Document:

EX-10.11

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed
separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 Exhibit 10.11 

Execution Version 

October 22, 2013 
 BHI Limited Partnership

 275 boul. Armand Frappier 
 Laval, Quebec 

H7V 4A7 
 Attention:      Tony
Matzouranis 
 Telecopier:    [*] 

Alzheon, Inc. 
 394 Lowell Street, Suite 9 

Lexington, MA 02420 

Attention:      Martin Tolar, MD, PhD, Founder, President and Chief Executive Officer 

Telecopier:    [*] 
  

	Re:    Sublicensing	 Arrangement with Alzheon, Inc. (“Alzheon”) 

Ladies and Gentlemen: 
 Reference is hereby made to that certain
License Agreement between FB Health S.p.A (“FB Health”) and BHI Limited Partnership (“Bellus”), of even date herewith (the “Bellus License Agreement”). All capitalized terms used but not defined
herein shall have the meaning set forth in the Bellus License Agreement. 
 As you are aware, pursuant to the Bellus License Agreement, Bellus has licensed
to FB Health certain Patent Rights and Know-How owned or Controlled by Bellus and has granted to FB Health certain rights related thereto. As contemplated by Section 2.3 of the Bellus License Agreement,
simultaneously with the execution of this letter agreement (this “Letter Agreement”), FB Health is entering into an agreement with Alzheon pursuant to which FB Health is sublicensing to Alzheon all of the rights licensed or
otherwise granted to FB Health by Alzheon under the Bellus License Agreement, subject to certain rights retained by FB Health with respect to Italy (the “Alzheon Sublicense Agreement”). The Alzheon Sublicense Agreement is attached
hereto as Exhibit A. By executing this Letter Agreement, Bellus hereby acknowledges that FB Health is granting a sublicense of its rights under the Bellus Agreement to Alzheon in accordance with Section 2.3 of the Bellus License
Agreement and consents to such sublicense and other assignment of rights granted in the Alzheon Sublicense Agreement. 
 1. No Breach. Bellus
confirms that, as of the date of this Letter Agreement: (i) the Bellus License Agreement remains in full force and effect; and (ii) it has not given any notice to FB Health of any breach by FB Health under the Bellus License Agreement.

 2. Effective Date. The provisions of this Letter Agreement shall be effective from the date of this Letter Agreement written above. 

 3. Breach under Bellus License Agreement. In the event of any default, breach or violation by FB Health of
the Bellus License Agreement, Bellus shall promptly notify Alzheon in writing of such breach, and Alzheon shall have the right, but not the obligation, to cure such default, breach or violation on behalf of FB Health within [ * ] after
Alzheon’s receipt from Bellus of written notification of such default, breach or violation. During such [ * ] cure period, Bellus shall not terminate the Bellus License Agreement as a result of such breach. 

4. Amendments to Bellus License Agreement. Bellus shall give prompt notice to Alzheon, together with a detailed summary of outstanding issues if
Alzheon so requests, of any notice received from or given to FB Health of any proposed amendments or proposed modifications of, or any proposed waivers under, the Bellus License Agreement. 

5. Option to Obtain a License Directly from Bellus Upon Termination of the Bellus License Agreement. In the event Bellus has the right to terminate the
Bellus License Agreement for any reason, and the Alzheon Sublicense Agreement is in force and effect as of the proposed date of termination of the Bellus License Agreement, Bellus shall promptly notify Alzheon, and Alzheon shall have the right to
obtain directly from Bellus, a license agreement on substantially the same terms and conditions set forth in the Bellus License Agreement (such right, the “License Option”). Alzheon may exercise the License Option by providing a
written notice to Bellus within [ * ] from the date that Bellus notifies Alzheon that Bellus has the right to terminate the Bellus License Agreement. If Alzheon exercises the License Option, Bellus shall enter into a license agreement directly with
Alzheon (the “New License Agreement”) on substantially the same terms and conditions as those set forth in the Bellus License Agreement; provided, however, (i) that Bellus shall agree in the New License Agreement
to terms providing that in no event shall Alzheon be liable to Bellus for any actual or alleged breach by FB Health of the Bellus License Agreement; (ii) that the financial terms of the New License Agreement shall in no event be greater than
the corresponding financial terms set forth in the Bellus License Agreement; and (iii) that in no event shall Bellus be obligated to accept provisions in any New License Agreement unless such provisions correspond to rights granted, or
covenants made, by Bellus to FB Health under the Bellus License Agreement. Bellus shall not terminate the Bellus License Agreement until the New License Agreement is fully executed and in full force and effect. FB Health acknowledges and agrees that
all of Alzheon’s payment obligations under the Alzheon Sublicense Agreement shall automatically terminate upon execution of the New License Agreement to the extent that they are required payments under the New License Agreement. 

