Document:

EXHIBIT
10.80

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of June 14, 2018, between Progreen US, Inc. a
Delaware corporation (the “Company”), and the purchaser identified on the signature pages hereto (including
its successors and assigns, the “Purchaser”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as
amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell
to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in
this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1. Definitions.
In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined
herein have the meanings given to such terms in the Debentures (as defined herein), and (b) the following terms have the
meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.7.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediary, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except Saturday, Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
means the closing of the purchase and sale of the Debentures pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day when all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Debentures have been satisfied or waived.

 

“Closing
Statement” means the Closing Statement in the form Annex A attached hereto.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value$.0001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed into.

 

    	 

    	 

    

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive Common Stock.

 

“Company”
means Progreen US, Inc

 

“Company
Counsel” means Michael Paige Law, PLLC

 

“Conversion
Price” shall have the meaning ascribed to such term in the Debentures.

 

“Debentures”
means the Original Issue Discount Convertible Debentures due, subject to the terms therein, twelve months from the Closing Date,
issued by the Company to the Purchaser hereunder, in the form of Exhibit A attached hereto.

 

“Disclosure
Schedules” shall have the meaning ascribed to such term in Section 3.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(gg).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens”
means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(m).

 

“Maximum
Rate” shall have the meaning ascribed to such term in Section 5.17.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.10.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

    	 

    	 

    

 

“Required
Minimum” means, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable
in the future pursuant to the Transaction Documents, including any Underlying Shares issuable upon conversion in full of the Debentures
(including Underlying Shares issuable as payment of interest on the Debentures), ignoring any conversion or exercise limits set
forth therein multiplied by three.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Debentures, the Underlying Shares and the Common Stock issued to the Purchaser pursuant to this Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

“Subscription
Amount” means the aggregate amount to be paid for the Debentures purchased hereunder as specified below the Purchaser’s
name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars
and in immediately available funds.

 

“Subsidiary”
means with respect to any entity at any date, any direct or indirect corporation, limited or general partnership, limited liability
company, trust, estate, association, joint venture or other business entity of which (A) more than 30% of (i) the outstanding
capital stock having (in the absence of contingencies) ordinary voting power to elect a majority of the board of directors or
other managing body of such entity, (ii) in the case of a partnership or limited liability company, the interest in the capital
or profits of such partnership or limited liability company or (iii) in the case of a trust, estate, association, joint venture
or other entity, the beneficial interest in such trust, estate, association or other entity business is, at the time of determination,
owned or controlled directly or indirectly through one or more intermediaries, by such entity, or (B) is under the actual control
of the Company.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE MKT, LLC, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, or the OTCQB maintained by the OTC Markets Group, Inc.

 

“Transaction
Documents” means this Agreement, the Debentures, all exhibits and schedules thereto and hereto and any other documents
or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Interwest Transfer and a telephone number of (801) 272-9294 and any successor transfer agent of the Company.

 

    	 

    	 

    

 

“Underlying
Shares” means the shares of Common Stock issued and issuable upon conversion or redemption of the Debentures and issued
and issuable in lieu of the cash payment of interest on the Debentures in accordance with the terms of the Debentures.

 

“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 L.P. (based
on a Trading Day from 9:30 a.m. New York City time to 4:02 p.m. New York City time); (b) if the Common Stock is not quoted on
a Trading Market but is quoted on the OTC Pink , the most recent bid price per share of the Common Stock for such date (or the
nearest preceding date) on the OTC Pink as then listed or quoted for trading by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), or (c) 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 Purchaser and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

ARTICLE
II.

PURCHASE
AND SALE

 

2.1 Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the
execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchaser agrees to
purchase, for a purchase price of an aggregate of $157,500 in principal amount of the Notes.

 

	Funding Schedule	 	Amount 

of Note	 	 	Purchase
 Price (5%
 Original
 Issue
 Discount)	 
	On the date of this Agreement	 	$	157,500	 	 	$	150,000	 

 

(i)Provided there has not been a Material Adverse Effect;

(ii) provided the Company is not in breach of any of its Agreements or its Debentures; 

 

The
Purchaser shall deliver to the Company, via wire transfer, immediately available funds equal to its Subscription Amount and the
Company shall deliver to the Purchaser its Note, as set forth in Section 2.2, and the Company and the Purchaser shall deliver
the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the conditions set forth in Sections
2.2 and 2.3, the initial Closing shall occur at the offices of Bellridge Capital, LP. or such other location as the parties shall
mutually agree. In the event that there is a Material Adverse Effect or the Company is in breach of this Agreement or the Debenture
the Purchaser will not be required to make the Subsequent Funding. For avoidance of doubt the Purchaser will not obligated to
make the Subsequent Funding if there is a Material Adverse Effect, the Company is in breach or default of this Agreement or the
Debenture or it is more than 45 days from the date hereof.

 

    	 

    	 

    

 

2.2 Deliveries.

 

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

 

(i)
this Agreement duly executed by the Company;

 

(ii)
an originally executed Note registered in the name of Purchaser in the principal amount of $157,500; an opinion letter from
Company Counsel in a form that is reasonably acceptable to the Purchaser; and

 

(iii)
an irrevocable transfer agent letter to reserve the amount of shares issuable upon conversion of the Debenture which letter
shall be in a form reasonably acceptable to the Purchaser

 

(b)
On or prior to the Closing Date, Purchaser shall deliver or cause to be delivered to the Company the following:

 

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

 

(ii)
$145,000 representing the purchase price after the deduction of $5,000 for the Purchaser’s due diligence expenses of
the Note subject to the closing by wire transfer pursuant to the wire instructions provided by the Company to the
Purchaser.

 

(c)
On the subsequent Closing Date (if any) the Company shall deliver or cause to be delivered to Purchaser
the following:

 

(i)
a certificate duly executed by the Company’s chief executive officer in a form that is acceptable to the
Purchaser.

 

(d)
On each subsequent Closing Date, the Purchaser shall deliver (by wire transfer pursuant to wire instructions provided by the
Company to the Purchaser) to the applicable purchase price for the amount of the Note being funded according to the schedule
above.

 

2.3 Closing
Conditions.

 

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

 

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

 

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

 

(iii)
the delivery by Purchaser of the items set forth in Section 2.2 of this Agreement.

 

    	 

    	 

    

 

(b)
The obligation of the Purchaser hereunder in connection with the closing are subject to the following conditions being
met:

 

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

 

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

 

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

 

(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof and the Company shall not
be in breach of any Transaction Document; and

 

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

 

ARTICLE
III.

REPRESENTATIONS
AND WARRANTIES

 

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

 

(a) Subsidiaries.
The Company owns, directly or indirectly, the capital stock or other equity interests of each Subsidiary, in the amounts set
forth on Schedule 3.1(a), free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each
Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for
or purchase securities. If the Company has no Subsidiaries, all other references to the Subsidiaries in the Transaction
Documents shall be disregarded.

 

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

 

    	 

    	 

    

 

(c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the Company’s stockholders in connection therewith other
than in connection with the Required Approvals. Each Transaction Document to which it is a party has been (or upon delivery
will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will
constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable law.

 

(d) No
Conflicts. The execution, delivery and performance by the Company of the Transaction Documents and the consummation by
it to which it is a party of the other transactions contemplated hereby and thereby do not and will not: (i) conflict with or
violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or
other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the
Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or
without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or
Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any
property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any
court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws
and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse
Effect.

 

(e) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than: (i) the filings required pursuant to Section 4.6 and (ii) the filing of Form D with the Commission and such filings as
are required to be made under applicable state securities laws (collectively, the “Required
Approvals”).

 

(f) Issuance
of the Securities. The issuance of the Debentures and Common Stock being issued pursuant to this Agreement have been
duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, and have been duly and
validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on
transfer provided for in the Transaction Documents. The Underlying Shares, when issued in accordance with the terms of the
Transaction Documents, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company other than restrictions on transfer provided for in the Transaction Documents. The Company has reserved the Required
Minimum for issuance of the Underlying Shares.

 

    	 

    	 

    

 

(g) Capitalization.
Except as provided in Schedule 3.1(g), the capitalization of the Company immediately prior to Closing is, in all
material respects, as set forth in the SEC Reports. Except as provided in Schedule 3.1(g), no Person has (i) any right
of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents except for such, if any, as will have been validly waived before the Closing and
(ii) except pursuant to the operation of agreements filed as exhibits to the SEC Reports before the date of this Agreement,
the issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to
any Person (other than the Purchaser) and will not result in a right of any holder of Company securities to adjust the
exercise, conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of
the Company are validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state
securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to
subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or
others is required for the issuance and sale of the Securities. Except as filed as exhibits to the SEC Reports, there are no
stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to
which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s
stockholders.

 

(h) SEC
Reports; Financial Statements. The Company has filed all quarterly reports on Form 10-Q and all annual reports on Form
10-Krequired to be filed by the Company under Section 13 or 15(d) of the Exchange Act for the two years preceding the date
hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
materials, in addition to all schedules, forms, statements and other documents filed with the Commission for the two years
preceding the date hereof, including the exhibits thereto and documents incorporated by reference therein, being collectively
referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time
of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the
SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as
applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports
comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with
respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with generally
accepted accounting principles (“GAAP”), except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and
fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for
the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments.

 

(i) Material
Changes. Except as provided in Schedule 3.1(i), since the date of the latest financial statements included in the
SEC Reports: (i) there has been no event, occurrence or development that has had or that could reasonably be expected to
result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than
(A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B)
liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings
made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or
made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements
to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any
officer, director or Affiliate, except pursuant to existing Company equity incentive plans. The Company does not have pending
before the Commission any request for confidential treatment of information. Except for the issuance of the Securities
contemplated by this Agreement, no event, liability or development has occurred or exists with respect to the Company or its
Subsidiaries or their respective business, properties, operations or financial condition, that would be required to be
disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not
been publicly disclosed at least one Trading Day prior to the date that this representation is made.

