Document:

EX-4.8

 Exhibit 4.8 
  

TRULIEVE CANNABIS CORP. 

- and - 
 HARVEST
HEALTH & RECREATION INC. 
 - and - 

ODYSSEY TRUST COMPANY 
  

 
 SUPPLEMENTAL WARRANT INDENTURE

  
  

 
 October 1, 2021 

 SUPPLEMENTAL WARRANT INDENTURE 

THIS SUPPLEMENTAL WARRANT INDENTURE (the “Supplemental Warrant Indenture”) is dated as of October 1, 2021.

 BETWEEN: 

TRULIEVE CANNABIS CORP., a company incorporated under the laws of the province of British Columbia
(“Trulieve”), 
 - and - 

HARVEST HEALTH & RECREATION INC., a company incorporated under the laws of the province of
British Columbia (“Harvest”), 
 - and - 

ODYSSEY TRUST COMPANY, a trust company incorporated under the laws of Alberta and authorized to carry on business in
the provinces of Alberta and British Columbia (the “Warrant Agent”) 
 WHEREAS Harvest entered into a warrant
indenture dated as of December 20, 2019 (the “Original Indenture”), with Odyssey Trust Company (the “Warrant Agent”) providing for the issuance of an unlimited number of Subordinate
Voting Share purchase warrants of Harvest (the “Warrants”); 
 AND WHEREAS pursuant to the terms of the Original Indenture, Harvest
issued 5,043,665 Warrants, each of which when originally issued was exercisable to acquire one Subordinate Voting Share of Harvest (the “Harvest Subordinate Voting Shares”) at an exercise price of C$3.66 per Harvest
Subordinate Voting Share at any time prior to 5:00 p.m. (Vancouver time) on December 20, 2022; 
 AND WHEREAS pursuant to the terms of a
supplemental warrant indenture between Harvest and the Warrant Agent dated June 30, 2021 (the “First Supplemental Indenture” and together with the Original Indenture, the “Warrant
Indenture”), the exercise price of the Warrants was amended to US$2.78; 
 AND WHEREAS Harvest and Trulieve are parties to an
arrangement agreement dated May 10, 2021 (the “Arrangement Agreement”), pursuant to which they have agreed to implement a plan of arrangement under Division 5 of Part 9 of the Business Corporations Act
(British Columbia) substantially in the form set out in Schedule “A” to the Arrangement Agreement (the “Plan of Arrangement”), to provide for the acquisition of all of the issued and outstanding shares of
Harvest by Trulieve (the “Arrangement”); 
 AND WHEREAS under the terms of the Arrangement Agreement, shareholders of Harvest will receive
0.1170 of a subordinate voting share of Trulieve (the “Trulieve Shares”), subject to downward adjustment upon the occurrence of certain permitted Harvest debt refinancings, for each Harvest Subordinate Voting Share (or
equivalent) held immediately prior to the effective time of the Arrangement (the “Effective Time”); 
 AND WHEREAS in
accordance with the Plan of Arrangement, each Warrant outstanding at the Effective Time will be exchanged for a warrant of Trulieve (a “Replacement Warrant”) to purchase that

  
 - 1 - 

 
number of Trulieve Shares (rounded down to the nearest whole number) equal to the product of: (a) 0.1170 multiplied by the Adjustment Factor (as defined in the Arrangement Agreement); and
(b) the number of Harvest Subordinate Voting Shares subject to such Warrant, at an exercise price per Trulieve Share equal to the exercise price per Harvest Subordinate Voting Share that such Warrant was subject to immediately prior to the
Effective Time divided by the product of 0.1170 multiplied by the Adjustment Factor (as defined in the Arrangement Agreement) and rounded up to the nearest whole cent; 

AND WHEREAS the Arrangement was approved by the Harvest shareholders at a meeting held August 11, 2021 and by the Supreme Court of British
Columbia by order granted August 19, 2021, and became effective at 12:01 a.m. (Vancouver time) on the date hereof; 
 AND WHEREAS the term to
expiry, conditions to and manner of exercise and other terms and conditions of each such Replacement Warrant will be the same as the Warrant for which it was exchanged, as adjusted to take into account the Arrangement; 

AND WHEREAS in accordance with Section 4.7 of the Warrant Indenture, Harvest has delivered a notice in respect of the Arrangement to the Warrant
Agent and each of the holders of Warrants; 
 AND WHEREAS Trulieve wishes to, among other things, assume all of the rights, covenants and obligations
of Harvest under the Warrant Indenture in accordance with the terms thereof and in accordance with the terms of the Arrangement; 
 AND WHEREAS the
recitals in this Supplemental Warrant Indenture are made as representations and statements of fact by Trulieve and Harvest and not by the Warrant Agent; 

AND WHEREAS Trulieve and the Warrant Agent wish to enter into this Supplemental Warrant Indenture to give effect to the necessary amendments to the
Warrant Indenture effective as of the Effective Time. 
 NOW THEREFORE THIS SUPPLEMENTAL WARRANT INDENTURE WITNESSES, and it is hereby covenanted,
agreed and declared as follows: 
 ARTICLE 1 

INTERPRETATION 
  

	1.1	 Supplemental Indenture. 

This Supplemental Warrant Indenture is a Supplemental Indenture within the meaning of the Warrant Indenture. The Warrant Indenture and this Supplemental
Warrant Indenture will be read together and have effect so far as practicable as though all of the provisions of all such indentures were contained in one instrument. The terms “this Supplemental Warrant Indenture”, “this
indenture”, “herein”, “hereof”, “hereby”, “hereunder”, and similar expressions, unless the context otherwise specifies or requires, refer to the Warrant Indenture and this Supplemental Warrant Indenture
and not to any particular Article, section or other portion, and include every instrument supplemental or ancillary to this Supplemental Warrant Indenture. 
  

	1.2	 Definitions. 

All terms used but not defined in this Supplemental Warrant Indenture have the meanings ascribed to them in the Warrant Indenture, as such meanings may be
amended by this Supplemental Warrant Indenture. 

  
 - 2 - 

	1.3	 Applicable Law. 

This Supplemental Warrant Indenture shall be construed and enforced in accordance with the laws of the Province of British Columbia and federal laws of Canada
applicable therein and shall be treated in all respects as a British Columbia contract. 
 ARTICLE 2 

ASSUMPTION OF OBLIGATIONS 
  

	2.1	 Assumption of Obligations. 

Trulieve hereby covenants and agrees to assume and does assume all of the rights, covenants and obligations of Harvest in and to the Warrant Indenture and all
of the covenants and obligations of Harvest under the Warrants as and from the date hereof. Without limiting the generality of the foregoing, from and after the date hereof, the Warrants will be valid and binding obligations of Trulieve entitling
the holders thereof, as against Trulieve, to all rights of Warrantholders under the Warrant Indenture such that the interests of Warrantholders are not prejudiced negatively by the changes. As the context requires, references to the
“Corporation” in the Warrant Indenture shall be deemed to include references to Trulieve. 
  

