Document:

Document

Exhibit 10.1 

ZUORA, INC

May 25, 2020

Todd McElhatton

Re: Offer of Employment by Zuora, Inc.

Dear Todd,

I am very pleased to confirm our offer to you of employment with Zuora, Inc., a Delaware Corporation (the "Company").  You will report to the CEO, Tien Tzuo in the position of Chief Financial Officer.  Your start date will be on or before June 22nd, 2020. The terms of our offer and the benefits currently provided by the Company are as follows and your employment is contingent upon the successful completion of a reference and background check.   

1. Starting Salary.  Your starting salary will be four hundred thousand dollars ($400,000) per year and will be subject to adjustment pursuant to the Company's employee compensation policies in effect from time to time. The Company currently pays salary on the 15th and last day of each month. Subject to company  performance, you will be eligible to participate in the executive incentive compensation plan which provides you with the opportunity to earn 75%  of your base salary for a total  on target earnings (OTE) of seven hundred thousand dollars ($700,000) per year. You will also receive a one time fifty thousand dollar ($50,000) sign on bonus. If you voluntarily terminate your employment within the first twelve months  you will be responsible for repayment in its entirety. 

2. Benefits.  In addition, you will be eligible to participate in regular health insurance, bonus and other employee benefit plans established by the Company for its employees from time to time.  As a Senior Vice President, you will also be entitled to participate in our “unlimited vacation” policy which allows you to take time off as needed. Except as provided below, the Company reserves the right to change or otherwise modify, in its sole discretion, the preceding terms of employment, as well as any of the terms set forth herein at any time in the future. 

3. Confidentiality.  As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company.  To protect the interests of the Company, you will need to sign the Company's standard “Employee Invention Assignment and Confidentiality Agreement” as a condition of your employment.  We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer.  During the period that you render services to the Company, you agree to not engage in any employment, business or activity that is in any way competitive with the business or proposed business of the Company.  You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company.  You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company.  You represent that your signing of this offer letter, agreement(s) concerning stock options granted to you, if any, under the Plan (as defined below) and the Company's Employee Invention Assignment and Confidentiality Agreement and your commencement of 

Employment Offer
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employment with the Company will not violate any agreement currently in place between yourself and current or past employers. 

4. Stock.  Subject to the approval of Zuora’s Board of Directors (the “Board”), we will recommend to the Board that you be granted 150,000  restricted stock units (the “RSUs”) which will vest over a four-year period, with 1/4th of the shares subject to the RSU vesting on the  first  anniversary  of  the  vesting commencement date  of  the RSUs and 6.25% of the shares subject to the RSUs vesting quarterly thereafter, in all cases so long as you remain continuously employed by Zuora.  In addition, we will recommend to the Board that you be granted a stock option to purchase 150,000 shares of Zuora common stock, (the “Equity Grant”). The Equity Grant will vest over a four-year period, with 1/4th of the shares subject to the Equity Grant vesting on the first anniversary of the date of grant of the Equity Grant and 1/48th vesting monthly thereafter, in all cases so long as you remain continuously employed by Zuora.  The RSUs and the Equity Grant will be subject to the terms and conditions of Zuora’s 2018 Equity Incentive Plan and the applicable agreement evidencing the RSU and Equity Grant. No right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continue vesting or employment with Zuora.   

Subject to the approval of the company’s Board of Directors, the Company shall enter into a Change in Control and Severance Agreement with you on the same terms as those of the CEO’s other direct reports.  

5. Non-Solicitation.  During your employment with the Company and for a period of one (1) year thereafter, you will not directly or indirectly solicit away employees or consultants of the Company for your own benefit or for the benefit of any other person or entity. 

6. At Will Employment.  While we look forward to a long and profitable relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any reason, at any time, with or without prior notice and with our without cause.  Any statements or representations to the contrary (and, indeed, any statements contradicting any provision in this letter) should be regarded by you as ineffective.  Further, your participation in any stock option or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time.  Any modification or change in your at will employment status may only occur by way of a written employment agreement signed by you and the Chief Executive Officer of the Company. 

7. Authorization to Work.  Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States.  If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you may contact our personnel office. 

