Document:

Lexaria Bioscience Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1 

INTELLECTUAL PROPERTY LICENSE
#2018US04 

This document certifies that an
Intellectual Property License dated as of April 20, 2018 has been granted
by:

Lexaria Bioscience Corp., a Nevada corporation with
offices at 156 Valleyview Rd, Kelowna, British Columbia, V1X 3M4, Canada
(“Licensor”, “Lexaria”, “us”, “our”,
“we”),

To: 

GP Holdings, LLC a California limited liability company
c/o Heath Steinbeck, LLP, 5777 W Century Blvd., Ste. 765, Los Angeles, CA 90045
(together with its successors and assigns “GP”, “Licensee”,
“you”, “your”).

RECITALS 

WHEREAS certain capitalized terms
not otherwise defined below are defined in Exhibit “D” herein; 

WHEREAS, LICENSEE is directly (or
indirectly through a partner, as further contemplated in Section 1(a) below)
engaged in the business of developing, manufacturing, and selling
cannabis-infused products pursuant to licenses issued by the authorities
relevant in each and every geographic location referenced within this Agreement,
pursuant to regulations promulgated thereby; 

WHEREAS, LICENSOR owns and holds,
and will make improvements from time to time, on certain intellectual property
and technology (“Technology”) related to, including but not limited to,
the development, testing, and manufacturing process for marijuana-infused
products, which Technology is more specifically described in Exhibit “A”;

WHEREAS, LICENSEE wishes to
utilize the Technology (which shall include any Licensor’s Improvements) of
LICENSOR, and LICENSOR desires for LICENSEE to utilize the Technology, to
create, test, manufacture and sell, either on its own account or as a contract
manufacturer, Consumable Liquids and/or Topical Skin Products (“End
Products,” as further described in Exhibit B), subject to the terms and
conditions set forth herein; 

WHEREAS, such End Products shall
only be distributed and/or sold by LICENSEE or its Partner as defined in Section
1.a below in compliance with all local and state, licensing requirements
applicable to the cannabis industry within the State of California in the case
of marijuana-infused End Products and nationwide in the U.S. in the case of
hemp-infused End Product devoid of marijuana-derived inputs, or in any other
location in which LICENSEE is permitted by this Agreement or an addendum to this
Agreement to sell or distribute the End Products (such locations collectively
referred to as “Territory”);

WHEREAS, the End Products may not
be exported from the Territory to any other global location without express
written permission granted in advance from the LICENSOR and is subject to
entering a separate licensing agreement or by addendum to this Agreement, and
always subject to availability among other LICENSOR considerations; and 

WHEREAS, the Parties intend and
desire for these recitals to be incorporated into the Agreement, and to be bound
by any representations or obligations contained therein. 

- 2 - 

NOW, THEREFORE, in consideration
of the promises and the respective covenants and agreements of the parties
contained in this Agreement, the Parties hereto agree as follows: 

LICENSE 

	1. 	
      License of Technology: Subject to certain terms
      and conditions, LICENSOR hereby grants to LICENSEE each of the licenses
      more fully defined in Section 2 below.

	 	a) 	
      Non-transferable: The license granted by this
      Section 1 may not be transferred or sublicensed by LICENSEE without
      LICENSOR’s written consent. However, LICENSEE has the right to sublicense
      its license to any entity within the GP Group.

	 	 	 
	 	b) 	
      Other Products: The Parties agree that LICENSEE is
      not limited to production of the End Products defined herein, but that
      LICENSEE may develop, create and test new products that are derived from
      or otherwise incorporate the Technology and such new products are only to
      be distributed and/or sold to Permitted Locations (the “New Products”),
      subject to availability of licenses in the future from
  Lexaria.

	2) 	
      Semi-exclusivity and Non-exclusive Licenses and
      License Option. LICENSEE will have the following rights to produce and
      sell the End Products during the Term (as defined in Section 4, below) in
      the Territory using the Technology licensed pursuant to this
    Agreement.

	 	a) 	
      In the
Territory:

	 	i) 	
      Semi-exclusive rights from the effective date until five
      (5) years after the Effective date, allowing LICENSEE the semi-exclusive
      ability to continue to manufacture the marijuana infused End Products
      directly or through its Partner in the Territory for the balance of the
      term of this Agreement as per Section 4. Semi-exclusive under this
      Agreement means that LICENSOR will not permit more than four (4) such
      licenses at any time for the marijuana-infused End Products utilizing its
      Technology to be granted within each single Territory, including the
      license granted to LICENSEE, and its named Partner if so named as provided
      in Section 1(a), under this Agreement.

	b) 	
      In the Territory:

Non-exclusive rights from the effective date until five (5)
years after the Effective date, allowing LICENSEE the non-exclusive ability to
continue to manufacture the hemp-infused End Products directly or through its
Partner in the Territory for the balance of the term of this Agreement as per
Section 4. 