	2.2	 Release of Harvest 

The parties hereby expressly acknowledge and agree that Harvest is released from all of its rights, covenants and obligations under the Warrant Indenture
concurrently with Trulieve’s assumption of obligations in section 2.1 of this Supplemental Warrant Indenture. 
 ARTICLE 3 

AMENDMENTS AND ADJUSTMENTS TO THE WARRANT INDENTURE 
  

	3.1	 Amendments and Adjustments to the Warrant Indenture. 

Trulieve and the Warrant Agent agree that effective as of the Effective Time: 
  

	 	(a)	 All references to “Subordinate Voting Shares” of Harvest in the Warrant Indenture shall be deemed to
refer to “Subordinate Voting Shares” of Trulieve; 

  

	 	(b)	 The definition of “Auditors” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  

	 	 	 “Auditors” means Marcum LLP or such other firm of chartered professional accountants duly
appointed as auditors of the Corporation, from time to time; 

  

	 	(c)	 The definition of “Exchange Rate” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  

	 	 	 “Exchange Rate” means, at any time, the number of Warrant Shares subject to the right
of purchase under each Warrant, such number being equal to 0.1170 of a Warrant Share per Warrant as of the date hereof; 

  

	 	(d)	 The definition of “Exercise Price” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  
 - 3 - 

	 	 	 “Exercise Price” means, at any time, the price at which a whole Warrant Share may be purchased
by the exercise of a whole Warrant, which is initially US$23.77 per Warrant Share, payable in immediately available funds, subject to adjustment in accordance with the provisions of Section 4.1; 

 

	 	(e)	 The definition of “Warrants” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  

	 	 	 “Warrants” means the Subordinate Voting Share purchase warrants of the Corporation issued and
Authenticated hereunder as Uncertificated Warrants or to be issued and countersigned in the form of Warrant Certificates, in either case, entitling the holders thereof to purchase Warrant Shares on the basis of 0.1170 of a Warrant Share for each
Warrant upon payment of the Exercise Price prior to the Time of Expiry; provided that in each case the number and/or class of securities or property receivable on the exercise of the Warrants may be subject to increase or decrease or change in
accordance with the terms and provisions hereof; 

  

	 	(f)	 The definition of “Warrant Shares” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  

	 	 	 “Warrant Shares” means the Subordinate Voting Shares issuable upon the exercise of the
Warrants; 

  

	 	(g)	 Section 10.1(a)(i) of the Warrant Indenture is hereby deleted and replaced with the following:

  

	 	 	 If to Trulieve: 

  

	 	 	 Trulieve Cannabis Corp. 

6749 Ben Bostic Road 
 Quincy,
Florida 
 32351 
  

			
	Attention:	    	Kim Rivers
	E-mail:	    	kim.rivers@trulieve.com

 with a copy to: 

DLA Piper (Canada) LLP 
 Suite
6000, 1 First Canadian Place 
 PO Box 367, 100 King Street West 

Toronto, Ontario 
 M5X 1E2 

 

			
	Attention:	    	Derek Sigel and Russel Drew
	E-mail:	    	derek.sigel@dlapiper.com and russel.drew@dlapiper.com

  

	 	(h)	 Any document previously evidencing a Warrant shall hereafter evidence and be deemed to evidence such
Replacement Warrant and no certificates evidencing the Replacement Warrants shall be issued, other than upon the request of a Warrantholder in accordance with the terms of the Warrant Indenture; and 

  
 - 4 - 

	 	(i)	 The form of certificate for the Warrants shall be replaced with the form of certificate for the Replacement
Warrants substantially as set out in Schedule “A” attached hereto, with such insertions, omissions, substitutions or other variations as shall be required or permitted by the Warrant Indenture, and may have imprinted or otherwise
reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of the Warrant Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or regulations of
any securities exchange or securities regulatory authority or to conform with general usage, all as may be determined by the directors or officers of Trulieve executing such Replacement Warrants, in accordance with the Warrant Indenture.

 ARTICLE 4 

MISCELLANEOUS 
  

	4.1	 Confirmation. 

The provisions of the Warrant Indenture and Warrants remain in full force and effect and are hereby confirmed, unamended. 

 

	4.2	 Further Assurances. 

The parties shall, with reasonable diligence, do all such things and provide all such reasonable assurances as may be required to consummate the transactions
contemplated by this Supplemental Warrant Indenture, and each party shall provide such further documents or instruments required by the other party as may be reasonably necessary or desirable to effect the purpose of this Supplemental Warrant
Indenture and carry out its provisions. 
  

	4.3	 Counterparts. 

This Supplemental Warrant Indenture may be executed in several counterparts, each of which so executed will be deemed to be an original and such counterparts
together will constitute one and the same instrument. 
 [Remainder of the page left blank] 

  
 - 5 - 

 IN WITNESS WHEREOF the parties hereto have executed this Supplemental Warrant Indenture under the
hands of their proper officers in that behalf as of the date first written above. 
  

			
	TRULIEVE CANNABIS CORP.
		
	Per:  	 	

		 	  
  Name: Eric
Powers

		 	 Title:   Chief Legal Officer
	
	HARVEST HEALTH & RECREATION INC.
		
	Per:	 	      

		 	 Name:
		 	 Title:
	
	ODYSSEY TRUST COMPANY
		
	Per:	 	      

		 	 Authorized Signatory
		
	Per:	 	      

		 	 Authorized Signatory

 [Signature Page to Supplemental Warrant Indenture.] 

 IN WITNESS WHEREOF the parties hereto have executed this Supplemental Warrant Indenture under the
hands of their proper officers in that behalf as of the date first written above. 
  

			
	TRULIEVE CANNABIS CORP.
		
	Per:  	 	      

		 	 Name:
		 	 Title:
	
	HARVEST HEALTH & RECREATION INC.
		
	Per:	 	

		 	  
  Name: Steven M.
White

		 	 Title:   Chief Executive Officer
	
	ODYSSEY TRUST COMPANY
		
	Per:	 	      

		 	 Authorized Signatory
		
	Per:	 	      

		 	 Authorized Signatory

 [Signature Page to Supplemental Warrant Indenture.] 

 IN WITNESS WHEREOF the parties hereto have executed this Supplemental Warrant Indenture under the
hands of their proper officers in that behalf as of the date first written above. 
  

			
	TRULIEVE CANNABIS CORP.
		
	Per:  	 	      

		 	 Name: Eric Powers
		 	 Title:   Chief Legal Officer
	
	HARVEST HEALTH & RECREATION INC.
		
	Per:	 	      

		 	 Name: Steven M. White
		 	 Title:   Chief Executive Officer
	
	ODYSSEY TRUST COMPANY
		
	Per:	 	  

		 	  
  Authorized
Signatory

		
	Per:	 	  

		 	  
  Authorized
Signatory

 [Signature Page to Supplemental Warrant Indenture.] 

 SCHEDULE “A” 

FORM OF WARRANT CERTIFICATE 
 THE WARRANTS
EVIDENCED HEREBY ARE EXERCISABLE ON OR BEFORE 5:00 P.M. (VANCOUVER TIME) ON DECEMBER 20, 2022 AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT. 

For all Warrants issued outside the United States and to Original U.S. Warrantholders that are Qualified Institutional Buyers and registered in the name of
the Depository, also include the following legend: 
 (INSERT IF BEING ISSUED TO CDS) UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO TRULIEVE CANNABIS CORP. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS
REGISTERED IN THE NAME OF CDS & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN, AND IT IS A
VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. 
 For Warrants originally issued for the benefit or account
of a U.S. Warrantholder (other than an Original U.S. Warrantholder that is a Qualified Institutional Buyer), and each Warrant Certificate issued in exchange therefor or in substitution thereof, also include the following legends: 

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES, FOR THE BENEFIT OF TRULIEVE CANNABIS CORP. (THE
“CORPORATION”), THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY: (A) TO THE CORPORATION; (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; (C) IN COMPLIANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND,
IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS
PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION FROM COUNSEL OF RECOGNIZED 

  
 A-1 

 
STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF
TRANSACTIONS ON STOCK EXCHANGES IN CANADA. 

  
 A-2 

 WARRANTS TO PURCHASE SUBORDINATE VOTING 

SHARES OF TRULIEVE CANNABIS CORP. 

