# EDGAR Filing Document

**Accession Number:** 0001440153
**File Stem:** 0001096906-26-001026
**Filing Date:** 2026-6
**Character Count:** 122760
**Document Hash:** 5011fbc5f7e14248e3ea157934ae47a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-26-001026.hdr.sgml**: 20260630

**ACCESSION NUMBER**: 0001096906-26-001026

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250124

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

**ITEM INFORMATION**: Changes in Registrant's Certifying Accountant

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260630

**DATE AS OF CHANGE**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bakhu Holdings, Corp.
- **CENTRAL INDEX KEY:** 0001440153
- **STANDARD INDUSTRIAL CLASSIFICATION:** PATENT OWNERS & LESSORS [6794]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 262608821
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55862
- **FILM NUMBER:** 261140065

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **STREET 2:** SUITE 130
- **CITY:** LONG BEACH
- **STATE:** CA
- **ZIP:** 90831
- **BUSINESS PHONE:** 858-682-2528

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **STREET 2:** SUITE 130
- **CITY:** LONG BEACH
- **STATE:** CA
- **ZIP:** 90831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Planet Resources, Corp.
- **DATE OF NAME CHANGE:** 20080716

?xml version='1.0' encoding='ASCII'? Bakhu Holdings, Corp. - Form 8-K SEC filing

**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): **January 24, 2025**

Bakhu Holdings, Corp.

(Exact name of Company as specified in its charter)

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| | | |
|:---|:---|:---|
| **Nevada** | **000-55862** | **26-0510649** |
| (State or Other Jurisdiction | (Commission File Number) | (IRS Employer |
| of Incorporation) |  | Identification Number) |
|  | **One World Trade Center, Suite 130** |  |
|  | **Long Beach, CA 90831** |  |
|  | (Address of Principal Executive Offices) |  |
|  | **(310) 891-1959** |  |
|  | (Registrant's Telephone Number) |  |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing

obligation of the Company under any of the following provisions:

☐ 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))

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 company &nbsp;&nbsp;&nbsp;&nbsp;☒

If an emerging growth company, indicate by check mark 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. ☐

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbols(s) | Name of each exchange on which registered |
| N/A |  |  |

---

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**FORWARD LOOKING STATEMENTS**

The following discussion, in addition to the other information contained in this Current Report, should be considered carefully in evaluating our prospects. This Report (including without limitation the following factors that may affect operating results) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), regarding us and our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements but are not the exclusive means of identifying forward-looking statements in this Report. Additionally, statements concerning future matters such as revenue projections, projected profitability, growth strategies, possible changes in legislation and other statements regarding matters that are not historical are forward-looking statements.

**ADDITIONAL INFORMATION**

You are urged to read this Current Report carefully. This Current Report is not all-inclusive and does not contain all the information that you may desire in evaluating the Company. You must conduct and rely on your own evaluation of the Company, including the merits and risks involved in making a decision to invest in our stock. No representations or warranties of any kind are intended nor should any be inferred with respect to the economic viability of the Company or with respect to any benefits, which may accrue as a result of an investment in the Company. The Company does not in any way represent, guarantee or warrant an economic gain or profit with regard to our business. We do not in any way represent or warrant the advisability of investing in our stock. Any projections, forecasts, or other forward-looking statements or opinions contained in this Current Report constitute estimates by us based upon sources deemed to be reliable, but the accuracy of this information is not guaranteed nor should you consider the information all-inclusive.

As used in this Current Report and unless otherwise indicated, the terms "we," "us," "our," the "Company," and "Bakhu" refer to Bakhu Holdings, Corp.

**ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT**

***March 17, 2026 Memorandum of Understanding***

On March 17, 2026, the Company entered into a Memorandum of Understanding (the "MOU") with Phytocyte Pty Ltd., a company incorporated under the laws of Australia ("Phytocyte") and Inter-M Traders FZ-LLE, a limited liability company organized under the laws of the United Arab Emirates ("Inter-M"), under which the parties agreed to funding, corporate governance and ownership of the Company, and certain commitments and undertakings to bring the Company into good standing and the subsequent change of control of the Company.

Pursuant to the MOU, the parties agree to, including without 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;·Phytocyte agreeing to provide up to $600,000 of funding in the form of an interest-free, convertible promissory note (the "Phytocyte Note"), which proceeds would be used for the purposes of the payment of certain creditors and vendors, and past and present service providers to (i) facilitate the preparation and filing of the Company's delinquent and currently due mandatory period reports with the Securities Exchange Commission, and (ii) file and pay and requisite state and federal taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Konstantia Galazi as the Company's acting director and officer for the purpose of carrying the Company through the milestones set forth in the MOU;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the Company shall not, without the prior written consent of Phytocyte:

&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;(a)amend its Articles of Incorporation or By-Laws;

&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;(b)increase or decrease the authorized number of directors;

&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;(c)appoint any additional director or remove any director, save as expressly contemplated by the MOU Memorandum;

&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)appoint or remove any officer, save where strictly necessary for compliance purposes and recorded in the corporate minute book;

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&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;(e)issue, allot or grant any share, option, warrant, convertible security or other right to acquire voting equity;

&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;(f)incur any borrowing, grant any security interest, or compromise any material claim outside the ordinary course of implementing the milestones set forth in the MOU;

&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;(g)open, close or alter any bank account or signatory mandate otherwise than in accordance with board resolutions adopted pursuant to the MOU; or

&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;(h)apply any monies advanced under the Phytocyte Note except as provided under the MOU;

Section 4.1 of the MOU further provides, among other things that the Phytocyte Note shall convert only upon satisfaction of the following matters:

&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;(a)the delinquent and any currently due SEC filings required to bring the Company current have been prepared and filed;

&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;(b)the auditors' fees, tax liabilities, filing charges and compliance costs necessary to restore the Company to regulatory good standing have been paid or irrevocably provided for;

&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;(c)the post conversion matters relating to the corporate records, post-closing governance and board composition, and other related actions, limitations and restrictions under Sections 5, 6 and 7 of the MOU have been complied with and affected;

Pursuant to the MOU, on the satisfaction of the condition set forth in Section 4.1, the Phytocyte Note shall automatically convert and the Company shall issue to Phytocyte such number of shares of common stock which shall result in Phytocyte holding seventy percent (70%) of the issued and outstanding shares of common stock of the Company.

The foregoing summary descriptions of the terms of the Memorandum of Understanding is a summary only and does not purport to be complete, may not contain all information that is of interest to the reader and is qualified in its entirety by reference to the full text the Memorandum of Understanding, attached hereto as Exhibit 10.01 to this Current Report on Form 8-K.

On April 17, 2026, the Company and Phytocyte Pty Ltd., terminated the March 17, 2026 Memorandum of Understanding. (*See April 17, 2026 Termination of Memorandum of Understanding in Item 8.02 below).*

***Indemnification, Hold Harmless and Advancement Letter Agreement***

On March 18, 2026, following the resignation of Efstathios Galazi, as the then sole officer and director of the Company and appointment of Konstantia Galazi as the sole director and officer of the Company, as set forth in Item 5 below, the Company entered into an Indemnification, Hold Harmless and Advancement Letter Agreement, whereby the Company agreed to indemnify, hold harmless and defend Efstathios Galazi against any and all losses, liabilities, damages, claims, demands, actions , suits, proceedings, judgments, fines, penalties, settlements, costs and expenses (including, without limitation, reasonable attorneys' fees, expert fees, investigation costs and disbursements) incurred by reason of the fact that the Efstathios Galazi is or was a director, officer, agent , adviser, authorized signatory or representative of the Company, or served at the request of the Company in any such capacity for another entity or enterprise.

The foregoing summary descriptions of the terms of the Indemnification, Hold Harmless and Advancement Letter Agreement, is a summary only and does not purport to be complete, may not contain all information that is of interest to the reader and is qualified in its entirety by reference to the full text the Indemnification, Hold Harmless and Advancement Letter Agreement, attached hereto as Exhibit 10.02 to this Current Report on Form 8-K.

***April 7, 2026 Binding Heads of Agreement***

On April 7, 2026, the Company entered into a Binding Heads of Agreement with Phytocyte, under which the parties agreed to certain funding and other commitments, interim corporate governance and undertakings to bring the Company into good standing, and the subsequent change of control of the Company.

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Pursuant to the Binding Heads of Agreement, the parties agree to, including without 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;·PhytoCyte has agreed to provide or procure funding in the amount of up to $250,000 to be paid either to a Bakhu escrow account, or directly to its creditors, on behalf of Bakhu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·That more detailed documents may be entered into, consistent with the Binding Heads of Agreement, including a definitive promissory note, escrow agreement, shareholders' agreement, board resolutions and stockholder consents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The condition precedent that Demetri Michalakis, his family members or their nominees or any officer of Inter-M make no attempt to interfere with the company in anyway and that no other material issues arise, following signature of this agreement, any breach of which PhytoCyte reserved the absolute right to withdraw from all terms of the Binding Heads of 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;·Any amount advanced directly by PhytoCyte shall be evidenced shall be an interest-free and convertible promissory note (the "Phytocyte Note"), which proceeds would be used for expenses required to restore the Company to full regulatory compliance and good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·That Konstantia (Nadia) Galazi is presently acting as the Company's sole director for the purpose of preserving the Company's records, compliance standing and business affairs pending the compliance restoration milestone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Karl E. Watkin shall be appointed to the board 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;·From the date of execution of the Binding Heads of Agreement and until conversion or repayment of the promissory note to Phytocyte, the board of the Company shall initially be comprised of Konstantia (Nadia) Galazi and Karl E. Watkin, pending any later expansion to be agreed by and between the Company and Phytocyte.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·That and until conversion or repayment of the promissory note to Phytocyte, the Company shall not, without the prior written consent of PhytoCyte:

&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;(a)amend its Articles of Incorporation;

&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;(b)By-Laws;

&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;(c)increase or decrease the authorized number of directors;

&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)appoint any additional director or remove any director, save as expressly contemplated by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)appoint or remove any officer, save where strictly necessary for compliance purposes and duly recorded in the minute book;

&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;(f)issue, allot or grant any share, option, warrant, convertible security or other right to acquire voting equity; (f) incur any borrowing, grant any security interest, or compromise any material claim outside the ordinary course of implementing the Compliance Restoration Milestone;

&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;(g)open, close or materially alter any bank account or signatory mandate other than in accordance with board resolutions adopted under this Agreement; or

&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;(h)apply any monies advanced under the Note other than in accordance with the terms of the Binding Heads of Agreement.

