Document:

Exhibit 10.2

 

THE SIMPLY GOOD FOODS COMPANY

AMENDED AND RESTATED 

EXECUTIVE SEVERANCE COMPENSATION PLAN 

 

(Effective January 20, 2022)

 

     

     

    

 

THE SIMPLY GOOD FOODS COMPANY

AMENDED AND RESTATED

EXECUTIVE SEVERANCE COMPENSATION PLAN

 

(January 20, 2022)

 

ARTICLE I

INTRODUCTION; ESTABLISHMENT OF PLAN

 

The Board of Directors (the
 “Board”) of The Simply Good Foods Company (the “Company”) believes it is consistent with the Company’s
and its Affiliates’ employment practices and policies and in the best interests of the Company and its stockholders to treat fairly
its executive employees whose employment terminates without cause and to establish up front the terms and conditions of an executive’s
separation from employment.

 

The Board further recognizes
that, as is the case with many publicly held corporations, the possibility of a Change in Control (as defined below) or the need to terminate
members of senior managements exists. These possibilities, and the uncertainty they create with executives, may be detrimental to the
Company and its stockholders if executives are distracted and/or leave the Company.

 

The Board considers the avoidance
of such loss and distraction to be essential to protecting and enhancing the best interests of the Company and its stockholders.  The
Board also believes that when a Change in Control is perceived as imminent, or is occurring, the Board should be able to receive and rely
on disinterested service from executive employees regarding the best interests of the Company and its stockholders without concern that
the executive employees might be distracted or concerned by their personal uncertainties and risks created by the perception of an imminent
or occurring Change in Control.

 

Accordingly, the Board has
determined appropriate steps should be taken to assure the Company and its Affiliates of the executive employees’ continued employment
and attention and dedication to duty, and to seek to ensure the availability of their continued service, notwithstanding the possibility,
threat or occurrence of a termination of employment or a Change in Control.

 

In order to fulfill the above
purposes, the Company hereby establishes a severance compensation plan known as The Simply Good Foods Company Amended and Restated Executive
Severance Compensation Plan (the “Plan”), effective as of the Effective Date, as set forth in this document.

 

    - 2 -

     

    

 

ARTICLE II

DEFINITIONS

 

2.1       Defined
Terms. As used herein, the following words and phrases shall have the following respective meanings unless the context clearly indicates
otherwise.

 

(a)        Affiliate.
  Each of the following: (a) any subsidiary corporation (within the meaning of Section 424 of the Code; (b) any parent corporation
(within the meaning of Section 424 of the Code); (c) any corporation, trade or business (including, without limitation, a partnership
or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership of stock, assets or an equivalent
ownership interest or voting interest) by the Company or one of its Affiliates; (d) any trade or business (including, without limitation,
a partnership or limited liability company) which directly or indirectly controls 50% or more (whether by ownership of stock, assets or
an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any of its Affiliates
has a material equity interest and which is designated as an “Affiliate” by resolution of the Plan Administrator.

 

(b)        Annual
Performance-Based Short-Term Incentive Plan.  The regular annual performance-based cash incentive plan, program or arrangement
offered by the Participant’s Employer, which, for purposes of clarity, excludes any special, irregular, acquisition, or similar
irregular bonus plan or program that may be offered.

 

(c)        Base
Salary. The Participant’s base salary in effect immediately preceding the Date of Termination (determined without regard to
any reduction in Base Salary that if not cured would form the basis for a termination by the Participant for Good Reason).

 

(d)        Board.
  The Board of Directors of the Company.

 

(e)
        Cause.  A good faith determination of the Plan Administrator of any of the
following: (1) commission of any act of fraud, gross negligence, theft, embezzlement or larceny by Participant in the course of
Participant’s employment that, in the case of gross negligence, has more than a immaterial adverse effect on the business of
the Company or any of its Affiliates; (ii) willful material misrepresentation at any time by Participant to the Chief Executive
Officer or the Board or the board of directors of the Participant’s Employer; (iii) Participant’s willful failure or
refusal to comply with any of Participant’s material obligations under this Plan or with any Legally Restrictive Covenants or
to comply with a reasonable and lawful instruction of the Chief Executive Officer or of the Board or the board of directors of
Participant’s Employer; (iv) engagement by Participant in any conduct or the commission by Participant of any act that is, in
the reasonable opinion of the Board, materially injurious or detrimental to the substantial interest of the Company or any of its
Affiliates; (v) Participant’s indictment for any felony, whether of the United States or any state thereof or any similar
foreign law to which Participant may be subject; (vi) any willful failure by Participant to comply with Company policies regarding
insider trading; or (vii) any failure substantially to comply with any written rules, regulations, policies or procedures of the
Company or the Employer furnished to Participant that, if not complied with, could reasonably be expected to have a material adverse
effect on the business of the Company or any of its Affiliates. Notwithstanding the foregoing, Participant shall not be deemed to
have been terminated for Cause unless and until there has been delivered to Participant (i) a letter from the Plan Administrator
finding that Participant has engaged in the conduct set forth in any of the preceding clauses and specifying the particulars thereof
in detail and (ii) a copy of a resolution duly adopted by the affirmative vote of the majority of the members of the Plan
Administrator at a meeting of the Plan Administrator called and held for such purpose or such other appropriate written consent
(after five (5) business days’ notice to Participant and an opportunity for Participant, together with the Participant’s
counsel, to be heard before the Plan Administrator), finding that Participant has engaged in such conduct and specifying the
particulars thereof in reasonable detail.

 

    - 3 -

     

    

 

(f)        Change
in Control.   The earliest of the following events:

 

(i)       
any “person” or “group” as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) (other than (x) the Company or any trustee or other fiduciary holding securities under
any employee benefit plan of the Company or any of its subsidiaries or (y) any Successor Entity as a result of an Exempt Transaction (both
as defined in Section 2.1(f)(iii))), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of voting securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding voting
securities;

 

(ii)       during
any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director whose
election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of
the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination for
election was previously so approved, cease for any reason to constitute at least a majority of the Board;

 

(iii)       a
reorganization, merger or consolidation of the Company with any other corporation, other than (i) a reorganization, merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (ii) a reorganization,
merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than
those covered by the exceptions in Section 2.1(f)(i)) acquires more than 50% of the combined voting power of the Company’s then
outstanding securities; or

 

(iv)       a
complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially
all of the Company’s assets.

 

(g)        Code.
  The Internal Revenue Code of 1986, as amended from time to time.

 

(h)        Company.
  The Simply Good Foods Company and any successor to such entity.

 

(i)        Date
of Termination.  The date on which a Participant has a Separation from Service from the Participant’s Employer.

 

    - 4 -

     

    

 

(j)
        Disability.  Has the same meaning as for purposes of the Employer’s
permanent disability insurance policies which now or hereafter cover the permanent disability of the relevant Participant or, in
absence of such policies, means the inability of Participant to work in a customary day-to-day capacity for six (6) consecutive
months or for six (6) months within a twelve (12) month period, as determined by the Plan Administrator. In the event of any dispute
as to whether Participant has incurred a Disability, Participant shall submit to a physical examination by a licensed physician
selected by the Plan Administrator and paid for by the Company, whose opinion shall be final and binding.

 

(k)        Effective
Date.  January 20, 2022.