6. Clarifications of Rights and Obligations under the Bellus License Agreement and Alzheon Sublicense Agreements. 

(a) Bellus acknowledges and agrees that Alzheon shall have the right to grant sublicenses to all or any portion of the rights under the
license by FB Health to Alzheon pursuant to Section 2.1 of the Alzheon Sublicense Agreement (including any such rights under the Bellus License Agreement that are sublicensed to Alzheon thereunder), provided that any such sublicense
complies with the requirements set forth in Section 2.3 of the Alzheon Sublicense Agreement. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

-2- 

 (b) Bellus and FB Health acknowledge and agree that Section 2.4 of the Bellus License
Agreement is hereby amended, superseded and replaced in its entirety to read as follows: “[ * ].” 
 (c) Upon the occurrence of
any Insolvency Event with respect to Bellus, FB Health shall, upon Alzheon’s request, exercise any and all rights granted to FB Health under Section 2.5 of the Bellus License Agreement and/or any and all of FB Health’s rights,
elections, powers and remedies existing at law or in equity (including the Bankruptcy Code). In the event that FB Health fails to exercise such rights within [ * ] after Alzheon’s request, FB Health hereby irrevocably appoints Alzheon as its attorney-in-fact with the right, authority and ability to exercise such rights on behalf of FB Health, and Bellus hereby acknowledges such appointment and agrees to accept
Alzheon’s exercise of such rights on behalf of FB Health. FB Health and Bellus acknowledge and agree that such appointment is a right coupled with an interest and will survive the incapacity or unavailability of FB Health at any time. 

(d) Bellus and FB Health acknowledge and agree that a new sentence is hereby added to the end of Section 2.6 of the Bellus License
Agreement: “[ * ].” 
 (e) Bellus acknowledges and agrees that the diligence obligations set forth in Section 3.1.2 of the
Alzheon License Agreement shall satisfy the requirements of Sections 2.3 and 3.1.2 of the Bellus License Agreement. 
 (f) The parties
hereto agree that, at the request of FB Health, Alzheon shall make any payments owed by Alzheon to FB Health under Section 4.1 of the Alzheon Sublicense Agreement directly to Bellus, as consideration for amounts owed by FB to Bellus under the
Bellus License Agreement. Such payments by Alzheon to Bellus shall fully satisfy Alzheon’s obligation to make such payments to FB Health under the Alzheon Sublicense Agreement. 

(g) Notwithstanding anything to the contrary set forth in Article 5 of the Bellus License Agreement, FB Health may disclose Confidential
Information of Bellus to Alzheon, provided that such disclosure complies with the requirements of Section 5.2 of the Bellus License Agreement. The parties hereto recognize that, from time to time, Alzheon might receive from Bellus or FB Health
Confidential Information of Bellus (or other information that would have constituted Confidential Information of Bellus under the Bellus License Agreement if it had been disclosed by Bellus to FB Health) (collectively, “Bellus
Information”). The parties hereto agree that the terms and conditions of Article 5 of the Alzheon Sublicense Agreement that apply to Confidential Information of FB Health shall also apply to such Bellus Information, except that references
in Article 5 to the “other Party” with respect to such Bellus Information shall be deemed to refer to Bellus, not FB Health. 

(h) Notwithstanding anything to the contrary set forth in Article 5 of the Alzheon Sublicense Agreement, FB Health may disclose Confidential
Information of Alzheon to Bellus, provided that such disclosure complies with the requirements of Section 5.2 of the Alzheon Sublicense Agreement. The parties hereto recognize that, from time to time, Bellus might receive from Alzheon or FB
Health Confidential Information of Alzheon (or other information that would have constituted Confidential Information of Alzheon under the Alzheon Sublicense Agreement if it had been disclosed by Alzheon to FB Health) (collectively, “Alzheon
 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

-3- 

 
Information”). The parties hereto agree that the terms and conditions of Article 5 of the Bellus License Agreement that apply to Confidential Information of FB Health shall also apply
to such Alzheon Information, except that references in Article 5 to the “other Party” with respect to such Alzheon Information shall be deemed to refer to Alzheon, not FB Health. 