Pursuant to the Binding Heads of Agreement, the Compliance Restoration Milestone shall be satisfied when: (a) the overdue SEC filings described have been prepared and filed, or otherwise validly satisfied in a manner that restores the Company's reporting position; (b) the liabilities and expenses necessary to restore the Company to active and good standing, including any other fees, taxes, filing charges or compliance costs essential to that outcome, have been paid, settled, compromised or irrevocably provided for; the corporate actions required by this Agreement and schedules have been completed; and (d) documentary evidence of the matters referred to above has been placed with the Company's records and furnished to the Parties.

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Pursuant to the Binding Heads of Agreement, on the first Business Day following satisfaction of the Compliance Restoration Milestone, the amounts paid by PhytoCyte shall automatically convert and the Company shall issue and register such number of voting common shares as shall result in Phytocyte holding seventy percent (70%) of the issued and outstanding voting common stock of the Company on a fully diluted basis immediately after conversion. As a result of such conversion, the existing shareholders of the Company shall be diluted so that their collective ownership immediately after conversion is thirty percent (30%) of the then issued and outstanding voting common stock of the Company on a fully diluted basis.

The foregoing summary descriptions of the terms of the Binding Heads of Agreement is a summary only and does not purport to be complete, may not contain all information that is of interest to the reader and is qualified in its entirety by reference to the full text the Binding Heads of Agreement, attached hereto as Exhibit 10.03 to this Current Report on Form 8-K.

**See "Certain Relationships" in Item 8.01 Other Information, below regarding the ownership, control and various relationships of the parties.**

**ITEM 4.01 - CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT**

As stated in Item 4.01 of the Company's Current Report on Form 8-K filed October 24, 2024, on July 25, 2024 the Company's independent registered public accounting firm, advised the Company, advised the Company that he could not serve as the Company's independent registered public accounting firm for the year ended July 31, 2024, due to a pending inquiry by the Public Company Accounting Oversight Board ("PCAOB") on matters unrelated to the Company.

On April 23, 2026, our Board of Directors approved the engagement of Qi CPA LLC, 129 Rockway Avenue, #1008, Valley Stream, NY 11580, as our registered public accounting firm, effective immediately, including to report on our financial statements for the years ending July 31, 2024 and July 31, 2025.

No consultations occurred between us and Qi CPA LLC during the two most recent audited fiscal years and through April 23, 2026, regarding either: (i) the application of accounting principles to a specific completed or contemplated transaction or the type of audit opinion that might be rendered on our financial statements, and neither a written report nor oral advice was provided to us that Qi CPA LLC concluded was an important factor considered by us in reaching a decision as to an accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of disagreement, as that term is defined in S-K 304(a)(1)(iv) and the related instructions to S-K 304, or a reportable event requiring disclosure under Item 304(a)(1)(v) of Regulation S-K.

**ITEM 5.01 -** **CHANGES IN CONTROL OF REGISTRANT.**

As set forth in Item 1.01., pursuant to the Binding Heads of Agreement, upon the satisfaction of the Compliance Restoration Milestone, the Phytocyte Note contemplated by the Binding Heads of Agreement shall automatically convert and the Company shall issue to Phytocyte such number of shares of common stock which shall result in Phytocyte holding seventy percent (70%) of the issued and outstanding shares of common stock of the Company, which will constitute a change in control of the Company. As set forth under ***Certain Relationship*** under Item 8.01 Other Events, Karl E, Watkin is the owner of and in control of Phytocyte, and would as provided in the Binding Heads of Agreement have voting control of all matters pertaining to the Company, subject to any limitations and restrictions of the Binding Heads of Agreement and applicable law.

**ITEM 5.02 - DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.**

 **** ***January 2025 Departure of Officers and Directors***

Between January 24, 2025 and January 28, 2025, following the deadlock and inability of the then board to agree on the terms of the Employment Agreement for then CEO Teddy Scott and Consulting Agreement of Mitchel Kahn, all the then officers and directors, Teddy Scott, Mitchel Kahn, Aristotle Popolizio, Peter Whitton, Alvin Sun and Juan Carlos Garcia La Sienra, resigned.

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***June 2025 Appointment Efstathios Galazis as Director and Officer***

On or about June 1, 2025 Efstathios Galazis was appoint as the sole director and officer of the Company, who served in such capacity until his resignation on March 18, 2025.

***March 18, 2026 Resignation of Efstathios Galazis as Director and Officer***

On March 18, 2026 Efstathios Galazis resigned as a director and officer of the Company.

***Appointment of Konstantia (Nadia) Galazi as Director and Officer***

On March 18, 2026 Konstantia (Nadia) Galazi was appointed as the sole director, the President, CEO, Secretary and CFO of the Company.

**Konstantia (Nadia) Galazi** has extensive experience in accountancy, corporate governance, anti-money laundering and regulatory compliance, with over two decades of professional experience in regulated environments, including FCA-regulated firms and AIM-listed group structures and their subsidiaries. She has served as a company secretary across various public limited companies and has held Finance Director roles within a number of UK companies, with responsibility for financial management, governance frameworks and statutory compliance. Her experience includes involvement in complex corporate transactions, including share-for-share exchanges, group restructurings and governance implementation across multi-jurisdictional entities. She previously served as a director of Newgate Solutions Ltd, a subsidiary of NextGate Solutions, Inc. (Pasadena, California), a healthcare technology company specialising in identity resolution and Enterprise Master Person Index (EMPI) solutions. NextGate Solutions, Inc. was acquired by Rhapsody, a global healthcare data interoperability company backed by Hg Capital, in March 2022 and subsequently integrated into its platform. In addition, she served as Compliance Officer and Deputy AML Manager at AGK Partners, Chartered Accountants, London, for over 20 years, with responsibility for anti-money laundering frameworks, regulatory compliance and governance oversight, including matters relating to proceeds of crime regulations. Ms. Galazi brings significant experience in financial oversight, regulatory remediation and governance implementation, and is well positioned to support companies in achieving and maintaining compliance and good standing within applicable regulatory and reporting frameworks.

***Appointment of Karl E. Watkin as Director***

On April 10, 2026, Karl E. Watkin, was appointed as a director of the Company.

**Karl E. Watkin** is the owner and controls Menelaus Holding FZ LLC and Phytocyte Pty Ltd. Mr. Watkin is an entrepreneur, director, salesman, strategist and inspirational leader with a proven track record of identifying and developing emerging technologies. Raised $1bn+ in investment funds; Mr. Watkin has been a climate change activist for 30 years. He Chaired the United Nations Foundation Bio Energy Board for 5 years. He was a United Nations Delegate at New York, Copenhagen and Bali COPs. Mr. Watkin has chaired and delivered the white papers on Climate Change Mitigation and Adaptation for the UNF, implemented worldwide. Mr. Watkin is currently leading the development of a number of Pharmaceutical and bio science technologies and products in UK, Australia, New York, Hong Kong and Vietnam. He has significant public company corporate governance experience and specialized in developing start-up businesses for the last 40 years, successfully bringing those businesses from concept to IPO.

**ITEM 8.01 - OTHER EVENTS**

***March 24, 2026 Inquiry from the SEC***

On March 24, 2026 the Company received a letter from the Securities and Exchange Commission ("SEC") regarding the Company's non-compliance and failure to file is mandatory period reports. The Company responded to the SEC on April 6, 2026 confirming its filing obligations and again on April 14, 2026 advising the SEC and confirming that the Company intends to undertake and proceed with the preparation and filing of its delinquent period reports to bring the Company into compliance with its reporting obligations, and requested that the SEC refrain from and not commence administrative proceedings to revoke the Company's registration pursuant to Section 12(j) of the Exchange Act, or suspend trading pursuant to Section 12(k), and allow the Company to bring its delinquent mandatory periodic filings current and in compliance with its filing obligations within the time outlined in its April 14, 2026 letter.

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The Company has undertaken discussions with proceeding with engaging the various necessary professionals and services providers required to prepare and file the delinquent and current required period reports.

***April 17, 2026 Termination of Memorandum of Understanding***

On April 17, 2026, the Company and Phytocyte Pty Ltd., terminated the prior Memorandum of Understanding (the "MOU") entered into on March 17, 2026 (*See Item 1.01 above)*. The Company and Phytocyte determined that following receipt of the March 24, 2026 Inquiry from the SEC (*See Item 8.02 below*), that the funding structure contemplated by the MOU was no longer sufficient or available for the purposes contemplated by the MOU, and that additional funding cannot presently be secured on terms acceptable to Phytocyte.

***May 28, 2026 Termination of Convertible Note Term Sheet and Amendments***

On May 28, 2026, the Company terminated any rights of JR Munoz, the OZ Company, Inter-M Traders FZ LLC and/or Cell Science Holding Ltd., pursuant to the Convertible Note Term Sheet dated July 20, 2023, the First Amendment to Term Sheet dated August 17, 2023, the Second Amendment to Term Sheet dated September 13, 2023 and the Third Amendment to Term Sheet dated February 14, 2024, to designate, appoint, or remove any directors and/or officers of the Corporation, to choose, reject or veto any candidate to the board or as an officer of the Corporation, or in any way interfere with the corporate governance of the Corporation and the board.