	 	c) 	
      License Option:

	 	i) 	
      Furthermore, until September 23, 2019, LICENSOR will with
      limitations reserve one license in each of the States of Colorado,
      Illinois, and New Jersey and the country of Canada (including all
      territories and provinces) for the benefit of LICENSEE to be
      semi-exclusive in the case of the End Products, to distribute and/or sell
      End Products in locations compliant with all local and state laws
      applicable therein; under this option arrangement (the “License
      Option”). LICENSEE shall be provided 30 calendar days notice in
      writing until September 23, 2019 if the final semi-exclusive license or
      any exclusive license available in any member state, under this License
      Option is under serious negotiation with another party. The LICENSEE will
      have the option of receiving the final semi-exclusive license therein, or
      an exclusive license as applicable, simply by agreeing to improve upon the financial terms offered
by the party with which the Licensor is negotiating. If and only at such time as
LICENSEE notifies LICENSOR that it wants to sell or cause to sell directly or
through a Partner, as described in Section 1(a), any End Products utilizing the
Technology in any or all of these additional states (“Exercise of License
Option”), then LICENSEE does hereby agree to a license of the Technology for
each state into which it has exercised the License Option that is substantially
similar to this Agreement, including that LICENSEE agrees to pay appropriate
Territory License fees and Usage fees in each state optioned in accordance with
the OPTION (“Subsequent License Agreement”). Each Subsequent License
Agreement shall have a term of not less than three (3) years from the date of
signing the Subsequent Agreement. All such Subsequent License Agreements shall
follow to the greatest extent possible the same terms of this Agreement.
Subsequent License Agreements shall be considered “entered into by the Parties”
and effective by both Parties executing a written addendum to this Agreement
acknowledging that the Parties have entered into any such Subsequent License
Agreement. 

- 3 - 

	 	d) 	
      LICENSOR’s Products: LICENSOR shall not be
      prohibited from (i) licensing or similar arrangements with respect to the
      Technology outside of the Territory, subject to the License Option set
      forth above; or (ii) licensing its Technology on the semi-exclusive basis
      provided for herein, at all times and in all locations, subject to the
      terms of this Agreement, including the exclusivity and semi- exclusivity
      provisions and License Options. Subject to its rights and obligations
      under this Agreement, LICENSOR is otherwise expressly permitted to utilize
      its Technology on any basis it chooses, at any time, for producing and
      commercializing its own products, provided, however, that LICENSOR would
      be considered as one of the four (4) permitted licensees in any Territory
      where LICENSEE retains semi-exclusive rights.

	3) 	
      Rights and Obligations Related to the Technology.
      Except as expressly provided in this section or elsewhere in this
      Agreement, neither Party will be deemed by this Agreement to have been
      granted any license or other rights to the other Party’s products,
      information or other intellectual property rights, either expressly or by
      implication, estoppel or otherwise.

	 	a) 	
      LICENSOR Intellectual Property: LICENSOR
      retains full, absolute, and complete rights to all processes covered or
      described in all of its issued patents and its patent applications filed
      prior to the date of this Agreement, and any future continuations,
      continuations in part or divisional applications filed thereto, including
      but not limited to the US Provisional patent applications, US Utility
      patent application, and the International patent application, that
      comprise the Technology (“Licensor IP”), unless LICENSOR allows
      these applications to abandon or lapse, or otherwise fails to protect the
      Technology. Except as expressly provided for in Section 2, nothing in this
      Agreement or in the conduct of the Parties shall be interpreted as
      preventing LICENSOR from granting to any other person a license for use of
      the Technology or from using the Technology in any manner
    whatsoever.

	 	 	 
	 	b) 	
      LICENSEE Intellectual Property: Any
      intellectual property resulting solely from LICENSEE’s work, know-how, or
      development that does not include nor rely upon the Technology,
      Licensor IP or jointly owned intellectual property, as described in this
      Agreement, shall be owned by LICENSEE (“Licensee IP”).

	 	 	 
	 	c) 	
      Improvements:

	 	i) 	
      LICENSOR Improvements: The entire right and title
      to the Technology, whether or not patentable, and any patent applications
      or patents based thereon, which directly relate to and are not severable
      from LICENSOR IP and which are improvements thereto by LICENSOR, its
      employees or others acting solely on LICENSOR’s behalf shall be owned
      solely by LICENSOR (“Licensor Improvements”).

