Document:

Exhibit
10.8

 

GUARANTY
AGREEMENT

(PARENT)

 

This
GUARANTY AGREEMENT is dated as of December __, 2021(as amended, restated or modified from time to time, the “Guaranty”),
and is made by NEXT FRONTIER HOLDINGS, INC., a corporation incorporated under the laws of the State of Delaware (the “Guarantor”),
in favor of JUPITER WELLNESS, INC., a corporation incorporated under the laws of the State of Delaware (the “Buyer”).

 

WHEREAS,
pursuant to a Securities Purchase Agreement dated of even date herewith (the “Purchase Agreement”) by and between
Next Frontier Pharmaceuticals, Inc., a corporation incorporated under the laws of the State of Delaware (the “Company”),
and the Buyer, among others, the Company has agreed to issue to the Buyer and the Buyer has agreed to purchase from Company a Secured
Promissory Note (the “Note”), as more specifically set forth in the Purchase Agreement; and

 

WHEREAS,
in order to induce Buyer to purchase the Note, and with full knowledge that Buyer would not purchase the Note without this Guaranty,
Guarantor has agreed to execute and deliver this Guaranty to Buyer, for the benefit of Buyer, as security for the Obligations;

 

WHEREAS,
Guarantor is the parent company of the Company and will significantly benefit from Buyer’s purchase of the Note from the Company;
and

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements of the parties hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties each intending to be legally bound, hereby do agree as follows:

 

1.
OBLIGATIONS GUARANTEED

 

Guarantor
hereby guarantees and becomes surety to Buyer for the full, prompt and unconditional payment and performance of the Obligations, when
and as the same shall become due, whether at the stated maturity date, by acceleration or otherwise, and the full, prompt and unconditional
performance of each term and condition to be performed by Company under the Note and the other Transaction Agreements. This Guaranty
is a primary obligation of Guarantor and shall be a continuing inexhaustible Guaranty. This is a guaranty of payment and not of collection.
Buyer may require Guarantor to pay and perform its liabilities and obligations under this Guaranty and may proceed immediately against
Guarantor without being required to bring any proceeding or take any action against Company or any other Person prior thereto; the liability
of Guarantor hereunder being independent of and separate from the liability of Company, any other guarantor, any other Person, and the
availability of other collateral security for the Note and the other Transaction Agreements.

 

2.
DEFINITIONS

 

All
capitalized terms used in this Guaranty that are defined in the Purchase Agreement shall have the meanings assigned to them in the Purchase
Agreement, unless the context of this Guaranty requires otherwise.

 

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3.
REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to Buyer as follows:

 

3.1.
Organization, Powers. Guarantor: (i) is a corporation incorporated under the laws of the State of Delaware; (ii) has the power
and authority to own its properties and assets and to carry on its business as now being conducted and as now contemplated; and (iii)
has the power and authority to execute, deliver and perform (and the officer or manager executing this Guaranty on behalf of Guarantor
has been duly authorized to so act and execute this Guaranty on behalf of the Guarantor), and by all necessary action has authorized
the execution, delivery and performance of, all of its obligations under this Guaranty and any other Transaction Agreements to which
it is a party.

 

3.2.
Execution of Guaranty. This Guaranty, and each other Transaction Agreement to which Guarantor is a party, have been duly executed
and delivered by Guarantor. Execution, delivery and performance of this Guaranty and each other Transaction Agreement to which Guarantor
is a party will not: (i) violate any provision of any law, rule or regulation, any judgment, order, writ, decree or other instrument
of any governmental authority, or any provision of any contract or other instrument to which Guarantor is a party or by which Guarantor
or any of its properties or assets are bound; (ii) result in the creation or imposition of any lien, claim or encumbrance of any nature,
other than the liens created by the Transaction Agreements; and (iii) require any consent from, exemption of, or filing or registration
with, any governmental authority or any other Person, other than any filings in connection with the liens created by the Transaction
Agreements.

 

3.3.
Obligations of Guarantor. This Guaranty and each other Transaction Agreement to which Guarantor is a party are the legal, valid
and binding obligations of Guarantor, enforceable against Guarantor in accordance with their terms, except as the same may be limited
by bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of creditors’ rights generally
or by equitable principles which may affect the availability of specific performance and other equitable remedies. The purchase of the
Note by Buyer and the assumption by Guarantor of its obligations hereunder and under any other Transaction Agreement to which Guarantor
is a party will result in material benefits to Guarantor. This Guaranty was entered into by Guarantor for commercial purposes.

 

3.4.
Litigation. There is no demand, claim, suit, action, litigation, investigation, audit, study, arbitration, administrative hearing,
or any other proceeding of any nature whatsoever at law or in equity or by or before any governmental authority now pending or, to the
knowledge of Guarantor, threatened, against or affecting Guarantor or any of its properties, assets or rights which, if adversely determined,
would materially impair or affect: (i) the value of any collateral securing the Obligations; (ii) Guarantor’s right to carry on
its business substantially as now conducted (and as now contemplated); (iii) Guarantor’s financial condition; or (iv) Guarantor’s
capacity to consummate and perform its obligations under this Guaranty or any other Transaction Agreement to which Guarantor is a party.

 

3.5.
No Defaults. Guarantor is not in default beyond the expiration of any applicable grace or cure periods, in the performance, observance
or fulfillment of any of the obligations, covenants or conditions contained herein or in any contract or other instrument to which Guarantor
is a party or by which Guarantor or any of its properties or assets are bound.

 

3.6.
No Untrue Statements. To the knowledge of Guarantor, no Transaction Agreement or other document, certificate or statement furnished
to Buyer by or on behalf of Company or Guarantor contains any untrue statement of a material fact or omits to state a material fact necessary
in order to make the statements contained herein and therein not misleading. Guarantor acknowledges that all such statements, representations
and warranties shall be deemed to have been relied upon by Buyer as an inducement to purchase the Note.