(existing under the laws of the Province of British Columbia) 
  

			
	Warrant Certificate No.                 	  	Certificate for                      Warrants, each entitling the holder to acquire one (1) Subordinate Voting Share
(subject to adjustment as provided for in the Warrant Indenture (as defined below))

 THIS IS TO CERTIFY THAT, for value received, 
  

 
 (the “Warrantholder”) is the
registered holder of the number of subordinate voting purchase warrants (the “Warrants”) of Trulieve Cannabis Corp. (the “Corporation”) specified above and is entitled, on exercise of these Warrants upon and subject
to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any time before 5:00 p.m. (Vancouver Time) (the “Expiry Time”) on the date that is three years after the Issue Date (the
“Expiry Date”) one fully paid and non-assessable subordinate voting share without par value in the capital of the Corporation as constituted on the date hereof (a
“Subordinate Voting Share”) for each Warrant, subject to adjustment in accordance with the terms of the Warrant Indenture.  

The right to purchase Subordinate Voting Shares may only be exercised by the Warrantholder within the time set forth above by: 

 

	 	(a)	 duly completing and executing the exercise form (the “Exercise Form”) attached
hereto; and 

  

	 	(b)	 surrendering this warrant certificate (the “Warrant Certificate”), with the Exercise Form, to
the Warrant Agent at the principal office of the Warrant Agent, in the city of Vancouver, British Columbia, together with a certified cheque, bank draft or money order in the lawful money of Canada payable to or to the order of the Corporation in an
amount equal to the purchase price of the Subordinate Voting Shares so subscribed for.  

 The surrender of this Warrant
Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent
at its principal office as set out above. 
 Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter
referred to, the exercise price payable for each Subordinate Voting Share upon the exercise of Warrants shall be US$23.77 per Subordinate Voting Share (the “Exercise Price”). 

Certificates for the Subordinate Voting Shares subscribed for will be mailed to the persons specified in the Exercise Form at their respective addresses
specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Subordinate Voting Shares are purchased than the number that can be purchased pursuant to
this Warrant Certificate, the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of the balance of the Subordinate Voting Shares not so purchased. No fractional Subordinate Voting Shares will be issued upon
exercise of any Warrant and no cash or other consideration will be paid in lieu of fractional Subordinate Voting Shares. 

  
 A-3 

 This Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of a
warrant indenture dated as of December 20, 2019 between Harvest Health & Recreation Inc. and Odyssey Trust Company, as Warrant Agent, as supplemented by the supplemental warrant indentures dated as of June 30, 2021 and as of
October 1, 2021 between the Corporation and Odyssey Trust Company, as Warrant Agent (which indentures together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”), to
which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the
same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents. The Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.

 On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with
the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates representing the same number of Warrants as represented by the Warrant Certificate(s) so exchanged. 

Neither the Warrants nor the Subordinate Voting Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States. The Warrants may not be exercised by a person in the United States, a U.S. Person, a person exercising the Warrants for the
account or benefit of a U.S. Person or a person in the United States, or a person requesting delivery in the United States of the Subordinate Voting Shares issuable upon such exercise unless (i) this Warrant and such Subordinate Voting Shares
have been registered under the U.S. Securities Act and the applicable laws of any such state, or (ii) an exemption or exclusion from such registration requirements is available and the requirements set forth in the Exercise Form have been
satisfied. Certificates representing Subordinate Voting Shares issued to, or for the account or benefit of, persons in the United States or U.S. Persons may bear a legend restricting the transfer and exercise of such securities under applicable
United States federal and state securities laws. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act. 

The Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Subordinate Voting Share upon the exercise of Warrants and
the number of Subordinate Voting Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein. 
 The Warrant Indenture
also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by
Warrantholders of Warrants entitled to purchase a specific majority of the Subordinate Voting Shares that can be purchased pursuant to such Warrants. 

Nothing contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof any right or
interest whatsoever as a holder of Subordinate Voting Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate and
the terms and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern. 
 Warrants may only be transferred in
compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Vancouver, British Columbia, or such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint at such other
place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other
registrar 

  
 A-4 

 
and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the transfer being
duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof. 
 This Warrant Certificate will not be valid for any purpose
until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture. 
 The parties hereto have declared that
they have required that these presents and all other documents related hereto be in the English language. Les parties aux présentes déclarent qu’elles ont exigé que la présente convention, de même que tous les
documents s’y rapportant, soient rédigés en anglais. 
 [Signature Page
Follows] 

  
 A-5 

 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its duly
authorized officer as of this      day of                     , 20    . 

 

			
	TRULIEVE CANNABIS CORP.

			
		
	By:	 	  

			
		 	              Authorized Signatory
	
	ODYSSEY TRUST COMPANY

			
		
	By:	 	  

			
		 	              Authorized Signatory

  
 A-6 

 TRANSFER FORM 

ANY TRANSFER OF WARRANTS WILL REQUIRE COMPLIANCE WITH APPLICABLE SECURITIES LEGISLATION. TRANSFERORS AND TRANSFEREES ARE URGED TO CONTACT LEGAL COUNSEL BEFORE
EFFECTING ANY SUCH TRANSFER 
  

			
	TO:	  	Odyssey Trust Company
		  	323 – 409 Granville Street
		  	Vancouver, British Columbia V6C 1T2

  

			
	FOR VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto
	
	  

	 (Transferee) 

	
	  

	 (Address) 

	
	  

	 (Social Insurance Number) 

                          
               of the Warrants registered in the name of the undersigned transferor represented by the Warrant Certificate or DRS Advice and hereby irrevocable constitutes and
appoints as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent. 
 In the case of
a warrant certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked): 
  

			
	☐	  	(A) the transfer is being made to the Corporation;
		
	☐	  	(B) the transfer is being made outside the United States in compliance with Rule 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and in compliance with any
applicable local laws and regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule “C” to the Warrant Indenture, or
		
	☐	  	(C) the transfer is being made in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Corporation and the
Warrant Agent an opinion of counsel of recognized standing or other evidence in form and substance reasonably satisfactory to the Corporation to such effect.

 In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for
the account or benefit of a U.S. Person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements
of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to
the Corporation to such effect. 

  
 A-7 

			
	☐	  	If transfer is to a person in the United States or a U.S. Person, check this box.

 In the case of a transfer within the United States or to, or for the account or benefit of, a U.S. Person or to a person in
the United States, the certificates representing the Warrants will be endorsed with a U.S. restrictive legend. 
 DATED this
                     day of
                                         
                   , 20     
  

					
	SPACE FOR GUARANTEES              OF	 	      )	 	
	SIGNATURES (BELOW)	 	      )	 	
		 	      )	 	
		 	      )	 	
		 	      )	 	
		 	      )	 	
	  
	 	      )	 	  

	Guarantor’s Signature/Stamp	 	      )	 	      Signature of Transferor
		 	      )	 	
		 	      )	 	
		 	      )	 	  

		 	      )	 	       Name of Transferor

  
 A-8 

 REASON FOR TRANSFER – For US Citizens or Residents only (where the individual(s) or corporation
receiving the securities is a US citizen or resident). Please select only one (see instructions below). 
  

							
	☐ Gift 	 	☐ Estate 	 	☐ Private Sale	 	☐ Other (or no change in ownership) 

  

					
	 Date of Event (Date of gift, death or sale):
	  	     Value per Warrant on the date of event:

	

	  	  
 

	  	 
             

  

 CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY 

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration
or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent’s then-current guidelines and
requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry
practice and standards): 
  

	 	•	 	 Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion
Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words
“Medallion Guaranteed”, with the correct prefix covering the face value of the certificate. 

  

	 	•	 	 Canada: A Medallion Signature Guarantee with the correct prefix covering the face value of the
certificate. 

  

	 	•	 	 Outside North America: For holders located outside North America, present the certificates(s) and/or
document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the
signature to be over-guaranteed. 