(i) The parties hereto agree that: (i) Bellus may not publicly disclose the existence or terms or any other matter of fact regarding the
Alzheon Sublicense Agreement without the prior written consent of Alzheon (except to the extent such disclosure would be permitted under Section 5.4 of the Bellus License Agreement if it applied to the Alzheon Sublicense Agreement); (ii) none
of the parties hereto may publicly disclose the existence or terms or any other matter of fact regarding this Letter Agreement without the prior written consent of each of the other parties hereto (except to the extent such disclosure would be
permitted under Section 5.4 of the Alzheon Sublicense Agreement if it applied to this Letter Agreement); and (iii) following the execution of the Alzheon Sublicense Agreement, the parties shall issue a mutually agreed joint press release,
in the form attached hereto as Exhibit B. 
 (j) The representatives designated by each of Bellus, FB Health and Alzheon pursuant to
Article 6 of the Bellus License Agreement or Article 6 of the Alzheon Sublicense Agreement, as applicable, shall coordinate and serve to facilitate communication among the parties regarding matters related to this Letter Agreement. 

(k) Bellus, FB Health and Alzheon acknowledge and agree that FB Health shall assign to Alzheon, and Alzheon shall assume, exercise and
perform, all of FB Health’s rights and obligations under [ * ]. Bellus, FB Health and Alzheon further acknowledge and agree that FB Health shall assign to Alzheon, and Alzheon shall assume, exercise and perform, all of FB Health’s rights
and obligations under [ * ]. 
 (l) Bellus, FB Health and Alzheon acknowledge and agree that Alzheon shall be deemed to be an FB Health
Indemnitee for all purposes under the Bellus License Agreement. 
 (m) Bellus shall not sell, assign or otherwise transfer the Bellus
License Agreement or any Licensed Technology to any Person (including any Affiliate of the Licensor) except to (x) a wholly-owned direct or indirect subsidiary of Bellus or (y) a successor corporation or entity in accordance with clause
(ii) of Section 13.7 of the Bellus License Agreement, and solely in each case if, prior to any such sale, assignment or transfer, such transferee has acknowledged and confirmed in writing to FB Health and Alzheon, all in a manner
reasonably acceptable to FB Health and Alzheon, that, effective as of such sale, assignment or other transfer, such transferee shall be bound by the Bellus License Agreement as if it were a party to it as and to the identical extent applicable to
Bellus with respect to the Bellus License Agreement and Licensed Technology. Bellus shall not incur or permit to exist (and shall cause each of its Affiliates not to incur or permit to exist), with respect to any Licensed Technology, any lien,
encumbrance, charge, security interest, mortgage, liability, grant of license to Third Parties or other restriction (including in connection with any indebtedness). 

(n) Bellus, FB Health and Alzheon acknowledge and agree that: (a) Alzheon shall be an express third party beneficiary of the Bellus
License Agreement to the extent necessary to enforce its rights under this Letter Agreement and (b) Bellus shall be an express third party beneficiary of the Alzheon Sublicense Agreement to the extent necessary to enforce its rights under this
Letter Agreement. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

-4- 

 7. Notices. All notices, requests and other communications hereunder shall be in writing, shall be
addressed to the receiving party’s address set forth below or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered by hand, (b) made by facsimile transmission (to be followed with
written fax confirmation), (c) sent by private courier service providing evidence of receipt, or (d) sent by registered or certified mail, return receipt requested, postage prepaid. The addresses and other contact information for the parties
hereto are as follows: 
  

			
	If to Bellus:	  	BHI Limited Partnership
		  	275 boul. Armand-Frappier
		  	Laval, Quebec
		  	H7V 4A7
		  	Attention:    Tony Matzouranis
		  	Telecopier:    [ * ]
		
	With a copy to:	  	Davies Ward Phillips & Vineberg LLP
		  	1501 McGill College Avenue
		  	Suite 2600
		  	Montreal, Quebec
		  	H3A 3N9
		  	Attention:    Elliot Greenstone
		  	Telecopier:    [ * ]
		