 

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4.
NO LIMITATION OF LIABILITY

 

4.1.
Guarantor acknowledges that the obligations undertaken herein involve the guaranty of obligations of a Person other than Guarantor and,
in full recognition of that fact, Guarantor consents and agrees that Buyer may, at any time and from time to time, without notice or
demand, and without affecting the enforceability or continuing effectiveness of this Guaranty: (i) change the manner, place or terms
of payment of (including, without limitation, any increase or decrease in the principal amount of the Obligations or the interest rate),
and/or change or extend the time for payment of, or renew, supplement or modify, any of the Obligations, any security therefor, or any
of the Transaction Agreements evidencing same, and the Guaranty herein made shall apply to the Obligations and the Transaction Agreements
as so changed, extended, renewed, supplemented or modified; (ii) sell, exchange, release, surrender, realize upon or otherwise deal with
in any manner and in any order, any property securing the Obligations; (iii) supplement, modify, amend or waive, or enter into or give
any agreement, approval, waiver or consent with respect to, any of the Obligations, or any part thereof, or any of the Transaction Agreements,
or any additional security or guaranties, or any condition, covenant, default, remedy, right, representation or term thereof or thereunder;
(iv) exercise or refrain from exercising any rights against Company or other Persons (including Guarantor) or against any security for
the Obligations; (v) accept new or additional instruments, documents or agreements in exchange for or relative to any of the Transaction
Agreements or the Obligations, or any part thereof; (vi) accept partial payments on the Obligations; (vii) receive and hold additional
security or guaranties for the Obligations, or any part thereof; (viii) release, reconvey, terminate, waive, abandon, fail to perfect,
subordinate, exchange, substitute, transfer and/or enforce any security or guaranties, and apply any security and direct the order or
manner of sale thereof as Buyer, in its sole and absolute discretion, may determine; (ix) add, release, settle, modify or discharge the
obligation of any maker, endorser, guarantor, surety, obligor or any other Person who is in any way obligated for any of the Obligations,
or any part thereof; (x) settle or compromise any Obligations, whether in a Proceeding or not, and whether voluntarily or involuntarily,
dispose of any security therefor (with or without consideration and in whatever manner Buyer deems appropriate), and subordinate the
payment of any of the Obligations, whether or not due, to the payment of liabilities owing to creditors of Company other than Buyer and
Guarantor; (xi) consent to the merger, change or any other restructuring or termination of the corporate existence of Company or any
other Person, and correspondingly restructure the Obligations, and any such merger, change, restructuring or termination shall not affect
the liability of Guarantor or the continuing effectiveness hereof, or the enforceability hereof with respect to all or any part of the
Obligations; (xii) apply any sums it receives, by whomever paid or however realized, to any of the Obligations and/or (xiii) take any
other action which might constitute a defense available to, or a discharge of, Company or any other Person (including Guarantor) in respect
of the Obligations.

 

4.2.
The invalidity, irregularity or unenforceability of all or any part of the Obligations or any Transaction Agreement, or the impairment
or loss of any security therefor, whether caused by any action or inaction of Buyer, or otherwise, shall not affect, impair or be a defense
to Guarantor’s obligations under this Guaranty.

 

4.3.
Upon the occurrence and during the continuance of any Event of Default, Buyer may enforce this Guaranty independently of any other remedy,
guaranty or security Buyer at any time may have or hold in connection with the Obligations, and it shall not be necessary for Buyer to
marshal assets in favor of Company, any other guarantor of the Obligations or any other Person or to proceed upon or against and/or exhaust
any security or remedy before proceeding to enforce this Guaranty. Guarantor expressly waives any right to require Buyer to marshal assets
in favor of Company or any other Person, or to proceed against Company or any other guarantor of the Obligations or any collateral provided
by any Person, and agrees that Buyer may proceed against any obligor (including Guarantor) and/or the collateral in such order as Buyer
shall determine in its sole and absolute discretion. Buyer may file a separate action or actions against Guarantor, whether action is
brought or prosecuted with respect to any security or against any other Person, or whether any other Person is joined in any such action
or actions. Guarantor agrees that Buyer and Company may deal with each other in connection with the Obligations or otherwise, or alter
any contracts or agreements now or hereafter existing between them, in any manner whatsoever, all without in any way altering or affecting
the security of this Guaranty.

 

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4.4.
Guarantor expressly waives, to the fullest extent permitted by applicable law, any and all defenses which Guarantor shall or may have
as of the date hereof arising or asserted by reason of: (i) any disability or other defense of Company, or any other guarantor for the
Obligations, with respect to the Obligations; (ii) the unenforceability or invalidity of any security for or guaranty of the Obligations
or the lack of perfection or continuing perfection or failure of priority of any security for the Obligations; (iii) the cessation for
any cause whatsoever of the liability of Company, or any other guarantor of the Obligations (other than by reason of the full payment
and performance of all Obligations (other than contingent indemnification obligations)); (iv) any failure of Buyer to marshal assets
in favor of Company or any other Person; (v) any failure of Buyer to give notice of sale or other disposition of collateral to Company
or any other Person or any defect in any notice that may be given in connection with any sale or disposition of collateral; (vi) any
failure of Buyer to comply with applicable laws in connection with the sale or other disposition of any collateral or other security
for any Obligations, including, without limitation, any failure of Buyer to conduct a commercially reasonable sale or other disposition
of any collateral or other security for any Obligations; (vii) any act or omission of Buyer or others that directly or indirectly results
in or aids the discharge or release of Company or any other guarantor of the Obligations, or of any security or guaranty therefor by
operation of law or otherwise; (viii) any law which provides that the obligation of a surety or guarantor must neither be larger in amount
or in other respects more burdensome than that of the principal or which reduces a surety’s or guarantor’s obligation in
proportion to the principal obligation; (ix) any failure of Buyer to file or enforce a claim in any bankruptcy or other proceeding with
respect to any Person; (x) the election by Buyer, in any bankruptcy proceeding of any Person, of the application or non-application of
Section 1111(b)(2) of the United States Bankruptcy Code; (xi) any extension of credit or the grant of any lien under Section 364 of the
United States Bankruptcy Code; (xii) any use of collateral under Section 363 of the United States Bankruptcy Code; (xiii) any agreement
or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding of any Person; (xiv) the avoidance of
any lien or security interest in favor of Buyer for any reason; (xv) any bankruptcy, insolvency, reorganization, arrangement, readjustment
of debt, liquidation or dissolution proceeding commenced by or against any Person, including without limitation any discharge of, or
bar or stay against collecting, all or any of the Obligations (or any interest thereon) in or as a result of any such proceeding; or
(xvi) any action taken by Buyer that is authorized by this Section or any other provision of any Transaction Agreement. Guarantor expressly
waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance,
protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the
Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.

 

4.5.
This is a continuing guaranty and shall remain in full force and effect as to all of the Obligations until such date as all amounts owing
by Company to Buyer shall have been paid in full in cash and all obligations of Company with respect to any of the Obligations shall
have terminated or expired (other than contingent indemnification obligations) (such date is referred to herein as the “Termination
Date”).

