Document:

Exhibit
10.1

 

	 

    STOCK
    PURCHASE AGREEMENT

     

     

 

 STOCK PURCHASE AGREEMENT 

 

THIS AGREEMENT, made and entered into as of this
4th day of January 2021, by and between Atlanta CBD, Inc., a Georgia corporation (the “Company”),
Floretta Gogo (“Gogo”) and the Xavier Carter (“Carter”) (Gogo and Carter are collectively referred to herein as,
the “Seller”) and The Cannaisseur Group, Inc., a Delaware corporation (the “Buyer”).

 

WITNESSETH:

 

WHEREAS, Gogo owns of record and beneficially
5,000 shares or fifty percent (50%) of the outstanding shares of the capital stock of the Company;

 

WHEREAS, Carter owns of record and beneficially
5,000 shares or fifty percent (50%) of the outstanding shares of the capital stock of the Company;

 

WHEREAS, Seller owns of record and beneficially
10,000 (100%) of the outstanding shares of capital stock of the Company and has full power and authority to transfer all of these shares
of the issued and outstanding shares of the Company.

 

WHEREAS, Gogo and Carter desire to sell to Buyer,
and Buyer desires to buy from Gogo and Carter, respectively, 2,550 and 2,550 issued and outstanding shares of the Company (the “Shares”)
representing 51% interest in the Company;

 

NOW, THEREFORE, in consideration of the mutual
representations, warranties, covenants and agreements contained herein, and upon the terms and subject to the conditions hereinafter set
forth, the parties, intending to be legally bound, do hereby agree as follows:

 

ARTICLE I 

TERMS OF PURCHASE AND SALE

 

1.1
Purchase and Sales of Shares of the Company. On the Closing Date, Seller shall sell to Buyer, and Buyer shall purchase
from Seller, the Shares for the purchase price specified herein. At the Closing, Seller shall deliver to Buyer certificates representing
all of the Shares which are required to be delivered or are otherwise deliverable by Seller pursuant hereto at the Closing duly endorsed
in blank for transfer or accompanied by duly executed stock powers assigning such Shares in blank, and Buyer shall deliver to Sellers
the Purchase Price.

 

1.2
The Closing. The purchase and sale of the Shares shall take place at the offices of the Company on January 4,
2021 (the “Closing Date”). In no event shall the Closing Date be later than January 15, 2021. The Closing shall be deemed
to have taken place at 5:00 P.M. on the Closing Date.

 

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1.3
Purchase Price. Buyer agrees to pay Seller at the Closing, Thirteen Million Six Hundred Shares (13,600,000) of Buyer
common stock, par value $0.0001 per share (the “Purchase Price Shares”) The Purchase Price Shares shall be 6,800,000 to Gogo
and 6,800,000 to Carter.

 

1.4
Buyer Management. The parties agree that immediately after the Closing, Gogo shall be appointed as President and Chief
Executive Officer of Buyer and Carter shall be appointed as Chief Operating Officer of Buyer and both shall also be appointed to the Board
of the Buyer.

 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller hereby represents and warrants:

 

2.1
Corporate Existence of Company, Etc. The Company is a corporation duly incorporated, validly existing and in good standing
under the laws of Georgia, has all requisite corporate power and authority to own or lease and operate its properties and to carry on
its business as presently conducted. Attached as Exhibit A is a complete and correct copy of the Company’s Certificate
of Incorporation, as amended to date, certified by the Secretary of Georgia. This Agreement has been duly executed and delivered on behalf
of the Company and constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms, subject to general equitable principles and except as the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws of general application relating to creditors’ rights.

 

2.2
Capitalization. The authorized capital stock of the Company consists of 10,000 shares of Common Stock, $0.001, par value
per share, of which 10,000 shares are issued and outstanding, 5,000 of which are owned of record and beneficially by Gogo and 5,000 of
which are owned of record and beneficially by Carter. Seller has full power and authority to transfer the Shares. All outstanding Shares
have been duly authorized and validly issued, are fully paid and non-assessable and were not issued in violation of any preemptive rights.
There is outstanding no security, option, warrant, right, call, subscription, agreement, commitment or understanding of any nature whatsoever,
fixed or contingent, that directly or indirectly (i) calls for the issuance, sale, pledge or other disposition of any Shares or of
any other capital stock of the Company or any securities convertible into, or other rights to acquire, any such Shares or other capital
stock of the Company or (ii) obligates the Company or Seller to grant, offer or enter into any of the foregoing or (iii) relates
to the voting or control of such Shares, capital stock, securities or rights. No person has any right to require the Company to register
any of its securities under the Securities Act of 1933 (the “1933 Act”).

 

2.3
Title to Shares. The sale and delivery of the Shares to Buyer pursuant to this Agreement will vest in Buyer legal and
valid title to the Shares, free and clear of all liens, security interests, adverse claims or other encumbrances of any character whatsoever
(“Encumbrances”) (other than Encumbrances created by Buyer and restrictions on resales of the Shares under applicable securities
laws). Buyer shall not issue any additional stock in the Company, without the prior written consent of Buyer

 

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2.4
Authorization of Seller, Etc. Each of Gogo and Carter has all requisite power and authority to execute and deliver this
Agreement and to perform his or its obligations hereunder, and the execution, delivery and performance of this Agreement by Seller have
been duly and validly authorized by all necessary action on the part of Seller. This Agreement has been duly executed and delivered on
behalf of Seller and constitutes the valid and binding obligation of Seller, enforceable against Seller in accordance with its terms,
subject to general equitable principles and except as the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws of general application relating to creditors’ rights.

 

2.5
Consents and Approvals. There is no authorization, consent order or approval of, or notice to or filing with, any governmental
authority required to be obtained or given or waiting period required to expire as a condition to the lawful consummation by the Seller
of the sale of the Shares pursuant to this Agreement.

 

2.6
No Conflicts. The execution, delivery and performance of this Agreement by Seller and the consummation by the transactions
contemplated hereby will not conflict with, or constitute or result in a breach, default or violation of (with or without the giving of
notice or the passage of time) any of the terms, provisions or conditions of, (i) the Certificate of Incorporation or By-Laws of
Seller or the Company; (ii) any law, ordinance, regulation or rule applicable to Seller or the Company; (iii) any order,
judgment, injunction or other decree by which Seller or the Company or any of their respective assets or properties is bound; or (iv) any
written or oral contract, agreement, or commitment to which Seller or the Company is a party or by which they or any of their respective
assets or properties is bound; nor will such execution, delivery and performance result in the creation of any material Encumbrance upon
any properties, assets or rights of the Company.

 

2.7
Subsidiaries. The Company does not own any equity ownership interest, directly or indirectly, in any person, corporation
or other entity.

 

2.8
Financial Statements. A copy of the statements of income of the Company for the year ended December 31, 2019 and
the year ended December 31, 2020, (collectively the “Financial Statements”), is attached as Exhibit B.
Except as noted therein, the Financial Statements fairly present the financial position of the Company and its results of operations for
the twelve-month period ended December 31, 2019 and the twelve-month period ended December 31, 2020, respectively, in conformity
with generally accepted accounting principles consistently applied for such periods.

