial institution subject to special measures under Section 311 of the USA PATRIOT Act. If the Client or any person controlling, controlled by, or under common control with the Client is organized under the laws of a country other than the United States to engage in the business of banking, the Client or such person, as the case may be, either: (i) has a Physical Presence<sup>7</sup> in a country in which the Client (or such person) is authorized to conduct banking activities, at which address the Client (or such person): (a) employs one or more persons on a full- time basis, (b) maintains operating records relating to its banking business, and (c) is subject to inspection by the banking authority from which it obtained its banking license; or (ii) is affiliated with a financial institution that maintains a Physical Presence in the United States or another country and is subject to supervision by a banking authority regulating such affiliated financial institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Client understands, acknowledges, represents and agrees that (i) it is the Asset Manager's policy to comply with anti-money laundering, embargo and trade sanctions, or similar laws, regulations, requirements (whether or not with force of law) or regulatory policies to which it is or may become subject (collectively "<u>Requirements</u>") and to interpret them broadly in favor of disclosure, (ii) the Asset Manager could be requested or required to obtain certain assurances from the Client, disclose information pertaining to it to governmental, regulatory or other authorities or to financial intermediaries or engage in due diligence or take other related actions in the future, (iii) the Client will provide additional information or take such other actions as may be necessary or advisable for the Asset Manager to comply with any Requirements, related legal process or appropriate requests (whether formal or informal) or otherwise, and (iv) the Asset Manager and its agents may disclose to relevant third parties information pertaining to the Client in respect of Requirements or information requests related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Client represents that it has in place, and has uniformly applied, anti-money laundering policies and procedures reasonably designed to comply with the Requirements, including without limitation to verify the identity of any person controlling, controlled by, or under common control with it, its shareholders and other persons having a beneficial interest in the Client and their respective sources of funds.

<sup>6</sup> "<u>Foreign Shell Bank</u>" means a Foreign Bank without a Physical Presence (each as defined below) in any country but does not include a Regulated Affiliate (as defined below). "<u>Regulated Affiliate</u>" means a Foreign Shell Bank that: (i) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a Physical Presence in the U.S. or a foreign country, as applicable; and (ii) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign Bank. "<u>Foreign Bank</u>" means an organization that (i) is organized under the laws of a country outside the United States; (ii) engages in the business of banking; (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (iv) receives deposits to a substantial extent in the regular course of its business; and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank.

<sup>7</sup> "<u>Physical Presence</u>" means a place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a county in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank: (i) employs one or more individuals on a full-time basis; (ii) maintains operating records related to its banking activities; and (iii) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities.

The foregoing representations and warranties shall be continuing during the term of the Agreement, and if at any time during the term of this Agreement any event has occurred which would make any of the foregoing representations and warranties untrue or inaccurate in any material respect, the Client shall promptly notify the Asset Manager of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9. <u>Client Acknowledgements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cooperation</u>. The Client acknowledges that the information provided by the Client on any Account opening forms, including without limitation, information pertaining to the Client's legal or tax status, address or other contact information and Investment Guidelines set forth in <u>Schedule B</u> will be relied upon by the Asset Manager, and the Client agrees that if any such information shall hereafter change or become inaccurate, the Client shall notify the Asset Manager in writing of such change or inaccuracy as soon as reasonably practicable. The Client shall cooperate with the Asset Manager in the performance of its services under this Agreement and, upon the Asset Manager's reasonable request, shall provide the Asset Manager with timely access to and use of personnel, facilities, equipment, data and information to the extent necessary to permit the Asset Manager to perform its services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Risk Factors; Conflicts of Interest; Non-Exclusive Management</u>. The Client acknowledges that it has read, carefully considered and understood the risk factors and hereby acknowledges and consents to the conflicts of interest described herein. The Asset Manager shall devote such part of its time as the Asset Manager determines is reasonably needed for the services contemplated under this Agreement; *provided, however*, that this Agreement shall not prevent the Asset Manager from rendering similar services to other persons, trusts, corporations or other entities. Nothing in this Agreement shall limit or restrict the Asset Manager or any of its officers, affiliates or employees from, as permitted by law, buying, selling or trading in any asset for its own or their own accounts. The Client acknowledges that the Asset Manager and its officers, affiliates and employees, and the Asset Manager's other clients may as permitted by law at any time have, acquire, increase, decrease, or dispose of positions in investments which are at the same time being acquired for or disposed of from the Account. As permitted by law the Asset Manager shall have no obligation to acquire for the Account a position in any investment which the Asset Manager, its officers, affiliates or employees may acquire for its or their own accounts or for the account of another client. The Client acknowledges that the Asset Manager is not a financial planner or registered investment advisor. Nothing contained herein or provided hereby shall be construed as legal, tax or accounting advice by the Asset Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Order Aggregation and Allocation</u>. The Client acknowledges and agrees that the Asset Manager manages other portfolios, including some that may use investment strategies substantially similar to those of the Account, and expects that purchases or sales of the same assets will be made on behalf of the Account and the other portfolios managed by the Asset Manager. The Asset Manager may, but is not obligated to, aggregate orders for the purchase or sale of assets on behalf of the Account with orders on behalf of other portfolios the Asset Manager manages. The Client acknowledges that, while the Asset Manager will seek to allocate the opportunity to purchase or sell such assets among the Account and such other portfolios in a manner it deems equitable over time, the Asset Manager shall not be required to assure equality of treatment among all of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Execution Practices</u>. The investment and reinvestment of the assets in the Account in accordance with the Asset Manager's authority set forth in Section 3 above shall be carried out by the Asset Manager's placement of orders with liquidity providers to cause the sale or purchase or other disposition of allowable assets in accordance with the Investment Guidelines set forth in <u>Schedule B</u>. The Client acknowledges and agrees that, in consultation with the Client's Chief Executive Officer, the Asset Manager shall select liquidity providers to effect the purchase and sale of assets and to execute and deliver customer agreements with any liquidity provider in the name and on behalf of the Client, which liquidity providers may include Asset Manager Affiliates. The Asset Manager shall designate the liquidity providers through which transactions for the Account are executed at such prices and commissions that, in the Asset Manager's good faith judgment, will be in the best interest of the Account. The Asset Manager shall have authority to and may consider such factors as price, transaction costs, a liquidity provider's ability to effect the transactions, access to assets, reliability and financial responsibility, commitment of capital, and the provision or payment by the liquidity provider of the costs of research and research-related services which are of benefit to the Asset Manager or its clients, as well as other factors that the Asset Manager deems appropriate to consider under the circumstances. Accordingly, when the Asset Manager places orders for the purchase or sale of an asset for the Account, in selecting liquidity providers to execute such orders, the Client expressly authorizes the Asset Manager to consider the fact that a liquidity provider has furnished statistical, research or other information or services for the benefit of the Account directly or indirectly. Without limiting the generality of the foregoing, the Asset Manager is authorized to cause the Account to pay commissions which may be in excess of the lowest rates available to liquidity providers who execute transactions for the Account or who otherwise provide research services utilized by the Asset Manager; *provided* that the Asset Manager determines in good faith that the amount of each such commission paid to a liquidity provider is reasonable in relation to the value of the research services provided by such liquidity provider viewed in terms of either the particular transaction to which the commission relates or the Asset Manager's overall responsibilities with respect to accounts as to which the Asset Manager exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Controversies with Liquidity Providers</u>. In the event of a controversy with any liquidity provider regarding any transaction, the Asset Manager shall advise the Client of such controversy and the circumstances thereof and thereafter the Asset Manager shall act in accordance with any written instructions of the Client to the extent consistent with this Agreement. The Client shall determine whether any proceedings or other actions shall be instituted with respect to such controversy; *provided, however*, that nothing herein shall be deemed to prohibit the Asset Manager from taking any action which it shall, under the circumstances then prevailing, reasonably determine to be necessary or desirable to protect the interests of the Account or otherwise to carry out its investment duties and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legal Proceedings</u>. Unless otherwise agreed in writing by the Asset Manager, the Asset Manager shall have no obligations to take any action on behalf of the Client in any legal proceedings, including bankruptcies or class actions, involving any assets held, or formerly held, in the Account or issuers of such assets. At the Client's request, the Asset Manager will endeavor to assist with administrative matters in respect of any settlement or judgment. Nonetheless, this provision shall not apply for any actions involving the Asset Manager's conduct or the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Agency Cross Transactions</u>. Consistent with applicable law, Client hereby authorizes the Asset Manager to enter into "agency cross transactions" effected by an Asset Manager Affiliate acting as an intermediary for both the Account and for the party on the other side of the transaction, in accordance with applicable law and subject to compliance with the Asset Manager's applicable conflicts policies and procedures, as consistently applied. The Client understands and agrees that the Asset Manager or such Asset Manager Affiliate may receive commissions from and have a potentially conflicting division of loyalties and responsibilities regarding, both parties to such agency cross transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Transactions with Affiliates</u>. The Client acknowledges and agrees that the Asset Manager may cause the Account to enter into transactions and other arrangements with the Asset Manager, Asset Manager Affiliates or other investment funds or managed accounts managed by the Asset Manager or the Asset Manager Affiliates. In connection with such transactions, the Asset Manager will obtain any necessary approvals or otherwise comply with applicable laws. **Client acknowledges and agrees that, unless otherwise determined by the Asset Manager in its discretion and in accordance with the terms and conditions set forth in the Investment Guidelines set forth in Schedule B, any transactions (including staking, restaking and liquid staking) in digital assets with Asset Manager Affiliates shall not be considered principal transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Procedure for Account Withdrawals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Client may make no more than one withdrawal from the Account per calendar quarter. Each withdrawal
 shall not exceed $10,000 in value of INJ, calculated based on the 30-day trailing time-weighted
 average price of INJ as published by CoinMarketCap (https://coinmarketcap.com/) on the date
 of the withdrawal request. Following the first anniversary of this Agreement, the Client
 may make a withdrawal in excess of $10,000 for legitimate business purposes if such withdrawal
 is approved in advance by the independent members of the Client's board of directors
 and the Client provides the Asset Manager with evidence of such approval in connection with
 the withdrawal request. Notwithstanding the foregoing, any withdrawal that would result in
 the Client withdrawing more than 50.1% of the total value of the Account shall also require
 the prior approval of shareholders holding not less than 50.1% of the voting power of the
 Client's outstanding common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 Client hereby agrees to notify the Asset Manager at least five (5) business day prior to
 any withdrawals from the Account. The Client acknowledges and agrees that withdrawals will
 be funded first by accessing free cash balances and money market instruments; funds derived
 from the liquidation of all other assets will be deliverable upon final settlement of the
 trade(s) funding the withdrawal. Withdrawals will not affect: (a) the validity of any actions
 the Asset Manager has previously taken, or (b) the Client's liabilities or obligations
 for transactions started before withdrawal. Notwithstanding the foregoing, the Client understands
 and agrees that certain types of investments may only be liquidated at certain (sometimes
 infrequent) times and reasonable extensions to such 5- business day notice period shall be
 permitted by the Client in good faith to account for bona fide technical or business requirements.
 Client's ability to withdraw assets from the Account is subject to any reasonable liquidity
 restrictions or withdrawal and unstaking times applicable to a particular investment and
 compliance with any internal corporate procedures and policies applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10. <u>Client Records, Reports and Transparency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Asset Manager shall maintain the books and records pertaining to the management and oversight of the Client Assets throughout the term of this Agreement and for a period of five years after the end of the year in which this Agreement terminates. Such books and records shall be made available for inspection and copying at any time by the Client reasonably requested and upon Client's expense, upon no less than three business days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Manager shall arrange for the Custodian to provide to the Client a real- time dashboard interface including, but not limited to, daily net asset value of the Account. Additional features and data points may be added to such real-time dashboard interface on an ongoing basis consistent with best market practices provided by other asset managers from time- to-time, within a time frame to be mutually agreed between the Asset Manager and the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11. <u>Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except in the cases of willful misconduct, gross negligence, fraud, material breach of this Agreement (each, a "<u>Disqualifying Action</u>"), none of the Asset Manager, its affiliates or their respective officers, directors and employees (collectively, the "<u>Covered Persons</u>") shall have any liability (whether direct or indirect, in contract or tort or otherwise) for any claims, liabilities, losses, damages, penalties, obligations or expenses of any kind whatsoever, including reasonable and documented attorneys' fees and court costs ("<u>Losses</u>") suffered by the Client as the result of any act or omission by the Asset Manager in connection with, arising out of or relating to the performance of its services hereunder. The Client further agrees that no Covered Person shall be liable for any Losses caused, directly or indirectly, by any act or omission of the Client or any act or omission by the Custodian, any liquidity provider to which the Asset Manager or the Client directs transactions for the Account, any third party service provider selected by the Asset Manager with reasonable care to act on behalf of the Client, or by any other non-party, unless such acts, omissions or other conduct is at the direction of the Asset Manager and the Asset Manager's direction constitutes a Disqualifying Action. Without limiting anything in this Section 11(a), in no case shall any Covered Persons be liable for any Losses caused, directly or indirectly, by the error, negligence or misconduct of a Custodian, liquidity provider, exchange, staking validator, or other online platform or service (however described) (collectively, "<u>Platform</u>"), the bankruptcy, insolvency, receivership, administrative or similar proceeding involving a Platform, a pause in or suspension of withdrawals from a Platform (however described and for whatever reason), the hack of a Platform, or by any other cause that does not constitute a Covered Person's Disqualifying Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Manager and any person acting on its behalf shall be entitled to rely in good faith upon information, opinions, reports or statements of legal counsel (as to matters of law) and accountants (as to matters of accounting or tax) and, accordingly, such good faith reliance by a person shall not constitute a Disqualifying Action so long as such counsel or accountant is qualified and was selected and consulted with due care. Under no circumstances shall the Asset Manager or any Covered Person be liable for any special, incidental, exemplary, consequential, punitive, lost profits or indirect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Client agrees to indemnify and hold harmless each of the Covered Persons, against any Losses suffered or incurred by reason of, relating to, based upon, arising from or in connection with (directly or indirectly) (i) the operations, business or affairs of the Client, or any actions taken by the Asset Manager or failure by it to act (even if negligent) in connection with this Agreement (including, without limitation, any Losses arising as a result of any operational errors committed by or erroneous instructions provided by the Client), (ii) a Disqualifying Action by the Client, or (iii) the Client's breach of this Agreement, in each case except to the extent that such Losses are determined by a court of competent jurisdiction, upon entry of a final judgment, to be attributable to a Disqualifying Action of such Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by law, the Client shall, upon the request of any Covered Person, advance or promptly reimburse such Covered Person's out-of-pocket costs of investigation (whether internal or external), litigation or appeal, including attorneys' reasonable and documented fees and disbursements, reasonably incurred in responding to, litigating or endeavoring to settle any claim, action, suit, investigation or proceeding, whether or not pending or threatened, and whether or not any Covered Person is a party, arising out of or in connection with or relating to the operations, business or affairs of the or in furtherance of the interests of the Client (a "<u>Claim</u>"); *provided* that the affected Covered Person shall, as a condition of such Covered Person's right to receive such advances and reimbursements, undertake in writing to promptly repay the applicable funds for all such advancements or reimbursements if a final judgment of a court of competent jurisdiction has determined that such Covered Person is not then entitled to indemnification under this Section 11. If any Covered Person recovers any amounts in respect of any Claims from insurance coverage or any third-party source, then such Covered Person shall, to the extent that such recovery is duplicative, reimburse the Client for any amounts previously paid to it by the Client in respect of such Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly after receipt by a Covered Person of notice of any Claim or of the commencement of any action or proceeding involving a Claim, such Covered Person shall, if a claim for indemnification in respect thereof is to be made against the Client, give written notice to the Client of the receipt of such Claim or the commencement of such action or proceeding; *provided*, that the failure of any Covered Person to give notice as provided herein shall not relieve the Client of its obligations hereunder, except to the extent that the Client is actually prejudiced by such failure to give notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Covered Person shall cooperate with the Client and its counsel in responding to, defending and endeavoring to settle any proceedings or Losses that may be subject to indemnification by the Client pursuant to this Section 11. Without limiting the generality of the immediately preceding sentence, if any proceeding is commenced against a Covered Person, the Client shall be entitled to participate in and to assume the defense thereof to the extent that the Client may wish, with counsel reasonably satisfactory to such Covered Person. After notice from the Client to such Covered Person of the Client's election to assume the defense thereof, the Client shall not be liable for expenses subsequently incurred by such Covered Person without the consent of the Client (which shall not be unreasonably withheld) in connection with the defense thereof. Without the Covered Person's consent, the Client will not consent to entry of any judgment in or enter into any settlement of any such action or proceeding which does not include as an unconditional term thereof the giving by every claimant or plaintiff to such Covered Person of a release from all liability in respect of such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The right of any Covered Person to indemnification as provided herein shall be cumulative of, and in addition to, any and all rights to which such Covered Person may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Covered Person's successors, assigns and legal representatives.

(h)The federal laws may impose liabilities under certain circumstances on persons who act in good faith; therefore, nothing herein shall in any way constitute a waiver or limitation of any rights which the undersigned may have under any applicable federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Confidentiality</u>. The Asset Manager shall regard as confidential all information concerning the affairs of the Client, but shall be permitted to disclose the Client's confidential information to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Covered Persons and their respective service providers, in each case, that have a bona fide need to know such confidential information, (b) third parties regarding the fact that the Asset Manager is performing investment management activities on the Client's behalf, which specifically includes the Asset Manager's inclusion of references to the Client in written marketing materials distributed by the Asset Manager to prospective investment management clients, (c) third parties regarding information regarding Account holdings and performance (without reference to the Client's name) in connection with the establishment of a track record of the Asset Manager and (d) as otherwise required by any regulatory authority, law or regulation, or by legal process. The Client acknowledges that it may receive or have access to confidential proprietary information of the Asset Manager which is proprietary in nature and non-public, including, without limitation, information regarding the Asset Manager's investment methodologies, systems and forms, trade secrets and the like (collectively, "<u>Confidential Information</u>"). The Client agrees not to disclose or cause to be disclosed any Confidential Information to any person or use any Confidential Information for its own purposes or its own account, except in connection with its investment in the Account and except as otherwise required by any regulatory authority, law or regulation, or by legal process; *provided, however*, that the Client shall provide the Asset Manager with prior notice of any such disclosure and the circumstances surrounding such request so that the Asset Manager may seek a protective order or other appropriate remedy. If, in the absence of a protective order or other remedy by the disclosing party, the Client, in the written opinion of legal counsel satisfactory to the Asset Manager, is nonetheless legally compelled to disclose Confidential Information or else stand liable for contempt or suffer other censure or penalty, the Client may, without liability hereunder, disclose only that portion of the Confidential information which such counsel advises the receiving party is legally required to be disclosed, provided that the receiving party exercise its best efforts to preserve the confidentiality of the Confidential information, including, without limitation, by cooperating with the Asset Manager to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13. <u>Term and Survival; Asset Manager Allocation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the Effective Date and will, unless early terminated in accordance with the provisions of this Section 13, continue in effect until the third anniversary of the Effective Date (the "<u>Stated Termination Date</u>") and, unless a Party elects to not continue the effectiveness of this Agreement as provided in Section 13(b), shall thereafter continue for successive one-year renewal periods upon the mutual agreement of the Asset Manager and the Client (each, a "<u>Renewal Period</u>", and the period during which this Agreement is in effect, the "<u>Term</u>"). Notwithstanding anything to the contrary set forth herein, the rights and obligations of the Parties hereunder are not effective until the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time for Cause (i) by the Client upon at least 30 days prior written notice to the Asset Manager and (ii) by the Asset Manager upon at least 60 days prior written notice to the Client (unless stated otherwise below). Each such notice set forth in this Section 13(b) shall be referred to as a "<u>Termination Notice</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes hereof, the term "<u>Cause</u>" means (i) with respect to the Asset Manager, (A)(I) fraud, (II) bad faith resulting in a breach of this Agreement, or (III) any action or omission constituting gross negligence in performing its obligations under this Agreement, which in each case of (II) or (III) results in a material adverse effect on the Client; *provided*, that the Asset Manager shall have a cure period of 15 days following notice of an occurrence of (I) or (II) if such breach, action or omission, as applicable is curable), (B) an Act of Insolvency occurring with respect to the Asset Manager; *provided* that an Act of Insolvency shall not be deemed to occur if the Asset Manager assigns its obligations under this Agreement to an affiliate that is not subject to an Act of Insolvency, and (C) is dissolved; *provided* that such dissolution shall not be deemed to occur if the Asset Manager assigns its obligations under this Agreement to an affiliate that is not subject to dissolution; and (ii) with respect to the Client (A) a material breach by the Client of its obligations under this Agreement (provided, that the Client shall have a cure period of 30 days following notice of breach in the case of any such breach that is susceptible of cure) or (B) it becomes unlawful under any applicable law (as determined by the Asset Manager in its sole discretion) for the Asset Manager to perform its obligations under the Agreement, in which case the Asset Manager may immediately suspend its performance of all obligations under this Agreement and may terminate this Agreement with three days prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes hereof, "<u>Act of Insolvency</u>" means the Asset Manager (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (ii)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 60 days of the institution or presentation thereof; (iii) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (iv) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; or (v) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 60 days thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that this Agreement is terminated pursuant to Section 13(b) for Cause by the Asset Manager, the Asset Manager shall be entitled to any and all damages and legal remedies arising from or in connection therewith including, but not limited to, direct, indirect, special, consequential, speculative and punitive damages, as well as lost future profits and business in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Termination shall not affect liabilities or obligations incurred or arising from transactions initiated under this Agreement prior to such termination, including the provisions regarding arbitration, which shall survive any expiration or termination of this Agreement. Upon termination, it is the Client's responsibility to monitor the Account Assets and it is understood and acknowledged that the Asset Manager will have no further obligation to act or advise with respect to those Account Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Beginning with the Effective Date, the Asset Manager (including any Asset Manager Affiliate as applicable) shall provide asset management services to Client and its subsidiaries, as contemplated by the terms of this Agreement, with respect to 30% of the aggregate value of Client's Available Capital (such amount the "Asset Manager Allocation"). The remaining 70% of Client's Available Capital shall be managed by Monarq (the "Monarq Allocation"). Neither Client nor its subsidiaries shall employ or contract with any other third party to provide the same or substantially similar services as provided by the Asset Manager with respect to the Asset Manager Allocation without the prior written consent of the Asset Manager, which may be withheld by the Asset Manager in its sole discretion. For the avoidance of doubt, the Asset Manager's consent shall not be required with respect to any asset management relationships relating to Client's Available Capital that are not part of the Asset Manager Allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Asset Manager hereby appoints Monarq as sub-advisor to the Account Assets to reflect the intent of the Monarq Allocation to the extent the Account contains assets relating to both the Asset Manager Allocation and the Monarq Allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Electronic Delivery</u>. The Client hereby agrees and provides its consent to have the Asset Manager electronically deliver Account Communications. "<u>Account Communications</u>" means all current and future account statements; privacy statements; audited financial information, if applicable; this Agreement (including all supplements and amendments hereto); the Asset Manager's Privacy Notice and updates thereto; notices and other information, documents, data and records regarding the Account Assets. Electronic communications include e-mail delivery as well as electronically making available to the Client Account Communications on the Asset Manager's Internet site, if applicable. By signing this Agreement, the Client consents to electronic delivery as described in the preceding three sentences. It is the Client's affirmative obligation to notify the Asset Manager in writing if the Client's email address changes. The Client may revoke or restrict its consent to electronic delivery of Account Communications at any time by notifying the Asset Manager, in writing, of the Client's intention to do so. Neither the Asset Manager nor its affiliates will be liable for any interception of Account Communications. The Client should note that no additional charge for electronic delivery will be assessed, but the Client may incur charges from its Internet service provider or other Internet access provider. In addition, there are risks, such as systems outages, that are associated with electronic delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assignment</u>. This Agreement shall be binding upon and inure to the benefit of the Client, the Asset Manager and their respective successors and permitted assigns. No Party to this Agreement may assign all or any portion of its rights, obligations or liabilities under this Agreement without the consent of the other Party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Agency</u>. Nothing contained herein shall create or constitute the Asset Manager and the Client as members of any partnership, joint venture, association, syndicate, unincorporated business, or other separate entity, nor shall be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Third Party Beneficiaries</u>. This Agreement is not intended to and does not convey any rights to persons not a Party to this Agreement, except that a Covered Person may in its own right enforce Section 11 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement</u>. This Agreement, including the Schedules attached hereto, constitutes the entire agreement between the Parties concerning the subject matter hereof and supersedes all prior agreements and understandings, oral or written, between them regarding such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendments</u>. Except to the extent otherwise expressly provided herein, this Agreement may not be amended except in a writing signed by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Waivers</u>. Each Party may by written consent waive, either prospectively or retrospectively and either for a specified period of time or indefinitely, the operation or effect of any provision of this Agreement. No failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof, nor shall any waiver of any such right constitute any further waiver of such or any other right hereunder. No waiver of any right by any Party hereto shall be construed as a waiver of the same or any other right at any other time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notices</u>. Except as otherwise expressly provided in this Agreement, whenever any notice is required or permitted to be given under any provision of this Agreement, such notice shall be in writing, shall be signed by or on behalf of the Party giving the notice and shall be mailed by first class mail or sent by courier or by email (including email with an attached PDF) or other electronic transmission with confirmation of transmission to the other Party at the address set forth below or to such other address as a Party may from time to time specify to the other Party by such notice hereunder.

