Document:

Exhibit 10. 33 

 

 

June
22, 2020

 

VIA
ELECTRONIC MAIL

CONFIDENTIAL

 

Harvest
Health & Recreation, Inc.

1155
West Rio Salado Parkway

Suite
201

Tempe,
AZ 85281

Attn:
Steve White, CEO

 

	Re:	Purchase
    Agreement

 

Gentlemen:

 

This
purchase agreement (“Purchase Agreement”), dated as of the date first set forth above (the “Effective
Date”) sets forth the terms and conditions of a transaction (the Transaction”) pursuant to which HHI
Acquisition Corp., a Delaware corporation (the Buyer”) and a wholly-owned subsidiary of Hightimes Holding
Corp., a Delaware corporation (“Hightimes”) shall acquire (a) 100% of the issued and outstanding equity
(the “ICG Equity”) of Interurban Capital Group, LLC, a Delaware limited liability company (“ICG”)
from Harvest Enterprises, Inc., a Delaware corporation (“Enterprises”), and (b) 100% of the membership
interests (the “Harvest Interests” and together with the ICG Equity, the “Acquired Equity”)
of Harvest of Merced, LLC, a California limited liability company (“Merced”) and Harvest of Riverside,
LLC, a California limited liability company (“Riverside” and together with Merced, the “Harvest
Dispensaries”) owned by Steve White (“White”) and Harvest of California LLC, a
California limited liability company (“HOC” and together with White and Enterprises, individually and collectively,
the “Seller”). Harvest Health & Recreation, Inc., a British Columbia, Canada corporation and the
parent of Enterprises (“Harvest Health”), the Seller and the Buyer are hereinafter individually referred to
as a “Party” and collectively referred to as the “Parties”. Upon execution of this Purchase
Agreement by the Parties, this Purchase Agreement shall form a legally binding and enforceable agreement between the Parties.
This Purchase Agreement amends and restates in its entirety and supersedes an amended and restated purchase agreement among the
Parties dated June 10, 2020 (the “Prior Purchase Agreement”).

 

1.
Transaction. Subject to the terms and conditions of this Purchase Agreement:

 

(a)
At the closing of Buyer’s acquisition of the ICG Equity (the “Initial Closing”), Enterprises shall sell
to Buyer, and Buyer shall purchase from Enterprises, the ICG Equity for the consideration specified in Section 3(a) and
Section 3(b) below. With respect to the entities numbered 3-10 on Exhibit A attached hereto (collectively, the “HAH
Dispensaries” and together with the Harvest Dispensaries, the “Dispensaries”), it is understood and
agreed that ICG currently owns assignments (the “Contingent Assignments”) of the right to acquire certain portions
of the equity of the HAH Dispensaries referred to as “contingent interests” on Exhibit A (the “Contingent
Interests”), but that the ownership of such Contingent Interests is subject to obtaining (i) approvals and consents
of certain members or the board of managers of such HAH Dispensaries (the “Membership and Managers Approvals”)
and (ii) all Regulatory Approvals (defined below) that may be contractually and legally required as contemplated on Exhibit
A annexed hereto and in the Seller Disclosure Letter (as amended from time to time), in connection with the transfer of ownership
of the Contingent Interests. Notwithstanding anything to the contrary herein, the Parties agree that ICG was converted from a
Delaware corporation to a Delaware limited liability company immediately prior to the Initial Closing (the “ICG Conversion”)
in connection with the assignment of certain ICG assets and liabilities pursuant to an assignment and assumption agreement substantially
in the form set forth on Exhibit G attached hereto (the “ICG Assignment”).

 

    	 	1	 

     

    

 

(b)
At the closing of Buyer’s acquisition of the Harvest Interests (the “Second Closing”), White and HOC
shall sell to Buyer, and Buyer shall purchase from White and HOC, the Harvest Interests free and clear of all liens, mortgages
or security interests for the consideration specified in Section 3(c). With respect to the Harvest Dispensaries, Buyer
acknowledges that as of the Effective Date, White and HOC own the membership interests of the Harvest Dispensaries as set forth
on Exhibit A and do not own 100% of the membership interests of the Harvest Dispensaries. Upon the execution of this Purchase
Agreement, each of White and HOC shall use commercially reasonable efforts (which may include the making of certain payments to
third parties on or before the Second Closing Date (defined below) in order to obtain 100% ownership of the Harvest Dispensaries
on or prior to the Second Closing Date.

 

(c)
Hightimes and Buyer each understand that it, and its control persons and shareholders are required to be listed on the cannabis
licenses (the “Licenses”) held by the Dispensaries under applicable cannabis laws and the regulations of the
California Department of Consumer Affairs, Bureau of Cannabis Control (“BCC”) and other applicable local governmental
agency(ies) licensing and regulating the Dispensaries. Accordingly, without compensation therefor, but at no expense to any Seller,
promptly following the Effective Date, the Buyer and Hightimes will do all lawful acts, including the execution of papers, providing
fingerprints of its officers, directors and/or controlling owners and other ‘Live Scan’ information to the BCC and/or
other applicable local governmental agency(ies) licensing and regulating the Dispensaries (collectively, the “Regulatory
Authorities”), and lawful oaths and the giving of testimony as are required in transferring to the Buyer the Acquired
Equity and to otherwise cooperate in all proceedings and matters relating thereto and shall promptly respond to any requests for
information or documentation from the BCC or other Regulatory Authority relating to the transfer of the Acquired Equity. Each
applicable Seller shall fully cooperate with Hightimes and the Buyer in connection with facilitating efforts to obtain all applicable
regulatory approvals from the Regulatory Authorities (collectively, the “Regulatory Approvals”). In furtherance
of the foregoing and in accordance with BCC procedures, on or before the Second Closing, White and HOC shall appoint Adam Levin
as an officer of each of the Harvest Dispensaries and within five (5) Business Days after such appointment, such individual shall
file an Owner application to be added to the Licenses of the Harvest Dispensaries. Each applicable Seller shall fully cooperate
with the Buyer and Adam Levin in connection with the preparation and filing of all applications to obtain Regulatory Approvals.
At the Second Closing, White and HOC shall retain a 20% interest in the Harvest Interests and Buyer shall receive an 80% ownership
interest in the Harvest Interests in accordance with BCC regulations, subject to obtaining the required Regulatory Approvals following
the Second Closing; at which time White and HOC shall relinquish their 20% ownership interest and Buyer shall receive a 100% ownership
interest in the Harvest Interests.

 

2.
Consideration.

 

(a)
Purchase Price. The aggregate consideration for the Acquired Equity shall be US$67,500,000 (the “Purchase
Price”), payable as set forth in Section 3 by Hightimes delivering to Enterprises: (a) USD$1,500,000 in cash
(the “Cash Consideration”), and (b) 660,000 shares of Hightimes’ 16% Series A voting convertible preferred
stock, par value $0.0001 per share (the “Series A Preferred Stock”); provided, that the Series A Preferred
Stock shall be subject to adjustment as set forth in Section 2(b) below. White and HOC hereby direct Hightimes to deliver
their respective portions of the Purchase Price to Enterprises.

 

    	 	2	 

     

    

 

Pursuant
to the terms of its Certificate of Designations in the form of Exhibit B annexed hereto and made a part hereof, (the “Certificate
of Designations”), the Series A Preferred Stock shall contain the following rights, privileges and designations:

 

(i)
Stated or Liquidation Value. The Series A Preferred Stock shall have a stated or liquidation value of USD$100.00 per share
or USD$66,000,000. At the Closing, Hightimes shall have no other series or class of preferred stock issued or outstanding. In
addition, the Series A Preferred Stock shall have a priority on liquidation or a change of control of Hightimes over any other
series of preferred stock created by Hightimes or its Common Stock (as defined below).

 

(ii)
Dividends. Commencing on the later to occur of (A) September 30, 2020, or (B) the Closing Date, the Series A Preferred
Stock shall pay a quarterly dividend at the rate of 16% per annum (the “Dividend”). The Dividend shall accrue
and shall be added to the face amount of the Series A Preferred Stock issuable upon conversion of the Series A Preferred Stock.

 

(iii)
Optional Conversion. Enterprises may convert all or any portion of the Series A Preferred Stock into shares of Hightimes
Class A voting Common Stock (the “Common Stock”), as traded on the OTCQX Market or other securities exchange,
at a conversion price per share of USD$11.00, subject to adjustment to USD$1.00 per share, based on the 11-for-one forward stock
split (the “Approved Stock Split”) of the Hightimes Common Stock to be consummated upon completion of Hightimes’
Regulation A+ initial public offering; provided, that in no event shall the number of shares of Hightimes’ Common Stock
issuable upon full conversion of the Series A Preferred Stock (the “Conversion Shares”), exceed 19% of the
issued and outstanding shares of Common Stock, after giving effect to such optional conversion.

 

(iv)
Mandatory Conversion. To the extent not previously converted into Conversion Shares, the then outstanding shares of Series
A Preferred Stock shall be subject to automatic conversion into Common Stock on the earlier to occur of (a) two (2) years from
the Initial Closing Date, or (b) if the market capitalization of the Common Stock, based on the volume weighted average closing
prices for any ten (10) consecutive trading days, shall equal or exceed USD$300,000,000. In either event, the per share conversion
price of the Series A Preferred Stock shall be the volume weighted average closing price for any ten (10) consecutive trading
days immediately preceding the date of automatic conversion. Notwithstanding the foregoing, in no event shall the aggregate number
of Conversion Shares exceed 19% of the issued and outstanding shares of Common Stock, after giving effect to any prior optional
conversion or a mandatory conversion.

 

(v)
Voting. The Series A Preferred Stock shall vote on an “as converted basis (based on the applicable per share Conversion
Price) with the Common Stock.

 

    	 	3	 

     

    

 

(b)
Purchase Price Reduction. Notwithstanding anything to the contrary set forth in Section 2(a) above or elsewhere
in this Purchase Agreement, the Parties acknowledge and agree that certain Membership and Managers Approvals and Regulatory Approvals
and Required Third-Party Approvals (collectively, the “Required Consents”) may not be obtained by the Initial
Closing Date (defined below) or the Second Closing Date. With respect to any Dispensary for which any applicable Required Consent
is not obtained within one year following the Initial Closing Date or the Second Closing Date (as applicable) and such failure
to obtain such Required Consent results in Buyer being unable to exercise control over such Dispensary and receive the expected
financial benefits of the Transaction with respect to such Dispensary, then, unless the failure to obtain such Required Consent
is a direct result of any material breach of this Purchase Agreement by Hightimes or the Buyer, including the failure of Hightimes
or the Buyer to use its commercially reasonable efforts (which shall not include having to make any additional payments to any
member or manager of any Dispensary) to obtain such Required Consent, the Parties shall (i) remove such Dispensary from the list
of Dispensaries to be acquired on Exhibit A, (ii) the Purchase Price shall be reduced accordingly based on the portion
of the Purchase Price allocated to such Dispensary on the Allocation Schedule attached hereto as Exhibit C (the “Purchase
Price Reduction”), and (iii) there shall be no further liability or obligation on the part of any Party hereto with
respect to the failure to obtain such Required Consent or the removal of such Dispensary from Exhibit A. Any such Purchase
Price Reduction shall be allocated 100% to the Series A Preferred Stock or the Conversion Shares and shall reduce the number of
shares of Series A Preferred Stock or the Conversion Shares by a number of shares equal to the Purchase Price Reduction divided
by (B) $100, as to the Series A Preferred Stock, or (B) the applicable conversion price per share, as to the Conversion Shares.

 

3.
Purchase Price.

 

(a)
Cash Consideration. Pursuant to the Prior Purchase Agreement, Hightimes paid to Enterprises the Cash Consideration as an
initial deposit on the Purchase Price. Notwithstanding anything to the contrary herein or in the Prior Purchase Agreement, the
Cash Consideration shall be nonrefundable and upon any termination of this Purchase Agreement, Enterprises shall retain the entire
$1,500,000 Cash Consideration as full and complete liquidated damages and not as a penalty.

 

(b)
Initial Closing. At the Initial Closing, in exchange for Enterprises’ assignment to Buyer of the ICG Equity, Buyer
and Hightimes shall deliver to Enterprises 600,000 shares of Series A Preferred Stock, including a stock certificate evidencing
such shares of Series A Preferred Stock, and Enterprises and Harvest Health shall deliver to Hightimes a Lockup Agreement and
to Adam E. Levin a Proxy in accordance with Section 5 and Section 6 below. On or immediately prior to the Initial
Closing, Hightimes shall have filed with the Secretary of State of the State of Delaware, the Certificate of Designations of the
Series A Preferred Stock.

 

(c)
Second Closing. At the Second Closing, in exchange for the Harvest Interests, Buyer and Hightimes shall deliver to Enterprises
an aggregate of 60,000 shares of Series A Preferred Stock, including a stock certificate evidencing such shares of Series A Preferred
Stock, and Enterprises and Harvest Health shall deliver to Hightimes a Lockup Agreement and to Adam E. Levin a Proxy in accordance
with Section 5 and Section 6 below.

 

4.
Representations and Warranties of the Parties. On the Effective Date, each of the Parties has made their respective
representations and warranties set forth on Exhibit D annexed hereto and made a part hereof.