***Certain Relationship***

Commencing in 2017, Inter-M Traders FZ, LLE, initiated an effort to commercialize a proprietary cell replication technology invented principally by Dr. Whitton and held with his associates by Mentone, Inc. To implement this strategy, the cell replication intellectual property was transferred to a newly organized Cyprus limited liability company, Cell Science Holding Ltd. ("Cell Science"), which is owned 40% by Inter-M Traders FZ LLE, 30% by Mentone Ltd, and 30% by OZ Company. In turn, in late 2018, Cell Science granted to Bakhu certain licensing rights to the cell replication technology to produce cannabinoids in North America. Bakhu was then a dormant US publicly held corporation. As partial consideration for the license, Bakhu issued 210,000,000 shares of common stock to Cell Science.

The following relationships are known by us to exist among parties with whom or which we have had or have transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·We obtained the license of rights to the intellectual property on which our business is based from Cell Science Holding Ltd., which is owned 40% by Inter-M Traders FZ, LLE., 30% by Mentone Ltd., and 30% by OZ 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;·Inter-M Traders FZ, LLE, owns 115,783,555 shares of our outstanding common stock, which represents approximately 38.44% of the voting power of the corporation on all matters submitted to the stockholders for consideration. Additionally, as a result of its ownership in Cell Science, Inter-M Traders FZ, LLE has a direct interest in the licensor, Cell Science.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Demetri Michalakis is director and Manager of Traders FZ LLE, and is therefore deemed to be the beneficial owner of the 115,783,555 shares of our outstanding common stock owned by Inter-M Traders FZ LLE, which represents 38.44% of the voting power of the corporation on all matters submitted to the stockholders for consideration. Mr. Michalakis is also the Chairman of Inter-M Traders Group of Companies provides financial, strategic and advisory services to the Company. The Inter-M Traders Group of Companies has an ongoing and continuing relationship with Cell Science, Bakhu, OZ Company, and Blackhawk Science among others. Mr. Michalakis is the father of Aristotle Popolizio, our director and an executive officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Mentone Ltd., a United Kingdom company, is owned by Dr. Peter Whitton, Geoffrey Dixon, and Karl Watkin. Mentone Ltd. Owns 6,000,000 shares of our outstanding common stock. In addition, Mentone Ltd. Is a 30% owner of Cell Science, and as a result of its ownership in Cell Science, has a direct interest in the licensor, Cell Science.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Dr. Peter Whitton, is the inventor of the licensed technology that is the subject of the Integrated License Agreement set forth above. As a result of his direct ownership of shares of common stock, his ownership in Mentone Ltd., Dr. Whitton's collective ownership of our stock represents approximately 9.97% of the voting power of the Corporation on all matters submitted to the stockholders for consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Geoffrey Dixon is a 33% owner of Mentone Ltd. As a result of his direct ownership of shares of common stock, his ownership in Mentone Ltd., and Mentone's ownership of Cell Science, Mr. Dixon's collective ownership of our stock represents approximately 9.94% of the voting power of the Corporation on all matters submitted to the stockholders for consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Karl E. Watkin, a current director, is a 33% owner of Mentone Ltd. As a result of his ownership of shares of common stock through his company Menelaus Holding FZ LLC, his ownership in Mentone Ltd., and Mentone's ownership of Cell Science, Mr. Watkin's collective ownership of our stock represents approximately 10.04% of the voting power of the Corporation on all matters submitted to the stockholders for consideration. Further, Mr. Watkin is the owner, sole director and control's Phytocyte who is a party to the MOU described in Item 1.01 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·John R. Munoz is the beneficial owner of approximately 9,249,161 shares of our outstanding common stock. Mr. Munoz is also the owner of OZ Company. As a result of OZ Company's ownership in Cell Science, Mr. Munoz has an indirect interest in the licensor, Cell Science. Mr. Munoz and OZ Company provide financial, strategic and advisory services 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;·OZ Company is owned and controlled by John R. Munoz. As a result of OZ Company's ownership in Cell Science, OZ Company has a direct interest in the licensor, Cell Science. Additionally, OZ Company has and continues to provide working capital debt financing to the Company. Additionally, OZ Company has and conditions to provide working capital debt financing to the Company. The OZ Company provides financial, strategic and advisory services 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;·Phytocyte Pty Ltd., a company incorporated under the laws of Australia ("Phytocyte") is owned and controlled by Karl E. Watkin. Pursuant to the MOU set forth in Item 1.01, upon the satisfaction of certain conditions set forth in the MOU, Phytocyte will be issued and own such number of shares of common stock which will represent 70% of the voting power of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Efstathios Galazis is the son of Konstantia (Nadia) Galazi a current director, President, CEO, Secretary and CFO 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;·Konstantia (Nadia) Galazi, a current director, President, CEO, Secretary and CFO of the Company, is the mother of former director Efstathios Galazis.

**ITEM 9.01 - FINANCIAL STATEMENTS AND EXHIBITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Exhibits***. The following exhibits are either filed as a part hereof or are incorporated by reference. Exhibit numbers correspond to the numbering system in Item 601 of Regulation S-K.

---

| | |
|:---|:---|
| **Exhibit**  |  |
| **Number**  | **Description of Exhibit**  |
| 10.1 | [March 17, 2026 Memorandum of Understanding between Bakhu,](bkhu_ex10z1.htm)[Phytocyte](bkhu_ex10z1.htm)[and Inter-M Traders](bkhu_ex10z1.htm)[(1)](bkhu_ex10z1.htm) |
| 10.2 | [March 18, 2026 Indemnification, Hold Harmless and Advancement Letter Agreement](bkhu_ex10z2.htm)[(1)](bkhu_ex10z2.htm) |
| 10.3 | [April 17, 2026 Binding Heads of Agreement](bkhu_ex10z3.htm)[(1)](bkhu_ex10z3.htm) |

---

(1) Filed herewith

------

**SIGNATURE**

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

---

| | |
|:---|:---|
|  | **BAKHU HOLDINGS, CORP.** |
| Dated: May 28, 2026 | /s/ Konstantia Galazi |
|  | By: Konstania Galazi |
|  | Title: President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

------

## Exhibit 10.1

**MEMORANDUM OF UNDERSTANDING**

This Memorandum of Understanding is made on the seventeenth day of March, Two Thousand and Twenty-Six.

**BETWEEN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)*Phytocyte Pty Ltd (ACN 612 512 571), a company limited by shares incorporated in Australia, whose registered office is at c/o Pascoes Accounting & Advisory, 123 Albany Highway, Kojonup WA 6395, AUSTRALIA ***("Phytocyte");***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Inter-M Traders FZ-LLE, a limited liability establishment organized under the laws of the United Arab Emirates, whose registered office is at Fujairah Creative Tower

P.O.Box 4422 Fujairah UNITED ARAB EMIRATES ***("Inter-M");*** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)*Bakhu Holdings, Corp., a corporation incorporated under the laws of the State of Nevada, United States of America, with its principal executive offices at One World Trade Center, Suite 130, Long Beach, California 90831, UNITED STATES ***(the "Company").***

Phytocyte, Inter-M and the Company are hereinafter collectively referred to as the "Parties" and individually as a "Party".