If to the Asset Manager:

Canary Capital Group LLC

8 Cadillac Way, Suite 300

Brentwood, TN 37027

Email: legal@canary.capital

If to the Client:

Pineapple Financial Inc.

Unit 200, 111 Gordon Baker RoadNorth York, Ontario M2H 3R1

Email: shubha@gopineapple.com

Attn: Chief Executive Officer

Any such communications, notices, instructions or disclosures shall be deemed duly given when deposited by first class mail address as provided above, when delivered to such address by courier or when sent by email (including email with an attached PDF) or other electronic transmission (with the receipt confirmed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to its principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Submission to Jurisdiction; Consent to Service of Process</u>. The Parties hereto hereby irrevocably submit to the exclusive jurisdiction of and consent to service of process and venue in the state and federal courts in the State of New York, Borough of Manhattan in any dispute, claim, controversy, action, suit or proceeding between the Parties arising out of this Agreement which are permitted to be filed or determined in such court. The Parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. The Parties agree that process may be served in any action, suit or proceeding by mailing copies thereof by registered or certified mail (or its equivalent) postage prepaid, to the Party's address set forth in Section 15(g) of this Agreement or to such other address to which the Party shall have given written notice to the other Party. The Parties agree that such service shall be deemed in every respect effective service of process upon such Party in any such action, suit or proceeding and shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery to such Party. Nothing in this Section 15(i) shall affect the right of the Parties to serve process in any manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Force Majeure</u>. No Party to this Agreement shall be liable for damages resulting from delayed or defective performance when such delays or defects arise out of causes beyond the control and without the fault or negligence of the offending Party. Such causes may include, but are not restricted to, acts of God or of the public enemy, terrorism, acts of the state in its sovereign capacity, fires, floods, earthquakes, power failure, tariffs, government regulations or executive orders, disabling strikes, epidemics, pandemics, quarantine restrictions and freight embargoes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Headings</u>. The headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the Parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Severability</u>. In the event any provision of this Agreement shall be held invalid or unenforceable, by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Counterparts; Electronic Signature and Delivery</u>. This Agreement may be executed in counterparts, including counterparts sent via PDF other electronic transmission, each of which, when taken together shall constitute one and the same instrument. This Agreement may also be executed and delivered by electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed as of the Effective Date.

---

| | |
|:---|:---|
| CANARY CAPITAL GROUP LLC | CANARY CAPITAL GROUP LLC |
| By: |  |
| Name: |  |
| Title: |  |
| PINEAPPLE FINANCIAL INC. | PINEAPPLE FINANCIAL INC. |
| By: |  |
| Name: | Shubha Dasgupta |
| Title: | Chief Executive Officer |

---

Signature Page to Asset Management Agreement

**Schedule A**

**Accounts**

---

| | | | |
|:---|:---|:---|:---|
| **Broker/Custodian** | **Account Number or wallet address** | **Name of Accountholder** | **Type of Account** |
| Bitgo | inj1grg4uhz47a9sh0ak7kz9zq5fkrv8v4w3grre0k | Client (subject to the ownership transfer of the wallet in connection with the satisfaction of the Escrow Release Conditions pursuant to Escrow Agreement) | Custody |
| Any other exchange /platforms/ (re)staking validators Asset Manager reasonably considers is necessary or desirable to use in advancement of the Investment Guidelines | To be advised by the Asset Manager to the Client as soon as is reasonably practicable upon such relevant account or wallet being opened. | Asset Manager FBO Client or Client with admin access to Asset Manager | To be advised by the Asset Manager to the Client as soon as is reasonably practicable upon such relevant account or wallet being opened. |
| Any other accounts or wallets of the Client management authority of which has been delegated to Asset Manager pursuant to this Agreement. | To be advised by the Client to the Asset Manager as soon as is reasonably practicable upon such relevant account or wallet being opened. | TBD | To be advised by the Client to the Asset Manager as soon as is reasonably practicable upon such account or wallet being opened. |

---

Schedule A<br>

**Schedule B Investment Guidelines**

(1) Permitted
 Investments

Subject to the restrictions in (2) and (3) below, the Asset Manager shall invest the Account Assets principally with a long-only strategy in the INJ token, including staking (and restaking) to improve returns.

(2) Non-Permitted
 Investments without Prior Approval from the Client

The following transactions shall not be permitted without the prior approval of the Client:

● purchases of digital assets on terms, or as part of an arrangement, that restricts the Client's ability to sell the purchased digital assets for more than 90 days; and

● transactions with values in excess of $500,000 whereby the Asset Manager or any of its affiliated entities is the counterparty.

Prohibited Investments

Any investment of a nature that would constitute "investment securities" as that term is defined in the Investment Company Act or that would require the registration of the Client as an investment company under the Investment Company Act.

(3) Position
 Exposure

As mutually agreed by the Parties in writing from time to time.

(4) Investment
 Restrictions

The Client acknowledges and agrees that (a) no assurance, representation or guarantee has been given to it by the Asset Manager, or by any other person, that the Asset Manager's management of the Account will generate profits or that past results of the investment strategy or other clients of the Asset Manager are necessarily indicative of future performance; and (b) all risks relating to transactions effected by the Asset Manager on behalf of the Account under this Agreement shall be borne by the Client and all gains or losses accruing in respect of the Account Assets shall belong to and be borne by the Client.

Schedule B<br>

**Schedule C**

**Client's List of Authorized Persons**

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Specimen Signature** |
|  | Chief Executive Officer |  |
|  | Chief Financial Officer |  |

---

Schedule C<br>

**Schedule D**

**Fees**

Beginning on the Effective Date, for its services under the Agreement, the Client will pay, or cause to be paid, to the Asset Manager fees determined as follows.

**Asset-based Fee**

The Client shall pay the Asset Manager an asset-based fee (the "<u>Asset-based Fee</u>") equal to 1.00% per annum, of the Account Assets, which shall be calculated and paid at the end of each quarter, as determined by Asset Manager in a commercially reasonable manner and in good faith, by reference to, where applicable, available prices on Coinmarketcap.com as of 4:00PM ET on such day. For any asset prices not available on Coinmarketcap.com, Asset Manager shall determine the value of such assets in a commercially reasonable manner and in good faith by reference to reputable industry sources. For partial periods due to the Client contributing additional cash under the Asset Manager's management or termination of the Asset Management Agreement to which this Schedule D is attached on any date that is not the last business day of a calendar month, the Asset-based Fee shall be prorated based on the number of days in each month on which the assets are managed).

For the avoidance of doubt, the fact that an Account Asset is staked shall not change the fees otherwise applicable to that asset set forth above.

The Asset Manager will render invoices quarterly to the Custodian and deduct directly the Asset- based Fee from the Account pursuant to its power-of-attorney.

Schedule D<br>

## Exhibit 10.6

**Exhibit 10.6**

**<u>TRADING ADVISORY AGREEMENT</u>**

This **TRADING ADVISORY AGREEMENT** (this "<u>Agreement</u>"), effective as of this 4th day of September 2025, is between Monarq Asset Management LLC, a Delaware limited liability company (the "<u>Advisor</u>"), and Pineapple Financial Inc., a corporation continued and existing under the Canada Business Corporations Act (the "<u>Client</u>").

**RECITALS**

The Client wishes to retain the Advisor to provide trading management services upon the terms and conditions of this Agreement.

**AGREEMENT**

In consideration of the premises and mutual agreements herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Allocation of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Client hereby appoints the Advisor to manage the investment of all digital assets, digital asset derivatives, cash and other assets contained in the account (which account, together with all gains, losses, additions, and withdrawals occurring during the term of this Agreement, is herein referred to as the "<u>Account</u>") established by the Client with Bitgo Trust Company, Inc.**,** (the "<u>Custodian</u>"), and the Advisor hereby accepts such appointment, on the terms and conditions set forth in this Agreement. The Advisor shall act as the sole and exclusive investment Advisor retained by the Client with respect to the Account, and shall have sole and exclusive authority, discretion and responsibility for directing the trading of the Account at such times, in such amounts and at such prices as the Advisor shall determine in its sole discretion in accordance with this Agreement. During the term of this Agreement, the Client shall have no authority to retain any additional advisors to manage the trading of the Account, to substitute the Advisor, or otherwise authorize any other person or entity to take any action or have any authority with respect to the Account, in each case, without the prior written consent of the Advisor, <u>provided that</u> the Client may retain additional advisors or substitute the Advisor if the Client reasonably determines that the Advisor has engaged in bad faith, gross negligence, or willful misconduct in the performance or non-performance of its obligations under this Agreement. Notwithstanding anything to the contrary in this Section 1(a), the Advisor hereby agrees and acknowledges that the Client may establish one or more separate accounts, including with the Custodian, which accounts shall not be subject to the exclusivity provisions of this Section 1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties agree that the Client shall deposit into the Account, in addition to other deposits, as the case may be, certain cash net proceeds and in-kind contributions of assets raised in an offering of the Client's securities in accordance with that certain Purchase Agreement (the "Purchase Agreement"), dated on or around September 1, 2025, between the Client and each purchaser identified in the signature pages thereto (the "<u>Initial Funding</u>"), as follows: (i) certain Escrowed Cash Proceeds (as defined in the Purchase Agreement) shall be deposited in the Account as soon as practicable following the Escrow Release Date (as such term is defined in that certain Subscription Rights Agreement attached as Exhibit E to the Purchase Agreement), and (ii) certain Escrowed INJ Proceeds (as defined in the Purchase Agreement) shall be deposited in the Account as soon as practicable following the satisfaction of certain transfer conditions including (A) satisfaction or waiver of the Escrow Release Conditions (as defined in the Purchase Agreement), (B) establishment of a whitelisted wallet with the Custodian, and (C) establishment of the technical capabilities of the Injective blockhain to transfer such Escrowed INJ Proceeds to such wallet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Client may make no more than one withdrawal from the Account per calendar quarter. Each withdrawal shall not exceed $10,000 in value of INJ, calculated based on the 30- day trailing time-weighted average price of INJ as published by CoinMarketCap (https://coinmarketcap.com/) on the date of the withdrawal request. Following the first anniversary of this Agreement, the Client may make a withdrawal in excess of $10,000 for legitimate business purposes if such withdrawal is approved in advance by the independent members of the Client's board of directors and the Client provides the Advisor with evidence of such approval in connection with the withdrawal request. Notwithstanding the foregoing, any withdrawal that would result in the Client withdrawing more than 50.1% of the total value of the Account shall also require the prior approval of shareholders holding not less than 50.1% of the voting power of the Client's outstanding common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Ownership of Account Assets</u>. Notwithstanding anything herein to the contrary, all assets in the Account are assets of, and solely owned by, the Client and remain such at all times. No right, duty, power or authorization granted to Advisor herein shall affect or be deemed to affect in any manner the Client's sole ownership of all Account assets. All transactions authorized by this Agreement for the Account shall be made on behalf of and at the risk of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Authority of Advisor</u>. The Advisor is authorized, on behalf of the Client, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) buy, sell (including short sales), stake, and trade in (i) any cryptocurrencies, digital currencies, virtual currencies, digital tokens, virtual tokens, utility tokens, other currencies and tokens that may be maintained on a distributed ledger, and/or other similar digital assets, including decentralized finance tokens or other products based on distributed ledgers, (ii) any commodity, futures contract, security futures contract, forward contract, foreign exchange commitment, swap contract, exchange for physical or spot (cash) commodity (iii) any option, warrant or other right on or pertaining to any of the foregoing, anywhere throughout the world, or (iii) any other financial product or financial instrument or spot (cash) commodity, including spot cryptocurrencies and related derivative contracts traded on centralized and decentralized exchanges and/or in over-the-counter markets, as may be determined from time to time by the Advisor (such instruments described in the foregoing clauses (i), (ii) and (iii), collectively, "<u>Financial Instruments</u>"), on margin or otherwise, for the Client's account and risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Section 3 to the contrary, Advisor shall allocate no less than 90% of the Account to a long-only strategy principally consisting of INJ and Financial Instruments relating to INJ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make all decisions relating to the manner, method and timing of trading transactions effected in the Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise voting rights and make similar decisions on behalf of the Client with respect to Financial Instruments held in the Account that are accompanied by such rights, and instruct any custodian of Account assets to take any action or non-action with respect to actions, of which the Advisor has knowledge from the Custodian or otherwise, for Financial Instruments held in the Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) combine purchase or sale orders on behalf of the Client, with respect to the Account, together with other accounts to which the Advisor provides trading management services or accounts of affiliates of the Advisor ("<u>Other Accounts</u>") and allocate the Financial Instruments so purchased or sold, among the Account and such Other Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) enter into arrangements with brokers to open "average price" accounts wherein orders placed during a trading day are placed on behalf of the Client, with respect to the Account, and the Other Accounts and are allocated among such accounts using an average price or other equitable allocation procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) open, maintain, conduct and close accounts with executing brokers, staking and restaking service providers ("<u>Staking Service Providers</u>") and other intermediaries, and issue orders and directions to such executing brokers, Staking Service Providers and other intermediaries with respect to the application and disposition of the assets in the Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) take all such other actions that the Advisor considers necessary or advisable to exercise its powers and carry out its duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Power of Attorney</u>. To enable the Advisor to exercise fully its discretion in managing the Account in accordance with this Agreement, the Client hereby constitutes and appoints the Advisor as its agent and true and lawful attorney-in-fact with full power and authority in the Client's name, place and stead to effect transactions in Financial Instruments for the Client's account and risk, and to make, execute, sign, and acknowledge, on behalf of the Client, any and all agreements, certificates, documents and instruments necessary or appropriate to enable the Advisor to trade the Account, as contemplated hereby. The Custodian is authorized and empowered to follow the instructions of the Advisor, as agent and attorney-in-fact for the Client, in every respect with regard to any such trades, purchases or sales, on margin or otherwise, and the Client hereby ratifies and confirms any and all transactions, trades or dealings effected for the Client by the Advisor. This power of attorney is coupled with an interest and is a continuing power and shall remain in full force and effect unless and until this Agreement has been terminated in accordance with Section 14 hereof; provided, however, any such termination shall not affect or be deemed to affect any transaction initiated by the Advisor prior to the effectiveness of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Client shall pay to the Advisor the compensation described on <u>Exhibit A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All expenses incurred directly or indirectly in connection with the transactions effected or positions held in the Account pursuant to the Advisor's exercise of its duties hereunder and other related expenses incurred by the Advisor on behalf of the Client in connection with the Account shall be borne by the Client and shall be billed directly to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Transactions Subject Applicable Law and Rules</u>. All transactions executed for the Account will be subject to the constitution, laws, rules, regulations and customs, as they may be amended, governing the exchanges or other markets on which such transactions are executed, and any other applicable laws or regulations. If any provision of this Agreement is or at any time becomes inconsistent with any present or future law, rule, or regulation of any exchange, or of any sovereign government agency or a self-regulatory body thereof, such provision will be deemed to be superseded or modified to conform to such law, rule or regulation, but in all other respects this Agreement will continue and remain in full force and effect

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Advisor</u>. The Advisor represents and warrants to the Client that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has the right, power and authority to execute and deliver this Agreement and undertake the obligations contemplated hereby. The execution, delivery and performance by the Advisor of this Agreement and all obligations contemplated hereby have been duly and properly authorized by all requisite action in accordance with applicable law and with the Advisor's organizational documents. This Agreement has been duly executed and delivered by the Advisor, and constitutes the legal, valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement and the incurrence of the obligations set forth in this Agreement will not violate, conflict with or constitute a breach of, or default under, any instrument by which the Advisor is bound or any law, statute, order, rule or regulation applicable to the Advisor of any court or any governmental body, administrative agency, regulatory or self-regulatory organization having jurisdiction over the Advisor where such violation, conflict, breach or default would have a material adverse effect on the Advisor's ability to perform its duties under this Agreement or conduct its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is in compliance and will continue to comply in all material respects with all laws, rules and regulations having application to its business, properties and assets, including, but not limited to, any applicable federal and state securities, commodities and futures laws, rules and regulations.

The foregoing representations and warranties shall be continuing during the term of this Agreement, and if at any time any of the foregoing representations or warranties become untrue or inaccurate in any material respect, the Advisor shall promptly notify the Client in writing of that fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Client</u>. The Client represents and warrants to the Advisor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has the right, power and authority to execute and deliver this Agreement and undertake the obligations contemplated hereby. The execution, delivery and performance by the Client of this Agreement and all obligations contemplated hereby have been duly and properly authorized by all requisite action in accordance with applicable law and with the Client's organizational documents. This Agreement has been duly executed and delivered by the Client, and constitutes the legal, valid and binding obligation of the Client, enforceable against the Client in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement and the incurrence of the obligations set forth in this Agreement will not violate, conflict with or constitute a breach of, or default under, any instrument by which the Client is bound or any law, statute, order, rule or regulation applicable to the Client of any court or any governmental body, administrative agency, regulatory or self-regulatory organization having jurisdiction over the Client that would have a material adverse effect on the Client's ability to perform its duties under this Agreement or conduct its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Client is in compliance and will continue to comply in all material respects with all laws, rules and regulations having application to its business, properties and assets, including, but not limited to, any applicable federal and state securities, commodities and futures laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There is neither any pending nor, to the Client's knowledge, threatened, investigation, action, suit or proceeding before or by any court or other governmental, regulatory or self-regulatory authority or other body to which the Client or any entity or person under control of, controlled by or under common control with the Client (a "<u>Client Affiliate</u>") is a party or to which any material portion of the assets of the Client or any Client Affiliate are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Client is not (i) an "employee benefit plan" within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), that is subject to ERISA, (ii) a "plan" as defined in Section 4975 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), (iii) an entity the assets of which are deemed to be the assets of such an employee benefit plan or plan as a result of the operation of ERISA and the regulations issued thereunder, or (iv) an entity the assets of which are subject to laws that operate in a manner similar to Section 404 or 406 of ERISA or Section 4975 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Client is not a "U.S. person" as defined by Commodity Futures Trading Commission ("<u>CFTC</u>") Rule 23.23(a) and the CFTC's 2013 Interpretive Guidance and Policy Statement Regarding Compliance With Certain Swap Regulations, and is a "Non-United States person" as defined in CFTC Rule 4.7(a)(4).The Client understands all material risks involved in the anticipated trading to be conducted for the Account by the Advisor.

The foregoing representations and warranties shall be continuing during the term of this Agreement, and if at any time any of the foregoing representations or warranties become untrue or inaccurate in any material respect, the Client shall promptly notify the Advisor in writing of that fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Executing Brokers and Counterparties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor may place orders for transactions for the Account through any executing broker or counterparty (whether on the floor of an exchange or otherwise), which may be unrelated to the Custodian, as determined by the Advisor in its sole discretion. Executed trades will then be "given up" to the Custodian for the benefit of the Account. Orders executed in this manner will result in "give-up" fees that will be charged to the Account in addition to the brokerage commissions charged by the Custodian. The Client hereby authorizes the Advisor to enter into execution or give-up agreements on behalf of the Client with the Custodian and executing brokers, and agrees to be bound by such agreements. All fees and expenses (including "give-up" fees) payable to the Custodian, any executing broker or counterparty with respect to the Account, including custodial fees, administration fees, brokerage commissions, clearing fees, interest and withholding or transfer taxes, shall be borne by the Client and shall be paid out of or deducted from the Account. The Client understands that the Advisor will not be responsible for the execution or clearance of the Client's trades once complete orders have been transmitted to the executing brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Client acknowledges and agrees that it may not be the Advisor's practice to negotiate "execution only" commission rates; therefore, the Client may be deemed to be paying for other brokerage and research services provided by the applicable broker, dealer or counterparty that are included in the commission rate. The Advisor may derive substantial direct or indirect benefit from these services, particularly to the extent it uses them to pay for expenses that it would otherwise be required to pay. The investment information received from brokers, dealers and/or counterparties may be used by the Advisor in servicing Other Clients, and not all such information may be used by the Advisor in connection with the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Limitations on Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Client acknowledges and agrees that the actions taken by the Advisor pursuant to this Agreement are based on its analysis of data and information believed by the Advisor to be reliable and accurate, but not guaranteed. Consequently, none of the Advisor, its affiliates and its and their respective principals, managers, members, officers, directors, employees, shareholders, partners or other applicable representatives (the "<u>Advisor Parties</u>") shall be liable to the Client or any of its affiliates or their respective principals, managers, members, officers, directors, employees, shareholders, partners or other applicable representatives (the "<u>Client Parties</u>") or to third parties under this Agreement for any loss (including for any loss due to the action or inaction of any person or entity retained by the Client) sustained by any of the Client Parties arising out of this Agreement or the Advisor's actions or omissions in connection herewith, including, but not limited to, losses resulting from trading errors, except by reason of acts or omissions found by a court of competent jurisdiction upon entry of a final, non-appealable judgment to have been the result of the Advisor's bad faith, gross negligence, or willful misconduct in the performance or non-performance of its obligations under this Agreement. All trading activity concerning the Account hereunder shall be for the account and risk of the Client and, except as otherwise provided herein, the Advisor shall not incur any liability for profits or losses resulting therefrom, or any expenses related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advisor Parties shall not be liable to the Client Parties or to third parties for any taxes assessed upon or payable by any of them wheresoever the same may be assessed or imposed and whether directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Client shall indemnify and hold harmless the Advisor Parties (each, an "<u>Indemnified Party</u>") from and against, any and all losses, claims, damages, liabilities, costs and expenses (including, but not limited to, attorneys' and accountants' fees and disbursements), judgments and amounts paid in settlement (collectively, "<u>Losses</u>"), relating to or arising out of Advisor's engagement hereunder or the provision of services hereunder, except for Losses found by a court of competent jurisdiction upon entry of a final non-appealable judgment to have been the result of the Advisor's bad faith, gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after receipt of notice of any third party action, arbitration, claim, demand, dispute, investigation, lawsuit or other proceeding (each a "<u>Proceeding</u>"), the Indemnified Party shall notify the Client in writing if a claim is to be made under this Agreement; provided that the failure to notify the Client shall not relieve the Client from any liability that the Client may have to the Indemnified Party under this Section 11 or from any obligation or liability that it may have to the Indemnified Party otherwise than under this Section 11, except and only to the extent that the Indemnified Party's failure to give such notice actually and materially prejudices the rights of the Client. The Client shall be entitled to assume the defense of any Proceeding with the assistance of counsel reasonably satisfactory to the Indemnified Party if it provides notice of such assumption within fifteen (15) days after learning of such claim. The Indemnified Party shall have the right to retain its own counsel, but, subject to Section 11(c) the fees and expenses of such counsel shall be at the Indemnified Party's own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that (i) the Client fails to assume the defense within the time period described above, (ii) the Client fails to diligently conduct the defense of the Proceeding, (iii) the Proceeding seeks injunctive or other equitable relief; (iv) the Indemnified Party determines that its interests are or may be adverse, in whole or in part, to the interests of the Client or that there may be legal defenses available to the Indemnified Party that are or may be different from, in addition to, or inconsistent with the defenses available to the Client, or (v) the Client and the Indemnified Party so agree, the Indemnified Party shall have the right to conduct the defense of such claim in good faith and to compromise and settle the claim without the prior consent of the Client, and the Client will be liable for all costs, expenses, settlement amounts or other Losses actually paid or incurred by the Indemnified Party in connection therewith. In such event, the Client shall advance to any Indemnified Party reasonable attorneys' fees and other costs and expenses incurred in connection with the defense of any such Proceeding. In the event that such an advance is made, the Indemnified Party shall agree (or, if a party hereto, hereby agrees) to reimburse the Client for such fees, costs and expenses to the extent that it shall be determined that it was not entitled to indemnification under this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Client shall not settle any Proceeding under this Section 11 without the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The foregoing provisions for indemnification shall be in addition to, and shall in no respect limit or restrict, any other remedies that may be available to a party under this Agreement, at law, in equity or otherwise in connection with any breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Non-Exclusive Services</u>. The Client hereby acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The services provided by the Advisor hereunder are not to be deemed exclusive. The Advisor and its affiliates may act as trading advisor or sponsor or in any other capacity with respect to other clients, accounts and pooled investment vehicles ("<u>Other Clients</u>") and may provide trading management services, give advice and take action with respect to any Other Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advisor and its affiliates may invest in, advise, sponsor and/or act as an trading advisor, sponsor or general partner or in any other capacity with respect to Other Clients that may have investment objectives similar to those of the Advisor and may compete with the Account for investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Advisor and its affiliates may give advice and engage in transactions or cause or advise Other Clients to engage in transactions that may differ from or be similar or identical to the transactions engaged in by, the advice given, or the timing or nature of action taken, with respect to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidential Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Client will have access to (i) trade secrets and other non-public information relating to the Advisor or its affiliates, which may include, but not be limited to: trading or investment strategies, methodologies and results; trading or investment systems; investment positions (whether of the Account or otherwise); risk management models; revenue models; quantitative and other strategies and methodologies, procedures and techniques; business plans and strategies, pricing and other financial information; lists of investors, vendors and suppliers; any confidential information of any such investors, vendors or suppliers; and other proprietary technologies and processes and other proprietary information used by the Advisor in connection with its business and/or that the Advisor or any of its affiliates is obligated to any third party to maintain as confidential, and (ii) information concerning the Advisor's or its affiliates' investment or trading performance, including the profits and losses therefrom, return on investment and other performance or "track record" information (collectively, the "<u>Confidential Information</u>"). The Client acknowledges that the Confidential Information is vital, sensitive, confidential and proprietary to the Advisor and/or its affiliates. Notwithstanding the generality of the foregoing, clause (i) of the definition of "Confidential Information" does not include any information, materials, or data that: (x) becomes rightfully known to the Client other than as a result of the performance of the Advisor's duties under this Agreement; or (y) is or becomes generally available to the public, other than as a result of the Client's unauthorized direct or indirect acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During and after the term of this Agreement, the Client shall (i) hold the Confidential Information in the strictest confidence and take all reasonable precautions to prevent the inadvertent disclosure of Confidential Information to any unauthorized individual or entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not disclose directly or indirectly to any person or entity, including, but not limited to, its affiliates, shareholders, members and investors, or otherwise use the Confidential Information for any purpose whatsoever other than for the purpose of evaluating and monitoring the trading and performance of the Account. Moreover, the Client agrees to reveal the Confidential Information only to such of its representatives, officers, directors and employees who need to know the Confidential Information for the purpose of evaluating the trading and performance of the Account, who are informed by the Client of the confidential nature of the Confidential Information and who agree to treat the Confidential Information as confidential and proprietary, and the Client shall be liable for any breach of this Section 13 by any of such persons or entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As between the Client and the Advisor, the Advisor is and shall remain the exclusive owner of all rights, title, and interest in and to the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party acknowledges and agrees that the covenants set forth in this Section 13 (the "<u>Covenants</u>") are reasonable and necessary for the protection of the Advisor's business interests, that the Advisor would not have entered into this Agreement without such Covenants, that irreparable injury will result to the Advisor if the Client breaches any of the terms of the Covenants, and that in the event of the actual or threatened breach of any of the Covenants, the Advisor will have no adequate remedy at law. Each party accordingly agrees that in the event of any actual or threatened breach by the Client of any of the Covenants, the Advisor shall be entitled to immediate temporary injunctive and other equitable relief with respect to such actual or threatened breach, without the necessity of showing actual monetary damages or of posting any bond or other security. Nothing contained herein shall be construed as prohibiting the Advisor from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of any damages. The agreements of indemnity contained herein shall be in addition to, and shall in no respect limit or restrict, any other remedies that may be available to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Term and Termination</u>