 

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5.
LIMITATION ON SUBROGATION

 

Until
the Termination Date, Guarantor waives any present or future right to which Guarantor is or may become entitled to be subrogated to Buyer’s
rights against Company or to seek contribution, reimbursement, indemnification, payment or the like, or participation in any claim, right
or remedy of Buyer against Company or any security which Buyer now has or hereafter acquires, whether or not such claim, right or remedy
arises under contract, in equity, by statute, under common law or otherwise. If, notwithstanding such waiver, any funds or property shall
be paid or transferred to Guarantor on account of such subrogation, contribution, reimbursement, or indemnification at any time when
all of the Obligations have not been paid in full, Guarantor shall hold such funds or property in trust for Buyer and shall forthwith
pay over to Buyer such funds and/or property to be applied by Buyer to the Obligations.

 

6.
COVENANTS

 

6.1.
Financial Statements; Compliance Certificate. No later than ten (10) days after written request therefore from Buyer, Guarantor
shall deliver to Buyer: (a) financial statements disclosing all of Guarantor’s assets, liabilities, net worth, income and contingent
liabilities, all in reasonable detail and in form reasonably acceptable to Buyer, signed by Guarantor, and certified by Guarantor to
Buyer to be true, correct and complete in all material respects; (b) complete copies of federal tax returns, including all schedules,
each of which shall be signed and certified by Guarantor to be true and complete copies of such returns; and (c) such other information
respecting the Guarantor as Buyer may from time to time reasonably request.

 

6.2.
Subordination of Other Debts. Guarantor hereby: (a) subordinates the obligations now or hereafter owed by Company to Guarantor
(“Subordinated Debt”) to any and all obligations of Company to Buyer now or hereafter existing while this Guaranty
is in effect, and hereby agrees that Guarantor will not request or accept payment of or any security for any part of the Subordinated
Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to Buyer
by Guarantor, properly endorsed to the order of Buyer, to apply to the Obligations.

 

6.3.
Security for Guaranty. All of Guarantor’s obligations and liabilities evidenced by this Guaranty is also secured by all
of the Collateral of the Guarantor pursuant to that certain Security Agreement by and between the Guarantor and Buyer made of even date
herewith (the “Security Agreement”). All of the agreements, conditions, covenants, provisions, representations, warranties
and stipulations contained in the Security Agreement or any other Transaction Agreements to which Guarantor is a party which are to be
kept and performed by the Guarantor are hereby made a part of this Guaranty to the same extent and with the same force and effect as
if they were fully set forth herein, and the Guarantor covenants and agrees to keep and perform them, or cause them to be kept or performed,
strictly in accordance with their terms.

 

7.
EVENTS OF DEFAULT

 

Each
of the Events of Default in the Note, Purchase Agreement or any other Transaction Agreement shall constitute an Event of Default hereunder.

 

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8.
REMEDIES.

 

8.1.
Upon an Event of Default, as provided in the Note, Purchase Agreement or any other Transaction Agreement, all liabilities and obligations
of Guarantor hereunder shall become immediately due and payable without demand or notice and, in addition to any other remedies provided
by law or in equity, Buyer may:

 

8.1.1.
Enforce the obligations of Guarantor under this Guaranty.

 

8.1.2.
To the extent not prohibited by and in addition to any other remedy provided by law or equity, setoff against any of the Obligations
any sum owed by Buyer in any capacity to Guarantor whether due or not.

 

8.1.3.
Perform any covenant or agreement of Guarantor in default hereunder (but without obligation to do so) and in that regard pay such money
as may be required or as Buyer may reasonably deem expedient. Any costs, expenses or fees, including reasonable attorneys’ fees
and costs, incurred by Buyer in connection with the foregoing shall be included in the Obligations guaranteed hereby, and shall be due
and payable on demand, together with interest at the highest non-usurious rate permitted by applicable law, such interest to be calculated
from the date of such advance to the date of repayment thereof. Any such action by Buyer shall not be deemed to be a waiver or release
of Guarantor hereunder and shall be without prejudice to any other right or remedy of Buyer.

 

8.2.
Settlement of any claim by Buyer against Company, whether in any Proceeding or not, and whether voluntary or involuntary, shall not reduce
the amount due under the terms of this Guaranty, except to the extent of the amount actually paid by Company or any other obligated Person
and legally retained by Buyer in connection with the settlement (unless otherwise provided for herein or therein).

 

9.
MISCELLANEOUS.

 

9.1.
Disclosure of Financial Information. Buyer is hereby authorized to disclose any financial or other information about Guarantor
to any governmental authority having jurisdiction over Buyer or to any present, future or prospective participant or successor in interest
in the Note, provided that any such participant or successor in interest agree to maintain such information confidential and limit
the distribution of such information only to such persons’ Affiliates’ respective partners, directors, officers, employees,
representatives, advisors and agents, including accountants, legal counsel and other advisors (it being understood that the persons to
whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information
confidential). The information provided may include, without limitation, amounts, terms, balances, payment history, return item history
and any financial or other information about Guarantor.

 

9.2.
Remedies Cumulative. The rights and remedies of Buyer, as provided herein and in any other Transaction Agreement, shall be cumulative
and concurrent, may be pursued separately, successively or together, may be exercised as often as occasion therefor shall arise, and
shall be in addition to any other rights or remedies conferred upon Buyer at law or in equity. The failure, at any one or more times,
of Buyer to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. Buyer shall have the right
to take any action it deems appropriate without the necessity of resorting to any collateral securing this Guaranty.

 

9.3.
Integration. This Guaranty and the other Transaction Agreements constitute the sole agreement of the parties with respect to the
transactions contemplated hereby and thereby and supersede all oral negotiations and prior writings with respect thereto.

 

9.4.
Attorneys’ Fees and Expenses. If Buyer retains the services of counsel by reason of a claim of an Event of Default hereunder
or under any of the other Transaction Agreements, or on account of any matter involving this Guaranty, or for examination of matters
subject to Buyer’s approval under the Transaction Agreements, all costs of suit and all reasonable attorneys’ fees and such
other reasonable expenses so incurred by Buyer shall forthwith, on demand, become due and payable and shall be secured hereby.

 

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9.5.
No Implied Waiver. Buyer shall not be deemed to have modified or waived any of its rights or remedies hereunder unless such modification
or waiver is in writing and signed by Buyer, and then only to the extent specifically set forth therein. A waiver in one event shall
not be construed as continuing or as a waiver of or bar to such right or remedy on a subsequent event.