This Agreement shall come into force with immediate effect upon execution by the Parties. The Parties further acknowledge and agree that a formal shareholders' agreement shall subsequently be entered into for the purpose of ratifying, recording and giving full effect to the terms of this Agreement, including the authorisation, issuance or reservation of a sufficient number of shares in Bakhu Holdings, Corp. to implement the transfer of seventy per cent (70%) of the issued share capital of the Company to Phytocyte Pty Ltd. in accordance with the terms contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Background**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The Parties wish to restore the Company to good standing, regularize its outstanding compliance matters, and place it in a condition suitable for further investment and commercial development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2Phytocyte has agreed to provide funding in the sum of US$600,000 by way of an interest- free convertible promissory note, such monies to be applied solely towards restoring the Company to compliance and good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3The Parties further wish to settle, on a binding basis, the governance, funding and ownership arrangements applicable to the Company following such funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4This Memorandum is intended to create legal relations and shall be binding in all respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Definitions and interpretation**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Defined term** | &nbsp;&nbsp;**Meaning** |
| &nbsp;&nbsp;**"Business Day"** | &nbsp;&nbsp;means a day other than a Saturday, Sunday or public holiday in London, England or Nevada, United States of America. |
| &nbsp;&nbsp;**"Capitalization Schedule"** | &nbsp;&nbsp;means the schedule initialed by the Parties at or before Closing which identifies the Company's issued share capital and all existing options, warrants, notes and other rights to acquire voting equity, solely for the purpose of calculating the shares to be issued on Conversion. |
| &nbsp;&nbsp;**"Closing"** | &nbsp;&nbsp;means completion of the matters listed in Schedule 3. |
| &nbsp;&nbsp;**"Compliance Costs"** | &nbsp;&nbsp;means the costs and expenses set out in Schedule 2. |
| &nbsp;&nbsp;**"Compliance Restoration Milestone"** | &nbsp;&nbsp;means the satisfaction of clause 4.1. |
| &nbsp;&nbsp;**"Conversion"** | &nbsp;&nbsp;means the conversion of the Note into equity pursuant to clause 4. |
| &nbsp;&nbsp;**"Escrow Account"** | &nbsp;&nbsp;means the segregated escrow account established pursuant to clause 3. |
| &nbsp;&nbsp;**"Long-stop Date"** | &nbsp;&nbsp;means the date falling 180 days after the date of this Memorandum, or such later date as Phytocyte may agree in writing. |
| &nbsp;&nbsp;**"Note"** | &nbsp;&nbsp;means the definitive interest-free convertible promissory note in the principal sum of approximately US$600,000 to be entered into pursuant to clause 3. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1In this Memorandum, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2References to the Company's Articles of Incorporation and By-Laws are references to its constitutional documents as in force from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3The headings in this Memorandum are for convenience only and do not affect interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Funding, escrow and use of proceeds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1Upon execution of this Memorandum, the Parties shall settle and execute the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2The Note shall be in the principal sum of approximately US$600,000, shall be interest-free, and shall convert only in accordance with clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3The monies advanced under the Note shall be paid into an independent Escrow Account administered by an escrow agent of suitable standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4Monies standing to the credit of the Escrow Account shall be applied in accordance with the Use of Proceeds Schedule, as set out in the Appendix to this Memorandum (the "Use of Proceeds Schedule"), which shall be agreed, initialled and appended at or prior to execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.1**The Use of Proceeds Schedule shall, with sufficient particularity, specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)each vendor, creditor or counterparty to whom payment is to be made;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the precise amount payable to each such party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the sequence and priority in which such payments are to be effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2In recognition of the urgent requirement to restore the Company to regulatory good standing, the Use of Proceeds Schedule shall prioritise, as a matter of first application:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all outstanding U.S. Securities and Exchange Commission filings and associated compliance costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all outstanding obligations to the Internal Revenue Service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)all fees, costs and disbursements of newly appointed auditors necessary to regularise the Company's financial reporting position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3The escrow agent shall effect all disbursements in accordance with the Use of Proceeds Schedule as appended, and shall not depart therefrom without the prior written approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5The escrow agent shall furnish periodic statements and a running ledger of all receipts, releases and balances to the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6From the date of this Memorandum until Conversion, Ms. K Galazi shall act as the Company's acting director for the purpose of carrying the Company through the Compliance Restoration Milestone and preserving its corporate records, compliance standing and business affairs in the ordinary course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7During the period referred to in clause 3.6, and for so long as the Note remains outstanding, the Company shall not, without the prior written consent of Phytocyte:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)amend its Articles of Incorporation or By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)increase or decrease the authorized number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)appoint any additional director or remove any director, save as expressly contemplated by this Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)appoint or remove any officer, save where strictly necessary for compliance purposes and recorded in the corporate minute book;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)issue, allot or grant any share, option, warrant, convertible security or other right to acquire voting equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)incur any borrowing, grant any security interest, or compromise any material claim outside the ordinary course of implementing the Compliance Restoration Milestone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)open, close or alter any bank account or signatory mandate otherwise than in accordance with the Board resolutions adopted pursuant to this Memorandum; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)apply any monies advanced under the Note otherwise than in accordance with clause 3 and Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8The restrictions in clause 3.7 are acknowledged by the Parties to be ancillary to the funding provided by Phytocyte and necessary for the protection of the Company and all of its shareholders pending Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9Suﬀiciency of Funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1Phytocyte shall use reasonable endeavours to identify, introduce and procure third-party investors to invest in the Company, whether by way of equity, convertible securities, debt or such other lawful investment instrument as may be approved in accordance with this Memorandum, with a view to restoring the Company to regulatory good standing, reviving its business and preserving value for the benefit of the Company and all of its shareholders, including Inter-M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2If the sum of US$600,000 proves insufficient to satisfy the Compliance Costs and achieve the Compliance Restoration Milestone, Phytocyte shall continue to use reasonable endeavours to procure such further third-party investment into the Company as may reasonably be required for those purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.3For the avoidance of doubt, nothing in this Memorandum shall oblige Phytocyte, by reason only of this Clause 3.9, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)provide any additional funding from its own resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)underwrite, guarantee or make good any shortfall in funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)warrant that any proposed investor will complete any investment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)assume or become personally liable for any historic liability of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.4 Any monies invested in the Company pursuant to this Clause 3.9 shall be applied solely in accordance with the Use of Proceeds Schedule and for the purposes of restoring the Company to good standing, reducing material financial and legal risk, and supporting the revival and continuation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.5Conversion of the Note shall not occur unless and until the Board has determined, acting reasonably and by reference to objective evidence, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company has been restored to good standing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the liabilities necessary to achieve such status, as identified in Appendix 1 and the Use of Proceeds Schedule, have been paid, settled, compromised or irrevocably provided for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10Link Between Liability Schedule and Use of Proceeds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1Appendix 1 (Liability Schedule) shall form the basis of the Use of Proceeds Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2The Use of Proceeds Schedule shall prioritise the application of monies invested in the Company to matters necessary to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)restore and maintain regulatory compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)discharge, settle or provide for liabilities identified in Appendix 1 so far as necessary to reduce material creditor, enforcement or litigation risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)stabilise, revive and relaunch the business of the Company for the benefit of all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3No monies invested in, or arranged to be invested in, the Company pursuant to this Memorandum shall be applied to any liability or purpose unless such liability or purpose is identified in Appendix 1 or otherwise approved in accordance with this Memorandum and the Company's constitutional documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.4The procurement or introduction of investors by Phytocyte shall not of itself render Phytocyte personally liable for the liabilities of the Company or oblige it to make up any deficiency in funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compliance Restoration Milestone and Conversion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1The Note shall convert only upon satisfaction of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the outstanding SEC filings required to bring the Company current have been prepared and filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the auditors' fees, tax liabilities, filing charges and compliance costs necessary to restore the Company to regulatory good standing have been paid or irrevocably provided for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the corporate actions required by clauses 5, 6 and 7 have been completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)documentary evidence of the matters referred to in sub-clauses (a) to (c) has been placed with the Company's records and furnished to the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2On the first Business Day following satisfaction of clause 4.1, the Note shall automatically convert and the Company shall issue and register such number of voting common shares as shall result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Phytocyte holding seventy per cent. (70%) of the issued and outstanding shares of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The existing shareholders of the Company shall be diluted by the issuance to Phytocyte such that their collective ownership after said issuance shall be 30% of the then issued and outstanding shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3The calculation required by clause 4.2 shall be made by reference to the Capitalization Schedule agreed and initialed by the Parties at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4Following Conversion, no share, option, warrant, convertible security or other right to acquire voting equity shall be issued, allotted or granted save pursuant to a financing plan approved by the Board in accordance with clause 7 and, where required by law or the Company's constitutional documents, by stockholder action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5In connection with any bona fide financing approved pursuant to clause 4.4, each of Phytocyte and Inter-M shall be afforded the opportunity to participate on a proportionate basis in such financing, upon the same terms and subject to the same conditions, unless otherwise agreed in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Capital Management and Governance Framework**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1Constitution of the Board

With eﬀect from Closing (or such later date as may be required pursuant to any subsisting ﬁnancing arrangements disclosed in the Company's public ﬁlings), the Board of Directors of the Company shall comprise ﬁve (5) directors, being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)three (3) directors nominated by Phytocyte; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)two (2) directors nominated by Inter-M.

The Parties shall procure that all requisite corporate actions, including Board and stockholder approvals and any necessary amendments to the Company's constitutional documents, are duly taken to give effect to the foregoing, in accordance with the Articles of Incorporation, the By-Laws of Bakhu Holdings, Corp. and applicable Nevada law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2Quorum and Ordinary Decision-Making

Subject to Clause 5.3, a quorum for any meeting of the Board shall be **not** fewer than four (4) directors, provided that such quorum shall include at least one (1) director nominated by each Party.

Any matter shall be determined by the affirmative vote of a majority of the directors present at a duly quorate meeting, unless a higher threshold is required under this Agreement, the Company's constitutional documents or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3Matters Requiring Enhanced Board Consideration

For the purposes of this Agreement, the following shall constitute "Enhanced Capital Matters"**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any issue, allotment or grant of shares, options, warrants, convertible notes or other securities convertible into or exercisable for equity in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any capital raising, financing plan or investment transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any issuance of securities at an effective price per share lower than the effective price implied by the Conversion of the Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any issuance of securities carrying preferential or senior rights (including as to dividends, liquidation, redemption or voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any amendment to, or reorganisation of, the capital structure of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any grant, amendment, waiver or withdrawal of any participation, pre-emption, anti-dilution or similar economic protection; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any arrangement or transaction having a materially dilutive effect on existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4Quorum for Enhanced Capital Matters

Notwithstanding Clause 5.2, no meeting of the Board at which an Enhanced Capital Matter is to be considered shall be quorate unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)not fewer than four (4) directors are present; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)such quorum includes directors nominated by each Party.

No business relating to an Enhanced Capital Matter shall be transacted unless such quorum is present and maintained throughout the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5Approval of Enhanced Capital Matters

No Enhanced Capital Matter shall be approved, adopted or implemented unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)considered at a duly convened meeting of the Board satisfying the quorum requirements of Clause 5.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)approved by the affirmative vote of not fewer than four (4) directors then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6Participation in Capital Raisings

In connection with any bona fide financing for cash approved in accordance with this Clause 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)each of Phytocyte and Inter-M shall be afforded the right, but not the obligation, to subscribe for securities on a proportionate basis by reference to its then existing shareholding in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)such participation shall be on the same price and on materially the same terms as those offered to any third-party investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Company shall provide reasonable prior written notice of such financing, including details of the proposed amount, pricing and material terms.