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term of this Agreement shall commence on the date hereof and shall, unless terminated early in accordance with the provisions of this Section 14, continue in effect until the third anniversary of the date of this Agreement (the "Initial Term"). Upon expiration of the Initial Term, this Agreement shall automatically renew for successive one (1) year periods (each, a "Renewal Term") unless either party provides written notice of its intention not to renew at least thirty (30) days prior to the expiration of the Initial Term or any Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated by either party upon a material breach of the Agreement by the other party, unless such breach shall have been cured by the defaulting party or waived by the non-defaulting party within fifteen (15) days after receipt of written notice of such breach from the non-defaulting party; or (iii) immediately by one party if the other party is dissolved, becomes insolvent, is unable to pay its debts as they fall due, makes a general assignment, arrangement or composition with or for the benefit of its creditors, institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy, or if a liquidator, administrator or equivalent is appointed in respect of such party or substantially all of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The following shall survive the termination of this Agreement: (i) each party's accrued rights and obligations as of the date of termination and (ii) the provisions of Sections 10, 11, 13, 14(c), and 21 through 30.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Agency</u>. For all purposes of this Agreement, the Advisor shall be an agent. Nothing in this Agreement shall be construed as making the Client an employee, partner or joint venturer with the Advisor and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Force Majeure</u>. Notwithstanding any other provision contained in this Agreement, no party shall be liable for any action taken, delay or any failure to take any action required to be taken hereunder or otherwise to fulfill its obligations hereunder in the event and to the extent that the taking of such action, delay or such failure arises out of or is caused by or directly or indirectly due to war, act of terrorism, insurrection, riot, labor disputes, civil commotion, act of God, accident, fire, water damage, loss of power, explosion, any law, decree, regulation or order of any government or governmental body (including any court or tribunal), or any other cause (whether similar or dissimilar to any of the foregoing) whatsoever beyond its reasonable control or the reasonable control of any delegate. The non- performing party shall use all reasonable efforts to minimize the effect of any force majeure. In any such event, the non-performing party shall be excused from any further performance and observance of the obligations so affected only for so long as such circumstances prevail and such party continues to use commercially reasonable efforts to recommence performance or observance as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Assignment</u>. The Client may not assign, by operation of law or otherwise, all or any portion of its rights, obligations or liabilities under this Agreement without the express prior written consent of the Advisor. The Advisor may assign all or any portion of its rights, obligations, or liabilities under this Agreement to any affiliate of the Advisor or any successor to substantially all of the Advisor's business without the Client's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and the successors and permitted assigns of each of them, and no other person or entity (except as otherwise provided herein) shall have any right or obligation under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Amendment or Modification</u>. This Agreement may not be amended or modified except by the written consent of all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. Whenever notice is required to be given by the provisions of this Agreement, such notice shall, except as otherwise specifically provided herein, be in writing and shall be deemed to have been duly given upon (i) the date such notice is delivered personally to the recipient, (ii) one (1) business day after delivery to the recipient by reputable overnight courier service (charges prepaid), (iii) in the case of email, upon confirmation of receipt, or (iv) five (5) calendar days after the date mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices shall be sent to the following addresses (or such other addresses as may be designated by a party by giving notice in accordance with this Section 20):

If to the Advisor:

Monarq Asset Management LLC

c/o Harneys Fiduciary (Cayman) Ltd.

4th Floor, Harbour Place

103 South Church Street, P.O. Box 10240

Grand Cayman, KY1-1002, Cayman Islands

Email:

Phone:

If to the Client:

Pineapple Financial Inc.

Unit 200, 111 Gordon Baker Road

North York, Ontario M2H 3R1

Email: shubha@gopineapple.com

Attn: Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Severability</u>. If any provision of this Agreement, or the application of any provision to any person, entity or circumstance, shall be held to be inconsistent with any present or future law, ruling, rule or regulation of any court or governmental or regulatory authority having jurisdiction over the subject matter hereof, such provision shall be deemed to be rescinded or modified in accordance with such law, ruling, rule, or regulation and the remainder of this Agreement, or the application of such provision to persons, entities or circumstances other than those as to which it shall be held inconsistent, shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>No Waiver</u>. No failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver granted hereunder must be in writing and shall be valid only in the specific instance in which given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Governing Law</u>. The parties agree that this Agreement shall be governed by and construed in accordance with the laws of New York, as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Venue</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that any suit, action, or proceeding arising directly, indirectly, or otherwise, in connection with, out of, related to, or from, this Agreement, any breach hereof, or any transaction covered hereby, shall be resolved exclusively within the State of New York, Borough of Manhattan. Accordingly, the parties irrevocably consent and submit to the exclusive jurisdiction of such courts located within the State of New York, Borough of Manhattan and may not claim that any such suit, action, or proceedings has been brought in an inconvenient forum. The parties hereby further irrevocably consent to the service of process out of any of the aforesaid courts. Nothing contained herein shall affect the right of the parties to commence any action, suit, or proceeding or otherwise to proceed against the other party in any other jurisdiction or to service of process upon the other party in any manner permitted by any applicable law in any relevant jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Consequential Damages</u>. IN NO EVENT WILL THE ADVISOR BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL OR PUNITIVE DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS, LOSS OF USE, BUSINESS INTERRUPTION, LOSS OF DATA OR OTHER PECUNIARY LOSS), IN CONNECTION WITH THIS AGREEMENT, WHETHER BASED UPON CONTRACT, TORT OR ANY OTHER LEGAL THEORY, INCLUDING NEGLIGENCE, EVEN IF THE ADVISOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Headings</u>. Headings to sections herein are for the convenience of the parties only, and are not intended to be or to affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Complete Agreement</u>. Except as otherwise provided herein, this Agreement, including the Exhibits attached hereto, constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding upon the parties hereto with respect to the subject matter herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one original instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>No Third-Party Beneficiaries</u>. Nothing contained in this Agreement, express or implied, is intended to confer upon any person or entity, other than the parties and any permitted successors and assigns hereto, any rights or remedies under or by reason of this Agreement, other than Sections 10 and 11 (which are intended to be for the benefit of the persons and entities covered thereby and may be enforced by such parties). The terms "successors" and "assigns" shall not include any members, shareholders or investors of the Client and no members, shareholders or investors of the Client shall have any rights or otherwise be a third party beneficiary hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. <u>Sales Literature and Reports</u>. No sales literature or reports to investors describing the Advisor, its investment strategies, personnel or performance (other than the performance of the Client) will be distributed by the Client or its agents without the prior written approval of the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. <u>Consent to Electronic Delivery</u>. The Client hereby consents to the delivery of documents (including, but not limited to, privacy notices and periodic account statements) and communications hereunder by electronic mail in lieu of paper copies, at the e-mail address set forth on the signature page hereto (as may be updated by the Client from time to time). Such e-mail correspondence sent to the Client shall include either an attached copy of, or hyperlink to, any documents being transmitted thereby. Documents delivered by e-mail notification may be in HTML or standard PDF format, and delivery by such method shall constitute good and effective delivery of the documents hereunder. The Client agrees to promptly notify the Advisor of any changes to its e-mail address set forth herein, or in the event that the Client (i) is unable to receive or access e-mail correspondence or any document or document link included in any e-mail correspondence, or (ii) does not receive expected e-mail correspondence from the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. <u>No Strict Construction</u>. The language used in this Agreement shall be deemed to be the language chosen by the parties to this Agreement to express their mutual intent, and no rule of strict construction shall be applied against any party to this Agreement.

**(Remainder of this page intentionally left blank.**

**Signature page follows.)**

**IN WITNESS WHEREOF**, this Trading Advisory Agreement has been executed for and on behalf of the undersigned as of the date first written above.

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| | |
|:---|:---|
| **PINEAPPLE FINANCIAL INC.** | **PINEAPPLE FINANCIAL INC.** |
| By: |  |
| Name: | Shubha Dasgupta |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| **MONARQ ASSET MANAGEMENT LLC** |
| By: |
| Name: |
| Title: |

---

**EXHIBIT A**

**COMPENSATION**

1. <u>Management Fee</u>. The Client agrees to pay to the Advisor a quarterly management fee (the "<u>Management Fee</u>") equal to 0.25% (a **1.0**% annual rate) of the Account Equity as of the beginning of each calendar quarter regardless of whether there are realized or unrealized profits with respect to the Account. The Management Fee for any quarter will be prorated for any additions to the Account during the quarter. In the event that this Agreement is terminated other than at a calendar quarter-end, the Client shall receive a prorated refund of the unearned management fee attributable to the remainder of such calendar quarter.

2. <u>Definitions</u>. For purposes of this Exhibit, the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Account Equity</u>" means the value as of any date of the Financial Instruments and other assets in the Account, together with any accrued interest and market value of all open positions before reduction for any Management Fees then being calculated.

3. <u>Payment of Fees</u>. After the close of business of each calendar quarter, the Advisor will calculate and record all fees that may be due and payable according to this Agreement. The Advisor will prepare an invoice setting forth the amount of Management Fees payable and will furnish such invoice to the Client for payment. The Client agrees that Management Fees are due and payable within ten business days of the date of an invoice.

EXHIBIT A

AUTHORIZED WITHDRAWAL PURPOSES

## Exhibit 10.7

**Exhibit 10.7**

**COMMON STOCK PURCHASE AGREEMENT**

This Common Stock Purchase Agreement (this "**<u>Agreement</u>**") is entered into effective as August [-], 2025 (the "**<u>Execution Date</u>**"), by and between Pineapple Financial Inc., a Canada company (the "**<u>Company</u>**"), and White Lion Capital, LLC, a Nevada limited liability company (the "**<u>Investor</u>**").

**WHEREAS**, the parties desire that, upon the terms and subject to the conditions contained herein, the Investor shall purchase, from time to time, as provided herein, and the Company shall issue and sell up to Two Hundred Fifty Million Dollars ($250,000,000) of the Company's Common Stock(as defined below);

**WHEREAS**, such sales of Common Stock by the Company to the Investor will be made in reliance upon the exemption provided by Section 4(a)(2) of the Securities Act ("**<u>Section 4(a)(2)</u>**") and Rule 506(b) of Regulation D ("**<u>Regulation D</u>**") promulgated thereunder, and upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the issuances and sales of Common Stock by the Company to the Investor to be made hereunder;

**WHEREAS**, the parties hereto are concurrently entering into the Registration Rights Agreement (as defined below), pursuant to which the Company shall register the resale of the Registrable Securities (as defined in the Registration Rights Agreement), upon the terms and subject to the conditions set forth therein; and

**WHEREAS,** in consideration for the Investor's execution and delivery of this Agreement, the Company shall issue to the Investor the Commitment Shares (as defined herein), pursuant to and in accordance with Section 6.4;

**NOW, THEREFORE**, the parties hereto agree as follows:

**ARTICLE I**

**CERTAIN DEFINITIONS**

**Section 1.1 <u>DEFINED TERMS</u>**. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

"**<u>Agreement</u>**" shall have the meaning specified in the preamble hereof.

"**<u>Average Daily Trading Volume</u>**" shall mean the median daily trading volume of the Company's Common Stock over the most recent five (5) Business Days immediately preceding the date of delivery of a Purchase Notice.

"**<u>Bankruptcy Law</u>**" means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

"**<u>Beneficial Ownership Limitation</u>**" shall have the meaning specified in <u>Section 7.2(g)</u>.

"**<u>Business Day</u>**" shall mean any full day in which the Principal Market are opened.

"**<u>Claim Notice</u>**" shall have the meaning specified in <u>Section 9.3(a)</u>.

"**<u>Clearing Costs</u>**" shall mean the Investor's broker and Transfer Agent costs with respect to each deposit of Securities.

"**<u>Closing</u>**" shall mean the closing of a purchase and sale of shares of Common Stock as described in <u>Section 2.1</u>.

"**<u>Commitment Amount</u>**" shall mean two hundred fifty million dollars ($250,000,000)

"**<u>Commitment Period</u>**" shall mean the period commencing on the Execution Date and ending on the earlier of (i) the date on which the Investor shall have purchased an aggregate number of Purchase Notice Shares pursuant to this Agreement equal to the Commitment Amount or (ii) twenty four (24) months following the Execution Date

"**<u>Commitment Shares</u>**" shall have the meaning specified in <u>Section 6.4</u>.

"**<u>Common Stock</u>**" shall mean the Company's Class A ordinary share, no par value, and any shares of any other class of ordinary shares, whether now or hereafter authorized, having the right to participate in the distribution of dividends (as and when declared) and assets (upon liquidation of the Company).

"**<u>Common Stock Equivalents</u>**" means any securities of the Company entitling the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant, or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

"**<u>Company</u>**" shall have the meaning specified in the preamble to this Agreement.

"**<u>Current Report</u>**" has the meaning set forth in <u>Section 6.2</u>.

"**<u>Custodian</u>**" means any receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.

"**<u>Damages</u>**" shall mean any loss, claim, damage, liability, cost, and expense (including, without limitation, reasonable attorneys' fees and disbursements and costs and expenses of expert witnesses and investigation).

"**<u>Designated Brokerage Account</u>**" shall mean the brokerage account provided by the Investor for the delivery of the applicable Securities.

"**<u>Disclosure Schedules</u>**" means the Disclosure Schedules of the Company delivered concurrently herewith.

"**<u>Document Preparation Fee</u>**" Thirty Thousand Dollars ($30,000)

"**<u>DTC/FAST Program</u>**" shall mean the DTC's Fast Automated Securities Transfer Program.

"**<u>DTC</u>**" shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.

"**<u>DWAC Eligible</u>**" shall mean that (a) the Common Stock are eligible at DTC for full services pursuant to DTC's Operational Arrangements, including, without limitation, transfer through DTC's DWAC system, (b) the Company has been approved (without revocation) by the DTC's underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Securities are otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery of the Securities, as applicable, via DWAC.

"**<u>DWAC Shares</u>**" means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction on resale, and (iii) timely credited by the Company to the Investor's or its designee's specified DWAC account with DTC under the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the same function.

"**<u>DWAC</u>**" shall mean Deposit Withdrawal at Custodian as defined by the DTC.

"**<u>Exchange Act</u>**" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"**<u>Exchange Cap</u>**" shall have the meaning set forth in <u>Section 7.1(c)</u>.

"**<u>Execution Date</u>**" shall have the meaning set forth in the first paragraph of this Agreement.

"**<u>Indemnified Party</u>**" shall have the meaning specified in <u>Section 9.1</u>.

"**<u>Indemnifying Party</u>**" shall have the meaning specified in <u>Section 9.1</u>.

"**<u>Indemnity Notice</u>**" shall have the meaning specified in <u>Section 9.3(b)</u>.

"**<u>Investment Amount</u>**" shall mean the gross price of the Purchase Notice Shares, less Clearing Costs.

"**<u>Investor</u>**" shall have the meaning specified in the preamble to this Agreement.

"**<u>Irrevocable Transfer Agent Instructions</u>**" shall mean a signed form of irrevocable transfer agent instructions, substantially in the form of Exhibit D attached hereto, instructing the Transfer Agent to immediately deliver any Purchase Notice Shares to the Investor upon the Transfer Agent's receipt of the copy of a Purchase Notice from the Company, without further instruction from the Company.

"**<u>Lien</u>**" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right, or other restriction.

"**<u>Material Adverse Effect</u>**" shall mean any effect on the business, operations, properties, or financial condition of the Company that is material and adverse to the Company and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the ability of the Company to enter into and perform its obligations under any Transaction Document *provided, however*, that "Material Adverse Effect" shall not include any event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i) general economic or political conditions; (ii) conditions generally affecting the industries in which the Company operates; (iii) any changes in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest rates; (iv) acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required or permitted by this Agreement or any action taken (or omitted to be taken) with the written consent of or at the written request of Investor; (vi) any matter of which Investor is aware on the date hereof; (vii) any changes in applicable laws or accounting rules (including U.S. GAAP) or the enforcement, implementation or interpretation thereof; (viii) the announcement, pendency or completion of the transactions contemplated by this Agreement, including losses or threatened losses of employees, customers, suppliers, distributors or others having relationships with the Company; (ix) any natural or man-made disaster or acts of God; (x) any epidemics, pandemics, disease outbreaks, or other public health emergencies; or (xi) any failure by the Company to meet any internal or published projections, forecasts or revenue or earnings predictions (provided that the underlying causes of such failures (subject to the other provisions of this definition) shall not be excluded)..

"**<u>OTC Blackout</u>**" shall mean any calendar day that the Common Stock is not listed on a national securities exchange that is registered with the SEC under Section 6 of the Exchange Act (such as NASDAQ and NYSE), and the Principal Market is an over-the-counter market.

"**<u>PEA Period</u>**" shall mean the period commencing at 9:30 a.m., New York City time, on the fifth (5th) Business Day immediately prior to the filing of any post-effective amendment to the Registration Statement or any new registration statement, or any annual and quarterly report, and ending at 9:30 a.m., New York City time, on the Business Day immediately following (i) the effective date of such post- effective amendment of the Registration Statement or such new registration statement, or (ii) the date of filing of such annual and quarterly report, as applicable.

"**<u>Person</u>**" shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

"**<u>Principal Market</u>**" shall mean any of the national exchanges (i.e. NYSE, AMEX, Nasdaq) or other principal exchange or recognized quotation system which is at the time the principal trading platform or market for the Common Stock.

"**<u>Purchase Notice Shares</u>**" shall mean all shares of Common Stock that the Company shall be entitled to issue as set forth in all applicable Purchase Notices in accordance with the terms and conditions of this Agreement.

"**<u>Purchase Notice</u>**" shall mean a written notice from Company, substantially in the form of <u>Exhibit A</u> attached hereto (a "**<u>Rapid Purchase Notice Form</u>**") or <u>Exhibit B</u> attached hereto (a "**<u>Regular Purchase Notice Form</u>**"), to the Investor and the Transfer Agent setting forth the Purchase Notice Shares which the Company requires the Investor to purchase pursuant to the terms of this Agreement.

"**<u>Purchase</u>**" shall mean a purchase of Purchase Notice Shares in accordance with the terms and conditions of this Agreement.

"**<u>Rapid Closing Date</u>**" shall have the meaning specified in <u>Section 2.2(b)</u>.

"**<u>Rapid Purchase Investment Amount</u>**" shall mean the applicable Purchase Notice Shares referenced in the Rapid Purchase Notice multiplied by the applicable Rapid Purchase Price.

"**<u>Rapid Purchase Notice Date</u>**" shall have the meaning specified in <u>Section 2.2(a)</u>.

"**<u>Rapid Purchase Notice</u>**" shall mean the closing of a purchase and sale of Common Stock pursuant to a Rapid Purchase Notice as described in <u>Section 2.2</u>.

"**<u>Rapid Purchase Price Option 1</u>**" shall mean lowest traded price of Common Stock on Rapid Purchase Date

"**<u>Rapid Purchase Price Option 2</u>**" shall mean ninety nine percent (99%) multiplied by the lowest traded price of the Common Stock two hours following the written confirmation of the acceptance of the Rapid Purchase Notice by Investor.

"**<u>Registration Rights Agreement</u>**" means the Registration Rights Agreement entered into by and among the Company and the Investor, in the form attached hereto as <u>Exhibit C</u>.

"**<u>Registration Statement</u>**" shall have the meaning specified in <u>Section 6.3</u>.

"**<u>Regular Purchase Closing Date</u>**" shall have the meaning specified in <u>Section 2.2(d)</u>.

"**<u>Regular Purchase Investment Amount</u>**" shall mean the applicable Purchase Notice Shares referenced in the Regular Purchase Notice multiplied by the Regular Purchase Price.

"**<u>Purchase Notice Limit</u>**" shall mean, for any Purchase Notice, the maximum amount of Purchase Notice Shares the Company may require the Investor to purchase per each Purchase Notice shall be 40% of the Average Daily Trading Volume immediately preceding receipt of the applicable Purchase Notice. Notwithstanding the forgoing, the Investor may waive the Purchase Notice Limit at any time to allow the Investor to purchase additional shares.

"**<u>Regular Purchase Notice Date</u>**" shall have the meaning specified in <u>Section 2.2(c)</u>.

"**<u>Regular Purchase Notice</u>**" shall mean the closing of a purchase and sale of Common Stock pursuant to a Regular Purchase Notice, as described in <u>Section 2.2</u>.

"**<u>Regular Purchase Price</u>**" shall mean (i) ninety-seven percent (97%) multiplied by the lowest daily VWAP of the Common Stock during the Regular Purchase Valuation Period if the Purchase Notice was delivered prior to $20,000,000 in Investment Amount and (ii) ninety-seven and a half percent (97.5 %) multiplied by the lowest daily VWAP of the Common Stock during the Regular Purchase Valuation Period if the Purchase Notice was delivered following $20,000,000 in Investment Amount.

"**<u>Regular Purchase Valuation Period</u>**" shall mean the two (2) consecutive Business Days commencing on and including the Regular Purchase Notice Date. For the avoidance of doubt, the Regular Purchase Notice Date shall be the first Business Day in the Regular Purchase Valuation Period.

"**<u>Regulation D</u>**" shall mean Regulation D promulgated under the Securities Act.

"**<u>Rule 144</u>**" shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

"**<u>SEC Documents</u>**" shall have the meaning specified in <u>Section 4.5</u>.

"**<u>SEC</u>**" shall mean the United States Securities and Exchange Commission.

"**<u>Securities Act</u>**" shall mean the Securities Act of 1933, as amended.

"**<u>Securities</u>**" mean (i) the Purchase Notice Shares issued to the Investor by the Company pursuant to this Agreement and (ii) the Commitment Shares.

