Document:

Better For You Wellness, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

    

    
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    MEMBERSHIP INTEREST PURCHASE 
AGREEMENT

     

    AMONG

     

    BETTER FOR YOU WELLNESS, INC.
as Buyer, 

    AND

    MANGO MOI, LLC 

    AND

    AMANDA CAYEMITTE and YAPO M'BE
as Sellers 

    DATED

    April 29, 2022

     

     

    

    
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    MEMBERSHIP INTEREST PURCHASE AGREEMENT

    THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this "Agreement") is made as of April 29, 2022 by and between BETTER FOR YOU WELLNESS, INC., a Nevada corporation ("Buyer"), on the one hand, and AMANDA CAYEMITTE ("Amanda") and YAPO M'BE ("Yapo", together with Amanda, the "Sellers"), and MANGO MOI, LLC, an Illinois limited liability company ("MML," and together with Sellers, the "Seller Parties" and all of them together with Buyer, the "Parties" and each, individually, a "Party"), on the other hand.

    RECITALS

    Sellers desire to sell, and Buyer desires to purchase, all of Sellers' right, title and interest in and to the health and beauty business commonly known as "Mango Moi" (the "Business"), including all of the outstanding membership interests (the "Interests") of MML, for the consideration and on the terms set forth in this Agreement.

    AGREEMENT

    The Parties, intending to be legally bound, agree as follows:

    1. DEFINITIONS.

    For purposes of this Agreement, the following terms have the meanings specified or referred to in this Section 1:

    "Accounting Principles" means the accounting methods, practices, principles, policies, and procedures historically used by MML, with such classifications, judgments and valuation and estimation methodologies as have been historically used by MML.

    "Accounts Receivable" as defined in Section 3.9.

    "Applicable Contract" any Contract (a) under which MML has or may acquire any rights, (b) under which MML has or may become subject to any obligation or liability, or (c) by which MML or any of the assets owned or used by them is or may become bound.

    "Benefit Plan" any "employee benefit plan," as that term is defined in ERISA regardless of whether such plan is subject to ERISA, that is maintained or contributed to by MML or Sellers for the benefit of or MML's employees or with respect to which MML has or may have any liability.

    "Breach" a "Breach" of a representation, warranty, covenant, obligation, or other provision of this Agreement or any instrument delivered pursuant to this Agreement will be deemed to have occurred if there is or has been (a) any material inaccuracy in or material breach of, or any failure to perform or comply with, such representation, warranty, covenant, obligation, or other provision, or (b) any claim (by any Person) or other occurrence or circumstance that is or was inconsistent with such representation, warranty, covenant, obligation, or other provision, and the term "Breach" means any such material inaccuracy, breach, failure, claim, occurrence, or circumstance.

    "Business" as defined in the Recitals of this Agreement.

    "Buyer" as defined in the first paragraph of this Agreement.

    "Buyer's Advisors" as defined in Section 5.1.

    
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    "Buyer Shares" as defined in Section 2.2.

    "Closing" as defined in Section 2.4.

    "Closing Date" as defined in Section 2.4.

    "Competing Business" as defined in Section 3.25.

    "Confidential Information" means all non-public, confidential or proprietary information of MML including the Intellectual Property Assets.

    "Consent" any approval, consent, ratification, waiver, or other authorization (including any Governmental Authorization).

    "Contemplated Transactions" means the purchase of the Interests by Buyer and the other transactions contemplated by this Agreement.

    "Contract" any agreement, contract, obligation, promise, or undertaking (whether written or oral and whether express or implied) that is legally binding.

    "Copyrights" as defined in Section 3.22.

    "Damages" as defined in Section 10.2.

    "Determined Value" means the most recent closing price of common shares of BFYW as quoted on the OTC markets as of the Closing Date.

    "Encumbrance" any charge, claim, community property interest, condition, equitable interest, lien, option, pledge, security interest, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or exercise of any other attribute of ownership.

    "Environment" soil, land surface or subsurface strata, surface waters (including navigable waters, ocean waters, streams, ponds, drainage basins, and wetlands), groundwaters, drinking water supply, stream sediments, ambient air (including indoor air), plant and animal life, and any other environmental medium or natural resource.

    "Environmental, Health, and Safety Liabilities" any cost, damages, expense, liability, obligation, or other responsibility arising from or under Environmental Law or Occupational Safety and Health Law and consisting of or relating to:

    (a) any environmental, health, or safety matters or conditions (including on- site or off-site contamination, occupational safety and health, and regulation of chemical substances or products);

    (b) fines, penalties, judgments, awards, settlements, legal or administrative proceedings, damages, losses, claims, demands and response, investigative, remedial, or inspection costs and expenses arising under Environmental Law or Occupational Safety and Health Law;

    (c) financial responsibility under Environmental Law or Occupational Safety and Health Law for cleanup costs or corrective action, including any investigation, cleanup, removal, containment, or other remediation or response actions ("Cleanup") required by applicable Environmental Law or Occupational Safety and Health Law (whether or not such Cleanup has been required or requested by any Governmental Body or any other Person) and for any natural resource damages; or

    
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    (d) any other compliance, corrective, investigative, or remedial measures required under Environmental Law or Occupational Safety and Health Law.

    The terms "removal," "remedial," and "response action," include the types of activities covered by the United States Comprehensive Environmental Response, Compensation, and Liability Act, 42

    U.S.C. § 9601 et seq., as amended ("CERCLA").

    "Environmental Law" any Legal Requirement that requires or relates to:

    (a) advising appropriate authorities, employees, and the public of intended or actual releases of pollutants or hazardous substances or materials, violations of discharge limits, or other prohibitions and of the commencements of activities, such as resource extraction or construction, that could have significant impact on the Environment;

    (b) preventing or reducing to acceptable levels the release of pollutants or hazardous substances or materials into the Environment;

    (c) reducing the quantities, preventing the release, or minimizing the hazardous characteristics of wastes that are generated;

    (d) assuring that products are designed, formulated, packaged, and used so that they do not present unreasonable risks to human health or the Environment when used or disposed of;

    (e) protecting resources, species, or ecological amenities;

    (f) reducing to acceptable levels the risks inherent in the transportation of hazardous substances, pollutants, oil, or other potentially harmful substances;

    (g) cleaning up pollutants that have been released, preventing the threat of release, or paying the costs of such clean up or prevention; or

    (h) making responsible parties pay private parties, or groups of them, for damages done to their health or the Environment, or permitting self-appointed representatives of the public interest to recover for injuries done to public assets.

    "ERISA" means the Employee Retirement Income Security Act of 1974, as amended.

    "Facilities" any real property, leaseholds, or other interests currently or formerly owned or operated by MML and any buildings, plants, structures, or equipment (including motor vehicles, tank cars, and rolling stock) currently or formerly owned or operated by MML.

    "Governmental Authorization" any approval, consent, license, permit, waiver, or other authorization issued, granted, given, or otherwise made available by or under the authority of any Governmental Body or pursuant to any Legal Requirement.

    "Governmental Body" any:

    (a) nation, state, county, city, town, village, district, or other jurisdiction of any nature;

    
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    (b) federal, state, local, municipal, foreign, or other government;

    (c) governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal);

    (d) multi-national organization or body; or

    (e) body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature.

    "Hazardous Activity" the distribution, generation, handling, importing, management, manufacturing, processing, production, refinement, Release, storage, transfer, transportation, treatment, or use (including any withdrawal or other use of groundwater) of Hazardous Materials in, on, under, about, or from the Facilities or any part thereof into the Environment, and any other act, business, operation, or thing that increases the danger, or risk of danger, or poses an unreasonable risk of harm to persons or property on or off the Facilities, or that may affect the value of the Facilities or MML.

    "Hazardous Materials" any waste or other substance that is listed, defined, designated, or classified as, or otherwise determined to be, hazardous, radioactive, or toxic or a pollutant or a contaminant under or pursuant to any Environmental Law, including any admixture or solution thereof, and specifically including petroleum and all derivatives thereof or synthetic substitutes therefor and asbestos or asbestos-containing materials.

    "Indemnified Persons" as defined in Section 10.2.

    "Intellectual Property Assets" as defined in Section 3.22.

    "Interests" as defined in the Recitals of this Agreement.

    "Knowledge" an individual will be deemed to have "Knowledge" of a particular fact or other matter if such individual is actually aware of such fact or other matter.

    "Latest Balance Sheet" as defined in Section 3.5.

    "Leased Real Property" as defined in Section 3.19.

    "Leases" as defined in Section 3.7.

    "Legal Requirement" any federal, state, local, municipal, foreign, international, multinational, or other administrative order, constitution, law, ordinance, principle of common law, regulation, statute, or treaty.

    "Marks" as defined in Section 3.22.

    "Material Contracts" as defined in Section 3.17.

    "NASDAQ" the NASDAQ Stock Market or any of its successor entities.

    "Occupational Safety and Health Law" any Legal Requirement designed to provide safe and healthful working conditions and to reduce occupational safety and health hazards, and any program, whether governmental or private (including those promulgated or sponsored by industry associations and insurance companies), designed to provide safe and healthful working conditions.

    
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    "Order" any award, decision, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by any court, administrative agency, or other Governmental Body or by any arbitrator.

    "Ordinary Course of Business" an action taken by a Person will be deemed to have been taken in the "Ordinary Course of Business" only if:

    (a) such action is consistent with the past practices of such Person and is taken in the ordinary course of the normal day-to-day operations of such Person;

    (b) such action is not required to be authorized by the board of directors of such Person (or by any Person or group of Persons exercising similar authority) and is not required to be specifically authorized by the parent company (if any) of such Person; and

    (c) such action is similar in nature and magnitude to actions customarily taken, without any authorization by the board of directors (or by any Person or group of Persons exercising similar authority), in the ordinary course of the normal day-to-day operations of other Persons that are in the same line of business as such Person.

    "Organizational Documents" (a) the articles or certificate of incorporation and the bylaws of a corporation; (b) any charter or similar document adopted or filed in connection with the creation, formation, or organization of a Person; and (c) any amendment to any of the foregoing.

    "Person" any individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, labor union, or other entity or Governmental Body.

    "Proceeding" any action, arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, investigative, or informal) commenced, brought, conducted, or heard by or before, or otherwise involving, any Governmental Body or arbitrator.

    "Purchase Price" as defined in Section 2.2.

    "Related Person" with respect to a particular individual:

    (a) each other member of such individual's Family;

    (b) any Person that is directly or indirectly controlled by such individual or one or more members of such individual's Family;

    (c) any Person in which such individual or members of such individual's Family hold (individually or in the aggregate) a Material Interest; and

    (d) any Person with respect to which such individual or one or more members of such individual's Family serves as a director, officer, partner, executor, or trustee (or in a similar capacity).

    With respect to a specified Person other than an individual:

    (a) any Person that directly or indirectly controls, is directly or indirectly controlled by, or is directly or indirectly under common control with such specified Person;

    
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    (b) any Person that holds a Material Interest in such specified Person;

    (c) each Person that serves as a director, officer, partner, executor, or trustee of such specified Person (or in a similar capacity);

    (d) any Person in which such specified Person holds a Material Interest;

    (e) any Person with respect to which such specified Person serves as a general partner or a trustee (or in a similar capacity); and

    (f) any Related Person of any individual described in clause (b) or (c).

    For purposes of this definition, (a) the "Family" of an individual includes (i) the individual, (ii) the individual's spouse and former spouses, (iii) any other natural person who is related to the individual or the individual's spouse within the second degree, and (iv) any other natural person who resides with such individual, and (b) "Material Interest" means direct or indirect beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of voting securities or other voting interests representing at least 5% of the outstanding voting power of a Person or equity securities or other equity interests representing at least 5% of the outstanding equity securities or equity interests in a Person.

    "Release" any spilling, leaking, emitting, discharging, depositing, escaping, leaching, dumping, or other releasing into the Environment, whether intentional or unintentional.