 

    	 

    	 

    

 

(j) Litigation.
There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the
Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any
court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or
enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision,
have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any
director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under
federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the
Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or
former director or officer of the Company. The Commission has not issued any stop order or other order suspending the
effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities
Act.

 

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

 

(l) Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not
been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under),
nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of,
any indenture, loan or credit agreement or any other material agreement or instrument to which it is a party or by which it
or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any
order of any court, arbitrator or governmental body or (iii) is or has been in violation of any statute, rule or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws applicable to its
business and all such laws that affect the environment, except in each of the foregoing cases as could not have or reasonably
be expected to result in a Material Adverse Effect.

 

    	 

    	 

    

 

(m) Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses, except where the
failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the
revocation or modification of any Material Permit.

 

(n) Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property and good
and marketable title in all personal property owned by it that, in each case, is material to the business of the Company and
the Subsidiaries, in each case free and clear of all Liens, except for Liens as do not materially affect the value of such
property and do not materially interfere with the use made and proposed to be made of such property by the Company and the
Subsidiaries and Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor
subject to penalties in any material respect. Any real property and facilities held under lease by the Company and the
Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are
in compliance.

 

(o) Patents
and Trademarks. To the Company’s knowledge (without having conducted any independent investigation): (i) the
Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property
rights and similar rights as described in the SEC Reports as necessary or material for use in connection with their
respective businesses and which the failure to so have could reasonably be expected to have a Material Adverse Effect
(collectively, the “Intellectual Property Rights”); (ii) neither the Company nor any Subsidiary has
received a notice (written or otherwise) that any of the Intellectual Property Rights violates or infringes upon the rights
of any Person; (iii) all such Intellectual Property Rights are enforceable and there is no existing infringement by another
Person of any of the Intellectual Property Rights, except where the failure to be so enforceable or for such infringements as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iv) the Company
and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of
their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

(p) Transactions
with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company
and, to the knowledge of the Company, none of the employees of the Company is presently a party to any transaction with the
Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement
or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to
or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the
Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer,
director, trustee or partner, in each case in excess of $100,000 other than for: (i) payment of salary or consulting fees for
services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits,
including stock option agreements under any stock option plan of the Company.

 

(q) Environmental
Laws. The Company and its subsidiaries are (i) in compliance with any and all applicable foreign, federal, state and
local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses
or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are
in compliance with all terms and conditions of any such permit, license or approval, except in each of the above cases where
noncompliance could not be reasonably expected to have a Material Adverse Effect.

 

    	 

    	 

    

 

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

 

(s) Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions
contemplated by the Transaction Documents,. The Purchaser shall have no obligation with respect to any fees or with respect
to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in
connection with the transactions contemplated by the Transaction Documents.

 

(t) Private
Placement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 3.2, no
registration under the Securities Act is required for the offer and sale of the Debentures by the Company to the Purchaser as
contemplated hereby. The issuance and sale of the Debentures hereunder does not contravene the rules and regulations of the
Trading Market.

 

(u) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of
1940, as amended. The Company shall conduct its business in a manner so that it will not become subject to the Investment
Company Act of 1940, as amended.

 

(v) Registration
Rights. No Person has any right to cause the Company to effect the registration under the Securities Act of any
securities of the Company.

 

(w) Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is
contemplating terminating such registration. The Company has not, in the 12 months preceding the date hereof, received notice
from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in
compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe
that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance
requirements.

 

    	 

    	 

    

 

(x) Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to
render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a
rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar
charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchaser as a result
of the Purchaser and the Company fulfilling their obligations or exercising their rights under the Transaction Documents,
including without limitation as a result of the Company’s issuance of the Securities and the Purchaser’s
ownership of the Securities.

 

(y) Disclosure.
Except with respect to (i) the material terms and conditions of the transactions contemplated by the Transaction Documents
and (ii) information given to the Investor, if any, which the Company hereby confirms will not constitute material non-public
information six months from the date hereof, the Company confirms that neither it nor any other Person acting on its behalf
has provided the Purchaser or their agents or counsel with any information that it believes constitutes or might constitute
material, nonpublic information. The Company understands and confirms that the Purchaser will rely on the foregoing
representation in effecting transactions in securities of the Company. All disclosure furnished in writing by or on behalf of
the Company to the Purchaser regarding the Company, its business and the transactions contemplated hereby, including the
Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under
which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the
date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under
which they were made and when made, not misleading.

 

The
Company acknowledges and agrees that the Purchaser has not made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(z) No
Integrated Offering. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section
3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or
indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of the
Securities Act which would require the registration of any such securities under the Securities Act.

 

(aa) Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in
a Material Adverse Effect, the Company and each Subsidiary has filed all necessary federal, state and foreign income and
franchise tax returns and has paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax
deficiency which has been asserted or threatened against the Company or any Subsidiary.

 

(bb) No
General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the
Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only
to the Purchaser and certain other “accredited investors” within the meaning of Rule 501 under the Securities
Act.

 

    	 

    	 

    

 

(cc) Foreign
Corrupt Practices. Neither the Company, nor to the knowledge of the Company, any agent or other person acting on behalf
of the Company, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other
unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic
government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii)
failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which the
Company is aware) which is in violation of law or (iv) violated in any material respect any provision of the Foreign Corrupt
Practices Act of 1977, as amended.

 

(dd) No
Disagreements with Accountants and Lawyers; Outstanding SEC Comments. There are no disagreements of any kind presently
existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or
presently employed by the Company and the Company is or immediately after the Closing Date will be current with respect to
any fees owed to its accountants which could affect the Company’s ability to perform any of its obligations under any
of the Transaction Documents. There are no unresolved comments or inquiries received by the Company or its Affiliates from
the Commission which remain unresolved as of the date hereof.

 

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

 

(ff) Disqualification.
No executive officer, member of the Board of Directors of the Company or shareholder of the Company beneficially owning more
than 10% of the Company’s securities is currently subject to a Disqualifying Event. For purposes of this Agreement,
“Disqualifying Event” means any conviction, order, judgment, decree, suspension, expulsion, event or other matter
set out in Rule 506(d)(1)(i) through (viii) of Regulation D that is currently in effect or which occurred within the periods
set out in Rule 506(d)(1)(i) through (viii).

 

(gg) Solvency. Based
on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other
liabilities (including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute
unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital
needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and
projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together
with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all
anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts
are required to be paid. As of the date hereof, the Company has no intention to file for reorganization or liquidation under
the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Except as provided in Schedule
3.1(gg), the SEC Reports sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the
Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement,
“Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $10,000 (other than
trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent
obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s
consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in
excess of $10,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any
Subsidiary is in default with respect to any Indebtedness. On each closing the Notes shall be senior to the Company’s
existing debt and there are no existing Liens or security interest on any of the Company’s assets or any Subsidiary of
the Company.

 

    	 

    	 

    

 

3.2 Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the
Closing Date to the Company as follows:

 

(a) Organization;
Authority. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to
consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder
and thereunder. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when delivered
by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the
Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

(b) Own
Account. The Purchaser understands that the Securities are “restricted securities” and have not been
registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for
its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of
the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in
violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or
understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and
warranty not limiting the Purchaser’s right to sell the Securities pursuant to a registration statement or otherwise in
compliance with applicable federal and state securities laws) in violation of the Securities Act or any applicable state
securities law. The Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

(c) Purchaser
Status. At the time the Purchaser was offered the Debentures, it was, and as of the date hereof it is, and on each date
on which it converts any Debentures it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1),
(a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in
Rule 144A(a) under the Securities Act. The Purchaser is not required to be registered as a broker-dealer under Section 15 of
the Exchange Act.

 

(d) Experience
of the Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the
economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such
investment.

 

    	 

    	 

    

 

(e) General
Solicitation. The Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other
communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or
radio or presented at any seminar or any other general solicitation or general advertisement.

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1 Transfer
Restrictions.

 

(a)
The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer
of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or in connection with a
pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion
of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall
be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred
Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by
the terms of this Agreement, including the representations and warranties made by each Purchaser herein, and shall have the
rights of a Purchaser under this Agreement.

 

(b)
The Purchaser agrees to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in
the following form:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED
BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS SECURITY [AND THE SECURITIES ISSUABLE UPON [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The
Company acknowledges and agrees that the Purchaser may from time to time grant a security interest in some or all of the Securities
to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and
who agrees in writing with the Company to be bound by the provisions of this Agreement and, if required under the terms of such
arrangement and subject to compliance with applicable federal and state securities laws, the Purchaser may transfer secured Securities
to the secured parties. Absent special circumstances, such a transfer would not be subject to approval of the Company and no legal
opinion of legal counsel of the secured party shall be required in connection therewith. At the Purchaser’s expense, the
Company will execute and deliver such reasonable documentation as a secured party of Securities may reasonably request in connection
with a pledge or transfer of the Securities.

 

    	 

    	 

    

 

(c)
Certificates evidencing the Underlying Shares (or, if Underlying Shares are issued in uncertificated form, comparable share
notices) shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while a registration
statement covering the resale of such security is effective under the Securities Act, or (ii) following any sale of such
Underlying Shares pursuant to Rule 144, or (iii) if such Underlying Shares are eligible for sale under Rule 144, without the
requirement for the Company to be in compliance with the current public information required under Rule 144 as to such
Underlying Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not otherwise required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of
the Commission), as reasonably determined by the Company. Upon the Purchaser’s request in connection with a proposed
sale of Underlying Shares pursuant to Rule 144 and if the Company reasonably determines it is so required, upon receipt of
customary documentation from Purchaser’s broker (if the Underlying Shares are sold in brokers transactions), the
Company shall, at its own cost and effort, retain legal counsel to provide an opinion letter to the Company’s transfer
agent opining that the Underlying Shares may be resold without registration under the Securities Act, pursuant to Rule 144,
promulgated thereunder, so long as the requirements of Rule 144 are met for any Underlying Shares to be resold thereunder.
The Company shall arrange for any such opinion letter to be provided not later than two (2) business days after the date of
delivery to and receipt by the Company of a written request by the Purchaser together with (if required in order to render
the opinion) any broker’s representation letter of other customary documentation reasonably requested by the Company
evidencing compliance with Rule 144 (the “Legend Removal Date”).