 

(l)        Eligible
Employee.  Any individual that is employed in the United States of America by either the Company or a Related Entity that has
a title of Vice President or above, or that has otherwise been designated as an Eligible Employee by the Plan Administrator pursuant to
Section 3.1.

 

(m)        Employer.
The Company or Related Entity that is the common law employer of the Eligible Employee.

 

(n)       ERISA.
  The Employee Retirement Income Security Act of 1974, as amended from time to time.

 

(o)        Good
Reason.  With respect to a Participant’s Separation from Service, any of the following events or conditions which occur
without the Participant’s written consent, and which remain in effect after notice has been provided by the Participant to the Employer
of such event or condition and the expiration of a 30 day cure period: (i) a material reduction in the Participant’s base compensation
or bonus opportunity under the Annual Performance-Based Short-Term Incentive Plan; (ii) a material diminution in the Participant’s
authority, duties or responsibilities (provided that, for purposes of clarity, a material adverse change in the Participant’s upward
reporting structure, such as the Participant reporting to a corporate officer or employee instead of reporting directly to the Chief Executive
Officer, shall not be taken into account in determining whether a Participant’s authority, duties, or responsibilities have been
diminished except with regard to the Chief Financial Officer, the Company’s most senior legal officer (currently the Chief Legal
Officer) and most senior human resources officer (currently the Chief Human Resources Officer), in which case for such individuals a material
adverse change in reporting structure shall not automatically result in a material diminution of the Participant’s authority, duties
or responsibilities but may be included as a factor in determining whether the totality of the facts and circumstances reflect that such
Participant’s overall authority, duties and responsibilities have been materially diminished); or (iii) if
required by the Company, a change of more than fifty (50) miles in (A) the corporate office location at which the Participant primarily
performs their services, or (B) if the Participant is a non-temporary remote work employee (e.g., a field sales employee), Participant’s
designated remote work location, in each case of subclause (A) and (B) as established in the Participant’s offer letter, promotion
letter, employment agreement or other documentation of the Participant’s employment responsibilities as maintained in the books
and records of the Company; or (v) any other action or inaction that constitutes a material breach by the Company or the Employer
of this Plan. The Participant’s notification to the Plan Administrator must be in writing and must occur within a reasonable period
of time, not to exceed 30 days, following the Participant’s discovery of the relevant event or condition.

 

    - 5 -

     

    

 

(q)       Participant.
  An Eligible Employee who becomes a Participant pursuant to Section 3.1.

 

(r)        Person.
An individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture,
an unincorporated organization and a government or any branch, department, agency, political subdivision or official thereof.

 

(s)       Plan.
  The Simply Good Foods Company Amended and Restated Executive Severance Compensation Plan, as set forth in this document.

 

(t)        Plan
Administrator.  The Compensation Committee of the Board.

 

(u)       Related
Entity. Any Affiliate that is treated as the same “service recipient” or “employer” as the Company pursuant
to Treasury Regulation Section 1.409A-1(h)(3).

 

(v)       Legally
Restrictive Covenants. Legally enforceable confidentiality, non-competition, non-solicit, and similar covenants to which the Participant
is bound as a result of any written agreement between the Participant and the Company or its Affiliates.

 

(w)       Separation
from Service.  A “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury
Regulation Section 1.409A-1(h).

 

(x)        Target
Annual Bonus Amount.  The target bonus amount established for the Participant under the Annual Performance-Based Short-Term Incentive
Plan for the fiscal year of the Employer in which the Date of Termination occurs.

 

(y)       Tier
I Participant. Any Eligible Employee (i) who reports directly to the Company’s Chief Executive Officer on or after the Effective
Date; or (ii) any other Eligible Employee who has been designated as Tier I Participant by the Plan Administrator in accordance with Section
3.1, and in either case, has executed any participation forms required by Section 3.1, below.

 

(z)       Tier
II Participant. Any Eligible Employee who is not a Tier I Participant and who has executed any participation forms required by Section
3.1, below.

 

    - 6 -

     

    

 

ARTICLE III

ELIGIBILITY

 

3.1
        Participation.  Each Eligible Employee shall be a Participant in the Plan,
with Eligible Employees that meet the definition of Tier I Participant participating as Tier I Participants and all other Eligible
Employees participating as Tier II Participants; provided, however, that (i) the Plan Administrator may, in its discretion,
designate any individual who would not otherwise meet the definition of Eligible Employee as an Eligible Employee under the Plan,
(ii) the Plan Administrator may, in its discretion, designate an Eligible Employee as a Tier I Participant or Tier II Participant
even though the Eligible Employee does not otherwise meet the definition thereof (provided, however, that any adverse change to an
existing Participant’s then-current tiering shall not be effective unless the Participant consents in writing), and (iii) any
Eligible Employee who is subject to an existing agreement providing for the payment of severance shall not become a Participant in
this Plan until the individual executes such participation forms as may be required by the Company, including forms containing
Legally Restrictive Covenants. The Plan Administrator shall notify each Eligible Employee of their right to participate in the Plan,
whether such individual is or will be a Tier I Participant or Tier II Participant, and whether such individual is required to
execute participation forms to become a Plan Participant.

 

3.2        Duration
of Participation.  Once an individual becomes a Participant in the Plan, he or she shall continue to be a Participant in the
Plan until the soonest of (i) the date the Participant terminates employment in a manner not entitling such Participant to payments or
other benefits under the Plan, (ii) the date on which the Participant and the Employer agree in writing that the individual shall no longer
be a Participant in the Plan, (iii) the date the Plan is amended to terminate the individual’s participation in the Plan in accordance
with Section 8.2, below, or (iv) the second anniversary of a Change in Control.  For purposes of clarity, once a Participant incurs
a Separation from Service entitling the Participant to benefits under Article IV below, such Participant shall remain entitled to such
payments or benefits until they have been paid to the Participant in full.

 

ARTICLE IV

ENTITLEMENT TO BENEFITS

 

A Participant shall be entitled
to separation benefits as set forth in Article V below if the Participant incurs a Separation from Service from the Employer that is (a)
initiated by the Employer for any reason other than Cause, death, or Disability, or (b) initiated by the Participant for Good Reason within
30 days following the expiration of the cure period afforded the Employer to rectify the condition giving rise to Good Reason (a “Qualifying
Termination”). If the Participant incurs a Separation from Service for any other reason, the Participant shall not be entitled
to any payments or benefits hereunder. An individual who is not a Participant on their Date of Termination shall not be entitled to any
payments or benefits hereunder.

 

ARTICLE V

SEPARATION BENEFITS

 

5.1        Tier
I Participants.  

 

(a)       Cash
Severance. If a Tier I Participant incurs a Qualifying Termination, then in addition to the accrued obligations to which the Participant
is entitled (such as accrued salary, expense reimbursements, vested employee benefits, etc.) the Tier I Participant shall be entitled
to cash severance, upon execution of the Release in accordance with Section 5.3 and compliance with any Legally Restrictive Covenants,
equal to the sum of:

 

(i) one and one-half (1.5) times
the sum of:

 

(A)        Participant’s
Base Salary, plus

 

    - 7 -

     

    

 

(B)        the
Target Annual Bonus Amount, plus

 

(C)       an
amount equal to the cost of COBRA coverage assuming the same benefits (medical, dental, etc.) and same level (single, family, etc.) as
in effect for the Participant immediately prior to the Date of Termination (irrespective of whether the Participant actually elects COBRA
coverage).