Any Party electing not to participate in such financing shall accept the resulting dilution in its shareholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7Absence of Automatic Economic Adjustment Save as expressly provided in Clause 5.6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)no automatic adjustment to any Party's shareholding shall arise by reason of any

subsequent financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)no full-ratchet, weighted-average or similar anti-dilution mechanism shall apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)no issuance shall be rendered ineffective solely by reason of dilution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8Compliance with Law and Corporate Framework

This Clause 5 shall be construed and applied in a manner consistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Articles of Incorporation and By-Laws of Bakhu Holdings, Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Chapter 78 of the Nevada Revised Statutes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)applicable United States federal securities laws and regulatory requirements, including those relating to material agreements and related party transactions.

The Parties shall procure that any approvals, filings or disclosures required in consequence of this Clause 5 are duly obtained and made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9Implementation

The Parties shall procure at Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)such Board resolutions and stockholder written consents as are necessary to give full effect to this Clause 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any amendments to the By-Laws or other constitutional documents required to implement the quorum and approval thresholds set out herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the updating of all corporate records to reflect the governance arrangements contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Corporate Records and Implementation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1Implementation at Closing

The Parties shall procure that, at Closing, the minute book, stock ledger, register of directors, register of officers, banking mandates and corporate resolutions of the Company are duly updated so as accurately to record and implement the arrangements contemplated by this Memorandum, including any written stockholder action taken pursuant to NRS 78.320 or any successor provision of Nevada law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2Governance Framework

From and after Closing, the governance and administration of the Company shall be conducted in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Articles of Incorporation of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the By-Laws of Bakhu Holdings, Corp.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)all corporate records, resolutions and instruments adopted or executed for the purpose of giving effect to this Memorandum.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3Further Assurance

Each Party shall execute, deliver and procure the execution and delivery of all such documents, notices, consents, filings and record updates as may reasonably be required to give full force and effect to this Memorandum and the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4Delivery of Corporate Records

At Closing, the Company shall deliver to the Parties certified copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)its Articles of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)its By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)its stock ledger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)its register of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)its register of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)its minute book;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)its banking mandates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)all resolutions then in force, each certified by the Secretary or acting director of the Company as being complete, accurate, current and in full force and effect as at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5Post-Closing Governance Position

The governance and capital arrangements of the Company following Closing shall be those appearing in the documents and records delivered pursuant to Clause 6.4, together with this Memorandum, the Note and the resolutions expressly adopted to give effect hereto, all of which shall be interpreted and applied in a manner consistent with applicable Nevada law and, where relevant, United States federal securities laws and SEC disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**Board composition, powers and governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1With effect from Conversion, the authorized number of directors of the Company shall be fixed at five (5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2Three (3) directors shall be appointed by Phytocyte.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3Two (2) directors shall be appointed by Inter-M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4K Galazi shall serve as one of the two directors appointed by Inter-M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5Inter-M shall appoint one further director, who shall serve as the second director appointed by Inter-M.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6Any vacancy arising in a seat appointed by Phytocyte shall be filled by Phytocyte, and any vacancy arising in a seat appointed by Inter-M shall be filled by Inter-M.7.7 A quorum for a meeting of the Board shall be four (4) directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any appointment or removal of the President, Secretary or Treasurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any opening, closing or alteration of a bank account or signatory mandate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any borrowing, guarantee, lien or grant of security outside the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any payment to any officer, director, shareholder, affiliate or related party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)any settlement, compromise or waiver of any claim or liability outside the ordinary course; and (i) any approval of a financing plan or capital raising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9Without prejudice to the generality of clause 7.8, the following matters shall in all events require the affirmative vote of no fewer than four (4) directors then in office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any increase or decrease in the authorized number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any amendment to the Articles of Incorporation or By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any issue, allotment or grant of shares, options, warrants, convertible securities or rights to acquire voting equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10The presence or absence of a director appointed by any particular Party shall not of itself affect quorum, but no matter listed in clause 7.9 shall be effective unless it receives the affirmative vote required by clauses 7.8 and 7.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11The officers of the Company, the banking mandates of the Company, and the signing authorities in respect of the Company's accounts, instruments and payment instructions shall be fixed by Board resolution and entered in the Company's corporate records immediately following Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**Governing law and dispute resolution

This Memorandum and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with the substantive laws of the State of Nevada, without regard to conflict of law principles. Pacta sunt servanda.

The parties agree that any legal action or proceeding arising under this Memorandum may be initiated in any state or federal court of competent jurisdiction.

Each party hereby irrevocably submits to the non-exclusive jurisdiction of such courts, waiving any objection based upon forum non conveniens or improper venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1This Memorandum of Understanding may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original, and all of which together shall constitute one and the same instrument.

**"Remainder of page intentionally left blank"**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2This Memorandum of Understanding shall become effective on the date on which the last Party executes it.

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| | |
|:---|:---|
| For and on behalf of |  |
| **PHYTOCYTE PTY LTD** |  |
| Karl E. Watkin (Director) | ![](bkhuex10z1_1.jpg)  |
|  | Signature: Karl E. Watkin |

---

---

| | |
|:---|:---|
| For and on behalf of |  |
| **INTER-M TRADERS FZ LLE** |  |
| Demetri Michalakis (Director) | ![](bkhuex10z1_2.jpg)  |
|  | Signature: Demetri Michalakis |

---

---

| | |
|:---|:---|
| For and on behalf of |  |
| **BAKHU HOLDINGS, CORP** |  |
| Efstathios Galazis (CFO) | ![](bkhuex10z1_3.jpg)  |
|  | Signature: Efstathios Galazi |

---

**The remainder of this page is intentionally left blank and** <br>**reserved for the execution of signatures**

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**Schedule 1**

**Capitalization Schedule**

&nbsp;&nbsp; <br> To be agreed and initialed by the Parties at or before Closing, identifying the Company's issued share capital and all existing options, warrants, notes and other rights to acquire voting equity for the purposes of clause 4.<br>

**"Remainder of page intentionally left blank"**

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**Schedule 2**

**Compliance Costs and Risk Mitigation Liabilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)auditors' fees and review fees; <br> (b)accounting and legal fees directly referable to overdue SEC and state filings; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)tax liabilities, tax filings; <br> (d)Nevada annual list fees, reinstatement fees, registered agent fees and equivalent state compliance charges; <br> (e)transfer agent, EDGAR, DTC or similar compliance and record-keeping costs; <br> (f)reasonable filing, courier, authentication and ancillary administrative costs directly referable to restoring the Company to good standing; and <br> (g)such other directly related compliance costs as the Board may approve after Closing. <br> For the avoidance of doubt, Compliance Costs do not include management remuneration, directors' fees, shareholder distributions, payments to affiliates or related parties, or the compromise of historic claims unless expressly authorized by Board resolution following Closing.<br>

**"Remainder of page intentionally left blank"**

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**Schedule 3**

**Closing Deliverables**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Note duly executed; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the escrow agreement and escrow account details; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Capitalization Schedule; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the written resignation and consents referred to in clause 7; <br> &nbsp;&nbsp;&nbsp;&nbsp;(e)the Board resolutions, stockholder written consents and register updates required to implement clauses 5, 6 and 7; <br> &nbsp;&nbsp;&nbsp;&nbsp;(f)the banking mandate and signing authority resolutions referred to in clause 7.9; and <br> &nbsp;&nbsp;&nbsp;&nbsp;(g)such further ministerial instruments as may reasonably be required to perfect the Company's records at Closing. <br>

**-Ends-**

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**Appendix 1 Proceeds Schedule**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Category** | **Description** | &nbsp;&nbsp;&nbsp;**Amount (USD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assigned To / Notes** |
| **Directors' Remuneration** | Payroll | 170000.00 | To be remitted to a designated account of Inter M Traders FZ LLE for the purpose of settling payroll obligations. |
|  | Payroll | 85000.00 | To be remitted to a designated account of Inter M Traders FZ LLE for the purpose of settling payroll obligations. |
| **Patent Fees & Renewals** | IP Counsel  | 11857.99 |  |

---

**SEC FILINGS & COMPLIANCE**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Filing / Workstream** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Amount (USD)** | **Assigned To**<br> **/ Notes** |
| Form 8-K | Resignation of all officers/directors; failure to file SEC reports; appointment of new officer/director |  | Legal Counsel |
| Form 8-K | Appointment of new auditor |  | Legal Counsel |
| Form 10-K | Year ended 31 July 2024 |  | Legal Counsel |
| Form 10-Q | Quarter ended 31 October 2024 |  | Legal Counsel |
| Form 10-Q | Quarter ended 31 January 2025 |  | Legal Counsel |
| Form 10-Q | Quarter ended 30 April 2025 |  | Legal Counsel |
| Timeline | Estimated 120 days from receipt of payment |  |  |

---

**TAX & ACCOUNTING**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Amount (USD)** | **Assigned To / Notes** |
| Tax Filings | 2022–2023 preparation and filing | 3,577.50 | CPA |
| Tax Filings | 2024 estimated preparation/filing | 1,000.00 | CPA |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Item** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Amount (USD)** | **Assigned To / Notes** |
| **Subtotal – Tax** |  | **4,577.50** |  |
| Accounting | Work in connection with SEC filings |  | Accountant |
| Timeline | Estimated 30 days from receipt of payment |  |  |

---

**AUDIT & REGULATORY**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Item** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount (USD)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assigned To / Notes** |
| Audit Fees | Engagement + annual audit + quarterly reviews (Q1–Q3) | 65,000.00 | Auditor |
| Audit | SEC-related auditing work | TBD |  |

---

------

**PAYABLES & PROFESSIONAL FEES**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Item** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Amount (USD)** | &nbsp;&nbsp;&nbsp;**Assigned To / Notes** |
| SEC Filings Payables | Current balance | 45000.00 | Legal Counsel |
| SEC Filings Payables | Estimated additional | 35000.00 | Legal Counsel |
| **Subtotal – SEC Filings** |  | **80000.00** |  |
| Accounting Fees | Current balance | 10000.00 | Accountant |
| Accounting Fees | Estimated additional work | 10000.00 | Accountant |
| **Subtotal – Accounting** |  | **20000.00** | Final subject to adjustment |