"<u>**Significant Subsidiary**</u>" means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under the Securities Act.

"**<u>Termination</u>**" shall mean any termination outlined in <u>Section 10.5</u>.

"**<u>Transaction Documents</u>**" shall mean this Agreement, the Registration Rights Agreement, and all schedules and exhibits hereto and thereto.

"**<u>Transfer Agent</u>**" shall mean the transfer agent of the Company as of the Execution Date and any successor transfer agent of the Company.

"**<u>VWAP</u>**" means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities market on which such security is then traded), during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m., New York time, as reported by E\*TRADE Securities LLC graph study function or Bloomberg through its "VWAP" function (set to 09:30:01 start time and 15:59:59 end time) or, if the foregoing does not apply, the dollar volume- weighted average price of such security in the [over-the-counter market on the electronic bulletin board] for such security during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security [as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC)]. If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Investor. If the Company and the Investor are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in <u>Section 10.16</u>. All such determinations shall be appropriately adjusted for any share dividend, share split, share combination, recapitalization, or other similar transaction during such period.

**ARTICLE II**

**PURCHASE AND SALE OF COMMON STOCK**

**Section 2.1 <u>PURCHASE NOTICES</u>**. Subject to the terms and conditions set forth herein (including, without limitation, the provisions of <u>Article VII</u>), the Company shall have the right, but not the obligation, to require the Investor, by its delivery to the Investor of a Purchase Notice, from time to time, with a copy to the Transfer Agent, to purchase Purchase Notice Shares, provided that (i) the amount of Purchase Notice Shares shall not exceed the applicable Purchase Notice Limit or the Beneficial Ownership Limitation set forth in <u>Section 7.2(g)</u>, (each such purchase, a "**<u>Closing</u>**"). The Company may not deliver a subsequent Purchase Notice until the Closing of an active Purchase Notice, except if waived by the Investor in writing. Furthermore, the Company shall not deliver any Purchase Notices to the Investor during the PEA Period.

**Section 2.2 <u>MECHANICS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>RAPID PURCHASE NOTICE</u>**. At any time and from time to time during the Commitment Period, except during an OTC Blackout or a PEA Period, and except as otherwise provided in this Agreement, the Company may deliver a Rapid Purchase Notice to Investor, subject to satisfaction of the conditions set forth in <u>Article VII</u> and otherwise provided herein. The Company shall provide the Transfer Agent with a copy of such Rapid Purchase Notice concurrently with its delivery to the Investor. The Company shall deliver the Purchase Notice Shares as DWAC Shares to the Designated Brokerage Account alongside the delivery of the Rapid Purchase Notice. A Rapid Purchase Notice shall be deemed delivered on the Business Day (i) a Rapid Purchase Notice Form is received and accepted by email by the Investor and (ii) the DWAC of the applicable Purchase Notice Shares has been initiated and completed as confirmed by the Investor's Designated Brokerage Account by 6:00 a.m. Pacific time (the "**<u>Rapid Purchase Notice Date</u>**"). If the applicable Rapid Purchase Notice Form is received after 6:00 a.m. Pacific time or the DWAC of the applicable Purchase Notice Shares has not been completed as confirmed by the Investor's Designated Brokerage Account by 6:00 a.m. Pacific time, then the next Business Day shall be the Rapid Purchase Notice Date, unless waived by the Investor in writing. Each party shall use its commercially reasonable efforts to perform or fulfill all conditions and obligations to be performed or fulfilled by it under this Agreement so that the transactions contemplated hereby shall be consummated as soon as practicable. Each party also agrees that it shall use its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective <u>Section 2.2(a)</u> of this Agreement and the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>RAPID PURCHASE CLOSING</u>**. The Closing of a Rapid Purchase Notice shall occur no later than one (1) Business Days following the Rapid Purchase Notice Date (the "**<u>Rapid Closing Date</u>**"), whereby the Investor shall deliver to the Company by 3:00 p.m. Pacific time on the Rapid Closing Date the Rapid Purchase Investment Amount in lawful money of the United States of America by wire transfer of immediately available funds to an account designated by the Company, provided that the Investor has received the applicable Purchase Notice Shares as DWAC Shares. The Company shall not issue any fraction of a Common Stock pursuant to any Rapid Purchase Notice. If the issuance would result in the issuance of a fraction of a Common Stock, the Company shall round such fraction of a Common Stock up to the nearest whole Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>REGULAR PURCHASE NOTICE</u>**. At any time and from time to time during the Commitment Period, except during an OTC Blackout or a PEA Period and except as otherwise provided in this Agreement, the Company may deliver a Regular Purchase Notice to Investor, subject to satisfaction of the conditions set forth in <u>Article VII</u> and otherwise provided herein. The Company shall provide the Transfer Agent with a copy of such Regular Purchase Notice concurrently with its delivery to the Investor. The Company shall deliver the Purchase Notice Shares as DWAC Shares to the Designated Brokerage Account alongside the delivery of the Regular Purchase Notice. A Regular Purchase Notice shall be deemed delivered on the Business Day (i) a Regular Purchase Notice Form is received and confirmed by 6:00 a.m. Pacific time by email by the Investor and (ii) the DWAC of the applicable Purchase Notice Shares has been initiated and completed as confirmed by the Investor's Designated Brokerage Account by 6:00 a.m. Pacific time (the "**<u>Regular Purchase Notice Date</u>**"). If the applicable Regular Purchase Notice Form is received after 6:00 a.m. Pacific time or the DWAC of the applicable Purchase Notice Shares has not been completed as confirmed by the Investor's Designated Brokerage Account by 6:00 a.m. Pacific time, then the next Business Day shall be the Regular Purchase Notice Date, unless waived by the Investor in writing. Each party shall use its commercially reasonable efforts to perform or fulfill all conditions and obligations to be performed or fulfilled by it under this Agreement so that the transactions contemplated hereby shall be consummated as soon as practicable. Each party also agrees that it shall use its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective <u>Section 2.2(c)</u> of this Agreement and the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>REGULAR PURCHASE NOTICE CLOSING</u>**. The Closing of a Regular Purchase Notice shall occur within no later than one (1) Business Days following the Regular Purchase Valuation Period (the "**<u>Regular Purchase Closing Date</u>**"); whereby the Investor shall deliver by 3:00 p.m. Pacific time to the Company the Regular Purchase Investment Amount in lawful money of the United States of America by wire transfer of immediately available funds to an account designated by the Company, provided that the Investor has received the applicable Purchase Notice Shares as DWAC Shares. The Company shall not issue any fraction of a Common Stock pursuant to any Regular Purchase Notice. If the issuance would result in the issuance of a fraction of a Common Stock, the Company shall round such fraction of a Common Stock up to the nearest whole Common Stock.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF INVESTOR**

The Investor represents and warrants to the Company that:

**Section 3.1 <u>INTENT</u>**. The Investor is entering into this Agreement and purchasing the Securities for its own account, and not as nominee or agent, for investment purposes and not with a view towards, or for a sale in connection with, a "distribution" (as such term is defined in the Securities Act), and the Investor has no present arrangement (whether or not legally binding) at any time to sell the Securities to or through any Person in violation of the Securities Act or any applicable state securities laws; <u>provided</u>, <u>however</u>, that the Investor reserves the right to dispose of the Securities at any time in accordance with federal and state securities laws applicable to such disposition.

**Section 3.2 <u>NO LEGAL ADVICE FROM THE COMPANY</u>**. The Investor acknowledges that it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for legal, tax, or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

**Section 3.3 <u>ACCREDITED INVESTOR</u>**. The Investor is an "accredited investor" (as defined in Rule 501(a)(3) of Regulation D), and the Investor has such experience in business and financial matters that it is capable of evaluating the merits and risks of an investment in the Securities. The Investor acknowledges that an investment in the Securities is speculative and involves a high degree of risk. The Investor represents that it is able to bear any loss associated with an investment in the Company.

**Section 3.4 <u>AUTHORITY</u>**. The Investor has the requisite power and authority to enter into and perform its obligations under the Transaction Documents and to consummate the transactions contemplated hereby and thereby. The execution and delivery of the Transaction Documents and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action and no further consent or authorization of the Investor is required. The Transaction Documents to which it is a party has been duly executed by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and binding obligation of the Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

**Section 3.5 <u>NOT AN AFFILIATE</u>**. The Investor is not an officer, director, or "affiliate" (as that term is defined in Rule 405 of the Securities Act) of the Company.

**Section 3.6 <u>ORGANIZATION AND STANDING; COMPLIANCE WITH LAWS.</u>**<u> </u>The Investor is an entity duly incorporated or formed, validly existing and in good standing under the laws of the State of Nevada with full right and limited liability company power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents. The Investor will comply with all U.S. federal securities laws applicable to its purchase and resale of Common Stocks.

**Section 3.7 <u>ABSENCE OF CONFLICTS</u>**. The execution and delivery of the Transaction Documents and the consummation of the transactions contemplated hereby and thereby and compliance with the requirements hereof and thereof, will not (a) violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Investor, (b) violate any provision of any indenture, instrument or agreement to which the Investor is a party or is subject, or by which the Investor or any of its assets is bound, or conflict with or constitute a material default thereunder, (c) result in the creation or imposition of any lien pursuant to the terms of any such indenture, instrument or agreement, or constitute a breach of any fiduciary duty owed by the Investor to any third party, or (d) require the approval of any third-party (that has not been obtained) pursuant to any material contract, instrument, agreement, relationship or legal obligation to which the Investor is subject or to which any of its assets, operations or management may be subject.

**Section 3.8 <u>DISCLOSURE; ACCESS TO INFORMATION</u>**. The Investor had an opportunity to review copies of the SEC Documents filed on behalf of the Company and has had access to all publicly available information with respect to the Company.

**Section 3.9 <u>MANNER OF SALE</u>**. At no time was the Investor presented with or solicited by or through any leaflet, public promotional meeting, television advertisement, or any other form of general solicitation or advertising.

**Section 3.10 <u>PRIOR COMMUNICATION</u>.** The Investor confirms that it is not relying on any communication (written or oral) of the Company or any of its affiliates, as investment or tax advice or as a recommendation to purchase the Common Stocks. It is understood that information and explanations related to the terms and conditions of the Securities provided by the Company or any of its affiliates shall not be considered investment or tax advice or a recommendation to purchase the Ordinary Shares, and that neither the Company nor any of its affiliates is acting or has acted as an advisor to the undersigned in deciding to invest in the Company.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

Except as set forth in the SEC Documents and the Disclosure Schedules, which SEC Documents and Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company represents and warrants the following to the Investor, as of the Execution Date:

**Section 4.1 <u>ORGANIZATION OF THE COMPANY</u>**. The Company is an entity duly incorporated or otherwise organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. The Company is not in violation or default of any of the provisions of its certificate of incorporation, bylaws, or other organizational or charter documents. The Company is duly qualified to conduct business and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in a Material Adverse Effect and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. The Company has Significant Subsidiaries as disclosed in the SEC Documents.

**Section 4.2 <u>AUTHORITY</u>**. The Company has the requisite corporate power and authority to enter into and perform its obligations under the Transaction Documents. The execution and delivery of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or stockholders is required. The Transaction Documents have been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

**Section 4.3 <u>CAPITALIZATION</u>**. As of the Execution Date, the Company is authorized to issue a maximum of [-]Class A Ordinary Shares, [-] Class B Ordinary Shares and [-]preferred shares with no par value ("Preferred Shares"), of which there are [-] Class A Ordinary Shares outstanding, [-] Class B Ordinary Shares outstanding, and [-] Preferred Shares outstanding as of the Execution Date. Except as set forth in the SEC Documents, the Company has not issued any capital stock, other than pursuant to the exercise of employee stock options under the Company's stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company's employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the Execution Date. Except as set forth in the SEC Documents, no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth in the SEC Documents, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. Except as set forth in the SEC Documents, the issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Investor) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company's capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's stockholders.

**Section 4.4 <u>LISTING AND MAINTENANCE REQUIREMENTS</u>**. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act. Except as set forth in the SEC Documents, the Company has not, in the twelve (12) months preceding the Execution Date, received notice from the Principal Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Principal Market.

**Section 4.5 <u>SEC DOCUMENTS; DISCLOSURE</u>**. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) thereof, for the one (1) year preceding the Execution Date (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the "**SEC Documents**"). As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and other federal laws, rules and regulations applicable to such SEC Documents, and none of the SEC Documents when filed contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply as to form and substance in all material respects with applicable accounting requirements and the published rules and regulations of the SEC or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments). Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or its agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Investor will rely on the foregoing representation in effecting transactions in securities of the Company.

**Section 4.6 <u>VALID ISSUANCES</u>**. The Securities 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 non-assessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.

**Section 4.7 <u>NO CONFLICTS</u>**. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Purchase Notice Shares, do not and will not: (a) result in a violation of the Company's certificate or articles of incorporation, by- laws or other organizational or charter documents, (b) conflict with, or constitute a material default (or an event that with notice or lapse of time or both would become a material default) under, result in the creation of any Lien upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, instrument or any "<u>lock-up</u>" or similar provision of any underwriting or similar agreement to which the Company is a party, or (c) result in a violation of any federal, state or local law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect) nor is the Company otherwise in violation of, conflict with or in default under any of the foregoing. The business of the Company is not being conducted in violation of any law, ordinance or regulation of any governmental entity, except for possible violations that either singly or in the aggregate do not and will not have a Material Adverse Effect. The Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under the Transaction Documents (other than (i) any SEC or state securities filings that may be required to be made by the Company in connection with the issuance of Purchase Notice Shares or subsequent to any Closing or any registration statement that may be filed pursuant hereto, or (ii) the filing of a Listing of Additional Shares Notification Form with the Principal Market, which, in each case, have been made or will be made in a timely manner); provided that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the relevant representations and agreements of Investor herein.

**Section 4.8 <u>NO MATERIAL ADVERSE EFFECT</u>**. No event has occurred that would have a Material Adverse Effect on the Company that has not been disclosed in subsequent SEC Documents.

**Section 4.9 <u>LITIGATION AND OTHER PROCEEDINGS</u>**. Except as disclosed in the SEC Documents and the Disclosure Schedule, there are no material actions, suits, investigations, inquiries (including, without limitation, SEC inquiries, FINRA inquiries, or inquiries of the Principal Market) or similar proceedings (however any governmental agency may name them) pending or, to the knowledge of the Company, threatened against or affecting the Company or its properties, nor has the Company received any written or oral notice of any such action, suit, proceeding, inquiry or investigation, which would have a Material Adverse Effect. No judgment, order, writ, injunction, or decree or award has been issued by or, to the knowledge of the Company, requested of any court, arbitrator or governmental agency which would have a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company or any current or former director or officer of the Company.

**Section 4.10 <u>REGISTRATION RIGHTS</u>**. Except as set forth in the SEC Documents, no Person (other than the Investor) has any right to cause the Company to effect the registration under the Securities Act of any securities of the Company.

**Section 4.11 <u>ACKNOWLEDGMENT REGARDING INVESTOR'S PURCHASE OF SECURITIES</u>.** The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm<u>'</u>s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby and that the Investor is not (i) an officer or director of the Company, or (ii) an <u>"</u>affiliate<u>"</u> (as defined in Rule 144) of the Company. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by the Investor or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to the Investor<u>'</u>s purchase of the Purchase Notice Shares. The Company further acknowledges that the Investor is not acting as a dealer of the Company<u>'</u>s Common Stock (or any other securities of the Company). The Company further represents to the Investor that the Company<u>'</u>s decision to enter into the Transaction Documents has been based solely on the independent evaluation by the Company and its representatives.

**Section 4.12 <u>NO GENERAL SOLICITATION</u>**. Neither the Company, nor any Person acting on its behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities act) in connection with the offer or sale of the Securities.

**Section 4.13 <u>NO INTEGRATED OFFERING</u>**. Except as set forth on the Disclosure Schedule, none of the Company, its affiliates, and any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings for purposes of any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities of the Company are listed or designated, but excluding stockholder consents required to authorize and issue the Securities or waive any anti-dilution provisions in connection therewith.

**Section 4.14 <u>PLACEMENT AGENT; OTHER COVERED PERSONS</u>**. The Company is not aware of any other Person (asides from D Boral Capital) that has been or will be paid (directly or indirectly) remuneration for solicitation of the Investor in connection with the sale of any Regulation D Securities.

**ARTICLE V**

**COVENANTS OF INVESTOR**

**Section 5.1 <u>SHORT SALES AND CONFIDENTIALITY</u>**. Neither the Investor, nor any affiliate of the Investor acting on its behalf or pursuant to any understanding with it, will execute any Short Sales during the period from the Execution Date to the end of the Commitment Period. For the purposes hereof, and in accordance with Regulation SHO, the sale of Common Stock purchased under the applicable Purchase Notice after delivery of the Purchase Notice shall not be deemed a Short Sale. The parties acknowledge and agree that during the Rapid Purchase Notice Date and Regular Purchase Valuation Period, the Investor may contract for, or otherwise effect, the resale of the subject purchased Purchase Notice Shares to third parties. The Investor shall, until such time as the transactions contemplated by the Transaction Documents are publicly disclosed by the Company in accordance with the terms of the Transaction Documents, maintain the confidentiality of the existence and terms of this transaction and the information included in the Transaction Documents. "Short Sales" shall mean "short sales" as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act.

**Section 5.2 <u>COMPLIANCE WITH LAW; TRADING IN SECURITIES</u>.** The Investor's trading activities with respect to shares of Common Stock will be in compliance with all applicable state and federal securities laws and regulations and the rules and regulations of FINRA and the Principal Market.

**ARTICLE VI**

**COVENANTS OF THE COMPANY**

**Section 6.1 <u>LISTING OF COMMON STOCK</u>**. The Company shall use commercially reasonable efforts to maintain, so long as any shares of Common Stock shall be so listed, the listing, if required, of all such Common Stock on the Principal Market from time to-time issuable hereunder. The Company shall use its commercially reasonable efforts to continue the listing or quotation and trading of the Common Stock on the Principal Market (including, without limitation, maintaining sufficient net tangible assets, if required) and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Principal Market.

**Section 6.2 <u>FILING OF CURRENT REPORT</u>**. The Company agrees that it shall file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the SEC within the time required by the Exchange Act, relating to the execution of the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents (the "**<u>Current Report</u>**"). The Company shall permit the Investor to review and comment upon the final pre-filing draft version of the Current Report at least two (2) Business Days prior to its filing with the SEC, and the Company shall give reasonable consideration to all such comments. The Investor shall use its reasonable best efforts to comment upon the final pre-filing draft version of the Current Report within one (1) Business Day from the date the Investor receives it from the Company.

**Section 6.3 <u>FILING OF REGISTRATION STATEMENT</u>**. The Company shall file with the SEC, within twenty (20) Business Days after the Execution Date, a new Registration Statement on Form S-1 (the "**<u>Registration Statement</u>**") in compliance with the terms of the Registration Rights Agreement, covering only the resale by the Investor of the number of Securities determined as appropriate by the Company. The Registration Statement shall relate to the transactions contemplated by, and describing the material terms and conditions of, this Agreement and disclosing all information relating to the transactions contemplated hereby required to be disclosed in the Registration Statement and the prospectus supplement as of the date of the Registration Statement, including, without limitation, information required to be disclosed in the section captioned "Plan of Distribution" in the Registration Statement. The Company shall permit the Investor to review and comment upon the Registration Statement within a reasonable time prior to their filing with the SEC, the Company shall give reasonable consideration to all such comments, and the Company shall not file the Current Report or the Registration Statement with the SEC in a form to which the Investor reasonably objects. The Investor shall furnish to the Company such information regarding itself, the Company's securities beneficially owned by the Investor and the intended method of distribution thereof, including any arrangement between the Investor and any other person or relating to the sale or distribution of the Company's securities, as shall be reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Registration Statement, and shall otherwise cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Registration Statement with the SEC. The Company shall have no knowledge of any untrue statement (or alleged untrue statement) of a material fact or omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, in any pre-existing registration statement filed or any new registration statement or prospectus which is a part of the foregoing. The Company shall promptly give the Investor notice of any event (including the passage of time) which makes the final prospectus not to be in compliance with Section 5(b) or 10 of the Securities Act and shall use its commercially reasonable efforts thereafter to file with the SEC any Post-Effective Amendment to the Registration Statement, amended prospectus or prospectus supplement in order to comply with Section 5(b) or 10 of the Securities Act.

**Section 6.4 <u>COMMITMENT FEE</u>**. In consideration for the Investor's execution and delivery of, and agreement to perform under this Agreement, the Company shall send to Investor a number of Injective Tokens (INJ) equal to $1,500,000 divided by the lowest trade price of the token seen on Coinbase three (3) hours prior to delivery of the token. The Company shall deliver the tokens within 24 hours of signing the binding term sheet dated on (X) to a designated address provided by Investor. For the avoidance of doubt, all of the Commitment Fee shall be fully earned as of the Execution Date, and the issuance of the Commitment Fee is not contingent upon any other event or condition, including, without limitation, the Company's submission of a Purchase Notice to the Investor or the filing or effectiveness of any Registration Statement, and irrespective of any termination of this Agreement. The Company shall timely deliver all Commitment Fee owed, failure to timely do so will result in liquidated damages of $1,500,000, being immediately due and payable to the Investor at its election in the form of cash payment.

**Section 6.5 <u>NON-PUBLIC INFORMATION</u>.** Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 6.2 and otherwise provided herein, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide the Investor or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto the Investor shall have consented in writing to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that the Investor shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any material, non-public information to the Investor without such prior written consent, the Company hereby covenants and agrees that the Investor shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees, or affiliates, not to trade on the basis of, such material, non-public information, provided that the Investor shall remain subject to applicable law. The Company represents that as of the Execution Date, except with respect to the material terms and conditions of the transaction contemplated by the Transaction Documents, neither it nor any other Person acting on its behalf has previously provided the Investor or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information. After the Execution Date, to the extent that any notice or communication made by the Company, or information provided by the Company, to the Investor constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice or other material information with the SEC pursuant to a Current Report on Form 8-K. The Company understands and confirms that the Investor shall be relying on the foregoing covenant in effecting transactions in securities of the Company. In addition to any other remedies provided by this Agreement or other Transaction Documents, if the Company provides any material, non-public information to the Investor without its prior written consent, and it fails to promptly (no later than by 9:00 am New York City time the next Business Day) file a Form 8-K disclosing this material, non-public information, it shall pay the Investor as partial liquidated damages and not as a penalty a sum equal to $1,000 per day beginning with the day the information is disclosed to the Investor and ending and including the day the Form 8-K disclosing this information is filed.

**Section 6.6 <u>OTHER EQUITY LINE TRANSACTIONS</u>**. From the Execution Date until the end of the Commitment Period, without the Investor's prior written consent, the Company shall be prohibited from entering into any "equity line" or substantially similar transaction whereby an investor is irrevocably bound to purchase securities over a period of time from the Company at a price based on the market price of the Common Stock at the time of such purchase; <u>provided</u>, <u>however</u>, that this <u>Section 6.6</u> shall not be deemed to prohibit the issuance of shares of Common Stock pursuant to (i) an "at-the-market offering" by the Company through a registered broker-dealer acting as agent of the Company pursuant to a written agreement between the Company and such registered broker-dealer or (ii) the conversion or exercise of derivative securities where the conversion or exercise price varies based on the market price of the Common Stock. The Investor shall be entitled to seek injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages, without the necessity of showing economic loss and without any bond or other security being required.

Section 6.7 <u>COMPENSATION FOR BUY-IN ON FAILURE TO TIMELY DELIVER PURCHASE NOTICE SHARES</u>. In addition to any other rights available to the Investor, if the Company fails to cause the Transfer Agent to transmit to the Investor the Purchase Notice Shares in accordance with the provisions of <u>Section 2</u> above pursuant to a Purchase Notice on or before a Regular Purchase Closing Date or a Rapid Closing Date, as applicable, and if after such date the Investor is required by its broker to purchase (in an open market transaction or otherwise) or the Investor<u>'</u>s brokerage firm otherwise purchases, Common Stock to deliver in satisfaction of a sale by the Investor of the Purchase Notice Shares which the Investor anticipated receiving upon such Purchase in accordance with the provisions of <u>Section 2</u> above (a <u>"Buy-In"</u>), then the Company shall (A) pay in cash to the Investor the amount, if any, by which (x) the Investor<u>'</u>s total purchase price (including reasonable and documented brokerage commissions, if any) for the Common Stock so purchased in the Buy-In exceeds (y) the amount obtained by multiplying (1) the number of Purchase Notice Shares that the Company was required to deliver to the Investor in connection such Purchase times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Investor, either treat the Purchase as rescinded under this Agreement (which would result in no reduction in the Commitment Amount as a result of such attempted Purchase) or deliver to the Investor the number of Purchase Notice Shares that would have been issued had the Company timely complied with its delivery obligations hereunder. For example, if the Investor purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted Purchase with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Investor $1,000. The Investor shall provide the Company written notice indicating the amounts payable to the Investor in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit the Investor<u>'</u>s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company<u>'</u>s failure to timely deliver Purchase Notice as required pursuant to the terms hereof.