- 4 - 

	 	ii) 	
      LICENSEE Improvements: Rights and title to
      improvements whether or not patentable, and any patent applications or
      patents based thereon, which directly relate to and are not severable from
      LICENSOR IP and which are improvements thereto by LICENSEE, its employees
      or its Partner, as defined by this Agreement, shall be owned by the
      LICENSEE (“Licensee Improvements”). In respect to such Licensee
      Improvements, LICENSOR grants LICENSEE a license to use the underlying
      intellectual property supporting any such improvement for so long as this
      Agreement remains in effect (including any renewal terms) and LICENSOR
      agrees to negotiate in good faith terms of license renewal after the end
      of the Term of this Agreement and any renewal terms per Section 4a. If
      LICENSEE develops any Licensee Improvements, LICENSEE will promptly
      provide LICENSOR with written notice of such Licensee Improvements to
      validate LICENSEE’S claim to Licensee Improvements. Following receipt of
      notice of such Licensee Improvements, LICENSOR shall have the exclusive
      option during the Term of this Agreement (and any renewal terms) to
      purchase or license from LICENSEE the Licensee Improvements for LICENSOR’s
      use upon mutually agreeable terms and conditions that the parties shall
      negotiate in good faith.

	 	 	 
	 	iii) 	
      Joint Improvements: Rights and title to the
      Technology, whether or not patentable, and any patent applications or
      patents based thereon, which directly relate to and are not severable from
      LICENSOR IP and which are improvements thereto by both LICENSOR AND
      LICENSEE shall be jointly owned intellectual property by LICENSOR AND
      LICENSEE.

	 	 	 
	 	iv) 	
      Improvements; Assignment. LICENSEE and LICENSOR
      hereby represent that all Partners, employees and other persons acting on
      its behalf in performing its obligations under this Agreement shall be
      obligated under a binding written agreement to assign, or as it shall
      direct, all Joint Improvements that include or rely on the Technology
      conceived or reduced to practice by such Partners, employees or other
      persons acting on its behalf in accordance with this Agreement to the
      benefit of LICENSOR and LICENSEE.

	 	 	 
	 	v) 	
      Improvements; Confidential Information. All
      Improvements shall constitute Confidential Information and shall be
      subject to the confidentiality provisions set forth in this
    Agreement.

	 	d) 	
      Inventions;
Reporting:

	 	i) 	
      Upon making any invention that does not include or
      rely upon the Technology LICENSEE has no obligation to share such
      information of invention with LICENSOR nor inform LICENSOR of said
      invention, and LICENSEE retains unrestricted rights and ability to use,
      assign, license, seek patent and other forms of intellectual property
      protection related to said invention. For the avoidance of doubt, any such
      new invention, development, technology, and/or intellectual property
      belongs solely to LICENSEE. Upon making any invention that does or does
      not include or rely upon the Technology, LICENSOR has no obligation to
      share such information of invention with LICENSEE nor inform LICENSEE of
      said invention, and LICENSOR retains unrestricted rights and ability to
      use, assign, license, seek patent and other forms of intellectual property
      protection related to said invention.

	 	e) 	
      Jointly Owned Intellectual Property: If any
      patent applications are filed seeking to protect any Joint Improvements
      (“Jointly Owned IP”), each Party shall be named as joint
      inventors.

	 	i) 	
      Prosecution and Maintenance of Jointly Owned
      Patents. The Parties shall cooperate to cause the filing of one or
      more patent applications covering any such Jointly Owned IP. The Parties
      will mutually agree upon which of them shall be responsible for filing,
      prosecution and maintenance of Jointly Owned IP. The expenses of such
      filing, prosecution and maintenance shall be equally shared by the Parties
      unless one of the Parties assigns all of its rights to the other Party.
      Both Parties agree to assist the other Party in enforcing its rights in
      the Jointly Owned IP. The costs of any such assistance or cooperation will
      be borne by the requesting party.

- 5 - 

	 	ii) 	
      Jointly Owned IP Rights. LICENSOR grants to
      LICENSEE an exclusive, non-sub-licensable, fully-paid, royalty-free,
      perpetual license to any Jointly Owned IP. Further, LICENSEE grants to
      LICENSOR an exclusive, non-sub-licensable, fully-paid, royalty-free,
      perpetual license to any Jointly Owned IP.

	 	f) 	
      No Challenge. LICENSEE expressly
      acknowledges and agrees that all rights in and to the Technology shall
      remain vested in LICENSOR, and LICENSEE shall not assert any rights to the
      Technology except as otherwise provided in this Section 3.

	 	 	 
	 	g) 	
      Notice Requirements. To the extent
      required by applicable rules and regulations, including those of DPBH
      related to packaging, LICENSEE agrees that it will include such patent
      notices and other proprietary notices on all End Products or related
      materials that contain any Technology as may be reasonably required by
      DPBH or other regulators in order to give appropriate notice of all
      intellectual property rights therein or pertaining thereto.

	 	 	 
	 	h) 	
      Quality
Control.

	 	i) 	
      LICENSEE agrees to maintain and preserve the quality of
      the Technology, and to use the Technology in good faith and in a manner
      consistent with the uses approved herein.

	 	 	 
	 	ii) 	
      LICENSEE shall ensure that all End Products and related
      materials under the Technology are developed, tested, promoted,
      manufactured and distributed in a professional manner in compliance with
      any and all applicable laws, rules and
regulations.