    "Representative" with respect to a particular Person, any director, officer, employee, agent, consultant, advisor, or other representative of such Person, including legal counsel, accountants, and financial advisors.

    "Securities Act" the Securities Act of 1933 or any successor law, and regulations and rules issued pursuant to that Act or any successor law.

    "Sellers" as defined in the first paragraph of this Agreement.

    "Seller Parties" as defined in the Recitals of this Agreement.

    "Straddle Period" as defined in Section 6.1(b).

    "Subsidiary" with respect to any Person (the "Owner"), any corporation or other Person of which securities or other interests having the power to elect a majority of that corporation's or other Person's board of directors or similar governing body, or otherwise having the power to direct the business and policies of that corporation or other Person (other than securities or other interests having such power only upon the happening of a contingency that has not occurred) are held by the Owner or one or more of its Subsidiaries; when used without reference to a particular Person, "Subsidiary" means a Subsidiary of  MML.

    "Tax" any tax (including any income tax, capital gains tax, value-added tax, sales tax, property tax, gift tax, or estate tax), levy, assessment, tariff, duty (including any customs duty), deficiency, or other fee, and any related charge or amount (including any fine, penalty, interest, or addition to tax), imposed, assessed,

    
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    or collected by or under the authority of any Governmental Body or payable pursuant to any tax-sharing agreement or any other Contract relating to the sharing or payment of any such tax, levy, assessment, tariff, duty, deficiency, or fee.

    "Tax Return" any return (including any information return), report, statement, schedule, notice, form, or other document or information filed with or submitted to, or required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection, or payment of any Tax or in connection with the administration, implementation, or enforcement of or compliance with any Legal Requirement relating to any Tax.

    "Threat of Release" a substantial likelihood of a Release that may require action in order to prevent or mitigate damage to the Environment that may result from such Release.

    "Threatened" a claim, Proceeding, dispute, action, or other matter will be deemed to have been "Threatened" if any demand or statement has been made (orally or in writing) or any notice has been given (orally or in writing), or if any other event has occurred or any other circumstances exist, that would lead a prudent Person to conclude that such a claim, Proceeding, dispute, action, or other matter is likely to be asserted, commenced, taken, or otherwise pursued in the future.

    "Trade Secrets" as defined in Section 3.22.

    2. SALE AND TRANSFER OF EQUITY; CLOSING.

    2.1 Interests. Subject to the terms and conditions of this Agreement, at the Closing, Sellers will sell and transfer the Interests to Buyer, and Buyer will purchase the Interests from Sellers.

    2.2 Purchase Price. The agreed upon aggregate purchase price as determined, in part, by subtracting MML's $46,300 in liabilities from its enterprise value of $597,726.57 (the "Purchase Price") for the Interests consists of shares of Buyer's common stock, par value $0.0001 per share, having an aggregate Determined Value on the Closing Date of $550,000.00 (the "Buyer Shares").

    2.3 Payment of Initial Consideration. At the Closing, Buyer shall deliver to Sellers the Buyer Shares. Buyer shall deliver [_________] shares of Buyer's common stock, par value $0.0001 per share, having an aggregate Determined Value on the Closing Date of $286,000.00 to Amanda, and Buyer shall deliver [_________] shares of Buyer's common stock, par value $0.0001 per share, having an aggregate Determined Value on the Closing Date of $264,000.00 to Yapo.

    2.4 Closing. The purchase and sale (the "Closing") provided for in this Agreement will take place at such place as agreed upon by the parties at 10:00 a.m. (local time) on May 26, 2022, or such later date which is no later than two business days after the date that all closing conditions set forth in Sections 7 and 8 have been satisfied or waived, or on such other date as Buyer and Sellers shall mutually agree (the "Closing Date"). The Closing may also be consummated by facsimile, electronically and by other means satisfactory to Buyer, Sellers and their respective counsel. The Closing shall be deemed to occur as of midnight on the Closing Date.

    2.5 Closing Obligations. At the Closing:

    (a) Sellers will deliver to Buyer (i) duly executed

    
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    instrument of equity transfer with respect to the Interests, all in proper form for transfer and in form and substance satisfactory to Buyer; (ii) evidence that the register of the Company has been updated to reflect that the Buyer owns, beneficially and on the record, all of the Interests; (iii) an Employment Agreement between MML and Amanda in the form attached hereto as Exhibit A, (iv) a Consulting Agreement between MML and Yapo in the form attached hereto as Exhibit B, (v) financial statements of the Company for the years ended December 31, 2020 and December 31, 2021 prepared in accordance with the Accounting Principles in a manner consistent with past practices, and (iv) all other agreements, documents, instruments or certificates required to be delivered by Sellers at or prior to the Closing pursuant to Section 7.6; and

    (b) Buyer will deliver to Sellers (i) certificates representing such number of Buyer Shares as shall have a Determined Value of $597,726.57 as of the Closing Date, (ii) all other agreements, documents, instruments or certificates required to be delivered by Buyer at or prior to the Closing pursuant to Section 8.1.

    3. REPRESENTATIONS AND WARRANTIES OF SELLERS AND MML.

    For purposes of the representations and warranties contained in this Article III, the term "MML" shall include all subsidiaries and predecessor entities of MML involved in the ownership and operation of the Business.

    Sellers and MML, jointly and severally, represent and warrant to Buyer as follows:

    3.1 Authority; Noncontravention. This Agreement has been duly executed and delivered by the Seller Parties and constitutes the legal, valid, and binding obligation of each of the Seller Parties enforceable against each of them in accordance with its terms. Each of the Seller Parties has the absolute and unrestricted right, power, authority, and capacity to execute and deliver, and to perform its obligations under, this Agreement. The execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not (with or without notice or lapse of time): (a) conflict with or violate MML's Organizational Documents or any Legal Requirement; (b) result in the imposition or creation of any Encumbrance on any of MML's assets; or (c) breach, or give rise to any right of modification, termination, acceleration, or trigger additional rights or remedies with respect to, any Contract to which a Seller Party is a party.

    3.2 Consents Required. No Consent, permit, approval, Order or authorization of or by, registration, declaration or filing with, or notification to any Governmental Body or third party is required by or with respect to the Seller Parties in connection with the execution and delivery of this Agreement and consummation by them of the transactions contemplated hereby or thereby.

    3.3 Organization and Good Standing. MML is a limited liability company duly organized, validly existing, and in good standing under the laws of Illinois, with full power and authority to conduct its business as it is now being conducted, to own or use the properties and assets that it purports to own or use, and to perform all of its obligations in the Ordinary Course of Business and under its contracts. MML is duly qualified to do business as a foreign company and is in good standing under the laws of each country, territory or other jurisdiction in which either the ownership or use of the properties owned or used by it, or the nature of the activities conducted by it, requires such qualification.

    3.4 Capitalization. Sellers are, and will on the Closing Date be, the lawful owners, of record and beneficially, of 100% of the Interests of MML, and have good and marketable title to such Interests, free and clear of all Encumbrances whatsoever. The Interests constitute 100% of the authorized, issued and outstanding membership interests of MML. All of the Interests have been duly authorized and validly issued and are fully paid and nonassessable. Except for this Agreement, there are no agreements or understandings between Sellers, MML and any other Person with respect to the acquisition, disposition or voting of or any other matters pertaining to any of equity or ownership interests in MML and no restriction on the voting rights and other incidents of record or beneficial ownership pertaining thereto. Sellers acquired their Interests in compliance with applicable securities Laws. Sellers have no right whatsoever to receive or acquire any or additional equity or ownership interests in MML. There are no Proceedings or Orders pending or, to the Knowledge of Sellers, threatened by or against Sellers relating to the Interests. MML has not owned, does not own, nor has any Contract to acquire, any equity securities or other securities of any Person or any direct or indirect equity or ownership interest in any other business.

    
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    3.5 Financial Statements. Sellers have delivered to Buyer the unaudited consolidated balance sheets of the Company as of December 31, 2021 (the "Latest Balance Sheet") and December 31, 2020, and the related consolidated statements of income, changes in equityholders' equity, and cash flow for each of the fiscal years then ended, including the notes thereto. Such financial statements and notes fairly present the financial condition and the results of operations, changes in equityholders' equity, and cash flow of the Company as of the respective dates of and for the periods referred to in such financial statements. The financial statements referred to in this Section 3.5 reflect the consistent application of such accounting principles throughout the periods involved.

    3.6 Books and Records. The books of account, minute books, equity record books, and other records of MML, all of which have been made available to Buyer, are materially complete and correct and have been maintained in accordance with sound business practices and the requirements of Section 13(b)(2) of the Securities Exchange Act of 1934, as amended (regardless of whether or not the Company is subject to that Section), including the maintenance of an adequate system of internal controls. The minute books of the Company contain accurate and materially complete records of all meetings held and corporate action taken by, the equityholders, the Board of Directors, and committees of the Board of Directors of the Company, and no meeting of any such equityholders, Board of Directors, or committee has been held for which minutes have not been prepared and are not contained in such minute books. At the Closing, all of those books and records will be in the possession of the Company.

    3.7 Title to Properties; Encumbrances.  MML does not own any real property and does not lease any real property as a lessor or sublessor. Schedule 3.7 lists each real property lease entered into by MML (collectively, the "Leases"), including a description of the premises leased and the parties to such Leases. The only interests of MML in any real property are the leasehold estates represented by the Leases, no other real property (or interest in real property) is used in the operation of the Business, and Sellers have provided Buyer with materially complete and correct copies of all Leases. No dispute exists with respect to MML's right to enjoy the premises under the Leases. The Company's and MML's interests under the Leases and all tangible personal property and other assets reflected as owned in the Interim Balance Sheet (other than inventory sold since the date thereof in the ordinary course of business) are free and clear of all Encumbrances, other than Permitted Encumbrances. All tangible personal property acquired by MML since the date of the Interim Balance Sheet (other than inventory acquired and sold since such date in the ordinary course of business) is owned by MML free and clear of all Encumbrances, other than Permitted Encumbrances. A materially complete and correct copy of the Business's fixed asset register as of May 26, 2022 has been delivered to Buyer.

    3.8 Condition and Sufficiency of Assets. The equipment of MML is structurally sound, is in good operating condition and repair, and is adequate for the uses to which such equipment is being put, and none of the equipment is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material in nature or cost. The equipment, and Intellectual Property Assets of MML are sufficient for the continued conduct of the Business after the Closing in substantially the same manner as conducted prior to the Closing.

    
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    3.9 Accounts Receivable. All accounts receivable of the Company that are reflected on the Latest Balance Sheet or on the accounting records of MML as of the Closing Date (collectively, the "Accounts Receivable") represent or will represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to the Closing Date, the Accounts Receivable are or will be as of the Closing Date current and collectible net of the respective reserves shown on the Latest Balance Sheet or on the accounting records of  MML as of the Closing Date (which reserves are adequate and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will not represent a greater percentage of the Accounts Receivable as of the Closing Date than the reserve reflected in the Latest Balance Sheet represented of the Accounts Receivable reflected therein and will not represent a material adverse change in the composition of such Accounts Receivable in terms of aging). Subject to such reserves, each of the Accounts Receivable either has been or will be collected in full, without any set-off, within ninety days after the day on which it first becomes due and payable. There is no contest, claim, or right of set-off, other than returns in the Ordinary Course of Business, under any Contract with any obligor of an Accounts Receivable relating to the amount or validity of such Accounts Receivable.

    3.10 Inventory. All inventory of MML, whether or not reflected in the Latest Balance Sheet, consists of a quality and quantity usable and salable in the Ordinary Course of Business, except for obsolete items and items of below-standard quality, all of which have been written off or written down to net realizable value in the Latest Balance Sheet or on the accounting records of MML as of the Closing Date, as the case may be. The quantities of each item of inventory (whether raw materials, work-in-process, or finished goods) are not excessive, but are reasonable in the present circumstances of Business.