	If to FB Health:	  	FB Health S.p.A.
		  	 Via dei Sabini, 28
 63100 Ascoli
Piceno

		  	Italy
		  	 Attention:    Marco Marchetti, President and

                    Chief Executive Officer

		  	Telecopier:    [ * ]
		
	If to Alzheon:	  	Alzheon, Inc.
		  	394 Lowell Street, Suite 9
		  	Lexington, MA 02420
		  	Attention:    Martin Tolar, MD, PhD, Founder,
		  	President and Chief Executive Officer
		  	Telecopier:    [ * ]

 All notices, requests and other communications hereunder shall be deemed to have been given either (i) if by hand, at the
time of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if made by telecopy or facsimile transmission, at the time that receipt thereof has been acknowledged by electronic confirmation or
otherwise, (iii) if sent by private courier, on the third (3rd) business day following the day such notice is delivered to the courier service, or (iv) if sent by registered or certified mail, on the fifth (5th ) business day following the day such mailing is made. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

-5- 

 8.    Miscellaneous. 

(a)    Governing Law. This Letter Agreement will be construed, interpreted and applied in accordance with the Laws
of the State of New York and the federal Laws of the United States of America applicable therein, excluding its body of law controlling conflicts of law. The provisions of the U.N. Convention on Contracts for the International Sale of Goods shall
not apply to this Agreement. 
 (b)    Effect. To the extent that any of the provisions of the Bellus License
Agreement or Alzheon Sublicense Agreement are contrary to or inconsistent with any provision of this Letter Agreement, the provisions of this Letter Agreement shall govern, and the Bellus License Agreement and/or Alzheon Sublicense Agreement, as
applicable, shall be deemed to be amended hereby. No modification or amendment to this Letter Agreement shall be effective unless in writing with specific reference to this Letter Agreement and signed by authorized representatives of each of the
parties hereto. 
 (c)    Waiver. The terms or conditions of this Letter Agreement may be waived only by a
written instrument executed by the party waiving compliance. The failure of any party hereto at any time or times to require performance of any provision hereof shall in no manner affect its rights at a later time to enforce the same. No waiver by
any party hereto of any condition or term shall be deemed as a continuing waiver of such condition or term or of another condition or term. 

(d)    Headings. Section and subsection headings are inserted for convenience of reference only and do not form
part of this Letter Agreement. 
 (e)    Assignment. No party hereto may assign, delegate or otherwise transfer
this Letter Agreement, or any of its rights or obligations hereunder, other than in connection with a permitted assignment, delegation or other transfer of its corresponding rights or obligations under the Bellus License Agreement, the Alzheon
Sublicense Agreement or this Letter Agreement, as applicable. Each party hereto agrees that, if it assigns or delegates its rights under the Bellus License Agreement or the Alzheon Sublicense Agreement, or any of the intellectual property licensed
to FB Health or Alzheon thereunder, such party shall cause such assignee to be bound by the terms of this Letter Agreement. Each Party shall remain responsible for any failure to perform by any of its Affiliates to which it assigns, delegates or
otherwise transfers any rights or obligations under this Letter Agreement in accordance with this Section 7(e). Any permitted assignee shall assume all obligations of its assignor under this Letter Agreement. Any purported assignment,
delegation or other transfer in violation of this Section 7(e) shall be void. The terms and conditions of this Letter Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto. 

(f)    Force Majeure. No party hereto shall be liable for failure of or delay in performing obligations set forth
in this Letter Agreement, and no party hereto shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of such party. In event of such force majeure, the party
affected thereby shall use reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

-6- 

 (g)    Construction. The parties hereto acknowledge and agree that:
(a) each party and its counsel have reviewed and negotiated the terms and provisions of this Letter Agreement and have contributed to its revision; (b) the rule of construction to the effect that any ambiguities are resolved against the
drafting party shall not be employed in the interpretation of this Letter Agreement; and (c) the terms and provisions of this Letter Agreement shall be construed fairly as to all parties hereto and not in favor of or against any party,
regardless of which party was generally responsible for the preparation of this Letter Agreement. 