 

(d)
In addition to the Purchaser’s other available remedies, the Company shall pay to the Purchaser, in cash, as partial
liquidated damages and not as a penalty, for each $1,000 of Underlying Shares (based on the VWAP of the Common Stock on the
date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to
Section 4.1(c), $10 per Trading Day for each Trading Day after the Legend Removal Date until such certificate (or, if the
Underlying Shares are in uncertificated form, a comparable notice of share ownership) is delivered without a legend. Nothing
herein shall limit the Purchaser’s right to pursue actual damages for the Company’s failure to deliver
certificates representing any Securities as required by the Transaction Documents, and the Purchaser shall have the right to
pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief.

 

(e)
The Purchaser agrees that the Purchaser will sell any Securities only pursuant to either an exemption from registration or a
registration statement under the Securities Act, including any applicable prospectus delivery requirements, and that if
Securities are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set
forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities as set
forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.

 

4.2 Acknowledgment
of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding
shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges
that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Underlying
Shares pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off,
counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against the
Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the
Company.

 

    	 

    	 

    

 

4.3 Furnishing
of Information. Until the earlier to occur of the time that (i) the Purchaser owns no Securities, or (ii) 18 months from
the date hereof, the Company covenants that it will maintain the registration of the Common Stock under Section 12(b) or
12(g) of the Exchange Act and to use all commercially reasonable efforts to timely file (or obtain extensions in respect
thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the Exchange Act. As long as the Purchaser owns Securities, if the Company is not required to file reports
pursuant to the Exchange Act, it will prepare and furnish to the Purchaser and make publicly available in accordance with
Rule 144(c) such information as is required for the Purchaser to sell the Securities under Rule 144. The Company further
covenants that it will use all commercially reasonable efforts to take such further action as any holder of Securities may
reasonably request, to the extent required from time to time to enable such Person to sell such Securities without
registration under the Securities Act within the requirements of the exemption provided by Rule 144.

 

4.4 Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as
defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities to the
Purchaser in a manner that would require the registration under the Securities Act of the sale of the Securities to the
Purchaser.

 

4.5 Conversion
and Exercise Procedures. The form of Notice of Conversion included in the Debentures sets forth the totality of the
procedures required of the Purchaser in order to convert the Debentures. No additional legal opinion, other information or
instructions shall be required of the Purchaser to convert their Debentures. The Company shall honor conversions of the
Debentures and shall deliver Underlying Shares in accordance with the terms, conditions and time periods set forth in the
Transaction Documents.

 

4.6 Securities
Laws Disclosure; Publicity. The Company shall, by 5:30 p.m. (New York City time) on the fourth Trading Day following the
date hereof, disclose the material terms of the transactions contemplated hereby by either: (i) issuing a Current Report on
Form 8-K regarding the transaction; or (b) issuing its Annual Report on Form 10-K with the transaction disclosed. In either
case, the Transaction Documents will be included as exhibits. The Company and the Purchaser shall consult with each other in
issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor the
Purchaser shall issue any such press release nor otherwise make any such public statement (other than in the Company’s
SEC Reports after the Closing Date or exhibits filed therewith) without the prior consent of the Company, with respect to any
press release of the Purchaser, or without the prior consent of the Purchaser, with respect to any press release of the
Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which
case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.
Notwithstanding the foregoing, other than in connection with the Company’s SEC Reports or disclosures to any regulatory
agency or Trading Market that the Company determines are necessary or appropriate, the Company shall not publicly disclose
the name of the Purchaser, or include the name of the Purchaser, in any press release or similar public statement, without
the prior written consent of the Purchaser.

 

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

 

    	 

    	 

    

 

4.8 Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, the Company covenants and agrees that after the Closing Date neither it, nor any other Person acting
on its behalf, will provide the Purchaser or its agents or counsel with any information that the Company believes constitutes
material non-public information, unless prior thereto the Purchaser shall have executed a written agreement regarding the
confidentiality and use of such information. The Company understands and confirms that the Purchaser shall be relying on the
foregoing covenant in effecting transactions in securities of the Company. Purchaser acknowledges that it is aware that the
United States securities laws prohibit any person who has material non-public information about a company from purchasing or
selling securities of such company, or from communicating such information to any other person under circumstances in which
it is reasonably foreseeable that such person is likely to purchase or sell such securities, and Purchaser agrees not to
engage in any unlawful trading in securities of the Company or unlawful misuse or misappropriation of any such information.
Purchaser agrees to maintain the confidentiality of and not disclose or use (except for purposes relating to the transactions
contemplated by this Agreement) any confidential, proprietary or non-public information disclosed by the Company to
Purchaser.

 

4.9 Use
of Proceeds. Of the net proceeds from the sale of the Debentures, the Company shall use at least $15,000 in connection
with the payment of its auditors and preparing its annual report on form 10-K and shall use the rest of net proceeds from the
sale of the Securities hereunder for working capital purposes. The Company shall not use any of the net proceeds from the
sale of the Debentures for: (a) the satisfaction of any portion of the Company’s debt (other than payment of trade
payables in the ordinary course of the Company’s business and prior practices), (b) the redemption of any Common Stock
or Common Stock Equivalents or (c) the settlement of any litigation.

 

4.10 Indemnification
of Purchaser. Subject to the provisions of this Section 4.10, the Company will indemnify and hold the Purchaser and its
directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who
controls the Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling
person (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims,
contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable
attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating
to any action, suit, claim or proceeding brought by a third party against such Purchaser Party arising out of or relating to
(a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in
the other Transaction Documents or (b) any action instituted against a Purchaser in any capacity, or any of them or their
respective Affiliates, by any stockholder of the Company who is not an Affiliate of the Purchaser, with respect to any of the
transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser’s
representations, warranties or covenants under the Transaction Documents or any agreements or understandings the Purchaser
may have with any such stockholder or any violations by the Purchaser of state or federal securities laws or any conduct by
the Purchaser which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought
against the Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party
shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with
counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall
be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically
authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense
and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material
conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case
the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company
will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without
the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but
only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of
the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other
Transaction Documents.

 

    	 

    	 

    

 

4.11 Reservation
and Listing of Securities.

 

(a)
The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Transaction
Documents in such amount as may then be required to fulfill its obligations in full under the Transaction
Documents.

 

(b)
If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the
Required Minimum on such date, then the Board of Directors shall use commercially reasonable efforts to amend the
Company’s certificate or articles of incorporation to increase the number of authorized but unissued shares of Common
Stock to at least the Required Minimum at such time, as soon as possible and in any event not later than the 60th calendar
day after such date.

 

(c)
The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with
such Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to
the Required Minimum on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to
be approved for listing on such Trading Market as soon as possible thereafter, (iii) provide to the Purchaser evidence of
such listing and (iv) maintain the listing of such Common Stock on any date at least equal to the Required Minimum on such
date on such Trading Market or another Trading Market.

 

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

 

4.13 Corporate
Existence. So long as any of the Debentures remain outstanding, the Company shall not directly or indirectly consummate
any merger, reorganization, restructuring, consolidation, sale of all or substantially all of the Company’s assets or
any similar transaction or related transactions (each such transaction, an “Organizational Change”)
unless, prior to the consummation an Organizational Change, the Company obtains the written consent of the Purchaser, which
consent shall not be unreasonably withheld. In any such case, the Company will make appropriate provision with respect to
such holders’ rights and interests to insure that the provisions of this Section 4.13 will thereafter be applicable to
the Debentures.

 

4.14 Transfer
Agent. The Company covenants and agrees that it will at all times while the Debentures remains outstanding maintain a
duly qualified independent transfer agent.

 

4.15 Reserved.

 

4.16 No
Short Selling. The Purchaser has and shall not, directly or indirectly, his, her or itself, through related parties,
affiliates or otherwise, (i) sell “short” or “short against the box” (as those terms are generally
understood) any equity security of the Company or (ii) otherwise engage in any transaction that involves hedging of the
Purchaser’s position in any equity security of the Company, until the later of (i) the date the Debentures owned by the
Purchaser is no longer owned by the Purchaser, or (ii) the Maturity Date (as such term is defined in the Debentures) and the
Conversion Date.

 

    	 

    	 

    

 

4.17 Subsequent
Rights Offerings. If at any time the Company grants, issues or sells any Common Stock, 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 conversion of this Note (without regard to any limitations on conversion
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, 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 in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such
extent)

 

ARTICLE
V.

MISCELLANEOUS

 

5.1 Termination.
This Agreement may be terminated by the Purchaser, as to the Purchaser’s obligations hereunder only and without any
effect whatsoever on the obligations between the Company and the Purchaser, by written notice to the other parties, if the
Closing has not been consummated on or before June 14, 2018; provided, however, that such termination will not
affect the right of any party to sue for any breach by the other party (or parties). For the avoidance of doubt, even absent
termination by the Purchaser, the Company needs to no earlier than 30 days from the date hereof and no later than 45 days
from the date hereof and subject there not being a Material Adverse Effect and the Company not being in default or breach of
this Agreement or the Debenture specifically request the Subsequent Financing payment be made by the Purchaser. The
Company’s representations and warranties shall survive the termination of this agreement.

 

5.2 Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees
and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all
transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the
Purchaser. The Company agrees to pay due diligence expense for the Purchaser $5,000 in fees, the Purchaser will withhold
$5,000 of the purchase price of the first Debenture in order to pay the fees due its counsel.

 

5.3 Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or
written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules.

 

5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earliest of: (a) one Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto
prior to 5:30 p.m. (New York City time) on a Trading Day, with written confirmation of successful transmission, (b) the next
Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (c) the second Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The
address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

    	 

    	 

    

 

5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and the Purchaser or, in the case of a waiver, by the party against whom
enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default
or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise
any right hereunder in any manner impair the exercise of any such right.