    3.11 No Undisclosed Liabilities. Neither the Company nor MML has liabilities or obligations of any nature (whether known or unknown and whether absolute, accrued, contingent, or otherwise) except for liabilities or obligations reflected or reserved against in the Latest Balance Sheet and current liabilities incurred in the Ordinary Course of Business since the respective dates thereof.

    3.12 Taxes.

    (a)  MML has filed or caused to be filed on a timely basis through the date hereof all Tax Returns that are or were required to be filed, pursuant to applicable Legal Requirements. Sellers have delivered or made available to Buyer copies of all such Tax Returns filed for its three most recent completed Tax years.  MML has paid, or made provision for the payment of, all Taxes that have or may have become due pursuant to those Tax Returns or otherwise, or pursuant to any assessment received by Sellers or MML.

    (b) The charges, accruals, and reserves with respect to Taxes on the books of MML are adequate and are at least equal to MML's liability for Taxes. There exists no proposed tax assessment against MML except as disclosed in the Latest Balance Sheet.

    (c) All Taxes that MML are or were required by Legal Requirements to withhold or collect have been duly withheld or collected and, to the extent required, have been paid to the proper Governmental Body or other Person.

    (d) All Tax Returns filed by (or that include on a consolidated basis) MML are true, correct, and materially complete. There is no tax sharing agreement that will require any payment by MML after the date of this Agreement.

    (e) MML has not received any notice that any of its Tax Returns has been examined by any Governmental Body within the past 6 years.

    
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    3.13 No Material Adverse Change. Since the date of the Latest Balance Sheet, there has not been any material adverse change in the business, operations, properties, prospects, assets, or condition of MML, and no event has occurred or circumstance exists that may result in such a material adverse change.

    3.14 Compliance With Legal Requirements; Governmental Authorizations.

    MML has been and is in material compliance with each Legal Requirement that is or was applicable to it or to the conduct or operation of its business or the ownership or use of any of its assets;

    (a) No event has occurred or circumstance exists that (with or without notice or lapse of time) (A) may constitute or result in a violation by MML of, or a failure on the part of MML to comply with, any Legal Requirement, or (B) may give rise to any obligation on the part of MML to undertake, or to bear all or any portion of the cost of, any remedial action of any nature; and

    (b) Neither the Company nor MML has received any notice or other communication (whether oral or written) from any Governmental Body or any other Person regarding (A) any actual, alleged, possible, or potential violation of, or failure to comply with, any Legal Requirement, (B) any actual, alleged, possible, or potential obligation on the part of  MML to undertake, or to bear all or any portion of the cost of, any remedial action of any nature, (C) any actual, alleged, possible, or potential violation of or failure to comply with any term or requirement of any Governmental Authorization, or (D) any actual, proposed, possible, or potential revocation, withdrawal, suspension, cancellation, termination of, or modification to any Governmental Authorization.

    (c) Schedule 3.14 lists each Governmental Authorization that (a) is held by MML, or (b) otherwise relates to the business of, or to any assets owned or used by, the Company and the holder of such Governmental Authorization if not MML. Each Governmental Authorization listed on Schedule 3.14 is valid and in full force and effect. Neither the Company nor MML has received any notice or other communication from any Person regarding any actual, alleged, or potential violation of, or failure to comply with, any Governmental Authorization or applicable Legal Requirement.

    (d) The Company and MML have been and is in full compliance with all of the terms and requirements of each Governmental Authorization held or required to be held by them or that otherwise relates to the business of, or to any of the assets owned or used by, them;

    (e) No event has occurred or circumstance exists that may (with or without notice or lapse of time) (A) constitute or result directly or indirectly in a material violation of or a failure to comply with any term or requirement of any Governmental Authorization held or required to be held by MML or that otherwise relates to the business of, or to any of the assets owned or used by, them, or

    (B) result directly or indirectly in the revocation, withdrawal, suspension, cancellation, or termination of, or any modification to, any Governmental Authorization held or required to be held by MML or that otherwise relates to the business of, or to any of the assets owned or used by, them;

    (f) All applications required to have been filed for the renewal of the Governmental Authorizations referred to above have been duly filed on a timely basis with the appropriate Governmental Bodies, and all other filings required to have been made with respect to such Governmental Authorizations have been duly made on a timely basis with the appropriate Governmental Bodies.

    (g) The Company and MML have been granted all of the Governmental Authorizations necessary to permit them to lawfully conduct and operate the Business in the manner they currently conduct and operate such Business and to permit the Company and MML to own and use their assets in the manner in which it currently owns and uses such assets.

    
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    3.15 Legal Proceedings. Except as set forth on Schedule 3.15, since December 31, 2021, there has not been, and there is not pending or, to the Knowledge of Sellers, threatened, any Proceeding:

    (a) that relates to the Company's or MML's business or assets; (b) by or against MML; (c) by or against Sellers that relates to the Interests or MML's business or assets; or (d) that challenges or could otherwise interfere with the transactions contemplated by this Agreement. To the Knowledge of Sellers, no event has occurred or circumstance exists that could give rise to any such Proceeding. Except as set forth on Schedule 3.15, there is no Order to which MML is subject, and no Sellers are subject to any Order that relates to the Interests or MML's or MML's business or assets.

    3.16 Absence of Certain Changes and Events. Since the date of the Latest Balance Sheet, the Company and MML have each conducted its businesses only in the Ordinary Course of Business and there has not been any:

    (a) change in MML's authorized or issued equity; grant of any option or right to purchase equity of MML; issuance of any security convertible into such equity; grant of any registration rights; purchase, redemption, retirement, or other acquisition by MML of any such equity; or declaration or payment of any dividend or other distribution or payment in respect of equity;

    (b) amendment to the Organizational Documents of MML;

    (c) payment or increase by MML of any bonuses, salaries, or other compensation to any equityholder, director, officer, or (except in the Ordinary Course of Business) employee or entry into any employment, severance, or similar Contract with any director, officer, or employee;

    (d) adoption of, or increase in the payments to or benefits under, any profit sharing, bonus, deferred compensation, savings, insurance, pension, retirement, or other employee benefit plan for or with any employees of MML;

    (e) damage to or destruction or loss of any asset or property of MML, whether or not covered by insurance, materially and adversely affecting the properties, assets, business, financial condition, or prospects of MML, taken as a whole;

    (f) entry into, termination of, or receipt of notice of termination of (i) any license, distributorship, dealer, sales representative, joint venture, credit, or similar agreement, or (ii) any Contract or transaction involving a total remaining commitment by or to MML of at least $10,000.00;

    (g) sale (other than sales of inventory in the Ordinary Course of Business), lease, or other disposition of any asset or property of MML or mortgage, pledge, or imposition of any lien or other encumbrance on any material asset or property of MML, including the sale, lease, or other disposition of any of the Intellectual Property Assets;

    (h) cancellation or waiver of any claims or rights with a value to MML in excess of $10,000.00;

    (i) material change in the accounting methods used by MML; or

    (j) agreement, whether oral or written, by MML to do any of the foregoing.

    
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    3.17 Contracts; No Defaults. Schedule 3.17 lists, and Sellers have delivered to Buyer a materially complete and correct copy of, each contract (a) involving the performance of services, delivery of goods or materials, or payments by or to  MML in excess of $10,000, (b) affecting the ownership, lease, or use of any real or personal property (including the Leases), (c) containing covenants that in any way purport to restrict the right of  MML (or any other Person for the Company's or MML's benefit) to engage in any business activity, compete with any Person, enter into (or solicit) a business relationship with any Person or the prices  MML may charge for its products or services, or (d) that is otherwise material to the conduct of the Business (collectively, the "Material Contracts"). Each Material Contract is in full force and effect, is valid and enforceable in accordance with its terms. MML has not, to the Knowledge of Sellers, is or has any other party in material breach of any Material Contract, and no event or circumstance has occurred or exists that (with or without notice or lapse of time) could result in a material breach of any Material Contract, result in the creation of any Encumbrance affecting MML or its assets or give  MML or any other party to any Material Contract the right to cancel, terminate or modify such Material Contract. MML has not given to, or received from, any other Person any notice or other communication (whether oral or written) regarding any actual, alleged, or potential breach of any Material Contract or any intention to modify, cancel, terminate or not renew any Material Contract.

    3.18 Insurance. The assets and business of MML are insured under the various policies of insurance set forth on Schedule 3.18, each of which is currently, and will be after the Closing Date, in full force and effect without modification. MML has timely paid all premiums due and payable with respect to each policy set forth on Schedule 3.18, and no additional premiums are due as of the Closing Date. Sellers have provided Buyer with materially complete and correct copies of all such policies, and no policy has been modified since such copies were provided to Buyer. MML has not received any notice of cancellation or non-renewal with respect to (or disallowance of, or reservation of rights with respect to, any claim under) any such policies. MML has paid all premiums due, and has otherwise performed all of its obligations under each policy to which it is a party or that provides coverage to MML or directors thereof, including the giving of notice to the insurer of all claims that may be insured thereby.

    3.19 Environmental Matters.

    (a) MML and the properties that are the subject of the Leases (the "Leased Real Property") are in compliance, and have complied at all times, with all Environmental Health and Safety Requirements, and none of Sellers nor MML has received notice from any Person alleging that the Leased Real Property are in violation of any applicable Environmental Health and Safety Requirement;

    (b) To the Sellers' Knowledge, none of Sellers nor MML has received any written request for, information or any written notice that MML is a potentially responsible party under any Environmental Health and Safety Requirement;

    (c)  MML is not currently, nor has it in the past been, subject to any outstanding order relating (i) to compliance with any Environmental Health and Safety Requirement, or (ii) to the investigation, remediation or post-remedial care arising from the generation, use, storage, treatment, transportation, discharge or disposal of Hazardous Substance;

    (d) No Hazardous Substance is present in, on or under the Leased Real Property, under such conditions or in such quantities as to give rise to a violation of Environmental Health and Safety Requirements and there is not now nor, to Sellers' Knowledge, has there been a release or transferred release at the Leased Real Property at any time in violation of Environmental Health and Safety Requirements; and

    (e) Sellers have provided to Buyer all material assessments, reports, data, results of investigations or audits, and other written information that is in the possession of Sellers, MML regarding environmental matters pertaining to the environmental condition of the Business and the Leased Real Property, or the compliance (or noncompliance) by Sellers with any Environmental Health and Safety Requirement.

    
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    3.20 Employees. Other than the Sellers, MML currently has not, nor at any time in the past three years has it employed, any employees.  

    3.21 Employee Benefits. MML currently has not, nor at any time in the past three years has it had, Benefit Plans for employees.

    3.22 Intellectual Property.

    (a) Intellectual Property Assets. The term "Intellectual Property Assets" includes: (i) the name "MANGO MOI", fictional business names, trading names, registered and unregistered trademarks, service marks, and applications (collectively, "Marks"); (ii) all formulas, patents, patent applications, and inventions and discoveries that may be patentable (collectively, "Patents"); (iii) all copyrights in both published works and unpublished works (collectively, "Copyrights"); (iv) all know-how, trade secrets, confidential information, customer lists, software, technical information, data, process technology, plans, drawings, designs, software, marketing rights and blue prints (collectively, "Trade Secrets") and (v) all web sites and domain names.

    (b) Agreements. Sellers have provided to Buyer copies of all material Contracts relating to the Intellectual Property Assets to which Sellers, MML is a party or by which Sellers, MML is bound, except for any license implied by the sale of a product and perpetual, paid-up licenses for commonly available software programs with a value of less than $10,000.00 under which MML is the licensee. There are no outstanding and, to Sellers' Knowledge, no Threatened disputes or disagreements with respect to any such agreement.

    (c) Know-How Necessary for the Business.

    (i) The Intellectual Property Assets are all those necessary for the operation of the Business as it is currently conducted. MML is the owners of all right, title, and interest in and to each of the Intellectual Property Assets, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims, and has the right to use without payment to a third party all of the Intellectual Property Assets.

    (ii) No employee of MML has entered into any Contract that restricts or limits in any way the scope or type of work in which the employee may be engaged or requires the employee to transfer, assign, or disclose information concerning his work to anyone other than MML.