 

2.9
Liabilities. Except as otherwise disclosed in the Agreement or the attached Exhibits, neither the Company nor any Subsidiary
has any debts, obligations or liabilities of whatever kind or nature, either direct or indirect, absolute or contingent, matured or unmatured,
except debts, obligations and liabilities that are fully reflected in, or reserved against on, the Financial Statements.

 

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2.10
Absence of Certain Changes or Events. Except as set forth in the Exhibits or except as otherwise contemplated by this
Agreement, since January 4, 2021 there has not been (a) any damage, destruction or casualty loss to the physical properties
of the Company (whether covered by insurance or not); (b) any material change in the business, operations or financial condition
of the Company; (c) any entry into any transaction, commitment or agreement (including without limitation any borrowing or capital
expenditure) material to the Company course of business; (d) any redemption or other acquisition by the Company of the Company’s
capital stock or any declaration, setting aside or payment of any dividend or other distribution in cash, stock or property with respect
to the Company’s capital stock; (e) any increase in the rate or terms of compensation payable or to become payable by the Company
or any subsidiary to its directors, officers or employees or any increase in the rate or terms of any bonus, pension, insurance or other
employee benefit plan, payment or arrangement made to, for or with any such directors, officers or key employees; (f) any change
in production schedules, acceleration of sales, or reduction of aggregate administrative, marketing, advertising and promotional expenses
or research and development expenditures other than in the ordinary course of business; (g) any sale, transfer or other disposition
of any asset of the Company to any party, including Sellers, except for payment of third-party obligations incurred in the ordinary course
of business in accordance with the Company’s regular payment practices; (h) any termination or waiver of any rights of value
to the business of the Company; or (i) any failure by the Company to pay their accounts payable or other obligations in the ordinary
course of business consistent with past practice.

 

2.11
Title to Properties. Except as otherwise disclosed in the Agreement or the attached Exhibits, the Company has good and
marketable title to all of the assets and properties which they purport to own and which are reflected on the Financial Statements, free
and clear of all Encumbrances, except for (a) liens for current taxes not yet due and payable or for taxes the validity of which
is being contested in good faith by appropriate proceedings, and (b) encumbrances which individually or in the aggregate do not materially
and adversely affect the business, operations or financial condition of the Company.

 

2.12
Patents, Trademarks, Etc. (a) The Company own or possess adequate licenses or other valid rights to use all United
States and foreign patents, trademarks, trade names, service marks, copyrights, and applications therefore which are material to the conduct
of the business, operations or financial condition of the Company (the “Patent and Trademark Rights”); (b) the validity
of the Patent and Trademark Rights and the title thereto of the Company were not being questioned in any litigation to which the Company
was a party, nor, was any such litigation threatened or claims of third parties made; and (c) the conduct of the business of the
Company as now conducted does not conflict with any valid patents, trademarks, trade names, service marks or copyrights of others. The
consummation of the transactions contemplated hereby will not result in the loss or impairment of any of the Patent and Trademark Rights.

 

2.13 Insurance. All
insurance policies with respect to the properties, assets, operations and business of the Company (the “Insurance
Policies”) are in full force and effect. There are no pending claims against the Insurance Policies by the Company as to which
the insurers have denied liability and with respect to which there is a reasonable likelihood of a settlement or determination
adverse the Company. There are no circumstances existing which would enable the insurers to avoid liability under the Insurance
Policies or no other parties having an interest under the Insurance Policies. (i) There exists no material claims under the
Insurance Policies that have not been properly filed by the Company, (ii) no insurance company has refused to renew any
material insurance policy of the Company during the past 18 months, and (iii) there have been no material rate or premium
increases or written notice of prospective changes therein on general liability, property or directors and officers liability
Insurance Policies during the past 18 months.

 

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2.14
Company Contracts. Exhibit C lists the following (to the extent any of the following exist) (such agreements, commitments,
and written summaries of oral agreements being sometimes collectively referred to herein as the “Company Contracts”):

 

(i)            All
leases of real property to which the Company is a party (whether as lesser or lessee);

 

(ii)           all
agreements of the Company for the borrowing or lending of money;

 

(iii)          all
agreements granting any person a lien, security interest, or mortgage on any property or asset of the Company, including any factoring
agreement or agreement for the assignment of receivables or inventory;

 

(iv)          all
agreements of the Company guaranteeing, indemnifying, or otherwise becoming liable for the obligations or liabilities of another;

 

(v)           all
agreements of the Company with any manufacturer or supplier with respect to discounts or allowances or extended payment terms;

 

(vi)          all
agreements of the Company with any distributor, dealer, sales agent, or representative;

 

(vi)          all
agreements which restrict the Company from doing any kind of business or from doing business in any jurisdiction or from competing with
any person;

 

(vii)         all
shareholders’ agreements, proxies, voting trusts, or powers of attorney to act on behalf of the Company or any of the Subsidiaries
or in connection with its properties or business affairs other than such powers to so act as normally pertain to corporate officers;

 

(viii)        all
agreements relating to the sale of assets of the Company;

 

(ix)           all
agreements for the construction or modification of any building or structure or for the incurrence of any other capital expenditure;

 

(x)            the
name and current rate of compensation of (A) each director and officer of each Company and (B) each other employee of or consultant
to the Company whose current annual rate of compensation (including bonuses and commissions) from the Company is $30,000 or more;

 

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(xi)           the
name of each retired employee, officer, or director, if any, of the Company who is receiving or is entitled to receive any payments not
covered by any Employee Benefit Plan and his or her age, sex and current unfunded pension benefits; and

 

(xii)          the
name of each bank in which the Company has an account or safe deposit box and the names of all persons authorized to draw thereon or to
have access thereto.

 

Each of the Company Contracts is valid, binding,
and enforceable in accordance with its terms for the periods (if any) stated therein, except to the extent enforceability may be limited
by bankruptcy, insolvency, moratorium, or other similar laws affecting creditors’ rights generally and limitations on the availability
of equitable remedies; the Company has fulfilled or has taken all actions necessary to enable it to fulfill when due all of its obligations
under the Company Contracts, and there is not, under any of the foregoing, any existing default or event of default or any event which,
with or without the giving of notice or the passage of time, would constitute a default under any of the Company Contracts. There are
no laws, regulations, rules or decrees currently in effect or to be in effect which adversely affect or might adversely affect the
Company’s rights under any of the Company Contracts.

 

2.15
Litigation. There is no action, proceeding or investigation in any court or before any governmental or regulatory authority
pending or threatened in writing or orally (a) against the Company or against Seller, in connection with the conduct of the businesses
of the Company, (b) which seeks to enjoin or obtain damages in respect of the consummation of the transactions contemplated hereby,
or (c) render the Buyer unable to hold shares in, or designate at least a majority of the members of the Board of Directors of, or
exercise control over, the Company. The actions or proceedings described in clauses (a), (b) and (c) are collectively referred
to as “Litigation.” Neither the Company nor any of the Subsidiaries is not subject to any outstanding order, writ, judgment
or decree.