8. Arbitration.  You and the Company shall submit to mandatory and exclusive binding arbitration of any controversy or claim arising out of, or relating to, this Agreement or any breach hereof, provided, however, that the parties retain their right to, and shall not be prohibited, limited or in any other way restricted from, seeking or obtaining equitable relief from a court having jurisdiction over the parties.  Such arbitration shall be governed by the Federal Arbitration Act and conducted through the American Arbitration Association in the State of California, Santa Clara County, before a single neutral arbitrator, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect at that time.  The parties hereby waive any rights they may have to have 

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any such claims tried before a judge or jury.  The parties may conduct only essential discovery prior to the hearing, as defined by the AAA arbitrator.  The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based.  You shall bear only those costs of arbitration you would otherwise bear had you brought a claim covered by this Agreement in court.  Judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

9. Acceptance.  This offer supersedes all prior agreements (written and oral) and will remain open until May 25, 2020. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me.  Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any.  Should you have anything else that you wish to discuss, please do not hesitate to call me. 

Todd, we look forward to the opportunity to welcome you to Zuora, Inc. 

Very truly yours,

  /s/ Rene C. Cirulli                                     
Rene C. Cirulli, VP Talent

I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. 

 /s/ Todd McElhatton                           Date Signed: May 25, 2020
Todd McElhattonsprt_ex101

 Exhibit
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11EXHIBIT 10.19

 

EXECUTION VERSION

 

PURCHASE AGREEMENT

 

This Purchase Agreement,
dated this 31st day of August, 2020, by and among NUTRIBAND INC., a Nevada corporation (“Nutriband”), POCONO
PHARMACEUTICALS, INC., a Delaware corporation (“NBI Sub”), and POCONO COATED PRODUCTS, LLC, a Pennsylvania limited
liability company (“Pocono”) and POCONO PCP SUB, INC., a Delaware corporation (“PCP Sub”).

 

WHEREAS, PCP Sub desires
to transfer certain assets to NBI Sub in a tax-free reorganization pursuant to Section 368(a)(1)(C) of the Internal Revenue Code
of 1986, as amended (the “Code”) and any related Treasury Regulations thereunder and subject further to the terms of
this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties, covenants and agreements set forth herein, intending to be legally
bound hereby, the parties hereto agree as follows:

 

(a)

 

THE TRANSACTION

 

		a.	Sale and Transfer of Assets. Upon the terms
and subject to the conditions of this Agreement, at the Closing, PCP Sub shall sell, convey, assign, transfer and deliver to NBI
Sub, and NBI Sub shall purchase from PCP Sub, certain Assets of PCP Sub, subject to the following transaction structure:

 

STRUCTURE OF TRANSACTION.

 

		i.	Pocono will form PCP Sub, a wholly-owned subsidiary
structured as a C corporation, for the purpose of holding all of the assets associated with the Transdermal, Topical, Cosmetic
and Nutraceutical business at Pocono (the ”Business”), including: (1) all assets (including the equipment listed on
Exhibit A), intellectual property and trade secrets, cash balances, receivables, bank accounts and inventory, free and clear of
all liens, except for those lease obligations listed on Schedule 3.6 for the PCP Sub; and (2), a 100% membership interest in Active
Intelligence, LLC, a North Carolina limited liability company (“AI”) (the “Assets”).

 

		ii.	NBI Sub shall only assume those liabilities incurred
in the ordinary course of the daily operations of the Business. All other liabilities shall be excluded from the transaction.

 

     

     

    

 

		iii.	NBI Sub will acquire the Assets in accordance with
the following steps, pursuant to a plan of reorganization under Section 368(a)(1)(C) of the Code, and any related Treasury Regulations:

 

		1.	Nutriband will form NBI Sub, a wholly-owned subsidiary
structured as a C corporation, for the purpose of acquiring the Assets from PCP Sub;

 

		2.	In accordance with Code Section 368(a)(1)(C), NBI Sub will acquire the Assets from PCP Sub in exchange
for the Consideration set forth in Section 1.2 hereof;

 

		3.	Immediately after NBI Sub’s acquisition of the Assets, PCP Sub will liquidate and transfer
all of the Consideration to Pocono;

 

		4.	Following PCP Sub’s liquidation, Pocono will become a shareholder in Nutriband, and Nutriband
will continue the business associated with the Assets through NBI Sub.

 

ACQUISITION TERMS

 

		i.	$6,000,000 paid in voting Common Stock of Nutriband
at a value of the average price of the previous 90 days at the date of Closing.

 

		ii.	$1,500,000 paid in the form of a note, which is due upon the earlier of (a) twelve (12) months
from issuance, or (b) immediately following a capital raise of no less than $4,000,000 and/or a public offering of no less than
$4,000,000. If mutually agreed the $1,500,000 may be paid by any other means available to the company.

 

		iii.	The Assets will serve as security pursuant to the terms of a pledge and security agreement between
the parties

 

		iv.	The Closing of the transaction is reliant on the accuracy of unaudited financials provided by Pocono
to Nutriband for the two (2) years preceding the transaction.