    (d) Patents.

    (i) Schedule 3.22(d) sets forth a materially full, complete and accurate list and summary description of all Patents. MML is the owner of all right, title, and interest in and to each of the Patents, free and clear of all liens, security interests, charges, encumbrances, entities, and other adverse claims.

    (ii) All of the issued Patents are currently in compliance with formal legal requirements (including payment of filing, examination, and maintenance fees and proofs of working or use), are valid and enforceable, and are not subject to any maintenance fees or taxes or actions falling due within ninety days after the Closing Date.

    
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    (iii) No Patent has been or is now involved in any interference, reissue, reexamination, or opposition proceeding. To Sellers' Knowledge, there is no potentially interfering patent or patent application of any third party.

    (iv) No Patent is infringed or, to Sellers' Knowledge, has been challenged or threatened in any way. None of the products manufactured and sold, nor any process or know-how used, by MML infringes or is alleged to infringe any patent or other proprietary right of any other Person.

    (v) All products made, used, or sold under the Patents have been marked with the proper patent notice.

    (e) Trademarks.

    (i) Schedule 3.22(e) sets forth a materially full, complete and accurate list of all Marks. MML is the owner of all right, title, and interest in and to each of the Marks, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims.

    (ii) All Marks that have been registered with the United States Patent and Trademark Office are currently in compliance with all formal legal requirements (including the timely post-registration filing of affidavits of use and incontestability and renewal applications), are valid and enforceable, and are not subject to any maintenance fees or taxes or actions falling due within ninety days after the Closing Date.

    (iii) No Mark has been or is now involved in any opposition, invalidation, or cancellation and, to Sellers' Knowledge, no such action is Threatened with the respect to any of the Marks.

    (iv) To Sellers' Knowledge, there is no potentially interfering trademark or trademark application of any third party.

    (v) No Mark is infringed or, to Sellers' Knowledge, has been challenged or threatened in any way. None of the Marks used by MML infringes or is alleged to infringe any trade name, trademark, or service mark of any third party.

    (vi) All products and materials containing a Mark bear the proper federal registration notice where permitted by law.

    (f) Copyrights.

    (i) Schedule 3.22(f) sets forth a materially full, complete and accurate list and summary description of all Copyrights. MML is the owner of all right, title, and interest in and to each of the Copyrights, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims.

    (ii) All the Copyrights have been registered and are currently in compliance with formal legal requirements, are valid and enforceable, and are not subject to any maintenance fees or taxes or actions falling due within ninety days after the date of Closing.

    (iii) No Copyright is infringed or, to Sellers' Knowledge, has been challenged or threatened in any way. None of the subject matter of any of the Copyrights infringes or is alleged to infringe any copyright of any third party or is a derivative work based on the work of a third party.

    (iv) All works encompassed by the Copyrights have been marked with the proper copyright notice.

    
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    (g) Trade Secrets.

    (i) With respect to each Trade Secret, the documentation relating to such Trade Secret is current, accurate, and sufficient in detail and content to identify and explain it and to allow its full and proper use without reliance on the knowledge or memory of any individual.

    (ii) Sellers and MML have taken all reasonable precautions to protect the secrecy, confidentiality, and value of their Trade Secrets.

    (iii) MML has good title and an absolute (but not necessarily exclusive) right to use the Trade Secrets. The Trade Secrets are not part of the public knowledge or literature, and, to Sellers' Knowledge, have not been used, divulged, or appropriated either for the benefit of any Person (other than MML) or to the detriment of MML. No Trade Secret is subject to any adverse claim or has been challenged or threatened in any way.

    3.23 Certain Payments. Neither MML nor any director, officer, agent, or employee of MML, or to Sellers' Knowledge, any other Person associated with or acting for or on behalf of MML, has directly or indirectly (a) made any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, private or public, regardless of form, whether in money, property, or services (i) to obtain favorable treatment in securing business,

    (ii) to pay for favorable treatment for business secured, (iii) to obtain special concessions or for special concessions already obtained, for or in respect of MML, or (iv) in violation of any Legal Requirement, (b) established or maintained any fund or asset that has not been recorded in the books and records of MML.

    3.24 Disclosure. No representation or warranty of Sellers in this Agreement omits to state a material fact necessary to make the statements herein or therein, in light of the circumstances in which they were made, not misleading. There is no fact known to Sellers that has specific application to Sellers, MML (other than general economic or industry conditions) and that materially adversely affects or, as far as Sellers can reasonably foresee, materially threatens, the assets, business, prospects, financial condition, or results of operations of MML (on a consolidated basis) that has not been set forth in this Agreement.

    3.25 Relationships With Related Persons. Neither Sellers nor any Related Person of Sellers, MML has, or since the first day of the next to last completed fiscal year of MML has had, any interest in any property (whether real, personal, or mixed and whether tangible or intangible), used in or pertaining to the Business. Neither Sellers nor any Related Person of Sellers,  MML is, or since the first day of the next to last completed fiscal year MML has owned (of record or as a beneficial owner) an equity interest or any other financial or profit interest in, a Person that has (i) had business dealings or a material financial interest in any transaction with  MML other than business dealings or transactions conducted in the Ordinary Course of Business with  MML at substantially prevailing market prices and on substantially prevailing market terms, or (ii) engaged in competition with  MML with respect to any line of the products or services of  MML (a "Competing Business") in any market presently served by  MML except for less than one percent of the outstanding capital stock of any Competing Business that is publicly traded on any recognized exchange or in the over-the-counter market. Neither Sellers nor any Related Person of Sellers, MML is a party to any Contract with, or has any claim or right against, MML.

    3.26 Brokers or Finders. Sellers and their agents have incurred no obligation or liability, contingent or otherwise, for brokerage or finders' fees or agents' commissions or other similar payment in connection with this Agreement.

    3.27 Investment Representations. Sellers (a) acknowledge and understand that they are acquiring the Buyer Shares under this Agreement under a private placement in reliance upon the exemption from the registration requirement of the Securities Act provided by Section 4(a)(2) of the Securities Act and Regulation D thereunder, and similar exemptions under applicable state securities laws; (b) are each respectively an "accredited investor," as defined in Rule 501(a) of Regulation D of the Securities Act; (c) is acquiring the Buyer Shares under this Agreement for their own account and not with a view to its distribution in violation of the Securities Act; and (d) acknowledges and understands that the Buyer Shares are "restricted securities" as defined in Rule 144(a)(3) under the Securities Act, and the Sellers will not offer, sell, pledge or otherwise transfer any of such securities, directly or indirectly, unless the offer, sale, pledge or transfer is in a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws; or pursuant to an effective registration statement under the Securities Act.

    
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    4. REPRESENTATIONS AND WARRANTIES OF BUYER.

    Buyer represents and warrants to Sellers as follows:

    4.1 Organization and Good Standing. Buyer is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada.

    4.2 Authority; No Conflict.

    (a) This Agreement constitutes the legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with its terms. Buyer has the absolute and unrestricted right, power, and authority to execute and deliver this Agreement and to perform its obligations under this Agreement.

    (i) Neither the execution and delivery of this Agreement by Buyer nor the consummation or performance of any of the Contemplated Transactions by Buyer will give any Person the right to prevent, delay, or otherwise interfere with any of the Contemplated Transactions pursuant to: (i) any provision of Buyer's Organizational Documents; (ii) any resolution adopted by the board of directors or the stockholders of Buyer; (iii) any Legal Requirement or Order to which Buyer may be subject or bound.

    (b) No consent, permit, approval, Order or authorization of or by, registration, declaration or filing with, or notification to any Governmental Body is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and consummation by Buyer of the transactions contemplated hereby or thereby, except for such filings as may be required to be made to the Securities and Exchange Commission.

    4.3 Buyer Shares. Upon their issuance to Sellers at Closing, the Buyer Shares will be duly authorized, fully paid and nonassessable.

    4.4 Certain Proceedings. There is no pending Proceeding that has been commenced against Buyer and that challenges, or may have the effect of preventing, delaying, making illegal, or otherwise

    interfering with, any of the Contemplated Transactions. To Buyer's Knowledge, no such Proceeding has been Threatened.

    4.5 Brokers or Finders. Buyer and its officers and agents have incurred no obligation or liability, contingent or otherwise, for brokerage or finders' fees or agents' commissions or other similar payment in connection with this Agreement and will indemnify and hold Sellers harmless from any such payment alleged to be due by or through Buyer as a result of the action of Buyer or its officers or agents.

    5. COVENANTS OF SELLERS AND BUYER

    
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    5.1 Access and Investigation. Between the date of this Agreement and the Closing Date, Sellers will, and will cause MML and their Representatives to, (a) afford Buyer and its Representatives and prospective lenders and their Representatives (collectively, "Buyer's Advisors") full and free access to MML's personnel,, contracts, books and records, and other documents and data, (b) furnish Buyer and Buyer's Advisors with copies of all such contracts, books and records, and other existing documents and data as Buyer may reasonably request, and (c) furnish Buyer and Buyer's Advisors with such additional financial, operating, and other data and information as Buyer may reasonably request.

    5.2 Operation of the Businesses of MML. Between the date of this Agreement and the Closing Date, Sellers will, and will cause MML to:

    (a) except as otherwise specifically contemplated herein, conduct the business of MML only in the Ordinary Course of Business, including not modifying any current arrangement, agreement or understanding with any employee, officer or director concerning their compensation, benefits, severance or similar entitlement;

    (b) not enter into (i) any transaction other than in the Ordinary Course of Business, (ii) any transaction which is not at arms-length with unaffiliated third Persons, (iii) any transaction with any Affiliate, or (iv) any transaction by which MML borrows funds, under existing credit lines or otherwise, except as reasonably necessary for the ordinary operation of the Business in accordance with past practices;

    (c) use their commercially reasonable efforts to preserve intact the current business organization of MML, keep available the services of the current officers, employees, and agents of MML, and maintain the relations and good will with suppliers, customers, landlords, creditors, employees, agents, and others having business relationships with MML;

    (d) confer with Buyer concerning operational matters of a material nature;

    (e) otherwise report periodically to Buyer concerning the status of the business, operations, and finances of MML;

    (f) not make, pay or declare any dividends or other distributions of cash or assets of MML to its equityholders or other Related Person.

    5.3 Negative Covenant. Except as otherwise expressly permitted by this Agreement, between the date of this Agreement and the Closing Date, Sellers will not, and will cause MML not to, without the prior consent of Buyer, take any affirmative action, or fail to take any reasonable action within their or its control, as a result of which any of the changes or events listed in Section 3.16 is likely to occur.

    5.4 Required Approvals. As promptly as practicable after the date of this Agreement, Sellers will, and will cause the MML to, obtain any consents and approvals of, or effect the notification of or filing with, each Person, whether private or governmental, whose consent or approval is required in order to permit the consummation of the Contemplated Transactions, to obtain any consent that may be required from a party to an agreement with  MML that may give such party a right to cancel such agreement as a result of the Contemplated Transactions. Between the date of this Agreement and the Closing Date, Sellers will, and will cause MML to, cooperate with Buyer with respect to all consents, approvals or filings that Buyer elects to make or obtain or is required by Legal Requirements to make or obtain in connection with the Contemplated Transactions.

    5.5 Notification. Between the date of this Agreement and the Closing Date, Sellers will promptly notify Buyer in writing if Sellers,  MML becomes aware of any fact or condition that causes or constitutes a Breach of any of Sellers' representations and warranties as of the date of this Agreement, or if Sellers,  MML becomes aware of the occurrence after the date of this Agreement of any fact or condition that would (except as expressly contemplated by this Agreement) cause or constitute a Breach of any such representation or warranty had such representation or warranty been made as of the time of occurrence or discovery of such fact or condition. During the same period, Sellers will promptly notify Buyer of the occurrence of any Breach of any covenant of Sellers in this Section 5 or of the occurrence of any event that may make the satisfaction of the conditions in Section 7 impossible or unlikely.