 

2.16
Taxes. (a) (i) All federal, state, local and material foreign income, franchise, excise, sales and use tax
(“Taxes”) returns required to be filed with respect to the Company have been filed in a timely manner (taking into account
all extensions of due dates); (ii) the Company has paid, or has made sufficient provision for, or have set up adequate reserves for
the payment of, all Taxes shown as due on such returns; (iii) no election under Section 341(f) or Section 338(g) of
the Internal Revenue Code of 1986 (the “Code”) has been or will be filed by or on behalf of the Company; (iv) neither
the Company has executed any presently effective waiver or extension of any statute of limitations against assessment and collection of
Taxes with respect to the Company; and (v) the proper amounts have been withheld by the Company from employees with respect to all
cash compensation paid to employees for all periods in compliance in all material respects with the tax and other withholding provisions
of all applicable laws. Except as reflected in the Financial Statements, no deficiencies for any taxes have been asserted in writing or
assessed against the Company or any of the Subsidiaries which remain unpaid.

 

2.17
Compliance with Laws. The Company has complied in all material respects with all laws, statutes, rules, regulations,
judgments, decrees and orders applicable to their business (including without limitation, any of the above which relate to the environment).

 

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2.18
Employee Benefits and Agreements.

 

(a) Exhibit D contains
a list of (1) all material employment contracts between the Company and each executive officer thereof, (2) all collective bargaining
agreements between the Company and employee representatives, and (3) all bonus, incentive, stock option, stock purchase, phantom
stock, stock appreciation rights, performance shares, and similar plans either currently maintained by the Company or any Subsidiary or,
if terminated, under which employees or former employees have rights that are outstanding, and all awards and agreements under any of
such plans pursuant to which any employees or former employees hold outstanding rights.

 

2.19
Consents. No consent, approval or authorization of, exemption by, or filing with, any governmental or regulatory authority
is required in connection with the execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the
transactions contemplated hereby.

 

2.20
Licenses and Permits. The Company has all governmental licenses and permits and other governmental authorizations and
approvals required for the conduct of their businesses as presently conducted (“Material Permits”).

 

2.21
Business Relations. The Company is not required to provide any bonding or other financial security arrangements in connection
with any transactions with any of its customers or suppliers. To the knowledge of Seller, no customer or supplier of the Company will
cease to do business with the Company after the consummation of the transactions contemplated hereby.

 

2.22
Interest in Competitors, Suppliers, Customers, Etc. Neither any of the Sellers nor any officer or director of the Company
or any affiliate of any such officer or director has any ownership interest in any competitor, supplier or customer of the Company accounting
for not less than 1% of the Company’s purchases from Suppliers in the most recently ended fiscal year or any property used in the
operation of the business of the Company.

 

2.23
Accounts Receivable. All accounts receivable of the Company as of the Closing Date will represent sales actually made
on services actually rendered in the ordinary course of business on or prior to the Closing Date.

 

2.24
Employee Relations. No union organizational campaign is in process or threatened in writing. The Company has not incurred
any work stoppages, general labor disputes, or union strikes in the past three (3) years which have had an adverse effect on the
business operations or financial condition of the Company nor have any which would have such an adverse effect been threatened in writing.

 

2.25 Non-compete. In
consideration of the Purchase Price under this Agreement, Seller agrees and covenants that, other than the relationship with Buyer,
for a period of five (5) years following the date of this Agreement, Seller shall not directly or indirectly engage in any
business competitive with Buyer within a geographical area that is within a fifty (50)-mile radius of the Seller’s location
being purchased by Buyer. Directly or indirectly engaging in any competitive business includes but is not limited to:
(i) engaging in a business as owner, partner, or agent, (ii) becoming an employee of any third party that is engaged in
such business, (iii) becoming interested directly or indirectly in any such business, or (iv) soliciting any customer of
Seller for the benefit of a third party that is engaged in such business. Seller agrees that this non-compete provision will not
adversely affect Seller’s livelihood. Seller shall not, directly, or indirectly, solicit for employment or employ any employee
of the Corporation.

 

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ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer hereby represents and warrants to Seller
as follows:

 

3.1
Organization. Buyer is a Delaware corporation duly organized, validly existing and in good standing under the laws of
the State of Delaware and has all requisite corporate power and authority to carry on its business as it is now being conducted and to
execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby.

 

3.2
Corporate Power and Authority. The execution, delivery and performance by Buyer of this Agreement and the consummation
by Buyer of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of Buyer. This
Agreement has been duly and validly executed and delivered by Buyer and constitutes the valid and binding obligation of Buyer, enforceable
in accordance with its terms.

 

3.3
No Conflicts. The execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the
transactions contemplated hereby will not, with or without the giving of notice or the lapse of time, or both, (i) violate any provision
of law, statute, rule or regulation to which Buyer is subject, (ii) violate any order, judgment or decree applicable to Buyer
or (iii) conflict with, or result in a breach or default under, any term or condition of the Certificate of Incorporation or Operating
Agreement of Buyer or any material agreement or other instrument to which Buyer or any of its subsidiaries is a party or by which any
of them may be bound; except for violations, conflicts, breaches or defaults which in the aggregate would not materially hinder or impair
the consummation of the transactions contemplated hereby.

 

3.4
Investment Intent. Buyer is acquiring the Shares solely for its own account and not with a view to a sale or distribution
thereof in violation of any securities laws. Buyer acknowledges that it has received, or has had access to, all information which it considers
necessary or advisable to enable it to make a decision concerning its purchase of the Shares, provided that the foregoing shall not limit
or otherwise affect the rights or remedies of Buyer hereunder with respect to the breach of any representations, warranties, covenants
or agreements of Sellers contained herein.

 

3.5
Consents. No consent, approval or authorization of, exemption by, or filing with, any governmental or regulatory authority
is required in connection with the execution, delivery and performance by Buyer of this Agreement or the consummation by Buyer of the
transactions contemplated hereby, excluding, however, consents, approvals, authorizations, exemptions and filings, if any, which Seller
is required to obtain or make.

 

3.6 Litigation. There
is no action, proceeding or investigation in any court or before any governmental or regulatory authority pending or threatened in
writing or, to Buyer’s knowledge, orally threatened which seeks to enjoin or obtain damages in respect of the consummation of
the transactions contemplated hereby.