 O R 

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without
alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable
as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”, “MEDALLION GUARANTEED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the
transfer agent’s then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer with a “MEDALLION
GUARANTEED” Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate. 

  
 A-9 

 SCHEDULE “B” 

EXERCISE FORM 
  

			
	TO:	 	 Trulieve Cannabis Corp. (the “Corporation”)

6749 Ben Bostic Road
 Quincy, Florida

32351

		
	AND TO:	 	 Odyssey Trust Company (the “Warrant Agent”)

323 – 409 Granville Street
 Vancouver, British Columbia V6C
1T2

 The undersigned holder of the Warrants evidenced by this Warrant Certificate or DRS Advice hereby exercises the right to
acquire (A) Subordinate Voting Shares of Trulieve Cannabis Corp. 
  

			
	Exercise Price Payable:	 	  

		 	((A) multiplied by US$23.77, subject to adjustment)

 The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Subordinate Voting Shares
that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture. 
 The
undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject to restrictions on resale under applicable securities legislation. 

Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the dated as of December 20, 2019 between Harvest
Health & Recreation Inc. and Odyssey Trust Company, as Warrant Agent, as supplemented by the supplemental warrant indentures dated as of June 30, 2021 and as of October 1, 2021 between the Corporation and Odyssey Trust Company, as
Warrant Agent (which indentures together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”). 

The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked): 

 

			
	 ☐
  
	 	 1.  the undersigned holder at the time of exercise of the Warrants (i) is not in
the United States, (ii) is not a U.S. Person, (iii) is not exercising the Warrants on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States, (iv) did not acquire the Warrants in the United States
or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (v) did not receive an offer to exercise the Warrants in the United States; (vi) did not execute or deliver this exercise form in the United
States; (vii) is not requesting delivery in the United States of the Warrant Shares issuable upon such exercise; and (viii) represents and warrants that the exercise of the Warrants and acquisition of the Warrant Shares occurred in an
“offshore transaction” (as defined under Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)); OR

  
 B-1 

			
	 ☐
	 	 2.  the undersigned holder is (i) an Original U.S. Warrantholder, (ii) is
exercising the Warrants for its own account or for the account of a disclosed principal that was named in the subscription agreement executed and delivered in connection with its purchase of the Units pursuant to which the Units were originally
issued and of which the Warrants originally comprised a part, (iii) is, and such disclosed principal, if any, is, an Accredited Investor at the time of exercise of these Warrants, and (iv) confirms the representations and warranties of the
holder made in the subscription agreement executed and delivered in connection with its purchase of the Units pursuant to which the Units were originally issued and of which the Warrants originally comprised a part remain true and correct as of the
date of exercise of these Warrants; OR

		
	☐	 	 3.  the undersigned holder (i) is (1) in the United States, (2) a U.S.
Person, (3) a person exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, or (4) requesting delivery in the United States of the Warrant Shares issuable upon such exercise, and (ii) has
an exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws available for the exercise of the Warrants and the issuance of the Warrant Shares and has delivered to the Corporation and the
Warrant Agent a written opinion of U.S. counsel, in form and substance reasonably satisfactory to the Corporation, or such other evidence reasonably satisfactory to the Corporation, to that effect

 It is understood that the Corporation and the Warrant Agent may require evidence to verify the foregoing representations. 

The undersigned holder understands that unless Box A above is checked, the certificate representing the Subordinate Voting Shares may be issued in definitive
physical certificated form and bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available (as described in the Warrant Indenture and
the subscription documents). If Box C above is checked, holders are encouraged to consult with the Corporation in advance to determine that the legal opinion or other evidence tendered in connection with the exercise will be satisfactory in form and
substance to the Corporation. “U.S. Person” and “United States” are as defined in Regulation S under the U.S. Securities Act. 
 The
undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject to restrictions on resale under applicable securities legislation. The undersigned hereby further acknowledges that
the Corporation will rely upon the confirmations, acknowledgements and agreements set forth herein, and agrees to notify the Corporation promptly in writing if any of the representations or warranties herein ceases to be accurate or complete. 

The undersigned hereby irrevocably directs that the said Subordinate Voting Shares be issued, registered and delivered as follows: 

 

					
	 NAME(S) IN FULL
	  	 ADDRESS(ES)
	  	 NUMBER OF SUBORDINATE
VOTING
SHARES

		  		  	
		  		  	
		  		  	
		  		  	

  
 B-2 

 Please print full name in which certificates representing the Subordinate Voting Shares are to be issued. If
any Subordinate Voting Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Form of Transfer
must be duly executed. 

  
 B-3 

 Once completed and executed, this Exercise Form must be mailed or delivered to Odyssey Trust Company, 323
– 409 Granville Street, Vancouver, British Columbia V6C 1T2, Attention: Corporate Trust. 
 DATED
this                     day of
                                         
            ,         . 
  

					
		 	      )	 	
		 	      )	 	
		 	      )	 	
		 	      )	 	
	  
	 	      )	 	  

	Witness	 	      )	 	      Signature of Warrantholder
			
		 	      )	 	
			
		 	      )	 	
		 	      )	 	  

		 	      )	 	       Name of Warrantholder

  
 ☐ 

Please check if the certificates representing the Subordinate Voting Shares are to be delivered at the office where this Warrant Certificate
is surrendered, failing which such certificates will be mailed to the address set out above. Certificates will be delivered or mailed as soon as practicable after the surrender of this Warrant Certificate to the Warrant Agent. 

NOTES: 
  

	 	1.	 Certificates will not be registered or delivered to an address in the United States unless Box 2 or Box 3 above
is checked. 

  

	 	2.	 If Box 3 above is checked, holders are encouraged to contact the Corporation in advance to determine that the
legal opinion or evidence tendered in connection with exercise will be satisfactory in form and substance to the Corporation. 

  
 B-4 

 SCHEDULE “C” 

FORM OF DECLARATION FOR REMOVAL OF LEGEND 

TO: ODYSSEY TRUST COMPANY as registrar and transfer agent for the Warrants / Subordinate Voting Shares issuable upon exercise of the Warrants of Trulieve
Cannabis Corp. (the “Corporation”) 
 AND TO: THE CORPORATION 

The undersigned (A) acknowledges that the sale of
                                         
        (the “Securities”) of the Corporation, to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”), and (B) certifies that: (1) the undersigned is not an “affiliate” (as that term is defined in Rule 405 under the U.S. Securities Act) of the Corporation; (2) the offer of such
Securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was
outside the United States, or (b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or another “designated offshore securities market”,
and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) none of the seller, any affiliate of the seller or any person acting on their behalf has engaged
or will engage in any “directed selling efforts” in the United States in connection with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose of “washing off” the resale restrictions
imposed because the Securities are “restricted securities” (as that term is defined in Rule 144(a)(3) under the U.S. Securities Act); (5) the seller does not intend to replace such Securities with fungible unrestricted securities; and
(6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S under the U.S. Securities Act, is part of a plan or scheme to evade the registration provisions of
the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act. 
 DATED this
                     day
of                                         
   , 20        . 
  

	
	   X

	  Signature of individual (if Seller is an individual)
	  
   X

	   Authorized signatory (if Seller is not an individual)

 
  

	   Name of Seller (please print)
  

 

	   Name of authorized signatory (please print)
  

 

	  Official capacity of authorized signatory (please print)EX-4.11

 Exhibit 4.11 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER
APRIL 23, 2020. 
 NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE 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 EXERCISE OF THIS SECURITY MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 
  

	 Date of Issue: April 23, 2020 
	 Warrant Certificate No. 2020-02 

14,350 WARRANTS TO PURCHASE MULTIPLE VOTING SHARES OF 

HARVEST HEALTH & RECREATION, INC. 