---

**OTHER COSTS**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Item** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Amount (USD)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notes** |
| Transfer Agent | Colonial Stock Transfer | 10,000.00 | Paid 27 Aug |
| Director Fees | Efstathios Galazis | 2,000.00 | Monthly |

---

---

| | | | |
|:---|:---|:---|:---|
| **Item** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Amount (USD)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notes** |
| Legal Fees | Legal Counsel | 6,612.50 |  |
| Legal Fees | IP Counsel | 168,616.50 |  |

---

**GRAND TOTAL USD 623,664.49**

***This Memorandum of Understanding, consisting of eighteen (18) pages including all schedules and appendices expressly incorporated herein, is executed as a complete and final instrument. No addition, amendment, variation or supplement to this Memorandum shall be valid or effective unless made in writing, expressly referring to this Memorandum, and duly executed by or on behalf of all Parties.***

------

## Exhibit 10.2

**BAKHU HOLDINGS, CORP.**

**INDEMNIFICATION, HOLD HARMLESS AND ADVANCEMENT LETTER AGREEMENT**

March 18, 2026

To: Efstathios Galazis

Dear Ms. Galazis,

This letter agreement is made by and between Bakhu Holdings, Corp., a Nevada corporation (the "Company"), and Efstathios Galazis ("Indemnitee"). It is intended to confirm, evidence and supplement the rights and protections available to the Indemnitee in respect of his service to the Company.

**1.** **Indemnification and Hold Harmless.**

The Company hereby agrees to indemnify, protect, defend and hold harmless the Indemnitee, to the fullest extent permitted by Chapter 78 of the Nevada Revised Statutes, the Company's Articles of Incorporation, the Company's Bylaws and any other applicable arrangement, against any and all losses, liabilities, damages, claims, demands, actions, suits, proceedings, judgments, fines, penalties, settlements, costs and expenses (including, without limitation, reasonable attorneys' fees, expert fees, investigation costs and disbursements) incurred by reason of the fact that the Indemnitee is or was a director, officer, agent, adviser, authorised signatory or representative of the Company, or served at the request of the Company in any such capacity for another entity or enterprise.

**2.** **Advancement of Expenses.**

The Company shall pay or reimburse reasonable defence costs and expenses as they are incurred and, in any event, within ten (10) days after receipt of a written request accompanied by reasonably sufficient substantiating documentation. By countersigning this letter, the Indemnitee undertakes to repay any such advances to the extent it is ultimately determined by a court of competent jurisdiction that the Indemnitee is not entitled to indemnification.

**3.** **Separate Counsel.**

The Indemnitee shall be entitled to employ counsel separate from counsel chosen by the Company or by any other person whom the Company is obliged to indemnify in relation to the same or any related matter, and the Company shall reimburse the reasonable fees and disbursements of such separate counsel.

**4.** **Survival and Non-Exclusivity.**

The rights and obligations contained in this letter shall continue after the cessation of the Indemnitee's service for so long as any possible indemnifiable matter may exist. These rights are in addition to, and not in substitution for or limitation of, any other right or remedy available to the Indemnitee under the Company's Articles of Incorporation, Bylaws, Nevada law, any policy of directors' and officers' liability insurance, any other agreement, or otherwise.

------

**5.** **Insurance and Financial Arrangements.**

To the extent that the Company maintains directors' and officers' liability insurance or any analogous financial arrangement, the Company shall use good faith efforts to maintain or preserve cover or protection in respect of matters arising on or before 18 March 2026 and to ensure that the Indemnitee enjoys rights no less favourable than those accorded to the most favourably insured director or officer of the Company. So far as the Company has the contractual power to do so, the Company shall procure that no such cover or arrangement is cancelled or materially adversely modified without at least thirty (30) days' prior written notice to the Indemnitee.

**6.** **Limitations.**

Notwithstanding the foregoing, the Company shall not be obliged to indemnify the Indemnitee only to the extent that a final, non-appealable adjudication by a court of competent jurisdiction establishes that the Indemnitee's acts or omissions involved intentional misconduct, fraud or a knowing violation of law and were material to the cause of action. In the case of any action or suit by or in the right of the Company, the Company shall not be obliged to indemnify the Indemnitee for any claim, issue or matter as to which the Indemnitee has been finally adjudged liable to the Company, or for amounts paid in settlement to the Company, save to the extent that a court of competent jurisdiction determines that, in view of all the circumstances, the Indemnitee is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

**7.** **Enforcement.**

If the Indemnitee retains legal counsel or incurs costs or expenses in connection with the interpretation, protection or enforcement of any right under this letter, the Company shall indemnify and reimburse the Indemnitee for such fees, costs and expenses as they are incurred.

**8.** **Governing Law.**

This letter agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of the State of Nevada.

Please indicate acceptance of the terms of this letter agreement by countersigning below.

---

| | | | |
|:---|:---|:---|:---|
| For and on behalf of | For and on behalf of |  |  |
| BAKHU HOLDINGS, CORP. | BAKHU HOLDINGS, CORP. | Accepted and agreed: | Accepted and agreed: |
| Signed: | K Galazi | Signed: | Efstathios Galazis |
| Name: | Konstantia Galazi | Name: | Efstathios Galazis |
| Title: | President and Sole Director |  |  |
| Date: 18 March 2026 | Date: 18 March 2026 | Date: 18 March 2026 | Date: 18 March 2026 |

---

------

**BAKHU HOLDINGS, CORP.**

**NOTICE OF RESIGNATION OF DIRECTOR, OFFICER AND AUTHORISED SIGNATORY**

To: Bakhu Holdings, Corp.

c/o Corporate Records

One World Trade Center, Suite 130

Long Beach, California 90831

United States of America

March 18, 2026

I, Efstathios Galazis, hereby give formal written notice that I resign from each and every office and position held by me in relation to Bakhu Holdings, Corp. (the "Company"), including, without limitation, my office as director and any and all officer positions, committee memberships, authorised signatory roles and any other fiduciary, agency or representative capacities then held by me.

This resignation shall take effect immediately upon, and subject to, the appointment and qualification of Konstantia Galazi as a director of the Company pursuant to the written consent of the sole director adopted on 20 March 2026, and in any event no later than 11:59 p.m. (Nevada time) on 20 March 2026 if such appointment has by then become effective.

From the effective time of my resignation, I shall cease to have any authority whatsoever to act for, bind, represent or otherwise hold myself out as acting on behalf of the Company.

The Company is requested forthwith to update its minute book, registers, annual and/or amended lists, bank mandates, payment authorities, account permissions, regulatory portals and all other internal and external records so as to reflect the cessation of my authority.

Nothing in this notice shall constitute, or be construed as, a waiver, release or limitation of any right, protection or entitlement available to me under Nevada law, the Company's Articles of Incorporation, the Bylaws, any indemnification arrangement, any policy of directors' and officers' liability insurance, or otherwise, including any right to indemnification, advancement of expenses, defence, reimbursement or insurance coverage in respect of acts, omissions, matters or circumstances arising on or before the effective time of this resignation.

This notice is given without admission of liability, fault or wrongdoing of any kind.

Please place this notice in the Company's minute book and corporate records.

Signed: <u>Efstathios Galazis </u> <br> Name: Efstathios Galazis

------

**BAKHU HOLDINGS, CORP.**

**ACTION BY WRITTEN CONSENT OF THE SOLE DIRECTOR**

March 18, 2026

The undersigned, being the sole incumbent director of Bakhu Holdings, Corp., a Nevada corporation (the "Company"), hereby adopts the following resolutions by written consent in lieu of a meeting pursuant to the Company's Bylaws and applicable Nevada law.

**Recitals**

The Company is incorporated under the laws of the State of Nevada.The undersigned is, according to the Company's records, the sole incumbent director of the Company.

A Memorandum of Understanding executed on 17 March 2026 contemplates that Ms. K. Galazi shall act as the Company's acting director during the compliance restoration period and that written resignations and consents shall be delivered at closing.

The undersigned has delivered a written resignation from all offices and positions held with the Company, such resignation being tendered to take effect upon the appointment and qualification of a successor director.

**Resolutions**

RESOLVED, that the written resignation of Efstathios Galazis from each and every office and position held by him with the Company, including without limitation as director and in any and all officer positions and authorised signatory roles, be and is hereby acknowledged and accepted, such resignation to take effect immediately upon the appointment and qualification of Konstantia Galazi as a director of the Company.

RESOLVED FURTHER, that the address for service, notices and the Company's corporate records in respect of Konstantia Galazi shall be recorded as: 82A High Street, Potters Bar, EN6 5AB, United Kingdom.

RESOLVED FURTHER, that effective immediately upon her appointment as director, Konstantia Galazi be and is hereby appointed President, Secretary and Treasurer of the Company, each such office to be held until her successor is duly appointed and qualified or until her earlier resignation or removal, it being acknowledged that one natural person may hold two or more offices.

RESOLVED FURTHER, that effective as of the same time, Konstantia Galazi be and is hereby designated as an authorised signatory of the Company and authorised to take all actions necessary or desirable to update the Company's minute book, stock and officer records, annual or amended lists, bank mandates, account permissions, regulatory portals, contracts, service-provider records and any other internal or external records and filings arising from the foregoing.

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RESOLVED FURTHER, that all actions previously taken by Efstathios Galazis in connection with the negotiation, approval and execution of the Memorandum of Understanding dated 17 March 2026 and the implementation of the transition contemplated hereby be and are hereby ratified, confirmed and approved.