	4) 	
      Term and Termination; Option to
  Renew.

	 	a) 	
      Term. This Agreement shall take effect upon
      signing by both Parties and shall remain in effect for the shorter of
      either five (5) years; or, such circumstances as described in Section 4.d
      (the “Term”).

	 	 	 
	 	b) 	
      Termination. This Agreement and the licenses
      granted hereunder may be terminated prior to the expiration of the Term or
      any renewal term of this Agreement as follows:

	 	i) 	
      This Agreement may be terminated by LICENSOR by written
      notice to LICENSEE upon the occurrence of any of the following: (i)
      failure of LICENSEE to pay any license fees for more than sixty (60) days
      after they become due; (ii) LICENSEE’s violation of the provisions of
      Sections 7 and 8 or LICENSEE’s material breach of any other term of this
      Agreement, which violation and/or breach is not cured within sixty (60)
      days after written notice of such breach from LICENSOR; (iii) failure of
      LICENSEE to maintain all required licenses and governmental authorizations
      required for the conduct of its business or to comply in all material
      respects with applicable laws; or (iv) LICENSEE ceases operations, makes a
      general assignment for the benefit of creditors, or is the subject of a
      voluntary or involuntary bankruptcy, insolvency or similar
    proceeding.

	 	 	 
	 	ii) 	
      This Agreement may be terminated by LICENSEE by written
      notice to LICENSOR in the event of material breach by LICENSOR of its
      obligations or representations and warranties under this Agreement, which
      breach is not cured within sixty (60) days after written notice of such
      breach from LICENSEE.

	 	c) 	
      Effect of Termination. Except as provided for in
      Section 4, LICENSEE’s payment obligations shall extinguish if this
      Agreement is terminated. If the Agreement expires without any renewal
      thereof, then LICENSEE must immediately cease and desist all utilization
      of the Technology to manufacture, distribute or sell End Products, except
      that it may distribute and sell End Products until all finished goods and
      raw materials inventory that pertains to the Technology has been sold. In
      any event, upon the natural future expiration of all pending and issued
      patents as applicable related to the Technology described herein the
      License Agreement shall expire and LICENSEE shall have no further payment
  obligations to LICENSOR.

- 6 - 

	 	d) 	
      Option to Extend (California). Pursuant to this
      Section 4.d, LICENSOR grants LICENSEE an option to extend the Term, for
      the State of California only, for an additional five (5) years from the
      end of the Term (the “Option to Extend”). In the event LICENSEE
      elects to exercise the Option to Extend, this Agreement shall continue
      under the same terms, conditions, and obligations contained herein and
      agreed upon by the Parties upon the execution hereof. As good and
      sufficient consideration for grant of this Option to Extend, LICENSEE
      shall pay LICENSOR one thousand dollars ($1,000) upon execution of this
      Agreement, which shall be non-refundable and not credited against any
      other payments due to LICENSOR under this Agreement. Should LICENSEE elect
      to exercise the Option to Extend, it will be required to meet certain
      financial obligations at that time.

	5) 	
      Indemnification.

	 	a) 	
      LICENSEE agrees to indemnify LICENSOR and hold LICENSOR
      harmless from and against any and all liabilities, losses and expenses
      arising from (i) LICENSEE’s unauthorized use of the Technology; (ii)
      LICENSEE’s failure to comply with applicable laws or to maintain all
      required licenses and governmental authorizations; (iii) any breach of
      LICENSEE’s representations and warranties set forth herein; and (iv) any
      liability to third parties as a result of LICENSEE’s production,
      distribution and/or sale of End Products, except as to any liability
      arising out of the proper use of the Technology.

	 	 	 
	 	b) 	
      LICENSOR agrees to indemnify LICENSEE and hold LICENSEE
      harmless from and against any and all liabilities, losses and expenses
      arising from (i) any breach of LICENSOR’s representations and warranties
      set forth herein; and (ii) any claims of infringement raised by third
      parties as to the Technology or Licensed Patents, as provided more fully
      in Section 2(k) of this Agreement.

	6) 	
      Confidentiality. In addition to the
      Confidentiality Agreement previously entered into by the Parties, at all
      times during the term of this Agreement (including any renewal term) and
      thereafter, LICENSEE will not use or disclose and will otherwise keep
      confidential any trade secrets or proprietary information, including, but
      not limited to the Technology and other intellectual property of LICENSOR
      (collectively, the “Confidential Information”) except to the extent
      required to perform its obligations under this Agreement. Without
      limitation of the foregoing, LICENSEE will hold the Confidential
      Information in confidence and will (a) exercise the same degree of care,
      but no less than a reasonable degree of care, to prevent its disclosure as
      LICENSEE would take to safeguard its own confidential or proprietary
      information, and (b) limit disclosure of Confidential Information,
      including any notes, extracts, analyses or materials that would disclose
      Confidential Information, solely to those of its employees who need to
      know the information for purposes of performing its obligations under this
      Agreement and who agree to keep such information confidential. Upon
      termination of this Agreement, LICENSEE shall immediately return all
      Confidential Information to LICENSOR and LICENSOR shall have the right to
      conduct an on- site audit of the LICENSEE within three (3) business days
      of termination to ensure compliance with the terms of this Agreement, at
      LICENSOR’S expense.