 

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ARTICLE IV 

CERTAIN COVENANTS OF THE PARTIES

 

Seller and Company, on the one hand, and Buyer,
on the other hand, hereby covenant to and agree with one another as follows:

 

4.1
Conduct of Business. Except as may be otherwise contemplated by this Agreement or required by any of the documents listed
in the Exhibits or except as Buyer may otherwise consent to in writing (which consent shall not be unreasonably withheld), between the
date hereof and the Closing Date:

 

(a) Seller
will cause the Company to (i) operate its business only in the ordinary course; (ii) use his best efforts to preserve the business
organization of the Company; (iii) maintain its properties, machinery and equipment in sufficient operating condition and repair
to enable the Company to operate its business in the manner in which it was operated immediately prior to the date hereof, except for
maintenance required by reason of fire, flood or other acts of God (except that any insurance proceeds paid by reason of any such casualty
after the date hereof shall be applied towards such maintenance); (iv) continue all of the Insurance Policies (or comparable insurance)
in full force and effect; (v) use best efforts to keep available until the Closing Date the services of their present officers and
key employees; (vi) pay accounts payable and all other obligations in the ordinary course of business; and (vii) use their best
efforts to preserve their relationships with their material lenders, suppliers, customers, licensors and licensees and others having material
business dealings with them such that the business will not be impaired; and

 

(b) Seller
will cause the Company not to (i) make any change in its respective Certificates of Incorporation, By-Laws or similar charter
documents; (ii) make any change in its issued or outstanding capital stock, or issue any warrant, option or other right to
purchase shares of their capital stock or any security convertible into shares of their capital stock, or redeem, purchase or
otherwise acquire any shares of their capital stock, or declare any dividends or make any other distribution in respect of their
capital stock; (iii) voluntarily incur or assume, whether directly or by way of guarantee or otherwise, any material obligation
or liability, except obligations and liabilities incurred in the ordinary course of business; (iv) mortgage, pledge or encumber
any material part of its properties or assets, tangible or intangible; (v) sell or transfer any material part of their assets,
property or rights, or cancel any material debts or claims; (vi) amend or terminate any Company Contract or any Material Permit
to which it is a party, except in the ordinary course of business pursuant to the terms of such Agreement; (vii) make any
material change in any company benefit plans, except as required by law and except for changes made in the ordinary course of
business in accordance with their customary practices (including increases in compensation and benefits after normal periodic
performance reviews); (viii) make any changes in the accounting methods, principles or practices employed by them, except as
required by generally accepted accounting principles; (ix) make any capital expenditure or enter into any commitment therefore;
(x) incur any debt or make any borrowings, or enter into any commitment therefore; or (xi) enter into any other agreement,
course of action or transaction material to the Company and the Subsidiaries except in the ordinary course of business.

 

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4.2
Undertakings. Seller, Company, and Buyer will use their best efforts, and will cooperate with one another, to secure
all necessary consents, approvals, authorizations and exemptions from governmental agencies and other third parties, and to obtain the
satisfaction of the conditions specified in Articles VI and VII, as shall be required in order to enable Seller and Buyer to effect the
transactions contemplated hereby in accordance with the terms and conditions hereof.

 

4.3
Access. Subject to compliance by Buyer with the provisions of Section 4.4, from the date of this Agreement to the
Closing Date Sellers shall (i) provide Buyer with such information as Buyer may from time to time request with respect to the Company,
and the transactions contemplated by this Agreement, (ii) provide Buyer and its officers, counsel and other authorized representatives
reasonable access during regular business hours and upon reasonable notice to the properties, books, and records of the Company, or as
Buyer may otherwise from time to time reasonably request, and (iii) permit Buyer to make such inspections thereof as Buyer may reasonably
request.

 

4.4 Confidentiality.

 

(a) Unless
and until the Closing is consummated, Buyer or Seller or, Company, as the case may be (the “Recipient”), will keep confidential
any information which has been furnished to it by or on behalf of Seller or, the Company, or by or on behalf of Buyer, as the case may
be (the “Provider”), in connection with the transactions contemplated by this Agreement (“Confidential Information”),
and shall use the Confidential Information solely in connection with the transactions contemplated by this Agreement. If this Agreement
is terminated, the Recipient will return all Confidential Information to the Provider and either destroy any writings prepared by or on
behalf of the Recipient based on Confidential Information or deliver such writings to the Provider. Confidential Information does not
include information which (i) is or becomes (but only when it becomes) generally available to the public other than as a result of
disclosure in violation of this Section 4.4, or (ii) is or becomes (but only when it becomes) available to the Recipient on
a non-confidential basis from a source other than the Provider, or any of its agents or advisors or employees, provided that such source
is not bound by a confidentiality agreement with the Provider in respect thereof.

 

(b) The
Recipient may disclose Confidential Information to any of its directors, officers, employees, agents, advisors and, in the case of
Buyer, its prospective lenders and equity participants who need to know such Confidential Information in connection with the
transactions contemplated by this Agreement; provided that, prior to making such disclosure, the Recipient shall inform all such
persons and entities of the confidential nature of such Confidential Information and such persons and entities shall agree, for the
benefit of the Provider, to be bound by the terms and conditions of this Section 4.4. In any event, the Recipient will be
responsible for damages incurred by the Provider arising from any breach of this Section 4.4 by any person or entity to whom
Confidential Information shall have been furnished. The Recipient may disclose Confidential Information if required by legal process
or by operation of applicable law (but only to the extent so required), provided that such Seller shall first promptly notify Buyer
thereof so that Buyer may seek an appropriate protective order and/or waive compliance by such Seller with the provisions of this
Section 4.4.

 

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ARTICLE V 

COVENANTS RELATING TO THE PURCHASE PRICE SHARES

 

5.1
Legend on Shares. Each certificate representing the Purchase Price Shares shall be stamped or otherwise imprinted on
its face with a legend in the following form:

 

“The
Shares represented by this certificate have not been registered under the Securities Act of 1933. The Shares have been acquired for investment
and may not be sold, transferred or otherwise disposed of except in compliance with such Act.”

 

ARTICLE VI 

CONDITIONS TO BUYER’S OBLIGATIONS

 

The obligations of Buyer to consummate the transactions
contemplated hereby shall be subject to the satisfaction on or prior to the Closing Date of all of the following conditions, except such
conditions as Buyer may waive:

 

6.1
Representations, Warranties and Covenants of Seller. Seller shall have complied in all material respects with all of
its agreements and covenants contained herein required to be complied with at or prior to the Closing Date, and all the representations
and warranties of Seller contained herein shall be true on and as of the Closing Date with the same effect as though made on and as of
the Closing Date, except as otherwise contemplated hereby, and except to the extent that such representations and warranties expressly
make reference to a specified date and as to such representations and warranties the same shall continue on the Closing Date to have been
true as of the specified date. Buyer shall have received a certificate executed by or on behalf of Seller, and dated as of the Closing
Date, certifying as to the fulfillment of the conditions set forth in this Section 6.1.

 

6.2
Further Action. All action (including notifications and filings) that shall be required to be taken by Seller in order
to consummate the transactions contemplated hereby shall have been taken and all consents, approvals, authorizations and exemptions from
third parties that shall be required in order to enable Seller to consummate the transactions contemplated hereby shall have been duly
obtained (except for such actions, consents, approvals, authorizations and exemptions, the absence of which would not prohibit consummation
of such transactions or render such consummation illegal), and, as of the Closing Date, the transactions contemplated hereby shall not
violate any applicable law or governmental regulation.