 

9.6.
Waiver. Except as otherwise provided herein or in any of the Transaction Agreements, Guarantor waives notice of acceptance of
this Guaranty and notice of the Obligations and waives notice of default, non-payment, partial payment, presentment, demand, protest,
notice of protest or dishonor, and all other notices to which Guarantor might otherwise be entitled or which might be required by law
to be given by Buyer. Guarantor waives the right to any stay of execution and the benefit of all exemption laws, to the extent permitted
by law, and any other protection granted by law to guarantors, now or hereafter in effect with respect to any action or proceeding brought
by Buyer against it. Guarantor irrevocably waives all claims of waiver, release, surrender, alteration or compromise and the right to
assert against Buyer any defenses, set-offs, counterclaims, or claims that Guarantor may have at any time against Company or any other
party liable to Buyer.

 

9.7.
No Third Party Beneficiary. Except as otherwise provided herein, Guarantor and Buyer do not intend the benefits of this Guaranty
to inure to any third party and no third party (including Company) shall have any status, right or entitlement under this Guaranty.

 

9.8.
Partial Invalidity. The invalidity or unenforceability of any one or more provisions of this Guaranty shall not render any other
provision invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically a valid and
enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.

 

9.9.
Binding Effect. The covenants, conditions, waivers, releases and agreements contained in this Guaranty shall bind, and the benefits
thereof shall inure to, the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns; provided,
however, that this Guaranty cannot be assigned by Guarantor without the prior written consent of Buyer, and any such assignment or attempted
assignment by Guarantor shall be void and of no effect with respect to the Buyer.

 

9.10.
Modifications. This Guaranty may not be supplemented, extended, modified or terminated except by an agreement in writing signed
by the party against whom enforcement of any waiver, change, modification or discharge is sought.

 

9.11.
Sales or Participations. Buyer may from time to time sell or assign the Note, in whole or in part, or grant participations in
the Note and/or the obligations evidenced thereby without the consent of Company or Guarantor (other than as provided in the Purchase
Agreement), provided, however, Buyer shall provide written notice to Company and Guarantor of any such assignment or grant of participations.
The holder of any such sale, assignment or participation, if the applicable agreement between Buyer and such holder so provides, shall
be: (a) entitled to all of the rights, obligations and benefits of Buyer (to the extent of such holder’s interest or participation);
and (b) deemed to hold and may exercise the rights of setoff or banker’s lien with respect to any and all obligations of such holder
to Guarantor (to the extent of such holder’s interest or participation), in each case as fully as though Guarantor was directly
indebted to such holder. Buyer may in its discretion give notice to Guarantor of such sale, assignment or participation; however, the
failure to give such notice shall not affect any of Buyer’s or such holder’s rights hereunder.

 

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9.12.
MANDATORY FORUM SELECTION. Any dispute arising under, relating to, or in connection with
THIS GUARANTY or related to any matter which is the subject of or incidental to THIS GUARANTY, ANY OTHER TRANSACTION AGREEMENT,
OR THE COLLATERAL (whether or not such claim is based upon breach of contract or tort) shall
be subject to the exclusive jurisdiction and venue of the state and/or federal courts located in NEW YORK CITY, NEW YORK; provided,
however, BUYER may, at its sole option, elect to bring any action in any other jurisdiction. This provision is intended to be
a “mandatory” forum selection clause and governed by and interpreted consistent with NEW YORK LAW, AS APPLICABLE.
GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENT THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO GUARANTOR, AS SET FORTH HEREIN OR IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE
OF COURT OR OTHERWISE.

 

9.13.
Notices. All notices, requests and demands to or upon Buyer or Guarantor, to be effective, shall be delivered in the manner and
addressed at the applicable address set forth in the Purchase Agreement. The Guarantor agrees and acknowledges that notice to each of
them may be sent and delivered to the Company, as required under the Purchase Agreement, and such notice to the Company shall be deemed
valid and effective notice to Guarantor hereunder.

 

9.14.
Governing Law. Except in the case of the Mandatory Forum Selection clause set forth in Section 9.12 hereof, this Guaranty
shall be governed by and construed in accordance with the substantive laws of the State of New York without reference to conflict of
laws principles.

 

9.15.
Joint and Several Liability. The word “Guarantor” or “Guarantors” shall mean all of the undersigned persons,
if more than one, and their liability shall be joint and several. The liability of Guarantor shall also be joint and several with the
liability of any other guarantor under any other guaranty.

 

9.16.
Continuing Enforcement. If, after receipt of any payment of all or any part of the Obligations, Buyer is compelled or reasonably
agrees, for settlement purposes, to surrender such payment to any person or entity for any reason (including, without limitation, a determination
that such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust funds),
then this Guaranty shall continue in full force and effect or be reinstated, as the case may be, and Guarantor shall be liable for, and
shall indemnify, defend and hold harmless Buyer with respect to the full amount so surrendered. The provisions of this Section shall
survive the termination of this Guaranty and shall remain effective notwithstanding the payment of the Obligations, the cancellation,
conversion or redemption of the Note, this Guaranty or any other Transaction Agreement, the release of any security interest, lien or
encumbrance securing the Obligations or any other action which Buyer may have taken in reliance upon its receipt of such payment. Any
cancellation, release or other such action shall be deemed to have been conditioned upon any payment of the Obligations having become
final and irrevocable.

 

9.17.
WAIVER OF JURY TRIAL. GUARANTOR AGREES THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING, WHETHER
CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR GUARANTOR ON OR WITH RESPECT TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS
OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. LENDER AND GUARANTOR HEREBY KNOWINGLY,
VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL, WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, LENDER AND GUARANTOR WAIVE ANY RIGHT THEY MAY HAVE
TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN,
OR IN ADDITION TO, ACTUAL DAMAGES. GUARANTOR ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS GUARANTY
AND THAT LENDER WOULD NOT PURCHASE THE NOTE IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS GUARANTY.

 

[
signature page follows ]

 

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IN
WITNESS WHEREOF, Guarantor, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of the day and
year first above written.