	 	a) 	
      Limitations. This section does not apply to any
      information that: (a) is already lawfully in the receiving Party's
      possession (unless received pursuant to a nondisclosure agreement); (b) is
      or becomes generally available to the public through no fault of the
      receiving Party; (c) is disclosed to the receiving Party by a third party
      who may transfer or disclose such information without restriction; (d) is
      required to be disclosed by the receiving Party as a matter of law
      (provided that the receiving Party will use all reasonable efforts to
      provide the disclosing Party with prior notice of such disclosure and to
      obtain a protective order therefor, with all costs to be borne by the
      disclosing Party); (e) is disclosed by the receiving Party with the
      disclosing Party's approval; or (f) is independently developed by the
      receiving Party without any use of confidential information. In all cases,
      the receiving Party will use all reasonable efforts to give the disclosing
      Party ten (10) days' prior written notice of any disclosure of information
      under this Agreement. The Parties will maintain the confidentiality of all
      confidential and proprietary information learned pursuant to this
      Agreement for a period of ten (10) years from the date of termination of
  this Agreement.

- 7 - 

	 	b) 	
      Saving Provision. The Parties agree and stipulate
      that the agreements contained in this Section are fair and reasonable in
      light of all of the facts and circumstances of their relationship;
      however, the Parties are aware that in certain circumstances courts have
      refused to enforce certain agreements. Therefore, in furtherance of and
      not in derogation of the provisions of the preceding paragraph the parties
      agree that in the event a court should decline to enforce the provisions
      of the preceding paragraph, that paragraph shall be deemed to be modified
      to restrict non-enforcing Party’s rights under this Agreement to the
      maximum extent, in both time and geography, which the court shall find
      enforceable.

	7) 	
      Limitation of Liability. EXCEPT TO THE EXTENT
      OTHERWISE EXPRESSLY AGREED TO IN THIS AGREEMENT, NEITHER PARTY SHALL BE
      LIABLE TO THE OTHER PARTY FOR LOST PROFITS OR FOR ANY DIRECT, INDIRECT,
      INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES IN
      CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
      AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY. THE FOREGOING
      SHALL NOT LIMIT LICENSEE’S LIABILITY FOR UNAUTHORIZED USE BY LICENSEE OF
      LICENSOR’S TECHNOLOGY.

	 	 
	8) 	
      No Warranties. OTHER THAN THE EXPRESS WARRANTIES
      PROVIDED HEREIN,

	 	 
		
      LICENSOR MAKES NO EXPRESS WARRANTIES OF MERCHANTABILITY
      OR FITNESS OR EFFICACY FOR A PARTICULAR PURPOSE OF THE TECHNOLOGY AND/OR
      ANY END PRODUCTS PRODUCED FROM SAID TECHNOLOGY AND SHALL NOT BE HELD
      LIABLE FOR PROFITABILITY OF TECHNOLOGY AND/OR END PRODUCTS OR HELD LIABLE
      UNDER ANY OTHER THEORY OF LIABILITY.

NOW, THEREFORE, in consideration
of the premises and the mutual promises and conditions hereinafter set forth,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties, do hereby agree. 

IN WITNESS
WHEREOF, Lexaria Bioscience Corp has granted this license. 

“LICENSOR” 
LEXARIA BIOSCIENCE CORP. 

/s/ Chris Bunka, CEO 

- 8 - 

EXHIBIT A 

TECHNOLOGY 

The Technology consists of: 

(1) the following patent applications,
patents granted, and PCT International Patent Applications; (2) all technical
know-how and trade secrets in regard to such named patents, including the use,
manufacture or formulation thereof, that is owned or controlled by LICENSOR as
of the Effective Date of this Agreement, as well as any future continuations,
continuations in part or divisional applications filed pursuant to the patent
applications. (the “Licensed Patents”): 

U.S. Patent Granted No. 9,474,725 awarded October 27, 2016.

U.S. Patent Granted No. 9,839,612 B2 awarded December 12, 2017

U.S. Provisional Patent Application No. 62/010,601. 

U.S. Provisional Patent Application No. 62/037,706. 

U.S. Provisional Patent Application No. 62/153,835. 

U.S. Provisional Patent Application No. 62/161,324. 

U.S. Notice of Allowance (March 2018) for Provisional Patent
Application No. 15/225,802. 

U.S. Provisional Patent Application No. 15/225,802. 

U.S. Provisional Patent Application No. 62/264,959. 

U.S.
  Provisional Patent Application No. 62/264,967. 

U.S. Utility Patent Application No. 14/735,844. 

PCT International Patent Application No. PCT/US15/35128. 

PCT International Patent Application No. PCT/US16/64295. 