 

5.6 Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or
affect any of the provisions hereof.

 

5.7 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Purchaser (other than by merger). The Purchaser may assign any or all of its rights under this Agreement to
any Person to whom the Purchaser assigns or transfers any Securities, provided that such transfer complies with all
applicable federal and state securities laws and that such transferee agrees in writing with the Company to be bound, with
respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the Purchaser.

 

5.8 No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other
Person, except as otherwise set forth in Section 4.10.

 

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

 

    	 

    	 

    

 

5.10 Survival.
The representations and warranties shall survive the Closing and the delivery of the Debentures until, with respect to the
Purchaser, the Debentures held by the Purchaser has been paid in full or converted into Underlying Shares, at which time they
shall expire such respect to Purchaser and shall no longer be of any force or effect.

 

5.11 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

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

 

5.13 Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever the Purchaser exercises a right, election, demand or option
under a Transaction Document and the Company does not timely perform its related obligations within the periods therein
provided, then the Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the
Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; provided, however,
that in the case of a rescission of a conversion of a Debentures, the Purchaser shall be required to return any shares
of Common Stock subject to any such rescinded conversion or exercise notice.

 

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

 

5.15 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each
of the Purchaser and the Company will be entitled to specific performance under the Transaction Documents. The parties agree
that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained
in the Transaction Documents and hereby agrees to waive and not to assert in any action for specific performance of any such
obligation the defense that a remedy at law would be adequate.

 

    	 

    	 

    

 

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

 

5.17 Usury.
To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted,
now or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the
Purchaser in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the
contrary contained in any Transaction Document, it is expressly agreed and provided that the total liability of the Company
under the Transaction Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized
under applicable law (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate
of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that the
Company may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum
contract rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute or
any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will
be the Maximum Rate applicable to the Transaction Documents from the effective date forward, unless such application is
precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the
Company to the Purchaser with respect to indebtedness evidenced by the Transaction Documents, such excess shall be applied by
the Purchaser to the unpaid principal balance of any such indebtedness or be refunded to the Company, the manner of handling
such excess to be at the Purchaser’s election.

 

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

 

5.19 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.

 

5.20 Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the
Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
hereto.

 

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

 

(Signature
Pages Follow)

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

PROGREEN US, INC.

 

	By:
    	/s/
    Jan Telander	 
	Name:	Jan
    Telander	 
	Title:
    	President
    and CEO	 

 

With
a copy to (which shall not constitute notice):

 

Progreen
US, Inc.

6443
Inkster Road, Suite 170-D,

Bloomfield
Township, MI 48301

Attn:
CEO

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	 

    	 

    

 

[PURCHASER
SIGNATURE PAGES TO PROGREEN US, INC. SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	Name
    of Purchaser: 	 
	Signature
    of Authorized Signatory of Purchaser: 	 
	Name
    of Authorized Signatory: 	 
	Title
    of Authorized Signatory: 	 
	Email
    Address of Authorized Signatory: 	 
	Facsimile
    Number of Authorized Signatory: 	 
	 	 
	Address
    for Notice of Purchaser:	 
	 	 
	Address
    for Delivery of Securities for Purchaser (if not same as address for notice):
	 
	EIN
    Number: [PROVIDE THIS UNDER SEPARATE COVER]

 

    	 

    	 

    

 

Annex
A

 

CLOSING
STATEMENT

 

Pursuant
to the attached Securities Purchase Agreement, dated as of the date hereto, the purchaser shall purchase an aggregate of $150,000
Original Discount Debentures from Progreen US, Inc., a Delaware corporation (the “Company”) for a purchase
price of an aggregate of $145,000. All funds will be wired into an account maintained by the Company. All funds will be disbursed
in accordance with this Closing Statement.

 

	First
    Closing	 	 	 	 
	 	 	 	 	 
	Disbursement
    Date:	 	 	 	 
	 	 	 	 	 
	I.
    PURCHASE PRICE	 	 	 	 
	 	 	Gross
    Proceeds to be Received	 	$145,000

 

	II.
    DISBURSEMENTS	 	 	 	 
	 	 	 	 	 
	 	 	Purchaser’s
    due diligence expense	 	$5,000
	 	 	 	 	 
	Total
    Amount Disbursed:	 	 	 	$150,000
	 	 	 	 	 

 

	WIRE
    INSTRUCTIONS:	 	 

 

(Signature
Pages Follow)

 

    	 

    	 

    

 

	PROGREEN US, INC.	 
	 	 	 
	By:
    		 
	Name:	Jan
    Telander	 
	Title:
    	President
    and CEOInvestor Rights Agreement

 EXHIBIT 10.1 

EXECUTION VERSION 

TILRAY, INC. 
 INVESTOR
RIGHTS AGREEMENT 

 TILRAY, INC. 

INVESTOR RIGHTS AGREEMENT 

THIS INVESTOR RIGHTS AGREEMENT (the “Agreement”) is
entered into as of February 5, 2018, by and among TILRAY, INC., a Delaware corporation (the “Company”) and the investors set forth on the signature pages hereto, referred to
hereinafter as (together, the “Investors” and each individually as an “Investor”) and those certain holders of the Company’s Common Stock listed on Exhibit A hereto (the
“Key Holders”) 
 RECITALS 

WHEREAS, the Investors are purchasing shares of the Company’s Series A Preferred Stock (the
“Series A Stock” or the “Preferred Stock”) pursuant to that certain Series A Preferred Stock Purchase Agreement (the “Purchase Agreement”)
of even date herewith; (the “Financing”). 
 WHEREAS, the
obligations in the Purchase Agreement are conditioned upon the execution and delivery of this Agreement; and 

WHEREAS, in connection with the consummation of the Financing, the parties desire to enter
into this Agreement in order to grant registration, information rights and other rights to the Investors as set forth below. 

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. GENERAL. 

1.1 Definitions. As used in this Agreement the following terms shall have the following respective meanings: 

(a) “Common Stock” means the Company’s Class 1 Common Stock, Class 2 Common Stock, and
Class 3 Common Stock, collectively. 
 (b) “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 (c) “Form S-3” means such form under the Securities Act
as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the
Company with the SEC. 
 (d) “Holder” means any person owning of record Registrable Securities that have not
been sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.9 hereof. 

  
 1. 

 (e) “Initial Offering” means the Company’s first firm
commitment underwritten public offering of its Common Stock registered under the Securities Act. 
 (f) “Investor
Shares” means all shares of voting capital stock of the Company (including but not limited to all shares of Class 2 Common Stock issued or issuable upon conversion of the Shares) registered in an Investor’s name or
beneficially owned by such Investor as of the date hereof and any and all other securities of the Company legally or beneficially acquired by such Investor after the date hereof. 

(g) “Key Holder Shares” means all shares of voting capital stock of the Company registered in a Key
Holder’s name or beneficially owned by such Key Holder as of the date hereof and any and all other securities of the Company legally or beneficially acquired by such Key Holder after the date hereof. 

(h) “Major Investor” means an Investor (with its affiliates) who owns not less than Five Hundred Sixty-Three
Thousand Five Hundred Twenty-Six (563,526) Shares (as adjusted for stock splits and combinations). 

(i) “Register,” “registered,” and “registration”
refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

(j) “Registrable Securities” means (a) Common Stock of the Company issuable or issued upon conversion of
the Shares and (b) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person to the public either pursuant to a registration statement or Rule 144 or (ii) sold
in a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned. 
 (k)
“Registrable Securities then outstanding” shall be the number of shares of the Company’s Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant
to then exercisable or convertible securities. 
 (l) “Registration Expenses” shall mean all expenses
incurred by the Company in complying with Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements
not to exceed twenty-five thousand dollars (C$25,000) of a single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the
compensation of regular employees of the Company which shall be paid in any event by the Company). 
 (m)
“SEC” or “Commission” means the Securities and Exchange Commission. 
 (n)
“Securities Act” shall mean the Securities Act of 1933, as amended. 

  
 2. 

 (o) “Selling Expenses” shall mean all underwriting discounts and
selling commissions applicable to the sale. 
 (p) “Shares” shall mean the Series A Stock
held from time to time by the Investors and their permitted assigns. 
 (q) “Special Registration Statement”
shall mean (i) a registration statement relating to any employee benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the
issuance or resale of securities issued in such a transaction or (iii) a registration related to stock issued upon conversion of debt securities. 

SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER. 

2.1 Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities unless and until: 

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement; or 
 (ii) (A) The transferee has agreed in writing to be bound by the
terms of this Agreement, (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (C) if
reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. It is
agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require any transferee pursuant to Rule 144 to be bound by the
terms of this Agreement if the shares so transferred do not remain Registrable Securities hereunder following such transfer. 
 (b)
Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer by a Holder that is (A) a partnership transferring to its partners or former partners in accordance with partnership interests,
(B) a corporation transferring to a wholly-owned subsidiary or a parent corporation that owns all of the capital stock of the Holder, (C) a limited liability company transferring to its members or former members in accordance with their
interest in the limited liability company, (D) an individual transferring to the Holder’s family member or trust for the benefit of an individual Holder or (E) an affiliate of such Holder; provided that in each case the
transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if he were an original Holder hereunder. 

(c) Each certificate representing Shares or Registrable Securities shall be stamped or otherwise imprinted with legends substantially
similar to the following (in addition to any legend required under applicable state securities laws): 

  
 3. 

 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

(d) The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if the Company has
completed its Initial Offering and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be
so disposed of without registration, qualification and legend, provided that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. 

(e) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect
to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

2.2 Demand Registration. 

(a) Subject to the conditions of this Section 2.2, if the Company shall receive a written request from the Holders of a majority
of the Registrable Securities (the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration of at least a majority of the Registrable Securities then outstanding,
then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably possible, the
registration under the Securities Act of all Registrable Securities that all Holders request to be registered. 
 (b) If the
Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to
Section 2.4 and the Company shall include such information in the written notice referred to in Section 2.2(a) or 

  
 4. 

