Document:

Exhibit 10.3

 

 

 

 

June 7, 2019

 

John
R. Wheeler

Suite
100

Newport
Beach, CA 92660

 

Dear
Rocky,

 

On
behalf of the Board of Directors of MJ Holdings, Inc. (the “Company”) we hereby accept your resignation as Treasurer
and Chief Financial Officer of the Company effective as of June 7, 2019.

 

Pursuant
to our discussions and the terms of your employment agreement with the Company you hereby agree to accept 250,000 shares of the
Company’s $0.001 par value common stock as full compensation for any and all services that you have provided to the Company
in your capacity as Chief Financial Officer of the Company (the “Stock”). The Stock shall be restricted shares as
defined in Rule 144 of the U.S. Securities Act of 1933 (the “Act”) and shall be subject to an additional holding period
of one (1) year from the date of issuance regardless of the requirements of the Act or any registration of the shares with the
U.S. Securities and Exchange Commission. The Stock shall be issued as follows:

 

		1.	125,000
                                         shares to be issued on June 15, 2019
	 	 	 

		2.	10,417
                                         shares to be issued on the first day of each month for a period of twelve (12) months
                                         commencing on July 1, 2019.

 

You
hereby agree that the Stock to be issued hereunder shall satisfy any and all claims for compensation or other sums owing or may
be owing to you in your capacity as Chief Financial Officer of the Company or any related capacity or for any services that you
may render to the Company during any transition period with regards to the appointment of a new Treasurer and Chief Financial
Officer. You hereby release and forever hold harmless and indemnify MJ Holdings, Inc., it’s heirs, assigns, subsidiaries,
officers, directors and employees from and against any and all claims that you or anyone acting on your behalf may have against
the Company.

 

Kindly
execute this letter herein below and return and your earliest convenience.

 

Sincerely,

 

/s/
Paris Balaouras

 

Paris
Balaouras, Chairman

 

/s/
John R. Wheeler

 

John
R. Wheelerslgd-ex101_6.htm

Exhibit 10.1

AGREEMENT TO VARY A CONTRACT

 

This Agreement is dated June 10, 2019 and made between:

 

	
 
	
(1)
	
MONTAGNE JEUNESSE INTERNATIONAL LIMITED of The Green Barn, Astral Court, Central Avenue, Baglan Energy Park, Wales SA12 7AX

	
 
	
(2)
	
NEOTERIC COSMETICS INC of 4880 Havana Street, Suite 400, PO Box 39-S, Denver, Colorado 80239, USA

 

(together the “Parties”)

 

Background:

	
 
	
A.
	
The Parties are party to an Exclusive Distribution Agreement with an Effective date of September 15, 2014 and made between the Parties, as amended by further agreements dated April 1, 2015, September 5, 2017, and March 18, 2019 (the “Agreement”).

	
 
	
B.
	
The Parties wish to extend the termination date specified within the Agreement so that they have time to explore a new agreement which will replace the Agreement.

	
 
	
C.
	
Consequently, the parties wish to amend the Agreement as set out in this variation agreement with effect from the date of this agreement (Variation Date).

 

Agreed Terms:

	
 
	
1.
	
In consideration of the mutual promises set out in this agreement, the parties agree to amend the Agreement as set out below.

 

	
 
	
2.
	
With effect from the Variation Date the parties agree to amend clause 2.2 of the Agreement as follows:

	
 
	
a.
	
The word "six" in the fifth line shall be deleted and replaced with the word "three"; and

	
 
	
b.
	
The words "prior to the end of the then current Renewal Period" in the sixth line shall be deleted.

 

Governing law and jurisdiction:

	
 
	
3.
	
This variation agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and interpreted in accordance with the law of England and Wales.

 

	
 
	
4.
	
The parties irrevocably agree that the courts of England and Wales have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) that arises out of, or in connection with, this variation agreement or its subject matter or formation.

 

 

			
			
	
Signed by 

DAVID LAWRENCE

for and on behalf of 

MONTAGNE JEUNESSE INTERNATIONAL LIMITED 

 
	
 
	
/s/ David Lawrence

Director

	
 
	
 
	
 

	
 

	
Signed by 

KEVIN PAPRZYCKI 

for and on behalf of 

NEOTERIC COSMETICS INC.
	