**ARTICLE VII**

**CONDITIONS TO DELIVERY OF**

**PURCHASE NOTICE AND CONDITIONS TO CLOSING**

**Section 7.1 <u>CONDITIONS PRECEDENT TO THE RIGHT OF THE COMPANY TO ISSUE AND SELL PURCHASE NOTICE SHARES</u>. The right of the Company to issue and sell the Purchase Notice Shares to the Investor is subject to the satisfaction of each of the conditions set forth below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>ACCURACY OF INVESTOR'S REPRESENTATIONS AND WARRANTIES</u>. The representations and warranties of the Investor shall be true and correct in all material respects as of the date of this Agreement and as of the date of each Closing as though made at each such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>PERFORMANCE BY INVESTOR</u>**. Investor shall have performed, satisfied, and complied in all respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Investor at or prior to such Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>PRINCIPAL MARKET REGULATION</u>**. Intentionally Omitted

**Section 7.2 <u>CONDITIONS PRECEDENT TO THE OBLIGATION OF INVESTOR TO PURCHASE THE PURCHASE NOTICE SHARES.</u>** The obligation of the Investor hereunder to purchase the Purchase Notice Shares is subject to the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>EFFECTIVE REGISTRATION STATEMENT</u>**. The Registration Statement, and any amendment or supplement thereto, shall have been declared effective and shall remain effective for the resale of the Securities, the Company shall not have received notice that the SEC has issued or intends to issue a stop order with respect to such Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of such Registration Statement, either temporarily or permanently, or intends or has threatened to do so, and no other suspension of the use of, or withdrawal of the effectiveness of, such Registration Statement or related prospectus shall exist. The Investor shall not have received any notice from the Company that the prospectus and/or any prospectus supplement or amendment thereto fails to meet the requirements of Section 5(b) or Section 10 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>ACCURACY OF THE COMPANY'S REPRESENTATIONS AND WARRANTIES</u>. The representations and warranties of the Company shall be true and correct in all material respects as of the date of this Agreement and as of the date of each Closing (except for representations and warranties specifically made as of a particular date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>PERFORMANCE BY THE COMPANY</u>**. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements, and conditions required by this Agreement to be performed, satisfied, or complied with by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>NO INJUNCTION</u>**. No statute, rule, regulation, executive order, decree, ruling, or injunction shall have been enacted, entered, promulgated, or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely affects any of the transactions contemplated by the Transaction Documents, and no proceeding shall have been commenced that may have the effect of prohibiting or materially adversely affecting any of the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>ADVERSE CHANGES</u>**. Since the date of filing of the Company's most recent annual report filed pursuant to the Exchange Act, no event that had or is reasonably likely to have a Material Adverse Effect has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>NO SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK</u>. The trading of the Common Stock shall not have been suspended by the SEC or the Principal Market, or otherwise halted for any reason, and the Common Stock shall have been approved for listing or quotation on and shall not have been delisted from or no longer quoted on the Principal Market. In the event of a suspension, delisting, or halting for any reason, of the trading of the Common Stock during an active Purchase Notice, as contemplated by this <u>Section 7.2(f)</u>, the Investor shall purchase the Purchase Notice Shares in the respective Purchase Notice at a value equal to $0.01 per share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>BENEFICIAL OWNERSHIP LIMITATION</u>**. The number of Purchase Notice Shares then to be purchased by the Investor shall not exceed the number of such shares that, when aggregated with all other shares of Common Stock then owned by the Investor beneficially or deemed beneficially owned by the Investor, would result in the Investor owning more than the Beneficial Ownership Limitation (as defined below), as determined in accordance with Section 13 of the Exchange Act. For purposes of this <u>Section 7.2(g)</u>, in the event that the amount of Common Stock outstanding is greater or lesser on a date of a Closing (a "**<u>Closing Date</u>**") than on the date upon which the Purchase Notice associated with such Closing Date is given, the amount of Common Stock outstanding on such issuance of a Purchase Notice shall govern for purposes of determining whether the Investor, when aggregating all purchases of Common Stock made pursuant to this Agreement, would own more than the Beneficial Ownership Limitation following a purchase on any such Closing Date. In the event the Investor claims that compliance with a Purchase Notice would result in the Investor owning more than the Beneficial Ownership Limitation, upon request of the Company the Investor will provide the Company with evidence of the Investor's then existing shares beneficially or deemed beneficially owned. The "**<u>Beneficial Ownership Limitation</u>**" shall be 4.99% of the number of shares of the Common Stock outstanding immediately prior to the issuance of shares of Common Stock issuable pursuant to a Purchase Notice, provided that, the Investor may increase the Beneficial Ownership Limitation up to 9.99% at its sole discretion upon sixty-one (61) days prior written notice to the Company. To the extent that the Beneficial Ownership Limitation is exceeded, the number of shares of Common Stock issuable to the Investor shall be reduced so it does not exceed the Beneficial Ownership Limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>STOCK PROMOTION</u>**. The Company shall be free from any "stock promotion" flag.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>NO KNOWLEDGE</u>**. The Company shall have no knowledge of any event more likely than not to have the effect of causing the effectiveness of the Registration Statement to be suspended or any prospectus or prospectus supplement failing to meet the requirement of Sections 5(b) or 10 of the Securities Act (which event is more likely than not to occur within the fifteen (15) Business Days following the Business Day on which such Purchase Notice is deemed delivered).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>NO VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT</u>. The issuance of the Purchase Notice Shares shall not violate the shareholder approval requirements of the Principal Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>DWAC ELIGIBLE</u>**. The Common Stock must be DWAC Eligible and not subject to a "DTC chill".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>SEC DOCUMENTS</u>**. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act after the Execution Date (the "Future SEC Documents") shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **<u>EXCHANGE CAP</u>**. The Exchange Cap has not been reached (to the extent the Exchange Cap is applicable pursuant to <u>Section 7.1(d)</u> hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **<u>IRREVOCABLE TRANSFER AGENT INSTRUCTIONS</u>**. The Irrevocable Transfer Agent Instructions shall have been delivered by the Company to, and acknowledged in writing (email being sufficient) by, the Transfer Agent (or any successor transfer agent).

**ARTICLE VIII**

**LEGENDS**

**Section 8.1 <u>NO RESTRICTIVE STOCK LEGEND</u>**. No restrictive stock legend shall be placed on the share certificates representing the Purchase Notice Shares.

**Section 8.2 <u>INVESTOR'S COMPLIANCE</u>**. Nothing in this <u>Article VIII</u> shall affect in any way the Investor's obligations hereunder to comply with all applicable securities laws upon the sale of the Common Stock.

**ARTICLE IX**

**INDEMNIFICATION**

**Section 9.1 <u>INDEMNIFICATION</u>**. Each party (an "**<u>Indemnifying Party</u>**") agrees to indemnify and hold harmless the other party along with its officers, directors, employees, and authorized agents, and each Person or entity, if any, who controls such party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (an "**<u>Indemnified Party</u>**") from and against any Damages, and any action in respect thereof to which the Indemnified Party becomes subject to, resulting from, arising out of this Agreement or relating to (i) any misrepresentation, breach of warranty or nonfulfillment of or failure to perform any covenant or agreement on the part of the Indemnifying Party contained in this Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective amendment thereof or prospectus or prospectus supplement, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading, or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law, as such Damages are incurred, except to the extent such Damages result primarily from the Indemnified Party's failure to perform any covenant or agreement contained in this Agreement or the Indemnified Party's, recklessness or willful misconduct in performing its obligations under this Agreement; *provided*, *however*, that the foregoing indemnity agreement shall not apply to any Damages of an Indemnified Party to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made by an Indemnifying Party in reliance upon and in conformity with written information furnished to the Indemnifying Party by the Indemnified Party expressly for use in the Registration Statement, any post-effective amendment thereof, prospectus, prospectus supplement thereto, or any preliminary prospectus or final prospectus (as amended or supplemented).

**Section 9.2 <u>INDEMNIFICATION PROCEDURE</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A party that seeks indemnification under must promptly give the other party notice of any legal action; however, a delay in notice does not relieve an Indemnifying Party of any liability to any Indemnified Party, except to the extent the Indemnifying Party shows that the delay prejudiced the defense of the action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indemnifying Party may participate in the defense at any time or it may assume the defense by giving notice to the Indemnified Parties. After assuming the defense, the Indemnifying Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) must select counsel (including local counsel if appropriate) that is reasonably satisfactory to the Indemnified Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not liable to the other party for any later attorney's fees or for any other later expenses that the Indemnified Parties incur, except for reasonable investigation costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) must not compromise or settle the action without the Indemnified Parties consent (which may not be unreasonably withheld); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is not liable for any compromise or settlement made without its consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Indemnifying Party fails to assume the defense within 10 days after receiving notice of the action, the Indemnifying Party shall be bound by any determination made in the action or by any compromise or settlement made by the Indemnified Parties, and also remains liable to pay the Indemnified Parties' legal fees and expenses.

**Section 9.3 <u>METHOD OF ASSERTING INDEMNIFICATION CLAIMS</u>. All claims for indemnification by any Indemnified Party under <u>Section 9.2</u> shall be asserted and resolved as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any claim or demand in respect of which an Indemnified Party might seek indemnity under <u>Section 9.2</u> is asserted against or sought to be collected from such Indemnified Party by a Person other than a party hereto or an affiliate thereof (a "**<u>Third Party Claim</u>**"), the Indemnified Party shall deliver a written notification, enclosing a copy of all papers served, if any, and specifying the nature of and basis for such Third Party Claim and for the Indemnified Party's claim for indemnification that is being asserted under any provision of <u>Section 9.2</u> against an Indemnifying Party, together with the amount or, if not then reasonably ascertainable, the estimated amount, determined in good faith, of such Third Party Claim (a "**<u>Claim Notice</u>**") with reasonable promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable promptness after the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated to indemnify the Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party's ability to defend has been prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified Party as soon as practicable within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of either a Claim Notice or an Indemnity Notice (as defined below) (the "**<u>Dispute Period</u>**") whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party under <u>Section 9.2</u> and whether the Indemnifying Party desires, at its sole cost and expense, to defend the Indemnified Party against such Third Party Claim.

If the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend the Indemnified Party with respect to the Third Party Claim pursuant to this <u>Section 9.3(a)</u>, then the Indemnifying Party shall have the right to defend, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of the Indemnifying Party, such Third Party Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently prosecuted by the Indemnifying Party to a final conclusion or will be settled at the discretion of the Indemnifying Party (but only with the consent of the Indemnified Party in the case of any settlement that provides for any relief other than the payment of monetary damages, that provides for the payment of monetary damages as to which the Indemnified Party shall not be indemnified in full pursuant to <u>Section 9.2</u>, or that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation). The Indemnifying Party shall have full control of such defense and proceedings, including any compromise or settlement <u>thereof</u>; <u>provided</u>, however, that the Indemnified Party may, at the sole cost and expense of the Indemnified Party, at any time prior to the Indemnifying Party's delivery of the notice referred to in the first sentence of this clause (i), file any motion, answer or other pleadings or take any other action that the Indemnified Party reasonably believes to be necessary or appropriate to protect its interests; and <u>provided</u>, <u>further</u>, that if requested by the Indemnifying Party, the Indemnified Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnifying Party in contesting any Third Party Claim that the Indemnifying Party elects to contest. Counsel for the Indemnifying Party, who shall conduct the defense of such Third Party Claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party's expense unless (w) the Indemnifying Party has agreed in writing to pay such fees or expenses, (x) the Indemnifying Party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Indemnified Party hereunder and employ counsel reasonably satisfactory to the Indemnified Party, (y) the Indemnified Party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the Indemnifying Party, or (z) in the reasonable judgment of any such person (based upon advice of its counsel) a conflict of interest may exist between such person and the Indemnifying Party with respect to such claims (in which case, if the person notifies the Indemnifying Party in writing that such person elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such claim on behalf of such person). Notwithstanding the foregoing, the Indemnified Party may take over the control of the defense or settlement of a Third Party Claim at any time if it irrevocably waives its right to indemnity under <u>Section 9.2</u> with respect to such Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend the Third Party Claim pursuant to <u>Section 9.3(a)</u>, or if the Indemnifying Party gives such notice but fails to prosecute vigorously and diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within the Dispute Period, then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying Party, the Third Party Claim by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in a reasonable manner and in good faith or will be settled at the discretion of the Indemnified Party (with the consent of the Indemnifying Party, which consent will not be unreasonably withheld). The Indemnified Party will have full control of such defense and proceedings, including any compromise or settlement thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and its counsel in contesting any Third Party Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions of this clause (ii), if the Indemnifying Party has notified the Indemnified Party within the Dispute Period that the Indemnifying Party disputes its liability or the amount of its liability hereunder to the Indemnified Party with respect to such Third Party Claim and if such dispute is resolved in favor of the Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying Party will not be required to bear the costs and expenses of the Indemnified Party's defense pursuant to this clause (ii) or of the Indemnifying Party's participation therein at the Indemnified Party's request, and the Indemnified Party shall reimburse the Indemnifying Party in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection with such litigation. The Indemnifying Party may participate in, but not control, any defense or settlement controlled by the Indemnified Party pursuant to this clause (ii), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or the amount of its liability to the Indemnified Party with respect to the Third Party Claim under <u>Section 9.2</u> or fails to notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party with respect to such Third Party Claim, the amount of Damages specified in the Claim Notice shall be conclusively deemed a liability of the Indemnifying Party under <u>Section 9.2</u> and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; <u>provided</u>, <u>however</u>, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Indemnified Party should have a claim under <u>Section 9.2</u> against the Indemnifying Party that does not involve a Third Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under <u>Section 9.2</u> specifying the nature of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount, determined in good faith, of such claim (an "**<u>Indemnity Notice</u>**") with reasonable promptness to the Indemnifying Party. The failure by any Indemnified Party to give the Indemnity Notice shall not impair such party's rights hereunder except to the extent that the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying Party notifies the Indemnified Party that it does not dispute the claim or the amount of the claim described in such Indemnity Notice or fails to notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes the claim or the amount of the claim described in such Indemnity Notice, the amount of Damages specified in the Indemnity Notice will be conclusively deemed a liability of the Indemnifying Party under <u>Section 9.2</u> and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnity provisions contained herein shall be in addition to (i) any cause of action or similar rights of the Indemnified Party against the Indemnifying Party or others, and (ii) any liabilities to which the Indemnifying Party may be subject.

**ARTICLE X**

**MISCELLANEOUS**

**Section 10.1 <u>GOVERNING LAW; JURISDICTION</u>**. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of conflicts of law.

**Section 10.2 <u>JURY TRIAL WAIVER</u>**. The Company and the Investor hereby waive a trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other in respect of any matter arising out of or in connection with the Transaction Documents.

**Section 10.3 <u>ASSIGNMENT</u>**. The Transaction Documents shall be binding upon and inure to the benefit of the Company and the Investor and their respective successors. Neither this Agreement nor any rights of the Investor or the Company hereunder may be assigned by either party to any other Person.

**Section 10.4 <u>NO THIRD-PARTY BENEFICIARIES</u>**. This Agreement is intended for the benefit of the Company and the Investor and their respective successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as contemplated by <u>Article IX</u>.

**Section 10.5 <u>TERMINATION</u>**. The Company may terminate this Agreement at any time in the event of a material breach of the Agreement by the Investor, which shall be effected by written notice being sent by the Company to the Investor. In addition, this Agreement shall automatically terminate on the earlier of (i) the end of the Commitment Period or (ii) the date that, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all of its property or the Company makes a general assignment for the benefit of its creditors; provided, however, that the provisions of <u>Articles III</u>, <u>IV</u>, <u>V</u>, <u>VI</u>, <u>IX</u> and the agreements and covenants of the Company and the Investor set forth in this <u>Article X</u> shall survive the termination of this Agreement.

**Section 10.6 <u>ENTIRE AGREEMENT</u>**. The Transaction Documents, together with the exhibits thereto, contain the entire understanding of the Company and the Investor with respect to the matters covered herein and therein 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 and exhibits.

**Section 10.7 <u>FEES AND EXPENSES</u>**. Except as expressly set forth in the Transaction Documents or any other writing 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.

**Section 10.8 <u>COUNTERPARTS</u>**. The Transaction Documents may be executed in multiple counterparts, each of which may be executed by less than all of the parties, all of which together will constitute one instrument, will be deemed to be an original, and will be enforceable against the parties. The Transaction Documents may be delivered to the other party hereto by email of a copy of the Transaction Documents bearing the signature of the party so delivering the Transaction Documents. The parties agree that this Agreement shall be considered signed when the signature of a party is delivered by .PDF, DocuSign or other generally accepted electronic signature. Such .PDF, DocuSign, or other generally accepted electronic signature shall be treated in all respects as having the same effect as an original signature. The signatories to this Agreement each represent and warrant that they are duly authorized by the parties with the power and authority to bind the parties to the terms and conditions thereof.

**Section 10.9 <u>SEVERABILITY</u>**. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that such severability shall be ineffective if it materially changes the economic benefit of this Agreement to any party.

**Section 10.10 <u>FURTHER ASSURANCES</u>**. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments, and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

**Section 10.11 <u>NO STRICT CONSTRUCTION</u>**. The Parties acknowledge that they have had an adequate opportunity to review each and every provision contained in this Agreement and to submit the same to legal counsel for review and comment. The parties agree with each and every provision contained in this Agreement and agree that the rule of construction that a contract be construed against the drafter, if any, shall not be applied in the interpretation and construction of this Agreement.

**Section 10.12 <u>EQUITABLE RELIEF</u>**. The Company recognizes that if it fails to perform, observe, or discharge any or all of its obligations under this Agreement, any remedy at law may prove to be inadequate relief to the Investor. The Company therefore agrees that the Investor shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages. In addition to being entitled to exercise all rights provided herein or granted by law, both parties will be entitled to 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 contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

**Section 10.13 <u>TITLE AND SUBTITLES</u>**. The titles and subtitles used in this Agreement are used for the convenience of reference and are not to be considered in construing or interpreting this Agreement.

**Section 10.14 <u>AMENDMENTS; WAIVERS</u>**. No provision of this Agreement may be amended or waived by the parties from and after the date that is one (1) Business Day immediately preceding the initial filing of the prospectus to the Registration Statement with the SEC. Subject to the immediately preceding sentence, (i) no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto, and (ii) no provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right, or privilege preclude other or further exercise thereof or of any other right, power, or privilege.

**Section 10.15 <u>PUBLICITY</u>**. The Company and the Investor shall consult with each other in issuing any press releases or otherwise making public statements with respect to the transactions contemplated hereby and no party shall issue any such press release or otherwise make any such public statement, other than as required by law, without the prior written consent of the other parties, which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required if such disclosure is required by law, in which such case the disclosing party shall provide the other party with prior notice of such public statement. Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Investor without the prior written consent of the Investor, except to the extent required by law. The Investor acknowledges that the Transaction Documents may be deemed to be "<u>material contracts</u>," as that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company may therefore be required to file such documents as exhibits to reports or registration statements filed under the Securities Act or the Exchange Act. The Investor further agrees that the status of such documents and materials as material contracts shall be determined solely by the Company, in consultation with its counsel.

**Section 10.16 <u>DISPUTE RESOLUTION</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>GOVERNANCE OF ALL DISPUTES</u>**. The parties recognize that disagreements as to certain matters may from time to time arise out of these Transaction Documents. The parties agree that any disagreements that arise from these Transaction Documents are to be governed in accordance with this <u>Section 10.16.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>SUBMISSION TO DISPUTE RESOLUTION</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of a dispute relating to the Average Daily Trading Volume, Purchase Notice Limit, or VWAP (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Investor (as the case may be) shall submit the dispute to the other party via facsimile or electronic mail (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Investor at any time after the Investor learned of the circumstances giving rise to such dispute. If the Investor and the Company are unable to promptly resolve such dispute relating to such Average Daily Trading Volume, Purchase Notice Limit or VWAP (as the case may be), at any time after the second (2nd) Business Day following such initial notice by the Company or the Investor (as the case may be) of such dispute to the Company or the Investor (as the case may be), then the Company and the Investor may select an independent, reputable investment bank as mutually agreed upon to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Investor and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with the first sentence of this <u>Section 10.16</u> and (B) written documentation supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on which such investment bank was selected (the "**<u>Dispute Submission Deadline</u>**") (the documents referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the "**<u>Required Dispute Documentation</u>**") (it being understood and agreed that if either the Investor or the Company fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company and the Investor or otherwise requested by such investment bank, neither the Company nor the Investor shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and the Investor shall cause such investment bank to determine the resolution of such dispute and notify the Company and the Investor of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne by the losing party, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error. The terms of this Agreement, each other applicable Transaction Document, and the Required Dispute Documentation shall serve as the basis for the selected investment bank's resolution of the applicable dispute, such investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines are required to be made by such investment bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Agreement and any other applicable Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>GOOD FAITH ATTEMPT TO RESOLVE OTHER DISPUTES</u>. If either the Company or the Investor believes that a dispute not covered by Section 10.16(b) has arisen under these Transaction Documents, that party, prior to commencing arbitration, must provided the other side with written notice detailing the nature of the alleged dispute. Upon receipt of such written notice, the parties are required to engage in good faith negotiations in an attempt to resolve the dispute for a period of not less than fourteen (14) days, such time as may be extended by mutual agreement of the parties. If the Company and the Investor are unable to resolve such dispute within that fourteen (14) day period (or any period of extension as agreed by the parties), then either party may pursue resolution of the dispute pursuant to Section 10.16(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>ARBITRATION</u>**. Any dispute, controversy, difference or claim that may arise between the Company and the Investor in connection with these Transaction Documents (including, without limitation, any claim that, for whatever reason, was not resolved by the procedures of Section 10.16(b); and all claims arising out of or relating to the validity, construction, interpretation, enforceability, breach, performance, application or termination of these Transaction Documents), shall be submitted to binding arbitration to be held in New York, New York, in accordance with the rules and protocols of the New York International Arbitration Center. There shall be only one arbitrator selected in accordance with the rules and protocols of the New York International Arbitration Center. The arbitration shall be conducted in English and may be conducted in a virtual setting. The arbitrator's decision shall be final and binding and judgment may be entered thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>COSTS AND AWARD</u>**. Each side must bear its own costs and legal fees during the pendency of the arbitration. A party's failure to pay any costs or fees required to proceed in the arbitration, as they timely come due, shall result in an immediate default against that party. The prevailing party in the arbitration shall be entitled to recoup all its reasonable attorneys' fees and costs from the nonprevailing, including, without limitation, all of its costs relating to the arbitration, excluding only the costs incurred in connection with the procedures of Section 10.16(b). The arbitrator's final award shall include this assessment of costs and fees. That award also shall include interest from the date of any damages incurred for breach of these Transaction Documents, and from the date of the award until paid in full assessed at the prevailing statutory rate. The nonprevailing party must promptly pay that award in U.S. dollars, free of any tax, deduction or offset. Further, in the event a party fails to proceed with arbitration, unsuccessfully challenges the arbitrator's award, or fails to comply with the arbitrator's award, the other party is entitled to all costs of suit including all reasonable attorneys' fees and costs incurred in respect to any of these further actions. With respect to damages, the only damages recoverable under these Transaction Documents are compensatory; both the Company and the Investor expressly disclaim the right to seek punitive or other exemplary damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>INJUNCTIVE RELIEF</u>**. Provided a party has made a sufficient showing under applicable law, the arbitrator shall have the power and authority to invoke, and the parties agree to abide by, equitable relief or interim or provisional relief from the abritrator, including a temporary restraining order, preliminary injunction, or other interim or permanent equitable relief. Additionally, nothing in this Section 10.16 shall preclude either party from seeking equitable relief or interim or provisional relief from a court of competent jurisdiction, including a temporary restraining order, preliminary injunction, or other interim or permanent equitable relief, concerning a dispute either prior to or during arbitration if necessary to protect the interests of such party or to preserve the status quo pending the arbitration proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>CONFIDENTIALITY</u>**. The arbitration proceeding and subsequent award shall be confidential. The arbitrator shall issue appropriate protective orders to safeguard each party's confidential information. Except as required by law (or if necessary to enforce the award), including without limitation securities regulations, neither party is to make any public announcement with respect to the proceedings or decision of the arbitrator without the prior written consent of the other party. The existence of any dispute submitted to arbitration, and the award, shall be kept in confidence by the parties thereto and the arbitrator, except as required in connection with the enforcement of such an award or as otherwise required by law.