 

Such amount shall be paid in eighteen (18) equal
monthly installments, with payment to begin within sixty (60) days after the Date of Termination, provided the Release required by Section
5.3 has been executed and has become effective and irrevocable, and provided further that if such sixty (60) day period begins in one
calendar year and ends in a second calendar year, such payments shall be made or shall commence in the second calendar year.

 

(b)       Double
Trigger Equity Acceleration. If a Tier I Participant incurs a Qualifying Termination on or within twelve (12) months following a Change
in Control, then, contingent upon execution of the Release in accordance with Section 5.3 and compliance with any Legally Restrictive
Covenants, the Participant will be entitled to accelerated vesting of all Participant’s equity incentive awards outstanding as of
the consummation of such Change in Control, as follows: (a) any equity incentive award that vests solely upon the passage of time shall
become vested in full upon the Change in Control, and (b) any equity incentive award that vests in whole or in part based on metrics other
than the passage of time shall vest upon the Change in Control based on the greater of (I) target performance, but with vesting pro-rated
based on time elapsed from the date of grant through the date of the Change in Control measured against the duration of the original performance
period, or (II) actual performance through the date of the Change in Control.

 

5.2       Tier
II Participants.

 

(a)        Cash
Severance. If a Tier II Participant incurs a Qualifying Termination, then in addition to the accrued obligations to which the Participant
is entitled (such as accrued salary, expense reimbursements, vested employee benefits, etc.) the Tier II Participant shall be entitled
to cash severance, upon execution of the Release in accordance with Section 5.3 and compliance with any Legally Restrictive Covenants,
equal to one (1) times the sum of:

 

(A)        Participant’s
Base Salary, plus

 

(B)        the
Target Annual Bonus Amount, plus

 

(C)       an
amount equal to the cost of COBRA coverage assuming the same benefits (medical, dental, etc.) and same level (single, family, etc.) as
in effect for the Participant immediately prior to the Date of Termination (irrespective of whether the Participant actually elects COBRA
coverage).

 

    - 8 -

     

    

 

Such amount shall be paid in twelve (12)
equal monthly installments, with payment to begin within sixty (60) days after the Date of Termination, provided the Release
required by Section 5.3 has been executed and has become effective and irrevocable, and provided further that if such sixty (60) day
period begins in one calendar year and ends in a second calendar year, such payments shall be made or shall commence in the second
calendar year.

 

(b)       Double
Trigger Equity Acceleration. If a Tier II Participant incurs a Qualifying Termination on or within twelve (12) months following a
Change in Control, then, contingent upon execution of the Release in accordance with Section 5.3 and compliance with any Legally Restrictive
Covenants, the Participant will be entitled to accelerated vesting of all of Participant’s equity incentive awards outstanding as
of the consummation of such Change in Control, as follows: (a) any equity incentive award that vests solely upon the passage of time shall
become vested in full upon the Change in Control, and (b) any equity incentive award that vests in whole or in part based on metrics other
than the passage of time shall vest upon the Change in Control based on the greater of (I) target performance, but with vesting pro-rated
based on time elapsed from the date of grant through the date of the Change in Control measured against the duration of the original performance
period, or (II) actual performance through the date of the Change in Control.

 

5.3       Release.
As a condition precedent to the payment or provision of the amounts or benefits due under the relevant sections of this Article V, the
Participant must execute a release in substantially the form attached hereto as Exhibit A (the “Release") within
forty-five (45) days following the Date of Termination and not revoke such Release within the subsequent seven (7) day revocation period
(if applicable).

 

5.4       Board
Resignation. As a condition precedent to the payment or provision of the amounts or benefits due under this Article V, if applicable,
the Participant must tender their resignation from the Board and the board of directors of any of the Company’s Affiliates, effective
upon termination of Participant’s employment with the Employer or such later date as may be approved by the Company. 

 

ARTICLE VI

SECTION 280G

 

6.1       Best
Net After-Tax.  If it is determined that any payment or benefit provided to or for the benefit of any Participant (a
 “ Payment”), whether paid or payable or distributed or distributable pursuant to the terms of this Plan or
otherwise, would be subject to the excise tax imposed by Code section 4999 or any interest or penalties with respect to such excise
tax (such excise tax together with any such interest and penalties, shall be referred to as the “ Excise Tax”),
then a calculation shall first be made under which such payments or benefits provided to the Participant are reduced to the extent
necessary so that no portion thereof shall be subject to the Excise Tax (the “ 4999 Limit ”).  The Company
shall then compare (a) Participant’s Net After-Tax Benefit (as defined below) assuming application of the 4999 Limit with (b)
Participant’s Net After-Tax Benefit without application of the 4999 Limit.  In the event (a) is greater than (b),
Participant shall receive Payments solely up to the 4999 Limit.  In the event (b) is greater than (a), then Participant shall
be entitled to receive all such Payments, and shall be solely liable for any and all Excise Tax related thereto.  “Net
After-Tax Benefit” shall mean the sum of (i) all payments that Participant receives or is entitled to receive that are
contingent on a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the
assets of the Company within the meaning of Code section 280G(b)(2), less (ii) the amount of federal, state, local, employment, and
Excise Tax (if any) imposed with respect to such payments.  

 

    - 9 -

     

    

 

6.2        Reduction
of Payments.  In the event Payments must be reduced pursuant to Section 6.1, the Participant may select the order of reduction;
provided, however, that none of the selected Payments may be “nonqualified deferred compensation” subject to Code Section
409A.  In the event the Participant fails to select an order in which Payments are to be reduced, or cannot select such an order
without selecting payments that would be “nonqualified deferred compensation” subject to Code Section 409A, the Company shall
(to the extent feasible) reduce accelerated equity incentive vesting first (to the extent the value of such accelerated vesting for 280G
purposes is not determined pursuant to Treasury Regulation Section 1.280G-1 Q&A 24(c)), followed by cash Payments and in the
order in which such payments would be made (with payments made closest to the change in control being reduced first), followed by accelerated
equity incentive vesting (to the extent the value of such accelerated vesting is determined pursuant to Treasury Regulation Section
1.280G-1 Q&A 24(c)), and followed last by any other benefits to which the Participant may be entitled.  

 

6.3        Performance
of Calculations. The calculations in Section 6.1 above shall be made by a certified public accounting firm, executive compensation
consulting firm, or law firm designated by the Company in its sole and absolute discretion, and may be determined using reasonable assumptions
and approximations concerning applicable taxes and relying on reasonable, good faith interpretations concerning the application of Sections
280G and 4999 of the Code.  The costs of performing such calculations shall be borne exclusively by the Company.

 

ARTICLE VII

SUCCESSOR TO COMPANY

 

This Plan shall bind any successor
of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same
manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place.  In the case
of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by this Plan, the Company
shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan,
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.  The
term “Company,” as used in this Plan, shall mean the Company as hereinbefore defined and any successor or assignee to the
business or assets which by reason hereof becomes bound by this Plan.