 

5.
Lockup Agreement. On the Initial Closing Date and the Second Closing Date (as applicable), Harvest Health and Enterprises
shall enter into a lockup agreement with Hightimes in the form of Exhibit E annexed hereto and made a part hereof (the
“Lockup Agreement”), pursuant to which, inter alia, Harvest Health and Enterprises (individually and collectively,
the “Stockholder”) may not affect any sale, assignment, pledge or transfer of the Series A Preferred Stock
or any Common Stock issuable upon optional or mandatory conversion of the Preferred Stock (the “Conversion Shares”
and with the Series A Preferred Stock, the “Hightimes Securities”) for a period of six (6) months following
the first date that Hightimes Common Stock commences trading on the OTCQX Market or other securities exchange (the “Initial
Trading Date”) and thereafter the Stockholder may effect public sales into the market of such Conversion Shares at the
rate of 10% of such Conversion Shares every six (6) months (commencing on the six month anniversary of the Initial Trading Date)
with the balance of such Conversion Shares to be subject to public sales into the market at the expiration of such five (5) year
lockup period. Any private transfers of the Conversion Shares shall subject the transferee to the provisions of such Lockup Agreement

 

    	 	4	 

     

    

 

6.
Proxy. On the Initial Closing Date and the Second Closing Date (as applicable), Enterprises and Harvest Health shall
grant to Adam E. Levin, a five year proxy coupled with an interest to vote all of the Hightimes Securities on behalf of such Stockholder
at any regular or special meeting of stockholders of Hightimes or in connection with any written consent required of Hightimes
stockholders. The form of proxy is annexed hereto as Exhibit F and made a part hereof (the “Proxy”).
By its terms, the Proxy shall terminate with respect to any public sales of Conversion Shares permitted to be made by Enterprises
pursuant to the Lockup Agreement, but shall not terminate in connection with any private sales of Hightimes Securities and such
transferee shall be subject to the terms thereof.

 

7.
Closing.

 

(a)
The Initial Closing shall occur simultaneously upon the execution of this Agreement, or at such other time or on such other date
as Buyer and Enterprises may mutually agree upon in writing (in either case, the “Initial Closing Date”).

 

(b)
The Second Closing shall occur no later than three business days following the satisfaction or waiver of all closing conditions
set forth in Section 8(b), or at such other time or on such other date as Buyer and Enterprises may mutually agree upon
in writing (in either case, the “Second Closing Date”). Notwithstanding the foregoing, if all of the closing
conditions set forth in Section 8(b) below shall not have been satisfied by September 30, 2020 or such later date as the
Parties may agree (the “Outside Second Closing Date”), either Enterprises or Hightimes may terminate this Purchase
Agreement with respect to the Second Closing only.

 

8.
Closing Conditions.

 

(a)
The Parties acknowledge and agree that the following events have occurred: (i) Enterprises has provided Hightimes with evidence
satisfactory to Hightimes that High Alpine Investors, LLC, a Washington limited liability company (“High Alpine”)
has released the security interest it holds in ICG’s assets pursuant to that certain Secured Note in the principal amount
of $19,128,100 dated February 21, 2019 issued by ICG in favor of High Alpine, as amended (the “High Alpine Note”);
(ii) Enterprises has provided Hightimes with evidence satisfactory to Hightimes that ICG has completed the ICG Conversion and
the ICG Assignment (including the transfer and assignment of all of ICG’s liabilities under the High Alpine Note); and (iii)
Hightimes has provided Enterprises with evidence satisfactory to Enterprises that ExWorks Capital I, L.P. has consented to the
transactions contemplated by this Agreement. In connection with the foregoing, Enterprises, in its capacity as the sole member
of ICG, hereby authorizes Buyer or Hightimes to file a UCC Form -3 termination statement in the States of Delaware and Washington
reflecting the release of the security interest granted to High Alpine under the High Alpine Note.

 

(b)
The Parties’ obligation to close the purchase and sale of the Harvest Interests shall be subject to the following closing
conditions: (i) Seller shall furnish to Buyer (A) all applicable Regulatory Approvals with respect to the Harvest Dispensaries;
and (B) such additional consents, approvals, assignments and agreements from such third parties as shall be required to vest in
the applicable Seller all right, title and interest in and to the Harvest Interests (collectively, the “Required Third-Party
Approvals”); (ii) no Material Adverse Change shall have occurred with respect to the Harvest Dispensaries; (iii) the
Parties shall have obtained to the extent legally required, all consents of landlords under leases to which any Harvest Dispensary
is a party; (iv) there exists no pending litigation, illegality or injunction that would prevent the Second Closing and the consummation
of the acquisition of the Harvest Interests; and (v) such other closing conditions as may be set forth in a mutually acceptable
amendment to this Purchase Agreement.

 

    	 	5	 

     

    

 

As
used herein, the term “Material Adverse Change” means any circumstance, occurrence, event, condition or change
first arising after the Effective Date that has a material adverse change on the business, results of operations, or financial
condition of the Dispensaries; provided, however, that “Material Adverse Change” shall not include any circumstance,
occurrence, event, condition or change attributable to: (A) general economic or political conditions; (B) conditions affecting
the industries in which the Dispensaries operate, including resulting from the COVID-19 virus; (C) any changes in financial, banking
or securities markets in general; (D) a national emergency, acts of war (whether or not declared), armed hostilities or terrorism,
or the escalation or worsening thereof; (E) any changes in applicable laws (or the enforcement thereof) or accounting rules (including
GAAP); or (F) the failure of White or HOC to obtain any Regulatory Approval or Required Third-Party Approval with respect to the
Harvest Dispensaries; provided, further, that in the case of each of the foregoing clauses (A)-(F), any such circumstance, occurrence,
event, condition or change shall be excluded only to the extent that the Seller is not disproportionately affected compared to
Persons operating in the same industry in which the Seller operates.

 

9.
Furnishing of Information.

 

(a)
To the extent allowed under applicable law, Enterprises, as the “Disclosing Party” shall provide Hightimes,
and its respective Representatives (as defined below): (i) access to the offices, properties and other facilities, books and records,
employees, vendors, customers and advisors of Disclosing Party with respect to the Dispensaries; and (ii) access to such financial
and operating data, agreements, documents and other information regarding the business, operations, assets, liabilities, financial
condition and prospects of the Dispensaries as Hightimes and its Representatives may from time to time reasonably request. “Representatives”
shall mean: (a) employees of Hightimes; (b) Hightimes attorneys, accountants or other professional business advisors or consultants
engaged, in whole or in part, in connection with evaluating the Transaction; and (c) directors, officers, shareholders, members,
managers and advisors of the Hightimes.

 

(b)
Seller shall have the right to supplement or amend the Seller Disclosure Letter from time to time prior to the Initial Closing
and the Second Closing (as applicable) with respect to any matter hereafter arising or of which it becomes aware after the Effective
Date.

 

10.
Confidentiality. Each of the Parties acknowledges and agrees that it is bound by the Mutual Nondisclosure Agreement,
dated as of January 22, 2020, by and between Hightimes and Enterprises (the “NDA”), and that such NDA is hereby
incorporated by reference in this Purchase Agreement and made an integral part hereof. Neither the Buyer nor Enterprises shall
publish or release to third-parties derogatory or disparaging statements about each other or any other Party-affiliated companies,
their owners or representatives, their employees or their shareholders, members, officers, managers or directors in any form or
medium of communication of any kind, including but not limited to interviews, phone calls, emails, social media, internet spamming,
chat rooms, blogging and web sites.

 

11.
Fees and Expenses. Each Party shall bear its or his own expenses, including without limitation all fees and expenses
of its Representatives, in connection with due diligence and the negotiation and preparation of this Purchase Agreement and the
Exhibits hereto.

 

    	 	6	 

     

    

 

12.
Governing Law; Choice of Forum. This Purchase Agreement shall be governed by, and construed in accordance with,
the laws and regulations of the State of California without regard to any law or principle that otherwise would cause the application
of any law(s) of any other state or jurisdiction. Any dispute among the Parties which cannot be settled by mutual agreement shall
be subject to final and binding arbitration before a retired judge in accordance with the JAMS dispute resolution system located
in Los Angeles, California. The losing Party in any such arbitration shall bear 100% of the costs of such arbitration. The decision
of the arbitrator shall be final and binding on the Parties hereto and may be enforced by the prevailing Party in any court of
competent subject matter jurisdiction located in Los Angeles County, State of California. Each Party consents to the venue, and
the personal jurisdiction over such Party, of such court located in Los Angeles County, State of California, in (or with respect
to) any such action, suit, claim, or cause of action. Further, each Party waives any and all arguments, motions and other objections
that any court located in Los Angeles County, State of California, is an inconvenient forum (forum non conveniens) for
any such action, suit, claim or cause of action.

 

13.
Entire Agreement. The legally binding obligations of this Purchase Agreement and the other documents to be delivered
hereunder and the Exhibits hereto (collectively, the “Transaction Documents”) constitute the entire agreement
among the Parties with respect to the subject matter hereof and supersede any prior or contemporaneous negotiations, understandings,
agreements, promises, representations and/or warranties with respect thereto, including the Prior Purchase Agreement.

 

14.
Counterparts. This Purchase Agreement may be executed in counterparts, each of which shall be an original and all
of which shall constitute one and the same instrument. The delivery of facsimile or .pdf email signatures to this Purchase Agreement
shall have the same force and effect as delivery of original signatures.

 

15.
Termination. This Purchase Agreement may be terminated at any time after the Initial Closing and prior to the Second
Closing as follows:

 

(a)
the mutual agreement of Hightimes and Enterprises;

 

(b)
by Hightimes upon written notice to Enterprises if there is a Material Adverse Change;

 

(c)
by Hightimes upon written notice to Enterprises if Hightimes is not then in material breach of any provision of this Purchase
Agreement and there has been a material breach, inaccuracy in or failure to perform any representation, warranty, covenant or
agreement made by Enterprises or any Seller pursuant to this Purchase Agreement that would give rise to the failure of any of
the conditions specified in Sections 8(b) and such breach, inaccuracy or failure cannot be cured by Enterprises within
10 days of Enterprises’s receipt of written notice of such breach from Hightimes;

 

(d)
by Enterprises upon written notice to Hightimes if Enterprises is not then in material breach of any provision of this Purchase
Agreement and there has been a material breach, inaccuracy in or failure to perform any representation, warranty, covenant or
agreement made by Hightimes pursuant to this Purchase Agreement that would give rise to the failure of any of the conditions specified
in Section 8(b) and such breach, inaccuracy or failure cannot be cured by Hightimes within 10 days of Hightimes’s
receipt of written notice of such breach from Enterprises;

 

(e)
by Hightimes or Enterprises in the event that: (i) there shall be any law that makes consummation of the transactions contemplated
by this Purchase Agreement illegal or otherwise prohibited; or (ii) any governmental authority shall have issued a governmental
order restraining or enjoining the transactions contemplated by this Purchase Agreement, and such governmental order shall have
become final and non-appealable; and

 

    	 	7	 

     

    

 

(f)
by either Enterprises or Hightimes in the event the Second Closing has not occurred by the Outside Second Closing Date.

 

In
the event of the termination of this Purchase Agreement in accordance with this Section 15, this Purchase Agreement shall
forthwith become void with respect to the Second Closing only and there shall be no liability on the part of any Party hereto
except the obligations of the Parties contained in Section 2(b) and Sections 10-17 of this Purchase Agreement shall
survive in accordance with their terms following any termination of this Purchase Agreement.

 

16.
Material Non-Public Information Warning. The Transaction may constitute material, non-public information concerning
Hightimes and Harvest Health & Recreation Inc., a British Columbia corporation and parent company of Enterprises (“Harvest
Health”). Each Party acknowledges that securities laws prohibit any person who is aware of this information from purchasing
or selling securities of either party or from communicating such information to any other person under circumstances in which
it is reasonably foreseeable that such person is likely to purchase or sell such securities of Hightimes or Harvest Health in
reliance upon such information.

 

17.
Public Announcements. Unless otherwise required by applicable law or stock exchange requirements, no Party to this
Purchase Agreement shall make any public announcements in respect of this Purchase Agreement or the transactions contemplated
hereby or otherwise communicate with any news media without the prior written consent of the other Parties (which consent shall
not be unreasonably withheld or delayed), and the Parties shall cooperate as to the timing and contents of any such announcement.

 

18.
Exclusivity. Until such time as this Purchase Agreement is terminated in accordance with the provisions of Section
15 (the “Exclusivity Period”), neither Harvest Health, ICG nor its Representatives shall, directly or indirectly:
(i) initiate any contact with; (ii) solicit, encourage or respond to any inquiries or proposals by; (iii) enter into or participate
in any discussions or negotiations with; (iv) disclose any information concerning the business, assets, liabilities, income, expenses,
or properties of such party to; (v) afford any access to the properties, books or records of such party to; or (vi) enter into
any agreement, term sheet or contract with, or consummate or close any transaction with, any individual(s) and/or entity(ies)
in connection with any possible proposal regarding a Competing Opportunity (as defined below). Notwithstanding the foregoing,
nothing shall preclude, prohibit, limit or otherwise restrict the Parties from proceeding with the Transaction. “Competing
Opportunity” shall mean (x) the direct or indirect sale or purchase of all or any portion of the stock, membership interests
or other equity of any of the Dispensaries; (y) a merger or consolidation involving Harvest Health; or (z) any similar transaction
that would make the consummation of the Transaction contemplated hereby impossible or impracticable.

 

Balance
of page intentionally left blank – signature page follows

 

    	 	8	 

     

    

 

If
the foregoing is acceptable, please so indicate by counter-executing and dating this Purchase Agreement below and returning it
to the undersigned.

 

Very
truly yours,

 

	Hightimes
    Holdings Corp.	 
	 	 	 