    
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    5.6 Payment of Indebtedness by Related Persons. Except as expressly provided in this Agreement, Sellers will cause all indebtedness owed to MML by Sellers or any Related Person of any Sellers to be paid in full prior to Closing.

    5.7 No Negotiation. Until such time, if any, as this Agreement is terminated pursuant to Section 9, Sellers will not, and will cause MML and each of their Representatives not to, directly or indirectly solicit, initiate, or encourage any inquiries or proposals from, discuss or negotiate with, provide any non-public information to, or consider the merits of any unsolicited inquiries or proposals from, any Person (other than Buyer) relating to any transaction involving the sale of the business or assets (other than in the Ordinary Course of Business) of  MML, or any of the equity of  MML, or any merger, consolidation, business combination, or similar transaction involving  MML.

    5.8 Proprietary Information. All confidential or proprietary information or work product relating to MML or the Business that is known to the Sellers as of the Closing Date shall be the sole property of Buyer and MML. Sellers shall not use or disclose such information or work product except for the benefit of Buyer and the Business and their successors and assigns, and Sellers shall take reasonable steps to protect such information and work product from misuse, loss, theft or accidental disclosure.

    5.9 Public Announcements. Sellers shall not issue any press release or make any public statement without the prior consent of Buyer, except as may be required by applicable Law.

    5.10 Transfer of Assets. Prior to Closing, Sellers shall transfer and assign to MML, without additional monetary consideration, all of Sellers' right, title and interest in and to any and all tangible and intangible assets used in the Business.

    5.11 Equityholder Covenant. Sellers shall not (i) sell, transfer, assign, tender, create an Encumbrance upon or otherwise dispose of, or enter into any contract, option or other arrangement with respect to the sale, transfer, assignment, tender, Encumbrance or other disposition of any of the  Interests or (ii) grant any proxies with respect to any of the Interests, deposit any of the Interests into a voting trust or enter into a voting or option agreement with respect to any of the Interests.

    5.12 Release. After the Closing Date, (a) none of Buyer, any Related Party of Buyer nor  MML will have any debt, obligation or liability to Sellers, and (b) Sellers on behalf of themselves and all of their Related Parties, hereby unconditionally releases and discharges the Buyer, all of Buyer's Related Parties, and MML from any and all claims, debts, obligations and liabilities, whether known or unknown, contingent or non-contingent, at law or in equity, in each case arising from or in connection with Sellers' ownership of MML or resulting from Sellers or any of their Related Parties having been a director, officer or employee of  MML; provided however, that nothing in this Section 5.12 shall terminate or release Buyer's obligations to Sellers under this Agreement (or under any other agreement or instrument to be executed in conjunction with this Agreement in order to consummate the Contemplated Transactions).

    5.13 Confidentiality. From and after the Closing Date, Sellers will, and will cause each of their Related Parties to (a) protect and safeguard the confidentiality of all of the Confidential Information with at least the same degree of care as a reasonably prudent person would exercise to protect its own Confidential Information, (b) not use Confidential Information, or permit it to be accessed or used, for any purpose, and (c) not disclose any Confidential Information to any Person except as required by applicable law or legal process. Sellers hereby assumes full responsibility and liability for the compliance of all of Sellers' Related Parties with the terms of this Section 5.13. Prior to making any disclosure of any Confidential Information required by applicable law or legal process, Sellers shall provide Buyer with

    
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    (i) if and to the extent legally permitted, prompt written notice of such requirement so that Buyer may seek a protective order or other remedy; and (ii) reasonable assistance in opposing such disclosure or seeking a protective order or other remedy.

    5.14 Securities Laws; Restrictions on Transfers. Sellers acknowledges and understands that until such time as the same is no longer required under the requirements of the Securities Act or applicable state securities laws, the certificates representing the Buyer Shares, and all certificates representing any securities issued in exchange thereof or in substitution therefor, will bear the following legend:

    "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF BETTER FOR YOU WELLNESS, INC. (THE "CORPORATION") THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY: (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (B) AN EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS, AFTER THE HOLDER HAS PROVIDED TO THE CORPORATION A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE CORPORATION, TO THE EFFECT THAT THE SALE OF SUCH SECURITIES IS NOT REQUIRED TO BE REGISTERED UNDER THE U.S. SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS."

    5.15 Company Debt. At Closing, MML shall have no more than $46,300 in aggregate of outstanding debt (including bank debt), accounts payable, accrued and unpaid income tax liabilities and labor liabilities not accrued on MML's financial statements, accrued and unpaid employee bonuses and deferred compensation, liabilities to equityholders, litigation liabilities, and liabilities to Related Persons. As of April 6, 2022, MML's debt obligations are as follows:

    • $35,000 payable to Gushy Joseph, due June 1, 2022;

    • $7,000 payable to Bank of America, due May 8, 2022;

    • $1,200 payable to Shopify, payable pursuant to existing agreement;

    • $3,100 payable to Clearco, payable pursuant to existing agreement.

    5.16 Cooperation on Securities Filings. Buyer and Sellers will cooperate with each other in the preparation of any required Securities and Exchange Commission filings. In connection therewith, Sellers will furnish to Buyer any and all information requested for the preparation of such filings, and all such information provided by Sellers shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.

    6. TAX MATTERS

    
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    6.1 Responsibility for Filing Tax Returns.

    (a) Sellers shall prepare, or cause to be prepared, in a timely manner, all income Tax Returns of MML that are due after the Closing with respect to any taxable period ending prior to or ending on and including the Closing Date; provided, however, that any such Tax Return shall be prepared by treating items on that Tax Return in a manner consistent with the prior Tax Returns of MML. Sellers shall deliver to the Buyer draft copies of each such Tax Return prior to the date for filing that Tax Return. Sellers shall make all changes in each such Tax Return reasonably requested by the Buyer. Buyer shall cause each such Tax Return to be appropriately signed and filed, and Sellers shall pay to MML any Taxes due from MML on those Tax Returns.

    Buyer shall after the Closing prepare and file, or cause to be prepared and filed, Tax Returns of MML for any period beginning prior to the Closing Date and ending after the Closing Date (a "Straddle Period"). Any such Tax Return shall be prepared by treating items on that Tax Return in a manner consistent with the prior Tax Returns of MML. Buyer shall deliver to Sellers draft copies of each such Tax Returns at least thirty (30) days prior to the date for filing that Tax Return. Buyer shall make all changes in each such Tax Return reasonably requested by the Sellers.

    6.2 Cooperation on Tax Matters. Commencing on the Closing Date, Buyer and Sellers shall cooperate fully, as and to the extent reasonably requested by the other party, in connection with the filing and execution of Tax Returns and any audit, litigation or other proceeding with respect to Taxes, in each case, in respect of any period ending prior to or on the Closing Date or any Straddle Period.

    6.3 Sales and Transfer Taxes. All sales and transfer Taxes (including all stock transfer Taxes, if any) incurred in connection with this Agreement and the transactions contemplated hereby and thereby will be borne by Sellers, and Sellers shall, at the Sellers' own expense, file all necessary Tax Returns and other documentation with respect to all such sales and transfer Taxes.

    7. CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE.

    Buyer's obligation to purchase the Interests and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived by Buyer, in whole or in part):

    7.1 Accuracy of Representations.

    (a) All of the Sellers' representations and warranties in this Agreement (considered collectively), and each of those representations and warranties (considered individually), must have been accurate in all material respects as of the date of this Agreement, and must be accurate in all material respects as of the Closing Date as if made on the Closing Date.

    (b) Each of Sellers's representations and warranties in Sections 3.1 - 3.5 and Sections 3.11, 3.13, 3.15 and 3.24 must have been accurate in all respects as of the date of this Agreement, and must be accurate in all respects as of the Closing Date as if made on the Closing Date.

    7.2 Sellers' Performance. All of the covenants and obligations that Sellers are required to perform or to comply with pursuant to this Agreement at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually), must have been duly performed and complied with in all material respects.

    7.3 Authorization. All action necessary to authorize the execution, delivery and performance of this Agreement by Sellers and the consummation of the transactions contemplated hereby, shall have been duly and validly taken by each of them, and Sellers shall have full power and authority or capacity to enter into this Agreement and to consummate the transactions contemplated hereby on the terms provided herein.

    
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    Consents and Approvals. Buyer shall have received duly executed copies of all consents and approvals required for or in connection with the execution and delivery by Sellers and MML of this Agreement, for the consummation of the transactions contemplated hereby, and the continued conduct of Business as previously conducted, each in form and substance satisfactory to Buyer.

    7.4 Government Consents, Authorizations, Etc. All consents, authorizations, orders and approvals of, filings or registrations with and the expiration of all waiting periods imposed by, any third Person, including any Governmental Body, which are required for or in connection with the execution and delivery by the Parties of this Agreement and the consummation by the Parties of the transactions contemplated hereby and in order to permit or enable  MML to conduct the Business after the Closing in substantially the same manner as previously conducted shall have been obtained or made, in form and substance reasonably satisfactory to Buyer, and shall be in full force and effect.

    7.5 Additional Documents. Each of the following documents must have been delivered to Buyer:

    (c) A certificate executed by Sellers representing and warranting to Buyer that each of the Sellers' representations and warranties in this Agreement was accurate in all respects as of the date of this Agreement and is accurate in all respects as of the Closing Date as if made on the Closing Date;

    (d) A copy of resolutions of MML's board of directors approving the updating of MML's register of equityholders, to reflect Buyer's ownership of all of the Interests;

    (e) A copy of MML's good standing certificate of recent date (not more than 30 days old);

    (f) Letters signed by each officer and director of MML resigning all directorship and officership positions held by them;

    (g) Financial statements of MML for the years ended December 31, 2020 and December 31, 2021 prepared in accordance with Accounting Principles and in a manner consistent with past practices; and

    (h) such other documents as Buyer may reasonably request for the purpose of (i) evidencing the accuracy of any of Sellers' representations and warranties, (ii) evidencing the performance by any Sellers of, or the compliance by Sellers with, any covenant or obligation required to be performed or complied with by Sellers, (iii) evidencing the satisfaction of any condition referred to in this Section 7, or (iv) otherwise facilitating the consummation or performance of any of the Contemplated Transactions.

    7.6 No Proceedings. Since the date of this Agreement, there must not have been commenced or Threatened against Buyer or MML, or against any Person affiliated with Buyer, any Proceeding (a) involving any challenge to, or seeking damages or other relief in connection with, any of the Contemplated Transactions, or (b) that may have the effect of preventing, delaying, making illegal, or otherwise interfering with any of the Contemplated Transactions.

    7.7 No Claim Regarding Equity Ownership or Sale Proceeds. There must not have been made or Threatened by any Person any claim asserting that such Person (a) is the holder or the beneficial owner of or has the right to acquire or to obtain beneficial ownership of any voting, equity, or ownership interest in, MML, or (b) is entitled to all or any portion of the Purchase Price payable for the Interests.

    
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    7.8 No Prohibition. Neither the consummation nor the performance of any of the Contemplated Transactions will, directly or indirectly (with or without notice or lapse of time), materially contravene, or conflict with, or result in a material violation of, or cause Buyer or any Person affiliated with Buyer to suffer any material adverse consequence under, (a) any applicable Legal Requirement or Order, or (b) any Legal Requirement or Order that has been published, introduced, or otherwise proposed by or before any Governmental Body.

    7.9 Absence of Material Adverse Change. Since the date of this Agreement, in the reasonable judgment of Buyer, there shall have been no material adverse change in the assets, financial condition, operating results, customer, supplier or employee relations or liabilities of MML including any material casualty loss or damage to the assets of MML, whether or not covered by insurance.