 

ARTICLE VIII

DURATION, AMENDMENT AND TERMINATION

 

8.1        Duration.
  Unless sooner terminated pursuant to Section 8.2, below, the Plan shall continue in full force and effect until the date that is
two years following a Change in Control of the Company, and shall then automatically terminate; provided, however, that all Participants
who become entitled to any payments hereunder shall continue to receive such payments notwithstanding any termination of the Plan.

 

    - 10 -

     

    

 

8.2        Amendment
or Termination.  The Board may amend or terminate this Plan for any reason prior to a Change in Control; provided, however, that
no such amendment or termination may adversely affect the rights of any Participant in the Plan in any material way unless the Board secures
such Participant’s written consent.  In the event of a Change in Control, this Plan shall automatically terminate as set forth
in Section 8.1 but may not be amended or prematurely terminated.

 

8.3        Procedure
for Extension, Amendment or Termination.  Any amendment or termination of this Plan by the Board in accordance with the foregoing
shall be made by action of the Board in accordance with the Company’s charter and by-laws and applicable law.

 

ARTICLE IX

MISCELLANEOUS

 

9.1        Full
Settlement.  Except as otherwise specifically provided herein, the Company’s obligation to make the payments provided for
under this Plan and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense
or other claim, right or action which the Company or its Affiliates may have against a Participant or others.  In no event shall
a Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant
under any of the provisions of this Plan and such amounts shall not be reduced whether or not the Participant obtains other employment.
  

 

9.2        Employment
Status.  This Plan does not constitute a contract of employment or impose on the Participant or the Employer any obligation for
the Participant to remain an employee or change the status of the Participant’s employment or the policies of the Employer regarding
termination of employment.

 

9.3        Named
Fiduciary; Administration.  

 

(a)       Plan
Administration. The Company is the named fiduciary of the Plan, and shall administer the Plan, acting through its Compensation Committee,
who shall be the Plan Administrator.  The Plan Administrator shall have full and complete discretionary authority to administer,
construe, and interpret the Plan, to decide all questions of eligibility, to determine the amount, manner and time of payment, and to
make all other determinations deemed necessary or advisable for the Plan, which determinations (to the extent made in good faith) shall
be final and conclusive on all persons claiming payments or benefits hereunder.  The Plan Administrator shall review and determine
all claims for benefits under this Plan.

 

(b)       Indemnification.
The Company shall indemnify and hold harmless each member of the Compensation Committee in the performance of their duties under the
Plan against any and all expenses and liabilities arising out of their administrative functions or fiduciary responsibilities under
the Plan, including any expenses and liabilities that are caused by or result from an act or omission constituting the negligence of
such member in the performance of such functions or responsibilities, but excluding expenses and liabilities that are caused by or
result from such member’s own gross negligence or willful misconduct. Expenses against which such Compensation Committee
member shall be indemnified shall include, without limitation, the amounts of any settlement or judgment, costs, counsel fees, and
related charges reasonably incurred in connection with a claim asserted or a proceeding brought or settlement thereof.

 

    - 11 -

     

    

 

9.4        Claim
Procedure.  

 

(a)        Filing
a Claim.  All claims and inquiries concerning benefits under the Plan must be submitted to the Plan Administrator in writing.
  The claimant may submit written comments, documents, records or any other information relating to the claim.  Furthermore,
the claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other
information relevant to the claim for benefits.  If an employee or former employee makes a written request alleging a right to receive
benefits under this Plan or alleging a right to receive an adjustment in benefits being paid under the Plan, the Company shall treat it
as a claim for benefits.

 

(b)        Review
of Claims; Claims Denial.  The Plan Administrator shall initially deny or approve all claims for benefits under the Plan.  If
any claim for benefits is denied in whole or in part, the Plan Administrator shall notify the claimant in writing of such denial and shall
advise the claimant of his right to a review thereof.  Such written notice shall set forth, in a manner calculated to be understood
by the claimant, specific reasons for such denial, specific references to the Plan provisions on which such denial is based, a description
of any information or material necessary for the claimant to perfect his claim, an explanation of why such material is necessary and an
explanation of the Plan’s review procedure, and the time limits applicable to such procedures.  Furthermore, the notification
shall include a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit
determination on review.  Such written notice shall be given to the claimant within a reasonable period of time, which normally shall
not exceed ninety (90) days, after the claim is received by the Plan Administrator.

 

(c)        Appeals.
  Any claimant or his duly authorized representative, whose claim for benefits is denied in whole or in part, may appeal such denial
by submitting to the Plan Administrator a request for a review of the claim within sixty (60) days after receiving written notice of such
denial from the Plan Administrator.  The Plan Administrator shall give the claimant upon request, and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to the claim of the claimant, in preparing his request
for review.  The request for review must be in writing.  The request for review shall set forth all of the grounds upon which
it is based, all facts in support thereof, and any other matters which the claimant deems pertinent.  The Plan Administrator may
require the claimant to submit such additional facts, documents, or other materials as the Plan Administrator may deem necessary or appropriate
in making its review.

 

    - 12 -

     

    

 

(d)       
Review of Appeals.  The Plan Administrator shall act upon each request for review within sixty (60) days after receipt thereof.
  The review on appeal shall consider all comments, documents, records and other information submitted by the claimant relating to
the claim without regard to whether this information was submitted or considered in the initial benefit determination.

 

(e)        Decision
on Appeals.  The Plan Administrator shall give written notice of its decision to the claimant.   If the Plan Administrator
confirms the denial of the application for benefits in whole or in part, such notice shall set forth, in a manner calculated to be understood
by the claimant, the specific reasons for such denial, and specific references to the Plan provisions on which the decision is based.
  The notice shall also contain a statement that the claimant is entitled to receive upon request, and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits.  Information
is relevant to a claim if it was relied upon in making the benefit determination or was submitted, considered or generated in the course
of making the benefit determination, whether it was relied upon or not.  The notice shall also contain a statement of the claimant’s
right to bring an action under ERISA Section 502(a).  If the Plan Administrator has not rendered a decision on a request for review
within sixty (60) days after receipt of the request for review, the claimant’s claim shall be deemed to have been approved.
  The Plan Administrator’s decision shall be final and not subject to further review within the Company.  There are no
voluntary appeals procedures after appellate review by the Plan Administrator.

 

(f)        Determination
of Time Periods.  If the day on which any of the foregoing time periods is to end is a Saturday, Sunday or holiday recognized
by the Company, the period shall extend until the next following business day.

 

(g)       Disability
Claims Procedure. Notwithstanding anything in this Section to the contrary, in the event any claim or portion thereof under the Plan
would be required to be determined under the ERISA claims procedure for disability claims, then such disability claims procedure shall
apply to the relevant claim or portion thereof in lieu of the claims procedure set forth above.

 

9.5        Unfunded
Plan Status.   All payments pursuant to the Plan shall be made from the general funds of the Company (or if so provided by the
Company, the relevant Employer) and no special or separate fund shall be established or other segregation of assets made to assure payment.
  No Participant or other person shall have under any circumstances any interest in any particular property or assets of the Company
or any Affiliate as a result of participating in the Plan.  Notwithstanding the foregoing, the Company or any Employer may (but shall
not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s or the Employer’s
creditors, to assist in accumulating funds to pay obligations under the Plan.