**Section 10.17 <u>NOTICES</u>**. All notices, demands, requests, consents, waivers, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) delivered by reputable air courier service with charges prepaid next Business Day delivery, or (c) transmitted by hand delivery, or email as a PDF, addressed as set forth below or to such other address as such party shall have specified most recently by written notice given in accordance herewith. Any notice or other communication required or permitted to be given hereunder shall be deemed effective upon hand delivery or delivery by email at the address designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received).

**Section 10.18. <u>DOCUMENTATION PREPARATION FEE</u>.** Investor shall send to Investor $30,000 in Documentation Preparation Fee on Execution Date.

The addresses for such communications shall be:

<u>If to the Company</u>:

Pineapple Financial Inc.

Address: {●}

Attention: {●}

with a copy (not constituting notice) to:

{●}

<u>If to the Investor</u>:

WHITE LION CAPITAL LLC

[\*]

E-mail: [\*]

With a copy (not constituting notice) to:

{●}

Either party hereto may from time to time change its address or email for notices under this <u>Section 10.17</u> by giving prior written notice of such changed address to the other party hereto.

***\*\* Signature Page Follows \*\****

 ****

 ****

**IN WITNESS WHEREOF**, the parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the Execution Date.

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| | |
|:---|:---|
| **Pineapple Financial Inc** | **Pineapple Financial Inc** |
| By: | ![](ex10-7_001.jpg) |
| Name: | Shubha Dasgupta |
| Title: | Chief Executive Officer |

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| |
|:---|
| **White Lion Capital LLC** |
| By: |
| Name: |
| Title: |

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**DISCLOSURE SCHEDULES TO<br> COMMON STOCK PURCHASE AGREEMENT**

**<u>EXHIBIT A</u>**

**FORM OF RAPID PURCHASE NOTICE**

TO: WHITE LION CAPITAL LLC;

We refer to the Common Stock Purchase Agreement, dated as of September {●}, 2025, (the "**<u>Agreement</u>**"), entered into by and between Pineapple Financial Inc., and White Lion Capital LLC. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same meaning when used herein.

We hereby:

1) Give you notice that we require you to purchase Purchase Notice Shares at the Rapid Purchase Price Option below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Rapid Purchase Price Option 1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Rapid Purchase Price Option 2:

2) Certify that, as of the date hereof, the conditions set forth in <u>Section 7</u> of the Agreement are satisfied.

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| |
|:---|
| **Pineapple Financial Inc.** |
| By: |
| Name: |
| Title: |

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**<u>EXHIBIT B</u>**

**FORM OF REGULAR PURCHASE NOTICE**

TO: WHITE LION CAPITAL LLC;

We refer to the Common Stock Purchase Agreement, dated as of September {●}, 2025, (the "**<u>Agreement</u>**"), entered into by and between Pineapple Financial Inc., and White Lion Capital LLC. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same meaning when used herein.

We hereby:

1) Give you notice that we require you to purchase Purchase Notice Shares at the Regular Purchase Price; and

2) Certify that, as of the date hereof, the conditions set forth in <u>Section 7</u> of the Agreement are satisfied.

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| |
|:---|
| **Pineapple Financial Inc.** |
| By: |
| Name: |
| Title: |

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**<u>EXHIBIT C</u>**

REGISTRATION RIGHTS AGREEMENT

**<u>EXHIBIT D</u>**

IRREVOCABLE TRANSFER AGENT INSTRUCTIONS

## Exhibit 10.8

**Exhibit 10.8**

**PLACEMENT AGENCY AGREEMENT**

September 4, 2025

Pineapple Financial, Inc,

Unit 200, 111 Gordon Baker Road

North York, Ontario M2H 3R1

Ladies and Gentlemen:

**Introductor**y. This Placement Agency Agreement the ("**Agreement**") sets forth the terms upon which D. Boral Capital LLC ("**D. Boral**" or the "**Placement Agent**"), shall be engaged by Pineapple Financial Inc. (the "**Company**"), a corporation continued and existing under the *Canada Business Corporations Act* (the "**CBCA**"), to act as the exclusive Placement Agent in connection with the private placement of (hereinafter referred to as the "**Placement**") of subscription receipts of the Company (the "**Subscription Receipts**") each of which is exchangeable for (a) one Common Share (as defined in the Purchase Agreement (collectively, the "**Placement Common Shares**"), or (b) one Pre-Funded Warrant (as defined in the Purchase Agreement). Such Subscription Receipts, Placement Common Shares and Pre- Funded Warrants are sometimes collectively referred to herein as the "**Placement Securities**".

The terms of the Placement and Placement Securities shall be mutually agreed upon by the Company and the purchasers (each, a "**Purchaser**" and collectively, the "**Purchasers**") in accordance with the Purchase Agreement (as defined below) and nothing herein shall be construed as (i) giving the Placement Agent the power or authority to bind the Company or any Purchaser with respect to the matters set forth in the Purchase Agreements, or (ii) an obligation for the Company to issue any Subscription Receipts or complete the Placement.

The Company expressly acknowledges and agrees that the Placement Agent's obligations hereunder are on a reasonable best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Subscription Receipts and does not ensure the successful placement of the Subscription Receipts or any portion thereof or the success of the Placement Agent with respect to securing any other financing on behalf of the Company. Following the prior written consent of the Company, the Placement Agent may retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement. The sale of the Subscription Receipts to any Purchaser will be evidenced by the securities purchase agreement (the "**Purchase Agreement**") by and among the Company and such Purchasers in the form of <u>Exhibit A</u> attached hereto. Capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement. Prior to the signing of any Purchase Agreement, executive officers of the Company will be available upon reasonable notice and during normal business hours to answer inquiries from prospective Purchasers.

Upon the satisfaction or waiver of the Escrow Release Conditions (as defined in the Purchase Agreement) and immediately following the Effective Date (as defined in the Purchase Agreement), the Subscription Receipt will entitle the holder (without payment of any further consideration) to receive either (i) one Share or (ii) one Pre-Funded Warrant.

In the event that the Subscription Receipt Agent (as defined in the Purchase Agreement) does not receive the Escrow Release Notice (as defined in the Purchase Agreement) at or before the Escrow Deadline (as defined in the Purchase Agreement), the Subscription Receipts will immediately be cancelled and become null and void and of no further effect, and will only represent the holder's right to receive such payment from the Subscription Receipt Agent in accordance with the terms of the Subscription Receipt Agreement (as defined in the Purchase Agreement).

The parties acknowledge that the Subscription Receipts have not been and will not be registered under the U.S. Securities Act of 1933 (the "**U.S. Securities Act**") or the securities laws of any state of the United States and may not be offered or sold in the United States, or to or for the account or benefit of, U.S. Persons (as defined in the regulations under the Securities Act), except pursuant to exemptions from the registration requirements of the Securities Act and the applicable laws of any state of the United States in the manner specified in this Agreement and pursuant to the representations, warranties, acknowledgments, agreements and covenants of the Company and the Placement Agent contained hereto.

The parties acknowledge that under Canadian Securities Law (as defined in the Purchase Agreement) (a) the Subscription Receipts are subject to an indefinite hold period and (b) the Shares, Pre-Funded Warrants and Pre-Funded Warrant Shares will not be subject to a hold period under Canadian Securities Laws provided the Shares, Pre-Funded Warrants and Pre-Funded Warrant Shares are issued under the Registration Statement (as defined in the Purchase Agreement) on or after the Effective Date.

<u>SECTION 1</u>. <u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations of the Company</u>. Each of the representations and warranties (together with any related disclosure schedules thereto) and covenants made by the Company to the Purchasers in the Purchase Agreement in connection with the Placement, is hereby incorporated herein by reference into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of the Closing Date (as defined in the Purchase Agreement), hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants that there are no affiliations with any FINRA (as hereinafter defined) member firm participating in the Placement among the Company's officers, directors or, to the knowledge of the Company, any five percent (5.0%) or greater stockholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Covenants of the Company</u>. The Company covenants and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) to
 continue to retain (i) a firm of independent PCAOB registered public accountants for a period
 of at least five (5) years after the Closing Date and (ii) a competent transfer agent with
 respect to the Common Shares for a period of five (5) years after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) within
 30 days following execution of the Purchase Agreement, to prepare and file with the Commission
 (as defined in the Purchase Agreement) (at the Company's sole cost and expense) a preliminary
 proxy statement, as it may be amended or supplemented from time to time, related to the shareholders'
 consideration and vote with respect to certain proposals, including, inter alia, (i) the
 issuance of the Shares and Pre-Funded Warrants to be delivered to the holders of Subscription
 Receipts, (ii) the amendment to the constating documents of the Company to remove the Transfer
 Restriction (as defined in the Purchase Agreement), and (iii) any other matters requiring
 shareholder approval in accordance with the CBCA, the articles and by-laws of the Company,
 applicable securities exchange requirements and any other applicable requirements in connection
 with the transactions contemplated by this agreement (the approval of the matters described
 in clauses (i) – (ii) are referred to herein as the "  **<u>Shareholder Approval</u>** "),
 as well as hold a duly called shareholders meeting to obtain the Shareholder Approval. The
 Company shall use its commercially reasonable best efforts to make such filings and take
 such actions as are necessary to receive Shareholder Approval. Upon receipt of the requisite
 votes to approve such matters, the Company shall promptly deliver notice of the Shareholder
 Approval to each Purchaser and file with the Commission a Current Report on Form 8-K disclosing
 the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) to
 (i) prepare, as soon as reasonably possible following the Closing Date, and file with the
 Commission within five business days of receiving the Shareholder Approval, the Registration
 Statement (on Form S-1 or other appropriate registration statement form reasonably acceptable
 to the Purchasers) under the Securities Act, at the sole expense of the Company, in respect
 of the Purchasers, so as to permit the resale of the Shares, the Pre- Funded Warrants and
 the Pre-Funded Warrant Shares in the United States under the Securities Act; and (ii) cause
 the Registration Statement to be declared effective by the Commission as soon as possible
 and not later than the Escrow Deadline. The Company will notify the Placement Agent immediately
 following effectiveness of the Registration Statement. The Registration Statement shall cover
 the resale of 100% of the Shares, the Pre- Funded Warrants, and the Pre-Funded Warrant Shares
 (including such indeterminate number of common shares in the authorized share structure of
 the Company, resulting from stock splits, stock dividends or similar transactions), for an
 offering to be made on a continuous basis pursuant to Rule 415 (as promulgated by the Commission
 pursuant to the U.S. Securities Act, as such rule may be amended from time to time, or any
 similar rule or regulation hereafter adopted by the Commission having substantially the same
 purpose and effect as such rule). The Placement Securities registered for resale pursuant
 to the Registration Statement shall not be subject to resale restrictions under Canadian
 Securities Laws, provided the distribution of such Placement Securities will not take place
 prior to the Effective Date and such Placement Securities will be distributed under the Registration
 Statement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) To
 the extent not addressed in (a)-(c) above, the Company shall use its best efforts to take
 all actions necessary to satisfy the Escrow Release Conditions prior to the Escrow Deadline,
 as set forth in the Purchase Agreement.

<u>SECTION 2</u>. <u>REPRESENTATIONS OF THE PLACEMENT AGENT</u>. The Placement Agent represents and warrants that it (i) is a member in good standing of the Financial Industry Regulatory Authority ("**FINRA**"), (ii) is registered as a broker/dealer under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), (iii) is licensed as a broker/dealer under the laws of the United States of America, applicable to the offers and sales of the Subscription Receipts by the Placement Agent, (iv) is and will be a corporate body validly existing under the laws of its place of incorporation, and (v) has full power and authority to enter into and perform its obligations under this Agreement. The Placement Agent will immediately notify the Company in writing of any change in its status with respect to subsections (i) through (v) above. The Placement Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of applicable law.

<u>SECTION 3</u>. <u>COMPENSATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Cash Compensation</u>. Upon satisfaction or waiver of the Escrow Release Conditions, the Placement Agent's fee shall be deducted from the Escrowed Cash Proceeds (as defined in the Purchase Agreement) and be delivered to the placement Agent by the Subscription Receipt Agent, the Company shall pay to the Placement Agent or its respective designees a total cash fee (collectively, the "**Cash Fee**") of $750,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Returned Consideration</u>. In the event that the Escrow Release Conditions are not satisfied or waived prior to the Escrow Deadline, the Escrowed Funds (as defined in the Purchase Agreement) shall be returned in full to the Purchasers and no Cash Fee shall be payable pursuant to this Section 3, unless the Company has breached any of the covenants set forth in Section 1.B., in which case the Placement Agent would be entitled to receive the Cash Fee. In such case, the Cash Fee shall be solely the obligation of the Company, and no Purchaser shall be deemed to owe any portion of such Cash Fee to the Placement Agent pursuant to this Section 3.B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Reduction of Compensation</u>. The Placement Agent reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Placement Agent's aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

<u>SECTION 4. EXPENSES</u>. The Company agrees to pay or reimburse if paid by the Placement Agent: (i) all of the Company's costs and expenses incident to the Placement and the performance of its obligations and (ii) all reasonable out-of-pocket costs and expenses incident to the performance of the obligations of the Placement Agent (including, without limitation, the fees and expenses of the Placement Agent's outside attorneys), provided that, except as otherwise provided and excluding expenses related to any required filings under state securities or "blue-sky" law and filings with FINRA, such costs and expenses shall not exceed $250,000 without the Company's prior approval (such approval not to be unreasonably withheld, conditioned or delayed).

<u>SECTION 5</u>. <u>INDEMNIFICATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To the extent permitted by law, the Company will indemnify the Placement Agent and their respective present and former directors, officers, employees, agents and controlling persons (each such person, including Placement Agent, an "Indemnified Party") from and against any losses, claims, damages and liabilities, joint or several (collectively, "Damages"), to which such Indemnified Party may become subject in connection with, relating to or arising from any transaction contemplated by this Agreement or the engagement of or performance of services by an Indemnified Party hereunder, and will reimburse each Indemnified Party for all out-of-pocket fees and expenses ("Expenses"), including the reasonable fees and expenses of counsel, as they are incurred in connection with investigating, preparing, pursuing or defending any threatened or pending subpoena, claim, action, proceeding or investigation ("Proceedings") arising therefrom, whether or not any Indemnified Party is a formal party to such Proceeding; provided, that the Company will not be liable to any Indemnified Party to the extent that any Damages are found in a final non-appealable judgment by a court of competent jurisdiction to have resulted solely from the bad faith, gross negligence or willful misconduct of the Indemnified Party. No Indemnified Party will have any liability (whether direct or indirect, in contract, tort or otherwise) to the Company or any person asserting claims on behalf of the Company arising out of or in connection with any transactions contemplated by this Agreement or the engagement of or performance of services by any Indemnified Party hereunder except to the extent that the Company incurs Damages that are found in a final non-appealable judgment by a court of competent jurisdiction to have resulted solely from the bad faith, gross negligence or willful misconduct of the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If for any reason other than in accordance with the previous paragraph of this Section 5, the foregoing indemnity is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless, then the Company will contribute to the amount paid or payable by an Indemnified Party for Damages and Expenses related thereto in such proportion as is appropriate to reflect the relative benefits to the Company and/or its stockholders on the one hand, and Placement Agent on the other hand, in connection with the matters covered by this Agreement or, if the foregoing allocation is not permitted by applicable law, not only such relative benefits but also the relative faults of such parties as well as any relevant equitable considerations. The Company agrees that for purposes of this paragraph the relative benefits to the Company and/or its stockholders and Placement Agent in connection with the matters covered by this Agreement will be deemed to be in the same proportion that the total value paid or received or to be paid or received by the Company and/or its stockholders in connection with the transactions contemplated by this Agreement, whether or not consummated, bears to the fees paid to Placement Agent under this Agreement; provided, that in no event will the total contribution of all Indemnified Parties to all such Damages and Expenses exceed the amount of fees actually received and retained by Placement Agent under this Agreement (excluding any amounts received by Placement Agent as reimbursement of expenses). Relative fault shall be determined by reference to, among other things, whether any alleged untrue statement or omission or any alleged conduct relates to information provided by the Company or other conduct by the Company (or its employees or other agents) on the one hand, or by Placement Agent, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No Indemnified Party will agree to settle any Proceeding and seek indemnification or reimbursement hereunder unless such Indemnified Party obtained the Company's consent (which consent will not be unreasonably withheld) to such settlement. The Company agrees not to enter into any waiver, release or settlement of any Proceeding (whether or not any Indemnified Party is a party thereto) in respect of which indemnification may be sought hereunder without the prior written consent of Placement Agent (which consent will not be unreasonably withheld), unless such waiver, release or settlement (i) includes an unconditional release of each Indemnified Party from all liability arising out of such Proceeding, (ii) does not contain any factual or legal admission by or with respect to any Indemnified Party or any adverse statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction of any Indemnified Party and (iii) does not preclude or purport to preclude the future business activities of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In addition to any rights of indemnification or contribution set forth above, the Company agrees to reimburse each Indemnified Party for all out-of-pocket costs and expenses as they are incurred (including, without limitation, the reasonable fees and expenses of outside counsel) in connection with investigating, preparing or settling any Proceeding involving the enforcement of this Agreement or this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The indemnity, reimbursement and contribution obligations of the Company are in addition to any liability that the Company may have at common law or otherwise to any Indemnified Party and will be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Company or an Indemnified Party. The provisions of this Section 5 will survive the modification, expiration or termination of this Agreement.

<u>SECTION 6</u>. <u>ENGAGEMENT TERM</u>. The Placement Agent's engagement hereunder will be until the Effective Date. The date of termination of this Agreement is referred to herein as the "**Termination Date**." In the event, however, in the course of the Placement Agent's performance of due diligence it deems, it necessary to terminate the engagement, the Placement Agent may do so prior to the Termination Date. The Company may elect to terminate the engagement hereunder for any reason prior to the Termination Date but will remain responsible for fees pursuant to Section 3 hereof with respect to the Subscription Receipts if sold in the Placement. Notwithstanding anything to the contrary contained herein, the provisions concerning the Company's obligation to pay any fees actually earned pursuant to Section 3 hereof and the provisions concerning confidentiality, indemnification and contribution contained herein will survive any expiration or termination of this Agreement. If this Agreement is terminated prior to the completion of the Placement, all fees due to the Placement Agent as set forth in Section 3 shall be paid by the Company to the Placement Agent on or before the Termination Date (in the event such fees are earned or owed as of the Termination Date). The Placement Agent agrees not to use any confidential information concerning the Company provided to the Placement Agent by the Company for any purposes other than those contemplated under this Agreement.

<u>SECTION 7</u>. <u>PLACEMENT AGENT INFORMATION</u>. The Company agrees that any information or advice rendered by the Placement Agent in connection with this engagement is for the confidential use of the Company only in its evaluation of the Placement and, except as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent's prior written consent.

<u>SECTION 8</u>. <u>NO FIDUCIARY RELATIONSHIP</u>. This Agreement does not create, and shall not be construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the indemnification provisions hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby expressly waived.

<u>SECTION 9</u>. <u>CLOSING</u>. The obligations of the Placement Agent, and the closing of the sale of the Subscription Receipts hereunder are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein and in the Purchase Agreement, to the performance by the Company of its obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement, the Placement Securities, and all other legal matters relating to this Agreement and the transactions contemplated hereby with respect to the Placement Securities shall be reasonably satisfactory in all material respects to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Placement Agent shall have received the favorable opinions of Sichenzia Ross Ference Carmel LLP, MLT Aikins LLP, and Blake, Cassels & Graydon LLP, counsel to the Company, dated as of the Closing Date and addressed to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Placement Agent shall have received (i) a customary Officers' Certificate, executed and delivered by the Company's executive officers, as to the accuracy of the representations and warranties contained in the Purchase Agreement, (ii) a Chief Financial Officer's Certificate regarding certain financial information included in the Company's filings with the Commission and (iii) a Secretary's Certificate executed and delivered by the Company's corporate secretary certifying that (A) the Company's charter documents are true and complete, have not been modified and are in full force and effect; (B) that the resolutions of the Company's Board of Directors relating to the Placement are in full force and effect and have not been modified; (C) as to the incumbency of the officers of the Company and (D) other customary certifications reasonably satisfactory to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Placement Agent shall have received an executed FINRA questionnaire from each of the Company and the Company's executive officers, directors and 5% or greater securityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Placement Agent shall have received, on or before the date of this Agreement, executed copies of the Lock-Up Agreement, the form of which is attached hereto as Exhibit B, from each of the persons listed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Placement Agent shall have received on the Closing Date satisfactory evidence of the good standing of the Company and its subsidiaries in their respective jurisdictions of organization or existence and their good standing as foreign corporations in such other jurisdictions as the Placement Agent may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions, dated no more than one (1) business day prior to such Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Subscription Receipts or materially and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale of the Subscription Receipts or materially and adversely affect or potentially and adversely affect the business or operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Company shall have entered into a Purchase Agreement with each of the Purchasers of the Subscription Receipts and such agreements shall be in full force and effect and shall contain representations, warranties and covenants of the Company as agreed upon between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company shall, if requested by the Placement Agent, make or authorize Placement Agent's counsel to make on the Company's behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement and pay all filing fees required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. The Company shall have received all requisite regulatory approvals set forth in the Purchase Agreement, including, without limitation, as it relates to the Company's continued listing on the NYSE American for the duration of the Placement and following the Closing Date.

If any of the conditions specified in this Section 9 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, any Closing Date. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

<u>SECTION 10</u>. <u>GOVERNING LAW</u>. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely in such State, without regard to principles of conflicts of law. This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney's fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

<u>SECTION 11</u>. <u>ENTIRE AGREEMENT/MISCELLANEOUS</u>. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by both the Placement Agent and the Company. The representations, warranties, agreements and covenants contained herein shall survive the Closing Date of the Placement and delivery of the Subscription Receipts. 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 a .pdf format file, 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 .pdf signature page were an original thereof.

<u>SECTION 12</u>. <u>NOTICES</u>. 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 sent to the email address specified on the signature pages attached hereto 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 sent to the email address on the signature pages attached hereto 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 third business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages hereto.

<u>SECTION 13</u>. <u>PRESS ANNOUNCEMENTS</u>. The Company agrees that the Placement Agent shall, on and after the Closing Date, have the right to reference the Placement and the Placement Agent's role in connection therewith in the Placement Agent's marketing materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

<u>SECTION 14</u>. <u>STANDSTILL</u>. Without the prior written consent of Placement Agent, from the date hereof until sixty (60) days after the Closing Date, neither the Company nor any subsidiary shall (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Common Shares or Common Share Equivalents, other than an Exempt Issuance or (ii) file any registration statement or any amendment or supplement thereto, other than pursuant to the Registration Rights Agreement. For purposes of this Agreement, "Exempt Issuance" means the issuance of (a) Common Shares or options to employees, officers or directors of the Company pursuant to any share or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of securities exercisable or exchangeable for or convertible into Common Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) the securities of the Company issued pursuant to the Purchase Agreements, (d) warrants to be issued to Meteora Capital, LLC and (e) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 14 herein and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

[*Signature page follows*]

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to the Placement Agents the enclosed copy of this Agreement.

Very truly yours,

---

| | |
|:---|:---|
| **D. BORAL CAPITAL LLC** | **D. BORAL CAPITAL LLC** |
| By: |  |
| Name: | Philip Wiederlight |
| Title: | Chief Operating Officer |

---

<u>Address for notice:</u>

D. Boral Capital LLC

590 Madison Avenue, 39<sup>th</sup> Floor New

York, NY 10022

Attention: Philip Wiederlight

Email: pwiederlight@dboralcapital.com

Accepted and Agreed to as of the date first written above:

---

| | |
|:---|:---|
| **PINEAPPLE FINANCIAL, INC.** | **PINEAPPLE FINANCIAL, INC.** |
| By: |  |
| Name: | Shubha Dasgupta |
| Title: | Chief Executive Officer |

---

<u>Address for notice</u>:

Unit 200, 111 Gordon Baker Road

North York, Ontario M2H 3R1

Attention: Shubha Dasgupta

Email: shubha@gopineapple.com

**<u>Exhibit A</u>**

FORM OF SECURITIES PURCHASE AGREEMENT

**<u>Exhibit B</u>**

FORM OF LOCK-UP AGREEMENT

## Exhibit 10.9

**Exhibit 10.9**

**VOTING AGREEMENT**

This VOTING AGREEMENT (this "**Agreement**"), dated as of September 4, 2025, is by and among Injective Foundation ("**Injective**"), Pineapple Financial Inc., a corporation continued and existing under the Canada Business Corporations Act (the "**Company**"), and the undersigned shareholders, officers and directors of the Company (each, a "**Shareholder**" and, collectively, the "**Shareholders**"). Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Purchase Agreement (as defined below).