 

6.3 No
Governmental or Other Proceeding. No order of any court or governmental or regulatory authority or body which restrains or
prohibits the transactions contemplated hereby shall be in effect on the Closing Date and no suit or investigation by any government
agency to enjoin the transactions contemplated hereby or seek damages or other relief as a result thereof shall be pending or
threatened as of the Closing Date.

 

    11 

     

    

 

6.4
Delivery of Shares. Buyer shall have received certificates representing the Shares.

 

ARTICLE VII 

CONDITIONS TO SELLER’S OBLIGATIONS

 

The obligations of Seller to consummate the transactions
contemplated hereby shall be subject to the satisfaction on or prior to the Closing Date of all of the following conditions, except such
conditions as Seller may waive:

 

7.1
Representations, Warranties and Covenants of Buyer. Buyer shall have complied in all material respects with all of its
agreements and covenants contained herein required to be complied with at or prior to the Closing Date, and all of the representations
and warranties of Buyer contained herein shall be true in all material respects on and as of the Closing Date with the same effect as
though made on and as of the Closing Date, except as otherwise contemplated hereby, and except to the extent that such representations
and warranties expressly make reference to a specified date and as to such representations and warranties the same shall continue on the
Closing Date to have been true as of the specified date. Sellers shall have received a certificate of Buyer, dated as of the Closing Date
and signed by an officer of Buyer, certifying as to the fulfillment of the condition set forth in this Section 7.1.

 

7.2
Further Action. All action (including notifications and filings) that shall be required to be taken by Buyer in order
to consummate the transactions contemplated hereby shall have been taken and all consents, approvals, authorizations and exemptions from
third parties that shall be required in order to enable Seller to consummate the transactions contemplated hereby shall have been duly
obtained (except for such actions, consents, approvals, authorizations and exemptions, the absence of which would not prohibit consummation
of such transactions or render such consummation illegal), and, as of the Closing Date, the transactions contemplated hereby shall not
violate any applicable law or governmental regulation.

 

ARTICLE VIII 

SURVIVAL

 

8.1
Survival. The representations, warranties, covenants and agreements contained herein to be performed or complied with
after the Closing shall survive without limitation as to time, unless the covenant or agreement specifies a term, in which case such covenant
or agreement shall survive until the expiration of such specified term.

 

ARTICLE IX 

TERMINATION PRIOR TO CLOSING

 

9.1
Termination of Agreement. This Agreement may be terminated at any time prior to the Closing:

 

(i) By
the mutual written consent of Buyer and the Seller; or

 

    12 

     

    

 

(ii) By
the Buyer in writing if the Closing shall not have occurred on or before January 31, 2021, or such other date to which the Agreement
has been extended pursuant to Section 1.2, provided the delay was not caused by Buyer;

 

(iii) By
either party, against the other, if one or the other, as the case may be, shall (x) fail to perform in any material respect its agreements
contained herein required to be performed prior to the Closing Date, or (y) materially breach any of its representations, warranties,
covenants or agreements contained herein, which failure or breach is not cured within (five) days after the party seeking to terminate
has notified the other party of its intent to terminate this Agreement pursuant to this clause.

 

9.2
Termination of Obligations. Termination of this Agreement pursuant to this Article IX
shall terminate all obligations of the parties hereunder, except for the obligations under Sections 4.4 and 10.6; provided, however,
that termination pursuant to clause (ii) and (iii) of Section 9.1 shall not relieve the defaulting or breaching party from
any liability to the other party hereto resulting from its willful breach of this Agreement.

 

ARTICLE X 

MISCELLANEOUS

 

10.1
Entire Agreement. This Agreement (including the Exhibits) constitutes the sole understanding of the parties with respect
to the subject matter hereof. No amendment, modification or alteration of the terms or provisions of this Agreement shall be binding unless
the same shall be in writing and duly executed by the parties hereto.

 

10.2
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon
the respective successors of the parties hereto; provided, however, that this Agreement may not be assigned by any party without the prior
written consent of the other party hereto, except that the Buyer may, at its election and without the prior written consent of Sellers,
assign this Agreement to any direct or indirect wholly-owned subsidiary or any other affiliate of Buyer so long as the representations
and warranties of Buyer made herein are equally true of such assignee. If this Agreement is assigned with such consent or pursuant to
such exceptions, the terms and conditions hereof shall be binding upon and shall inure to the benefit of the parties hereto and their
respective assigns; provided, however, that no assignment of this Agreement or any of the rights or obligations hereof shall relieve any
party of its obligations under this Agreement. With the exception of the parties to this Agreement, (except as set forth in Article V)
there shall exist no right of any person to claim a beneficial interest in this Agreement or any rights occurring by virtue of this Agreement.

 

10.3
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed
to be an original and all of which shall constitute the same instrument.

 

10.4
Headings. The headings of the Sections and paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction hereof.

 

    13 

     

    

 

10.5 No
Waiver. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party hereto, will be
deemed to constitute a waiver by the party taking any action of compliance with any representation, warranty or agreement contained
herein. The waiver by any party hereto of any condition or of a breach of any other provision of this Agreement will not operate or
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of any of the conditions precedent to
its obligations under the Agreement will not preclude it from seeking redress for breech of this Agreement other than with respect
to the condition so waived.

 

10.6
Expenses. Seller and Buyer shall each pay all costs and expenses incurred by it or on its behalf in connection with
this Agreement and the transactions contemplated hereby, including, without limiting the generality of the foregoing, fees and expenses
of its own financial consultants, accountants and counsel.

 

10.7
Notices. Any notice, request, instruction or other document (each, a “notice”) to be given hereunder by
any party hereto to any other party hereto shall be in writing and delivered personally or sent by registered or certified mail, postage
prepaid,

 

	if to Company to:	1039 Grant St Se Ste B24, Atlanta, GA 30315
	 	 
	if to Seller Gogo to:	1039 Grant St Se Ste B24, Atlanta, GA 30315
	 	 
	if to Seller Carter to:	1039 Grant St Se Ste B24, Atlanta, GA 30315
	 	 
	if to Buyer to:	1039 Grant St Se Ste B24, Atlanta, GA 30315

 

10.8
Further Assurances. From and after the Closing Date, each party, at the request of the other party and at the requesting
party’s expense, will each take all such action and deliver all such documents as shall be reasonably necessary or appropriate to
confirm and vest title to the Shares in Buyer and otherwise enable Buyer and Seller to enjoy the respective benefits contemplated by this
Agreement.

 

10.9
Governing Law. The validity, performance and enforcement of this Agreement and any agreement entered into pursuant hereto,
unless expressly provided to the contrary, will be governed by the Laws of Delaware, without giving effect to the principles of conflicts
of law thereof.

 

10.10
Consent to Jurisdiction. Each of Buyer and Seller (a) consents and submits to the jurisdiction of the Courts of
Delaware and of the Courts of the United States for a judicial district within the territorial limits of Delaware for all purposes of
this Agreement.

 

10.11
Public Announcements. Seller and Buyer shall consult with each other before issuing any press releases or otherwise
making any public statements with respect to this Agreement and the transactions contemplated hereby and shall not issue any such press
release or make any public statement prior to such consultation.