 

    - 13 -

     

    

 

9.6        Section
409A.   

 

(a)       General.
The payments and benefits provided hereunder are intended to be exempt from or compliant with the requirements of Section 409A of
the Code.  Notwithstanding any provision of this Plan to the contrary, in the event that the Company reasonably determines that
any payments or benefits hereunder are not either exempt from or compliant with the requirements of Section 409A of the Code, the
Company shall have the right to adopt such amendments to this Plan or adopt such other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that are necessary or appropriate (i) to
preserve the intended tax treatment of the payments and benefits provided hereunder, to preserve the economic benefits with respect
to such payments and benefits, and/or (ii) to exempt such payments and benefits from Section 409A of the Code or to comply with the
requirements of Section 409A of the Code and thereby avoid the application of penalty taxes thereunder; provided, however, that this
Section 9.7 does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt any such
amendments, policies or procedures or to take any other such actions or to indemnify any Participant for any failure to do so.

 

(b)        Exceptions
to Apply. The Company shall apply the exceptions provided in Treasury Regulation Section 1.409A-1(b)(4), Treasury Regulation Section
1.409A-1(b)(9) and all other applicable exceptions or provisions of Code Section 409A to the payments and benefits provided under this
Plan so that, to the maximum extent possible, (i) such payments and benefits are not deemed to be “nonqualified deferred compensation”
subject to Code Section 409A, and (ii) such payments and benefits are not subject to the payment delay required by Section 9.7(c) below.
  All payments and benefits provided under this Plan shall be deemed to be separate payments (and any payments made in installments
shall be deemed a series of separate payments) for purposes of Code Section 409A.

 

(c)        Specified
Employees. Notwithstanding anything to the contrary in this Plan, no compensation or benefits that are “nonqualified deferred
compensation” subject to Code Section 409A shall be paid to a Participant during the 6-month period following their Date of Termination
to the extent that the Company determines that the Participant is a “specified employee” as of the Date of Termination and
that that paying such amounts at the time or times indicated in this Plan would be a prohibited distribution under Code Section 409A(a)(2)(B)(i).
  If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the
end of such 6-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such
additional taxes, including as a result of the Participant’s death), the Company shall pay to the Participant a lump-sum amount
equal to the cumulative amount that would have otherwise been payable to the Participant during such 6-month period.

 

(d)        Taxable
Reimbursements. To the extent that any payments or reimbursements provided to the Participant are deemed to constitute “nonqualified
deferred compensation” subject to Code Section 409A, such amounts shall be paid or reimbursed reasonably promptly, but not later
than December 31 of the year following the year in which the expense was incurred.  The amount of any payments or expense reimbursements
that constitute compensation in one year shall not affect the amount of payments or expense reimbursements constituting compensation that
are eligible for payment or reimbursement in any subsequent year, and the Participant’s right to such payments or reimbursement
of any such expenses shall not be subject to liquidation or exchange for any other benefit.

 

    - 14 -

     

    

 

9.7
        Validity and Severability.  The invalidity or unenforceability of any
provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full
force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

 

9.8        Governing
Law.  The validity, interpretation, construction and performance of the Plan shall in all respects be governed by the laws of
Colorado, without reference to principles of conflict of law, except to the extent pre-empted by Federal law.

 

9.9       Dispute
Resolution. Any controversy or claim under the Plan that has not been resolved after exhaustion of the claims procedure set forth
in Section 9.4 (a “Dispute”) shall be mediated between the disputing parties before any proceeding shall be commenced. The
parties to the Dispute shall use commercially reasonable efforts to resolve such Dispute through negotiation between individuals with
the authority to settle the Dispute on behalf of the parties. Through such authorized representatives, the parties shall attempt to reach
a resolution satisfactory to both parties, recognizing that their mutual interests may not be aligned (and that each such party shall
be entitled to reasonably seek to promote such party’s own interests in such resolution). If the parties to a Dispute do not resolve
such Dispute within thirty (30) days of the first negotiation between their authorized representatives, then upon written notice by either
party to the other, the Dispute shall be submitted to non-binding mediation to be administered in Denver, Colorado, by JAMS or its successor
(or another mediator upon the mutual agreement of the parties). The mediator shall be selected by the parties. Such mediation session
shall take place within sixty (60) days of the date of receipt of the written request for mediation. In the event the parties are unable
to resolve the Dispute through mediation, the Dispute shall be settled by binding arbitration in the City and County of Denver, Colorado
in accordance with the rules of the American Arbitration Association then applicable to employment-related disputes and any judgment upon
any award, which may include an award of damages, may be entered in the state or federal court having jurisdiction over such award. The
prevailing party in any such action or proceeding shall be entitled to reasonable attorneys’ fees and costs.

 

9.10       Notices.
All notices and all other communications which are required to be given under this Plan must be in writing and shall be deemed to have
been duly given when (i) personally delivered, (ii) mailed by United States registered or certified mail postage prepaid, (iii) sent via
a nationally recognized overnight courier service, (iv) sent via facsimile to the recipient, or (v) sent via e-mail to the recipient,
in each case (A) if to the Company or to the Plan Administrator, to the Company General Counsel at 1225 17th Street, Suite
1000, Denver, CO 80202 (or to the Company’s then-current headquarters if different than above), or to the General Counsel’s
then-current e-mail or facsimile, and (B) if to Employee, to the most recent contact information on file with the Employer.

 

9.11       Payment
Obligation May be Satisfied by Employer; Tax Withholding.  The Company may satisfy any payment obligation under this Plan by
having the Employer of the relevant Participant make the payment due hereunder. All payments made to Participants in accordance with the
provisions of this Plan shall be subject to applicable withholding of local, state, Federal and foreign taxes, as determined in the sole
discretion of the Company or the Employer making such payment.

 

9.12       Clawback.
As a condition of Participation in this Plan, each Participant agrees to be bound by the provisions of any recoupment policy that the
Company may adopt from time to time that by its terms is applicable to the Participant, or by any recoupment or “clawback”
that is otherwise required by law or the listing standards of any exchange on which the Company’s common stock is then traded, including
the “clawback” required by Section 954 of the Dodd-Frank Act.

 

    - 15 -

     

    

 

EXHIBIT A

FORM OF RELEASE

 

***********************************

 

GENERAL RELEASE

 

AND COVENANT NOT TO SUE

 

TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that:

 

____________________________ (the “Executive”),
on their own behalf and on behalf of their descendants, dependents, heirs, executors and administrators and permitted assigns, past and
present, in consideration for the amounts payable and benefits to be provided to the undersigned under The Simply Good Foods Company Executive
Severance Compensation Plan (the “Severance Plan”) sponsored by The Simply Good Foods Company (the “Company”),
hereby agrees as follows:

 