 

    	9Exhibit
10.9

 

GUARANTY
AGREEMENT

(SUBSIDIARIES)

 

This
GUARANTY AGREEMENT is dated as of December __, 2021(as amended, restated or modified from time to time, the “Guaranty”),
and is made by BENUVIA MANUFACTURING, INC., a corporation incorporated under the laws of the State of Delaware, BENUVIA THERAPEUTICS,
LLC, a limited liability company organized and existing under the laws of the State of Delaware, and BENUVIA MANUFACTURING LLC, a limited
liability company organized and existing under the laws of the State of Delaware, and BENUVIA THERAPEUTICS IP LLC, a limited liability
company organized and existing under the laws of the State of Delaware (together, collectively, the “Guarantors”),
in favor of JUPITER WELLNESS, INC., a corporation incorporated under the laws of the State of Delaware (the “Buyer”).

 

WHEREAS,
pursuant to a Securities Purchase Agreement dated of even date herewith (the “Purchase Agreement”) by and between
Next Frontier Pharmaceuticals, Inc., a corporation incorporated under the laws of the State of Delaware (the “Company”),
and the Buyer, among others, the Company has agreed to issue to the Buyer and the Buyer has agreed to purchase from Company a Secured
Promissory Note (the “Note”), as more specifically set forth in the Purchase Agreement; and

 

WHEREAS,
in order to induce Buyer to purchase the Note, and with full knowledge that Buyer would not purchase the Note without this Guaranty,
the Guarantors have agreed to execute and deliver this Guaranty to Buyer, for the benefit of Buyer, as security for the Obligations;

 

WHEREAS,
the Guarantors are the subsidiaries of the Company and will significantly benefit from Buyer’s purchase of the Note from the Company;
and

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements of the parties hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties each intending to be legally bound, hereby do agree as follows:

 

1.
OBLIGATIONS GUARANTEED

 

The
Guarantors hereby jointly and severally guarantee and becomes surety to Buyer for the full, prompt and unconditional payment and performance
of the Obligations, when and as the same shall become due, whether at the stated maturity date, by acceleration or otherwise, and the
full, prompt and unconditional performance of each term and condition to be performed by Company under the Note and the other Transaction
Agreements. This Guaranty is a primary obligation of Guarantors and shall be a continuing inexhaustible Guaranty. This is a guaranty
of payment and not of collection. Buyer may require Guarantors to pay and perform its liabilities and obligations under this Guaranty
and may proceed immediately against Guarantors (individually or together) without being required to bring any proceeding or take any
action against Company or any other Person prior thereto; the liability of Guarantors hereunder being independent of and separate from
the liability of Company, any other guarantor, any other Person, and the availability of other collateral security for the Note and the
other Transaction Agreements.

 

    	1

     

    

 

2.
DEFINITIONS

 

All
capitalized terms used in this Guaranty that are defined in the Purchase Agreement shall have the meanings assigned to them in the Purchase
Agreement, unless the context of this Guaranty requires otherwise.

 

3.
REPRESENTATIONS AND WARRANTIES. Guarantors represents and warrants to Buyer as follows:

 

3.1.
Organization, Powers. Guarantors: (i) is a corporation incorporated under the laws of the State of Delaware; (ii) has the power
and authority to own its properties and assets and to carry on its business as now being conducted and as now contemplated; and (iii)
has the power and authority to execute, deliver and perform (and the officer or manager executing this Guaranty on behalf of Guarantors
has been duly authorized to so act and execute this Guaranty on behalf of the Guarantors), and by all necessary action has authorized
the execution, delivery and performance of, all of its obligations under this Guaranty and any other Transaction Agreements to which
it is a party.

 

3.2.
Execution of Guaranty. This Guaranty, and each other Transaction Agreement to which Guarantors is a party, have been duly executed
and delivered by Guarantors. Execution, delivery and performance of this Guaranty and each other Transaction Agreement to which Guarantors
are a party will not: (i) violate any provision of any law, rule or regulation, any judgment, order, writ, decree or other instrument
of any governmental authority, or any provision of any contract or other instrument to which Guarantors are a party or by which Guarantors
or any of its properties or assets are bound; (ii) result in the creation or imposition of any lien, claim or encumbrance of any nature,
other than the liens created by the Transaction Agreements; and (iii) require any consent from, exemption of, or filing or registration
with, any governmental authority or any other Person, other than any filings in connection with the liens created by the Transaction
Agreements.

 

3.3.
Obligations of Guarantors. This Guaranty and each other Transaction Agreement to which Guarantors are a party are the legal, valid
and binding obligations of Guarantors, enforceable against Guarantors in accordance with their terms, except as the same may be limited
by bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of creditors’ rights generally
or by equitable principles which may affect the availability of specific performance and other equitable remedies. The purchase of the
Note by Buyer and the assumption by Guarantors of its obligations hereunder and under any other Transaction Agreement to which Guarantors
are a party will result in material benefits to Guarantors. This Guaranty was entered into by Guarantors for commercial purposes.

 

3.4.
Litigation. There is no demand, claim, suit, action, litigation, investigation, audit, study, arbitration, administrative hearing,
or any other proceeding of any nature whatsoever at law or in equity or by or before any governmental authority now pending or, to the
knowledge of Guarantors, threatened, against or affecting Guarantors or any of its properties, assets or rights which, if adversely determined,
would materially impair or affect: (i) the value of any collateral securing the Obligations; (ii) Guarantors’ right to carry on
its business substantially as now conducted (and as now contemplated); (iii) Guarantors’ financial condition; or (iv) Guarantors’
capacity to consummate and perform its obligations under this Guaranty or any other Transaction Agreement to which Guarantors are a party.

 

3.5.
No Defaults. Guarantors are not in default beyond the expiration of any applicable grace or cure periods, in the performance,
observance or fulfillment of any of the obligations, covenants or conditions contained herein or in any contract or other instrument
to which Guarantors are a party or by which Guarantors or any of its properties or assets are bound.

 

    	2

     

    

 

3.6.
No Untrue Statements. To the knowledge of Guarantors, no Transaction Agreement or other document, certificate or statement furnished
to Buyer by or on behalf of Company or Guarantors contains any untrue statement of a material fact or omits to state a material fact
necessary in order to make the statements contained herein and therein not misleading. Guarantors acknowledge that all such statements,
representations and warranties shall be deemed to have been relied upon by Buyer as an inducement to purchase the Note.