	By:	/s/
    Adam E. Levin	 
	 	Adam
    E. Levin, Executive Chairman	 
	 	 	 
	HHI
    Acquisition Corp.	 
	 	 	 
	By:	/s/
    Adam E. Levin	 
	 	Adam
    E. Levin, Executive Chairman	 

 

Accepted
and agreed as of

June
22, 2020:

 

	Harvest
    Enterprises, Inc.	 
	 	 	 
	By:	/s/
    Steve White	 
	Name:	Steve
    White	 
	Title:	Chief
    Executive Officer	 

 

	/s/
    Steve White	 
	Steve
    White	 

 

	Harvest
    of California, LLC	 
	 	 	 
	By:	/s/
    Steve White	 
	Name:	Steve
    White	 
	Title:	Chief
    Executive Officer	 
	 	 	 
	Harvest
    Health & Recreation, Inc.	 
	 	 	 
	By:	/s/
    Steve White	 
	Name:	Steve
    White	 
	Title:	Chief
    Executive Officer	 

 

    	 	9	 

     

    

 

EXHIBIT
A

 

Dispensaries

 

	Harvest
    Dispensaries	 	Ownership/Transfer
    Rights
	1.
    Harvest of Merced, LLC	 	Harvest
        of California – 5%

        Steve
        White – 83%

        Edgar
        Contreras – 5%

        Anna
        Blazevich – 5%

        Brian
        Vicente – 2%

         

        Steve
        White is the CEO of Harvest Health and he and HOC will transfer their respective interests, subject to the Buy/Sell and
        ROFR provisions set forth in the operating agreement of the company and any required regulatory approvals

         

        Neither
        HOC nor Steve White has any drag rights

         

        Buy/Sell
        – any Member has the right to offer to buy interests of other Member(s) and the Member(s) receiving the offer have
        right to either accept the offer or acquire the interests of the offering Member

         

        ROFR
        - no Member may transfer any interests unless it first offers to sell such interests to the other Members (other Members
        not required to match any earnest money or similar deposit or any security requirements)

         

	2.
    Harvest of Riverside, LLC dba Harvest of Homeland	 	Sandra
        Christensen – 100%

         

        As
of the date hereof, neither White nor HOC has any rights to acquire any interests in Harvest of Riverside. HOC is currently negotiating
with Ms. Christensen to acquire 95% of her interests.

	 	 	 
	3.
        HAH 1 LLC

        1894
        E. Hobsonway

        Blythe,
        CA 92225

         

         
	 	Ryan
        Kunkel – 100%

         

        Contingent
        Interests = 100%*

         

        Kunkel
        has assigned his interests to Core Competencies LLC (a wholly-owned subsidiary of ICG); provided, however, that such assignment
        is contingent upon receipt of all regulatory approvals

         

        *Assignment
        of Contingent Assignment requires consent of the Manager (i.e., Kunkel)

 

    	 	10	 

     

    

 

	4.
        HAH 2 CA LLC

        152
        Geary St.

        San
        Francisco, CA 94108

         

         
	 	Ryan
        Kunkel – 51%

        Todd
        Shirley – 9%

        Alexis
        Bronson – 40%

         

        Contingent
        Interests = 60%*

         

        Kunkel
        and Todd Shirley have assigned their interests to Core Competencies LLC (a wholly-owned subsidiary of ICG); provided,
        however, that such assignment is contingent upon receipt of all regulatory approvals

         

        Neither
        ICG nor Harvest holds any rights to acquire the 40% interest held by Bronson

         

        *Assignment
        of Contingent Assignment requires consent of the Board of Managers of HAH 2 CA LLC

         

	5.
        HAH 3 LLC

        590
        South E St.

        San
        Bernardino, CA 92408

         

         
	 	Ryan
        Kunkel – 72%

        Charles
        Boyden – 25%

        Constancio
        Sanchez – 3%

         

        Contingent
        Interests = 100%*

         

        Sanchez
        has assigned his interests to Kunkel; provided, however, that such assignment is contingent upon receipt of all regulatory
        approvals

         

        Sanchez’s
        assignment will either need to be cancelled and a replacement contingent assignment executed whereby he assigns his interests
        to ICG, or Kunkel will be required to assign Sanchez’s interests directly to the Buyer

         

        Kunkel
        and Boyden have assigned their interests to ICG; provided, however, that such assignments are contingent upon receipt
        of all regulatory approvals

         

        *Assignment
        of Contingent Assignment requires consent of the Manager (i.e., Kunkel)

 

    	 	11	 

     

    

 

	6.
        HAH 4 CA LLC

        5600
        Geary Blvd.

        San
        Francisco, CA 94121

         
	 	Ryan
        Kunkel – 60%

        JanAva
        Whitmere – 40%

         

        Contingent
        Interests = 60%*

         

        Kunkel
        has assigned his interests to ICG; provided, however, that such assignment is contingent upon receipt of all regulatory
        approvals

         

        Neither
        ICG nor Harvest holds any rights to acquire the 40% interest held by Whitmere

         

        *Assignment
        of Contingent Assignment requires consent of the Board of Managers of HAH 4 CA LLC

         

	7.
        HAH 5 LLC

        709
        and 721 Broadway (2 locations)

        Oakland,
        CA 94607

         

         
	 	Ryan
        Kunkel – 49%

        J.
        Chase – 51%

         

        Contingent
        Interests = 49%*

         

        Kunkel
        has assigned his interests to ICG; provided, however, that such assignment is contingent upon receipt of all regulatory
        approvals

         

        Neither
        ICG nor Harvest holds any rights to acquire the 51% interest held by Chase

         

        *Assignment
        of Contingent Assignment requires consent of the Board of Managers of HAH 5 LLC

         

	8.
        The Black Card LLC

        7817
        Oakport St.

        Oakland,
        CA 94621

         
	 	Ryan
        Kunkel – 50%

        Marshall
        Crosby – 50%

         

        Contingent
        Interests = 50%*

         

        Kunkel
        has assigned his interests to ICG; provided, however, that such assignment is contingent upon receipt of all regulatory
        approvals

         

        Neither
        ICG nor Harvest holds any rights to acquire the 50% interest held by Crosby

         

        *Assignment
        of Contingent Assignment requires consent of the Board of Managers of The Black Card LLC

 

    	 	12	 

     

    

 

	9.
        HAH Coalinga LLC

        286
        N. 5th St.

        Coalinga,
        CA 93210

         

         
	 	Ryan
        Kunkel – 100%

         

        Contingent
        Interests = 100%*

         

        Kunkel
        has assigned his interests to ICG; provided, however, that such assignment is contingent upon receipt of all regulatory
        approvals

         

        *Assignment
        of Contingent Assignment requires consent of the Manager (i.e., Kunkel)

         

	10.
        Reefside Health Center Inc.

        1104
        Ocean St.

        Santa
        Cruz, CA 95060

         

         
	 	Have
        a Heart Santa Cruz, LLC (“HAHSC”) – 9.9%

        Jakob
        Laggner – 90.1%

         

        Contingent
        Interests = 9.9%

         

        Kunkel
        owns 100% of HAHSC and has assigned his HAHSC interests to ICG; provided, however, that such assignment is contingent
        upon receipt of all regulatory approvals

         

        HAHSC
        is obligated to pay $10,000 month to Laggner pursuant to an option agreement whereby HAHSC has the option to acquire Laggner’s
        90.1% interest for $2,252,500; the monthly payments do not reduce the purchase price for the interests. The obligation
        to pay $10,000 per month is capped at $2,000,000 if terminated prior to option exercise

         

        Despite
        the option, the City of Santa Cruz does not permit the transfer of more than 20% of the ownership interest of a licensed
        entity

         

        Any
        owner of Reefside Health Center Inc. must be a local resident

         

        *Assignment
        of Contingent Assignment requires consent of the Manager (i.e., Kunkel)

 

Additional
disclosure regarding Ryan Kunkel: Ryan Kunkel (“Kunkel”) is a former shareholder of ICG. Harvest Health
acquired ICG via a merger agreement on March 10, 2020. On April 3, 2020, Harvest Health filed a Notice of Intention to Arbitrate
before the Judicial Dispute Resolution, LLC in Seattle, Washington against Kunkel and certain other parties to the merger agreement
to compel mandatory arbitration for breach of contract, engaging in unfair or deceptive acts or practices, tortious interference
with contractual relationships, and awards of damages, treble damages, and fees and costs. On April 2, 2020, Kunkel filed a motion
for temporary restraining order seeking access to certain records and accounts related to the operation of its business. On April
7, 2020, the court denied the motion. The current state of litigation with Kunkel is limited to operations in the State of Washington
and continues to evolve on a daily basis.

 

    	 	13	 

     

    

 

EXHIBIT
B

 

Form
of Certificate of Designations

 

HIGHTIMES
HOLDING CORP.

 

The
undersigned, the Executive Chairman of Hightimes Holding Corp., a Delaware corporation (the “Corporation”),
does hereby certify that, pursuant to the authority conferred upon the Board of Directors by the Certificate of Incorporation
of the Corporation, the following resolution creating a series of preferred stock to be designated as Series A Convertible Preferred
Stock, was duly adopted on June 10, 2020.

 

RESOLVED,
that pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation by provisions of the
Certificate of Incorporation of the Corporation, as amended (the “Certificate of Incorporation”), there hereby
is created out of the 10,000,000 shares of authorized preferred stock, par value $0.0001 per share (the “Preferred Stock”),
of the Corporation, as authorized in Article FIFTH of the Corporation’s Certificate of Incorporation, a series of Preferred
Stock of the Corporation, to be designated “Series A Preferred Stock,” consisting of up to seven hundred and fifty
thousand (750,000) shares of Hightimes’ 16% Series A voting convertible preferred stock, par value $0.0001 per share, which
Series A Preferred Stock shall have the following designations, powers, preferences and relative and other special rights and
the following qualifications, limitations and restrictions:

 

TERMS
OF SERIES A CONVERTIBLE PREFERRED STOCK

 

1.
Designation and Number.

 

(a)
A series of Preferred Stock of the Corporation, designated as voting, convertible Series A Preferred Stock, par value $0.0001
per share (“Series A Preferred Stock”), is hereby established. The number of authorized shares of Series
A Preferred Stock to be issued shall initially be six hundred and sixty thousand (660,000) shares. The remaining ninety thousand
(90,000) authorized shares shall be allocated to the payment of any accrued dividends payable on the issued shares of Series A
Preferred Stock in accordance with Section 3 below.

 

(b)
The stated value of the Series A Preferred Stock shall be One Hundred Dollars ($100.00) per share (“Stated Value”).

 

(c)
The Series A Preferred Stock is being issued to Harvest Enterprises, Inc. (“Harvest”) pursuant
to the terms of an equity purchase agreement among the Corporation, Harvest Health & Recreation, Inc., Harvest and the “Seller”
signatories thereto, dated June 22, 2020 (the “Purchase Agreement”).

 

(d)
As used in this Certificate, the term “Holder” shall mean Harvest or one or more other holder(s) of shares
of Series A Preferred Stock that is a subsidiary of Harvest.

 

2.
Rank. All shares of the Series A Preferred Stock shall rank:

 

(a)
senior to (i) the Corporation’s Class A voting Common Stock, $0.0001 par value per share, of the Corporation
(the “Class A Common Stock”) or non-voting Class B common stock, $0.0001 par value per share, of the
Corporation (the “Class B Common Stock” and together with the Class A Common Stock, the “Common
Stock”); and (ii) except as set forth in Section 2(b) below, any other class of Preferred Stock which shall
be specifically designated as junior to the Series A Preferred Stock, (collectively, with the Common Stock and Preferred Stock,
the “Junior Securities”), in each case as to distribution of assets upon liquidation, dissolution or winding
up of the Corporation, whether voluntary or involuntary;

 

    	 	14	 

     

    

 

(b)
pari passu and on parity with any other class or series of Preferred Stock of the Corporation hereafter created
specifically ranking, by its terms, on parity with the Series A Preferred Stock (the “Pari Passu Securities”),
it being understood that (i) the issuance of any Pari Passu Securities shall be subject to the prior approval and consent of Harvest,
and (b) the Series A Preferred Stock shall be pari passu with and on parity to all classes or series of convertible
Preferred Stock hereafter issued by the Corporation with the consent of Harvest; and

 

(c)
junior to any class or series of secured debt securities or indebtedness of the Corporation hereafter created specifically
ranking, by its terms, senior to the Series A Preferred Stock (collectively, the “Senior Securities”), in each
case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary.

 

3.
Dividends. Commencing September 30, 2020, the Series A Preferred Stock shall pay a quarterly dividend at the rate of 16%
per annum (the “Stated Dividend”). The Stated Dividend shall accrue and shall be added to the face amount of
the Series A Preferred Stock issuable upon conversion of the Series A Preferred Stock. In addition, the Holders of the Series
A Preferred Stock shall be entitled to receive dividends when, as, and if declared by the Board, in an amount which shall be paid
on any Common Stock, and the Series A Preferred Stock, on an equal priority, pari passu basis, according to the
number of shares of Common Stock held by the stockholders, where each Holder of Series A Preferred Stock is to be treated for
this purpose as holding (in lieu of such shares of Series A Preferred Stock) the greatest whole number of shares of Common Stock
then issuable upon conversion in full of such shares of Series A Preferred Stock. The right to dividends on shares of Series A
Preferred Stock shall not be cumulative, and no right shall accrue to Holders of Series A Preferred Stock by reason of the fact
that dividends on said shares are not declared in any period, nor shall any undeclared or unpaid dividend bear or accrue interest.