Executive, on behalf of
Executive and Executive’s heirs, executors, administrators, successors, and assigns, hereby irrevocably and unconditionally
releases, acquits, forever discharges, and covenants not to sue the Company or its affiliated corporations and entities, including,
but not limited to NCP-ATK Holdings, Inc., Atkins Nutritionals Holdings, Inc., Atkins Nutritionals Holdings II, Inc., Atkins
Nutritionals, Inc., and their respective former and current owners, stockholders, members, managers, predecessors, successors,
assigns, agents, directors, officers, employees, representatives, attorneys, parent companies, divisions, subsidiaries, benefits
administrators, investors, funds, and affiliates (collectively the “Releasees”), for and from any and all claims, causes
of action, liabilities, and judgments of every type and description whatsoever, known or unknown, including, but not limited to, any
obligation or claim arising under federal, state, or local laws, regulations, ordinances, public policy, contract (express or
implied, written or oral), tort, or common law, including but not limited to, claims of wrongful discharge, defamation, emotional
distress, misrepresentation, and/or obligations arising out of the Company’s or its subsidiaries’ employment policies or
practices, employee handbooks, and/or statements by any employee or agent of any Releasee (whether oral or written), claims arising
under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq.; the Rehabilitation Act of 1973, 29 U.S.C. §
701 et seq.; the Americans with Disabilities Act of 1991, 42 U.S.C. § 12101 et seq.; the Employee Retirement Income Security
Act of 1974, 29 U.S.C. § 1001 et seq.; the Equal Pay Act of 1963, 29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42
U.S.C. § 1981; the Civil Rights Act of 1871, 42 U.S.C. § 1985; the Age Discrimination in Employment Act of 1967, 29 U.S.C.
 §§ 621 et seq. (“ADEA”); the Workers Adjustment and Retraining Notification Act, 29 U.S.C.A. §§ 2101
et seq.; the Immigration Reform and Control Act, 8 U.S.C. 1101 et seq.; the Fair Credit Reporting Act, 15 U.S.C. § 1681 et
seq.; Section 806 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1514A; and the Family and Medical Leave Act of 1993, 29 U.S.C.
 § 2601 et seq.; together with any amendments to the foregoing laws; and any agreements between Executive and any of the
Releasees, including any employment agreements (collectively the “Released Claims”), from the beginning of time through
the date on which Executive signs this Release.

 

     

     

    

 

Notwithstanding the foregoing,
Executive does not release (i) rights to indemnification under the articles of incorporation or bylaws of the Company or any affiliate
or subsidiary or under any agreement or insurance policy, (ii) Executive’s rights to exercise any stock option grants held by Executive
as of the date hereof (subject to the terms thereof), (iii) vested benefits under all employee benefit plans in accordance with their
terms, or (iv) claims for which releases are prohibited by law.

 

Executive represents and warrants
that Executive has not filed or otherwise initiated any legal action or administrative proceeding of any kind against any of the Releasees
and has no knowledge that (i) any such legal action or administrative proceeding has been filed or otherwise initiated or (ii) is contemplated
or threatened by any other person or entity.

 

Executive represents and warrants
that Executive has not assigned, transferred, sold, or hypothecated any of the Released Claims. Executive shall indemnify and hold harmless
the Releasees from and against any liability or loss, and for any cost, expense (including attorneys’ fees), judgment, or settlement,
based on or arising out of any breach of this Agreement by Executive; provided, however, that nothing in this Agreement shall prohibit
Executive from challenging the validity of Executive’s release and waiver of claims under the ADEA or shall impose any condition
precedent, penalties or costs for doing so.

 

Executive represents and warrants
that Executive has been paid and/or has received all compensation, wages, bonuses, commissions, vacation time, and other benefits to which
Executive may be entitled from any of the Releasees up through the date this Agreement is signed by Executive.

 

Executive represents and warrants
that Executive has been granted all leave (paid or unpaid) to which Executive was entitled under the state and/or federal Family and Medical
Leave Act and that Executive has not been discriminated or retaliated against due to Executive’s exercise of rights, if any, under
the state and/or federal Family and Medical Leave Act. Executive further affirms that Executive has no known workplace injuries or occupational
diseases.

 

Executive represents and warrants
that Executive has not divulged any proprietary or confidential information of the Company or any of the other Releasees other than as
authorized in the scope of Executive’s employment.

 

Executive represents and warrants
that Executive is not aware of any act, failure to act, practice, policy, or activity of the Company or any of the other Releasees that
Executive knows (or should reasonably be expected to know) to be or to have been unlawful.

 

    - 2 -

     

    

 

Executive understands and agrees that:

 

The payment(s) and benefits
to Executive pursuant to the Severance Plan constitute special benefits that the Company is providing in its discretion due to Executive’s
unique circumstances and that Executive is not otherwise entitled to receive;

 

No rights or claims are released
or waived that might arise after Executive signs this Agreement;

 

Executive is advised to consult
with an attorney before signing this Agreement;

 

Executive has twenty-one (21)
days from Executive’s receipt of this Agreement within which to consider whether or not to sign it (such 21-day period, the “Consideration
Period”);

 

If Executive decides to sign
this Agreement before the expiration of the Consideration Period, which is solely Executive’s choice, Executive represents that
his decision is knowing and voluntary;

 

Executive agrees that any
revisions made to this Agreement after it was initially delivered to Executive were either not material or were requested by Executive,
and do not re-start the Consideration Period:

 

Executive has seven (7) days
following Executive’s signature of this Agreement to revoke the Agreement;

 

This Agreement shall not become
effective or enforceable until immediately after the revocation period of seven (7) days has expired without Executive exercising Executive’s
right to revoke this Agreement (the “Effective Date”); and

 

If, after signing, Executive
chooses to revoke this Agreement, Executive must do so by notifying the Company in writing. This written notice of revocation must be
delivered within the seven (7) day revocation period to the addresses specified in the Severance Agreement, or such other address or addresses
as the Company shall have designated by notice in writing to Executive.

 

Each Releasee that is not
a party to this Release is an express third party beneficiary of this Release.

 

Executive acknowledges that,
in order to provide a full and complete release with respect to the Released Claims, Executive understands and agrees that this Release
is intended to include the Released Claims, if any, which Executive may have and which Executive does not now know or suspect to exist
in Executive’s favor against the Releasees and that this Release extinguishes those claims.

 

    - 3 -

     

    

 

Any obligation of Executive
hereunder shall be binding upon the heirs, legal representatives, successors, assigns, executors, administrators, and trustees in bankruptcy
of Executive. This Release may be assigned by the Company and will inure to the benefit of the Company’s successors and assigns.

 

Covenant Not to Sue.
To the fullest extent permitted by law, Executive agrees that (i) Executive will not institute or continue any claim, grievance, charge,
lawsuit, or action of any kind against any of the Releasees relating to any matter released by this Release, including claims related
to Executive’s employment with the Company or termination of Executive’s employment with the Company; and (ii) if Executive
institutes or continues any form of legal action against any of the Releasees in violation of this Release, Executive shall pay all costs
and expenses, including attorneys’ fees, incurred by the Releasee(s) in defending against the legal action or in enforcing this
Release. Executive also hereby irrevocably and unconditionally waives and relinquishes any right to seek or recover any monetary relief
or other individual remedies for or on account of any of the Released Claims whether for Executive or as a representative or on behalf
of others. Notwithstanding anything to the contrary in this Agreement, Executive is not prohibited from filing a charge or complaint with,
or participating in any investigation by, any governmental agency.

 

Entire Release. This
Release sets forth the entire understanding of the parties with regard to the matters contemplated hereunder and supersedes all prior
agreements, covenants, arrangements, communications, representations or warranties, whether oral or written, made by the parties or any
officer, employee or representative of the parties.

 

Interpretation. “Including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding such
term. “Or” is used in the inclusive sense of “and/or”.

 

No Liability. Executive
additionally understands and agrees that this Release is not and shall not be construed to be an admission of liability of any kind on
the part of the Company or any of the other Releasees.