 
	
/s/ Kevin Paprzycki

Director

 

2EX-4.12

 Exhibit 4.12 

DESCRIPTION OF SHARE CAPITAL 

General 
 Quotient Limited was originally
formed as a private limited liability, no par value company named QBDG (Newco) Limited, on January 18, 2012 under the Companies (Jersey, Channel Islands) Law 1991 (referred to below, as amended, as the “Jersey Companies Law”) with the
registered number 109886. The company changed its name to Quotient Biodiagnostics Holdings Limited on January 27, 2012, and changed its name to Quotient Limited on May 10, 2013. On April 3, 2014, the company’s status was changed to a public
limited liability no par value company. The registered office of Quotient Limited is at 28 Esplanade, St Helier, JE2 3QA, Jersey, Channel Islands and its principal executive office is at B1, Business Park Terre Bonne, Route de Crassier 13, 1262
Eysins, Switzerland. 
 Authorized and Issued Share Capital 

Quotient Limited is a no par value company, meaning that our shares do not have any nominal or par value. Our constitutional documents permit
us to issue an unlimited number of shares. 
 The issued share capital of our company as of May 28, 2019 was 66,179,110 fully paid ordinary
shares of nil par value and 666,665 fully paid 7% cumulative redeemable preference shares of nil par value. 
 Ordinary Shares 

Our ordinary shares have no preemptive rights or other rights to subscribe for additional ordinary shares, no rights of redemption, conversion
or exchange and no sinking fund rights. In the event of liquidation, dissolution or winding-up, the holders of our ordinary shares are entitled to share equally and ratably in our assets, if any,
remaining after the payment of all our debts and liabilities and the liquidation preference of any issued and outstanding preference shares, if applicable. Holders of our ordinary shares are entitled to receive such dividends as may be lawfully
declared from time to time by our board of directors. 
 Preference Shares 

Subject to limitations contained in our Memorandum and Articles of Association and in any Statement of Rights filed at the Companies Registry
in Jersey in respect of the Company and any limitations prescribed by applicable law, our Board of Directors is authorized to issue preference shares in one or more series and to fix the designation, powers, preferences and rights and the
qualifications, limitations or restrictions of such shares, including but not limited to dividend rates, conversion rights, voting rights, terms of redemption/repurchase (including sinking fund provisions), redemption/repurchase prices and
liquidation preferences, and the number of shares constituting and the designation of any such series, without further vote or action by our shareholders. 

Existing Preference Shares 
 7% Cumulative
Redeemable Preference Shares 
 On January 30, 2015, we issued in a private placement 666,665 7% cumulative redeemable
preference shares, which we refer to below as the preference shares, at a price of $22.50 per share, for an aggregate subscription price of approximately $15 million. The material terms and provisions of the preference shares, as set forth in
the Statement of Rights in relation to Preference Shares in the capital of the Company, or the Statement of Rights, are summarized below. The following description is subject to, and qualified in its entirely by, the Statement of Rights, which is
filed as an exhibit to our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. You should review a copy of the Statement of Rights for a complete description of the terms and conditions
applicable to the preference shares. 
 Each preference share has a right to a cumulative preferential dividend of 7% per annum of the
subscription price paid for that preference share on and from the date of issue of such preference share to (but excluding) the date of redemption of such preference share, or the Preferential Dividend. The Preferential Dividend accrues quarterly
and is payable in connection with the redemption of the preference shares. We have the right (but are under no obligation) to make payments from time to time of some or all of the then accrued but unpaid Preferential Dividend balance, and will not
declare or pay dividends or make any other distributions of income or profits to the holders of our ordinary shares for so long as any accrued Preferential Dividend remains accrued but unpaid. 

The holders of the preference shares have the right to require us to redeem the preference shares after four years, or the Holder Redemption
Trigger Date, subject to our right to extend the Holder Redemption Trigger Date in one year increments up to a maximum of ten (10) years from the issue date. We have the right to redeem all or some of the preference shares at any time. The
preference shares are subject to automatic redemption upon a Change of Control of our company as defined in the Statement of Rights. On the redemption of the preference shares, we will first pay the amount of the accrued Preferential Dividend and
then the redemption price per preference share, which is equal to the subscription price paid therefor. 