 

4.
Liquidation Preference. In the event of a merger, sale (of substantially all assets or stock), any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, then, either (i) after any distribution or payment on
Senior Securities, (ii) simultaneous and on a pro-rata basis with any distribution or payment on Pari Passu Securities, and (iii)
before any distribution or payment shall be made to the Holders of the Common Stock or any other Junior Securities, each Holder
of Series A Preferred Stock then outstanding shall be entitled to be paid, out of the assets of the Corporation available for
distribution to its stockholders, an amount (the “Liquidation Preference”) equal to aggregate number of shares
of Series A Preferred Stock then outstanding multiplied by one hundred dollars ($100.00). If the assets of the Corporation are
not sufficient to generate cash sufficient to pay in full the Liquidation Preference, then the Holders of Series A Preferred Stock
shall share ratably (together with Holders of any Pari Passu Securities) in any distribution of cash generated by such assets
in accordance with the respective amounts that would have been payable in such distribution as if the amounts to which the Holders
of outstanding shares of Series A Preferred Stock are entitled were paid in full.

 

    	 	15	 

     

    

 

5.
Voting Rights. Except as otherwise set forth herein, the Series A Preferred Stock shall vote together with the Class A
Common Stock and not as a separate class on an “as converted” basis. Each share of Series A Preferred Stock shall
have the number of votes equal to the result of dividing $67,500,000 by $1.00 per share, after giving effect to the 11-for-one
forward stock split of outstanding Class A Common Stock which has been duly approved by the Corporation (the “Approved
Stock Split”) and is to be consummated promptly following the completion of the pending Regulation A+ initial public
offering of up to $50,000,000 of the Corporation’s Class A Common Stock at $11.00 per share, or an aggregate of 67,500,000
votes (as such number of votes may be adjusted by reason of any forward or reverse stock splits or recapitalization of the Corporation’s
outstanding Class A Common Stock, other than the Approved Stock Split). Except as otherwise set forth herein, the Holders of Series
A Preferred Stock shall have no right to vote as a separate class on any matter submitted to vote by the stockholders of the Corporation,
excluding, however, any proposed amendment that would adversely alter or change any preference or any relative or other right
given to the Series A Preferred Stock; in which event the Series A Preferred Stock may vote as a separate class with respect to
such amendment. The Holders of each share of Series A Preferred Stock shall be entitled to notice of any stockholders’ meeting
in accordance with the Bylaws of the Corporation and shall vote with Holders of the Class A Common Stock upon the election of
directors and upon any other matter submitted to a vote of stockholders. Fractional votes by the Holders of Series A Preferred
Stock shall not, however, be permitted and any fractional voting rights resulting from the above formula (after aggregating all
shares into which shares of Series A Preferred Stock held by each Holder could be converted) shall be rounded to the nearest whole
number (with one-half being rounded upward).

 

6.
Conversion.

 

(a)
Optional Conversion. Harvest or any permitted Holder may convert all or any portion of the Series A Preferred Stock into
shares of Hightimes Class A Common Stock, as traded on the OTCQX Market or other securities exchange, at a conversion price per
share of USD$11.00, subject to adjustment in the event of any forward or reverse stock split of the Class A Common Stock; provided,
that in no event shall the number of shares of Hightimes Class A Common Stock issuable upon full conversion of the Series A Preferred
Stock (the “Conversion Shares”), exceed 19% of the issued and outstanding shares of Hightimes Class A Common
Stock, after giving effect to such optional conversion.

 

(iv)
Mandatory Conversion. To the extent not previously converted into Conversion Shares, the then outstanding shares of Series
A Preferred Stock shall be subject to automatic conversion into Class A Common Stock on the earlier to occur of (a) two (2) years
from the Initial Closing Date under the Purchase Agreement, or (b) if the market capitalization of the Class A Common Stock, based
on the volume weighted average closing prices for any ten (10) consecutive trading days, shall equal or exceed USD$300,000,000.
In either event, the per share conversion price of the Series A Preferred Stock shall be the volume weighted average closing price
for any ten (10) consecutive trading days immediately preceding the date of automatic conversion (the “Mandatory Conversion
Price”). Notwithstanding the foregoing, in no event shall the aggregate number of Conversion Shares exceed 19% of the
issued and outstanding shares of Hightimes Class A Common Stock, after giving effect to any prior optional conversion or a mandatory
conversion.

 

7.
Notice of Conversion. Upon a Conversion of shares of Series A Preferred Stock, the Holder of Series A Preferred Stock shall:
(i) fax (or otherwise deliver) a copy of the fully executed notice of Conversion to the Corporation (Attention: Corporation),
no later than ten (10) days prior to the record date of such Conversion (the “Notice of Conversion”)
and (ii) the Holder of Series A Preferred Stock shall surrender or cause to be surrendered only those original certificates of
Series A Preferred Stock that shall be converted into Conversion Shares (the “Series A Preferred Stock Certificates”),
duly endorsed. Upon receipt by the Corporation of the Holder’s original certificates representing the Series A Preferred
Stock subject to Conversion and the Notice of Conversion, the Corporation shall promptly send, via facsimile, a confirmation to
such Holder stating that the Series A Preferred Stock Certificates has been received and the date upon which the Corporation expects
to deliver the Conversion Shares issuable upon such Conversion and the name and telephone number of a contact person at the Corporation
regarding the Conversion Shares.

 

    	 	16	 

     

    

 

8.
Adjustment for Reclassification, Exchange, and Substitution. If at any time or from time to time after the date upon which
the first share of Series A Preferred Stock was issued by the Corporation (the “Original Issuance Date”), the
shares of Class A Common Stock issuable upon the conversion of the Series A Preferred Stock shall be changed into the same or
a different number of shares of any class or classes of stock, whether by forward or reverse split(s) of the outstanding Class
A Common Stock, recapitalization, reclassification, reorganization, merger, exchange, consolidation, sale of assets or otherwise,
then, in any such event, each Holder of Series A Preferred Stock shall have the right thereafter to convert such stock into the
kind and amount of stock and other securities and property receivable upon such stock split(s), recapitalization, reclassification,
reorganization, merger, exchange, consolidation, sale of assets or other change by a Holder of the number of shares of Class A
Common Stock into which such shares of Series A Preferred Stock could have been converted immediately prior to such recapitalization,
reclassification, reorganization, merger, exchange, consolidation, sale of assets or other change, or with respect to such other
securities or property by the terms thereof.

 

9.
Reservation of Class A Common Stock Issuable Upon Conversion. The Corporation shall at all times reserve and keep available
out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares
of the Series A Preferred Stock, such number of its shares of Class A Common Stock as shall from time to time be sufficient to
effect the conversion of all outstanding shares of the Series A Preferred Stock; and if at any time the number of authorized but
unissued shares of Class A Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the
Series A Preferred Stock, the Corporation will take such corporate action as may, in the opinion of its counsel, be necessary
to increase its authorized but unissued shares of Class A Common Stock to such number of shares as shall be sufficient for such
purpose, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary
amendment to the Corporation’s Articles of Incorporation.

 

10.
Fractional Shares. No fractional share shall be issued upon the conversion of any share or shares of Series A Preferred
Stock. All shares of Class A Common Stock (including fractions thereof) issuable upon conversion of more than one share of Series
A Preferred Stock by a Holder thereof shall be aggregated for purposes of determining whether the conversion would result in the
issuance of any fractional share.

 

11.
No Reissuance of Series A Preferred Stock. No share or shares of Series A Preferred Stock acquired by the Corporation by
reason of redemption, purchase, conversion or otherwise shall be reissued, and all such shares shall be canceled, retired and
eliminated from the shares which the Corporation shall be authorized to issue.

 

12.
Redemption. The Series A Preferred Stock is not redeemable.

 

13.
Amendment. This Certificate of Designation or any provision hereof may be amended by obtaining the affirmative vote at
a meeting duly called for such purpose, or written consent without a meeting in accordance with the Delaware General Corporation
Law, of (i) a majority of the outstanding Series A Preferred Stock, voting separate as a single class, and (ii) with such other
stockholder approval, if any, as may then be required pursuant to the Delaware General Corporation Law and the Certificate of
Incorporation.

 

14.
Protective Provisions. So long as any shares of Series A Preferred Stock are outstanding, the Corporation shall not, nor
shall it permit any of its Subsidiaries to, take any of the following corporate actions (whether by merger, consolidation or otherwise)
without first obtaining the approval (by vote or written consent) of the Holders of a majority of the issued and outstanding shares
of Series A Preferred Stock (the “Series A Majority Holders”):

 

(a)
alter or change the rights, preferences or privileges of the Series A Preferred Stock, or increase the authorized number of shares
of Series A Preferred Stock; or

 

(b)
issue any additional shares of Series A Preferred Stock.

 

    	 	17	 

     

    

 

Notwithstanding
the foregoing, no change pursuant to this Section 14 shall be effective to the extent that, by its terms, it applies to less than
all of the Holders of shares of Series A Preferred Stock then outstanding.

 

15.
Cancellation of Series A Preferred Stock. If any shares of Series A Preferred Stock are converted pursuant to this Certificate
of Designations, the shares so converted or redeemed shall be canceled, shall return to the status of authorized, but unissued
Preferred Stock of no designated series, and shall not be issuable by the Corporation as Series A Preferred Stock.

 

16.
Lost or Stolen Certificates. Upon receipt by the Corporation of (i) evidence of the lost, theft, destruction or mutilation
of any Series A Preferred Stock Certificate(s) and (ii) (y) in the case of loss, theft or destruction, indemnity (without any
bond or other security) reasonably satisfactory to the Corporation, or (z) in the case of mutilation, the Series A Preferred Stock
Certificate(s) (surrendered for cancellation), the Corporation shall execute and deliver new Series A Preferred Stock Certificate(s)
of like tenor and date. However, the Corporation shall not be obligated to reissue such lost, stolen, destroyed or mutilated Series
A Preferred Stock Certificate(s) if the Holder contemporaneously requests the Corporation to convert such Series A Preferred Stock.

 

17.
Waiver. Notwithstanding any provision in these Certificate of Designations to the contrary, any provision contained herein
and any right of the Holders of Series A Preferred Stock granted hereunder may be waived as to all shares of Series A Preferred
Stock (and the Holders thereof) upon the written consent of the Series A Majority Holders, unless a higher percentage is required
by applicable law, in which case the written consent of the Holders of not less than such higher percentage of shares of Series
A Preferred Stock shall be required.

 

18.
Certain Definitions. As used in this Certificate, the term “Subsidiary” shall mean, as it applies to
Harvest, any one or more Persons, a majority of the capital stock or other equity interests of which are owned directly or indirectly
(through another Subsidiary) by Harvest. The term “Person” shall mean any corporation, limited liability company,
partnership, limited partnership, trust or other entity.

 

19.
Notices. Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered
mail (return receipt requested) or delivered personally, by nationally recognized overnight carries or by confirmed facsimile
transmission, and shall be effective five days after being placed in the mail, if mailed, or upon receipt or refusal of receipt,
if delivered personally or by nationally recognized overnight carrier or confirmed facsimile transmission, in each case addressed
to a party. The addresses for such communications are as set forth in the Purchase Agreement, or such other address as may be
designated in writing hereafter, in the same manner, by such person

 

*
* * * *

 

    	 	18	 

     

    

 

The
undersigned declares under penalty of perjury under the laws of the State of Delaware that the matters set forth in this certificate
are true and correct of his own knowledge.

 

The
undersigned has executed this certificate on June 22, 2020.

 

	 	HIGHTIMES
    HOLDING CORP.
	 	 	 
	 	By:	 
	 	Name:	Adam
    E. Levin
	 	Title:	Executive
    Chairman

 

    	 	19	 

     

    

 

EXHIBIT
C

 

Allocation
Schedule

 

	Dispensary	 	Allocation	 
	Harvest of Merced, LLC	 	$	3,000,000.00	 
	Harvest of Riverside, LLC dba Harvest of Homeland	 	$	3,000,000.00	 
	HAH 1 LLC (Blythe)	 	$	5,500,000.00	 
	HAH 2 CA LLC (Geary 152)	 	$	6,000,000.00	 
	HAH 3 LLC (San Bernardino)	 	$	10,000,000.00	 
	HAH 4 CA LLC (Geary 5600)	 	$	6,000,000.00	 
	HAH 5 LLC (Oakland)	 	$	12,000,000.00	 
	The Black Card LLC (Oakport)	 	$	7,500,000.00	 
	HAH Coalinga LLC (Coalinga)	 	$	7,500,000.00	 
	Reefside Health Center Inc. (Santa Cruz)	 	$	7,000,000.00	 

 

    	 	20	 

     

    

 

EXHIBIT
D

 

Representations
and Warranties of the Parties

 

ARTICLE
1

REPRESENTATIONS
AND WARRANTIES OF HARVEST HEALTH

AND
THE SELLER

 

Except
as set forth in the Seller Disclosure Letter as may be amended from time to time in accordance with Section 9(b) of this
Purchase Agreement, Harvest Health, Enterprises and HOC hereby jointly and severally represent and warrant to Hightimes and Buyer
as of the Effective Date and as of the Closing as follows in Sections 1.01 through 1.17:

 

Section
1.01 Organization. Enterprises is a corporation duly organized under the laws of the State of Delaware, HOC is a limited
liability company duly organized and validly existing under the laws of the State of California and ICG was a corporation duly
organized and validly existing under the laws of the State of Delaware prior to the ICG Conversion, and following the ICG Conversion
and as of the Initial Closing, ICG is a limited liability company duly organized and validly existing under the laws of the State
of Delaware. Subject to obtaining the Regulatory Approvals and Required Third-Party Approvals, each Seller has full power and
authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on its business
as it is currently conducted. Each Seller is duly licensed or qualified to do business and is in good standing in each jurisdiction
in which the properties owned or leased by it or the operation of its business as currently conducted makes such licensing or
qualification necessary. All actions taken or to be taken by each Seller in connection with this Purchase Agreement will be duly
authorized on or prior to the Closing.