 

Amendment. This Release
may be amended only by a written instrument signed by the parties or their respective successors or assigns.

 

Governing Law. This
Release and all amendments hereof and waivers and consents hereunder shall be governed by the internal laws of the State of Colorado,
without regard to the conflicts of law principles thereof, except to the extent preempted by federal law.

 

    - 4 -

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Release to be executed, as of the day and year first above written.

 

	 	 
	 	Executive

 

	ACCEPTED:	 
	 	 
	THE
    SIMPLY GOOD FOODS COMPANY	 
	 	 
	By:	 	 
	Name:  	        	 
	Title:	 	 

 

    - 5 -Exhibit 10.1

 

Conversion Agreement

 

This Conversion
Agreement (this “Agreement”) is made and entered into as of January 21, 2022, by and between Q Biomed Inc., a Nevada
corporation (the “Company”), and YA II PN, Ltd. (the “Holder”), holder of the Company’s Convertible
Debentures (the “Debentures”).

 

Recitals

 

WHEREAS, on February 12, 2021,
the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with the Holder pursuant
to which the Company issued to the Holder a convertible debenture with a maturity date of twelve months after the issuance thereof in
the aggregate principal amount of up to $500,000 (the “Debenture”).

 

WHEREAS, solely under the
Debenture, the Company owes the Holder an aggregate of $527,500, including principal due and accrued and unpaid interest as of the maturity
date (the “Obligation”).

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Company and the
Holder hereby agree as follows:

 

		1.	Conversion of the Obligation.

 

		(a)	Conversion of the Obligation. The Holder hereby converts
the Obligation into 1,055,000 shares of the Company's common stock (the “Shares”) at a conversion price of $0.50 per
share in full satisfaction of the Obligation. The parties intend that the issuance of the Shares pursuant to the terms of this Agreement
is an exempt issuance under the Securities Act of 1933, as amended (the “Securities Act”) in reliance on an exemption
provided by Sections 3(a)(9) of such act.

 

		(b)	Closing Date. The Closing of the Conversion of the Obligation
shall occur at the office of Yorkville Advisors Global, LP at 1012 Springfield Avenue, Mountainside, NJ 07092, as soon as possible after
on the date and time on which this agreement is executed (the “Closing Date”). As used herein “Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by
law to remain closed.

 

		(c)	Deliveries. Subject to the satisfaction of the terms
and conditions of this Agreement, on the Closing Date, the Company shall issue the Shares to the Holder.

 

		2.	Representations and Warranties of the Holder

 

		(a)	Organization; Authority. The Holder is an entity
duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with the requisite power
and authority to enter into and to consummate the transactions contemplated by the Transaction Documents (as defined below) to which
it is a party and otherwise to carry out its obligations hereunder and thereunder. As used herein, “Transaction Documents”
means, collectively, this Agreement, the Securities Purchase Agreement, the Debentures, and each of the other agreements and instruments
entered into by the Company or delivered by the Company in connection with the transactions contemplated hereby and thereby, as may be
amended from time to time.

 

		(b)	Authorization, Enforcement. This Agreement has been duly
and validly authorized, executed and delivered on behalf of the Holder and shall constitute the legal, valid and binding obligations
of the Holder enforceable against the Holder in accordance with its terms, except as such enforceability may be limited by general principles
of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies.

 

    1 

     

    

 

		(c)	No Conflicts. The execution, delivery and performance
by the Holder of this Agreement and the consummation by the Holder of the transactions contemplated hereby will not (i) result in a violation
of the organizational documents of the Holder, (ii) conflict with, or constitute a default (or an event which with notice or lapse of
time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of,
any agreement, indenture or instrument to which the Holder is a party or (iii) result in a violation of any law, rule, regulation, order,
judgment or decree (including federal and state securities laws) applicable to the Holder, except, in the case of clauses (ii) and (iii)
above, for such conflicts, defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to
have a material adverse effect on the ability of the Holder to perform its obligations hereunder.

 

		3.	Representations and Warranties of the Company

 

		(a)	Organization and Qualification. The Company and each of its Subsidiaries
are entities duly formed, validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have
the requisite power and authority to own their properties and to carry on their business as now being conducted and as presently proposed
to be conducted. The Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing
in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary,
except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse
Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material adverse effect on
(i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects
of the Company and its Subsidiary, taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction Documents
or any other agreements or instruments to be entered into by the Company in connection herewith or therewith or (iii) the authority or
ability of the Company to perform any of its obligations under any of the Transaction Documents. “Subsidiaries” means
any Person in which the Company, directly or indirectly, owns a majority of the outstanding capital stock having voting power or holds
a majority of the equity or similar interest of such Person, and each of the foregoing, is individually referred to herein as a “Subsidiary”.

 

		(b)	Authorization; Enforcement; Validity. The Company has the requisite
power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the
Shares in accordance with the terms hereof and thereof. The execution and delivery of this Agreement and the other Transaction Documents
by the Company and the consummation by the Company of the transactions contemplated hereby and thereby including, without limitation,
the issuance of the Shares, have been duly authorized by the Company's board of directors and no further filing, consent or authorization
is required by the Company, its board of directors or its stockholders or other governmental body. This Agreement has been, and the other
Transaction Documents to which the Company is a party will be prior to the Closing, duly executed and delivered by the Company, and each
constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective
terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies
and except as rights to indemnification and to contribution may be limited by federal or state securities law.

 

    2 

     

    

 

		(c)	Issuance and Delivery of the Shares. The Company hereby represents and warrants
that the Shares, when issued by the Company pursuant to Section 1, have been duly authorized and, when issued in compliance with
the provisions of this Agreement, will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights,
taxes, liens and charges and other encumbrances with respect to the issue thereof with the Holder thereof being entitled to all rights
accorded to a holder of common stock and the issuance by the Company of the Shares, when issued by the Company pursuant to Section
1, will be exempt from registration under the Securities Act by virtue of Section 3(a)(9) thereof. The Shares will not bear any restrictive
legend and will be freely tradable without any restrictions or limitations under applicable securities laws, rules and regulations. The
Company agrees to take all actions, including, without limitation, retaining legal counsel to assist with the preparation of any necessary
legal opinions, required to issue the Shares free of any restrictive legend and to allow them to be freely tradeable on the OTC Market
Group Inc.’s Venture Market (the “OTCQB”), without the need for further action by the Holder, except with respect
to the delivery of any certificates, certifications or other similar reasonably necessary assistance of the Holder required for such issuance
or un-restriction.

 

		(d)	No Conflicts. The execution, delivery and performance of the Transaction
Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation,
the issuance of the Shares) will not (i) result in a violation of the Articles of Incorporation (as defined below), Bylaws (as defined
below), certificate of formation, memorandum of association, articles of association, bylaws or other organizational documents of the
Company or any of its Subsidiaries, or any capital stock or other securities of the Company or any of its Subsidiaries, (ii) conflict
with, or constitute a default under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including, without limitation, U.S. federal and state securities laws and regulations, the securities laws
of the jurisdictions of the Company's incorporation or in which it or its subsidiaries operate and the rules and regulations of the OTCQB
and including all applicable laws, rules and regulations of the State of Nevada) applicable to the Company or any of its Subsidiaries
or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of (ii) and (iii)
for any conflict, default, right or violation that would not reasonably be expected to result in a Material Adverse Effect.