 On a winding-up or liquidation of our
company, the preference shares will rank pari passu with our ordinary shares with respect to the repayment of amounts paid up thereon. Immediately prior to a winding-up or
liquidation of our company, all accrued and unpaid Preferential Dividends in respect of the preference shares will be capitalized into new preference shares on the basis of one (1) new preference share for each whole $22.50 of Preferential
Dividend accrued. 
 The holders of the preference shares are subject to certain transfer restrictions and also have certain other rights
described in the Statement of Rights. 
 Memorandum and Articles of Association 

Public limited companies formed under the laws of Jersey, Channel Islands are governed in general by two organizational documents, a Memorandum
of Association and Articles of Association. The Memorandum of Association sets forth the basic constitutional details of the company and its authorized share capital. The Articles of Association set forth other general corporate matters, including
the rights of shareholders and provisions concerning shareholder and director meetings and directors’ terms and fees. The full text of both our Memorandum of Association and Articles of Association are filed as exhibits to our Annual Report on
Form 10-K for the fiscal year ended March 31, 2019. 
 Quotient Memorandum of Association 

Under the Jersey Companies Law, the capacity of a Jersey company is not limited by anything contained in its Memorandum or Articles of
Association. Accordingly, we are able to operate in any markets and to provide any services which are legally permissible and that the directors deem appropriate. Our Memorandum of Association permits us to issue an unlimited number of shares and
warrants. 
 Quotient Articles of Association 

Voting rights 
 Each shareholder
(other than holders of preference shares) is entitled to one vote on a show of hands and to one vote per share held by such shareholder on a poll. There is no cumulative voting of shares. 

Shareholders are ineligible to vote (unless our board determines otherwise) if any call or other sum presently payable by the shareholder to
us in connection with such shares remains unpaid. 
 No holder of a preference share is entitled to vote (either in person or by proxy and
whether by ballot or on a show of hands) at any general meeting of the Company or be counted in determining the total number of votes which may be cast at any such meeting, or required for the purposes of an ordinary resolution or special resolution
of any members or any class of members, or for the purposes of any other consent required under our Articles of Association, except that the holders of preference shares are entitled to receive notice of, attend and vote at any meeting of the
holders of preference shares as a class, where each holder of a preference share is entitled to vote one vote per share on a poll. 
 Transfer of
Shares 
 Shareholders may transfer certificated shares through a customary share transfer form and the presentation of the
applicable physical share certificate. Any of our shares purchased on Nasdaq represent only beneficial interests in the underlying aggregate certificated share position held by DTC. Transfers in “street name” through the DTC system are
legally considered a transfer of the beneficial interest and are to be conducted in accordance with Nasdaq and DTC procedures. 
 Beneficial
holders in “street name” may request at any time that actual ordinary shares in certificated form be registered in their name, which would therefore accord them full rights as legal shareholders under Jersey law. A beneficial holder’s
broker may obtain on such holder’s behalf shares in certificated form through Continental Stock Transfer & Trust Company, our transfer agent. However, the conversion from a beneficial interest in securities legally owned by
Cede & Co., the nominee used by DTC, as holder of legal title to the securities to actual securities, and vice versa, may require both time and the payment of processing fees to our transfer agent in addition to fees that may be
levied by a beneficial holder’s brokerage firm. 

 Our Board of Directors in its discretion may suspend the registration of transfers of shares
for periods not exceeding thirty (30) days in any year. Our Board of Directors may also decline to register transfers of shares: 
  

	 	•	 	 that are not fully paid; and 

 

	 	•	 	 upon which we have a lien. 

If our Board of Directors declines to register a transfer of shares, we must notify the transferee within two (2) months thereafter. 

Dividends and Other Distributions 

In order to be able to declare any dividends, our directors must issue a statutory solvency statement to the effect that, immediately following
the date on which the dividends are proposed to be paid, the company will be able to discharge its liabilities as they fall due and, having regard to the prospects of the company and to the intentions of the directors with respect to the management
of the company’s business and the amount and character of the financial resources that will in the view of the directors be available to the company, the company will be able to continue to carry on business and discharge its liabilities as
they fall due for the twelve (12) months immediately following the date on which the dividend is proposed to be paid (or until the company is dissolved on a solvent basis, if earlier). 