 

		v.	Nutriband will take full ownership and control of the Assets through NBI Sub.

 

		vi.	Michael Myer will join the Nutriband Board of Directors.

 

		vii.	If after twelve (12) months (a) the note has not been paid in full, and (ii) Nutriband has not
filed a registration statement, Pocono will have the unilateral right to reacquire the Assets and return the common stock of Nutriband
under the pledge and security agreement.

 

		b.	Transaction and Consideration. The consideration
transferred by Nutriband to NBI Sub, and payable by NBI Sub to PCP Sub for the Assets is (i) the number of shares of Nutriband’s
voting common stock (“Nutriband Shares”) for a total value of $6,000,000 at a value of the average price of
the previous 90 days at the date of Closing and (ii) a note for $1,500,000 bearing interest at the minimum rate necessary under
the Internal Revenue Code of 1986, as amended, compounded annually to avoid the imputation of interest (e.g. short-term AFR- 0.17%).
payable following the completion of a capital raise of no less than $4,000,000 unless mutually agreed by Pocono and Nutriband,
in the form attached hereto as Exhibit B (the “Note”), which shall be secured by the Assets pursuant to that
certain Pledge and Security Agreement, in the form attached hereto as Exhibit C (the “Security Agreement”)
.. (The Nutriband Shares to be ultimately issued to PCP Sub are referred to in this Agreement as the “Consideration Shares,”
and with the Note collectively referred to as the “Consideration”).

 

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		c.	Escrow. The parties agree that the deliveries pursuant to Sections 2.2, 2.3 and 2.4 shall
be made to and held by the Escrow Agent pursuant to the terms of the Escrow Agreement, which shall provide for the issuance of
deliverables to the parties or the right of Pocono to reacquire the assets as set forth in Section 5.3.

 

Section 1.4 Prohibition
on Trading in Nutriband Stock. All parties acknowledge that information concerning the matters that are the subject matter
of this Agreement may constitute material non-public information under United States federal securities laws, and that United States
federal securities laws prohibit any person who has received material non-public information relating to Nutriband from purchasing
or selling securities of Nutriband, or from communicating such information to any person under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell securities of Nutriband. Accordingly, until one business day following
the date on which the Closing takes place, the parties to this Agreement, and their controlled companies or entities, shall not
purchase or sell any securities of Nutriband.

 

ARTICLE 1A

 

CONDITIONS PRECEDENT

 

Section 1A.1 Conditions Precedent.
Closing is subject to and conditional on the following conditions precedent (“Conditions”):

 

Condition

 

		1	Completion of an audit of the Unaudited Financial Statements
by an independent registered public accounting firm which is a member of the Public Company Accounting Oversight Board (“PCAOB”).

 

Section 1A.2 Waiver
of Conditions. The Conditions may only be waived by agreement in writing between the parties and will be effective only to
the extent specifically set out in that waiver.

 

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Section 1A.3 Conduct
of the parties. Each party must use all reasonable endeavors within its own capacity to ensure that each Condition is satisfied
as soon as reasonably practicable after execution of this Agreement. The applicable duty and expenses in relation to satisfying
the Conditions in Section 1A.1 above must be borne by Nutriband.

 

Section 1A.4 Notice.
A party must promptly notify the other parties in writing as soon as it becomes aware that a Condition has been satisfied or becomes
incapable of being satisfied.

 

Section 1A.5 Failure
of Condition. If a party has complied with its obligations under Section 1A.3, it may terminate this Agreement by giving notice
in writing to the other parties if:

 

		i.	a Condition is or becomes incapable of being satisfied;

 

		ii.	each Condition is not satisfied, or waived in accordance with section 1A.2,

 

		iii.	a Condition, having been satisfied, does not remain satisfied in all respects at all times before
Closing.

 

Section 1A.6 Effect of termination.
On termination of this Agreement under section 1A.5:

 

		1.	Article 9 (Miscellaneous) continues to apply;

 

		iv.	accrued rights and remedies of a party are not affected; and

 

		v.	subject to (a) and (b) above, the parties are released from further performing their obligations
under this Agreement.

 

(b)

 

THE CLOSING

 

		a.	The Closing. Completion of the transfer of the Assets by PCP Sub and the issue of the Consideration
by NBI Sub to the Escrow Agent (the “Closing”) shall occur at 9.00am (or such other time as the parties agree) on the
date that is five (5) Business Days after the date that the last of the Conditions are satisfied or waived, or such other date
as agreed between the parties in writing (“Closing Date”).