 

		(e)	Consents. The Company is not required to obtain any material consent from,
authorization or order of, or make any filing or registration with (other than any filings as may be required by any state securities
agencies and any filings as may be required by the Principal Market), any Governmental Entity (as defined below) or any regulatory or
self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its obligations under or contemplated
by the Transaction Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings
and registrations which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained
or effected on or prior to each Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances
which might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or filings
contemplated by the Transaction Documents. The Company is not in violation of the requirements of the OTCQB and has no knowledge of any
facts or circumstances which could reasonably lead to delisting or suspension of the Common Stock in the foreseeable future. The Company
has notified the OTCQB of the issuance of all of the Shares hereunder, which does not require obtaining the approval of the stockholders
of the Company or any other Person or Governmental Entity, and the OTCQB has completed its review of the related Listing of Additional
Share form. “Governmental Entity” means any nation, state, county, city, town, village, district, or other
political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental
authority of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal),
multi-national organization or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative,
police, regulatory, or taxing authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise
owned or controlled by a government or a public international organization or any of the foregoing.

 

    3 

     

    

 

		(f)	Acknowledgment Regarding Holder's Purchase of Shares. The Company acknowledges
and agrees that the Holder is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and
the transactions contemplated hereby and thereby and that no Holder is (i) an officer or director of the Company or any of its Subsidiaries,
(ii) to its knowledge, an "affiliate" (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (collectively,
 “Rule 144”)) of the Company or any of its Subsidiaries or (iii) to its knowledge, a “beneficial owner”
of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the 1934 Act). The Company further acknowledges
that no Holder is acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with
respect to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by a Holder or any of
its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely
incidental to such Holder's purchase of the Shares. The Company further represents to the Holder that the Company's decision to enter
into the Transaction Documents to which it is a party has been based solely on the independent evaluation by the Company and its representatives.

 

		(g)	No Integrated Offering. None of the Company, its Subsidiaries or any of their
affiliates, nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any
offers to buy any security, under circumstances that would adversely affect reliance by the Company on Section 3(a)(9) of the Securities
Act or require registration of any of the Shares under the Securities Act or, to the knowledge of the Company, cause the transactions
contemplated hereby to be integrated with prior offerings of common stock by the Company for purposes of the Securities Act.

 

		(h)	SEC Documents; Financial Statements. During the two (2) years prior
to the date hereof, the Company has timely filed all reports, schedules, forms, proxy statements, statements and other documents required
to be filed by it with the SEC pursuant a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of their respective
dates, the financial statements of the Company included in the SEC Documents complied in all material respects with applicable accounting
requirements and the published rules and regulations of the SEC with respect thereto as in effect as of the time for the periods then
ended (subject, in the case of unaudited statements, to normal year-end audit adjustments which will not be material, either individually
or in the aggregate). The reserves, if any, established by the Company or the lack of reserves, if applicable, are reasonable based upon
facts and circumstances known by the Company on the date hereof and there are no loss to the reporting requirements of the Securities
Exchange Act of 1934, as amended (the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits
and appendices included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein
being hereinafter referred to as the “SEC Documents”). The Company has delivered or has made available to the Buyers
or their respective representatives true, correct and complete copies of each of the SEC Documents not available on the EDGAR system.
As of their respective dates, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules
and regulations of the SEC promulgated thereunder applicable
to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements of the Company
included in the SEC Documents complied in all material respects with applicable accounting requirements and the published rules and regulations
of the SEC with respect thereto as in effect as of the time of filing. Such financial statements have been prepared in accordance with
generally accepted accounting principles (“GAAP”), consistently applied, during the periods involved (except (i) as
may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to
the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial
position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject,
in the case of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate).
The reserves, if any, established by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances
known by the Company on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of Financial
Accounting Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its financial statements
or otherwise. No other information provided by or on behalf of the Company to any of the Buyers which is not included in the SEC Documents
(including, without limitation, information in the disclosure schedules to this Agreement) contains any untrue statement of a material
fact or omits to state any material fact necessary in order to make the statements therein not misleading, in the light of the circumstance
under which they are or were made. The Company is not currently contemplating to amend or restate any of the financial statements (including,
without limitation, any notes or any letter of the independent accountants of the Company with respect thereto) included in the SEC Documents
(the “Financial Statements”), nor is the Company currently aware of facts or circumstances which would require the
Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials Statements to be in compliance
with GAAP and the rules and regulations of the SEC. The Company has not been informed by its independent accountants that they recommend
that the Company amend or restate any of the Financial Statements or that there is any need for the Company to amend or restate any of
the Financial Statements.

 

    4 

     

    

 

		(i)	Shell Company Status. The Company is not, but was until January 8, 2016,
an issuer identified in, or subject to, Rule 144(i).

 

		4.	Miscellaneous.

 

	 	(a)	Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude any Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company's obligations to such Buyer or to enforce a judgment or other court ruling in favor of such Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

    5 

     

    

 

		(b)	Counterparts. This Agreement may be executed in two or more identical counterparts,
all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party
and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains
a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an
original thereof.

 

		(c)	Notices. Any notices, consents, waivers or other communications required
or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered:

(i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by email (provided confirmation of transmission is electronically
generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with an overnight courier service
with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses and e- mail addresses
for such communications shall be:

 

		If to the Company, to:	Q Biomed Inc.

c/o Ortoli Rosenstadt, LLP

366 Madison Avenue, 3rd Floor

New York,
NY 10017

Telephone: 212-588-0022

Attention: William Rosenstadt

E-Mail: wsr@orllp.legal

 

		With Copy to:	Denis Corin

10 Market Street

Suite 427

Grand Cayman

KY1-9006

Cayman Islands

Email: dcorin@qbiomed.com

 

		If to the Holder, to:	YA II PN, Ltd.

c/o Yorkville Advisors Global, LP

1012 Springfield
Avenue

Mountainside, NJ 07092

Email: Legal@yorkvilleadvisors.com

 

    6 

     

    

 

		With copy to:	David Fine, Esq.

c/o Yorkville Advisors Global, LP

1012 Springfield
Avenue

Mountainside, NJ 07092

Email: legal@yorkvilleadvisors.com

 

		(d)	Entire Agreement, Amendments. This Agreement supersedes
all other prior oral or written agreements between the Buyer, the Company, their affiliates and persons acting on their behalf with respect
to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor
any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may
be waived or amended other than by an instrument in writing signed by the party to be charged with enforcement.

 

    7 

     

    

 

IN WITNESS WHEREOF, each
Buyer and the Company have caused their respective signature page to this Conversion Agreement to be duly executed as of the date first
written above.

 

	 	COMPANY:
	 	 	 	 
	 	Q BIOMED INC.
	 	 	 	 
	 	By:	/s/ Denis Corin
	 	Name:	Denis Corin
	 	Title:	President
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	HOLDER:	 
	 	 	 	 
	 	YA II PN, LTD.
	 	 	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager
	 	 	 	 
	 	 	By:	Yorkville Advisors Global II, LLC
	 	 	Its:	General Partner
	 	 	 	 
	 	 	By:	/s/ Matt Beckman
	 	 	Name:	Matt Beckman
	 	 	Title:	Managing Member

 

    8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]