THIS CERTIFIES that, for value received, Cumberland Property Leasing, LLC, a Pennsylvania limited liability company (the “Holder”) is
the registered holder of 14,350 warrants (each, a “Warrant” and collectively, the “Warrants”) represented by this certificate (this “Warrant Certificate”, which shall include any certificate issued
in replacement thereof). Each whole Warrant shall entitle the Holder, subject to the terms and conditions set forth in this Warrant Certificate, to acquire from Harvest Health & Recreation, Inc., a British Columbia corporation (the
“Corporation”) one (1) fully paid and non-assessable Multiple Voting Share (as defined below) on payment of CAD$131.60 (the Exercise Price (as defined below)) per Multiple Voting Share
multiplied by the number of Multiple Voting Shares subscribed for, on and subject to the terms and conditions set forth below, at any time on or before the Expiry Time (as defined below). The Warrants are being issued to the Holder pursuant to the
terms of a redeemable promissory note issued by the Corporation to the Holder dated as of June 28, 2019 (the “Note”) pursuant to the terms of a Real Estate and Asset Purchase Agreement entered into by the Holder and BRLS
Properties PA-SE, LLC (“Buyer”) dated March 22, 2019, as amended by that certain Amendment to Real Estate and Asset Purchase Agreement entered into by the Holder and BRLS Properties PA-SE, LLC dated May 20, 2019, and as further amended by that certain Second Amendment to Real Estate and Asset Purchase Agreement entered into by the Holder and BRLS Properties
PA-SE, LLC dated June 12, 2019 (the “REPA”). 
  

	1.	 Definitions 

In this Warrant Certificate, including the preamble, unless there is something in the subject matter or context inconsistent therewith, the
following expressions shall have the following meanings namely and the meanings set forth in the Note and the REPA: 

	 	(a)	 “Business Day” means a day, other than a Saturday, Sunday or statutory holiday, on which the
principal commercial banks located in Toronto and Sydney are open for business during normal banking hours; 

  

	 	(b)	 “Exercise Price” means CAD$131.60, which is equal to 100 times the ten (10) day volume
weighted average price for each share of the Corporation’s Subordinate Voting Shares (the “Subordinate Voting Shares”) on the Canadian Securities Exchange (the “CSE”) over the ten business days preceding the
date the Corporation or its affiliate sends written notice to the Holder of the Corporation’s or its affiliate’s intent to redeem the Note (the “Redemption Notice Date”); 

 

	 	(c)	 “Expiry Time” means 5:00 p.m., Toronto, Ontario time, on the date that is three years from
date of issue set forth above; 

  

	 	(d)	 “Indemnity Note” means that certain Indemnity Holdback Promissory Note dated June
    , 2019 in the original principal amount of $150,000.00 from Buyer in favor of Holder. 

  

	 	(e)	 “Multiple Voting Shares” means the Multiple Voting Shares of the Corporation as such shares
are constituted on the date hereof, as the same may be reorganized, reclassified or redesignated pursuant to any of the events set out in Section 4 hereof; 

 

	 	(f)	 “Number of Warrants” means a number of Multiple Voting Shares equal to the product of (i) 0.35
and (ii) forty-one thousand (41,000), subject to adjustment as provided for herein. 

  

	 	(g)	 “One Year Warrant” means that Warrants to Purchase Multiple Voting Shares of Harvest
Health & Recreation, Inc. issued to Holder for 41,000 Multiple Voting Shares on the date hereof that contains a one (1) year exercise period. 

  

	 	(h)	 “Person” means any individual, sole proprietorship, limited or unlimited liability
corporation, limited liability company, partnership, unincorporated association, unincorporated syndicate, body corporate, joint venture, trust, pension fund, union, governmental authority, and a natural person including in such natural
person’s capacity as trustee, heir, beneficiary, executor, administrator or other legal representative; 

  

	 	(i)	 “Subscription Form” means the form of subscription annexed hereto as Schedule “A”;

  

	 	(j)	 “Transfer Form” means the transfer form annexed hereto as Schedule “B” to this
Warrant Certificate; and 

  

	 	(k)	 “this Warrant Certificate”, “Warrant Certificate”, “herein”,
“hereby”, “hereof”, “hereto”, “hereunder” and similar expressions mean or refer to this Warrant Certificate and any deed or instrument supplemental or ancillary thereto and any
schedules hereto or thereto and not to any particular article, section, subsection, clause, subclause or other portion hereof. 

  
 - 2 - 

	2.	 Expiry Time 

After the Expiry Time, all rights under any Warrant evidenced hereby, in respect of which the right of subscription and purchase herein
provided for shall not theretofore have been exercised, shall wholly cease and terminate and such Warrants shall be void and of no value or effect. 
  

	3.	 Exercise Procedure 

Subject to the restrictions provided for in Section 4(c), the Holder may exercise, in whole or in part, at any time commencing after the
date hereof, the right of purchase provided herein prior to the Expiry Time provided that: 
  

	 	(a)	 this Warrant Certificate, with the Subscription Form is duly completed and executed by the Holder or its legal
representative or attorney, duly appointed by an instrument in writing in form and manner satisfactory to the Corporation; and 

  

	 	(b)	 a certified cheque, money order or bank draft payable to or to the order of the Corporation in Canadian
currency in an amount equal to the Exercise Price multiplied by the number of Multiple Voting Shares for which such subscription is being made, up to the Number of Warrants. 

Any Warrant Certificate and cash, certified cheque, money order or bank draft referred to in the foregoing clauses shall be deemed to be
surrendered only upon delivery thereof to the Corporation at its principal office in the manner provided in Section 24 hereof. 
 This
Warrant Certificate is exchangeable, upon the surrender hereof by the Holder, for new Warrant Certificates of like tenor representing, in the aggregate, the same number of Warrants and entitling the Holder to the right to subscribe for the same
aggregate number of Multiple Voting Shares at the same Exercise Price which may be subscribed for hereunder, up to the Number of Warrants. 

4.    Adjustment to Exercise Price and Number of Warrants. The number of and kind of securities purchasable upon exercise of this
Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 
 (a) Subdivisions, Combinations and
Other Issuances. If the Corporation shall at any time before the expiration of this Warrant subdivide or split the Multiple Voting Shares or its Subordinate Voting Shares, adjust the conversion ratio of the Multiple Voting Shares with respect to
the Subordinate Voting Shares, combine or reverse split its the Multiple Voting Shares or its Subordinate Voting Shares, or issue additional Multiple Voting Shares or its Subordinate Voting Shares as a dividend, the number of Multiple Voting Shares
issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision, split, stock dividend, negative adjustment in the conversion ratio of the Multiple Voting Shares with respect to the Subordinate
Voting Shares, or proportionately decreased in the case of a combination, reverse split, or positive adjustment in the conversion ratio of the Multiple Voting Shares with respect to the Subordinate Voting Shares. Appropriate adjustments shall also
be made to the Exercise Price. Any adjustment under this Section 4(a) shall become effective at the close of business on the date the subdivision, split, stock dividend, combination, reverse split, or adjustment in conversion ratio becomes
effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

  
 - 3 - 

 (b) Reclassification, Reorganization and Consolidation. If after the date hereof the
Corporation shall enter into any Reorganization (as hereinafter defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Corporation or its successor shall be
delivered to the Holder, so that the Holder shall thereafter have the right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property
receivable upon such Reorganization by a holder of the number of shares of Multiple Voting Shares which might have been purchased by the Holder immediately prior to such Reorganization (and for the avoidance of doubt, if the Holder of Multiple
Voting Shares upon such Reorganization had conversion rights with respect thereto, the Holder of such Multiple Voting Shares shall have the option to so convert such Multiple Voting Shares and thereupon shall have the right to purchase, at a total
price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of shares of stock into which the
Multiple Voting Shares were converted which might have been purchased by the Holder immediately prior to such Reorganization), and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the end
that the provisions hereof (including without limitation, provisions for the adjustment of the Exercise Price and the number of Multiple Voting Shares issuable hereunder) shall thereafter be applicable in relation to any shares of stock or other
securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 4(d), the term “Reorganization” shall include without limitation any reclassification, capital reorganization or change in
the capital stock of the Corporation (other than as a result of a subdivision, split, stock dividend, combination, reverse split, or adjustment in conversion ratio provided for in Section 4(a) above), or any consolidation of the Corporation
with, or merger of the Corporation into, another corporation or other business organization (other than a merger in which the Corporation is the surviving corporation and which does not result in any reclassification or change of the outstanding
capital stock of the Corporation), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of the Corporation. 