 

		b.	Deliveries by PCP Sub and Pocono. At the Closing, PCP Sub and/or Pocono shall deliver to
the Escrow Agent:

 

		i.	a completed and duly executed Bill of Sale for the Assets from PCP Sub;

 

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		ii.	all of the books and records of PCP Sub relating to the Assets;

 

		iii.	duly executed representation agreements from PCP Sub and Pocono with regard to U.S. Securities
law matters;

 

		iv.	the Security Agreement; and

 

		v.	the Escrow Agreement.

 

		c.	PCP Sub Board Resolutions. At the Closing, PCP Sub’s board of directors must deliver
board resolutions to the Escrow Agent approving:

 

		i.	this Agreement and the transactions contemplated hereby; and

 

		ii.	the transfer of the Assets and the registration of NBI Sub as the holder of the Assets in the appropriate
company books.

 

		d.	Deliveries by Nutriband. At the Closing, Nutriband shall deliver to the Escrow Agent:

 

(a) Resolutions of
Nutriband’s board of directors approving this Agreement and the transactions contemplated hereby, including the issue of
the Consideration Shares;

 

		(b)	a stock certificate to PCP Sub for the Consideration Shares
issued to it pursuant to Section 1.2;

 

		(c)	the Note;

 

		(d)	the Security Agreement; and

 

		(e)	the Escrow Agreement.

 

		e.	Conditions of Closing. Closing is conditional on the parties complying with all of their
obligations under this Article 2. If a party fails to fully comply with their obligations under this Article 2 and the parties
do not close this Agreement, each party:

 

i. must
return to the other relevant party all documents delivered to it under this Article 2;

 

ii. must
do everything reasonably required by the other parties to reverse any action taken under this Article 2;

 

iii. is
released from its obligations to continue performance under this Agreement; and

 

iv. retains
the rights it has against the other parties in respect of any past breach.

 

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		f.	Possession, Title and Risk. Unless and until the Release of Escrow under Section 5.3(b)
and during PCP Sub’s right of recission under Section 5.3(a), (i) the Assets shall remain in the possession of PCP Sub on
the premises of Pocono, (ii) title to the Assets shall be vested in NBI, but shall be held by the Escrow Agent pursuant to the
terms of the Escrow Agreement, and (iii) risk in the Assets passes to NBI Sub at the Closing.

 

(c)

 

REPRESENTATIONS AND WARRANTIES OF POCONO
AND PCP SUB

 

Pocono and PCP SUB, jointly and severally,
hereby make the following representations and warranties to Nutriband and NBI Sub as at the date of this Agreement and as at the
Closing (unless a warranty is expressed to be given at a different time in which case it is given at such a different time) that:

 

		a.	Organization, Qualification.

 

		i.	Pocono is a limited liability company duly organized, validly
existing and in good standing under the laws of Pennsylvania, has full power and authority to carry on its business as it is now
being conducted and to own the properties and assets it now owns.

 

		ii.	PCP Sub is a corporation duly organized, validly existing and in good standing under the laws of
Delaware, has full corporate power and authority to carry on its business as it is now being conducted and to own the properties
and assets it now owns.

 

		b.	Subsidiaries.

 

		i.	With the exception of PCP Sub. Pocono does not own, directly or indirectly, any capital stock or
other equity securities of any corporation or have any direct or indirect equity or ownership interest in and has not guaranteed
the obligations of any Person.

 

		ii.	With the exception of AI, PCP Sub does not own, directly or indirectly, any capital stock or other
equity securities of any corporation or have any direct or indirect equity or ownership interest in and has not guaranteed the
obligations of any Person.

 

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		c.	Capitalization.

 

		i.	Pocono is the sole shareholder of PCP Sub, and the shares in PCP Sub held by Pocono constitute
all of the issued shares in the capital of PCP Sub. All such shares have been duly and validly issued, and are fully paid. There
are no options, subscriptions, rights, convertible debt or equity securities or instruments or agreements or plans whether written
or oral, pursuant to which any class of shares may be issuable by PCP Sub. No Person, other than Pocono, has any rights to vote
or any right to approve of a transfer of the Assets in PCP Sub.

 

		ii.	The Assets held by PCP Sub constitute all of the assets of PCP Sub. No Person, other than Pocono,
has any rights to vote or any right to approve of a transfer by PCP Sub of the Assets.