 

Section
1.02 Ownership. Enterprises is the record and beneficial owner of 100% of the issued and outstanding membership interests
of ICG, free and clear of all Liens. Enterprises is the record and beneficial owner of 100% of the issued and outstanding equity
of HOC. The authorized issued and outstanding equity of ICG as of immediately prior to the ICG Conversion is listed on Section
1.02 of the Seller Disclosure Letter. All of the outstanding shares of Harvest Health Common Stock are duly authorized and validly
issued, fully paid and non-assessable and not subject to any pre-emptive rights. Subject to obtaining the Regulatory Approvals
and Required Third-Party Approvals, there are no options, warrant or other rights to acquire any equity interests in any Seller.
Except as set forth in Section 1.02 of the Seller Disclosure Letter and subject to obtaining the Regulatory Approvals and Required
Third-Party Approvals, there are no outstanding (A) notes, bonds, indentures, or debt securities convertible into or exchangeable
for equity of any Seller, (B) options, warrants or other agreements or commitments to acquire from equity of any Seller, or (C)
contracts requiring any Seller to repurchase, redeem or otherwise acquire any of its Equity.

 

Section
1.03 Seller and Related Persons. Except as set forth on the Seller Disclosure Letter, and subject to obtaining the Regulatory
Approvals and Required Third-Party Approvals, no Seller is a party to or the beneficiary of any contract with any Seller relating
to the business of the Dispensaries or provides inventory or other products or services to any Seller outside the ordinary course
of business (each a “Related Person”).

 

    	 	21	 

     

    

 

Section
1.04 Power and Authority. Subject to obtaining the Regulatory Approvals and Required Third-Party Approvals, each Seller
has all requisite power and authority to execute and deliver this Purchase Agreement and the Exhibits hereto (collectively, the
“Transaction Documents”), to carry out its respective obligations hereunder, and to consummate the transactions
contemplated hereby. This Purchase Agreement has been duly executed and delivered by each Seller and (assuming due authorization,
execution and delivery by Hightimes) constitutes the legal, valid and binding obligation of each Seller, enforceable against them
in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors
and rules of law governing specific performance, injunctive relief or other equitable remedies, and to limitations of public policy.

 

Section
1.05 No Conflict. Except for the Regulatory Approvals, Required Third-Party Approvals or landlords consents or as otherwise
set forth on the Seller Disclosure Letter, the execution, delivery and performance by each Seller of this Purchase Agreement and
other Transaction Documents do not conflict with, violate or result in the breach of, or create any Lien on the equity of any
Seller or any of the assets of a Seller pursuant to any Contract, instrument, or Law to which a Seller is a party or is subject
or by any Seller or the Acquired Equity is bound. Except as set forth on the Seller Disclosure Letter, no governmental, administrative
or other third-party consents or approvals are required to be obtained in connection with the execution and delivery of this Purchase
Agreement, the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby.

 

Section
1.06 Litigation. Except as set forth on the Seller Disclosure Letter, there are no actions, suits, claims, investigations
or other litigation pending or, to the knowledge of any Seller, threatened against or by any Seller or its assets, including litigation
or legal proceedings that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Purchase
Agreement or the other Transaction Documents.

 

Section
1.07 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission
in connection with the transactions contemplated by this Purchase Agreement based upon arrangements made by or on behalf of any
Seller.

 

Section
1.08 Hightimes Securities. By its execution of this Purchase Agreement, Enterprises hereby expressly represents and warrants
that:

 

(a)
the Series A Preferred Stock and all shares of Hightimes Class A Common Stock issuable upon conversion of the Series A Preferred
Stock (collectively, the “Hightimes Securities”) issuable under this Purchase Agreement are or shall be restricted
securities and have not been registered for resale under the United States Securities Act of 1933, as amended (the “Securities
Act”), and may not be sold, transferred, hypothecated or assigned by Enterprises in the absence on a registration statement
covering either or both of such Hightimes Securities that has been declared effective by the Securities and Exchange Commission
(“SEC”) or the availability of an application exemption from the registration requirements of the Securities
Act;

 

(b)
such Hightimes Securities have been or shall be issued pursuant to Section 4(a)(2) of the Securities Act;

 

(c)
Enterprises is acquiring Hightimes Securities for investment only and not with a view toward the immediate resale or distribution
thereof;

 

(d)
Enterprises has reviewed the SEC Reports filed by Hightimes with the SEC and understands the risks of its investment in Hightimes
Securities.

 

    	 	22	 

     

    

 

Section
1.09 Compliance with Laws; Permits. Except as set forth in Section 1.09 of the Seller Disclosure Letter, each Harvest
Dispensary and each HAH Dispensary (each a “Subject Dispensary” and collectively, the “Subject Dispensaries”)
has complied, and is now complying, with all laws applicable to the conduct of its business as currently conducted or the ownership
and use of its assets. All Permits required for the conduct of the business of the Harvest Dispensaries as currently conducted
or for the ownership and use of the assets held by the Harvest Dispensaries has been obtained by such Harvest Dispensary or its
affiliates and are valid and in full force and effect. Specifically, each Harvest Dispensary has passed each inspection by the
Bureau of Cannabis Control or other Governmental Authority at each location with respect to its record keeping of each item of
inventory purchased, sold and retained at such location, and no Harvest Dispensary has been cited for any violations and is not
subject to any fines or penalties imposed by any Governmental Authority.

 

Section
1.10 Liabilities. Except as set forth on the Seller Disclosure Letter, no Harvest Dispensary has any material liabilities,
obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued
or unaccrued, matured or unmatured or otherwise relating solely to the business of such Harvest Dispensary, except obligations
arising under this Purchase Agreement.

 

Section
1.11 Contracts. HOC has provided Hightimes with true and complete copies of all material Contracts applicable to each Dispensary.
Except as set forth on Section 1.11 of the Seller Disclosure Letter, all such Contracts are in full force and effect and
are enforceable in accordance with their respective terms, subject to Laws of general application relating to bankruptcy, insolvency
and the relief of debtors and rules of Law governing specific performance, injunctive relief or other equitable remedies, and
to limitations of public policy. Except as set forth on Section 1.11 of the Seller Disclosure Letter, no Harvest Dispensary
is in breach of or in default under, and, to the knowledge of HOC, no other party to any such Contract is in breach of or in default
under, any such Contracts, nor has any event occurred that, upon notice or the lapse of time, or both, would constitute such a
breach or default. Neither HOC nor any Harvest Dispensary has received any written notice, and HOC has no knowledge, that any
of the other parties under any such Contract has ceased, or intends to cease after the Closing, to do business with any Harvest
Dispensary.

 

Section
1.12 Intellectual Property. Section 1.12 of the Seller Disclosure Letter identifies (i) each patent or registration
which has been issued to each Harvest Dispensary with respect to any registered Intellectual Property relating to the business
of the Subject Dispensaries, (ii) each pending patent application, (iii) all unregistered Intellectual Property and each application
for registration which such Harvest Dispensary possesses or has made with respect to the business of the Subject Dispensaries.
With respect to each item of Intellectual Property: (i) each Harvest Dispensary possesses all right, title, and interest in and
to the item, free and clear of any Lien, license, or other restriction; (ii) the item is not subject to any outstanding injunction,
judgment, order, decree, ruling, or charge; (iii) no litigation or legal proceeding, hearing, investigation, charge, complaint,
claim, or demand is pending or, to the knowledge of HOC, is threatened which challenges the legality, validity, enforceability,
use, or ownership of the item; (iv) to the extent that HOC or any Harvest Dispensary is a party to any license, Contract or other
permission to enable the business of the Subject Dispensaries to use any Intellectual Property, the applicable license, sublicense
or permission covering the item is legal, valid, binding, enforceable, and in full force and effect and will remain in full force
and effect on identical terms following the consummation of the Transactions contemplated hereby; and (v) neither HOC nor Harvest
Dispensary has granted any sublicense or similar right with respect to the license, sublicense, agreement, or permission.

 

Section
1.13 Title to Included Assets. Except as expressly set forth on Section 1.13 to the Seller Disclosure Letter,
each Harvest Dispensary has good and marketable title to all of the assets it owns or leases, free and clear of all Liens. Such
assets are sufficient for the continued conduct of the business of the applicable Harvest Dispensary after the Closing in substantially
the same manner as conducted prior to the Closing and constitute all of the rights, property and assets necessary to conduct the
business of such Harvest Dispensary as currently conducted.

 

    	 	23	 

     

    

 

Section
1.14 Accounts Receivable. To the Knowledge of HOC, all accounts receivable and rights to receive payments from customers
and other third Persons are valid, enforceable and collectible in the ordinary course of the business of the Subject Dispensaries
subject to doubtful accounts stated on the Financial Statements.

 

Section
1.15 Inventory. Section 1.15 of the Seller Disclosure Letter sets forth a list of all cannabis, cannabis oils, edibles,
and cannabis related accessories located at each Dispensary’s location as at March 31, 2020 (the “Inventory’”).
Such Inventory is and at Closing shall be, sufficient to enable each Harvest Dispensary to operate its business as presently conducted.

 

Section
1.16 Financial Statements. The financial statements of each Harvest Dispensary for the two fiscal years ended December
31, 2019 and December 31, 2020 and for the three months ended March 31, 2020 (the “Financial Statements”) have
been or shall be prepared in accordance with generally accepted accounting principles (“GAAP”) or International
Financial Reporting Standards (“IFRS”) applied on a consistent basis throughout the periods involved, subject,
in the case of unaudited financial statements, to normal and recurring year-end adjustments (the effect of which will not be materially
adverse) and the absence of notes (that, if presented, would not differ materially from those presented in the Audited Financial
Statements, when delivered). Such Financial Statements are based on the books and records of each Harvest Dispensary, and fairly
present in all material respects the financial condition of the business of each Harvest Dispensary as of the respective dates
they were prepared and the results of the operations of the business of each Harvest Dispensary for the periods indicated.

 

Section
1.17 Leased Real Estate. Except as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Change, each Harvest Dispensary has a valid and subsisting leasehold estate (a “Lease”) in each parcel
of real property demised under a Lease for the full term of the respective Lease free and clear of any Liens. HOC has supplied
Hightimes with complete copies of, and a complete and correct list, as of the date hereof, of the all leases of real property
at which a Harvest Dispensary conducts its business (the “Leased Real Estate”) including with respect to each
such Lease the date of such Lease and any material amendments thereto. Except as would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Change, (i) all Leases are valid and in full force and effect except to the extent they
have previously expired or terminated in accordance with their terms, and (ii) neither any Harvest Dispensary nor, to the knowledge
of HOC, no third party, has violated any provision of, or committed or failed to perform any act which, with or without notice,
lapse of time or both would constitute a default under the provisions of, any Lease.

 

ARTICLE
2

REPRESENTATIONS
AND WARRANTIES OF HIGHTIMES

 

Hightimes
hereby represents and warrants to Seller that:

 

Section
2.01 Organization, Good Standing and Qualification. Each of Hightimes and HHI Acquisition Corp. (“HHI”) is
a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. Hightimes and HHI
each has full power and authority to own and use its properties and its assets and conduct Hightimes business as currently conducted.
Neither Hightimes nor HHI is in violation of any of the provisions of its certificate of incorporation or bylaws (“Charter
Documents”). Hightimes is duly qualified to conduct Hightimes business and is in good standing as a foreign corporation
in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, would not result in a direct and/or indirect
(i) material adverse effect on the legality, validity or enforceability of this Purchase Agreement, or (ii) a Hightimes MAC.

 

    	 	24	 

     

    

 

Section
2.02 Capitalization and Majority Ownership of Hightimes and HHI. As at the date of this Purchase Agreement, Hightimes is
authorized to issue an aggregate of 110,000,000 shares of its Capital Stock, $0.0001 par value per share, of which (i) 100,000,000
shares are designated as Hightimes Common Stock, and (ii) 10,000,000 shares are designated as preferred stock (the “Hightimes
Preferred Stock”), which may be issued in one or more series containing such rights, preferences and privileges as the
board of directors of Hightimes may, from time to time, designate. As of May 15, 2020, an aggregate of 25,294,398 shares of Hightimes
Common Stock are issued and outstanding and no shares of Hightimes Preferred Stock is issued and outstanding. The shares of Hightimes
Common Stock owned by its officers, directors and holders of 5% or more of the outstanding Hightimes Common Stock are reflected
in Hightimes SEC Reports. The Hightimes Securities issued and issuable in accordance with the terms and conditions of this Purchase
Agreement, will be duly authorized, validly issued, fully paid and non-assessable, free and clear of all Liens (other than those
arising under federal or state securities laws). The issue and sale of Hightimes Securities will not result in a right of any
holder of any securities of Hightimes to adjust the exercise, exchange or reset the price under such securities or give rise to
any preemptive rights, rights of first refusal or other similar rights. Hightimes has made available to Enterprises true and complete
copies of its Charter Documents, as in effect on the date hereof. HHI is a newly formed corporation with 1,000 shares of common
stock authorized and outstanding and is a wholly owned subsidiary of Hightimes. Except for its execution of the Purchase Agreement,
HHI has conducted no business and has no assets or liabilities.