PCT International Patent Application No. PCT/US16/64296. 

National filings thereunder: 
2949369, 
201580031524.X,

15806768.6, 
201647041745.00 
516371405 

Australian Patent Granted No. 2015274698 awarded June 15, 2017

- 9 - 

EXHIBIT B 

END PRODUCTS 

	Product
      Line Name 	Product Line Description 
	
      Consumable Liquids 
	
      Any consumable liquid products including, but not limited
      to, cold brew or hot coffee, teas, lemonades, flavored waters, juices,
      protein drinks, sport drinks, cocoa drinks, kombuchas, probiotics, energy
      drinks/shots, vitamin waters, tinctures, essential oils, olive oils,
      flavored concentrates, dressings, honeys and syrups, flavored sprays or
      sauces for consumption by way of ingestion that are infused with hemp
      and/or marijuana oil. 

	
      Topical Skin Products 
	
      Any cream, oil, salve or similar consumer product
      designed to be delivered to and through human skin that is infused with
      hemp and/or marijuana oil.Wdesk | Exhibit

Execution Version

Exhibit 10.1

THIRD AMENDMENT, dated as of April 25, 2018 (this “Amendment”), to the CREDIT AGREEMENT, dated as of September 30, 2015 as amended by the First Amendment, dated as of February 19, 2016 and the Consent, Waiver and Second Amendment, dated as of June 22, 2017  (as further amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), among CENTRAL EUROPEAN MEDIA ENTERPRISES LTD., an exempted limited company incorporated under the laws of Bermuda (“Borrower”), TIME WARNER INC., a Delaware corporation (“Guarantor”), the several banks and other financial institutions from time to time party thereto (the “Lenders”) and BNP PARIBAS, as administrative agent (the “Administrative Agent”).
WHEREAS, the Lenders under the Existing Credit Agreement have previously extended credit to Borrower under the Existing Credit Agreement in the form of outstanding loans in the original principal amount of €235,340,000;
WHEREAS, Guarantor and the Subsidiary Guarantors have entered into the Guarantee in connection with the Existing Credit Agreement;
WHEREAS, Borrower has requested that the Lenders (a) extend the maturity of the Loans and (b) effect certain other amendments to the Existing Credit Agreement as set forth herein; 
WHEREAS, the Guarantor and the Subsidiary Guarantors have agreed to continue to guaranty the obligations entered in connection with the Existing Credit Agreement through the extended Maturity Date (as defined below); 
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used but not otherwise defined herein (including in the preamble and the recitals hereto) have the meanings assigned to them in the Existing Credit Agreement.
SECTION 2.      Amendment of Existing Credit Agreement.  Effective as of the Third Amendment Effective Date (as defined below), the Existing Credit Agreement is hereby amended as follows (the Existing Credit Agreement, as so amended, being referred to herein as the “Credit Agreement”):
(a)      Section 1.01 of the Existing Credit Agreement is hereby amended by:
(i)      inserting the following new defined terms in appropriate alphabetical order:
 “Third Amendment” means the Third Amendment, dated as of April 25, 2018, to this Agreement among Borrower, Guarantor, the Lenders and the Administrative Agent. 
“Third Amendment Effective Date” has the meaning assigned to such term in the Third Amendment.
(ii)      amending and restating the following definition in its entirety to read as follows:
 “Maturity Date” means November 1, 2021.
SECTION 3.      Representations and Warranties.  (a) Each of Borrower and Guarantor, as applicable, hereby represents and warrants as to itself only (and not as to the other) that (i) this Amendment is within such Person’s corporate powers and has been duly authorized by all necessary corporate and, if required, stockholder action of such Person, (ii) this Amendment has been duly executed and delivered by such Person, (iii) this Amendment constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, 

    