Signed: <u>Efstathios Galazis </u> <br> Name: Efstathios Galazis <br> Title Sole Director

------

**BAKHU HOLDINGS, CORP.**

March 18, 2026

I, Konstantia Galazi, hereby consent to act as a director of Bakhu Holdings, Corp. effective immediately upon my appointment pursuant to the written consent of the sole director dated 18 March 2026.

I further accept appointment, with effect from the same time, as President, Secretary and Treasurer of the Company and as an authorised signatory of the Company, upon the terms set out in the said written consent and subject to the Company's Articles of Incorporation, Bylaws and applicable Nevada law.

I confirm that I am a natural person and that I am not, to the best of my knowledge, disqualified from acting as a director or officer of a Nevada corporation under Chapter 78 of the Nevada Revised Statutes.

My service address / address for notices and the Company's corporate records shall be:

82A High Street

Potters Bar

EN6 5AB

United Kingdom

Signed: <u>K Galazi </u> <br> Name: Konstantia Galazi

------

**BAKHU HOLDINGS, CORP.**

**ACTION BY WRITTEN CONSENT OF THE SOLE DIRECTOR**

March 18, 2026

The undersigned, being the sole director of Bakhu Holdings, Corp. immediately following the effectiveness of the transition actions adopted on 18 March 2026, hereby adopts the following resolutions by written consent in lieu of a meeting.

RESOLVED, that the resignation of Efstathios Galazis and the appointment of Ms Konstantia Galazi as director and officer of the Company, all as effected on 18 March 2026, be and are hereby acknowledged, confirmed and entered into the Company's corporate records.

RESOLVED FURTHER, that the Company shall enter into the Indemnification, Hold Harmless and Advancement Letter Agreement in favour of Efstathios Galazis in substantially the form attached to these minutes, and that any officer of the Company be and is hereby authorised to execute and deliver the same for and on behalf of the Company.

RESOLVED FURTHER, that the Company shall honour, preserve and not prejudice any right of Efstathios Galazis to indemnification, advancement, defence, reimbursement, exculpation and insurance coverage available under Nevada law, the Company's Articles of Incorporation, the Bylaws, any existing indemnification arrangement and any applicable policy of directors' and officers' liability insurance, in each case in respect of his prior service to the Company.

RESOLVED FURTHER, that the officers of the Company be and are hereby authorised to make, or cause to be made, all such entries, notices, filings, amendments, notifications and administrative updates as may be necessary or desirable to reflect the foregoing actions in the records of the Company, the records of the Nevada Secretary of State, any transfer agent, any bank, any adviser, any counterparty and any regulatory body, including any disclosure required under applicable United States securities laws.

Signed: <u>K Galazi </u> <br> Name: Konstantia Galazi <br> Title: Sole Director

## Exhibit 10.3

**BINDING HEADS OF AGREEMENT**

***Convertible Funding, Compliance Restoration and Governance Arrangement***

**Dated 7 April 2026**

This Binding Heads of Agreement (*Agreement*) is made on 7 April 2026.

---

| | |
|:---|:---|
| **Party** | **Details** |
| <br> **PhytoCyte Pty Ltd** | a company limited by shares incorporated in Australia, whose registered office is c/o Pascoes Accounting & Advisory, 123 Albany Highway, Kojonup WA 6395, Australia |
| <br> **Bakhu Holdings, Corp.** | a corporation incorporated under the laws of the State of Nevada, United States of America, with its principal executive offices at One World Trade Center, Suite 130, Long Beach, California 90831, United States |

---

PhytoCyte Pty Ltd and Bakhu Holdings, Corp. are referred to together as the *Parties* and individually as a *Party*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Background**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**The Company wishes to be restored to good standing, to regularise overdue United States Securities and Exchange Commission filings and associated state, tax, accounting and corporate matters, and to be placed in a condition suitable for renewed commercial activity and investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**PhytoCyte has agreed to provide or procure funding in the amount of up to US$250,000 paid either to Bakhu escrow account under clause 4 or direct to its creditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**The Parties wish to record binding arrangements regarding funding, interim governance, compliance restoration, and PhytoCyte's entitlement to receive seventy per cent (70%) of the Company's issued and outstanding voting common stock on a fully diluted basis upon satisfaction of the Compliance Restoration Milestone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4**The Parties acknowledge that more detailed documents may be entered into after the date of this Agreement, including a definitive promissory note, escrow agreement, shareholders' agreement, board resolutions and stockholder consents, but any such documents must be consistent with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5**It is a condition precedent that Demetri Michalakis, his family members or their nominees or any officer of InterM make no attempt to interfere or extort the company in anyway and that no other material issues arise, following signature of this agreement. In breach of which PhytoCyte and Mr Watkin reserve the absolute right to withdraw from all terms of this agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6**Save for clause 1.5 this Agreement is intended to create legal relations and is binding in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Definitions and interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**"Appendix 1 Funding Total" means US$114,577.50 (approximately US$114,000), being the agreed initial funding total shown in Part A of Appendix 1, subject to adjustment under clause 4.8.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**"Business Day" means a day other than a Saturday, Sunday or public holiday in Nevada, United States of America, or Western Australia, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**"Capitalization Schedule" means the schedule agreed and initialled by the Parties at or before Closing identifying the Company's issued share capital and all options, warrants, notes and other rights to acquire voting equity, solely for the purpose of calculating the shares to be issued on Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**"Closing" means completion of the matters set out in Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6**"Compliance Restoration Milestone" means satisfaction of clause 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7**"Conversion" means conversion of the Note into equity in accordance with clause 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8**"Escrow Account" means the segregated escrow account established in accordance with clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9**"Long-stop Date" means the date falling one hundred and eighty (180) days after the date of this Agreement, or such later date as PhytoCyte may agree in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** "Note" means the interest-free convertible promissory note in the principal amount of US$200,000 to be entered into pursuant to clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** Headings are for convenience only and do not affect interpretation. References to statutes include amendments and successor provisions. References to the Company's Articles of Incorporation and By-Laws are references to those documents as in force from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Nature of agreement and further documents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**This document is properly characterised as a binding head of agreement and not merely as a non-binding memorandum of understanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**If there is any inconsistency between this Agreement and any later draft note, escrow agreement, shareholders' agreement or related document that is not expressly signed by both Parties, this Agreement shall prevail unless and until amended in writing by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**Each Party shall execute and deliver, and shall procure the execution and delivery of, all documents and instruments reasonably required to give full force and effect to this Agreement and the transactions contemplated by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Funding, escrow and use of funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**Within ten (10) Business Days after the date of this Agreement, the Parties shall commence payments of the creditors to bring the company into good standing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**PhytoCyte shall provide or procure funding in the amount of US$150,000. Any amount advanced directly by PhytoCyte shall be evidenced shall be interest-free and convertible only in accordance with clause 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**The US$150,000 shall be applied first to the Appendix 1 Funding Total and thereafter to additional verified, contingent or unforeseen expenses required to restore the Company to full regulatory compliance and good standing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4**Expenses to be Covered by PhytoCyte Pty Ltd. PhytoCyte shall be responsible for funding the costs set out in Part A of Appendix 1, being approximately US$114,000 and presently stated as US$114,577.50, relating to SEC compliance, accounting, tax, legal and associated corporate restoration expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5**Escrow Arrangement. The Escrow Account shall comprise: (a) the costs set out in Part A of Appendix 1; and (b) an additional provision within the balance of the US$150,000 for unforeseen or contingent expenses required to restore the Company to full regulatory compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6**The line item in Appendix 1 described as paid on 27 August is included for record and reconciliation purposes only and shall not be paid a second time unless expressly authorised in writing by one authorised representative of each Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7**Disbursements from the Escrow Account, whether made from such account or paid directly, shall be effected strictly in accordance with this Agreement, Appendix 1, and written instructions duly signed by one authorised representative of each Party or, following the reconstitution of the Board in accordance with this Agreement, pursuant to proper Board authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8**Any manifest arithmetic error, duplicate item, item already paid, item stated as TBA, or item unsupported by reasonable evidence may be corrected or adjusted by joint written instruction of the Parties without the need for a formal amendment to this Agreement, provided the aggregate escrow amount remains US$150,000 unless the Parties agree otherwise in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9**Legacy Liabilities including payments to Aristotle Michalakis and Juan Carlos. In addition to the Appendix 1 Funding Total, PhytoCyte shall be responsible for negotiating and settling any legitimately outstanding amounts due to other creditors. Such payments to include any amounts to Aristotle Michalakis and Juan Carlos, and for settling any associated IRS liabilities arising therefrom, in each case subject to proper verification, previous board approval, supporting documentation, legality, and availability of funds standing to the credit of the Escrow Account or otherwise arranged by PhytoCyte. Such funds will not exceed a further $100K in addition to the escrowed $150K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10**Except as expressly contemplated by this Agreement or approved in writing by the Board after Closing, no monies advanced under the Note shall be applied to shareholder distributions, unrelated management remuneration, affiliate payments or non-compliance related expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Interim governance and protective covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**The Parties acknowledge that Ms K. Galazi is presently acting as the Company's sole director for the purpose of preserving the Company's records, compliance standing and business affairs pending the Compliance Restoration Milestone. Mr Karl E. Watkin shall be appointed to the board of the Company upon execution of this Agreement or as soon thereafter as the requisite corporate steps can properly be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**From execution of this Agreement and until Conversion or repayment of the Note in full, the board of the Company shall initially comprise Ms K. Galazi and Mr Karl E. Watkin, pending any later expansion agreed in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3**During the period referred to in clause 5.2, and for so long as the amounts remain outstanding, the Company shall not, without the prior written consent of PhytoCyte: (a) amend its Articles of Incorporation or By-Laws; (b) increase or decrease the authorised number of directors; (c) appoint any additional director or remove any director, save as expressly contemplated by this Agreement; (d) appoint or remove any