 
Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in
such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably
acceptable to the Company). Notwithstanding any other provision of this Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten
(including Registrable Securities) then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to
the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders); provided that to the extent other shares of the Company are
included in any such registration statement, 100% of such other shares must be excluded before any Registrable Securities are excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration.

 (c) The Company shall not be required to effect a registration pursuant to this Section 2.2: 

(i) prior to the earlier of (A) December 31, 2018 or (B) of the expiration of the restrictions on transfer set forth in
Section 2.11 following the Initial Offering; 
 (ii) after the Company has effected two (2) registrations pursuant to this
Section 2.2, and such registrations have been declared or ordered effective; 
 (iii) during the period starting with the date
of filing of, and ending on the date one hundred eighty (180) days following the effective date of the registration statement pertaining to a public offering, other than pursuant to a Special Registration Statement; provided that the
Company makes reasonable good faith efforts to cause such registration statement to become effective; 
 (iv) if within thirty
(30) days of receipt of a written request from Initiating Holders pursuant to Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for a public offering, other than
pursuant to a Special Registration Statement within ninety (90) days, provided if the Company shall not have actually filed a registration statement within such ninety (90) day period, then the Initiating Holders shall be permitted
to make a new request and the Company will not be entitled to block such request pursuant to this clause (iv); 
 (v) if the Company
shall furnish to Holders requesting a registration statement pursuant to this Section 2.2 a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously
detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of 

  
 5. 

 
not more than ninety (90) days after receipt of the request of the Initiating Holders; provided that such right to delay a request shall be exercised by the Company not more than once
in any twelve (12) month period; 
 (vi) if the Initiating Holders propose to dispose of shares of Registrable Securities that
may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; or 

(vii) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent
to service of process in effecting such registration, qualification or compliance. 
 2.3 Piggyback Registrations. The Company
shall notify all Holders of Registrable Securities in writing at least fifteen (15) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company
(including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration
statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15) days after the
above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities
in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the
Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 
 (a) Underwriting.
If the registration statement of which the Company gives notice under this Section 2.3 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include
Registrable Securities in a registration pursuant to this Section 2.3 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the
extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by
the Company. Notwithstanding any other provision of this Agreement, if the Company determines in good faith, based on consultation with the underwriter, that marketing factors require a limitation of the number of shares to be underwritten, the
number of shares that may be included in the underwriting shall be allocated, first, to the Company; second, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the Holders; and third, to any
stockholder of the Company (other than a Holder) on a pro rata basis; provided, however, that no such reduction shall reduce the amount of securities of the selling Holders included in the registration below thirty percent (30%) of the total
amount of securities included in such registration, unless such offering is the Initial Offering and such registration does not include shares of any other selling stockholders, in which event any or all of the Registrable Securities of the Holders
may be excluded in accordance with the immediately preceding clause. In no event 

  
 6. 

 
will shares of any other selling stockholder be included in such registration that would reduce the number of shares which may be included by Holders without the written consent of Holders of not
less than a majority of the Registrable Securities proposed to be sold in the offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the
underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For
any Holder which is a partnership, limited liability company or corporation, the partners, retired partners, members, retired members and stockholders of such Holder, or the estates and family members of any such partners, retired partners, members
and retired members and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount
of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.3 whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to include shares in such registration of such termination or withdrawal. The
Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5 hereof. 
 2.4
Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) as soon as
practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities
as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such
written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

(i) if Form S-3 is not available for such offering by the Holders, or 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars (C$1,000,000), or 

  
 7. 

 (iii) if within thirty (30) days of receipt of a written request from any Holder or
Holders pursuant to this Section 2.4, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement,
provided if the Company shall not have actually filed a registration statement within such ninety (90) day period, then the Initiating Holders shall be permitted to make a new request and the Company will not be entitled to block such request
pursuant to this clause (iii); 
 (iv) if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board
of Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3
registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than ninety (90) days
after receipt of the request of the Holder or Holders under this Section 2.4; provided, that such right to delay a request shall be exercised by the Company not more than twice in any twelve (12) month period, or 

(v) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two
(2) registrations on Form S-3 for the Holders pursuant to this Section 2.4, or 

(vi) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent
to service of process in effecting such registration, qualification or compliance. 
 (c) Subject to the foregoing, the Company shall
file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders.
Registrations effected pursuant to this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Section 2.2. 

2.5 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so
registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the request of which has been
subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information concerning the Company of which the Initiating Holders were not aware at the time of such request or (b) the Holders of a
majority of Registrable Securities agree to deem such registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b)(v), as
applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all Holders. If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including
Registrable Securities) requesting such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay 

  
 8. 

 
the Registration Expenses of a withdrawn offering pursuant to clause (a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the
Company shall be obligated pursuant to Section 2.2(c) or 2.4(b)(v), as applicable, to undertake any subsequent registration. 

2.6 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the Company shall,
as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration statement with respect to such
Registrable Securities and use all reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement
effective for up to one hundred twenty (120) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a
period not to exceed sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement
(and the Initiating Holders hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that there is or may be in existence material nonpublic
information or events involving the Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation (as defined below). In the event that the Company shall exercise its right to
delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain effective shall be extended by a period of time equal to the duration of the Suspension Period.
The Company may extend the Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of a majority of the Registrable Securities registered under the applicable registration statement, which consent shall
not be unreasonably withheld. If so directed by the Company, all Holders registering shares under such registration statement shall (i) not offer to sell any Registrable Securities pursuant to the registration statement during the period
in which the delay or suspension is in effect after receiving notice of such delay or suspension; and (ii) use their best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in
such Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. Notwithstanding the foregoing, the Company shall not be required to file, cause to become effective or maintain
the effectiveness of any registration statement other than a registration statement on Form S-3 that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act. 
 (b) Prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth
in subsection (a) above. 
 (c) Furnish to the Holders such number of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

  
 9. 

 (d) Use its reasonable efforts to register and qualify the securities covered by such
registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (e) In the event of
any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter
into and perform its obligations under such an agreement. 
 (f) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use
reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing. 
 (g) Use its reasonable efforts to furnish, on the date
that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants
of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

2.7 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the
result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 (b) It
shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held
by them and the intended method of disposition of such securities as shall be required to effect the registration of their Registrable Securities. 

(c) The Company shall have no obligation with respect to any registration requested pursuant to Section 2.2 or Section 2.4 if
the number of shares or the anticipated 

  
 10. 

 
aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to
originally trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 

2.8 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2,
2.3 or 2.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members,
officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any
losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state
therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or
any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner, member,
officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided however, that the
indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not
be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with
written information furnished expressly for use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 

(b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as
to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within the meaning of the Securities Act, any
underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder, against any losses, claims, damages or liabilities
(joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become subject under the Securities Act, the
Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the 

  
 11. 

 
following statements: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder
Violation occurs in reliance upon and in conformity with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder
will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with
investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no
event shall any indemnity under this Section 2.8 exceed the net proceeds from the offering received by such Holder. 
 (c)
Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this Section 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with
the fees and expenses thereof to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such
indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying
party of any liability to the indemnified party under this Section 2.8 to the extent, and only to the extent, prejudicial to its ability to defend such action, but the omission so to deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. 
 (d) If the
indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in
lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well
as any other relevant equitable considerations. The relative fault of the indemnifying party and of the 

  
 12. 

 
indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided,
that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 

(e) The obligations of the Company and Holders under this Section 2.8 shall survive completion of any offering of Registrable
Securities in a registration statement and, with respect to liability arising from an offering to which this Section 2.8 would apply that is covered by a registration filed before termination of this Agreement, such termination. No indemnifying
party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
 2.9
Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such
shares remain Registrable Securities) that (a) is a subsidiary, parent, general partner, limited partner, retired partner, member or retired member, or stockholder of a Holder that is a corporation, partnership or limited liability company,
(b) is a Holder’s family member or trust for the benefit of an individual Holder, or (c) acquires at least Five Hundred Sixty-Three Thousand Five Hundred Twenty-Six (563,526) shares of
Registrable Securities (as adjusted for stock splits and combinations); or (d) is an entity affiliated by common control (or other related entity) with such Holder provided, however, (i) the transferor shall, within ten
(10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall
agree to be subject to all restrictions set forth in this Agreement. 
 2.10 Limitation on Subsequent Registration Rights.
Other than as provided in Section 2.14, after the date of this Agreement, the Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder rights to demand the
registration of shares of the Company’s capital stock, or to include such shares in a registration statement that would reduce the number of shares includable by the Holders. 

2.11 Market Stand-Off Agreement. Each Holder hereby agrees that such Holder shall
not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock (or other securities) of the Company
held by such Holder (other than those included in the registration, i.e. shares purchased in the Initial Offering) during the 180-day period following the effective date of the Initial Offering; provided, that
all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. 

  
 13. 

 2.12 Agreement to Furnish Information. Each Holder agrees to execute and deliver
such other agreements as may be reasonably requested by the Company or the managing underwriters that are consistent with the Holder’s obligations under Section 2.11 or that are necessary to give further effect thereto. In addition, if
requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such
representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 2.11 and this Section 2.12
shall not apply to a Special Registration Statement. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such shares of Common Stock (or other securities) until the end of such period. Each
Holder agrees that any transferee of any shares of Registrable Securities shall be bound by Sections 2.11 and 2.12. The underwriters of the Company’s stock are intended third party beneficiaries of Sections 2.11 and 2.12 and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 2.13 Rule 144 Reporting.
With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a) Make and keep public information available, as those terms are understood and defined in SEC Rule 144 or any similar or
analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b) File with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and 

(c) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a written statement by the
Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly
report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such securities without
registration. 
 2.14 Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Section 2.2, Section 2.3, or Section 2.4 hereof shall terminate upon the earlier of: (i) the date five (5) years following an initial public offering that results
in the conversion of all outstanding shares of Preferred Stock; or (ii) such time as such Holder holds less than one percent (1%) of the Company’s outstanding shares of Common Stock (treating all shares of Preferred Stock on an as
converted basis), the Company has completed its Initial Offering and all Registrable Securities of the Company issuable or issued upon conversion of the Shares held by and issuable to such Holder (and its affiliates) may be sold pursuant to Rule 144
during any ninety (90) day period. Upon such termination, such shares shall cease to be “Registrable Securities” hereunder for all purposes. 