(h)    Severability. If any provision(s) of this Letter Agreement are or become invalid, are ruled illegal by any
court of competent jurisdiction or are deemed unenforceable under then current applicable Law from time to time in effect, it is the intention of the parties that the remainder of this Letter Agreement shall not be affected thereby provided that a
party’s rights under this Letter Agreement are not materially affected. The parties hereto covenant and agree to renegotiate any such term, covenant or application thereof in good faith in order to provide a reasonably acceptable alternative to
the term, covenant or condition of this Letter Agreement or the application thereof that is invalid, illegal or unenforceable, it being the intent of the parties that the basic purposes of this Letter Agreement are to be effectuated. 

(i)    Status. The status of each party under this Letter Agreement shall be that of an independent contractor.
Nothing in this Letter Agreement is intended or shall be deemed to constitute a partner, agency, employer-employee, or joint venture relationship between or among the parties or, except as expressly provided in this Letter Agreement, to grant any
party the authority to bind or contract any obligation in the name of or on the account of any other party or to make any statements, representations, warranties or commitments on behalf of any other party. 

(j)    Further Assurances. Each party hereto agrees to execute, acknowledge and deliver such further instructions,
and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Letter Agreement. 

(k)    Counterparts. This Letter Agreement may be executed simultaneously in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

(l)    Interpretation. Unless a context otherwise requires, wherever used, (a) the singular shall include the
plural, the plural the singular; (b) the use of any gender shall be applicable to all genders; (c) the word “or” is used in the inclusive sense (and/or); and (c) the word “including” is used without limitation and
shall mean “including without limitation.” 
 (m)    Headings. Section and subsection headings are
inserted for convenience of reference only and do not form a part of this Letter Agreement. 
 [Remainder of Page Intentionally Left Blank]

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

-7- 

 Please sign and return a copy of this Letter Agreement to us to acknowledge our mutual agreement on this matter.
Thank you, again, for all of your assistance. 
 Sincerely, 

FB HEALTH S.p.A. 

Per:    /s/ Marco Marchetti 

Name:  Marco Marchetti 

Title:   President and Chief Executive Officer 

AGREED AND ACKNOWLEDGED: 

ALZHEON, INC. 

Per:      /s/ Martin Tolar 

Name:  Martin Tolar, MD, PhD 

Title:   Founder, President and Chief Executive Officer 

BHI LIMITED PARTNERSHIP 

Per:      /s/ Roberto Bellini 

Name:  Roberto Bellini 

Title:    President and Chief Executive Officer 

Per:      /s/ Tony Matzouranis 

Name: Tony Matzouranis 

Title:   Vice President, Business Development 

cc:       Davies Ward Phillips 

   1501 McGill College Avenue Suite 2600 

   Montreal, Quebec 

   H3A 3N9 

   Attention:        Elliot Greenstone 

   Telecopier:      514.841.6499 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.EXHIBIT 10.1

 

NEITHER THE ISSUANCE NOR SALE OF THE SECURITIES
REPRESENTED BY THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. 

 

	Principal Amount: $100,001.00	Issue Date: August 16, 2018

 

 

	PROMISSORY NOTE

 

 

FOR VALUE RECEIVED,
VPR Brands, LP, a Delaware limited partnership (the “Company”), hereby promises to pay to the order of Sunshine Travel
inc or registered assigns (the “Holder”) on August 16, 2019 (the “Maturity Date”), the principal amount
set forth above (the “Principal Amount”), and to pay interest on the outstanding Principal Amount at the rate of Twenty
Four percent (24%) per annum (the “Note”). Interest shall commence accruing on the date hereof (the “Issue Date”),
computed on the basis of a 365-day year and the actual number of days elapsed, provided that any payment otherwise due on a Saturday,
Sunday or legal Bank holiday may be paid on the following business day. All payments due hereunder, shall be made in lawful money
of the United States of America.

 

1.            
Transfers of Note to Comply with the 1933 Act. The
Holder agrees that this Note may not be sold, transferred, pledged, hypothecated or otherwise disposed of except as follows:  (a)
to a person whom the Note may legally be transferred without registration and without delivery of a current prospectus under the
1933 Act with respect thereto and then only against receipt of an agreement of such person to comply with the provisions of this
Section 1 with respect to any resale or other disposition of the Note; or (b) to any person upon delivery of a prospectus then
meeting the requirements of the 1933 Act relating to such securities and the offering thereof for such sale or disposition, and
thereafter to all successive assignees.