regardless of whether considered in a proceeding in equity or at law, (iv) as of the date hereof, no Default or Event of Default has occurred and is continuing (provided that the Guarantor is only making this representation on behalf of itself and its Restricted Subsidiaries and the Defaults or Events of Default attributable to itself and its Restricted Subsidiaries and not with respect to any Defaults or Events of Default attributable to Borrower and its Subsidiaries, and Borrower is only making this representation on behalf of itself and its Subsidiaries and the Defaults or Events of Default attributable to itself and its Subsidiaries and not with respect to any Defaults or Events of Default attributable to the Guarantor and its Restricted Subsidiaries) and (v) the representations and warranties of such Person set forth in Article III of the Existing Credit Agreement (including, for the avoidance of doubt, Section 3.04(c), but the reference to December 31, 2014 therein shall be deemed to be December 31, 2017) and in the other Credit Documents are true and correct in all material respects (unless any such representation of warranty is already qualified by materiality, in which case, such representation or warranty is true and correct in all respects) on and as of the date hereof, with the same effect as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects (unless any such representation of warranty is already qualified by materiality, in which case, such representation or warranty is true and correct in all respects) as of such earlier date. Borrower represents and warrants that since December 31, 2017, there has been no material adverse change in the business, assets, operations or financial condition of Borrower and its consolidated subsidiaries, taken as a whole. 
SECTION 4.      Effectiveness.  This Amendment shall become effective as of April 26, 2018 (the “Third Amendment Effective Date”), the date on which the following shall have been completed:
(a)      the Administrative Agent (or its counsel) shall have received duly executed counterparts hereof that, when taken together, bear the authorized signatures of Borrower, Guarantor and all the Lenders; 
(b)      the Administrative Agent shall have received an Acknowledgment and Consent, substantially in the form of Annex II hereto, duly executed and delivered by each party thereto; 
(c)      the Administrative Agent shall have received favorable written opinions of (i) DLA Piper UK LLP, counsel for Borrower and (ii) Conyers Dill & Pearman, Bermuda counsel for Borrower;
(d)      the Administrative Agent shall have received a certificate from each of Borrower and Guarantor, in form and substance reasonably satisfactory to the Administrative Agent, dated the date hereof and signed by a Responsible Officer of Borrower and Guarantor, as applicable, confirming that on and as of the date hereof (i) the representations and warranties applicable to such Person set forth in the Credit Documents are true and correct in all material respects (except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date) and (ii) no Default or Event of Default has occurred or is continuing; and
(e)      the Administrative Agent shall have received, for the account of each Lender, a consent fee as set forth on Annex I hereto.
It is understood and agreed that the conditions specified in clauses (a) through (d) in this Section 4 shall be satisfied on the date hereof and the condition specified in clause (e) shall be satisfied on the Third Amendment Effective Date. The Administrative Agent shall notify Borrower, Guarantor, CME Media Enterprises B.V. (“CME BV”) and the Lenders of the Third Amendment Effective Date, and such notice shall be conclusive and binding.
Without limiting the generality of the provisions of Article VIII of the Existing Credit Agreement, for purposes of determining compliance with the conditions specified in this Section 4, each Lender shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 4 unless the Administrative Agent shall have received notice from such Lender prior to the date hereof specifying its objections thereto.
SECTION 5.      Costs and Expenses.  Borrower shall pay all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent in connection with this Amendment.
SECTION 6.      Effect of this Amendment.  (a)  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Existing Credit Agreement or any other Credit Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Credit Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Credit Party to a consent to, or a waiver, 

2

    

amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Credit Document in similar or different circumstances.
(b)      Each Credit Party agrees that all of its obligations, liabilities and indebtedness under each Credit Document, including guarantee obligations under the Guarantee, shall remain in full force and effect, in accordance with applicable law, on a continuous basis after giving effect to this Amendment.
(c)      On and after the Third Amendment Effective Date, each reference in the Existing Credit Agreement to “this Agreement”, “herein”, “hereunder”, “hereto”, “hereof” and words of similar import shall, unless the context otherwise requires, refer to the Existing Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other Credit Document shall be deemed to be a reference to the Existing Credit Agreement as amended hereby.
SECTION 7.      Interpretation.  This Amendment shall constitute a Credit Document for the purposes of the Credit Agreement and the other Credit Documents.
SECTION 8.      Governing Law; Jurisdiction; Consent to Service of Process.
(a)      This Amendment shall be construed in accordance with and governed by the law of the State of New York.
(b)      Each party to this Amendment hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Credit Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
(c)      Each party to this Amendment hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Amendment in any court referred to in paragraph (b) of this Section 8.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)      Each party to this Amendment irrevocably consents to service of process in the manner provided for notices in Section 9.01 of the Existing Credit Agreement.  Nothing in this Amendment will affect the right of any party to this Amendment to serve process in any other manner permitted by law.
SECTION 9.      Miscellaneous.  Sections 9.01, 9.04(a), 9.05, 9.06, 9.07, 9.10, 9.11 and 9.13 of the Existing Credit Agreement shall be applicable to this Amendment as though set forth herein, mutatis mutandis.
[Signature page follows]

3

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first above written.

	
				
	 
	 
	 
	CENTRAL EUROPEAN MEDIA ENTERPRISES LTD., 
as Borrower

	 
	 
	 
	 

	 
	 
	By:
	/s/ David Sturgeon

	 
	 
	 
	Name: David Sturgeon

	 
	 
	 
	Title: Chief Financial Officer

[Signature Page to Third Amendment]

	
				
	 
	 
	 
	TIME WARNER INC.,
as Guarantor

	 
	 
	 
	 

	 
	 
	By:
	/s/ Edward B. Ruggiero

	 
	 
	 
	Name: Edward B. Ruggiero

	 
	 
	 
	Title: Senior Vice President & Treasurer

[Signature Page to Third Amendment]

	
				
	 
	 
	 
	BNP PARIBAS, as Administrative Agent and as Lender

	 
	 
	 
	 

	 
	 
	By:
	/s/ Christopher Sked

	 
	 
	 
	Name: Christopher Sked

	 
	 