 

    14 

     

    

 

10.12 Specific
Performance. Buyer on the one hand, and Sellers, on the other hand, each acknowledges that the other will be irreparably harmed
and that there will be no adequate remedy at law in the event of a violation by it of any of its covenants or agreements which are
contained in this Agreement. It is accordingly agreed that, in addition to any other remedies which may be available upon the breach
of such covenants and agreements, Seller or Buyer, as the case may be, shall have the right to obtain injunctive relief to restrain
any breach or threatened breach of, or otherwise to obtain specific performance of, the other’s covenants or agreements
contained in this Agreement.

 

[REMANINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    15 

     

    

 

IN WITNESS WHEREOF, each of the parties hereto
has caused this Agreement to be executed on its behalf as of the date first above written.

 

	 	Atlanta CBD, Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	NAME:
	 	TITLE
	 	 	 
	 	 
	 	Floretta Gogo (Seller)
	 	 
	 	 
	 	Name:
	 	 	 
	 	 	 
	 	Xavier Carter (Seller)
	 	 	 
	 	 	 
	 	Name:	 
	 	 	 
	 	The Cannaisseur Group, Inc.
	 	 
	 	By:	 
	 	Name: Floretta Gogo
	 	Title: CEO

 

    16 

     

    

 

EXHIBIT A

 

CERTIFICATE OF INCORPORATION/GOOD STANDING
CERTIFICATE

 

    17 

     

    

 

EXHIBIT B

 

FINANCIAL STATEMENTS

 

    18 

     

    

 

EXHIBIT C

 

CONTRACTS

 

NONE

 

    19 

     

    

 

EXHIBIT D

 

EMPLOYMENT CONTRACTS

 

NONE

 

    20Exhibit 10.1
​
EMPLOYMENT AGREEMENT
This Employment Agreement (the "Agreement"), is effective as of January 17, 2022 (the “Effective Date”), between Aytu BioPharma, Inc., a Delaware corporation headquartered at 373 Inverness Parkway, Suite 206, Englewood, CO 80112 USA, hereinafter referred to as the "Company"), and Mark Oki (“Executive").
​
RECITALS
WHEREAS, the Company is a duly organized Delaware corporation, with its principal place of business within the State of Colorado, and is in the business of developing and marketing pharmaceuticals, medical devices, and other healthcare products; and
WHEREAS, the Company desires Executive’s experience, skills, abilities, background and knowledge, and is willing to engage Executive’s services on the terms and conditions set forth in this Agreement; and
WHEREAS, Executive desires to be in the employ of the Company, and is willing to accept such employment on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1.Employment.
(a)Term.  The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with the provisions hereof (the “Term”).
(b)Position and Duties.  During the Term, the Executive shall serve as the Chief Financial Officer of the Company, and shall have supervision and control over and responsibility for the day-to-day business and affairs of the Company and shall have such other powers and duties as may from time to time be prescribed by the Chief Executive Officer (“CEO”) of the Company, provided that such duties are consistent with the Executive’s position or other positions that he may hold from time to time.  The Executive shall devote his full working time and efforts to the business and affairs of the Company.  Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the CEO, or engage in religious, charitable or other community activities as long as such services and activities are disclosed to the Board and do not interfere with the Executive’s performance of his duties to the Company as provided in this Agreement.  During the Term, Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by the Executive to be adverse or antagonistic to the Company, its business or prospects, its financial position, or otherwise or in any company, person or entity that is, directly or indirectly, in competition with the business of the Company or any of its affiliates. This provision shall encompass any advisory boards of which Executive is or becomes a member of
​

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during the term hereof. Executive shall provide written disclosure to the Compensation Committee (“Compensation Committee”) of the Company’s Board of Directors (the “Board”) as to all advisory boards on which Executive sits, and will provide the Company with written notice within 10 business days of Executive agreeing to sit on any additional advisory boards. On termination of Executive’s employment, regardless of the reason for such termination, Executive shall immediately (and with contemporaneous effect) resign any directorships, offices or other positions that Executive may hold in the Company or any affiliate, unless otherwise agreed in writing by the parties.
2.Compensation and Related Matters.
(a)Base Salary.  During the Term, the Executive’s initial annual base salary shall be four hundred fifteen thousand dollars ($415,000.00), less applicable deductions and withholdings.  The Executive’s base salary shall be reviewed at least annually by the Compensation Committee or a majority of the independent members of the Board, and the base salary may be increased only by the Compensation Committee or a majority of the independent members of the Board.  The base salary in effect at any given time is referred to herein as “Base Salary.”  The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives.
(b)Bonus Compensation.  The Executive shall be eligible for an annual discretionary bonus (hereinafter referred to as the “Bonus”) with a target amount of forty percent (40%) of the Base Salary, subject to standard deductions and withholdings, based on the Compensation Committee’s determination, in good faith, and based upon the Executive’s individual achievement and company performance objectives as set by the Board or the Compensation Committee, of whether the Executive has met such performance milestones as are established for the Executive by the Board or the Compensation Committee, in good faith, in consultation with the Executive (hereinafter referred to as the “Performance Milestones”). The Performance Milestones will be based on certain factors including, but not limited to, the Executive’s performance and the Company’s financial and operational performance. The Executive’s Bonus target will be reviewed annually and may be adjusted by the Board or the Compensation Committee in its discretion, provided however, that the Bonus target may only be reduced upon Executive’s written consent. The Executive must be employed on the date the Bonus is awarded to be eligible for the Bonus, subject to the termination provisions hereof. Bonuses shall be paid during the calendar quarter following the calendar quarter for which such Bonus was earned when Performance Milestones are met during a calendar quarter. Fourth quarter Bonuses and Bonuses calculated on the basis of partial Performance Milestone satisfaction shall be paid within 75 days of fiscal year-end.
(c)Signing Bonus.  The Executive shall receive a bonus upon signing this agreement in the amount of fifty thousand dollars and zero cents ($50,000.00) less applicable deductions and withholdings (hereinafter referred to as the “Signing Bonus”).
(d)Stock Grant.  The Company shall grant to Executive a stock grant of 100,000 shares, which will vest over a (3) year period of employment with the Company beginning with one third (1/3) of the stock vesting on the one-year anniversary of the Effective
​

2

​
Date of this Agreement, and the remaining stock vesting in equal quarterly tranches for two years.
(e)Expenses.  The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers.
(f)Relocation Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses associated with relocating to the Denver, Colorado area inclusive of travel, hotel and other lodging, expenses associated with travel to and from Denver for home searches and moving and packing of household items.
(g)Other Benefits.  During the Term, the Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in effect from time to time, subject to the terms of such plans.
(h)Vacations.  For the term of this Agreement, Executive shall be entitled to paid time off at the rate of twenty-one (21) days per annum.  In accordance with Company policy, unused paid time off may not be carried over from year to year.  The Executive shall also be entitled to all paid holidays given by the Company to its executives.
3.Termination.  During the Term, the Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:
(a)Death.  The Executive’s employment hereunder shall terminate upon his death.
(b)Disability.  The Company may terminate the Executive’s employment if he is disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period.  If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.  The Executive shall cooperate with any reasonable request of the physician in connection with such certification.  If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive.  Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.
(c)Termination by Company for Cause.  The Company may terminate the Executive’s employment hereunder for Cause.  For purposes of this Agreement, “Cause” shall
​