 

2.               
Right of Prepayment. The Company may repay any amount
of the Note at any time. On each business day, the Holder may deduct one (1) ACH payment from the bank account of the Borrower
(as specified on Exhibit “A” of this Note) in the amount of $500.00 per business day until such time as the Borrower
has paid an amount equal to the principal and accrued interest as set forth in the Note. Each such payment shall be applied first
to accrued and unpaid interest and the balance shall be applied towards the reduction of the principal amount due under this Note.

 

3.               
Representations and Warranties.  The Company
represents and warrants to the Holder that:

 

	 	(a)	such party is duly organized, validly existing and in good standing (if applicable) under the laws of the jurisdiction of its organization;

 

	 	(b)	such party has authority to own its property and assets and to carry on its business as now conducted, except, in each case, where the failure to do so, or so possess, individually or in the aggregate would not reasonably be expected to result in a material adverse effect;

 

	 	(c)	such party has all requisite organizational power and authority to execute and deliver and perform all its obligations under this Note;

 

	 	(d)	such party is qualified to do business in, and is in good standing (where such concept exists) in, every jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification necessary, except where the failure to be so qualified or in good standing individually or in the aggregate would not reasonably be expected to result in a material adverse effect;

 

     

    	 

    

 

	 	(e)	the transactions contemplated hereby is within such party’s organizational powers and have been duly authorized by all necessary corporate or limited liability company action;

 

	 	(f)	this Note has been duly executed and delivered
        by such party and constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms; and

 

	 	(g)	the transactions to be entered into and contemplated by this Note (a) do not require any consent or approval of, registration or filing with, or any other action by, any governmental authority except for the Company’s disclosure obligations under federal securities laws, (b) will not (i) violate any applicable law or (ii) the organizational documents, bylaws, charter, operating agreement, certificate of formation or certificate of incorporation of such party, (c) will not violate or result in a default under any indenture or any other agreement, instrument or other evidence of indebtedness, and (d) will not result in the creation or imposition of any lien on any asset of such party.

 

4.            
Remedies Upon Default.  In the event that
the Company defaults on its payment obligations under this Note, the Holder may proceed to protect and enforce its rights and remedies
under this Note by suit in equity, action at law or other appropriate proceeding, whether for the specific performance of any covenant
or agreement contained in this Note and proceed to enforce the payment thereof or any other legal or equitable right of the Holder.

 

5.            
Cancellation of Note. Upon the repayment by the Company
of all of its obligations hereunder to the Holder, including, without limitation, the principal amount of this Note, plus accrued
but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled and paid in full.  Payments received
by the Holder hereunder shall be applied first against interest accrued on this Note, and next in reduction of the outstanding
principal balance of this Note.

 

6.            
Severability.  If any provision of this
Note is, for any reason, invalid or unenforceable, the remaining provisions of this Note will nevertheless be valid and enforceable
and will remain in full force and effect.  Any provision of this Note that is held invalid or unenforceable by a court
of competent jurisdiction will be deemed modified to the extent necessary to make it valid and enforceable and as so modified will
remain in full force and effect.

 

7.            
Amendment and Waiver.  This Note, or any
provision of this Note, may only be amended or waived if set forth in a writing executed by the Company and Holder.  The
waiver by Holder of a breach of any provision of this Note shall not operate or be construed as a waiver of any other breach.

 

8.            
Successors.  Except as otherwise provided
herein, this Note shall bind and inure to the benefit of and be enforceable by the Holder and its permitted successors and assigns.

 

9.            
Assignment.  This Note shall not be directly
or indirectly assignable or delegable by the Company or the Holder, except as provided in a writing executed by the Company and
Holder.

 

10.        
Further Assurances.  The Holder will execute
all documents and take such other actions as the Company may reasonably request in order to consummate the transactions provided
for herein and to accomplish the purposes of this Note.