(c) Indemnity Offset. 

(i) In the event that there shall occur a Third Party Claim or any claim for any environmental liability for which
indemnification for any Loss and Expense is sought under the REPA, Holder shall have the option to defend, indemnify and hold the Buyer Indemnified Parties harmless of such Third Party Claim or environmental claim pursuant to and in accordance with
Section 8.2 of the REPA and employ counsel of its choice to do so. A Loss and Expense, whether resulting from a Third Party Claim, an environmental claim, or a direct claim by a Buyer Indemnified Party, shall be set off against the Indemnity
Note, payable, or used to reduce any Warrants hereunder (all as set forth more fully below), upon the earlier of such Loss and Expense being agreed upon by the applicable Buyer Indemnified Party and the Holder or being finally determined pursuant to
a final judgment after exhaustion of all possible appeals (the “Loss and Expense Determination Date”). Upon such Loss and Expense being subject to set off against the Indemnity Note, payable, or used to reduce any Warrants hereunder
(all as set forth more fully below) on the Loss and Expense Determination Date, such Loss and Expense shall first be set off against the then-outstanding principal of the Indemnity Note, and with respect to any remaining Loss and Expense not so set
off, the Holder shall have the option (the “Indemnification Option”) in its sole and absolute discretion to: (a) pay in cash to the applicable Buyer Indemnified Party the amount of such remaining Loss and Expense; or
(b) if such remaining Loss and Expense exceeds the amount of Warrants available for reduction under 

  
 - 4 - 

 
the One Year Warrant, to permit the Corporation to reduce the Number of Warrants as set forth below up to the amount of such remaining Loss and Expense. Upon the applicable Loss and Expense being
fully set-off against the Indemnity Note, or paid in cash or used to reduce the Number of Warrants, all as set forth above, such Loss and Expense shall be fully and finally settled and resolved; provided that
the agreement between Buyer and Holder or the final judgment (after exhaustion of all possible appeals) of a Loss and Expense shall not constitute a waiver of any other Loss and Expense not subject to such agreement or final judgment. The
Indemnification Option shall be exercised by Holder by delivering written notice of such exercise to the applicable Buyer Indemnified Party within fifteen (15) days of the Loss and Expense Determination Date, and in the event the
Indemnification Option is to pay to the applicable Buyer Indemnified Party the full amount of an indemnifiable Loss and Expense in cash, the Holder shall deliver such cash amount to the applicable Buyer Indemnified Party on or before such fifteenth
(15th) day. Notwithstanding anything to the contrary, during the pendency of any claims, actions, suits, demands, requests, negotiations, mediations, arbitrations, or any other form of proceedings pursuant to which any indemnification for any Loss
and Expense is sought (collectively, “Indemnification Claim”), if the Expiry Period expires during the pendency of the Indemnification Claim with respect to any Warrants subject to the Buyer Indemnity Amount, the Expiry Period for
such Warrants shall be tolled and shall be extended by an amount of time equal to the duration of such Indemnification Claim plus an additional 30 days, but in no event shall such Expiry Period be extended by more than one (1) year after the
Original Expiry Period. For clarification purposes only, if an Indemnification Claim for a Loss and Expense is commenced or asserted within one (1) year of the date of the Note and the Loss and Expense subject to such Indemnification Claim has
not been agreed upon by the applicable Buyer Indemnified Party and the Holder or finally determined pursuant to a final judgment after exhaustion of all possible appeals on or before the one (1) year anniversary of the Note (such
Indemnification Claim, a “Holdover Claim”), that portion of the outstanding principal amount of the Indemnity Note as of such one (1) year date equal to the Loss and Expense of the Holdover Claim shall continue to be held
subject to the Indemnity Note and shall be available for offset (if applicable) on the Loss and Expense Determination Date; provided that if the outstanding principal amount of the Indemnity Note as of such one (1) year date is not equal to or
in excess of the Loss and Expense of the Holdover Claim, then to Holder shall have the option of: (i) posting a cash bond in an amount equal to the excess Loss and Expense (less the amount of Warrants Holder has permitted the Corporation to
hold in abeyance until the Loss and Expense Determination Date under the One Year Warrant); or (ii) permitting the Corporation to hold in abeyance until the Loss and Expense Determination Date the Number of Warrants equal to the excess Loss and
Expense (using the valuation methodology described in Section 4(c)(ii) below) (less the amount of Warrants Holder has permitted the Corporation to hold in abeyance until the Loss and Expense Determination Date under the One Year Warrant) (any
such Warrants, “Holdover Warrants”); provided further that with respect to any Holdover Warrants that are not finally used to reduce any Loss and Expense of the Holdover Claim, the Expiry Period for such Holdover Warrants shall be
tolled and shall be extended by an amount of time equal to the duration of such Indemnification Claim plus an additional 30 days but in no event shall such Expiry Period be extended by more than one (1) year after the Original Expiry Period.

 (ii) In the event that Holder does not exercise the Indemnification Option to pay to the applicable Buyer Indemnified
Party the full amount of an indemnifiable Loss and Expense in cash, the Number of Warrants shall be reduced on the sixteenth (16th) day 

  
 - 5 - 

 
following the Loss and Expense Determination Date by an amount equal to zero and 35/100 (0.35) of a Warrant (i.e., 0.35 of a Warrant) for each $100.00 of such Loss and Expense (all such amounts
of Loss and Expense shall be rounded to the nearest $100.00) (the “Buyer Indemnity Amount”) in excess of the sum of (a) the then-outstanding principal amount of the Indemnity Note; plus (b) the product of (A) $100.00;
multiplied by (B) of Warrants available for reduction under the One Year Warrant (the “Net Indemnity Claim” and collectively, the “Indemnity Offset Warrants”), without prejudice to any other right or remedy the
Corporation has or may have under the REPA. The number of Indemnity Offset Warrants shall be rounded to the nearest whole Warrant. If the Loss and Expense is a result of a claim or demand and: (a) the amount of such Loss and Expense is not
determined pursuant to a final judgment; (b) cannot be ascertained through the use of a commercially accepted value/loss assessment methodology; and (c) the Holder and Buyer are unable to agree on such amount after good faith negotiations,
then an amount equal to Buyer’s good faith estimate of the amount of such claim shall be used to determine the amount of Loss and Expense for purposes of computing the Buyer Indemnity Amount. For illustration purposes only, if there is an
indemnifiable Loss and Expense equal to $150,200.00 and the then-outstanding principal amount of the Indemnity Note is $150,000.00 and the amount of Warrants available for reduction under the One Year Warrant is zero (0), the Buyer Indemnity Amount
shall be equal to $200.00, and the number of Indemnity Offset Warrants shall be equal to 70/100 (0.70) of a Warrant (i.e., 0.70 of a Warrant). Notwithstanding anything to the contrary in this Warrant or the REPA, if the Buyer Indemnified Party is
eligible for recovery of Loss and Expense under Section 8.4 of the REPA, Buyer Indemnified Party shall be entitled to indemnification recovery by such Net Indemnity Claim only up to the entire amount of the Loss and Expense and shall not be
entitled to double recovery. 
 (d) Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares
purchasable upon exercise of the Warrant, or in the Exercise Price, the Corporation shall promptly notify the Holder of such event and of the number of Multiple Voting Shares or other securities or property thereafter purchasable upon exercise of
this Warrant. 
  