  
 14. 

 2.15 Rule144A Information Rights. So long as the Company is not subject to the
reporting requirements of Section 13 or Section 15(d) of the Exchange Act, the Company shall provide the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to a Holder upon such Holder’s request.

 SECTION 3. COVENANTS OF THE COMPANY. 

3.1 Basic Financial Information and Reporting. 

(a) The Company will maintain true books and records of account in which full and correct entries will be made of all its business
transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients thereof), and will set aside on
its books all such proper accruals and reserves as shall be required under generally accepted accounting principles consistently applied. 

(b) To the extent requested by an Investor, as soon as practicable after the end of each fiscal year of the Company, and in any event
within one hundred twenty (120) days thereafter, the Company will furnish such Investor a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company, for such
year, all prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients thereof) and setting forth in each case in comparative form the figures for the previous
fiscal year, all in reasonable detail. Such financial statements shall be accompanied by a report and opinion thereon by independent public accountants selected by the Company’s Board of Directors. 

(c) To the extent requested by a Major Investor, the Company will furnish such Major Investor, as soon as practicable after the end of
the first, second and third quarterly accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days thereafter, a balance sheet of the Company as of the end of each such quarterly period, and a
statement of income and a statement of cash flows of the Company for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein or as
disclosed to the recipients thereof), with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made. 

(d) To the extent requested by a Major Investor, the Company will furnish to such Major Investor an annual budget for the upcoming
fiscal year. 
 3.2 Inspection Rights. Each Major Investor shall have the right to visit and inspect any of the properties of
the Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable times and as
often as may be reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.2 with respect to a competitor of the Company or with respect to information which the Board of Directors determines in
good faith is confidential or attorney-client privileged and should not, therefore, be disclosed. 

  
 15. 

 3.3 Confidentiality of Records. Each Investor agrees to use the same degree of care
as such Investor uses to protect its own confidential information to keep confidential any information furnished to such Investor hereof that the Company identifies as being confidential or proprietary (so long as such information is not in the
public domain), except that such Investor may disclose such proprietary or confidential information (i) to any partner, subsidiary or parent of such Investor as long as such partner, subsidiary or parent is advised of and agrees or has agreed
to be bound by the confidentiality provisions of this Section 3.3 or comparable restrictions; (ii) at such time as it enters the public domain through no fault of such Investor; (iii) that is communicated to it free of any obligation
of confidentiality; (iv) that is developed by Investor or its agents independently of and without reference to any confidential information communicated by the Company; (v) to a third party who is a bona fide prospective purchaser
(“Prospective Purchaser”) of such Investor’s Investor Shares as long as (1) such Prospective Purchaser is advised of and agrees or has agreed to be bound by the confidentiality provisions of this Section 3.3 or
comparable restrictions, (2) such Prospective Purchaser is not a competitor of the Company or is not a company operating in the cannabis or cannabis-related sectors or, to Investor’s knowledge after reasonable investigation, an investor
with investments in the cannabis or cannabis-related sectors (and the foregoing shall include any individual or entity affiliated with any Prospective Purchaser who meets the foregoing disqualifying criteria) unless the Company provides its prior
written consent, which consent shall not be unreasonably withheld, (3) such Investor promptly informs the Company of any disclosure to a Prospective Purchaser and identifies the Prospective Purchaser, or (vi) as required by applicable law.

 3.4 Reservation of Common Stock. The Company will at all times reserve and keep available, solely for issuance and delivery
upon the conversion of the Preferred Stock, all shares of Class 2 Common Stock issuable from time to time upon such conversion. 

3.5 Operating Covenants Related to Key Holder Activities. For so long as at least one million (1,000,000) shares of
Preferred Stock (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to such shares after the filing date hereof) remain outstanding, without the prior written consent of the holders of a
majority of the outstanding Preferred Stock (which shall not be unreasonably withheld): 
 (a) The Company will not repurchase
shares of Common Stock from any Key Holder or entity affiliated with any Key Holder; 
 (b) The Company will not be sold to or merge
with any Key Holder or entity affiliated with any Key Holder; 
 (c) The Company will not issue shares of Company capital stock to
any Key Holder or entity affiliated with any Key Holder (provided the foregoing shall not apply to any equity awards from the Company’s equity incentive plans which may be issued to individuals affiliated with any Key Holder); 

(d) The Company will not borrow money from any Key Holder or entity affiliated with any Key Holder in excess of CDN$10,000,000 

  
 16. 

 (e) The Company will not sell or otherwise transfer any material assets to any Key Holder
or entity affiliated with any Key Holder; and 
 (f) The Key Holder will only produce and distribute medical cannabis outside of the
United States through the Company (provided the foregoing restriction does not apply to the operations of Leafly, Inc.’s ecommerce platform). 

The foregoing restrictions shall apply after the closing of the Financing and shall not apply to any the various intercompany arrangements and
transactions which have occurred prior to the closing. 
 3.6 Termination of Covenants. All covenants of the Company contained
in Section 3 of this Agreement (other than the provisions of Section 3.3) shall expire and terminate as to each Investor upon the earlier of (i) the effective date of the registration statement pertaining to an Initial Offering
that results in the Preferred Stock being converted into shares of Class 2 Common Stock or (ii) upon an “Acquisition” as defined in the Company’s Certificate of Incorporation as in effect as of the date
hereof. 
 SECTION 4. RIGHTS OF FIRST REFUSAL. 

4.1 Subsequent Offerings. Subject to applicable securities laws, each Major Investor shall have a right of first refusal to
purchase its pro rata share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.6 hereof.
Each Major Investor’s pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares of Class 2 Common Stock issuable or issued upon conversion of the Shares or shares
of Common Stock issuable or issued upon the exercise of outstanding warrants or options) of which such Major Investor is deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the total number of the
Company’s outstanding shares of Common Stock (including all shares of Class 2 Common Stock issuable or issued upon conversion of the Shares or shares of Common Stock issuable or issued upon the exercise of outstanding warrants or options)
immediately prior to the issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other security of the Company, (ii) any security convertible into or
exercisable or exchangeable for, with or without consideration, any Common Stock, Preferred Stock or other security (including any option to purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe to
or purchase any Common Stock, Preferred Stock or other security or (iv) any such warrant or right. 
 4.2 Exercise of
Rights. If the Company proposes to issue any Equity Securities, it shall give each Major Investor written notice of its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue
the same. Each Major Investor shall have fifteen (15) days from the giving of such notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving
written notice to the Company and stating therein the quantity of Equity Securities to be purchased. At the expiration of such fifteen (15) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all
the shares available to 

  
 17. 

 
it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the five (5) day period commencing after the Company has given
such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the Equity Securities for which Major Investors were entitled
to subscribe but that were not subscribed for by the Major Investors which is equal to the relative pro rata shares of all such Fully Exercising Investors who wish to purchase such unsubscribed shares. Notwithstanding the foregoing, the
Company shall not be required to offer or sell such Equity Securities to any Major Investor who would cause the Company to be in violation of applicable federal securities laws by virtue of such offer or sale. 

4.3 Issuance of Equity Securities to Other Persons. The Company shall have ninety (90) days thereafter to sell the
Equity Securities in respect of which the Major Investor’s rights were not exercised, at a price not lower and upon general terms and conditions not materially more favorable to the purchasers thereof than specified in the Company’s notice
to the Major Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within ninety (90) days of the notice provided pursuant to Section 4.2, the Company shall not thereafter issue or sell any
Equity Securities, without first offering such securities to the Major Investors in the manner provided above. 
 4.4 Termination
and Waiver of Rights of First Refusal. The rights of first refusal established by this Section 4 shall not apply to, and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to the
Company’s Initial Offering; provided that the rights of first refusal established by this Section 4 shall not apply to the Initial Offering (other than the investment right set forth in Section 4.7) or (ii) an Acquisition.
Notwithstanding Section 6.5 hereof, the rights of first refusal established by this Section 4 may be amended, or any provision waived with and only with the written consent of the Company and the Major Investors holding a majority
of the Registrable Securities held by all Major Investors, or as permitted by Section 6.5. 
 4.5 Assignment of Rights of
First Refusal. The rights of first refusal of each Major Investor under this Section 4 may be assigned to the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.9. 

4.6 Excluded Securities. The rights of first refusal established by this Section 4 shall have no application to any of the
following Equity Securities: 
 (a) shares of Common Stock and/or options, warrants or other Common Stock purchase rights and the
Common Stock issued pursuant to such options, warrants or other rights issued or to be issued after the date hereof to employees, officers or directors of, or consultants or advisors to the Company or any subsidiary of the Company, pursuant to stock
purchase or stock option plans or other arrangements that are approved by the Board of Directors; 
 (b) stock issued or issuable
pursuant to any rights or agreements, options, warrants or convertible securities outstanding as of the date of this Agreement; and stock issued pursuant to any such rights or agreements granted after the date of this Agreement, so long as the
rights of first refusal established by this Section 4 were complied with, waived, or were 

  
 18. 

 
inapplicable pursuant to any provision of this Section 4.6 with respect to the initial sale or grant by the Company of such rights or agreements; 

(c) any Equity Securities issued for consideration other than cash pursuant to a merger, consolidation, acquisition or similar business
combination approved by the Board of Directors; 
 (d) any Equity Securities issued in connection with any stock split, stock
dividend or recapitalization by the Company; 
 (e) any Equity Securities issued pursuant to any equipment loan or leasing
arrangement, real property leasing arrangement, or debt financing from a bank or similar financial or lending institution approved by the Board of Directors; 

(f) any Equity Securities that are issued by the Company pursuant to a registration statement filed under the Securities Act; 

(g) any Equity Securities issued in connection with strategic transactions involving the Company and other entities, including, without
limitation (i) joint ventures, manufacturing, marketing or distribution arrangements or (ii) technology transfer or development arrangements; provided that the issuance of shares therein has been approved by the Company’s Board
of Directors; 
 (h) any Equity Securities issued by the Company pursuant to the terms of Section 2.3 of the Purchase Agreement.