    8. CONDITIONS PRECEDENT TO SELLERS' OBLIGATION TO CLOSE.

    Sellers' obligation to sell the Interests and to take the other actions required to be taken by Sellers at the Closing is subject to the satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived by Sellers, in whole or in part):

    8.1 Additional Documents. Each of the following documents must have been delivered to Sellers:

    (a) A certificate executed by Buyer to the effect that, except as otherwise stated in such certificate, each of Buyer's representations and warranties in this Agreement was accurate in all respects as of the date of this Agreement and is accurate in all respects as of the Closing Date as if made on the Closing Date.

    (b) A certificate of the Secretary (or equivalent officer) of Buyer certifying that attached thereto are true and materially complete copies of all resolutions adopted by the board of directors of Buyer authorizing the execution, delivery and performance of this Agreement and the consummation of the Transaction and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated hereby.

    (c) A copy of Buyer's current bylaws, as amended.

    8.2 Accuracy of Representations. All of Buyer's representations and warranties in this Agreement (considered collectively), and each of these representations and warranties (considered individually), must have been accurate in all material respects as of the date of this Agreement and must be accurate in all material respects as of the Closing Date as if made on the Closing Date.

    8.3 Buyer's Performance. All of the covenants and obligations that Buyer is required to perform or to comply with pursuant to this Agreement at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually), must have been performed and complied with in all material respects.

    8.4 No Injunction. There must not be in effect any Legal Requirement or any injunction or other Order that (a) prohibits the sale of the Interests by Sellers to Buyer, and (b) has been adopted or issued, or has otherwise become effective, since the date of this Agreement.

    
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    8.5 Buyer Assumption of Operations.  Beginning on the Closing Date and continuing thereafter, Buyer shall solely be responsible for the Business.  On the Closing Date and continuing thereafter, Buyer shall assume any vendor and accounts payable obligations arising on or after the Closing Date.

    9. TERMINATION.

    9.1 Termination Events. This Agreement may, by notice given prior to or at the Closing, be terminated:

    (a) by either Buyer or Sellers if a material Breach of any provision of this Agreement has been committed by the other Party and such Breach has not been waived;

    (b) by Buyer if any of the conditions in Section 7 has not been satisfied as of the Closing Date or if satisfaction of such a condition is or becomes impossible (other than through the failure of Buyer to comply with its obligations under this Agreement) and Buyer has not waived such condition on or before the Closing Date; or

    (i) by Sellers, if any of the conditions in Section 8 has not been satisfied of the Closing Date or if satisfaction of such a condition is or becomes impossible (other than through the failure of Sellers to comply with their obligations under this Agreement) and Sellers has not waived such condition on or before the Closing Date;

    (c) by mutual consent of Buyer and Sellers; or

    (d) either by Buyer or by Sellers if the Closing has not occurred (other than through the failure of any Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement) on or before August 31, 2022, or such later date as the parties may agree upon.

    9.2 Effect of Termination. Each party's right of termination under Section 9.1 is in addition to any other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. If this Agreement is terminated pursuant to Section 9.1, all further obligations of the parties under this Agreement will terminate, except that the obligations in Sections 11.1 and 11.3 will survive; provided, however, that if this Agreement is terminated by a Party because of the Breach of the Agreement by the other Party or because one or more of the conditions to the terminating Party's obligations under this Agreement is not satisfied as a result of the other Party's failure to comply with its obligations under this Agreement, the terminating Party's right to pursue all legal remedies will survive such termination unimpaired.

    10. INDEMNIFICATION; REMEDIES.

    10.1 Survival; Right to Indemnification Not Affected by Knowledge. All representations, warranties, covenants, and obligations in this Agreement and any other certificate or document delivered pursuant to this Agreement will survive the Closing for a period of twelve (12) months. The right to indemnification, payment of Damages or other remedy based on such representations, warranties, covenants, and obligations will not be affected by any investigation conducted with respect to, or any Knowledge acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or compliance with, any such representation, warranty, covenant, or obligation. The waiver of any condition based on the accuracy of any representation or warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right to indemnification, payment of Damages, or other remedy based on such representations, warranties, covenants, and obligations.

    
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    10.2 . Indemnification and Payment of Damages by Sellers. Sellers will indemnify and hold harmless Buyer, MML and their respective Representatives, stockholders, controlling persons, and affiliates (collectively, the "Indemnified Persons") for, and will pay to the Indemnified Persons the amount of, any loss, liability, claim, damage (including incidental and consequential damages), expense (including costs of investigation and defense and reasonable attorneys' fees) or diminution of value, whether or not involving a third-party claim (collectively, "Damages"), arising, directly or indirectly, from or in connection with:

    (a) Any material Breach of any representation or warranty made by Sellers in this Agreement or any other certificate or document delivered by Sellers, MML pursuant to this Agreement;

    (b) any material Breach by Sellers of any covenant or obligation of Sellers in this Agreement;

    (c) any product sold, shipped or manufactured by, or any services provided by, MML prior to the Closing Date;

    (d) any Taxes owed by MML relating to any period prior to the Closing Date; and

    (e) any claim by any Person for brokerage or finder's fees or commissions or similar payments based upon any agreement or understanding alleged to have been made by any such Person with Sellers, MML (or any Person acting on their behalf) in connection with any of the Contemplated Transactions.

    The remedies provided in this Section 10.2 will not be exclusive of or limit any other remedies that may be available to Buyer or the other Indemnified Persons.

    10.3 Indemnification and Payment of Damages by Buyer. Buyer will indemnify and hold harmless Sellers, and will pay to Sellers the amount of any Damages arising, directly or indirectly, from or in connection with (a) any Breach of any representation or warranty made by Buyer in this Agreement or in any certificate delivered by Buyer pursuant to this Agreement, (b) any Breach by Buyer of any covenant or obligation of Buyer in this Agreement, or (c) any claim by any Person for brokerage or finder's fees or commissions or similar payments based upon any agreement or understanding alleged to have been made by such Person with Buyer (or any Person acting on its behalf) in connection with any of the Contemplated Transactions.

    10.4 Procedure for Indemnification of Third Party Claims.

    (a) Promptly after receipt by an indemnified party under Section 10.2 or Section 10.3, of notice of the commencement of any Proceeding against it, such indemnified Party will, if a claim is to be made against an indemnifying Party under such Section, give notice to the indemnifying Party of the commencement of such claim, but the failure to notify the indemnifying Party will not relieve the indemnifying Party of any liability that it may have to any indemnified Party, except to the extent that the indemnifying Party demonstrates that the defense of such action is prejudiced by the indemnifying Party's failure to give such notice.

    (b) If any Proceeding referred to in Section 10.5(a) is brought against an indemnified Party and it gives notice to the indemnifying Party of the commencement of such Proceeding, the indemnifying Party will, unless the claim involves Taxes, be entitled to participate in such Proceeding and, to the extent that it wishes (unless (i) the indemnifying Party is also a party to such Proceeding and the indemnified Party determines in good faith that joint representation would be inappropriate, or (ii) the indemnifying Party fails to provide reasonable assurance to the indemnified Party of its financial capacity to defend such Proceeding and provide indemnification with respect to such Proceeding), to assume the defense of such Proceeding with counsel satisfactory to the indemnified Party and, after notice from the indemnifying Party to the indemnified Party of its election to assume the defense of such Proceeding, the indemnifying Party will not, as long as it diligently conducts such defense, be liable to the indemnified Party under this Section 10 for any fees of other counsel or any other expenses with respect to the defense of such Proceeding, in each case subsequently incurred by the indemnified Party in connection with the defense of such Proceeding, other than reasonable costs of investigation. If the indemnifying Party assumes the defense of a Proceeding, (i) it will be conclusively established for purposes of this Agreement that the claims made in that Proceeding are within the scope of and subject to indemnification; (ii) no compromise or settlement of such claims may be effected by the indemnifying Party without the indemnified Party's consent unless (A) there is no finding or admission of any violation of Legal Requirements or any violation of the rights of any Person and no effect on any other claims that may be made against the indemnified Party, and (B) the sole relief provided is monetary damages that are paid in full by the indemnifying Party; and (iii) the indemnified Party will have no liability with respect to any compromise or settlement of such claims effected without its consent. If notice is given to an indemnifying Party of the commencement of any Proceeding and the indemnifying Party does not, within ten days after the indemnified Party's notice is given, give notice to the indemnified Party of its election to assume the defense of such Proceeding, the indemnifying Party will be bound by any determination made in such Proceeding or any compromise or settlement effected by the indemnified Party.

    
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    (c) Notwithstanding the foregoing, if an indemnified Party determines in good faith that there is a reasonable probability that a Proceeding may adversely affect it or its affiliates other than as a result of monetary damages for which it would be entitled to indemnification under this Agreement, the indemnified Party may, by notice to the indemnifying Party, assume the exclusive right to defend, compromise, or settle such Proceeding, but the indemnifying Party will not be bound by any determination of a Proceeding so defended or any compromise or settlement effected without its consent (which may not be unreasonably withheld).

    (d) Sellers hereby consents to the non-exclusive jurisdiction of any court in which a Proceeding is brought against any Indemnified Person for purposes of any claim that an Indemnified Person may have under this Agreement with respect to such Proceeding or the matters alleged therein, and agree that process may be served on Sellers with respect to such a claim anywhere in the world.

    10.5 Procedure For Indemnification Other Claims. A claim for indemnification for any matter not involving a third-party claim may be asserted by notice to the Party from whom indemnification is sought.

    11. GENERAL PROVISIONS.

    11.1 Expenses. Except as otherwise expressly provided in this Agreement, each Party to this Agreement will bear its respective expenses incurred in connection with the preparation, execution, and performance of this Agreement and the Contemplated Transactions, including all fees and expenses of agents, representatives, counsel, and accountants. In the event of termination of this Agreement, the obligation of each Party to pay its own expenses will be subject to any rights of such party arising from a breach of this Agreement by the other Party.

    11.2 Public Announcements. Any public announcement or similar publicity with respect to this Agreement or the Contemplated Transactions will be issued, if at all, at such time and in such manner as Buyer determines. Unless consented to by Buyer in advance or required by Legal Requirements, prior to the Closing, Sellers shall, and shall cause MML to keep this Agreement strictly confidential and may not make any disclosure of this Agreement to any Person. Sellers and Buyer will consult with each other concerning the means by which MML's employees, customers, and suppliers and others having dealings with MML will be informed of the Contemplated Transactions, and Buyer will have the right to be present for any such communication.

    
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    11.3 Confidentiality. Between the date of this Agreement and the Closing Date, Buyer and Sellers will maintain in confidence, and will cause the directors, officers, employees, agents, and advisors of Buyer and MML to maintain in confidence, any written, oral, or other information obtained in confidence from another party,  MML in connection with this Agreement or the Contemplated Transactions, unless (a) such information is already known to such party or to others not bound by a duty of confidentiality or such information becomes publicly available through no fault of such Party, (b) the use of such information is necessary or appropriate in making any filing or obtaining any consent or approval required for the consummation of the Contemplated Transactions, or (c) the furnishing or use of such information is required by legal proceedings. If the Contemplated Transactions are not consummated, each Party will return or destroy as much of such written information as the other party may reasonably request. Whether or not the Closing takes place, Sellers waives, and will upon Buyer's request cause MML to waive, any cause of action, right, or claim arising out of the access of Buyer or its representatives to any trade secrets or other confidential information of MML except for the intentional competitive misuse by Buyer of such trade secrets or confidential information.