	5.	 Entitlement to Warrant Certificate 

Upon such delivery and payment as aforesaid, the Corporation shall cause to be issued to the Holder hereof the Multiple Voting Shares
subscribed for not exceeding those which such Holder is entitled to purchase pursuant to the Warrants represented by this Warrant Certificate, and the Holder hereof shall become a shareholder of the Corporation in respect of such shares with effect
from the date of such delivery and payment, and shall be entitled to delivery of a certificate or certificates (or at Holder’s option, a direct registration system statement, if available) evidencing such shares and the Corporation shall cause
such certificate or certificates to be mailed by registered or certified mail or couriered by a nationally recognized overnight courier, all via overnight delivery, to the Holder at the address or addresses specified in such subscription within
three (3) Business Days of such delivery and payment (the “Warrant Share Delivery Date”). The issuance of certificates of Multiple Voting Shares upon the exercise of the Warrants shall be made without charge to the Holder for
any issuance tax in respect thereto, provided that the Corporation shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the Holder.

  
 - 6 - 

 Without limiting the rights afforded herein, if the Corporation fails to transmit to the
Holder the applicable Multiple Voting Shares by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 
  

	6.	 Partial Exercise 

The Holder may subscribe for and purchase a number of Multiple Voting Shares less than the number the Holder is entitled to purchase pursuant
to this Warrant Certificate. In the event of any such subscription and purchase prior to the Expiry Time, the Holder shall, in addition, be entitled to receive, without charge, a new Warrant Certificate representing Warrants in respect of the
balance of the Multiple Voting Shares of which the Holder was entitled to purchase pursuant to this Warrant Certificate and which were then not purchased. 
  

	7.	 No Fractional Shares 

Under no circumstances shall the Corporation be obliged to issue any fractional Multiple Voting Shares or any cash or other consideration in
lieu thereof upon the exercise of one or more Warrants. To the extent that the Holder of one or more Warrants would otherwise have been entitled to receive on the exercise or partial exercise thereof a fraction of a Multiple Voting Share, the Holder
may exercise that right in respect of the fraction only in combination with another Warrant or Warrants that in the aggregate entitle the Holder to acquire a whole number of Multiple Voting Shares. 

 

	8.	 Not a Shareholder 

Nothing in this Warrant Certificate or in the holding of the Warrants evidenced hereby shall be construed as conferring upon the Holder any
right or interest whatsoever as a shareholder of the Corporation. 
  

	9.	 No Obligation to Purchase 

Nothing herein contained or done pursuant hereto shall obligate the Holder to purchase or pay for, or the Corporation to issue, any shares
except those shares in respect of which the Holder shall have exercised its right to purchase hereunder in the manner provided herein. 
  

	10.	 Transfer 

Subject to compliance with applicable laws and the terms hereof, the Warrants evidenced hereby may not be transferred until the later of
(i) one year after the issuance date of the Note or (ii) the resolution of all Indemnification Claim that are commenced within one (1) year of the issuance date of the Note, provided that if this clause (ii) shall delay the
transferability of the Warrants pursuant to this sentence, the number of Warrants that exceed the claimed Loss and Expense that is subject to Indemnification Claim may be freely transferred. No transfer of the Warrants evidenced hereby shall be
effective unless this Warrant Certificate is accompanied by a duly executed Transfer Form or other instrument of transfer in such form as the Corporation may from time to time prescribe, together with such evidence of the genuineness of each
endorsement, execution and authorization and of other matters as may reasonably be required by the Corporation, and delivered to the Corporation. No transfer of the Warrants evidenced hereby shall be made if in the opinion of counsel to the
Corporation such transfer would result in the violation of any applicable securities laws. Subject to the foregoing, the Corporation shall issue and mail as soon as practicable, and in any event within five (5) Business Days of such delivery, a
new Warrant 

  
 - 7 - 

 
Certificate (with or without legends as may be appropriate) registered in the name of the transferee or as the transferee may direct and shall take all other necessary actions to effect the
transfer as directed. 
  

	11.	 Covenants 

  

	 	(a)	 The Corporation covenants and agrees that: 

 

	 	(i)	 so long as any Warrants evidenced hereby remain outstanding, it shall reserve and there shall remain unissued
out of its authorized capital at least a number of Multiple Voting Shares sufficient to satisfy the right of purchase herein provided for should the Holder determine to exercise its rights in respect of all the Multiple Voting Shares for the time
being called for by such outstanding Warrants; and 

  

	 	(ii)	 all Multiple Voting Shares which shall be issued upon the exercise of the right to purchase herein provided
for, upon payment therefor of the amount at which such Multiple Voting Shares may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non- assessable Multiple Voting
Shares and the holders thereof shall not be liable to the Corporation or to its creditors in respect thereof. 

  

	 	(b)	 The Corporation shall preserve and maintain its corporate existence. 

 

	 	(c)	 The Corporation shall not, by amendment of its governing documents, or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall at all times in
good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the Holder in order to protect the exercise rights of the Holder against dilution or other impairment,
consistent with the tenor and purpose of this Warrant. 

  

	12.	 Representations and Warranties 

The Corporation hereby represents and warrants with and to the Holder that the Corporation is duly authorized and has the corporate and lawful
power and authority to create and issue the Warrants evidenced hereby and the Multiple Voting Shares issuable upon the exercise hereof and perform its obligations hereunder and that this Warrant Certificate represents a valid, legal and binding
obligation of the Corporation enforceable in accordance with its terms. 
  

	13.	 If Share Transfer Books Closed 

The Corporation shall not be required to deliver certificates for Multiple Voting Shares while the share transfer books of the Corporation are
properly closed, prior to any meeting of shareholders or for the payment of dividends or for any other purpose and in the event of the surrender of any Warrants in accordance with the provisions hereof and the making of any subscription and payment
for the Multiple Voting Shares called for thereby during any such period delivery of certificates for Multiple Voting Shares may be postponed for not exceeding five (5) Business Days after the date of the
re-opening of said share transfer books; provided, however, that any such postponement of delivery of certificates shall be without prejudice to the right of the

  
 - 8 - 

 
Holder, if the Holder has surrendered the same and made payment during such period, to receive such certificates for the Multiple Voting Shares called for after the share transfer books have been
re-opened. 
  

	14.	 Protection of Shareholders, Officers and Directors 

Subject as herein provided, all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal proceedings.
No recourse under or upon any obligation, covenant or agreement herein contained or in any of the Warrants evidenced hereby shall be taken against any shareholder, officer or director of the Corporation, either directly or through the Corporation,
it being expressly agreed and declared that the obligations under the Warrants evidenced hereby are solely corporate obligations of the Corporation and that no personal liability whatever shall attach to or be incurred by the shareholders, officers,
or directors of the Corporation or any of them in respect thereof, any and all rights and claims against every such shareholder, officer or director being hereby expressly waived as a condition of and as a consideration for the issue of the Warrants
evidenced hereby. 
  