 

4.
NO LIMITATION OF LIABILITY

 

4.1.
Guarantors acknowledge that the obligations undertaken herein involve the guaranty of obligations of a Person other than Guarantors and,
in full recognition of that fact, Guarantors consents and agrees that Buyer may, at any time and from time to time, without notice or
demand, and without affecting the enforceability or continuing effectiveness of this Guaranty: (i) change the manner, place or terms
of payment of (including, without limitation, any increase or decrease in the principal amount of the Obligations or the interest rate),
and/or change or extend the time for payment of, or renew, supplement or modify, any of the Obligations, any security therefor, or any
of the Transaction Agreements evidencing same, and the Guaranty herein made shall apply to the Obligations and the Transaction Agreements
as so changed, extended, renewed, supplemented or modified; (ii) sell, exchange, release, surrender, realize upon or otherwise deal with
in any manner and in any order, any property securing the Obligations; (iii) supplement, modify, amend or waive, or enter into or give
any agreement, approval, waiver or consent with respect to, any of the Obligations, or any part thereof, or any of the Transaction Agreements,
or any additional security or guaranties, or any condition, covenant, default, remedy, right, representation or term thereof or thereunder;
(iv) exercise or refrain from exercising any rights against Company or other Persons (including Guarantors) or against any security for
the Obligations; (v) accept new or additional instruments, documents or agreements in exchange for or relative to any of the Transaction
Agreements or the Obligations, or any part thereof; (vi) accept partial payments on the Obligations; (vii) receive and hold additional
security or guaranties for the Obligations, or any part thereof; (viii) release, reconvey, terminate, waive, abandon, fail to perfect,
subordinate, exchange, substitute, transfer and/or enforce any security or guaranties, and apply any security and direct the order or
manner of sale thereof as Buyer, in its sole and absolute discretion, may determine; (ix) add, release, settle, modify or discharge the
obligation of any maker, endorser, guarantor, surety, obligor or any other Person who is in any way obligated for any of the Obligations,
or any part thereof; (x) settle or compromise any Obligations, whether in a Proceeding or not, and whether voluntarily or involuntarily,
dispose of any security therefor (with or without consideration and in whatever manner Buyer deems appropriate), and subordinate the
payment of any of the Obligations, whether or not due, to the payment of liabilities owing to creditors of Company other than Buyer and
Guarantors; (xi) consent to the merger, change or any other restructuring or termination of the corporate existence of Company or any
other Person, and correspondingly restructure the Obligations, and any such merger, change, restructuring or termination shall not affect
the liability of Guarantors or the continuing effectiveness hereof, or the enforceability hereof with respect to all or any part of the
Obligations; (xii) apply any sums it receives, by whomever paid or however realized, to any of the Obligations and/or (xiii) take any
other action which might constitute a defense available to, or a discharge of, Company or any other Person (including Guarantors) in
respect of the Obligations.

 

4.2.
The invalidity, irregularity or unenforceability of all or any part of the Obligations or any Transaction Agreement, or the impairment
or loss of any security therefor, whether caused by any action or inaction of Buyer, or otherwise, shall not affect, impair or be a defense
to Guarantors’ obligations under this Guaranty.

 

    	3

     

    

 

4.3.
Upon the occurrence and during the continuance of any Event of Default, Buyer may enforce this Guaranty independently of any other remedy,
guaranty or security Buyer at any time may have or hold in connection with the Obligations, and it shall not be necessary for Buyer to
marshal assets in favor of Company, any other guarantor of the Obligations or any other Person or to proceed upon or against and/or exhaust
any security or remedy before proceeding to enforce this Guaranty. Guarantors expressly waives any right to require Buyer to marshal
assets in favor of Company or any other Person, or to proceed against Company or any other guarantor of the Obligations or any collateral
provided by any Person, and agrees that Buyer may proceed against any obligor (including Guarantors) and/or the collateral in such order
as Buyer shall determine in its sole and absolute discretion. Buyer may file a separate action or actions against Guarantors, whether
action is brought or prosecuted with respect to any security or against any other Person, or whether any other Person is joined in any
such action or actions. Guarantors agrees that Buyer and Company may deal with each other in connection with the Obligations or otherwise,
or alter any contracts or agreements now or hereafter existing between them, in any manner whatsoever, all without in any way altering
or affecting the security of this Guaranty.

 

4.4.
Guarantors expressly waives, to the fullest extent permitted by applicable law, any and all defenses which Guarantors shall or may have
as of the date hereof arising or asserted by reason of: (i) any disability or other defense of Company, or any other guarantor for the
Obligations, with respect to the Obligations; (ii) the unenforceability or invalidity of any security for or guaranty of the Obligations
or the lack of perfection or continuing perfection or failure of priority of any security for the Obligations; (iii) the cessation for
any cause whatsoever of the liability of Company, or any other guarantor of the Obligations (other than by reason of the full payment
and performance of all Obligations (other than contingent indemnification obligations)); (iv) any failure of Buyer to marshal assets
in favor of Company or any other Person; (v) any failure of Buyer to give notice of sale or other disposition of collateral to Company
or any other Person or any defect in any notice that may be given in connection with any sale or disposition of collateral; (vi) any
failure of Buyer to comply with applicable laws in connection with the sale or other disposition of any collateral or other security
for any Obligations, including, without limitation, any failure of Buyer to conduct a commercially reasonable sale or other disposition
of any collateral or other security for any Obligations; (vii) any act or omission of Buyer or others that directly or indirectly results
in or aids the discharge or release of Company or any other guarantor of the Obligations, or of any security or guaranty therefor by
operation of law or otherwise; (viii) any law which provides that the obligation of a surety or guarantor must neither be larger in amount
or in other respects more burdensome than that of the principal or which reduces a surety’s or guarantor’s obligation in
proportion to the principal obligation; (ix) any failure of Buyer to file or enforce a claim in any bankruptcy or other proceeding with
respect to any Person; (x) the election by Buyer, in any bankruptcy proceeding of any Person, of the application or non-application of
Section 1111(b)(2) of the United States Bankruptcy Code; (xi) any extension of credit or the grant of any lien under Section 364 of the
United States Bankruptcy Code; (xii) any use of collateral under Section 363 of the United States Bankruptcy Code; (xiii) any agreement
or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding of any Person; (xiv) the avoidance of
any lien or security interest in favor of Buyer for any reason; (xv) any bankruptcy, insolvency, reorganization, arrangement, readjustment
of debt, liquidation or dissolution proceeding commenced by or against any Person, including without limitation any discharge of, or
bar or stay against collecting, all or any of the Obligations (or any interest thereon) in or as a result of any such proceeding; or
(xvi) any action taken by Buyer that is authorized by this Section or any other provision of any Transaction Agreement. Guarantors expressly
waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance,
protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the
Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.