Dividends (other than a preferential dividend) must be apportioned and paid pro rata according to the amounts paid on
shares, unless otherwise specified in the rights attached to a specific class or classes of shares. Dividends (other than a preferential dividend) do not accrue interest and may, if unclaimed, be invested by our Board of Directors on our behalf
until claimed. Any dividend unclaimed after a period of twelve (12) years from the date of declaration of such dividend or the date on which such dividend became due for payment is forfeited and becomes our property. 

Our Articles of Association provide that our Board of Directors may offer our shareholders the right to receive in lieu of any cash dividend
(or part thereof) that we declare on our ordinary shares, such number of our ordinary shares that are (or nearly as possible) equivalent in value to the cash dividend, based on the market price of such shares determined in accordance with our
Articles of Association. 
 The terms of our preference shares provide that, other than the Preferential Dividend, no holder of preference
shares has any right to participate in any distribution made by the Company, whether of income, profits or otherwise. 
 Winding Up 

If we are wound up (whether the liquidation is voluntary, under supervision, or by the courts of Jersey) the liquidator (or the board, where no
liquidator is appointed) may, with the authority of a special resolution of our shareholders, divide among our shareholders part or all of our assets, or transfer any part of our assets to a trustee for the benefit of our shareholders. 

Changes in Capital and Allotment of Securities 

We may, by special resolution of our shareholders, alter our Memorandum of Association to increase or reduce the number of shares that we are
authorized to issue, to consolidate all or any of our shares (whether issued or not) into fewer shares or to divide all or any of our shares (whether issued or not) into more shares, in each case in compliance with the Jersey Companies Law. 

Subject to the provisions of the Jersey Companies Law, our board has the discretion to issue authorized but unissued shares. 

 Variation of Class Rights 

The rights attaching to any class of shares may only be altered by written consent of holders of not less
than two-thirds (2/3) in number of the issued shares of that class, or by special resolution of the relevant class passed at a class shareholder meeting by the holders of not less than two-thirds (2/3) in number of the issued shares of that class being voted in person or by proxy at such meeting. 

Change in Control 
 There are no
provisions in our Articles of Association which would have an effect of delaying, deferring or preventing a change in our control. 
 General Meetings

 An annual general meeting and any other shareholders’ meeting (whether convened for the passing of an ordinary or a special
resolution of our shareholders) shall be called by at least fourteen (14) clear days’ notice given to our shareholders, directors and our auditors. 

Borrowing Powers 
 Our Board of
Directors has the full authority to authorize our entry into agreements to borrow money, to grant security over our assets and to issue debentures and other securities whether outright or as collateral security for any debt, liability or obligation
of us or of any third party. 
 Directors 

We may, by resolution of our shareholders, vary the minimum or maximum number of directors (subject to a minimum of two (2) directors).
Currently the minimum number of directors is two (2) and there is no maximum number of directors. We currently have eight (8) members on our Board of Directors. 

Shareholders are only able to appoint a person as a director at a shareholder meeting if (i) the relevant person has been recommended by
our board or is a serving director who is retiring at that shareholder meeting; or (ii) if a shareholder (other than the person proposed as a director) who is entitled to attend and vote at that shareholder meeting has submitted written notice
to us of their intention to nominate the relevant person during the period from (and including) the date that is one hundred twenty (120) days before, to and including the date that is ninety (90) days before, the first anniversary of the
last annual general meeting of the Company meeting, along with a notice from the relevant person confirming their willingness to be appointed. 

Directors are required to disclose any conflicts of interest with respect to any contract or proposed contract or any other arrangement or
proposed arrangement with us. 
 Other Jersey, Channel Islands Law Considerations 

Purchase of Own Shares 
 As with
declaring a dividend, we may not buy back or redeem our shares unless our directors who are to authorize the buy back or redemption have made a statutory solvency statement that, immediately following the date on which the buy back or redemption is
proposed, the company will be able to discharge its liabilities as they fall due and, having regard to prescribed factors, the company will be able to continue to carry on business and discharge its liabilities as they fall due for the twelve
(12) months immediately following the date on which the buy back or redemption is proposed (or until the company is dissolved on a solvent basis, if earlier). 

If the above conditions are met, we may purchase shares in the manner described below. 