    11.4 Notices. All notices, amendments, waivers, or other communications under this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, sent electronically, sent by nationally-recognized overnight or second day delivery courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice):

    (a) If to MML prior to Closing or to Sellers, to:

    Name: Mango Moi, LLC
Address: 5036 Main Street 
 Skokie, IL 60077
Attention: Ms. Amanda Cayemitte and Mr. Yapo M'Be 
Telephone: (847) 877-0061                                   
Email: amanda@mangomoi.com                   

    with a copy, which shall not constitute notice, to:

    Name:  Christopher R. Walker                        

    Email: crw@christopherrwalkeresq.com       

    If to MML following the Closing or to Buyer, to:

    Name: Better for You Wellness, Inc.
Address: 1349 East Broad Street 
 Columbus, OH 43205
Attention: Mr. Ian James
Telephone: ******
Facsimile: 
Email: ******

     

    
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    with a copy, which shall not constitute notice, to:

    Name: Carter Ledyard & Milburn LLP
Address: 2 Wall Street
 New York, New York 10005-2072
Attention: Guy P. Lander, Esq.
Telephone: (212) 238-8619
Facsimile: (212) 732-3232
Email: lander@clm.com

    All such notices and other communications shall be deemed to have been delivered and received (i) in the case of personal delivery or delivery electronically, on the date of that delivery if delivered during business hours on a Business Day or, if not delivered during business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized overnight or second day delivery courier, on the Business Day delivered, and (iii) in the case of mailing, on the sixth Business Day following that mailing. A copy of any notice or other communication sent electronically shall also be sent on the same day by registered or certified mail (return receipt requested) or by nationally recognized overnight or second day delivery courier.

    11.5 Further Assurances. The Parties agree (a) to furnish upon request to each other such further information, (b) to execute and deliver to each other such other documents, and (c) to do such other acts and things, all as the other Party may reasonably request for the purpose of carrying out the intent of this Agreement and the documents referred to in this Agreement.

    11.6 Waiver. The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by either Party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one Party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other Party; (b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such Party or of the right of the Party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

    11.7 Entire Agreement and Modification. This Agreement supersedes all prior agreements between the Parties with respect to its subject matter and constitutes (along with the documents referred to in this Agreement) a complete and exclusive statement of the terms of the agreement between the Parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed by the Party to be charged with the amendment.

    11.8 Assignments, Successors, and no Third-Party Rights. No Party may assign any of its rights under this Agreement without the prior consent of the other Parties, except that Buyer may assign any of its rights under this Agreement to any Subsidiary of Buyer. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon, and inure to the benefit of the successors and permitted assigns of the Parties. Nothing expressed or referred to in this Agreement will be construed to give any Person other than the Parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the Parties to this Agreement and their successors and assigns.

    
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    11.9 Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

    11.10 Section Headings, Construction.

    (a) All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word "including" does not limit the preceding words or terms. The words "herein", "hereof", "hereunder", "hereby", "hereto", "hereinafter", and other words of similar import refer to this Agreement as a whole, including any schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any particular article, section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references to articles, sections, subsections, clauses, paragraphs, schedules and exhibits mean such provisions of this Agreement and the schedules and exhibits attached to this Agreement, except where otherwise stated. The title of and the article, section and paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement.

    (b) Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement has been chosen by the Parties to express their mutual intent, each Party has been represented by legal counsel with respect to, and has had substantial input in, the drafting of this Agreement, and no rule of strict construction shall be applied against any Party. Unless expressly provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall be that date of the following month or year corresponding to the next day following the starting date. For example, one month following February 18 is March 18, and one month following March 31 is May 1.

    (c) References to "dollars" or "$" mean United States Dollars.

    11.11 Time of Essence. With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

    11.12 Governing Law; Waiver of Jury Trial; Jurisdiction.

    (a) All questions concerning the construction, interpretation and validity of this Agreement shall be governed by and construed and enforced in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

    (b) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE RELATED DOCUMENTS OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE RELATED DOCUMENTS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS RESPECTIVE LEGAL COUNSEL, AND KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH SUCH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

    
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    (c) EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR HIMSELF OR ITSELF AND HIS OR ITS PROPERTY, TO THE JURISDICTION OF ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK COUNTY IN THE STATE OF NEW YORK, AND, EFFECTIVE AS OF THE CLOSING, TO THE JURISDICTION OF ANY OTHER COURT IN ANY OTHER JURISDICTION IN WHICH AN ACTION IS BROUGHT AGAINST A PARTY TO THIS AGREEMENT BY A THIRD PARTY ASSERTING A CLAIM AGAINST WHICH THE DEFENDANT IS ENTITLED UNDER THIS AGREEMENT TO BE INDEMNIFIED, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE RELATED DOCUMENTS OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH NEW YORK STATE OR FEDERAL COURT. EACH PARTY 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.

    (d) EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT SUCH PARTY MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION THAT SUCH PARTY MAY HAVE OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE RELATED DOCUMENTS IN ANY DELAWARE STATE OR FEDERAL COURT SITTING IN NEW CASTLE COUNTY IN THE STATE OF DELAWARE OR SUCH OTHER COURT AS IS PROVIDED FOR IN THE PRECEDING PARAGRAPH. EACH PARTY 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.

    11.13 Counterparts; Facsimile and Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimile and electronic counterpart signatures to this Agreement shall be acceptable and binding.

    11.14 Representation by Counsel. Each of the Parties hereto has been represented or has had the opportunity to be represented by legal counsel of their own choice.

    
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    [Signature Pages Follow]

     

    
        32

    

    

    
        	EXECUTION COPY

    

    IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first written above.

    BUYER:

    BETTER FOR YOU WELLNESS, INC.

    By:             /S/                                                    
Name: Ian James
Title: Chief Executive Officer

    SELLERS:

    By:             /S/                                                     
Name: Amanda Cayemitte

    By:             /S/                                                    
Name: Yapo M'Be

    MML:

    MANGO MOI, LLC

    By:             /S/                                                     
Name: Amanda Cayemitte
Title: CEO

    By:             /S/                                                    
Name: Yapo M'Be
Title: COO

    [Signature Page to Membership Interest Purchase Agreement]

    
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        	EXECUTION COPY

    

    EXHIBIT A - Employment Agreement

    EMPLOYMENT CONTRACT

    This Employment Contract (this "Contract") is made effective as of 45 days from the signing of the Membership Interest Purchase Agreement with Mango Moi, by and between Better For You Wellness, Inc. (BFYW) of 1349 East Broad Street, Columbus, Ohio, 43205 and Amanda Cayemitte (EMPLOYEE) of 5036 Main Street Skokie, IL 60077.

    A. BFYW is a wellness company with a focus on skin and hair care. EMPLOYEE will primarily perform the job duties at the following location: Skokie, Illinois, United States.

    B. BFYW and its affiliates desires to have the services of EMPLOYEE.

    C. EMPLOYEE is an at will employee of BFYW. Either party is able to terminate the employment agreement at any time.

    Therefore, the parties agree as follows:

    1. EMPLOYMENT. BFYW and its affiliates shall employ EMPLOYEE as the Chief Visionary Officer of Mango Moi. EMPLOYEE shall provide to BFYW and its affiliates the services described on the attached Exhibit A, which is made a part of this Contract by this reference. EMPLOYEE accepts and agrees to such employment, and agrees to be subject to the general supervision, advice, and direction of BFYW and its affiliates and BFYW and its affiliates' supervisory personnel.

    EMPLOYEE shall also perform (i) such other duties as are customarily performed by an employee in a similar position, and (ii) such other and unrelated services and duties as may be assigned to EMPLOYEE from time to time by BFYW and its affiliates.

    2. BEST EFFORTS OF EMPLOYEE. EMPLOYEE agrees to perform faithfully, industriously, and to the best of EMPLOYEE 's ability, experience, and talents, all the duties that may be required by the express and implicit terms of this Contract, to the reasonable satisfaction of BFYW and its affiliates. Such duties shall be provided at such place(s) as the needs, business, or opportunities of BFYW and its affiliates may require from time to time.

    3. OWNERSHIP OF SOCIAL MEDIA CONTACTS. Any social media contacts, including "followers" or "friends," that are acquired through accounts (including, but not limited to email addresses, blogs, Twitter, Facebook, YouTube, or other social media networks) used or created on behalf of BFYW and its affiliates are the property of BFYW and its affiliates.

    4. COMPENSATION OF EMPLOYEE. As compensation for the services provided by EMPLOYEE under this Contract, BFYW and its affiliates will pay EMPLOYEE an annual salary of $65,000 (Sixty-Five Thousand Dollars) payable semi-monthly on the first day and the fifteenth day of the month and subject to applicable federal, state, and local withholding. Upon termination of this Contract, payments under this paragraph shall cease; provided, however, that EMPLOYEE shall be entitled to payments for periods or partial periods that occurred prior to the date of termination and for which EMPLOYEE has not yet been paid, and for any commission earned in accordance with BFYW and its affiliates' customary procedures, if applicable. Accrued vacation will be paid in accordance with state law and BFYW and its affiliates' customary procedures. This section of the Contract is included only for accounting and payroll purposes.

    
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        	EXECUTION COPY

    

    5. EXPENSE REIMBURSEMENT. BFYW and its affiliates will reimburse EMPLOYEE for "out-of-pocket" expenses incurred by EMPLOYEE in accordance with BFYW and its affiliates' policies in effect from time to time.

    6. RECOMMENDATIONS FOR IMPROVING OPERATIONS. EMPLOYEE shall provide BFYW and its affiliates with all information, suggestions, and recommendations regarding BFYW and its affiliates' business, of which EMPLOYEE has knowledge, that will be of benefit to BFYW and its affiliates.

    7. CONFIDENTIALITY. EMPLOYEE recognizes that BFYW and its affiliates has and will have information regarding the following:

    	processes
	technical matters
	trade secrets
	business affairs
	future plans, and
	other vital information items (collectively, "Information") which are valuable, special and unique assets of BFYW and its affiliates.

    EMPLOYEE agrees that EMPLOYEE will not at any time or in any manner, either directly or indirectly, divulge, disclose, or communicate any Information to any third party without the prior written consent of BFYW and its affiliates.

    EMPLOYEE will protect the Information and treat it as strictly confidential. A violation by EMPLOYEE of this paragraph shall be a material violation of this Contract and will justify legal and/or equitable relief.

    This Agreement is in compliance with the Defend Trade Secrets Act and provides civil or criminal immunity to any individual for the disclosure of trade secrets: (i) made in confidence to a federal, state, or local government official, or to an attorney when the disclosure is to report suspected violations of the law; or (ii) in a complaint or other document filed in a lawsuit if made under seal.

    8. UNAUTHORIZED DISCLOSURE OF INFORMATION. If it appears that EMPLOYEE has disclosed (or has threatened to disclose) Information in violation of this Contract, BFYW and its affiliates shall be entitled to an injunction to restrain EMPLOYEE from disclosing, in whole or in part, such Information, or from providing any services to any party to whom such Information has been disclosed or may be disclosed. BFYW and its affiliates shall not be prohibited by this provision from pursuing other remedies, including a claim for losses and damages.

    9. CONFIDENTIALITY AFTER TERMINATION OF EMPLOYMENT. The confidentiality provisions of this Contract shall remain in full force and effect for a period of a period of 18 months after the voluntary or involuntary termination of EMPLOYEE 's employment.

    10. NON-COMPETE AGREEMENT. EMPLOYEE recognizes that the various items of Information are special and unique assets of the company and need to be protected from improper disclosure. In consideration of the disclosure of the Information to EMPLOYEE, EMPLOYEE agrees and covenants that during his or her employment by BFYW and its affiliates and for a period of twelve (12) months following the termination of EMPLOYEE's employment, whether such termination is voluntary or involuntary, EMPLOYEE will not directly or indirectly engage or do business with the following competitor(s) in the:

    
        35

    

    

    
        	EXECUTION COPY

    

    - Haircare and Skincare category.

    Directly or indirectly engaging in any competitive business includes but is not limited to: (i) engaging in a business as owner, partner, or agent, (ii) becoming an employee of any third party that is engaged in such business, (iii) becoming interested directly or indirectly in any such business, or (iv) soliciting any customer of BFYW and its affiliates for the benefit of a third party that is engaged in such business. EMPLOYEE agrees that this non-compete provision will not adversely affect EMPLOYEE 's livelihood.

    11. EMPLOYEE'S INABILITY TO CONTRACT FOR EMPLOYER. EMPLOYEE shall not have the right to make any contracts or commitments for or on behalf of BFYW and its affiliates without first obtaining the express written consent of BFYW and its affiliates.