 

    	4

     

    

 

4.5.
This is a continuing guaranty and shall remain in full force and effect as to all of the Obligations until such date as all amounts owing
by Company to Buyer shall have been paid in full in cash and all obligations of Company with respect to any of the Obligations shall
have terminated or expired (other than contingent indemnification obligations) (such date is referred to herein as the “Termination
Date”).

 

5.
LIMITATION ON SUBROGATION

 

Until
the Termination Date, Guarantors waives any present or future right to which Guarantors is or may become entitled to be subrogated to
Buyer’s rights against Company or to seek contribution, reimbursement, indemnification, payment or the like, or participation in
any claim, right or remedy of Buyer against Company or any security which Buyer now has or hereafter acquires, whether or not such claim,
right or remedy arises under contract, in equity, by statute, under common law or otherwise. If, notwithstanding such waiver, any funds
or property shall be paid or transferred to Guarantors on account of such subrogation, contribution, reimbursement, or indemnification
at any time when all of the Obligations have not been paid in full, Guarantors shall hold such funds or property in trust for Buyer and
shall forthwith pay over to Buyer such funds and/or property to be applied by Buyer to the Obligations.

 

6.
COVENANTS

 

6.1.
Financial Statements; Compliance Certificate. No later than ten (10) days after written request therefore from Buyer, Guarantors
shall deliver to Buyer: (a) financial statements disclosing all of Guarantors’ assets, liabilities, net worth, income and contingent
liabilities, all in reasonable detail and in form reasonably acceptable to Buyer, signed by Guarantors, and certified by Guarantors to
Buyer to be true, correct and complete in all material respects; (b) complete copies of federal tax returns, including all schedules,
each of which shall be signed and certified by Guarantors to be true and complete copies of such returns; and (c) such other information
respecting the Guarantors as Buyer may from time to time reasonably request.

 

6.2.
Subordination of Other Debts. Guarantors hereby: (a) subordinates the obligations now or hereafter owed by Company to Guarantors
(“Subordinated Debt”) to any and all obligations of Company to Buyer now or hereafter existing while this Guaranty
is in effect, and hereby agrees that Guarantors will not request or accept payment of or any security for any part of the Subordinated
Debt, and any proceeds of the Subordinated Debt paid to Guarantors, through error or otherwise, shall immediately be forwarded to Buyer
by Guarantors, properly endorsed to the order of Buyer, to apply to the Obligations.

 

6.3.
Security for Guaranty. All of Guarantors’ obligations and liabilities evidenced by this Guaranty is also secured by all
of the Collateral of the Guarantors pursuant to that certain Security Agreement by and between the Guarantors and Buyer made of even
date herewith (the “Security Agreement”). All of the agreements, conditions, covenants, provisions, representations,
warranties and stipulations contained in the Security Agreement or any other Transaction Agreements to which Guarantors is a party which
are to be kept and performed by the Guarantors are hereby made a part of this Guaranty to the same extent and with the same force and
effect as if they were fully set forth herein, and the Guarantors covenants and agrees to keep and perform them, or cause them to be
kept or performed, strictly in accordance with their terms.

 

7.
EVENTS OF DEFAULT

 

Each
of the Events of Default in the Note, Purchase Agreement or any other Transaction Agreement shall constitute an Event of Default hereunder.

 

    	5

     

    

 

8.
REMEDIES.

 

8.1.
Upon an Event of Default, as provided in the Note, Purchase Agreement or any other Transaction Agreement, all liabilities and obligations
of Guarantors hereunder shall become immediately due and payable without demand or notice and, in addition to any other remedies provided
by law or in equity, Buyer may:

 

8.1.1.
Enforce the obligations of Guarantors under this Guaranty.

 

8.1.2.
To the extent not prohibited by and in addition to any other remedy provided by law or equity, setoff against any of the Obligations
any sum owed by Buyer in any capacity to Guarantors whether due or not.

 

8.1.3.
Perform any covenant or agreement of Guarantors in default hereunder (but without obligation to do so) and in that regard pay such money
as may be required or as Buyer may reasonably deem expedient. Any costs, expenses or fees, including reasonable attorneys’ fees
and costs, incurred by Buyer in connection with the foregoing shall be included in the Obligations guaranteed hereby, and shall be due
and payable on demand, together with interest at the highest non-usurious rate permitted by applicable law, such interest to be calculated
from the date of such advance to the date of repayment thereof. Any such action by Buyer shall not be deemed to be a waiver or release
of Guarantors hereunder and shall be without prejudice to any other right or remedy of Buyer.

 

8.2.
Settlement of any claim by Buyer against Company, whether in any Proceeding or not, and whether voluntary or involuntary, shall not reduce
the amount due under the terms of this Guaranty, except to the extent of the amount actually paid by Company or any other obligated Person
and legally retained by Buyer in connection with the settlement (unless otherwise provided for herein or therein).

 

9.
MISCELLANEOUS.

 

9.1.
Disclosure of Financial Information. Buyer is hereby authorized to disclose any financial or other information about Guarantors
to any governmental authority having jurisdiction over Buyer or to any present, future or prospective participant or successor in interest
in the Note, provided that any such participant or successor in interest agree to maintain such information confidential and limit
the distribution of such information only to such persons’ Affiliates’ respective partners, directors, officers, employees,
representatives, advisors and agents, including accountants, legal counsel and other advisors (it being understood that the persons to
whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information
confidential). The information provided may include, without limitation, amounts, terms, balances, payment history, return item history
and any financial or other information about Guarantors.

 

9.2.
Remedies Cumulative. The rights and remedies of Buyer, as provided herein and in any other Transaction Agreement, shall be cumulative
and concurrent, may be pursued separately, successively or together, may be exercised as often as occasion therefor shall arise, and
shall be in addition to any other rights or remedies conferred upon Buyer at law or in equity. The failure, at any one or more times,
of Buyer to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. Buyer shall have the right
to take any action it deems appropriate without the necessity of resorting to any collateral securing this Guaranty.

 

    	6

     

    

 

9.3.
Integration. This Guaranty and the other Transaction Agreements constitute the sole agreement of the parties with respect to the
transactions contemplated hereby and thereby and supersede all oral negotiations and prior writings with respect thereto.

 

9.4.
Attorneys’ Fees and Expenses. If Buyer retains the services of counsel by reason of a claim of an Event of Default hereunder
or under any of the other Transaction Agreements, or on account of any matter involving this Guaranty, or for examination of matters
subject to Buyer’s approval under the Transaction Agreements, all costs of suit and all reasonable attorneys’ fees and such
other reasonable expenses so incurred by Buyer shall forthwith, on demand, become due and payable and shall be secured hereby.