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officer, save where strictly necessary for compliance purposes and duly recorded in the minute book; (e) issue, allot or grant any share, option, warrant, convertible security or other right to acquire voting equity; (f) incur any borrowing, grant any security interest, or compromise any material claim outside the ordinary course of implementing the Compliance Restoration Milestone; (g) open, close or materially alter any bank account or signatory mandate other than in accordance with board resolutions adopted under this Agreement; or (h) apply any monies advanced under the Note other than in accordance with clause 4 and Appendix 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4**The Parties acknowledge that the restrictions in this clause 5 are ancillary to the funding being provided by PhytoCyte and are reasonably necessary to protect the Company and all shareholders pending Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Compliance restoration milestone and conversion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**The Compliance Restoration Milestone shall be satisfied when: (a) the overdue SEC filings described in Appendix 1 have been prepared and filed, or otherwise validly satisfied in a manner that restores the Company's reporting position; (b) the liabilities and expenses necessary to restore the Company to active and good standing, including the verified items in Part A of Appendix 1 and any other fees, taxes, filing charges or compliance costs essential to that outcome, have been paid, settled, compromised or irrevocably provided for; (c) the corporate actions required by this Agreement and Schedule 2 have been completed; and (d) documentary evidence of the matters referred to above has been placed with the Company's records and furnished to the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2**On the first Business Day following satisfaction of clause 6.1, the amounts paid by PhytoCyte shall automatically convert and the Company shall issue and register such number of voting common shares as shall result in PhytoCyte holding seventy per cent (70%) of the issued and outstanding voting common stock of the Company on a fully diluted basis immediately after Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**The existing shareholders of the Company shall be diluted by the issuance referred to in clause 6.2 so that their collective ownership immediately after Conversion is thirty per cent (30%) of the then issued and outstanding voting common stock of the Company on a fully diluted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4**The calculation required by clause 6.2 shall be made by reference to the Capitalization Schedule agreed and initialled by the Parties at or before Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5**The Company shall take, and the Parties shall procure, all board, stockholder, corporate record and regulatory actions reasonably necessary to authorise the reservation, issuance and registration of the shares required on Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6**Following Conversion, no share, option, warrant, convertible security or other right to acquire voting equity shall be issued, allotted or granted save pursuant to a financing plan approved by the Board and, where required by law or the Company's constitutional documents, by stockholder action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Corporate records and closing deliverables**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1**At Closing, the Company shall deliver to the Parties certified copies of its Articles of Incorporation, By-Laws, stock ledger, register of directors, register of officers, minute book, banking mandates and all resolutions then in force.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2**The Parties shall procure that, at Closing, the minute book, stock ledger, register of directors, register of officers, banking mandates and corporate resolutions of the Company are duly updated so as accurately to record and implement the arrangements contemplated by this Agreement, including any board or stockholder written action required under Nevada law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3**Schedule 1 shall contain the Capitalization Schedule. Schedule 2 shall contain the Closing deliverables. Those schedules shall be completed and initialled by the Parties at or before Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4**Each Party shall provide all further assurance reasonably required to give full force and effect to this Agreement and the transactions contemplated by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Authority and acknowledgements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1**Each Party warrants to the other that it has full power and authority to enter into and perform this Agreement and that the signatory signing on its behalf is duly authorised to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2**The Company acknowledges that the restoration process and the amounts set out in Appendix 1 are based on presently available information, may require verification and updates, and shall be administered in good faith with the objective of restoring the Company to good standing as promptly as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3**Nothing in this Agreement releases any person from liability for fraud, wilful misconduct or deliberate concealment of material facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Governing law and dispute resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1**This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with the substantive laws of the State of Nevada, without regard to conflict of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2**The state courts of Nevada and the federal courts sitting in Nevada shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement, and each Party irrevocably submits to that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **General**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**No amendment, variation or supplement to this Agreement shall be valid unless in writing and signed by or on behalf of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**If any provision of this Agreement is held to be illegal, invalid or unenforceable, the remaining provisions shall remain in full force and effect to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3**This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Signatures delivered electronically shall be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4**This Agreement constitutes the entire agreement between the Parties as to the subject matter addressed in it, superseding prior discussions and drafts relating to that subject matter, save that Appendix 1 and the completed schedules are expressly incorporated into and form part of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Execution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1**This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original, and all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2**This Agreement shall become effective on the date on which the last Party executes it.

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| | |
|:---|:---|
| **For and on behalf of PhytoCyte Pty Ltd** | **For and on behalf of Bakhu Holdings, Corp.** |
| **/s/** Karl E. Watkin<br> **Name:** Karl E. Watkin<br> **Title:** Director<br> Signature: /s/ Karl E. Watkin<br> Date: April 7, 2026 | **/s/** Konstantia Galazi<br> **Name:** Konstantia Galazi<br> **Title:** CFO / Authorised Signatory<br> Signature: /s/ Konstantia Galazi<br> Date: April 7, 2026 |

---

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**Schedule 1** 

**CAPITALIZATION SCHEDULE**

*To be agreed and initialled by the Parties at or before Closing, identifying the Company's issued share capital and all existing options, warrants, notes and other rights to acquire voting equity for the purposes of clause 6.*

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| | |
|:---|:---|
| **Item** | **Details** |
| To be completed | Issued shares, options, warrants, notes and other rights to acquire voting equity to be agreed and initialled at or before Closing. |

---

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**Schedule 2** 

**CLOSING DELIVERABLES**

*At or before Closing, the Parties shall procure the following:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**the Note duly executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**the escrow agreement and escrow account details;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**the completed Capitalization Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**all board resolutions, stockholder written consents and register updates required to implement this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**the banking mandate and signing authority resolutions required to operate the Escrow Account and the Company's accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)**all resignation letters, appointment consents and officer or director records necessary to implement the governance arrangements contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)**such further ministerial instruments as may reasonably be required to perfect the Company's records at Closing.

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**Appendix 1**

**BAKHU SEC FILINGS & PAYABLES (UPDATED)**

*Part A below shows the agreed initial Appendix 1 Funding Total. Part B shows additional identified, contingent, legacy or reference items not included in that total unless verified and expressly approved. The Appendix 1 Funding Total is US$114,577.50 (approximately US$114,000).*

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| | | | |
|:---|:---|:---|:---|
| **Amount** | **Description** | **Details** | **Assigned To** |
| **Part A – Initial funded compliance and restoration items** | **Part A – Initial funded compliance and restoration items** | **Part A – Initial funded compliance and restoration items** | **Part A – Initial funded compliance and restoration items** |
| **Bakhu SEC Filings** | **Bakhu SEC Filings** | **Bakhu SEC Filings** | **Bakhu SEC Filings** |
|  | <br> Form 8-K | re: prior resignation of all officers/directors, failure to file SEC reports, and appointment of new single officer/director | <br> Legal Counsel |
|  | Form 8-K | appointment of new auditor | Legal Counsel |
|  | Form 10-K | for the year ended 7/31/24 | Legal Counsel |
|  | Form 10-Q | for the quarter ended 10/31/24 | Legal Counsel |
|  | Form 10-Q | for the quarter ended 1/31/25 | Legal Counsel |
|  | Form 10-Q | for the quarter ended 4/30/25 | Legal Counsel |
|  | Note | Estimated timeframe: 120 days from receipt of payment |  |
|  | 2024 Tax Return | Preparation and filing | CPA |
|  | Note | Estimated timeframe: 30 days from receipt of payment |  |
|  | Accounting | To be performed in connection with SEC filings | Accountant |
|  | Note | Estimated timeframe: 30 days from receipt of payment |  |
|  | Auditing | In connection with SEC filings | TBD |
|  | Estimated time |  | TBD |
| **Payables included in the Appendix 1 Funding Total** | **Payables included in the Appendix 1 Funding Total** | **Payables included in the Appendix 1 Funding Total** | **Payables included in the Appendix 1 Funding Total** |
| $45000.00 | Current balance |  | Legal Counsel |
| $35000.00 | Estimate for all above filings |  | Legal Counsel |
|  | **Total Due (Legal Counsel)** | **$80000.00** |  |
| $3577.50 | 2022 & 2023 tax preparation and filing |  | CPA |
| $1000.00 | Estimate for 2024 tax preparation / filing |  | CPA |

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| | | | |
|:---|:---|:---|:---|
| **Amount** | **Description** | **Details** | **Assigned To** |
|  | **Total Due (CPA)** | **$4577.50** |  |
| $10000.00 | Current balance |  | Accountant |
| $10000.00 | Estimate for work to be done |  | Accountant |
|  | **Total Due (Accountant)** | **$20000.00** |  |
| $10000.00 | Polinelli | Monthly |  |
|  | **Appendix 1 Funding Total (Part A)** | **$114,577.50 (approx. $114k)** |  |
| **Part B – Additional identified, contingent or legacy items** | **Part B – Additional identified, contingent or legacy items** | **Part B – Additional identified, contingent or legacy items** | **Part B – Additional identified, contingent or legacy items** |
| <br> $50000.00 | <br> Auditor fees | 20k after engagement letter, 30k before final annual audit report, 5k per Q1, Q2 and Q3; amount subject to engagement verification | <br> Auditor |
| $10000.00 | Colonial Stock Transfer | Paid (8/27) – listed for record / reconciliation only |  |
| $6612.00 | Michael Best | Subject to invoice verification |  |
| $2000.00 | Final payment | Stathis Galazi |  |
|  | Nadia | TBA |  |

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*For the avoidance of doubt, the Part B items above are identified so that they may be verified, negotiated, settled or otherwise dealt with from the balance of the Escrow Account or other funding arrangements, subject to this Agreement, the priority of regulatory restoration, and the availability of supporting documentation.*