3

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mean any of the following:  (i) the Executive’s material breach of any agreement with the Company, including the Confidentiality and Intellectual Property Agreement, dated March 31, 2021 (the “Confidentiality Agreement”), the provisions of Section 8 of this Agreement, the Code of Conduct or any other material policy that may result in material injury to the Company; (ii) the Executive’s conviction of a felony or any other crime involving dishonesty, breach of trust, moral turpitude, or physical harm to any person (including the Company or any of its employees); (iii) the Executive’s act of fraud or intentional misrepresentation in connection with the Executive’s duties or otherwise in connection with the business of the Company, that may result in material injury to the Company; (iv) the Executive’s material and repeated breach in the performance of duties under this Agreement, including insubordination or failure to implement or follow a lawful policy or directive of the Company, provided that if such failure is curable, it is not cured within 20 days following written notice thereof from the Board; or (v) the Executive’s commission of an act or omission of gross negligence or willful misconduct in the performance of the Executive’s duties that may, in the reasonable determination of the Company, result in material injury to the Company.
(d)Termination Without Cause.  The Company may terminate the Executive’s employment hereunder at any time without Cause.  Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause.
(e)Termination by the Executive.  The Executive may terminate his employment hereunder at any time for any reason, including but not limited to Good Reason.  For purposes of this Agreement, “Good Reason” shall mean, without the Executive’s consent, the occurrence of any of the following:  (i) the Company materially breaches any term of this Agreement, and such breach causes or is likely to cause material harm to the Executive; (ii) there is a change in the Executive’s responsibilities that represents a material and adverse change from the Executive’s overall responsibilities, taken as a whole; (iii) there is a Change in Control that results in a change in the Executive’s responsibilities that represents a material and adverse change from the Executive’s overall responsibilities, taken as a whole; (iv) the Executive’s Base Salary is substantially reduced or diminished; or (v) the Executive’s place of employment is relocated by the Company more than a 50-mile radius from Englewood, CO (it being understood and agreed that the Executive may be required to travel in connection with Company business and none of such travel shall constitute or give rise to “Good Reason”).  The Executive’s voluntary termination shall be deemed to have occurred for Good Reason for purposes of this Agreement only if (x) the Executive provides written notice to the Company within 30 days after the Executive becomes aware of circumstances giving rise to Good Reason, (y) the Company fails to correct the circumstances giving rise to Good Reason within 30 days following the receipt of such notice (the “Cure Period”) and (z) the Executive resigns within 30 days following the end of the Cure Period.  If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.
(g)Notice of Termination.  Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the
​

4

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other party hereto.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.
(h)Date of Termination.  “Date of Termination” shall mean:  (i) if the Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, (v) if the Executive’s employment is terminated by the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period, and (vi) if the Executive’s employment is terminated by Executive for a Bona Fide Retirement, 30 days after the date on which a Notice of Termination is given.  Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.
4.Compensation Upon Termination.
(a)Termination Generally.  If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to his authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination; and (ii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefit”).
(b)Termination by the Company Without Cause, by the Executive with Good Reason.  During the Term, if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit.  In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and non-disparagement, in a form and manner satisfactory to the Company (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release:
(i)the Company shall pay the Executive an amount equal to the Executive’s annual Base Salary plus any pro-rated incentive compensation earned (as determined by the Board or the Compensation Committee) but unpaid as of the Date of Termination (the “Severance Amount”).  Notwithstanding the foregoing, if the Executive
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5

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breaches any of the provisions of the Confidentiality Agreement or Section 8 of this Agreement, all payments of the Severance Amount shall immediately cease; and
(ii)Notwithstanding anything to the contrary in the applicable stock-based award agreement, the underlying shares of the stock-based award will immediately vest following the expiration of the revocation period as set forth in Separation Agreement and Release; and
(iii)if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and
(iv)the amounts payable under this Section 4(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.  Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2); and
5.Change in Control Payment.  The provisions of this Section 5 set forth certain terms of an agreement reached between the Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company.  These provisions are intended to assure and encourage in advance the Executive’s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event.  These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within 12 months after the occurrence of the first event constituting a Change in Control.  These provisions shall terminate and be of no further force or effect beginning 12 months after the occurrence of a Change in Control.
(a)Change in Control.  During the Term, if within 12 months after a Change in Control, the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Separation Agreement and Release by the Executive and the Separation Agreement and Release effective all within the time frame set forth in the Separation Agreement and Release,
(i)the Company shall pay the Executive a lump sum in cash in an amount equal to one times the sum of (A) the Executive’s then current Base Salary (or
​