 

9.5.
No Implied Waiver. Buyer shall not be deemed to have modified or waived any of its rights or remedies hereunder unless such modification
or waiver is in writing and signed by Buyer, and then only to the extent specifically set forth therein. A waiver in one event shall
not be construed as continuing or as a waiver of or bar to such right or remedy on a subsequent event.

 

9.6.
Waiver. Except as otherwise provided herein or in any of the Transaction Agreements, Guarantors waives notice of acceptance of
this Guaranty and notice of the Obligations and waives notice of default, non-payment, partial payment, presentment, demand, protest,
notice of protest or dishonor, and all other notices to which Guarantors might otherwise be entitled or which might be required by law
to be given by Buyer. Guarantors waives the right to any stay of execution and the benefit of all exemption laws, to the extent permitted
by law, and any other protection granted by law to guarantors, now or hereafter in effect with respect to any action or proceeding brought
by Buyer against it. Guarantors irrevocably waives all claims of waiver, release, surrender, alteration or compromise and the right to
assert against Buyer any defenses, set-offs, counterclaims, or claims that Guarantors may have at any time against Company or any other
party liable to Buyer.

 

9.7.
No Third Party Beneficiary. Except as otherwise provided herein, Guarantors and Buyer do not intend the benefits of this Guaranty
to inure to any third party and no third party (including Company) shall have any status, right or entitlement under this Guaranty.

 

9.8.
Partial Invalidity. The invalidity or unenforceability of any one or more provisions of this Guaranty shall not render any other
provision invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically a valid and
enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.

 

9.9.
Binding Effect. The covenants, conditions, waivers, releases and agreements contained in this Guaranty shall bind, and the benefits
thereof shall inure to, the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns; provided,
however, that this Guaranty cannot be assigned by Guarantors without the prior written consent of Buyer, and any such assignment or attempted
assignment by Guarantors shall be void and of no effect with respect to the Buyer.

 

9.10.
Modifications. This Guaranty may not be supplemented, extended, modified or terminated except by an agreement in writing signed
by the party against whom enforcement of any waiver, change, modification or discharge is sought.

 

    	7

     

    

 

9.11.
Sales or Participations. Buyer may from time to time sell or assign the Note, in whole or in part, or grant participations in
the Note and/or the obligations evidenced thereby without the consent of Company or Guarantors (other than as provided in the Purchase
Agreement), provided, however, Buyer shall provide written notice to Company and Guarantors of any such assignment or grant of participations.
The holder of any such sale, assignment or participation, if the applicable agreement between Buyer and such holder so provides, shall
be: (a) entitled to all of the rights, obligations and benefits of Buyer (to the extent of such holder’s interest or participation);
and (b) deemed to hold and may exercise the rights of setoff or banker’s lien with respect to any and all obligations of such holder
to Guarantors (to the extent of such holder’s interest or participation), in each case as fully as though Guarantors was directly
indebted to such holder. Buyer may in its discretion give notice to Guarantors of such sale, assignment or participation; however, the
failure to give such notice shall not affect any of Buyer’s or such holder’s rights hereunder.

 

9.12.
MANDATORY FORUM SELECTION. Any dispute arising under, relating to, or in connection with
THIS GUARANTY or related to any matter which is the subject of or incidental to THIS GUARANTY, ANY OTHER TRANSACTION AGREEMENT,
OR THE COLLATERAL (whether or not such claim is based upon breach of contract or tort) shall
be subject to the exclusive jurisdiction and venue of the state and/or federal courts located in NEW YORK CITY, NEW YORK; provided,
however, BUYER may, at its sole option, elect to bring any action in any other jurisdiction. This provision is intended to be
a “mandatory” forum selection clause and governed by and interpreted consistent with NEW YORK LAW, AS APPLICABLE.
GUARANTORS HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENT THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO GUARANTORS, AS SET FORTH HEREIN OR IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE
OF COURT OR OTHERWISE.

 

9.13.
Notices. All notices, requests and demands to or upon Buyer or Guarantors, to be effective, shall be delivered in the manner and
addressed at the applicable address set forth in the Purchase Agreement. The Guarantors agree and acknowledge that notice to each of
them may be sent and delivered to the Company, as required under the Purchase Agreement, and such notice to the Company shall be deemed
valid and effective notice to Guarantors hereunder.

 

9.14.
Governing Law. Except in the case of the Mandatory Forum Selection clause set forth in Section 9.12 hereof, this Guaranty
shall be governed by and construed in accordance with the substantive laws of the State of New York without reference to conflict of
laws principles.

 

9.15.
Joint and Several Liability. The word “Guarantor” or “Guarantors” shall mean all of the undersigned persons,
if more than one, and their liability shall be joint and several. The liability of any of the Guarantors shall also be joint and several
with the liability of any other guarantor under any other guaranty.

 

9.16.
Continuing Enforcement. If, after receipt of any payment of all or any part of the Obligations, Buyer is compelled or reasonably
agrees, for settlement purposes, to surrender such payment to any person or entity for any reason (including, without limitation, a determination
that such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust funds),
then this Guaranty shall continue in full force and effect or be reinstated, as the case may be, and Guarantors shall be liable for,
and shall indemnify, defend and hold harmless Buyer with respect to the full amount so surrendered. The provisions of this Section shall
survive the termination of this Guaranty and shall remain effective notwithstanding the payment of the Obligations, the cancellation,
conversion or redemption of the Note, this Guaranty or any other Transaction Agreement, the release of any security interest, lien or
encumbrance securing the Obligations or any other action which Buyer may have taken in reliance upon its receipt of such payment. Any
cancellation, release or other such action shall be deemed to have been conditioned upon any payment of the Obligations having become
final and irrevocable.

 

    	8

     

    

 

9.17.
WAIVER OF JURY TRIAL. GUARANTORS AGREES THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING, WHETHER
CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR GUARANTORS ON OR WITH RESPECT TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS
OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. LENDER AND GUARANTORS HEREBY KNOWINGLY,
VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL, WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, LENDER AND GUARANTORS WAIVE ANY RIGHT THEY MAY HAVE
TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN,
OR IN ADDITION TO, ACTUAL DAMAGES. GUARANTORS ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS GUARANTY
AND THAT LENDER WOULD NOT PURCHASE THE NOTE IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS GUARANTY.

 

[
signature page follows ]

 

    	9

     

    

 

IN
WITNESS WHEREOF, Guarantors, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of the day and
year first above written.

 

    	10

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