**W I T N E S S E T H :**

**WHEREAS**, that certain Securities Purchase Agreement, dated September 2, 2025, by and among the Company and the Purchasers identified on the signature pages thereto, including Injective (as it may be amended from time to time, the "**Purchase Agreement**") provides for, among other things, the sale of subscription receipts of the Company (the "**Subscription Receipts**") to the Purchasers, which Subscription Receipts are each exchangeable, at the election of each Purchaser, for (A) one Share or (B) one Pre-Funded Warrant upon the terms and subject to the conditions set forth in the Purchase Agreement;

**WHEREAS**, pursuant to the Purchase Agreement, the Company will convene a special meeting of the shareholders of the Company related to the shareholders' consideration and vote with respect to certain proposals, including, (i) the issuance of the Shares or Pre-Funded Warrants to be delivered to the holders of Subscription Receipts, and (ii) the amendment to the constating documents of the Company to remove the Transfer Restriction, (collectively, "**Shareholder Approval**");

**WHEREAS**, receipt of the Shareholder Approval is a condition to the consummation of certain transactions contemplated by the Purchase Agreement;

**WHEREAS**, as of the date hereof, each Shareholder is the record or beneficial owner of, has the right to dispose of, and has the right to vote the number of Common Shares set forth opposite such Shareholder's name on <u>Schedule A</u> hereto (together with any Common Shares subsequently acquired, the "**Subject Shares**"); and

**WHEREAS**, the Shareholders desire to enter into this Agreement as a condition of, and an inducement to, the willingness of the Company and the Purchasers to enter into the Purchase Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

ARTICLE 1

VOTING AGREEMENT

Section 1.01 *Voting Agreement.* At every annual or special meeting of the shareholders of the Company, however called, including any adjournment or postponement thereof, each Shareholder hereby irrevocably and unconditionally agrees to, in each case to the fullest extent that such Shareholder's Subject Shares are entitled to vote or consent thereon, during the term of this Agreement: (i) appear at each such meeting or otherwise cause all of such Shareholder's Subject Shares to be counted as present thereat for purposes of determining a quorum; and (ii) be present (in person or by proxy) and vote (or cause to be voted), all of such Shareholder's Subject Shares (A) in favor of the Shareholder Approval and any proposal in furtherance of the Shareholder Approval; (B) against any proposal, action or contract that would reasonably be expected to result in a breach of any covenant, representation or warranty or any other obligation of such Shareholder contained in this Agreement or the Company contained in the Purchase Agreement or that would reasonably be expected to result in any condition set forth in the Purchase Agreement not being satisfied or not being fulfilled prior to the Escrow Deadline; (C) against any proposal, action or contract that would impede, interfere with, delay or postpone the transactions contemplated by the Purchase Agreement or this Agreement; and (D) against any proposal, action or contract that would change the present capitalization of the Company in a manner not permitted by the Purchase Agreement. Prior to the valid termination pursuant to <u>Section 6.02</u> hereof, any attempt by a Shareholder to vote (or otherwise to utilize the voting power of its Subject Shares) in contravention of this <u>Section 1.01</u> shall be null and void ab initio.

Section 1.02 *Irrevocable Proxy.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Shareholder hereby (A) irrevocably grants to, and appoints, the Company and any person designated in writing by the Company, and each of them individually, such Shareholder's proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of such Shareholder, to vote all of the Subject Shares or grant a consent or approval in respect of the Subject Shares, in accordance with the terms of <u>Section 1.01</u> hereof, solely with respect to matters set forth in <u>Section 1.01(A)</u> – <u>(D)</u> hereof, and (B) revokes any and all proxies heretofore given in respect of the Subject Shares. For the avoidance of doubt, nothing herein shall restrict a Shareholder from voting or granting consents or approvals in respect of the Subject Shares for any matters other than those set forth in <u>Sections 1.01(A)</u> – (D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Shareholder hereby represents to the Company and Injective that any proxies previously given in respect of the Subject Shares are not irrevocable and that any such proxies are hereby revoked, and Shareholder agrees to promptly notify the Company of such revocation. Shareholder hereby affirms that the irrevocable proxy granted herein is given in connection with the execution of the Purchase Agreement and that such irrevocable proxy is given to secure the performance of the duties of Shareholder under this Agreement. Each Shareholder hereby further affirms that the irrevocable proxy granted herein is coupled with an interest and may under no circumstances be revoked. Each Shareholder hereby ratifies and confirms all that such irrevocable proxy may lawfully do or cause to be done by virtue hereof. If for any reason the proxy granted herein is not irrevocable, each Shareholder agrees to vote the Subject Shares in accordance with <u>Section 1.01</u> hereof, solely with respect to matters set forth in <u>Section 1.01(A)</u> – <u>(D)</u> hereof.

ARTICLE 2

REPRESENTATIONS AND WARRANTIES OF SHAREHOLDERS

Each Shareholder, severally and not jointly and only with respect to itself, represents and warrants to the Company as of the date hereof that:

Section 2.01 *Organization*; *Authorization*; *Binding Agreement.* If such Shareholder is an entity, such Shareholder is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and the consummation by such Shareholder of the transactions contemplated hereby are within such Shareholder's corporate or organizational powers and have been duly authorized by all necessary corporate or organizational actions on the part of such Shareholder. If such Shareholder is a trust, such Shareholder has been duly formed or established under the laws of its jurisdiction of formation or establishment, as applicable, and the consummation by such Shareholder of the transactions contemplated hereby are within such Shareholder's trust powers and have been duly authorized by all necessary trust actions on the part of such Shareholder. Such Shareholder has full power and authority to execute, deliver and perform this Agreement. This Agreement has been duly authorized (if such Shareholder is an entity), executed and delivered by such Shareholder and, assuming the due execution and delivery by Company, this Agreement constitutes a legal, valid and binding obligation of such Shareholder enforceable against such Shareholder in accordance with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies. If such Shareholder is an individual, such Shareholder had the legal capacity to enter into this Agreement. If this Agreement is being executed in a representative or fiduciary capacity, the Person signing this Agreement has full power and authority to enter into and perform this Agreement on behalf of the applicable Shareholder.

Section 2.02 *Non-Contravention.* The execution, delivery and performance by such Shareholder of this Agreement do not, (i) if such Shareholder is an entity, contravene, conflict with or result in any violation or breach of any provision of the certificate of incorporation, bylaws (or the comparable organizational documents), trust agreement or operating agreement of such Shareholder, (ii) contravene, conflict with or result in a violation or breach of any provision of any applicable law, (iii) require any payment or notice to, or consent or other action by any Person under, constitute a breach or default or an event that, with or without notice or lapse of time or both, would constitute a violation or breach of, or give rise to any right of termination, modification, suspension, cancellation, acceleration or other change of any right or obligation of such Shareholder under, or to a loss of any benefit to which such Shareholder is entitled under, any provision of any material contract binding on such Shareholder or any contract or permit affecting, or relating in any way to, the assets or business of such Shareholder or (iv) result in the creation or imposition of any Lien on any Subject Shares, with only such exceptions, in the case of each of clauses (ii) and (iii), for such matters as have not and would not reasonably be expected to, individually or in the aggregate, prevent, materially delay or impair or otherwise adversely impact in any material respect such Shareholder's ability to perform its obligations hereunder. No trust of which such Shareholder is a trustee requires the consent of any beneficiary to the execution and delivery of this Agreement or to the consummation of the transactions contemplated hereby.

Section 2.03 *Ownership of Subject Shares.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for Subject Shares permitted to be Transferred (as defined below) after the date hereof in accordance with Section 5.01: (i) each Shareholder is the sole record and Beneficial Owner of such Shareholder's Subject Shares and has good, valid and marketable title to such Subject Shares, free and clear of any Liens, options, rights, understandings or arrangements or any other encumbrances, limitations or restrictions whatsoever (including any restriction on the right to vote or dispose of such Subject Shares), except (x) as set forth herein, (y) pursuant to any applicable restrictions on transfer under the Securities Act or applicable state securities laws or (z) as may be reflected in the Company's charter documents, as amended or amended and restated; (ii) each Shareholder has, and will have at all times during the term of this Agreement the sole right to vote and direct the vote of, and to dispose of and direct the disposition of, such Shareholder's Subject Shares (other than if such Shareholder is permitted to Transfer the Subject Shares in accordance with <u>Section 5.01</u>), and there are no contracts of any kind, contingent or otherwise, obligating such Shareholder to Transfer (as defined below), or cause to be Transferred, any of the Subject Shares, and no Person has any contractual or other right or obligation to purchase or otherwise acquire any of such Shareholder's Subject Shares; and (iii) except for this Agreement, none of such Shareholder's Subject Shares are subject to any voting agreement, voting trust or other agreement or arrangement, including any proxy, consent or power of attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for any Subject Shares acquired after the date hereof, the Subject Shares listed on <u>Schedule A</u> are the only Common Shares Beneficially Owned or owned of record by such Shareholder and the Shareholder's Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement, the term "Beneficial Owner" shall be interpreted in accordance with the term "beneficial owner" as defined in Rule 13d-3 adopted by the Commission under the Exchange Act; *provided* that, without limiting the generality of the foregoing, for purposes of determining Beneficial Ownership, a Person shall not be deemed to be the Beneficial Owner of any Common Shares which such Person has the right to acquire pursuant to any contract or upon the exercise of conversion rights, exchange rights, warrants, options or otherwise, or upon the satisfaction of any conditions, the occurrence of any event or any combination of the foregoing, unless and until such Person has actually acquired such Common Shares upon such exercise, satisfaction, occurrence or combination thereof. The terms "Beneficial Ownership," "Beneficially Own" and "Beneficially Owned" shall have correlative meanings. For purposes of this Agreement, the term "Affiliate" (i) when used with respect to a Person that is an entity (other than a trust), shall have the meaning set forth in the Purchase Agreement, (ii) when used with respect to a Person that is a natural person, shall include such Person's (A) family members, (B) a trust, the beneficiaries of which include the Shareholder or their family members and (C) any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specified Person or members of such Person's family members [and (iii) when used with respect to a Person that is a trust, shall include such Person's (A) grantor, (B) trustee, (C) beneficiaries and (D) any family members of the grantor, if the grantor is a natural person].

Section 2.04 *Reliance.* Each *Shareholder* acknowledges that such Shareholder is a sophisticated investor with respect to the Subject Shares and has adequate information concerning the business and financial condition of the Company to make an informed decision regarding the transactions contemplated by this Agreement and the Purchase Agreement and has, independently and without reliance upon the Company or any other Person, and based on such information as such Shareholder has deemed appropriate, made its own analysis and decision to enter into this Agreement.

Section 2.05 *Other Agreements.* Except for this Agreement, each Shareholder has not granted any proxies or powers of attorney, or any other authorization or consent with respect to any of the Subject Shares in connection with the matters set forth in Section 1.01 or **<u>Error! Reference source not found.</u>**.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

The Company represents and warrants to Injective and each Shareholder that:

Section 3.01 *Organization*; *Authorization*; *Binding Agreement.* The Company has full power and authority to execute and deliver this Agreement, to perform the Company's obligations hereunder and to consummate the transactions contemplated hereby. The Company is duly organized, validly existing and in good standing under the laws of its jurisdiction of continuation, except as would not reasonably be expected to have a material adverse effect on the Company's ability to perform its obligations under this Agreement and the consummation by the Company of the transactions contemplated hereby is within its corporate or organizational powers and has been duly authorized by all necessary corporate or organizational actions on the part of the Company. This Agreement has been duly executed and delivered by the Company, and, assuming this Agreement constitutes a valid and binding obligation of each Shareholder and Injective, constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms*.*

 

Section 3.02 *Non-Contravention*. The execution, delivery and performance by the Company of this Agreement does not (1) contravene, conflict with or result in any violation or breach of any provision of the certificate of incorporation or bylaws (or the comparable organizational documents) of the Company, (2) contravene, conflict with or result in a violation or breach of any provision of any applicable law or (3) require any payment or notice to, or consent or other action by any Person under, constitute a breach or default or an event that, with or without notice or lapse of time or both, would constitute a violation or breach of, or give rise to any right of termination, modification, suspension, cancellation, acceleration or other change of any right or obligation of the Company under, or to a loss of any benefit to which the Company is entitled under, any provision of any material contract binding on the Company or any contract or permit affecting, or relating in any way to, the assets or business of the Company, with only such exceptions, in the case of each clauses of (2) and (3)as would not reasonably be expected to have a material adverse effect on the Company's ability to perform its obligations under this Agreement.

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF INJECTIVE

Injective represents and warrants to the Company and each Shareholder that:

Section 4.01 *Organization*; *Authorization*; *Binding Agreement.* Injective has full power and authority to execute and deliver this Agreement, to perform Injective's obligations hereunder and to consummate the transactions contemplated hereby. Injective is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, except as would not reasonably be expected to have a material adverse effect on Injective's ability to perform its obligations under this Agreement and the consummation by Injective of the transactions contemplated hereby is within its corporate or organizational powers and has been duly authorized by all necessary corporate or organizational actions on the part of Injective. This Agreement has been duly executed and delivered by Injective, and, assuming this Agreement constitutes a valid and binding obligation of each Shareholder and the Company, constitutes a valid and binding obligation of Injective, enforceable against Injective in accordance with its terms*.*

 

Section 4.02 *Non-Contravention*. The execution, delivery and performance by Injective of this Agreement does not (1) contravene, conflict with or result in any violation or breach of any provision of the certificate of incorporation or bylaws (or the comparable organizational documents) of Injective, (2) contravene, conflict with or result in a violation or breach of any provision of any applicable law or (3) require any payment or notice to, or consent or other action by any Person under, constitute a breach or default or an event that, with or without notice or lapse of time or both, would constitute a violation or breach of, or give rise to any right of termination, modification, suspension, cancellation, acceleration or other change of any right or obligation of Injective under, or to a loss of any benefit to which Injective is entitled under, any provision of any material contract binding on Injective or any contract or permit affecting, or relating in any way to, the assets or business of Injective, with only such exceptions, in the case of each of clauses (ii) and (iii), as would not reasonably be expected to have a material adverse effect on Injective's ability to perform its obligations under this Agreement.

ARTICLE 5

ADDITIONAL COVENANTS OF SHAREHOLDER

Each Shareholder hereby covenants and agrees that:

Section 5.01 *No Transfer*; *No Inconsistent Arrangements.* Except pursuant to the express terms of this Agreement, each Shareholder shall not directly or indirectly, (i) grant any rights of first offer or refusal or enter into any voting trust with respect to any of such Shareholder's Subject Shares, (ii) sell (including short sell), assign, transfer, tender, pledge, encumber, grant a participation interest in, hypothecate or otherwise dispose of (including by gift, and whether by merger, by tendering into any tender or exchange offer, by testamentary disposition, by operation of law or otherwise, and including pursuant to a derivative transaction or through the Transfer by any other Person of any equity interests in any direct or indirect holding company holding Subject Shares or through the issuance and redemption by any such holding company of its securities (except, however, to a Permitted Transferee of a Shareholder who contemporaneously agrees in writing, in a joinder to this Agreement reasonably acceptable to Injective, to be bound by this Agreement to the same extent as such transferring Shareholder) or consent to any of the foregoing (each of the actions described in clauses (i) and (ii), a "**Transfer**" (which defined term includes derivations of such defined term)), or cause to be Transferred, any of such Shareholder's Subject Shares, (iii) otherwise permit any Liens to be created on any of such Shareholder's Subject Shares, (iv) enter into any contract with respect to the direct or indirect Transfer of any of such Shareholder's Subject Shares or (v) deposit any of the Subject Shares into a voting trust or enter into a voting agreement or arrangement with respect to any of the Subject Shares or grant any proxy or power of attorney, or any other authorization or consent, with respect thereto that, in the case of any of the activities in this clause (v) is inconsistent with this Agreement. Each Shareholder hereby agrees that this Agreement and the obligations hereunder shall attach to such Shareholder's Subject Shares and shall be binding upon any Person to which legal or Beneficial Ownership shall pass, whether by operation of law or otherwise, including its successors or permitted assigns, and if any involuntary Transfer of any of such Shareholder's Subject Shares shall occur (including a sale by such Shareholder's trustee in any bankruptcy, or a sale to a purchaser at any creditor's or court sale), the transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold such Shareholder's Subject Shares subject to all of the restrictions, liabilities and rights under this Agreement as such Shareholder for all purposes hereunder. Each Shareholder hereby agrees not to request that the Company register the Transfer (book-entry or otherwise) of any certificate or uncertificated interest representing any or all of the Subject Shares and each Shareholder authorizes the Company to impose stop orders to prevent the Transfer of any of such Shareholder's Subject Shares in violation of this Agreement. Notwithstanding the foregoing, if the Company's annual meeting or any special meeting of the shareholders occurs prior to the Effective Date nothing herein will prohibit such Shareholder from providing a customary proxy in favor of the Company or its officers, in connection with such annual meeting or special meeting or voting its Subject Shares at such annual or special meeting, in each case, only to the extent relating to matters that are not addressed in Article 1. For purposes of this Agreement: (x) "**Permitted Transferee**" means, with respect to any Shareholder, (i) if such Shareholder's is a natural person, any person by will or the laws of intestacy, (ii) if such Shareholder is a natural person, a family member of such a Shareholder, (iii) any trust, the beneficiaries of which only include such Shareholder and his or her family members, (iv) an entity qualified as a 501(c)(3) charitable organization (or the approximate Canadian equivalent thereof), in connection with a bona fide gift or gifts thereto and (v) if such Shareholder is a natural person, to any person by operation of law pursuant to a qualified domestic order, divorce settlement, divorce decree or similar separation agreement; and (y) a "**family member**" of any natural person means (i) such individual's spouse (former or current), (ii) such individual's parents and grandparents (in each case, natural or adoptive, of the whole or half-blood), (iii) such individual's children and grandchildren (in each case, natural or adoptive, of the whole or half-blood), (iv) such individual's sons-in-law and daughters-in-law (in each case, former or current), (v) any other ascendants and descendants (natural or adoptive, of the whole or half-blood) of such individual's parents or of the parents of such individual's spouse (former or current) and (vi) any lineal descendants (natural or adoptive, of the whole or half-blood) of such individual's spouse.

Section 5.02 *Proceedings.* Each Shareholder hereby agrees not to commence or participate in any legal proceeding or claim, whether derivative or otherwise, against Company or Injective, the Company or any of their respective Affiliates, or their respective boards of directors or members thereof or officers (A) challenging the validity of, or seeking to enjoin the operation of, any provision of this Agreement or (B) alleging a breach of any fiduciary duty of the Board of Directors in connection with approving or recommending to the shareholders the Purchase Agreement or the transactions contemplated thereby, and each Shareholder hereby agrees to take all actions necessary to opt out of any class in any class action making any such claim.

Section 5.03 *Documentation and Information.* Except as required by applicable law (in which case, other than the filing of any required amendments to the Shareholder's Schedule 13G or Schedule 13D, each Shareholder, solely in its capacity as a shareholder of the Company, will provide the Company and Injective with advance notice of such public announcement), each Shareholder, solely in its capacity as a shareholder of the Company, shall not make any public announcement regarding this Agreement, the Purchase Agreement or the transactions contemplated hereby and thereby without the prior written consent of the Company and Injective. Each Shareholder consents to and authorizes the publication and disclosure by the Company and Injective of such Shareholder's identity and holding of the Shareholder's Subject Shares, the nature of such Shareholder's commitments, arrangements and understandings under this Agreement (including, for the avoidance of doubt, the disclosure of this Agreement) and any other information regarding such Shareholder, in each case, that the Company reasonably determines is required to be disclosed by applicable law in a proxy statement and any other schedules and documents filed with the Commission, or any other disclosure document in connection with the transactions contemplated by the Purchase Agreement, and the inclusion of any such information in any press release. Each Shareholder agrees to promptly notify the Company and Injective of any required corrections with respect to any information supplied by or on behalf of such Shareholder specifically for use in any such disclosure document, if and to the extent that any such information shall contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading.

Section 5.04 *Adjustments.* In the event of any share split, share dividend or distribution, reorganization, recapitalization, readjustment, reclassification, combination, exchange of shares or the like of the common shares of the Company on, of or affecting any Subject Shares, then the terms of this Agreement shall apply to the Common Shares received in respect of such Subject Shares by such Shareholder immediately following the effectiveness of the events described in this Section 5.04, as though they were Subject Shares hereunder.

Section 5.05 *Additional Covenants of the Shareholders*.** The Shareholders shall not take any action, directly or indirectly, which might reasonably be regarded as likely to reduce the success of, or delay or interfere with the completion of the transactions contemplated by the Purchase Agreement and this Agreement. The Shareholders shall not exercise any rights of appraisal or rights of dissent from any of the transactions contemplated by the Purchase Agreement, including but not limited to the amendment to the constating documents of the Company to remove the Transfer Restrictions (as defined in the Purchase Agreement).

ARTICLE 6

MISCELLANEOUS

Section 6.01 *Notices.* Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent by electronic mail (provided that the sending party does not receive an automated rejection notice); or (iii) one Business Day after deposit with an overnight courier service, in each case properly addressed to the party to receive the same. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

If to the Company:

Pineapple Financial Inc.

Unit 200, 111 Gordon Baker Road

North York, Ontario M2H 3R1

Attention: Shubha Dasgupta

Email: shubha@gopineapple.com

With a copy (for informational purposes only) to:

Sichenzia Ross Ference Carmel

1185 Avenue of the Americas, 31st Floor

New York, NY, 10036

Telephone: (212) 930-9700

Attention: Darrin Ocasio

Email: dmocasio@srfc.law

If to Injective:

Injective Foundation

[\*]

If to a Shareholder, as set forth on the signature page hereof.

Section 6.02 *Termination.* This Agreement shall terminate automatically, without any notice or other action by any Person, upon the first to occur of (i) the Effective Date and (ii) the valid termination of the Purchase Agreement pursuant to <u>Section 5.1</u> thereof. Upon valid termination of this Agreement, no party shall have any further obligations or liabilities under this Agreement. Notwithstanding the foregoing, (a) the provisions of <u>Section 5.02</u> shall survive any termination of this Agreement upon the occurrence of the Closing, (b) the provisions of this <u>Section 6.02</u> shall survive any termination of this Agreement and (c) no termination of this Agreement shall relieve any party from liability for any breach of this Agreement prior to termination hereof or such party's fraud.

Section 6.03 *No Agreement as Director or Officer.* Notwithstanding any provision in this Agreement to the contrary, (i) nothing in this Agreement shall limit or restrict a Shareholder, or any officer, director or other representative of such Shareholder, in his or her capacity as a director or officer of the Company from acting in such capacity or voting in such capacity in such person's sole discretion on any matter and (ii) the taking of any action (or any failures to act) by any Shareholder or any officer, director or other representative of such Shareholder in his or her capacity as a director or officer of the Company shall not be deemed to constitute a breach of this Agreement. The terms and conditions of this Agreement shall apply to each Shareholder solely in such Shareholder's capacity as a shareholder of the Company. As such, nothing in this Agreement is intended to or shall be interpreted to limit or restrict any Shareholder or any person from properly fulfilling his or her fiduciary duties as a director or officer of the Company or any of its subsidiaries, irrespective of whether any other provision of this Agreement explicitly references this Section 6.03.

Section 6.04 *No Ownership Interest.* Nothing contained in this Agreement shall be deemed to vest in Company or any other Person any direct or indirect ownership or incidence of ownership of or with respect to any Subject Shares. Each Shareholder has agreed to enter into this Agreement and act in the manner specified in this Agreement for consideration. All rights and all ownership and economic benefits of and relating to a Shareholder's Subject Shares shall remain vested in and belong to such Shareholder and its applicable controlled Affiliates, and except as expressly set forth in this Agreement, nothing herein shall, or shall be construed to, grant the Company any power, sole or shared, to direct or control the voting or disposition of any of such Shareholder's Subject Shares or in the exercise of such Shareholder's rights as a shareholder of the Company. Nothing in this Agreement shall be interpreted (i) as creating or forming a "group" with any other Person, including any other Shareholder, for purposes of Rule 13d-5(b)(1) of the Exchange Act or any other similar provision of applicable law or (ii) as causing any other Person, including other Shareholder, to be an affiliated shareholder or to have voting power, "control" or "beneficial ownership" over any Shareholder's Subject Shares.

Section 6.05 *Further Assurances.* Each Shareholder will execute and deliver, or cause to be executed and delivered, all further documents and instruments as Company and Injective may reasonably request and use its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to fulfill such Shareholder's obligations under applicable law to consummate and make effective the actions contemplated by this Agreement.