 4.7 IPO Investment Right. Subject to applicable securities laws, each Major Investor shall have a right to purchase shares
of Class 2 Common Stock, in an amount equal to the dollar amount invested by such Major Investor under the Purchase Agreement, in connection with the Initial Offering. If the Company proposes to consummate an Initial Offering, it shall give
each Major Investor written notice of its intention, describing the price and the material terms and conditions upon which the Company proposes to offer the shares of Class 2 Common Stock. Each Major Investor shall have fifteen (15) days
from the giving of such notice to agree to purchase its share of the offered shares for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the quantity of shares of
Class 2 Common Stock to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such shares to any Major Investor who would cause the Company to be in violation of applicable securities laws by virtue of
such offer or sale. 
 4.8 Tag-Along Rights. 

(a) Other than in connection with a Transfer (as defined below) excluded by Section 4.8(g) below, if a Key Holder proposes to
Transfer any Key Holder Shares then such Key Holder shall promptly give written notice (the “Notice”) to each of the Major Investors at least thirty (30) days prior to the closing of such Transfer. The Notice shall
describe in reasonable detail the proposed Transfer including, without limitation, the number of Key Holder Shares to be transferred, the nature of such Transfer, the consideration to be paid, and the name and address of each prospective purchaser
or transferee. Each Major Investor shall have the 

  
 19. 

 
right, exercisable upon written notice to such Key Holder with a copy to the Company within fifteen (15) days after receipt of the Notice (the
“Tag-Along Period”), to participate in such Transfer of Key Holder Shares on the same terms and conditions. Such notice shall indicate the number of Investor Shares up to that number of
shares determined under Section 4.8(b) such Major Investor wishes to sell under his, her, or its right to participate. To the extent one or more of the Major Investors exercise such right of participation in accordance with the terms and
conditions set forth below, the number of Key Holder Shares that such Key Holder may sell in the transaction shall be correspondingly reduced. For purposes of this Agreement, the term “Transfer” shall include any sale,
assignment, encumbrance, hypothecation, pledge, conveyance in trust, gift, transfer by request, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers to receivers, levying creditors, trustees or
receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary or by operation of law, directly or indirectly, of any of the Key Holder Shares. 

(b) Each Major Investor may sell all or any part of that number of shares equal to the product obtained by multiplying (i) the
aggregate number of Key Holder Shares covered by the Notice by (ii) a fraction the numerator of which is the number of shares of Common Stock issued or issuable upon the conversion or exercise of Preferred Stock or other rights to acquire
shares of Common Stock held by such Major Investor at the time of the Notice and the denominator of which is the total number of shares of Common Stock held by such Key Holder plus the number of shares of Common Stock issued or issuable upon the
conversion or exercise of Preferred Stock or other rights to acquire shares of Common Stock held by all Major Investors at the time of the Notice. 

(c) Each Major Investor who elects to participate in the Transfer pursuant to this Section 4.8 (a “Tag-Along Participant”) shall effect its participation in the Transfer by promptly delivering to such Key Holder for transfer to the prospective purchaser one or more certificates, properly endorsed for
transfer, which represent: 
 (i) the type and number of shares of Common Stock which such
Tag-Along Participant elects to sell; or 
 (ii) that number of shares of Preferred Stock
which is at such time convertible into the number of shares of Common Stock which such Tag-Along Participant elects to sell; provided, however, that if the prospective purchaser objects to the delivery of
Preferred Stock in lieu of Common Stock, such Tag-Along Participant shall convert such Preferred Stock into Common Stock and deliver Common Stock as provided in Section 4.8(c)(i) above. The Company agrees
to make any such conversion concurrent with and contingent upon the actual transfer of such shares to the purchaser. 
 (d) The stock
certificate or certificates that the Tag-Along Participant delivers to such Key Holder pursuant to Section 4.8(c) shall be transferred to the prospective purchaser in consummation of the sale of the
Common Stock pursuant to the terms and conditions specified in the Notice, and the Key Holder shall concurrently therewith remit to such Tag-Along Participant that portion of the sale proceeds to which such Tag-Along Participant is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase shares or other
securities from a Tag-Along 

  
 20. 

 
Participant exercising its tag-along rights hereunder, such Key Holder shall not sell to such prospective purchaser or purchasers any Key Holder Shares
unless and until, simultaneously with such sale, such Key Holder shall purchase such shares or other securities from such Tag-Along Participant on the same terms and conditions specified in the Notice. 

(e) The exercise or non-exercise of the rights of any Major Investor hereunder to participate
in one or more Transfers of Key Holder Shares made by any Key Holder shall not adversely affect his right to participate in subsequent Transfers of Key Holder Shares subject to this Section 4.8. 

(f) To the extent that the Major Investors do not elect to participate in the sale of the Key Holder Shares subject to the Notice, such
Key Holder may, not later than ninety (90) days following delivery to the Company of the Notice, enter into an agreement providing for the closing of the Transfer of such Key Holder Shares covered by the Notice within thirty (30) days of
such agreement on terms and conditions not materially more favorable to the transferor than those described in the Notice. Any proposed Transfer on terms and conditions materially more favorable than those described in the Notice, as well as any
subsequent proposed Transfer of any Key Holder Shares by a Key Holder, shall again be subject to the tag-along rights of the Major Investors and shall require compliance by a Key Holder with the procedures
described in this Section 4.8. 
 (g) Notwithstanding the foregoing, the notice and
tag-along rights of the Major Investors set forth in this Section 4.8 above shall not apply to (i) any transfer or transfers by a Key Holder which in the aggregate, over the term of this Agreement,
amount to no more than five percent (5%) of the Key Holder Shares held by a Key Holder as of the date such Key Holder first became party to this Agreement, (ii) any transfer without consideration to such Key Holder’s ancestors, descendants
or spouse or to trusts for the benefit of such persons or such Key Holder, (iii) any transfer or transfers by a Key Holder to another Key Holder (the “Transferee-Key Holder”),
(iv) any pledge of Key Holder Shares made pursuant to a bona fide loan transaction that creates a mere security interest, or (v) transfers to affiliates of such Key Holder. Except with respect to Key Holder Shares transferred under
clause (i) above (which Key Holder Shares shall no longer be subject to the tag-along rights of the Investors set forth in this Agreement), such transferred Key Holder Shares shall remain “Key Holder
Shares” hereunder, and such pledgee, transferee or donee shall be treated as the “Key Holder” for purposes of this Agreement. 

(h) The tag-along rights established by this Section 4.8 shall not apply to, and shall
terminate upon the earlier of (i) the effective date of the registration statement pertaining to the Company’s Initial Offering (and shall not apply to any shares sold in the Initial Offering) or (ii) an Acquisition. Notwithstanding
Section 6.5 hereof, the tag-along rights established by this Section 4.8 may be amended, or any provision waived with and only with the written consent of the Company and the Major Investors holding
a majority of the Registrable Securities held by all Major Investors, or as permitted by Section 6.5 

  
 21. 

 SECTION 5. VOTING. 

5.1 Change of Control. In the event that holders of a majority of the Class 1 Common Stock, Class 2 Common Stock, and
Preferred Stock of the Company, voting together on an as-converted basis, (the “Requisite Stockholders”) approve a sale of the Company or all or substantially all of the Company’s
assets (an “Approved Sale”) whether by means of a merger, consolidation or sale of stock or assets, or otherwise, (i) if the Approved Sale is structured as a merger or consolidation of the Company, or a sale of all or
substantially all of the Company’s assets, each Investor and Key Holder agrees to be present, in person or by proxy, at all meetings for the vote thereon, to vote all shares of capital stock held by such person for and raise no objections to
such Approved Sale, and waive and refrain from exercising any dissenters rights, appraisal rights or similar rights in connection with such merger, consolidation or asset sale, or (ii) if the Approved Sale is structured as a sale of the stock
of the Company, the Investors and the Key Holders shall each agree to sell their Registrable Securities on the terms and conditions approved by the Requisite Stockholders; provided in each case that such terms do not provide that such Investor would
receive as a result of such Approved Sale less than the amount that would be distributed to such Investor or Key Holder in the event the proceeds of such Approved Sale were distributed in accordance with the liquidation preferences set forth in
Company’s Certificate of Incorporation. The Investors and Key Holders shall each take all necessary and desirable actions approved by the Requisite Stockholders in connection with the consummation of the Approved Sale, including the execution
of such agreements and such instruments and other actions reasonably necessary to (i) provide the representations, warranties, indemnities, covenants, conditions, non-compete agreements, escrow agreements
and other provisions and agreements relating to such Approved Sale and (ii) effectuate the allocation and distribution of the aggregate consideration upon the Approved Sale. 

5.2 Irrevocable Proxy. To secure the Investors’ and Key Holders’ obligations to vote the Registrable Securities in
accordance with this Section 5, each Investor and Key Holder hereby appoints the Chief Executive Officer of the Company or his or her designees, as such Investor’s or Key Holder’s true and lawful proxy and attorney, with the power to
act alone and with full power of substitution, to vote all of such Registrable Securities as set forth in this Section 5 and to execute all appropriate instruments consistent with this Section 5 on behalf of such Investor or Key Holder if,
and only if, such Investor or Key Holder fails to vote all of such Registrable Securities or execute such other instruments in accordance with the provisions of this Agreement within five (5) days of the Company’s or any other party’s
written request for such Investor’s or Key Holder’s written consent or signature. The proxy and power granted by each Investor and Key Holder pursuant to this Section 5 are coupled with an interest and are given to secure the
performance of such party’s duties under this Agreement. Each such proxy and power will be irrevocable for the term hereof. The proxy and power, so long as any party hereto is an individual, will survive the death, incompetency and disability
of such party or any other individual holder of the Registrable Securities, as the case may be, and, so long as any party hereto is an entity, will survive the merger or reorganization of such party or any other entity holding any Registrable
Securities. 
 5.3 Legend. 