 We may purchase on a stock exchange our own fully paid shares pursuant to a special
resolution of our shareholders. The resolution authorizing the purchase must specify: 
  

	 	•	 	 the maximum number of shares to be purchased; 

 

	 	•	 	 the maximum and minimum prices which may be paid; and 

 

	 	•	 	 a date, not being later than eighteen (18) months after the passing of the resolution, on which the
authority to purchase is to expire. 

 We may purchase our own fully paid shares otherwise than on a stock exchange
pursuant to a special resolution of our shareholders but only if the purchase is made on the terms of a written purchase contract which has been approved by an ordinary resolution of our shareholders. The shareholder from whom we propose to purchase
or redeem shares is not entitled to take part in such shareholder vote in respect of the shares to be purchased. 
 We may fund a redemption
or purchase of our own shares from any source. We cannot purchase our shares if, as a result of such purchase, only redeemable shares would remain in issue. 

If authorized by a resolution of our shareholders, any shares that we redeem or purchase may be held by us as treasury shares. Any shares held
by us as treasury shares may be cancelled, sold, transferred for the purposes of or under an employee share scheme or held without cancelling, selling or transferring them. Shares redeemed or purchased by us are cancelled where we have not been
authorized to hold these as treasury shares. 
 Mandatory Purchases and Acquisitions 

The Jersey Companies Law provides that where a person has made an offer to acquire a class of all of our outstanding shares not already held by
the person and has as a result of such offer acquired or contractually agreed to acquire ninety percent (90%) or more of such outstanding shares, that person is then entitled (and may be required) to acquire the remaining shares. In such
circumstances, a holder of any such remaining shares may apply to the Jersey court for an order that the person making such offer not be entitled to purchase the holder’s shares or that the person purchase the holder’s shares on terms
different to those under which the person made such offer. 
 Other than as described above, we are not subject to any regulations under
which a shareholder that acquires a certain level of share ownership is then required to offer to purchase all of our remaining shares on the same terms as such shareholder’s prior purchase. 

Compromises and Arrangements 

Where we and our creditors or shareholders or a class of either of them propose a compromise or arrangement between us and our creditors or our
shareholders or a class of either of them (as applicable), the Jersey court may order a meeting of the creditors or class of creditors or of our shareholders or class of shareholders (as applicable) to be called in such a manner as the court
directs. Any compromise or arrangement approved by a majority in number representing seventy-five percent (75%) or more in value of the creditors or seventy-five percent (75%) or more of the voting rights of shareholders or class of either of them
(as applicable) if sanctioned by the court, is binding upon us and all the creditors, shareholders or members of the specific class of either of them (as applicable). 

Whether the capital of the company is to be treated as being divided into a single or multiple class(es) of shares is a matter to be
determined by the court. The court may in its discretion treat a single class of shares as multiple classes, or multiple classes of shares as a single class, for the purposes of the shareholder approval referred to above taking into account all
relevant circumstances, which may include circumstances other than the rights attaching to the shares themselves. 

No Pre-Emptive Rights 

The Jersey Companies Law does not confer any pre-emptive rights to purchase our shares or
warrants on our security holders. 

 Rights of Minority Shareholders 

Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of our affairs,
including a proposed or actual act or omission by us, is “unfairly prejudicial” to the interests of our shareholders generally or of some part of our shareholders, including at least the shareholder making the application. What amounts to
unfair prejudice is not defined in the Jersey Companies Law. There may also be common law personal actions available to our shareholders. 

Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under
Article 141 of the Jersey Companies Law), the court may make an order regulating our affairs, requiring us to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by us
or by any of our other shareholders. 
 Share Registrar (Transfer Agent) 

The share registrar and transfer agent for our ordinary shares in the United States is Continental Stock Transfer & Trust Company, 1
State Street, 30th Floor, New York, NY 10004. Continental Stock Transfer & Trust Company and its affiliates in Jersey, Channel Islands are collectively responsible for managing both
our legal share register in Jersey, Channel Islands and our interaction, including moving our shares into and out of, the DTC system. Our legal share register is kept at 28 Esplanade, St Helier, JE2 3QA, Jersey, Channel Islands. 

Listing 
 Our ordinary shares are quoted
on the Nasdaq Global Market under the trading symbol “QTNT.”

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