 

Section
2.03 Authorization; Enforceability. Hightimes has all corporate right, power and authority to enter into, execute and deliver
this Purchase Agreement and each other agreement, document, instrument and certificate to be executed by Hightimes in connection
with the consummation of the transactions contemplated hereby and to perform fully its obligations hereunder and thereunder. All
corporate action on the part of Hightimes necessary for the authorization execution, delivery and performance of this Purchase
Agreement by Hightimes has been taken. This Purchase Agreement has been duly executed and delivered by Hightimes and (assuming
due authorization, execution and delivery by the Seller and Enterprises) constitutes a legal, valid and binding obligation of
Hightimes, enforceable against it in accordance with its respective terms, subject to laws of general application relating to
bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable
remedies, and to limitations of public policy.

 

Section
2.04 No Conflict; Governmental Consents. The execution and delivery by Hightimes of this Purchase Agreement and other Transaction
Documents, the issuance of the Hightimes Securities and the consummation of the other transactions contemplated hereby or thereby
do not and will not (i) result in the violation of any law by which Hightimes is bound, (ii) conflict with or violate any provision
of the Charter Documents of Hightimes, or (iii)) conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute (with or without due notice or lapse of time or both) a default or give to others any rights of termination,
amendment, acceleration or cancellation (with or without due notice, lapse of time or both) under any Contract to which Hightimes
is a party or by which it is bound or to which its properties or assets are subject, except for any breach, violation or default
that would not constitute a Hightimes MAC. Except for the consent of ExWorks Capital Fund I, LP, the senior secured lender
to Hightimes (the “Hightimes Senior Lender”) and the Regulatory Approvals, no approval by the holders of Hightimes
Common Stock is required to be obtained by Hightimes in connection with the authorization, execution, delivery and performance
of this Purchase Agreement or in connection with the authorization, issue and sale of Hightimes Securities, except as has been
previously obtained.

 

    	 	25	 

     

    

 

Section
2.05 SEC Filings; Financial Statements

 

(a)
SEC Filings. Hightimes has timely filed with or furnished to, as applicable, the SEC all registration statements, prospectuses,
reports, schedules, forms, statements and other documents (including exhibits and all other information incorporated by reference)
required to be filed or furnished by it with the SEC since January 1, 2018 (the “Hightimes SEC Documents”).
Hightimes has made available to Enterprises all such Hightimes SEC Documents that it has so filed or furnished prior to the date
hereof. As of their respective filing dates (or, if amended or superseded by a subsequent filing, as of the date of the last such
amendment or superseding filing prior to the date hereof), each of Hightimes SEC Documents complied as to form in all material
respects with the applicable requirements of the Securities Act, and the Exchange Act, and the rules and regulations of the SEC
thereunder applicable to such Hightimes SEC Documents. None of Hightimes SEC Documents, including any financial statements, schedules
or exhibits included or incorporated by reference therein at the time they were filed (or, if amended or superseded by a subsequent
filing, as of the date of the last such amendment or superseding filing prior to the date hereof), contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. None of Hightimes’ direct or indirect
Seller is required to file or furnish any forms, reports or other documents with the SEC. Hightimes has never been a “shell
company” as such term is defined in Rule 144 under the US Securities Act.

 

(b)
Financial Statements. Each of the consolidated financial statements (including, in each case, any related notes thereto) contained
in Hightimes SEC Documents: (i) complied as to form in all material respects with the published rules and regulations of the SEC
with respect thereto as of their respective dates; (ii) was prepared in accordance with United States generally accepted accounting
principles (“GAAP”) applied on a consistent basis throughout the periods involved (except as may be indicated in the
notes thereto and, in the case of unaudited interim financial statements, as may be permitted by the SEC for Semi Annual Reports
on Form 1S-A); and (iii) fairly presented in all material respects the consolidated financial position of Hightimes and its consolidated
Seller at the respective dates thereof and the consolidated results of Hightimes’ operations and cash flows for the periods
indicated therein, subject, in the case of unaudited interim financial statements, to normal and year-end audit adjustments as
permitted by GAAP and the applicable rules and regulations of the SEC.

 

Section
2.06 Litigation. Hightimes knows of no pending or threatened Legal Proceeding against Hightimes which would reasonably
be likely to result in a Hightimes MAC. Hightimes is not a party or subject to the provisions of any order, writ, injunction,
judgment or decree of any court or Governmental Authority which would reasonably be likely to result in a Hightimes Material Adverse
Effect.

 

    	 	26	 

     

    

 

EXHIBIT
E

 

LOCK-UP
AGREEMENT

 

THIS
AGREEMENT is made as of June 22, 2020, between and among HARVEST HEALTH & RECREATION, INC., a British Columbia,
Canada corporation (“Harvest”), HARVEST ENTERPRISES, INC., a Delaware corporation (“Enterprises”)
and HIGHTIMES HOLDING CORP., a Delaware corporation (the “Company”). Harvest and Enterprises are hereinafter
sometimes individually referred to as a “Stockholder” and collectively, the “Stockholders.”

 

RECITALS:

 

WHEREAS,
in connection with an agreement, dated June 22, 2020 (the “Purchase Agreement”) among the Company, the Company’s
subsidiary HHI Acquisition Corp., the Stockholders, Steve White and Harvest of California LLC, the Company has agreed
to issue to Enterprises consideration consisting in part of up to 660,000 shares of the Company’s 16% Series A convertible
preferred stock, having as stated and liquidation value of $100 per share (the “Series A Preferred Stock”);
and

 

WHEREAS,
by its terms the Series A Preferred Stock is convertible into shares of Class A Common Stock, $0.0001 par value per share of the
Company (the “Hightimes Common Stock”), as set forth on Schedule A annexed hereto; and

 

WHEREAS,
the Series A Preferred Stock and the Hightimes Common Stock are hereinafter collectively referred to as the “Subject
Shares”); and

 

WHEREAS,
Harvest is the parent of Enterprises and Enterprises may dividend or distribute the Subject Shares to Harvest;

 

WHEREAS,
each Stockholder has agreed to have the Subject Shares locked up and restricted on “Transfer” (hereinafter
defined) for a period of time following the “Initial Trading Date” (hereinafter defined); ;

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

 

	 	1.	Each
    Stockholder hereby jointly and severally agrees that it will not, except as otherwise provided for in Section 2 below, during
    the applicable “Lock-up Period” (defined below) , directly or indirectly;
	 	 	 
	 	 	a.	sell,
    offer, contract or grant any option or right to sell, pledge, transfer, or otherwise dispose of Subject Shares, whether owned
    of record or beneficially;
	 	 	 	 
	 	 	b.	enter
    into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic
    consequence of ownership of Subject Shares, whether any such swap or other agreement or transaction is to be settled by delivery
    of Subject Shares, in cash or otherwise; or
	 	 	 	 
	 	 	c.	publicly
    announce an intention to do any of the foregoing

 

(collectively
a “Transfer”).

 

    	 	27	 

     

    

 

	 	2.	For
    purposes of this agreement:

 

“Initial
Trading Date” means the first date that Hightimes Common Stock commences trading on the OTCQX Market or other securities
exchange.

 

“Lock-up
Period” means the five (5) year period commencing on the Initial Trading Date and expiring;

 

i.
in respect of the 100% of the Subject Shares, any time that is prior to 180 days following the Initial Trading Date;

 

ii.
in respect of the first 10% of the Subject Shares, the date that is 180 days following the Initial Trading Date;

 

iii.
in respect of the second 10% of the Subject Shares (cumulative 20% of the Subject Shares), the date that is 360 days following
the Initial Trading Date;

 

iv.
in respect of the third 10% of the Subject Shares (cumulative 30% of the Subject Shares), the date that is 540 days
following the Initial Trading Date;

 

v.
in respect of the fourth 10% of the Subject Shares (cumulative 40% of the Subject Shares), the date that is 720
days following the Initial Trading Date;

 

vi.
in respect of the fifth 10% of the Subject Shares (cumulative 50% of the Subject Shares), the date that is 900 days
following the Initial Trading Date;

 

vii.
in respect of the sixth 10% of the Subject Shares (cumulative 60% of the Subject Shares), the date that is 1,080
days following the Initial Trading Date;

 

viii.
in respect of the seventh 10% of the Subject Shares (cumulative 70% of the Subject Shares), the date that is 1,260
days following the Initial Trading Date;

 

ix.
in respect of the eighth 10% of the Subject Shares (cumulative 80% of the Subject Shares), the date that is 1,440
days following the Initial Trading Date;

 

x. in respect of the ninth 10% of the Subject Shares (cumulative 90% of the Subject Shares), the date that is 1,620
days following the Initial Trading Date; and

 

xi.
in respect of the balance of the Subject Shares (cumulative 100% of the Subject Shares), the date that is 1,800
days following the Initial Trading Date.

 

	 	3.	Notwithstanding
    the restrictions on Transfers of Subject Shares described above, the undersigned may undertake any of the following Transfers
    of Subject Shares during the applicable Lock-up Period:
	 	 
	 	 	a.	by
    way of pledge or security interest, provided that the pledgee or beneficiary of the security interest agrees in writing with
    Hightimes to be bound by this agreement for the remainder of the applicable Lock-up Period;
	 	 	 	 
	 	 	b.	a
    Transfer to any Affiliate of a Stockholder; provided, that as a condition to any such Transfer, the Affiliate shall agree
    in writing with Hightimes to be bound by this agreement for the remainder of the applicable Lock-up Period;

 

    	 	28	 

     

    

 

	 	 	c.	a
    Transfer in a private placement of the Subject Shares (not into the market) to any person, corporations, partnerships, limited
    liability companies or other entities (each a “Private Transferee”), so long as such Private Transferee
    agrees in writing with Hightimes to be bound by this agreement for the remainder of the applicable Lock-up Period;
	 	 	 	 
	 	 	d.	any
    transfer of Subject Shares pursuant to a bona fide third party take-over bid, merger, plan of arrangement or other similar
    transaction made to all holders of such Subject Shares, involving a change of control of Hightimes, provided that in the event
    that the take-over bid, merger, plan of arrangement or other such transaction is not completed, the Subject Shares owned by
    the undersigned shall remain subject to the restrictions contained in this agreement.
	 	 	 	 
	 	4.	Each
    Stockholder hereby represents and warrants that it has full power and authority to enter into this agreement and that, upon
    request, it will execute any additional documents necessary or desirable in connection with the enforcement hereof.
	 	 	 
	 	5.	This
    agreement is irrevocable and will be binding on each Stockholder and its successors, assigns, provided however that the Stockholders
    shall not assign this agreement without the prior written consent of Hightimes.
	 	 	 
	 	6.	This
    agreement shall be governed and construed in accordance with the laws of the State of California applicable therein. All matters
    relating hereto shall be submitted to the court of appropriate jurisdiction in the County of Los Angeles, State of California,
    for the purpose of this agreement and for all related proceedings.
	 	 	 
	 	7.	This
    agreement will terminate on the close of trading of Hightimes Common Stock on the date that the last Lock-up Period expires.
	 	 	 
	 	8.	This
    agreement may be executed in any number of counterparts, each of which when delivered, either in original or facsimile form,
    shall be deemed to be an original and all of which together shall constitute one and the same document.

 

Balance
of page intentionally left blank- signature page follows

 

    	 	29	 

     

    

 

IN
WITNESS WHEREOF, this Lock-Up Agreement has been duly executed by the parties set forth below as of June 22, 2020.

 

	 	HIGHTIMES
    HOLDING CORP.
	 	 
	 	By:	 
	 	Name:	Adam
    E. Levin
	 	Title:	Executive
    Chairman

 

	STOCKHOLDERS:	 
	 	 
	HARVEST
    ENTERPRISES, INC.	 
	 	 	 
	By	 	 
	Name:	Steve
    White	 
	Title:	Chief
    Executive Officer	 

 

	HARVEST
    HEALTH & RECREATION, INC.	 
	 	 	 
	By	 	 
	Name:	Steve
    White	 
	Title:	Chief
    Executive Officer	 

 

    	 	30	 

     

    

 

EXHIBIT
F

 

Form
of Proxy

 

IRREVOCABLE
PROXY

TO
VOTE SECURITIES

OF

HIGHTIMES
HOLDING CORP.

 

The
undersigned (the “Security Holder”) holder of shares of 16% Series A voting convertible preferred stock
(the Series A Preferred Stock”) of Hightimes Holding Corp., a Delaware corporation (the “Company”),
hereby irrevocably and unconditionally (to the fullest extent permitted by applicable law) appoints Adam E. Levin (“Levin”)
or his designee (together with Levin, the “Proxy Holder”), as the sole and exclusive attorney-in-fact
and proxy of Security Holder, with full power of substitution and resubstitution, to vote and exercise all voting and related
rights (to the fullest extent permitted by applicable law) with respect to (a) all of the shares of Series A Preferred Stock and
(b) all of the shares of Class A voting Common Stock of the Company issuable upon any optional or mandatory conversion of the
Series A Preferred Stock (collectively the “Shares”) that now are or hereafter may be beneficially owned
by Security Holder, all in accordance with the terms of this Irrevocable Proxy.

 

This
Irrevocable Proxy is being issued pursuant to in a purchase agreement between the Company and the Security Holder and other entities,
dated June 22, 2020 (the “Agreement”). Unless otherwise defined herein, all capitalized terms, when
used herein shall have the same meaning as they are defined in the Agreement.