Section 6.06 *Other Definitional and Interpretative Provisions*. The words "hereof," "herein" and "hereunder" and words of like import used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and will be ignored in the construction or interpretation hereof. References to Articles, Sections and Schedules are to Articles, Sections and Schedules of this Agreement unless otherwise specified. All Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise defined therein will have the meaning as defined in this Agreement. Any singular term in this Agreement will be deemed to include the plural, and any plural term the singular. Whenever the words "include," "includes" or "including" are used in this Agreement, they will be deemed to be followed by the words "without limitation," whether or not they are in fact followed by those words or words of like import. "Writing," "written" and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. The word "or" will not be deemed to be exclusive. The word "extent" and the phrase "to the extent" when used in this Agreement will mean the degree to which a subject or other thing extends, and such word or phrase will not simply mean "if." References to any statute, law or other applicable law will be deemed to refer to such statute, law or other applicable law as amended from time to time and, if applicable, to any rules, regulations or interpretations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof unless expressly stated otherwise. References to any Person include the successors and permitted assigns of that Person. References to a "party" or the "parties" mean a party or the parties to this Agreement unless the context otherwise requires. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. The parties hereto have participated jointly in the negotiation and drafting of this Agreement, and each has been represented by counsel of its choosing and, in the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by such parties and no presumption or burden of proof will arise favoring or disfavoring any party due to the authorship of any provision of this Agreement. Unless otherwise specifically indicated, all references to "dollars" and "$" will be deemed references to the lawful money of the United States of America. References to "law," "laws" or to a particular statute or law will be deemed to also include any applicable law, including the laws of Canada and any province thereof, as applicable.

Section 6.07 *Amendments and Waivers.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement or, in the case of a waiver, by each party against whom the waiver is to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by applicable law.

Section 6.08 *Expenses.* All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.

Section 6.09 *Binding Effect*; *Benefit*; *Assignment.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of each other party hereto. Any purported assignment, delegation or other transfer without such consent or otherwise inconsistent with the foregoing sentence shall be void.

Section 6.10 *Governing Law.* All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of Law or conflict of Law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the Laws of any jurisdictions other than the State of New York.

Section 6.11 *Jurisdiction.* The parties hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the city of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any legal proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such legal proceeding is brought in an inconvenient forum or that the venue of such legal proceeding is improper. The parties hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

Section 6.12 *WAIVER OF JURY TRIAL.* EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

Section 6.13 *Counterparts.* This Agreement may be executed in two or more identical counterparts, all of which 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. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

Section 6.14 *Entire Agreement.* This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement.

Section 6.15 *Severability.* If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

Section 6.16 *Specific Performance.* The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in the courts referred to in Section 6.11, in addition to any other remedy to which they are entitled at law or in equity, and no bond shall be required to be posted in connection therewith.

Section 6.17 *No Partnership.* This Agreement is intended to create, and creates, a contractual relationship and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship among the parties hereto.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| **PINEAPPLE FINANCIAL INC.** | **PINEAPPLE FINANCIAL INC.** |
| By: |  |
| Name: | Shubha Dasgupta |
| Title: | Chief Executive Officer |
| **INJECTIVE FOUNDATION** | **INJECTIVE FOUNDATION** |
| By: |  |
| Name: |  |
| Title: |  |

---

*[Signature Page to Voting Agreement]*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

---

| |
|:---|
| **SHAREHOLDER** |
| By: |
| Name: |

---

*[Signature Page to Voting Agreement]*

**Schedule A**

---

| | |
|:---|:---|
| **Name of Shareholder** | **Number of Subject Shares** |
| Shubha Dasgupta | 42307 |
| Kendall Marin | 119046 |
| Drew Green | 34615 |
| Paul Baron | 3205 |
| Tasis Giannoukakis | 4487 |

---

## Exhibit 10.10

**Exhibit 10.10**

**LOCK-UP AGREEMENT**

September 4, 2025

---

| | |
|:---|:---|
| Re: | Securities Purchase Agreement, dated as of September 2, 2025 (the "<u>Purchase Agreement</u>"), between Pineapple Financial Inc. (the "<u>Company</u>") and the purchasers signatory thereto (each, a "<u>Purchaser</u>" and, collectively, the "<u>Purchasers</u>") |

---

Ladies and Gentlemen:

Capitalized terms not otherwise defined in this letter agreement (this "<u>Letter Agreement</u>") shall have the meanings set forth in the Purchase Agreement. Pursuant to Section 2.2(a)(vi) of the Purchase Agreement and in satisfaction of a condition of the Purchasers' obligations under the Purchase Agreement, the undersigned irrevocably agrees with the Company that, from the date hereof until 12 months after the Effective Date (such period, the "<u>Restriction Period</u>") the undersigned will not offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned or any Affiliate of the undersigned or any person in privity with the undersigned or any Affiliate of the undersigned), directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), with respect to, any common shares without par value in the capital of the Company ("<u>Common Shares</u>") or securities convertible, exchangeable or exercisable into, Common Shares beneficially owned, held or hereafter acquired by the undersigned (collectively, the "<u>Securities</u>"). Beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.

Notwithstanding the foregoing, if at any time following the Effective Date, the closing sale price of the Common Shares as reported on a Trading Market on any Trading Day equals or exceeds (i) $7.588; (ii) $11.382; (iii) $15.176; or (iv) $18.970, then in each case, 25% of the Securities held by the undersigned shall, immediately upon the attainment of the applicable closing sale price set forth in the preceding clauses (i) through (iv), be irrevocably released from the restrictions set forth in this Letter Agreement.

In addition, notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer the Securities provided that (1) the Company receives a signed lock-up letter agreement (in the form of this Letter Agreement) for the balance of the Restriction Period from each donee, trustee, distributee, or transferee, as the case may be, prior to such transfer, (2) any such transfer shall not involve a disposition for value, (3) such transfer is not required to be reported with the United States Securities and Exchange Commission (the "<u>Commission</u>") in accordance with the Exchange Act and no report of such transfer shall be made voluntarily, and (4) neither the undersigned nor any donee, trustee, distributee or transferee, as the case may be, otherwise voluntarily effects any public filing or report regarding such transfers, with respect to transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) as
 a *bona fide* gift or gifts;

ii) to any immediate family member or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for purposes of this Letter Agreement, "immediate family" shall mean any relationship by blood, marriage or adoption, not more remote than first cousin);

iii) to any corporation, partnership, limited liability company, or other business entity all of the equity holders of which consist of the undersigned and/or the immediate family of the undersigned;

iv) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity (a) to another corporation, partnership, limited liability company, trust or other business entity that is an Affiliate of the undersigned or (b) in the form of a distribution or other transfer to limited partners, former limited partners, limited liability company members, retired limited liability company members, stockholders or former stockholders of the undersigned or to any wholly-owned subsidiary of such business entity;

v) if the undersigned is a trust, to the beneficiary of such trust;

vi) by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the undersigned;

vii) to the undersigned's affiliates or to any investment fund or other entity controlled or managed by the undersigned; or

viii) to the Company in satisfaction of any tax withholding obligation.

In addition, notwithstanding the foregoing, this Letter Agreement shall not restrict or prohibit (1) the delivery of Common Shares to the undersigned upon (i) exercise or exchange by the undersigned of any restricted stock units or options granted under any employee benefit plan of the Company; provided that any Common Shares or Securities acquired in connection with any such exercise will be subject to the restrictions set forth in this Letter Agreement, or (ii) the exercise of warrants; provided that such Common Shares delivered to the undersigned in connection with such exercise are subject to the restrictions set forth in this Letter Agreement, including the transfers of shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Shares upon a vesting event of the Company's securities or upon the exercise or conversion of restricted stock units, options or warrants to purchase the Company's securities, in each case, for cash or on a "cashless" or "net exercise" basis or to cover tax withholding obligations of the undersigned in connection with such vesting or exercise, pursuant to any stock option, stock bonus or other stock plan or arrangement, and (2) the transfer of Securities upon the completion of a bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of the Company's securities involving a change of control of the Company; provided, however, that in the event that such tender offer, merger, consolidation or other such transaction is not completed, such Securities held by the undersigned shall remain subject to the restrictions on transfer set forth in this letter.

Notwithstanding anything herein to the contrary, nothing herein shall prevent the undersigned from establishing a 10b5-1 trading plan that complies with Rule 10b5-1 under the Exchange Act (a "<u>10b5-1 Trading Plan</u>") or from amending an existing 10b5-1 Trading Plan so long as there are no sales of Securities under any such 10b5-1 Trading Plan during the Restriction Period; and provided that, the establishment of a 10b5-1 Trading Plan or the amendment of a 10b5-1 Trading Plan shall only be permitted if (1) the establishment or amendment of such plan is not required to be reported in any public report or filing with the Commission, or otherwise and (2) the undersigned does not otherwise voluntarily effect any public filing or report regarding the establishment or amendment of such plan.

The undersigned acknowledges that the execution, delivery and performance of this Letter Agreement is a material inducement to the Company to complete the transactions contemplated by the Purchase Agreement and the Company shall be entitled to specific performance of the undersigned's obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to execute, deliver and perform this Letter Agreement, that the undersigned has received adequate consideration therefor and that the undersigned will indirectly benefit from the closing of the transactions contemplated by the Purchase Agreement.

This Letter Agreement may not be amended or otherwise modified in any respect without the written consent of each of the Company and the undersigned. This Letter Agreement shall be construed and enforced in accordance with the laws of the State of New York without regard to the principles of conflict of laws. The undersigned hereby irrevocably submits to the exclusive jurisdiction of the United States District Court sitting in the Southern District of New York and the courts of the State of New York located in the Borough of Manhattan, for the purposes of any suit, action or proceeding arising out of or relating to this Letter Agreement, and hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that (i) it is not personally subject to the jurisdiction of such court, (ii) the suit, action or proceeding is brought in an inconvenient forum, or (iii) the venue of the suit, action or proceeding is improper. The undersigned hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by receiving a copy thereof sent to the Company at the address in effect for notices to it under the Purchase Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. The undersigned hereby waives any right to a trial by jury. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. The undersigned agrees and understands that this Letter Agreement does not intend to create any relationship between the undersigned and any Purchaser and that no Purchaser is entitled to cast any votes on the matters herein contemplated and that no issuance or sale of the Securities is created or intended by virtue of this Letter Agreement.

This Letter Agreement shall be binding on successors and assigns of the undersigned with respect to the Securities and any such successor or assign shall enter into a similar agreement for the benefit of the Company. This Letter 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.

This Letter Agreement shall automatically terminate, and the undersigned shall be released from its obligations hereunder, upon the earliest to occur, if any, of (i) the Company advising the Placement Agent in writing, prior to the execution of the Purchase Agreement, that it has determined not to proceed with the offering, and (ii) the executed Purchase Agreement being terminated prior to the closing of the offering (other than the provisions thereof that survive termination).

\*\*\*SIGNATURE PAGE FOLLOWS\*\*\*

This Letter Agreement may be executed in two or more counterparts, all of which when taken together may be considered one and the same agreement.

---

| |
|:---|
| Signature |
| Print Name |
| Position in Company, if any |

---

Address for Notice:

By signing below, the Company agrees to enforce the restrictions on transfer set forth in this Letter Agreement.

---

| |
|:---|
| **PINEAPPLE FINANCIAL INC.** |
| By: |
| Name: |
| Title: |

---

## Exhibit 10.11

**Exhibit 10.11**

September 4, 2025

INJECTIVE FOUNDATION

[\*]

Re: <u>Pineapple Financial INJ Digital Asset Treasury Transaction</u>

Ladies and Gentlemen:

Reference is made to the Securities Purchase Agreement, dated as of September 2, 2025 (the "***SPA***"), by and among Pineapple Financial, Inc., a corporation existing under the Canada Business Corporations Act (the "***Company***") and the purchasers (as set forth on the signature pages to the SPA) of certain subscription receipts to be issued by the Company (the "***Subscription Receipts***") pursuant to the terms of the SPA. Capitalized terms used in this letter agreement (this "***Letter Agreement***") without definition will have the meaning assigned to them in the SPA.

As of the date hereof, the Injective Foundation (the "***Investor***") is committing to purchase a certain number of Subscription Receipts (the "***Commitment***") as part of the private placement transaction contemplated under the SPA (the "***Private Placement***"), related to the Company's Injective digital asset treasury strategy. The INJ token is the native medium of exchange of the Injective network. In consideration of such Commitment, and subject to the terms hereof, the Investor, the Company, and D. Boral Capital LLC as the placement agent for the Private Placement ("***Placement Agent***" and each of the Company, the Investor and Placement agent a "***party***" and collectively, the "***parties***"), agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Escrow Release Conditions</u>. In consideration of the Investor's making the Commitment as outlined above, the parties herewith agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notice</u>. Prior to the Escrow Release Notice being sent to the Subscription Receipt Agent in accordance with the terms of Section 2.6(g) of the SPA, on the day when all of the Escrow Release Conditions (other than the requirement under Section 2.6(g) of the SPA to deliver the Escrow Release Notice) have been waived or satisfied, the Company and the Placement Agent shall provide the Investor with notice that in their reasonable determination the Escrow Release Conditions have been met, including supporting documentation of such determination (such notice, the "***Pre-release Notice***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Opportunity to Review and Comment</u>. The Investor shall be provided with the opportunity to review the Pre-release Notice and provide any comments, which comments shall be for the benefit of all Purchasers, to the Company and the Placement Agent within 24 hours of receiving the Pre-Release Notice. The Company and the Placement Agent shall reasonably consider any comments provided by the Investor prior to delivery of the Escrow Release Notice to the Subscription Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>. Upon execution of this Letter Agreement by the parties hereto, the terms of this Letter Agreement shall be binding upon, and in full force and effect against, the Company, the Investor and the Placement Agent. This Letter Agreement is intended to be a side letter as contemplated by the SPA, supplementing the SPA, and in the event of any inconsistency between the terms of this Letter Agreement, on the one hand, and the SPA, on the other hand, the terms of this Letter Agreement will control. The benefits accruing to the Investor under this Letter Agreement are for the sole and exclusive benefit of the Investor and shall not be transferred or assigned by the Investor to any other Person, in whole or in part, except with the written consent of the Company and the Placement Agent or as otherwise expressly provided herein. The provisions of Sections 5.7 (*Successors and Assigns*), 5.9 (*Governing Law);* 5.11 (*Execution)*, and 5.12 *(Severability*) of the SPA are hereby incorporated herein by reference *mutatis mutandis*. This Letter Agreement shall become effective upon the Closing and shall remain in full force and effect with respect to the Investor for so long as the Investor maintains its Commitment and is not in default under the SPA or this Letter Agreement. This Letter Agreement may be amended, and the observance of any provision hereof may be waived, only with the written consent of each of the parties hereto.

*[Signature page follows]*

 

If the above correctly reflects our understanding and agreement with respect to the foregoing matters, signify your acceptance by executing this Letter Agreement in the space provided below and returning an executed copy to the General Partner.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **PINEAPPLE FINANCIAL, INC.** | **PINEAPPLE FINANCIAL, INC.** |
| By: |  |
| Name: | Shubha Dasgupta |
| Title: | Chief Executive Officer |

---

**ACKNOWLEDGED AND AGREED**

**AS OF THE DATE FIRST WRITTEN ABOVE:**

---

| |
|:---|
| **D. BORAL CAPITAL LLC** |
| By: |
| Name: |
| Title: |
| **INJECTIVE FOUNDATION** |
| By: |
| Name: |
| Title: |

---

[Signature Page to Side Letter]

## Exhibit 99.1

**Exhibit 99.1**

**Pineapple Financial Announces the Launch of $100M Injective Digital Asset Treasury Strategy, Becoming the First Publicly Traded INJ Holder Worldwide**

*INJ, the native asset of Injective, the leading finance-focused blockchain, provides one of the higher staking yields in the industry while creating potential new liquidity rails for the estimated multi-trillion dollar tokenization market*

 

● Pineapple will utilize the net proceeds to launch a dedicated Injective treasury and purchase INJ, becoming the first publicly listed company to do so.

● INJ, the native asset of Injective, offers industry leading yields while powering new liquidity rails for the multi-trillion-dollar tokenization market.

● The transaction drew participation from leading investors across traditional finance and crypto, including FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, the Injective Foundation, and others.

 

Toronto, Canada, September 2, 2025 — Pineapple Financial Inc. (NYSE: PAPL), a leading fintech platform, announces a $100 million private placement to launch the first digital asset treasury strategy anchored in INJ, the native asset of Injective. This investment into the Injective token makes Pineapple the first publicly traded INJ holder worldwide and positions the company as an early mover in merging fintech with blockchain-based finance.

The INJ treasury strategy is expected to generate a passive yield of approximately 12%, among the higher yields across major blockchain networks today. By focusing on an INJ first strategy, the company is positioning itself to explore how blockchain-based assets can propel forward the financial industry at large. This move seeks to align Pineapple with the multi-trillion-dollar tokenization trend being explored by leading global institutions. It also underscores Pineapple's conviction that the future of all financial markets will increasingly rely on digital rails for capital flows with Injective leading the way.

"The launch of the first Injective digital asset treasury represents a defining moment for Injective and its ecosystem," said Eric Chen, Co-Founder of Injective. "It highlights the accelerating momentum behind Injective as the blockchain at the forefront of connecting Wall Street with onchain finance. This milestone propels a broader transformation, the convergence of traditional markets with blockchain to create a faster, more transparent, and globally accessible financial system."

INJ is the native asset of Injective, the leading blockchain built for finance. Powering over $60 billion in transactions, Injective offers faster transaction speeds and cost efficiencies compared to many networks, while focusing on institutional readiness. The network is experiencing strong adoption, with usage surging more than 1,000% year to date. "This transaction highlights Pineapple's commitment to innovation in financial strategies, said Kendall Marin, COO of Pineapple Financial.

"Traditional finance runs on access to capital, and INJ represents perhaps the best avenue to enable the entire finance industry to move onto blockchain-based rails," shared Shubha Dasgupta, CEO of Pineapple Financial. "This $100 million raise, solely for the purpose of allocating into INJ, demonstrates our belief that the Injective token can bring forward a future of finance that is transparent and accessible for all."

"This landmark transaction firmly positions Pineapple to explore the intersection of traditional finance and blockchain, something we believe will be an inflection point for the financial category" said Drew Green, Chairman of Pineapple Financial.

Financial processes such as lending, securitization, and banking remain largely tied to legacy systems that are often slow, costly and opaque. INJ provides a liquidity layer built for speed, efficiency and transparency, capabilities that can directly address the structural challenges in mortgage finance. By investing into INJ, Pineapple is aligning its treasury with innovations that could reshape how finance operates in the years ahead.

The Injective digital asset treasury strategy attracted participation from leading institutions across both traditional finance and crypto, including FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, and the Injective Foundation. This broad backing underscores the confidence experienced investors place in Pineapple's strategy and in Injective as the blockchain built for finance. D. Boral Capital served as exclusive placement agent for the transaction.

**About Pineapple Financial Inc.**

Pineapple Financial Inc. ("Pineapple", or the "Company") is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.

**Follow us on social media:**

Instagram: @pineapplemortgage @empoweredbypineapple

Facebook: Pineapple Mortgage

LinkedIn: Pineapple Mortgage

X (Formerly Twitter): @PAPLpineapple

**Safe Harbor Forward-Looking Statements**

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions; the Company's financial condition, and other factors discussed in the "Risk Factors" section of the registration statements, and periodic reports filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. Forward-looking statements contained in this press release are made as of this date, and the Company undertakes no duty to update such information except as required by applicable law. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

**Media Contact:**

For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.

Email: shubha@gopineapple.com

**Related Links:**

<u>www.pineappleblockchain.com</u>

<u>https://gopineapple.com</u>

<u>http://empoweredbypineapple.com</u>

**Investor Relations Contact:**

For investor relations inquiries, please contact Pineapple Financial Inc.

ir@gopineapple.com

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

Investor Relations

Pineapple Financial Closes $100 Million Private Placement and Initiates Injective Digital Asset Treasury Strategy, Becoming the First Publicly Traded INJ Holder on a National Exchange

Published on 05 Sep 2025

***INJ****, the native asset of **Injective**, the leading finance focused blockchain, offers one of the highest staking yields in the industry and is designed to power new liquidity rails for the estimated multi trillion-dollar tokenization market.*

 

Pineapple will use net proceeds to establish a dedicated Injective treasury and purchase INJ, becoming the first publicly listed company to do so.

INJ offers industry leading yields while powering next generation liquidity rails for tokenized finance.

The financing drew participation from leading investors across traditional finance and crypto, including FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, and the Injective Foundation.

Toronto, Canada, September 5, 2025 — Pineapple Financial Inc. (NYSE American: PAPL) (the "Company" or "Pineapple"), a leading fintech platform, today announced the closing of a private placement for the purchase and sale of an aggregate of 24,642,700 subscription receipts, for aggregate gross proceeds of approximately $100 million. Pineapple intends to deploy the net proceeds to launch the first digital asset treasury strategy anchored in INJ, the native asset of Injective. With this closing, Pineapple becomes the first and only publicly traded INJ holder worldwide and an early mover in the convergence of fintech and blockchain based finance. The purchase

Pursuant to the terms of the securities purchase agreement, the Company issued 7,815,777 subscription receipts at a purchase price of $3.80 per subscription receipt and 16,826,923 subscription receipts at a purchase price of $4.16 per subscription receipt, pursuant to different terms agreed with certain purchasers. The combined issuance represents a weighted average purchase price of approximately $4.04 per subscription receipt.

"Today is more than validation. The completion of Pineapple's $100 million private placement and its decision to anchor the corporate treasury in INJ send a clear signal that Wall Street is beginning to adopt Injective as market infrastructure," said Eric Chen, Co-Founder of Injective. "This is a milestone for Injective and for institutional on-chain finance. Injective offers the speed, cost efficiency, and transparent settlement that public companies expect, and Pineapple is showing how a listed enterprise can hold and deploy digital assets at scale with confidence. We see this as the start of a durable shift, with institutions turning to Injective for liquidity, yield, and a foundation for tokenization."

The INJ treasury strategy is expected to generate a passive yield of approximately 12%, which is within the higher range across major blockchain networks. By focusing on an INJ first strategy, Pineapple is positioning its treasury to explore how blockchain based assets can advance the broader financial industry. The approach is intended to align the Company with the growing tokenization trend currently being evaluated by global institutions. It also reflects Pineapple's view that future financial markets will increasingly rely on digital rails for capital flows, with Injective potentially playing an important role.

INJ is the native asset of Injective, a blockchain built for finance. Powering over 60 billion dollars in transactions, Injective offers faster transaction speeds and cost efficiencies compared to many networks, with a focus on institutional readiness. Network usage has increased more than 1,000 percent year to date.

"Traditional finance runs on access to capital, and INJ represents a potential avenue for enabling the entire finance industry to move onto blockchain-based rails," shared Shubha Dasgupta, CEO of Pineapple Financial. "This $100 million raise, solely for the purpose of allocating into INJ, demonstrates our belief that the Injective token can bring forward a future of finance that is transparent and accessible for all."

Financial processes such as lending, securitization, and banking remain tied to legacy systems that can be slow, costly, and opaque. INJ provides a liquidity layer intended to support speed, efficiency, and transparency, which may help address structural challenges in mortgage finance. By investing in INJ, Pineapple is aligning its treasury with innovations that may reshape how finance operates in the years ahead.

The private placement attracted participation from a broad base of institutional investors across traditional finance and crypto, including FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, and the Injective Foundation. D. Boral Capital served as exclusive placement. agent for the transaction. Sichenzia Ross Ference Carmel LLP acted as U.S. counsel to the Company.

The offer and sale of the foregoing securities was made in a private placement in reliance on an exemption from the registration requirement of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and applicable state securities laws. Accordingly, the securities offered in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirement of the Securities Act and such applicable state securities laws. Concurrently with the execution of the securities purchase agreements, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission (the "SEC") registering the subscription receipts and the underlying shares. Any offering of the Company's securities under the resale registration statement will only be made by means of a prospectus.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction

**About Pineapple Financial Inc.**

Pineapple Financial Inc. ("Pineapple", or the "Company") is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.

**Follow us on social media:**

Instagram: @pineapplemortgage @empoweredbypineapple

Facebook: Pineapple Mortgage

LinkedIn: Pineapple Mortgage

X (Formerly Twitter): @PAPLpineapple

**Safe Harbor Forward-Looking Statements**

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions; fluctuations in the market price of INJ and any associated impairment charges that we may incur as a result of a decrease in the market price of INJ below the value at which INJ is carried on our balance sheet; changes in the accounting treatment relating to our INJ holdings; the Company's financial condition, customer acceptance of our INJ treasury strategy; and other factors discussed in the "Risk Factors" section of the registration statements, and periodic reports filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. Forward-looking statements contained in this press release are made as of this date, and the Company undertakes no duty to update such information except as required by applicable law. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

**Media Contact:**

For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.

Email: shubha@gopineapple.com

**Related Links:**

<u>www.pineappleblockchain.com</u>

<u>https://gopineapple.com</u>

<u>http://empoweredbypineapple.com</u>

<u>https://x.com/PAPLpineapple</u>

**Investor Relations Contact:**

For investor relations inquiries, please contact Pineapple Financial Inc.

ir@gopineapple.com

## Exhibit 99.3

**Exhibit 99.3**

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