	 
	Title: Managing Director

	 
	 
	 
	 

	 
	 
	 
	BNP PARIBAS, as Administrative Agent and as Lender

	 
	 
	 
	 

	 
	 
	By:
	/s/ Karim Remtoula

	 
	 
	 
	Name: Karim Remtoula

	 
	 
	 
	Title: Vice President

[Signature Page to Third Amendment]

	
				
	 
	 
	 
	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Lender

	 
	 
	 
	 

	 
	 
	By:
	/s/ Xavier de Neuville

	 
	 
	 
	Name: Xavier de Neuville

	 
	 
	 
	Title: Director

	 
	 
	 
	 

	 
	 
	By:
	/s/ Stephen Tubb

	 
	 
	 
	Name: Stephen Tubb

	 
	 
	 
	Title: Managing Director

[Signature Page to Third Amendment]

	
				
	 
	 
	 
	MIZUHO BANK, LTD, as Lender

	 
	 
	 
	 

	 
	 
	By:
	/s/ Donna DeMagistris

	 
	 
	 
	Name: Donna DeMagistris

	 
	 
	 
	Title: Athorized Signatory

[Signature Page to Third Amendment]

	
				
	 
	 
	 
	SOCIÉTÉ GENERALE, as Lender

	 
	 
	 
	 

	 
	 
	By:
	/s/ Shelley Yu

	 
	 
	 
	Name: Shelley Yu

	 
	 
	 
	Title: Director

[Signature Page to Third Amendment]

	
				
	 
	 
	 
	SUMITOMO MITSUI BANKING CORPORATION, as Lender

	 
	 
	 
	 

	 
	 
	By:
	/s/ James D. Weinstein

	 
	 
	 
	Name: James D. Weinstein

	 
	 
	 
	Title: Managing Director

[Signature Page to Third Amendment]

	
				
	 
	 
	 
	MUFG BANK, LTD. f/k/a THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Lender

	 
	 
	 
	 

	 
	 
	By:
	/s/ Matthew Antioco

	 
	 
	 
	Name: Matthew Antioco

	 
	 
	 
	Title: Director

[Signature Page to Third Amendment]

ANNEX II TO
THIRD AMENDMENT

ACKNOWLEDGMENT AND CONSENT
Reference is made to the THIRD AMENDMENT, dated as of  April 25, 2018 (“Third Amendment”), to the CREDIT AGREEMENT, dated as of September 30, 2015, as amended by the First Amendment, dated as of February 19, 2016 and the Consent, Waiver, and Second Amendment, dated as of June 22, 2017 (as further amended by the Third Amendment, the “Credit Agreement”), among CENTRAL EUROPEAN MEDIA ENTERPRISES LTD., an exempted limited company incorporated under the laws of Bermuda, TIME WARNER INC. a Delaware corporation, the several banks and other financial institutions from time to time party thereto and BNP PARIBAS, as administrative agent.  Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement are used herein as therein defined.
Each of the undersigned parties to the Guarantee hereby (a) consents to the transactions contemplated by the Third Amendment and (b) acknowledges and agrees that the guarantees made by such party contained in the Guarantee are, and shall remain, in full force and effect, in accordance with applicable law, on a continuous basis after giving effect to the Third Amendment.
CME BV hereby (a) consents to the transactions contemplated by the Third Amendment and (b) acknowledges and agrees that the guarantees contained in the CME BV Guarantee are, and shall remain, in full force and effect, in accordance with applicable law, on a continuous basis after giving effect to the Third Amendment.

A-II-1

IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgment and Consent to be duly executed and delivered by their respective proper and duly authorized officers as of the date first written above.
	
				
	 
	 
	 
	TIME WARNER INC.,
as Guarantor

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name: Edward B. Ruggiero

	 
	 
	 
	Title: Senior Vice President & Treasurer

	 
	 
	 
	 

	 
	 
	 
	HISTORIC TW INC.,
as Subsidiary Guarantor

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name: Edward B. Ruggiero

	 
	 
	 
	Title: Senior Vice President & Treasurer

	 
	 
	 
	 

	 
	 
	 
	TURNER BROADCASTING SYSTEM, INC.,
as Subsidiary Guarantor

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name: Edward B. Ruggiero

	 
	 
	 
	Title: Senior Vice President & Assistant Treasurer

	 
	 
	 
	 

	 
	 
	 
	HOME BOX OFFICE, INC.,
as Subsidiary Guarantor

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name: Edward B. Ruggiero

	 
	 
	 
	Title: Senior Vice President & Assistant Treasurer

	 
	 
	 
	 

	 
	 
	 
	 

	
				
	 
	 
	 
	CME MEDIA ENTERPRISES B.V., as CME Subsidiary Guarantor

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name: Alphons van Spaendonck

	 
	 
	 
	Title: Managing Director

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name: Pan-Invest B.V., represented by.........

	 
	 
	 
	Title: Managing Director

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