    12. PERSONAL LEAVE. After completion of 90-days of employment, EMPLOYEE shall be entitled to 21 days paid time, for personal business or due to illness, vacation, for each year of employment, with the year to be measured using EMPLOYEE 's starting date as the point of beginning. Unused personal leave benefits as of December 31 of each year may be converted into cash compensation at a rate of $250 per day. Personal leave may not be accumulated from year to year; unused benefits shall be forfeited.

    All requests for personal days off shall be made by EMPLOYEE in accordance with BFYW and its affiliates policies in effect from time to time.

    The provisions of this Personal Leave section are subject to change in accordance with BFYW and its affiliates policies in effect from time to time.

    13. HOLIDAYS. EMPLOYEE shall be entitled to 12 holidays with pay during each calendar year. All requests for holidays off shall be made by EMPLOYEE in accordance with BFYW and its affiliates policies in effect from time to time.

    The provisions of this Holidays section are subject to change in accordance with BFYW and its affiliates policies in effect from time to time.

    14. INSURANCE BENEFITS. EMPLOYEE shall be entitled to insurance benefits, in accordance with BFYW and its affiliates' applicable insurance contract(s) and policies, and applicable state law. These benefits shall include:

    - Health Insurance

    - Dental Insurance

    - Vision Insurance

    - Disability Insurance

    - Life Insurance

    The provisions of this Insurance Benefits section are subject to change in accordance with BFYW and its affiliates policies in effect from time to time.

    
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        	EXECUTION COPY

    

    15. TERM/TERMINATION. EMPLOYEE 's employment under this Contract shall be for an unspecified term on an "at will" basis. This Contract may be terminated by BFYW and its affiliates upon 30 Days written notice, and by EMPLOYEE upon 30 Days written notice. If BFYW and its affiliates shall so terminate this Contract, EMPLOYEE shall be entitled to compensation for:

    	One Month upon completion of one full calendar year of employment with the Company,
	Two Months upon completion of two full calendar years of employment with the Company, and
	Three Months upon competition of two full calendar years of employment with the Company. full calendar year of employment with the Company beyond the termination date of such termination, unless EMPLOYEE is in violation of this Contract.

    If EMPLOYEE is in violation of this Contract, BFYW and its affiliates may terminate employment without notice and with compensation to EMPLOYEE only to the date of such termination. The compensation paid under this Contract shall be EMPLOYEE 's exclusive remedy.

    16. TERMINATION FOR DISABILITY. BFYW and its affiliates shall have the option to terminate this Contract, if EMPLOYEE becomes permanently disabled and is no longer able to perform the essential functions of the position with reasonable accommodation. BFYW and its affiliates shall exercise this option by giving Six Months written notice to EMPLOYEE.

    17. COMPLIANCE WITH EMPLOYER'S RULES. EMPLOYEE agrees to comply with all the rules and regulations of BFYW and its affiliates.

    18. RETURN OF PROPERTY. Upon termination of this Contract, EMPLOYEE shall deliver to BFYW and its affiliates all property which is BFYW and its affiliates' property or related to BFYW and its affiliates' business (including keys, records, notes, data, memoranda, models, and equipment) that is in EMPLOYEE's possession or under EMPLOYEE's control. Such obligation shall be governed by any separate confidentiality or proprietary rights agreement signed by EMPLOYEE.

    19. NOTICES. All notices required or permitted under this Contract shall be in writing and shall be deemed delivered when delivered in person or on the third day after being deposited in the United States mail, postage paid, addressed as follows:

    	 	Employer:	Employee:
	 	 	 
	 	BFYW	Amanda Cayemitte
	 	Ian James, CEO	5036 Main Street
	 	1349 East Broad Street	Skokie, IL 60077
	 	Columbus, Ohio 43205	 

     

    Such addresses may be changed from time to time by either party by providing written notice in the manner set forth above.

    20. ENTIRE AGREEMENT. This Contract contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Contract supersedes any prior written or oral agreements between the parties.

    21. AMENDMENT. This Contract may be modified or amended, if the amendment is made in writing and is signed by both parties.

    
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    22. SEVERABILITY. If any provisions of this Contract shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.

    23. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce any provision of this Contract shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Contract.

    24. APPLICABLE LAW. This Contract shall be governed by the laws of the State of Ohio.

    25. SIGNATORIES. This Contract shall be signed by Ian James, CEO on behalf of BFYW and by EMPLOYEE in an individual capacity. This Contract is effective as of the date first above written.

    	                      /S/                                                    	                      /S/                                                    
	Ian James, Chairman and CEO	Amanda Cayemitte
	
                Better For You Wellness, Inc.

            	5036 Main Street
	 	Skokie, IL 60077
	 	 
	Date: April 29, 2022	Date: April 29, 2022

     

    
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    Exhibit A

    Work Services

    Chief Visionary Officer of Mango Moi

    The role has expanded to include formalizing the company's strategic-planning processes, forging new working relationships and synergies across the organization, and establishing greater transparency and accountability for those people carrying out the company's strategy. EMPLOYEE will work with BFYW's Chief Brand Officer to further develop the role and responsibilities. 

    
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        BFYW Consultant Agreement

    

    EXHIBIT B - Consulting Agreement

    CONSULTANT AGREEMENT

    THIS CONSULTANT AGREEMENT ("Agreement") is made as of the 29 day of April,  2022 by and between Better For You Wellness, Inc., located at 1349 East Broad Street, Columbus, Ohio 43205 ("Company") and Yapo M'Be an individual whose address is 18032 Kedzie Ave, Suite 204, Hazel Crest, Il 60429  ("Consultant").

    Recitals:

     A. Company has entered into with Consultant to provide manufacturing services.

     B. The Company wishes to engage Consultant, an individual not otherwise employed by Company  whose resume is attached in Appendix A, to perform certain Program services not otherwise performed by Company 's paid or unpaid staff, as set forth in Section 2 below ("Services"), and Consultant is able and willing to provide the Services.

     NOW, THEREFORE, the parties agree to be bound as follows:

    Agreements:

    1. Term: The Services shall be provided beginning May 2, 2022.

    2. Scope of Services: Consultant shall provide the Services set forth in the Workscope, attached hereto as Appendix A, in accordance with all applicable terms and conditions of the Contract.

    3. Payment: Subject to approval of this Agreement and the availability of Program budget funds, Company shall pay Consultant at the rate of $30.00 per hour, not to exceed $1500 per month, for the Services.

    4. No Conflicts of Interest: Neither the Consultant nor any member of the Consultant's immediate family is employed by Company or related by consanguinity, adoption, or affinity to any person engaged by Company in any management capacity, including as an officer or member of Company's board of directors.

    
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        BFYW Consultant Agreement

    

    5. Contractual Relationship: Nothing in this Agreement shall create or imply a contractual or employment relationship between Consultant and Company or operate to impair the rights of Company under the Contract.

    6. Termination: This Agreement will terminate:

    a. After ten (10) days prior written notice by

    i. either party upon the failure of the other to perform as required by this Agreement, or

    ii. Company upon a reduction of the Program budget;

    b. Immediately upon termination of the Contract.

    7. Entire Agreement: This Agreement contains all the terms and conditions agreed upon by the parties, and no other agreement, oral or otherwise, regarding the subject matter of this Agreement shall be deemed to exist or to bind any of the parties, or to vary any of the terms herein. Any waiver, modification, cancellation, or replacement of this Agreement, or any of its provisions, must be agreed upon in writing by the parties and shall not be effective without the prior written approval of Company. 

    [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

    
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        BFYW Consultant Agreement

    

    

    	
                IN WITNESS WHEREOF, the parties undersigned have executed the Consultant Agreement effective as of date and year first written above.

                 

            
	
                 

            	
                Company 

            	
                 

            	
                Consultant

            
	
                 

            	
                 

            	
                 

            	
                 

            
	
                BY:

            	
                /S/

            	
                BY:

            	
                /S/

            
	
                 

            	
                Signature of Authorized Agent

            	
                 

            	
                Signature of Consultant

            
	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

            	
                Ian James

            	
                 

            	
                Yapo M'Be

            
	
                 

            	
                Name (Print)

            	
                 

            	
                Name (Print)

            
	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

            	
                Chairman & CEO

            	
                 

            	
                 

            
	
                 

            	
                Title (Print)

            	
                 

            	
                 

            
	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

            	
                April 29, 2022

            	
                 

            	
                April 29, 2022

            
	
                 

            	
                Date

            	
                 

            	
                Date

            

    42

    

    
        BFYW Consultant Agreement

    

    CONSULTANT AGREEMENT

    APPENDIX A WORKSCOPE

    	
                Consultant Name Yapo M'Be   

                Address: 18032 Kedzie Ave, Suite 204, City: Hazel Crest, State: IL Zip Code: 60429

                Cell: (708)673-8905

            

    Description of Services: Manufacturing of Mango Moi

    

    	
                 

                Illustration of Consultation Payment

                Total Hours Worked 40 X Rate $30.00 = Amount Due $ $1200.00ex_368202.htm

Exhibit 4.1

 

 

PRE-FUNDED COMMON STOCK PURCHASE WARRANT

ORBITAL ENERGY GROUP, INC.

 

Warrant Shares: _______                                     Initial Exercise Date: May [__], 2022

 

 

THIS PRE-FUNDED COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) until this Warrant is exercised in full (the “Termination Date”) but not thereafter, to subscribe for and purchase from Orbital Energy Group, Inc., a corporation incorporated under the laws of the state of Colorado (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).  

 

Section 1.Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase Agreement”), dated April [__], 2022, among the Company and the purchasers signatory thereto.

 

Section 2.Exercise.

 

a) Exercise of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”).  Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.  No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

For the avoidance of doubt, there is no circumstance that would require the Company to net cash settle the Warrants.

 

For the avoidance of doubt, at any time during which there is no effective registration statement for the resale of the Warrant Shares, the Company may settle the exercise of the Warrant with unregistered common stock.

 

b)Exercise Price.  The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant Share, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $0.0001 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant.  The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Termination Date. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.0001, subject to adjustment hereunder (the “Exercise Price”).

 

c)Cashless Exercise. This Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B) = the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company agrees not to take any position contrary to this Section 2(c).

 

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

 

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

 

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

 

	 	
			d)

				
			Mechanics of Exercise.

			

i. Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).   Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.  As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.  Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date.

 

ii. Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

iii. Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v. No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

vi. Charges, Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii. Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

e) Holder’s Exercise Limitations.    The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 9.99/4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.  Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. If the Warrant is unexercisable as a result of the Holder’s Beneficial Ownership Limitation, no alternate consideration is owing to the Holder.

 

Section 3.Certain Adjustments.

 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.

 

b) [RESERVED]

 

c) Subsequent Rights Offerings.  In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d) Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).  

 

e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g) Notice to Holder.  

 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with a Fundamental Transaction, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

h) Voluntary Adjustment By Company.  Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

Section 4. Transfer of Warrant.

 

a) Transferability.  This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.  

 

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

Section 5. Miscellaneous.

 

a) No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.  Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c) Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

d) Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).  

 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

 

f) Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h) Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i) Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

j) Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k) Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

l) Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m) Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n) Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

 

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

 

(Signature Page Follows)

 

 

 

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

 

 

	 
	
			ORBITAL ENERGY GROUP, INC.

			
	
			By:__________________________________________

			 Name:

			 Title:

			

 

 

 

 

 

 

 

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO: ORBITAL ENERGY GROUP, INC.

 

(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form of (check applicable box):

 

[ ] in lawful money of the United States; or

 

[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

 

The Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of Investing Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________

 

 

 

 

 

 

 

 

 

 

EXHIBIT B

 

ASSIGNMENT FORM

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	 	 
	
			Name:

				 
	 	
			(Please Print)

			
	
			Address:

				 
	 	
			(Please Print)

			
	 	 
	
			Phone Number:

				 
	 	 
	
			Email Address:

				 
	 	 
	
			Dated: ______________________________

				 
	
			Holder’s Signature: ____________________

				 
	
			Holder’s Address:______________________

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