 

This
Irrevocable Proxy shall be limited to and entitle the Proxy Holder to vote all Shares that are owned of record or beneficially
by such Security Holder, or its Affiliates or transferees of such Shares, (a) in FAVOR of the election of director
or directors of the Company that is or are nominated by the management of the Company and approved by the Proxy Holder, and
(b) in connection with any other proposal submitted to stockholders of the Company, either (i) at any regular or special
stockholders meeting of the Company in any proxy solicitation, or (ii) in connection with any written stockholder consents requested
by the Company.

 

This
Irrevocable Proxy shall become effective as of the date hereof (the “Effective Date”) and shall terminate
on a date which shall be the first to occur of (a) a “Sale of Control” of the Company, (b) a sale of Shares into the
market through customary brokers transactions, but only with respect to any Shares that are publicly sold by the Security Holder
or its Affiliates or transferees into the market through customary brokers transactions, or (c) five (5) years following the Effective
Date (the “Expiration Time”). For the avoidance of doubt, absent a Sale of Control, this Irrevocable
Proxy shall continue to remain in effect with respect to any of the Shares that have not been sold into the market through customary
brokers transaction until the Expiration Time.

 

Upon
Security Holder’s execution of this Irrevocable Proxy, Security Holder agrees not to grant any subsequent proxies with respect
to the Shares or such subject matter or enter into any agreement or understanding with any individual, corporation, partnership,
limited liability company, trust or other entity (each a “Person”) to vote or give instructions with
respect to such Shares or subject matter in any manner inconsistent with the terms of this Irrevocable Proxy until after the Expiration
Time.

 

Until
the Expiration Time, this Irrevocable Proxy is irrevocable (to the fullest extent permitted by applicable law), is coupled with
an interest sufficient in law to support an irrevocable proxy, is granted pursuant to the Agreement, and is granted in consideration
of the Company entering into the Agreement.

 

The
Proxy Holder is hereby authorized and empowered by Security Holder, at any time prior to the Expiration Time, to act as Security
Holder’s attorney and proxy to vote the Shares, and to exercise all voting and other rights of Security Holder with respect
to the voting of the Shares (including, without limitation, the power to execute and deliver written consents pursuant to Section
228(a) of the Delaware General Corporation Law), at every annual, special or adjourned meeting of the Security Holders of the
Company in every written consent in lieu of such meeting.

 

All
authority herein conferred shall sale or liquidation of the Security Holder and any obligation of Security Holder hereunder shall
be binding upon the successors and assigns of Security Holder and upon any Affiliate of Security Holder to whom the Shares may
be transferred or assigned.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	31	 

     

    

 

This
Irrevocable Proxy is coupled with an interest as aforesaid and is irrevocable. This Irrevocable Proxy may not be amended or otherwise
modified without the prior written consent of the Proxy Holder. This Irrevocable Proxy shall terminate, and be of no further force
and effect, automatically upon the Expiration Time.

 

	Dated: June 22, 2020	HARVEST ENTERPRISES, INC.
	 	 	 
	 	By:	 
	 	 	Steve
    White, Chief Executive Officer

 

Shares
of Series A Preferred Stock: 660,000

 

    	 	32	 

     

    

 

Exhibit
G

 

Form
of Assignment and Assumption Agreement for ICG Assignment

 

ASSIGNMENT
AND ASSUMPTION AGREEMENT

 

This
ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Assignment and Assumption Agreement”), dated as of June 22, 2020 (the “Effective
Date”), by and between Interurban Capital Group, LLC, a Delaware limited liability company fka Interurban Capital
Group, Inc, a Delaware corporation (the “Assignor” or “ICG”) and Harvest HaH WA, Inc.,
a Delaware corporation (the “Harvest HaH WA” or “Assignee”) in consideration of the mutual
promises and obligations as set forth herein and such other good and valuable consideration, the receipt and sufficiency of which
are hereby conclusively acknowledged.

 

WHEREAS,
ICG is a wholly-owned subsidiary of Harvest Enterprises, Inc. and disregarded for federal and state income tax purposes;

 

WHEREAS,
Harvest HaH WA is also a wholly-owned subsidiary of Harvest Enterprises, Inc. and joins with Harvest Enterprises, Inc. and other
affiliated corporations in filing a consolidated federal income tax return;

 

WHEREAS,
ICG desires to transfer the Retained Assets (as defined below) to Harvest HaH WA subject to the Retained Labilities (as also defined
below), and Harvest HaH Wa desires to accept the assignment of the Retained Assets and to assume the Retained Liabilities pursuant
to the terms and conditions of this Agreement; and

 

WHEREAS,
because ICG is disregarded for federal and state income tax purposes, the Retained Assets and Retained Liabilities are treated
as the assets and liabilities of Harvest Enterprises, Inc., and the assignment of the Retained Assets will be treated as a tax-free
contribution of the Retained Assets by Harvest Enterprises, Inc. to the capital of Harvest HaH Wa and the assumption by Harvest
HaH Wa of the Retained Liabilities from Harvest Enterprises, Inc.

 

WHEREAS,
this Assignment and Assumption Agreement is being executed in connection with the Purchase Agreement (the “Purchase Agreement”),
dated June 10, 2020, by and among HHI Acquisition Corp., a Delaware corporation (the Buyer”) and a wholly-owned subsidiary
of Hightimes Holding Corp., a Delaware corporation (“Hightimes”), Harvest Enterprises, Inc., a Delaware corporation
(“Enterprises”), Steve White (“White”) and Harvest of California LLC, a California
limited liability company (“HOC” and together with White and Enterprises, individually and collectively, the
“Seller”).

 

WHEREAS,
capitalized terms used but not defined herein have the meanings given them in the Purchase Agreement.

 

NOW,
THEREFORE, IT IS MUTUALLY AGREED AS FOLLOWS:

 

1.
ICG hereby sells, grants, conveys, assigns, transfers and delivers all of its rights, title and interest to Harvest HaH WA and
Harvest HaH WA hereby accepts the transfer, assignment, conveyance and grant of ICG’s rights, title and interest in or to
the following:

 

    	 	33	 

     

    

 

(i)
WA Call Option Agreements as identified on the attached Schedule “A” and made a part hereof;

 

(ii)
WA Service Contract Agreements as identified on the attached Schedule “B” and made a part hereof;

 

(iii)
Intellectual Property and Personal Property as identified on the attached Schedule “C” and made a part hereof;

 

(iv)
Arbitration and Litigation Proceeds as identified on the attached Schedule “D” and made a part hereof;

 

(v)
Insurance Policy and Proceeds as identified on the attached Schedule “E” and made a part hereof;

 

(vi)
Pledge Agreements as identified on the attached Schedule “F and made a part hereof;

 

(vii)
Other Agreements as identified on the attached Schedule “G” and made a part hereof;

 

(viii)
any and all amounts due to ICG by HAH Oregon, LLC, an Oregon limited liability company (“HAH Oregon”) as a result
of any loan, advances or other payments made by ICG to HaH Iowa or the HAH Oregon or payments made by ICG on behalf of HAH Oregon
and all rights, claims, causes of action and demands of whatever kind and nature which ICG has or may have against HAH Oregon;

 

(ix)
all right, title and interest in 100% of the membership interests of Cardinal Calculations, LLC, a Delaware limited liability
company; and

 

(x)
all right, title and interest in that certain Modification Agreement between ICG and High Alpine Advisors, LLC dated March 13,
2020 (the “High Alpine Loan Modification Agreement”) and that certain Secured Convertible Note in the principal amount
of $19,128,100 dated March 13, 2020 issued by ICG in favor of High Alpine Investors, LLC (the “High Alpine Note”)
pursuant to the terms of the High Alpine Loan Modification Agreement.

 

Those
items as identified above in subsections (i) through (x) (collectively, the “Retained Assets”) shall be transferred,
conveyed, assigned and delivered to Harvest HaH WA subject to all liens, mortgages, pledges, options, claims, security interests,
conditional sales contracts, title defects, encumbrances, charges and other restrictions of every kind which may be related to
the Retained Assets (collectively, the “Retained Liabilities”). Such sale, transfer, conveyance and assignment
shall be effective as of the Effective Date.

 

2.
Harvest HaH WA hereby accepts and assumes to be solely liable and responsible for the Retained Liabilities associated with the
ownership after the Closing Date of the Retained Assets. Except as set forth above, Harvest HaH WA is not assuming any liabilities
or obligations of ICG whatsoever, and ICG shall continue to be fully responsible for those liabilities and obligations.

 

    	 	34	 

     

    

 

3.
By their execution of this Assignment and Assumption Agreement, each of Assignor, Enterprises and Harvest Health & Recreation,
Inc., the parent of Enterprises do hereby covenant and agree that (a) that the Retained Assets do not relate to, and are not used
in connection with, the business of the HAH Dispensaries, and (b) that, in accordance with the terms and conditions of the Purchase
Agreement, Buyer is acquiring all of Assignor’s right, title and interest in all of the assets and properties which relate
to, or are used in connection with, the business of the HAH Dispensaries.

 

4.
ICG covenants and agrees that in the event that (i) the Retained Assets or other rights covered in this Assignment and Assumption
Agreement cannot be transferred or assigned by it without the consent of or notice to a third party and in respect of which any
necessary consent or notice has not as of the date hereof been given or obtained, or (ii) the Retained Assets or rights are non-assignable
by their nature and will not pass by this Assignment and Assumption Agreement, the beneficial interest in and to the same will
in any event pass to Harvest HaH WA, as the case may be; and ICG covenants and agrees (in each case without any obligation on
the part of ICG to incur any out-of-pocket expenses) (a) to hold, and hereby declares that it holds, such property, Retained Assets
or rights in trust for, and for the benefit of, Harvest HaH WA, (b) to cooperate with Harvest HaH WA in Harvest HaH WA’s
efforts to obtain and to secure such consent and give such notice as may be required to effect a valid transfer or transfers of
such Retained Assets or rights, (c) to cooperate with Harvest HaH WA in any reasonable interim arrangement to secure for Harvest
HaH WA the practical benefits of such Retained Assets pending the receipt of the necessary consent or approval, and (d) to make
or complete such transfer or transfers as soon as reasonably possible.

 

4.
ICG further agrees (without any obligation on the part of ICG to incur any out-of-pocket expenses) that it will at any time and
from time to time, at the request of Harvest HaH WA, execute and deliver to Harvest HaH WA any and all other and further instruments
and perform any and all further acts reasonably necessary to vest in Harvest HaH WA the right, title and interest in or to any
of the Retained Assets which this instrument purports to transfer to Harvest HaH WA.

 

5.
Any individual, partnership, corporation or other entity may rely, without further inquiry, upon the powers and rights herein
granted to Harvest HaH WA and upon any notarization, certification, verification or affidavit by any notary public, officer, director
or duly authorized representative of ICG or Harvest HaH WA, relating to the authorization, execution and delivery of this Assignment
and Assumption Agreement or to the authenticity of any copy, conformed or otherwise, hereof.

 

6.
All of the terms and provisions of this Assignment and Assumption Agreement will be binding upon ICG and its successors and assigns
and will inure to the benefit of Harvest HaH WA and its successors and assigns.

 

7.
This Assignment and Assumption Agreement shall be governed by the laws of the State of Washington, without regard to conflicts
of law principles thereunder.

 

8.
This Assignment and Assumption Agreement may be executed 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.

 

[Signatures
on following page]

 

    	 	35	 

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Assignment and Assumption Agreement to be executed as of the date and
year first set forth above.

 

	 	INTERURBAN
    CAPITAL GROUP, LLC
	 	 	 
	 	By:	                           
	 	Name:	 
	 	Title:	 

 

	 	HARVEST
    HAH WA, LLC
	 	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 

 

	 	HARVEST
    ENTERPRISES, INC.
	 	 	 
	 	By:	                           
	 	Name:	 
	 	Title:	 

 

	 	HARVEST
    HEALTH & RECREATION, INC.
	 	 	 
	 	By:	                           
	 	Name:	 
	 	Title:	 

 

    	 	36Exhibit
10. 34 

 

SEPARATION
AGREEMENT AND GENERAL RELEASE

 

This
Separation Agreement and General Release (“Agreement”) is entered into by and between Leo Jaschke (“You”)
and Randy Taylor Consulting, LLC, an indirect subsidiary of Harvest Health & Recreation, Inc., a British Columbia corporation
(collectively, “Company”).

 

RECITALS

 

A.
Your employment with the Company is ending, effective June 26, 2020 (“Separation Date”).

 

B.
The Company is offering You the benefits described in this Agreement in exchange for Your covenants, forbearances and other commitments
described herein.

 

C.
It is understood and agreed that the offering of this Agreement by the Company is not to be construed as an admission of any liability
or obligation on its part to You other than to comply with the terms of this Agreement and any liability is expressly denied.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual covenants and conditions described below, and intending to be legally bound thereby,
the parties covenant and agree as follows:

 

1.
Separation Benefits: Provided You sign, return and do not revoke this Agreement, the Company agrees to provide You,
in addition to all accrued and earned wages and benefits to which You are entitled through the Separation Date, the following
“Separation Benefits”:

 

A.
The equivalent of ten (10) weeks’ salary, less lawfully-required withholdings, payable in one lump sum on the first regular
payroll date following the Effective Date of this Agreement (as defined below);

 

B.
Reimbursement of Your COBRA premium payment (provided You timely and properly elect benefits continuation under COBRA) through
September 2020. You understand and agree that the Company may modify the premium structure, the terms of its group insurance benefit
plans, and the coverage under those plans at any time, subject only to applicable law;

 

C.
The Company will not contest Your eligibility for unemployment compensation, should You elect to apply for such benefits; however,
the ultimate decision will be made by the applicable state unemployment agency; and

 

D.
In response to any future reference inquiries, the Company will provide, on Your behalf, a neutral reference (i.e., the
dates of Your employment with the Company, position(s) held, and rate(s) of pay). All such reference inquiries should be directed
to the attention of Siobahn Carragher, Sr. Director of Human Resources.