	15.	 Lost Warrant Certificate 

If the Warrant Certificate evidencing the Warrants issued hereby becomes stolen, lost, mutilated or destroyed the Corporation may, on such
terms, as it may in its discretion impose, respectively issue and countersign a new certificate evidencing the Warrants of like denomination, tenor and date as the certificate so stolen, lost mutilated or destroyed provided that the Holder shall
bear the reasonable cost of the issue thereof and in case of loss, destruction or theft, shall, as a condition precedent to the issue thereof, furnish to the Corporation such evidence of ownership and of the loss, destruction or theft of the Warrant
Certificate which shall be satisfactory to the Corporation, in its sole discretion acting reasonably, and the Holder may also be required to furnish an indemnity in form satisfactory to the Corporation, in its sole discretion acting reasonably, and
shall pay the reasonable charges of the Corporation in connection therewith.. 
  

	16.	 Governing Law 

This Warrant Certificate shall be governed by, and construed in accordance with, the laws of the Province of British Columbia and the federal
laws of Canada applicable therein, governing contracts made and to be performed wholly therein, and without reference to its principles governing the choice or conflict of laws. 

 

	17.	 Severability 

If, in any jurisdiction, any provision of this Agreement or its application to the Corporation and/or the Holder or circumstance is restricted,
prohibited or unenforceable, such provision shall, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Warrant Certificate, without
affecting the validity or enforceability of such provision in any other jurisdiction and without affecting its application to other parties or circumstances.. 
  

	18.	 Headings 

The headings of the sections, subsections and clauses of this Warrant Certificate have been inserted for convenience and reference only and do
not define, limit, alter or enlarge the meaning of any provision of this Warrant Certificate. 

  
 - 9 - 

	19.	 Numbering 

Unless otherwise stated, a reference herein to a numbered or lettered section, subsection, clause, subclause or schedule refers to the section,
subsection, clause, subclause or schedule bearing that number or letter in this Warrant Certificate. 
  

	20.	 Gender 

Whenever used in this Warrant Certificate, words importing the singular number only shall include the plural, and vice versa, and words
importing the masculine gender shall include the feminine gender. 
  

	21.	 Day not a Business Day 

In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be
required to be taken on or before the requisite time on the next succeeding day that is a Business Day. 
  

	22.	 Computation of Time Period 

Except to the extent otherwise provided herein, in the computation of a period of time from a specified date to a later specified date, the
word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”. 
  

	23.	 Binding Effect 

This Warrant Certificate and all of its provisions shall enure to the benefit of the Holder and its successors and permitted assigns and shall
be binding upon the Corporation and its successors and permitted assigns. 
  

	24.	 Notice 

Any notice, direction or other communication given pursuant to this Warrant Certificate (each a “Notice”) must be in writing,
sent by personal delivery, courier or email and addressed: 
 if to the Corporation: 

BRLS Properties PA-SE, LLC 

1155 W. Rio Salado Parkway, Suite 201 

Tempe, AZ 85281 
 Attn: Lazarus
Rothstein, Assistant General Counsel 
 E-mail: lrothstein@harvestinc.com 

if to the Holder at: 
 Cumberland
Property Leasing, LLC 
 500 Summer Street, Suite 405 

Stamford, CT 06901 
 Attn: Darin
Clay, Managing Member 
 E-mail: darin@sdscapital.com 

With a copy to: 

  
 - 10 - 

 Fox Rothschild LLP 

2000 Market Street 
 Suite 2000

 Philadelphia, PA 19103 

Attn: Joshua Horn, Esq. 
 E-mail: jhorn@foxrothschild.com 
 Any Notice, if personally delivered (including through delivery by
courier), shall be deemed to have been validly and effectively given and received on the date of such delivery, if delivered before 5:00 p.m. on a Business Day in the place of delivery, or the next Business Day in the place of delivery, if not
delivered on a Business Day or if delivered after 5:00 p.m. on a Business Day in the place of delivery, and if sent by electronic communication with confirmation of transmission, shall be deemed to have been validly and effectively given and
received on the Business Day on the date of such electronic communication, if received before 5:00 p.m. on a Business Day in the place of receipt, or the next Business Day in the place of receipt, if not received on a Business Day or if received
after 5:00 p.m. on a Business Day in the place of receipt. Any Party may at any time change its address for service from time to time by giving notice to the other Party in accordance with this Agreement. 

 

	25.	 Execution 

This Warrant may be executed and delivered by fax or other means of electronic transmission (e.g. PDF), and all such counterparts and faxes (or
PDFs) together constitute one agreement. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 - 11 - 

 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its duly
authorized officer as of this 23rd day of April, 2020. 
  

			
	Harvest Health & Recreation, Inc.
		
	Per:  	 	

		 	  
 Name: Steve White

		 	Title:   Chief Executive Officer

  
  
  

  
 - 12 - 

 SCHEDULE “A” 

SUBSCRIPTION FORM 

TO:    Harvest Health & Recreation Inc. 

The undersigned holder of the within warrant certificate hereby irrevocably subscribes for [INSERT NUMBER OF SHARES] Multiple Voting Shares of Harvest
Health & Recreation, Inc., a British Columbia corporation (the “Corporation”) pursuant to the within warrant certificate at the Exercise Price per share specified in the said warrant certificate and encloses herewith cash or a
certified cheque, money order or bank draft payable to the order of the Corporation in payment of the subscription price therefor. Capitalized terms used herein have the meanings set forth in the within warrant certificate. 

The undersigned hereby acknowledges that the following legends may be placed on the certificates representing the Multiple Voting Shares: 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND
A DAY AFTER APRIL 23, 2020. 
 NEITHER THIS SECURITY OR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND
REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION AND REGISTRATION ARE NOT REQUIRED. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS
INSTRUMENT IS FURTHER SUBJECT TO OTHER RESTRICTIONS, TERMS AND CONDITIONS WHICH ARE SET FORTH HEREIN. 
 DATED this
             day of                     , 20    . 

 

			
	NAME:	 	  

	Signature:	 	  

	Address:	 	  

  

	☐	 Please check box if these Multiple Voting Share certificates are to be delivered at the office where this
warrant certificate is surrendered, failing which the Multiple Voting Shares certificates will be mailed to the subscriber at the address set out above. 

If any Warrants represented by this certificate are not being exercised, a new certificate may be issued and delivered with the Multiple Voting Share
certificates. 

 SCHEDULE “B” 

TRANSFER FORM 
  

					
	TO:	  	    [●]	  	
		  	Attention:	  	        ●
		  	Email:	  	        ●

 FOR VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto 

 

	
	  

	(Transferee)
	  

	(Address)
	  

	(Social Insurance Number)

                      of
the Warrants registered in the name of the undersigned transferor represented by the attached Warrant Certificate. 
 THE UNDERSIGNED TRANSFEROR HERBY
CERTIFIES AND DECLARES that the Warrants are not being offered, sold or transferred to, or for the account or benefit of, a U.S. Person (as defined in Rule 902(k) of Regulation S under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”)) or a person within the United States unless registered under the U.S. Securities Act and any applicable state securities laws or unless an exemption from such registration is available. 

DATED this              day of
                    ,            . 

 

					
	  
	  	  
	  	
	Signature of Registered Holder	  	Signature Guarantee	  	
	(Transferor)	  		  	
			
	  
	  		  	
	Print name of Registered Holder	  		  	
			
	  
	  		  	
			
	  
	  		  	
	Address	  		  	

 NOTE:    The signature on this transfer form must correspond with the name as recorded on the face
of the Warrant Certificate in every particular without alteration or enlargement or any change whatsoever or this transfer form must be signed by a duly authorized trustee, executor, administrator, curator, guardian, attorney of the Holder or a duly
authorized signing officer in the case of a corporation. If this transfer form is signed by any of the foregoing, or any person acting in a fiduciary or representative capacity, the Warrant Certificate must be accompanied by evidence of authority to
sign. 
 All endorsements or assignments of these Warrants must be signature guaranteed by a bank or trust company or by a member of a stock exchange in
Canada.

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