6

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the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) the Executive’s target annual incentive compensation for the then- current year; and
(ii)notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, all stock options and other stock-based awards held by the Executive and granted after the Effective Date shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination; and
(iii)if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and
(iv)The amounts payable under this Section 5(a) shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period.
For the avoidance of doubt, all stock options and other stock-based awards held by the Executive as of the Effective Date shall be treated as indicated in the applicable award agreements.
(b)Additional Limitation.
(i)Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction.  In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code:  (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash
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forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas.  Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas.  Reg. §1.280G-1, Q&A-24(b) or (c).
(ii)For purposes of this Section 5(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.
(iii)The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive.  Any determination by the Accounting Firm shall be binding upon the Company and the Executive.
(c)Definitions.  For purposes of this Section 5, the following terms shall have the following meanings:
“Change in Control” shall mean the consummation of any of the following:
(i)A sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity; or
(ii)A merger, reorganization or consolidation in which the outstanding shares of common stock of the Company are converted into or exchanged for shares of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the surviving entity immediately upon the completion of such transaction; or
(iii)The sale of all or a majority of the common stock of the Company to an unrelated person or entity; or
(iv)Any other transaction in which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the surviving entity in the transaction immediately upon the completion of such transaction.
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6.Section 409A.
(a)Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.
(b)All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses).  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(c)To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.”  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).
(d)The parties intend that this Agreement will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).  The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.
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(e)The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.
7.Intellectual Property.  The Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s or any of its affiliates’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by the Executive (whether alone or jointly with others) while employed by the Company and its affiliates, whether before or after the date of this Agreement (collectively referred to as “Work Product”), are the property of the Company or such affiliated companies.  The Executive shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during or after the period of employment) to establish and confirm such ownership (including, without limitation, executing and delivering assignments, consents, powers of attorney and other instruments).  The Executive acknowledges that all Work Product shall be deemed to constitute “works made for hire” under the U.S. Copyright Act of 1976, as amended.
8.Confidential Information, Noncompetition and Cooperation.  The Executive agrees that he continues to be bound by the terms of the Confidentiality Agreement.
(a)The Executive agrees that all property (including, without limitation, all equipment, tangible proprietary information, documents, records, notes, contracts and computer- generated materials) furnished to or created or prepared by the Executive incident to the Executive’s employment belongs to the Company and shall be promptly returned to the Company upon termination of the Executive’s employment.
(b)Upon termination of the Executive’s employment, the Executive shall be deemed to have resigned from any and all offices and directorships then held with the Company and its affiliates.  Following any termination of employment, the Executive shall reasonably cooperate with the Company (i) in the winding up of pending work on behalf of the Company and the orderly transfer of work to other employees, and (ii) in the defense of any action brought by any third party against the Company that relates to the Executive’s employment by the Company; provided, that in each case the Company shall reimburse the Executive for any reasonable and documented out-of-pocket fees and expenses incurred by the Executive in connection with such cooperation.
(c)The Executive acknowledges that in the course of the Executive’s employment with the Company, the Executive will become familiar with the Company’s and its affiliates’ trade secrets and with other confidential and proprietary information and that the Executive’s services will be of special, unique and extraordinary value to the Company and its affiliates.  Therefore, the Executive agrees that the Executive shall not, during the Term and for a period of one (1) year thereafter, directly or indirectly, either for himself or for any other person
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or entity or otherwise, (i) participate in any business or enterprise (including, without limitation, any division, group or franchise of a larger organization), engaged, anywhere within North America at the time of termination (the “Restricted Territory”), in the business of developing or commercializing controlled release, ion exchange resin based pharmaceutical products or any therapeutic agent being studied for or approved for the treatment of vascular Ehlers-Danlos Syndrome (VEDS) or an associated connective tissue disorder, or any other business in which the Executive would be required to employ, reveal or otherwise utilize trade secrets of the Company and its affiliates used prior to termination that may result in a material injury to the Company (with it being understood that the term “participate in” shall include, without limitation, having any direct or indirect interest in any person or entity, whether as a sole proprietor, owner, stockholder, partner, joint venturer, creditor or otherwise, or rendering any direct or indirect service or assistance to any person or entity -whether as a director, officer, manager, supervisor, employee, agent, consultant, advisor or otherwise); provided that, nothing herein shall prohibit the Executive from being a passive owner of not more than two percent (2%) of the outstanding stock of any class of an entity which is publicly traded so long as the Executive has no active participation in the business of such corporation; (ii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any of its subsidiaries to cease doing business with the Company or any such subsidiary or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company and any such subsidiary; or (iii) induce or attempt to induce any employee of the Company or its affiliates to leave the employ of the Company or any such affiliated company, or in any way interfere with the relationship between the Company and any of its affiliates and any employee thereof, or hire or otherwise engage any person who was an employee of the Company or any of its affiliated companies within one year before any such hiring would take place.
(d)The Executive agrees that he will not directly or indirectly, individually or in concert with others, make any statement calculated or likely to have the effect of undermining or disparaging the business or the business reputation of the Company or its affiliates or their respective employees, officers, directors, customers, suppliers, successors and assigns, including, without limitation, negative comments about any such person or company, its management methods, policies and/or practices.  Notwithstanding the foregoing, nothing herein shall prohibit the Executive from responding accurately and fully to any question, inquiry or request made in connection with any governmental inquiry, investigation, review, audit or proceeding, any legal proceeding or claim (whether in court, arbitration or otherwise) of any nature, or as otherwise required by law.
(e)If, at the time of enforcement of this Section 8, a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law.  Because the Executive’s services are unique and because the Executive has access to confidential and proprietary information of the Company and its business, the parties hereto agree that money damages would not be an adequate remedy for any breach of Section 8 of this Agreement.  Therefore, in the event of a breach or threatened breach of Section 8 of this Agreement, the Company or its successors or assigns may, in addition to other
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rights and remedies existing in their favor and notwithstanding anything herein to the contrary, apply to any court of competent jurisdiction for specific performance and/or injunctive or other equitable relief in order to enforce or prevent any violations of, the provisions hereof (without posting a bond or other security).
(f)The Executive acknowledges that the provisions of this Section 8 are in consideration of the Executive’s employment with the Company and additional good and valuable consideration as set forth in this Agreement.  The Executive agrees and acknowledges that the restrictions contained in Section 8 do not preclude the Executive from earning a livelihood, nor do they unreasonably impose limitations on the Executive’s ability to earn a living.  The Executive acknowledges (i) that the business of the Company and its affiliates will be conducted throughout the Restricted Territory, (ii) notwithstanding the state of formation or principal office of the Company and its affiliates, or any of their respective executives or employees (including the Executive), it is expected that the Company will have business activities and have valuable business relationships within its industry throughout the Restricted Territory, and (iii) as part of the Executive’s responsibilities, the Executive may be traveling throughout the Restricted Territory in furtherance of the Company’s and its affiliates’ business and its relationships.  The Executive acknowledges that the potential harm to the Company of the non-enforcement of Section 8 outweighs any potential harm to the Executive of its enforcement by injunction or otherwise.  The Executive acknowledges that the Executive has carefully read this Agreement and has given careful consideration to the restraints imposed upon the Executive by this Agreement and is in full accord as to their necessity for the reasonable and proper protection of confidential and proprietary information of the Company and its subsidiaries now existing or to be developed in the future.  The Executive acknowledges that each and every restraint imposed by this Agreement is reasonable with respect to scope, duration, and geographical area.
9.Arbitration of Disputes.  Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators.  In the event that any person or entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  This Section 8 shall be specifically enforceable.  Notwithstanding the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 9.
10.Consent to Jurisdiction.  To the extent that any court action is permitted consistent with or to enforce Section 9 of this Agreement, the parties hereby consent to the jurisdiction of the District Court of Douglas County, Colorado and the United States District Court for the
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District of Colorado.  Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.
11.Integration.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, provided that the Confidentiality Agreement remains in full force and effect.
12.Withholding.  All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law.
13.Successor to the Executive.  This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees.  In the event of the Executive’s death after his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation).
14.Enforceability.  If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
15.Survival.  The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein.
16.Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
17.Notices.  Any notice to be given under this Agreement shall be in writing and delivered personally or sent by overnight courier or registered or certified mail, postage prepaid, return receipt requested, addressed to the party concerned at the address indicated below, or to such other address of which such party subsequently may give notice in writing:
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(a)If to Executive:   To the address specified in the payroll records of the Company.
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(b)If to the Company:
Aytu BioPharma, Inc.
373 Inverness Parkway
Suite 206
Englewood, Colorado 80112
Any notice delivered personally or by overnight courier shall be deemed given on the date delivered and any notice sent by registered or certified mail, postage prepaid, return receipt requested, shall be deemed given on the date mailed. 
18.Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.
19.Governing Law.  This is a Colorado contract and shall be construed under and be governed in all respects by the laws of the State of Colorado, without giving effect to the conflict of laws principles of such State.  With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the District of Colorado.
20.Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.
21.Successor to Company.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place.  Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement.
22.Gender Neutral.  Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise.
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IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.
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	AYTU BIOPHARMA, INC.

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	By:
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	Its:
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	Executive

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	Mark Oki

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