 

    	 	 	 

    	 	 	 

    

 

2.
Release: In exchange for the Separation Benefits, by execution of this Agreement, You, both individually or as a representative
or a member of a class, release and forever discharge, on behalf of Yourself and Your heirs, executors, administrators, and assigns,
the Company and its parent, affiliated and subsidiary entities, and each of their respective past, present, and future agents,
members, managers, officers, directors, partners, principals, shareholders, owners, employees, contractors, attorneys, insurers,
successors and assigns (collectively “Released Parties”), in both their personal and corporate capacities,
from, for and against any loss, liability, claim, demand, cost, obligation, or expense, known or unknown, accrued or contingent,
existing from the beginning of time through the Separation Date arising out of or pertaining or in any way relating to any matter,
including, but not limited to, Your employment or affiliation with the Company in any capacity or for any reason. This FULL
WAIVER AND RELEASE includes, without limitation and without admitting employer coverage under any of the following statutes,
all rights or claims arising under Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Older Workers’
Benefit Protection Act, the Americans With Disabilities Act, the Fair Labor Standards Act (to the extent permitted by law), the
Family Medical Leave Act, the Equal Pay Act, the Lilly Ledbetter Fair Pay Act of 2009, the Pregnancy Discrimination Act, the Worker
Adjustment and Retraining Notification Act, the Occupational Safety and Health Act, or any other applicable local, state or federal
statute or regulation, or any common law cause of action, including claims for breach of any express or implied contract, wrongful
discharge, tort, personal injury, or any claims for attorney’s fees or other costs. You further covenant and agree that upon receiving
the Separation Benefits, the Released Parties are not further indebted to You in any amount for any reason, and that You have
not performed any work for which You were not paid. Nothing in the above language or any other part of this Agreement is intended
to release claims for otherwise vested benefits under a company employee welfare benefit plan, reimbursable business expenses,
or claims challenging the validity of the release of age-related discrimination claims.

 

3.
Confidentiality of Agreement: Except as permitted under the Protected Rights Section below, You will not, either orally
or in writing, disclose the existence or terms of this Agreement or the negotiations leading up to this Agreement, except to Your
immediate family members, financial and legal advisors, or as may be required by law. However, You shall notify each such person
to whom You make a permitted disclosure hereunder of this confidentiality obligation and take steps to ensure their compliance
with this obligation.

 

4.
Post-Employment Obligations:

 

A.
Non-Disclosure of Confidential Information: You will not at any time, directly or indirectly, disclose, utilize,
or authorize any disclosure or use of the Company’s Confidential Information. For purposes of this Agreement, “Confidential
Information” includes, but is not limited to, the following non-public information relating to Company business or entrusted
to the Company by a third party, whether in paper or electronic form or marked “Confidential,” and regardless of how
it is stored or recorded: (i) customer lists, data and other customer information, including, but not limited to, identity of
customer contact, preferences, account numbers, orders, product usage, product volumes, product performance, pricing, credit card
or billing information, promotions, and sale and contract terms (including contract expiration dates); (ii) internal practices
and procedures, training material; (iii) financial condition, financial results of operations and financial modeling; (iv) supply
of materials information, including sources and costs; (v) information relating to designs, formula, developmental or experimental
work, know-how, products, processes, computer programs, software solutions, password codes, source codes, data bases, schematics,
inventions, creations, original works of authorship, analyses, compilations, studies, protocols, or other subject matter relating
to research and development, strategic planning, mergers and acquisitions, recruiting, operations, management, manufacturing,
engineering, purchasing, capital fund raising (both debt and equity), budgeting, finance, marketing, promotion, distribution,
licensing, and selling and investor activities; and (vi) any and all information, without regard to form, having independent economic
value to the Company that is not generally known to, and not readily ascertainable by proper means by a person who can obtain
economic value from its disclosure or use. The obligations under this Section are in addition to and not in lieu of any other
rights or obligations, at law or in equity, to maintain the confidentiality of the Confidential Information, including under any
applicate state’s Uniform Trade Secrets Act or any other applicable “trade secret” laws. Excluded from this
prohibition is information that (i) is in or enters the public domain without breach of this Agreement or wrongful act by You;
(ii) is required to be disclosed by order of a court or other governmental agency; provided You shall first give the Company prompt
written notice prior to such disclosure so the Company can seek an appropriate protective order against disclosure of such information
(if such notice is legally permitted); or (iii) is disclosed to a governmental official or to an attorney for the sole purpose
of reporting or investigating a suspected legal violation

 

    	 	 	 

    	 	 	 

    

 

B.
Non-Solicitation/Non-Interference: You will not, directly or indirectly, engage in the following activities during
the six (6)-month period after the Separation Date:

 

(i)
Recruit, solicit, hire, employ, engage or retain the services of any Employee;

 

(ii)
Solicit, accept business from, call upon, deliver products or render services to any Customer on behalf of an individual or entity
engaged in Company Business insofar as doing so would or might reduce the amount of business, orders, products, or services the
Company is receiving or might receive from that Customer;

 

(iii)
Encourage, induce, or convince any Customer, Employee, or Business Associate to end, reduce, or change in any detrimental way
to the Company his/her/its relationship with the Company;

 

C.
Non-Disparagement: Except as permitted under the Protected Rights Section below, You will not make any oral or written
statements in public or private settings that are in any way negative, disparaging, or detrimental towards the Released Parties,
or any of their respective products, services, representatives, employees, officers, directors, or agents, including but not limited
to, statements made on social media. The Company agrees that its officers and directors will similarly not make any oral or written
statements in public or private settings that are disparaging, or detrimental towards you and the Company agrees to provide a
neutral reference to parties properly seeking an employment reference to your regard, as stated herein.

 

D.
Continuing Cooperation; Duty to Notify: You will voluntarily cooperate with the Company in connection with all business
and legal matters with which You were involved or became aware during Your employment with the Company, or any of its affiliated
entities. In fulfilling this obligation, the Company agrees to reimburse you for any reasonable and necessary out-of-pocket expenses
you incur as a result of any cooperation the Company has requested you to engage in pursuant to this paragraph. This obligation
to cooperate includes spending adequate time with the Company’s legal counsel to review Your knowledge related to such matter
or proceeding as counsel may deem necessary, including but not limited to the review of documents, the discussion of the case
and preparation for interviews, depositions or trial. Further, in the event You become legally compelled to disclose information
about the Company or Your employment with the Company (under the terms of a valid and effective subpoena or order issued by a
court of competent jurisdiction, or by a demand or information request from an executive or administrative agency or other governmental
authority), You shall, unless prohibited by law, promptly notify the Company of such required disclosure so as to permit the Company
a reasonable opportunity to seek a protective order or other similar remedy. In addition, You shall independently exercise reasonable
efforts to (i) narrow the scope of disclosure and (ii) make such disclosure only to the extent so required. This obligation to
cooperate and disclose is not intended to and shall not be construed so as to in any way limit or affect the testimony which You
may give in any such legal proceeding. It is understood and agreed that You will at all times testify fully, truthfully and accurately,
whether in deposition, trial or otherwise.

 

E.
Enforcement: The time period specified in this Section 4 shall be extended for a period of time equal to the duration of
any breach thereof by You. If You breach the post-employment obligations in this Section, irreparable injury will result to the
Company and its remedy at law for damages will be inadequate. As a result, the Company shall be entitled to an injunction to restrain
the continuing breach by You, or any other persons or entities acting for or with You, without the necessity of proving actual
damages or posting any bond or other security, in addition to any other rights and remedies which the Company may have at law
or in equity, including but not limited to our right to collect actual, statutory, and exemplary damages.

 

    	 	 	 

    	 	 	 

    

 

5.
Avowals and Acknowledgements: As a condition of Your receipt of the Separation Benefits, You affirm, acknowledge and
agree that as of Your last day of employment, Friday, June 26, 2020as follows:

 

A.
You have not filed, caused to be filed and are presently not a party to any lawsuit, action, complaint, charge, claim, or legal
or administrative proceeding, against any of the Released Parties in any forum or form;

 

B.
On June 26, 2020, the Company will pay You Your final paycheck for the period from June 8, 2020 through June 26, 2020 and any
accrued but unused Personal Time Off, PTO or vacation time. You have received all other compensation to which You were owed during
Your employment with the Company, You have not worked any time for which You have not been compensated or which You did not report
on Company time keeping systems if You were required to do so, and that and no other compensation is due to You, except for the
Separation Benefits;

 

C.
You have no known workplace injuries or occupational diseases resulting from Your employment with the Company;

 

D.
Following the Separation Date, You have not accessed (and will not access) the Company’s internal communication systems,
including, but not limited to, computer or computer network systems, remote email systems, or voicemail systems;

 

E.
You have returned all Company-related documents and records (electronic, paper or in any other form or format, and all copies
of the foregoing), materials, software, equipment, and other physical property that came into Your possession or was produced
by You in connection with Your employment;

 

F.
You have supplied the Company with all passwords for Your work-related computer(s) and accounts;

 

G.
You are in possession of all Your personal property that You brought to the Company’s premises and that the Company is not
in possession of any of Your personal property;

 

H.
You will work cooperatively with the Company to cause any applicable state licensing authority(ies) to remove Your name from any
Company-issued licenses and will sign appropriate documentation to effectuate Your resignation from any Board positions;

 

6.
Protected Rights: Nothing in this Agreement is intended to limit Your right or ability to: (a) file an administrative
charge with any government agency charged with enforcement of any law, including the U.S. Equal Employment Opportunity Commission
(“EEOC”), National Labor Relations Board, Occupational Safety and Health Administration, Securities and Exchange
Commission, or comparable state or local agency; (b) initiate or respond to communications from the EEOC or any other government
agency; or (c) testify truthfully in a legal proceeding to the extent such communication is compelled or protected by law. You
acknowledge, however, that You disclaim and waive any right to individual relief of any kind (including back pay, front pay, reinstatement
or other legal or equitable relief), as a result of the filing of any charge, complaint, lawsuit or other proceeding against the
Released Parties brought by You or a third party on Your behalf, or as a member of any class or collective action in a case in
which any claims against the Released Parties are made.

 

7.
Consult Attorney; Time to Consider and Revoke the Agreement:

 

A.
You are being advised to consult with an attorney of Your choosing prior to executing this Agreement.

 

B.
You are being given 21 days within which to consider this Agreement, but You may sign before the expiration of the 21-day consideration
period to expedite receipt of the Separation Benefits. If the offer of Separation Benefits is not accepted within this 21-day
consideration period, the Company, at its discretion, may withdraw the offer. Any non-material changes that are made to this Agreement
from the version originally presented to You do not extend the 21-day consideration period. You may revoke this Agreement at any
time within seven (7) days following Your execution of the Agreement by sending written notice of revocation to Siobahn Carragher,
Sr. Director of Human Resources, on or before the expiration of the revocation period. This Agreement shall not become effective
or enforceable, and the Separation Benefits shall not be due and owing, until the revocation period has expired (“Effective
Date”).

 

    	 	 	 

    	 	 	 

    

 

8.
General Provisions:

 

A.
This Agreement shall be deemed drafted equally by all parties hereto. The language of all parts of this Agreement shall be construed
as a whole, according to its fair meaning, and any presumption or other principle that the language herein is to be construed
against any party shall not apply. This Agreement shall be binding upon and inure to the benefit of the parties’ heirs,
administrators, representatives, executors, successors and assigns.

 

B.
This Agreement shall be governed in all respects, whether as to validity, construction, capacity, performance, or otherwise by
the laws of the State of Arizona. No action involving this Agreement may be brought except before a court of competent jurisdiction
in Maricopa County, Arizona, and each party hereby irrevocably consents to such exclusive and personal jurisdiction and venue.
THE PARTIES HEREBY KNOWINGLY AND IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE NEGOTIATIONS, ADMINISTRATION, PERFORMANCE
AND ENFORCEMENT HEREOF. The prevailing party in any action involving or touching upon this Agreement shall be entitled to
recover reasonable attorney fees and costs.

 

C.
If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable for whatever
reason, the remaining provisions of this Agreement shall nevertheless continue in full force and effect without being impaired
in any manner whatsoever provided, however, that if the release in this Agreement is invalidated, the Company shall have the right
to seek rescission of this Agreement.

 

D.
This Agreement constitutes the sole and entire agreement between the parties and supersedes any and all understandings and agreements
made prior hereto, if any. There are no collateral understandings, representations, or agreements other than those contained herein.
No provision of this Agreement shall be amended, waived or modified except by an instrument in writing, signed by the parties.

 

You
hereby represent that You have read and understand the contents of this Agreement, that no representations other than those contained
herein have been made to induce or influence Your execution of this Agreement, but that You execute this Agreement knowingly and
voluntarily and upon independent advice of Your own choosing.

 

	 	 	 	Randy
    Taylor Consulting, LLC, a subsidiary of Harvest Dispensaries, Cultivations, and Production Facilities, LLC
	 	 	 	 	 
	Date:	6/24/2020	 	By:	/s/:
    Steve White
	 	 	 	 	 
	 	 	 	Its:	CEO
	 	 	 	 	 
	Date:	6/24/2020	 	/s/:
    Leo Jaschke
	 	 	 	Leo
    Jaschke

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