 

11.        
Notices, Consents, etc.  Any notices, consents,
waivers or other communications required or permitted to be given under the terms hereof must be in writing and will be deemed
to have been delivered:  (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1)
business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party
to receive the same.  The addresses and facsimile numbers for such communications shall be:

 

	If to Company:	
        VPR BRANDS, LP

        3001 Griffin Road

        Fort Lauderdale, FL 33312

	 	
        Attention: Kevin Frija

        Telephone: 954.715.7001

        Facsimile: Kevin.Frija@vprbrands.com

	 	 

 

     

    	 

    

 

	With a Copy to (which shall not constitute notice):	
        LEGAL & COMPLIANCE, LLC

        330 Clematis Street, Suite 217

        West Palm Beach, Florida 33401

        Attention: Laura E. Anthony, Esq.

	 	 
	If to the Holder:	
        Sunshine Travel inc

        Attention:

        Telephone:

        Facsimile:_______________________

	 	 

or at such other address and/or facsimile number
and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three
(3) trading days prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile
machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided
by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or
receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

12.        
Governing Law.  Except in the case of the
Jurisdiction provisions of Section 13 below, this Note shall be delivered and accepted in and shall be deemed to be contracts made
under and governed by the internal laws of the State of Delaware, and for all purposes all questions concerning the construction,
validity and interpretation of this Note and any and all disputes or controversies arising out of the subject matter hereof (whether
by contract, tort or otherwise) shall be governed by and construed in accordance with the domestic laws of the State of Delaware,
without giving effect to any choice of law or conflict of law provision (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Florida.

 

13.        
Jurisdiction.  EACH PARTY HERETO AGREES
THAT JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY THE HOLDER PURSUANT TO THIS NOTE SHALL PROPERLY (BUT NOT EXCLUSIVELY) LIE
IN ANY FEDERAL OR STATE COURT LOCATED IN BROWARD COUNTY, FLORIDA.  BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO SUCH
ACTION.  EACH PARTY HERETO IRREVOCABLY AGREES THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVES ANY OBJECTION
THAT SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION.  EACH PARTY HERETO FURTHER AGREES
THAT THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL CONSTITUTE
VALID AND LAWFUL SERVICE OF PROCESS AGAINST THEM, WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE OR RULE
OF COURT.

 

14.        
 No Inconsistent Agreements.  No party
hereto will hereafter enter into any agreement, which is inconsistent with the rights granted to the Holder in this Note.

 

15.        
Third Parties.  Nothing herein expressed
or implied is intended or shall be construed to confer upon or give to any person or entity, other than the Holder and its permitted
successor and assigns, any rights or remedies under or by reason of this Note.

 

16.        
Waiver of Jury Trial.  EACH PARTY HERETO
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS NOTE. EACH
PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE HOLDER HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT THE HOLDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY HERETO
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY HERETO MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH
PARTY HERETO HAS BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     

    	 

    

17.        
Usury Savings Clause. Notwithstanding any
provision in this Note to the contrary, the total liability for payments of interest and payments in the nature of interest, including,
without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed
the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law. In the event the total
liability of payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions
or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an effective rate of
interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction
governing this Note, all sums in excess of those lawfully collectible as interest for the period in question shall, without further
agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal balance due hereunder
immediately upon receipt of such sums by the Holder hereof, with the same force and effect as though the Company had specifically
designated such excess sums to be so applied to the reduction of the principal balance then outstanding, and the Holder hereof
had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder may, at any time and
from time to time, elect, by notice in writing to the Company, to waive, reduce, or limit the collection of any sums in excess
of those lawfully collectible as interest, rather than accept such sums as a prepayment of the principal balance then outstanding.
It is the intention of the parties that the Company does not intend or expect to pay, nor does the Holder intend or expect to charge
or collect any interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable
law.

 

18.        
Entire Agreement.  This Note (including
any recitals hereto) set forth the entire understanding of the parties with respect to the subject matter hereof, and shall not
be modified or affected by any offer, proposal, statement or representation, oral or written, made by or for any party in connection
with the negotiation of the terms hereof, and may be modified only by instruments signed by all of the parties hereto.

 

 

 

[Signature page to follow]

     

    	 

    

 

IN WITNESS WHEREOF,
this Note is executed by the undersigned as of the date hereof.

 

  

	VPR BRANDS, LP	 
	  By:  	
        Soleil Capital Management LLC,

        its General Partner
	 
	 	 
	 	 
	By: 	/s/ Kevin Frija	 
	Name:  	Kevin Frija	 
	Title:   	Manager and Chief Executive Officer

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