(a) Concurrently with the execution of this Agreement, there shall be imprinted or otherwise placed, on certificates representing the
Key Holder Shares and Investor Shares the following restrictive legend (the “Legend”): 

  
 22. 

 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A VOTING AGREEMENT WHICH PLACES CERTAIN RESTRICTIONS ON THE VOTING OF THE SHARES REPRESENTED HEREBY. ANY PERSON ACCEPTING ANY INTEREST IN SUCH SHARES SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SUCH
AGREEMENT. A COPY OF SUCH VOTING AGREEMENT WILL BE FURNISHED TO THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS.” 

(b) The Company agrees that, during the term of this Agreement, it will not remove, and will not permit to be removed (upon
registration of transfer, reissuance of otherwise), the Legend from any such certificate and will place or cause to be placed the Legend on any new certificate issued to represent Key Holder Shares or Investor Shares theretofore represented by a
certificate carrying the Legend. If at any time or from time to time any Key Holder or Investor holds any certificate representing shares of the Company’s capital stock not bearing the aforementioned legend, such Key Holder or Investor agrees
to deliver such certificate to the Company promptly to have such legend placed on such certificate. 
 5.4 Successors. The
provisions of this Agreement shall be binding upon the successors in interest to any of the Key Holder Shares or Investor Shares. The Company shall not permit the transfer of any of the Key Holder Shares or Investor Shares on its books or issue a
new certificate representing any of the Key Holder Shares or Investor Shares unless and until the person to whom such security is to be transferred shall have executed a written agreement, substantially in the form of this Agreement, pursuant to
which such person becomes a party to this Agreement and agrees to be bound by all the provisions hereof as if such person were a Key Holder or Investor, as applicable. 

5.5 Other Rights. Except as provided by this Agreement or any other agreement entered into in connection with the Financing,
each Key Holder and Investor shall exercise the full rights of a holder of shares of capital stock of the Company with respect to the Key Holder Shares and the Investor Shares, respectively. 

5.6 Termination. The obligations established by this Section 5 shall terminate upon the earlier of (i) the effective
date of the registration statement pertaining to the Company’s Initial Offering or (ii) immediately following an Acquisition. 

SECTION 6. MISCELLANEOUS. 

6.1 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware in all respects as
such laws are applied to agreements among Delaware residents entered into and to be performed entirely within Delaware, without reference to conflicts of laws or principles thereof. The parties agree that any action brought by either party under or
in relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does hereby 

  
 23. 

 
submit to the jurisdiction and venue of, any state or federal court located in the County of King, Washington, United States. 

6.2 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of,
and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time to
time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person
listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. 

6.3 Entire Agreement. This Agreement and Schedules hereto, the Purchase Agreement and the other documents delivered pursuant
thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants
and agreements except as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this Agreement. 

6.4 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never
been contained herein. 
 6.5 Amendment and Waiver. 

(a) Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the Company and the
rights of the Holders and Key Holders under this Agreement may be waived, only upon the written consent of (i) the Company, (ii) the holders of at least a majority of the then-outstanding Registrable Securities, and (iii) the holders
of a majority of the Key Holder Shares. Notwithstanding the foregoing, pursuant to Section 5.4 of this Agreement, this Agreement may be amended to add holders of additional holders of Common Stock or Preferred Stock as “Investors”
hereunder by an instrument in writing signed by the Company and such holders. 
 (b) For the purposes of determining the number of
Holders or Investors entitled to vote or exercise any rights hereunder, the Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 

6.6 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party,
upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of
any similar breach, default or noncompliance thereafter occurring. It is further 

  
 24. 

 
agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement or any waiver on such
party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any
party, shall be cumulative and not alternative. 
 6.7 Notices. All notices required or permitted hereunder shall be in
writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or at such other address or electronic mail address as such party may
designate by ten (10) days advance written notice to the other parties hereto. 
 6.8 Attorneys’ Fees.
In the event that any suit or action is instituted under or in relation to this Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing
party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without
limitation, all fees, costs and expenses of appeals. 
 6.9 Titles and Subtitles. The titles of the sections and subsections
of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 6.10
Additional Shares. In the event that subsequent to the date of this Agreement any shares or other securities are issued on, or in exchange for, any of the Key Holder Shares or Investor Shares by reason of any stock dividend, stock split,
combination of shares, reclassification or the like, such shares or securities shall be deemed to be Key Holder Shares or Investor Shares, as the case may be, for purposes of this Agreement. 

6.11 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company shall issue additional
shares of its Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock shall become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall
be deemed an “Investor,” a “Holder” and a party hereunder. Notwithstanding anything to the contrary contained herein, if the Company shall issue Equity Securities in accordance with Section 4.6
(c), (e) or (h) of this Agreement, any purchaser of such Equity Securities may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an
“Investor,” a “Holder” and a party hereunder. 
 6.12 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

  
 25. 

 6.13 Aggregation of Stock. All shares of Registrable Securities held or acquired by
affiliated entities or persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

6.14 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 6.15 Termination. This Agreement shall
terminate and be of no further force or effect upon the earlier of (i) an Acquisition; or (ii) the date three (3) years following the closing of the Initial Offering that results in the conversion of all outstanding shares of
Preferred Stock. 
 [THIS SPACE INTENTIONALLY LEFT BLANK] 

  
 26. 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 

COMPANY: 
  

			
	TILRAY, INC.
		
	By:	 	/s/ Brendan Kennedy
	
	Name: Brendan Kennedy
	
	Title: President

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	GREGALE FUNDING LLC

 
			
		
	By:	 	/s/ Monica R. Landry

 
			
		
	Name:	 	Monica R. Landry

 
			
		
	Title:	 	Authorized Signatory

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	COWEN TR LLC

 
			
		
	By:	 	/s/ Owen Littman

 
			
		
	Name:	 	Owen Littman

 
			
		
	Title:	 	Authorized Signatory

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	One East Partners Master, LP

 
			
		
	By:	 	/s/ James Carioppo

 
			
		
	Name:	 	James Carioppo

 
			
		
	Title:	 	Managing Partner

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	GRANITE POINT CAPITAL SELECT OPPORTUNITIES FUND, L.P.

 
			
		
	By:	 	/s/ C. David Bushley

 
			
		
	Name:	 	C. David Bushley

 
			
		
	Title:	 	Chief Operating Officer

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Anson Opportunities Master Fund LP

 
			
		
	By:	 	/s/ Moez Kassam

 
			
		
	Name:	 	Moez Kassam

 
			
		
	Title:	 	Director, Anson Adivsors Inc,
		 	Co-Investment Advisor

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Anson Investments Master Fund LP

 
			
		
	By:	 	/s/ Moez Kassam

 
			
		
	Name:	 	Moez Kassam

 
			
		
	Title:	 	Director, Anson Adivsors Inc,
		 	Co-Investment Advisor

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	AC Anson Investments Ltd.

 
			
		
	By:	 	/s/ Moez Kassam

 
			
		
	Name:	 	Moez Kassam

 
			
		
	Title:	 	Director, Anson Adivsors Inc,
		 	Co-Investment Advisor

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Kendall AF, LLC

 
			
		
	By:	 	/s/ Scott Dinnell

 
			
		
	Name:	 	Scott Dinnell

 
			
		
	Title:	 	Controller

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Flamingo Drive Partners LLC

 
			
		
	By:	 	/s/ Marc Lehrmann

 
			
		
	Name:	 	Marc Lehrmann

 
			
		
	Title:	 	Manager

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	E Squared II LLC

 
			
		
	By:	 	/s/ Ed Ilyadzhanov

 
			
		
	Name:	 	Ed Ilyadzhanov

 
			
		
	Title:	 	Managing Member

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Rimrock High Income PLUS (Master) Fund, Ltd.

 
			
		
	By:	 	/s/ Steve Foulke

 
			
		
	Name:	 	Steve Foulke

 
			
		
	Title:	 	Director

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Indus Markor Master Fund, LP

 
			
		
	By:	 	/s/ James Weiner

 
			
		
	Name:	 	James Weiner

 
			
		
	Title:	 	Authorized Signatory

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Nansen Corp.

 
			
		
	By:	 	/s/ Eduardo A. Iribarren

 
			
		
	Name:	 	Eduardo A. Iribarren

 
			
		
	Title:	 	POA

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	CROCKET RESOURCES S.A.

 
			
		
	By:	 	/s/ Danilo Diazgranados

 
			
		
	Name:	 	Danilo Diazgranados

 
			
		
	Title:	 	FBO

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Bonne Herbe, LLC

 
			
		
	By:	 	/s/ Mark Lerner

 
			
		
	Name:	 	Mark Lerner

 
			
		
	Title:	 	Authorized Signer

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	Murphy Ofutt Tilay, LLC

 
			
		
	By:	 	/s/ Michael Shtender-Auerbach

 
			
		
	Name:	 	Michael Shtender-Auerbach

 
			
		
	Title:	 	GP

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	RED BARN HOLDCO LLC

 
			
		
	By:	 	/s/ Russ Kazorek

 
			
		
	Name:	 	Russ Kazorek

 
			
		
	Title:	 	Chief Financial Officer

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INVESTORS:
	
	BioTilray Holdings, LLC

 
			
		
	By:	 	/s/ Ian M. Huschle

 
			
		
	Name:	 	Ian M. Huschle

 
			
		
	Title:	 	Manager of Force Six Ventures, LLC,
		 	Manager to BioTilray Holdings, LLC

 
			
		
	Address:	 	 
	
	 
	
	 

 [Tilray Investor Rights Agreement] 

 EXHIBIT A 

LIST OF KEY HOLDERS 
 Privateer Holdings,
Inc.

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