 

		d.	Consents and Approvals, No Violations. Other than the consents and approvals required under
Article 1A (Conditions Precedent), none of the execution, delivery or performance of this Agreement by Pocono and/or PCP Sub, the
consummation by Pocono and PCP Sub of any of the transactions contemplated by this Agreement will (i) require any filing with,
or permit, authorization, consent or approval of, any Governmental Entity or other Person (including consents from parties to loans,
contracts, leases and other agreements to which PCP Sub is a party), (ii) require any consent or approval under, or result in a
violation or breach of, or constitute (with or without due notice or the passage of time or both) a default (or give rise to any
right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any agreement
to which Pocono and/or PCP Sub is a party, or (iii) violate any order, writ, injunction, decree, statute, rule or regulation applicable
to Pocono or any of its properties or assets.

 

		e.	Financial Statements. The Unaudited Financial Statements fairly present the consolidated
financial condition of Pocono and the results of Pocono’s operations for the period then ended.

 

		f.	No Undisclosed Liabilities. Except (a) as disclosed in the Unaudited Financial Statements,
set forth on the attached Schedule 3.6, and (c) for liabilities and obligations incurred in the ordinary course of business and
consistent with past practice since December 31, 2019, neither Pocono nor PCP Sub has any liabilities or obligations of any nature,
whether or not accrued, contingent or otherwise, that individually or collectively have, or would be reasonably likely to have,
a material adverse effect on either Pocono or PCP Sub.

 

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		g.	Absence of Certain Changes. Except as contemplated by this Agreement or set forth on the
attached Schedule 3.7, since December 31, 2019, Pocono has carried on the Business only in the ordinary course, and Pocono has
not:

 

		i.	permitted or allowed any of the Assets (real, personal or mixed, tangible or intangible) to be
subjected to any mortgage, pledge, lien, security interest, encumbrance, restriction or charge of any kind, except for liens for
current taxes not yet due and except for those encumbrances in the ordinary course of business and consistent with past practice;

 

		ii.	other than the transfer to PCP Sub, sold, transferred, or otherwise disposed of any of its properties
or assets (real, personal or mixed, tangible or intangible), except in the ordinary course of business and consistent with past
practice;

 

		iii.	disposed of or permitted to lapse any rights to the use of any Intellectual Property, or disposed
of or disclosed to any Person (other than representatives of Nutriband) any trade secret, formula, process, knowhow or other Intellectual
Property not theretofore a matter of public knowledge;

 

		iv.	paid, lent or advanced any amount to, or sold, transferred or leased any properties or Assets (real,
personal or mixed, tangible or intangible) to, or entered into any agreement or arrangement with, any of its officers or directors
except for directors’ fees and compensation to officers at rates not exceeding the rates of such fees and compensation paid
during the financial year ended December 31, 2019;

 

		v.	written down the value of any inventory (including write-downs by reason of shrinkage or mark-down)
or written off as uncollectible any notes or accounts receivable included in the Assets, except for immaterial write-downs and
write-offs in the ordinary course of business and consistent with past practice;

 

		vi.	agreed, whether in writing or otherwise, to take any action described in this section.

 

		h.	Books and Records. The books of account and other records of Pocono are complete and correct
in all material respects and, in general, have been maintained in accordance with sound business practices. The business records
of Pocono contain accurate and complete records of all meetings of, and action taken by Pocono, and no meeting of any of Pocono’s
members has been held for which minutes have not been prepared and are not contained in its business records.

 

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		i.	Accounts Receivable. All accounts receivable of PCP Sub as of December 31, 2019 reflect
accounts received arising from sales of goods and services in the normal course of business, subject to a reserve, as reflected
in the Unaudited Financial Statements, consistent with past experience.

 

		j.	Inventory. All of the inventories of PCP Sub, whether reflected in the Unaudited Financial
Statements or otherwise, consist of a quality and quantity of products usable in the ordinary and usual course of business.

 

		k.	Title to Properties, Encumbrances. Except for sales of inventory in the normal course of
business since December 31, 2019 and set forth on the attached Schedule 3.11, PCP Sub have good, valid and marketable title to
all the properties and assets that they purport to own (tangible and intangible) free and clear of all Encumbrances, including
all the properties and assets reflected in the Unaudited Financial Statements and all such properties and assets purchased by Pocono
since December 31, 2019. The rights, properties and other assets presently owned, leased or licensed by PCP Sub and described elsewhere
in this Agreement include all such rights, properties and other assets necessary to permit PCP Sub to conduct the Business in all
material respects in the same manner as such Business has been conducted prior to the date hereof.

 

		l.	Real Property. Except as set forth on the attached Schedule 3.12, neither Pocono nor PCP
Sub lease any real property.

 

		m.	Contracts and Commitments: Except as set forth on Schedule 3.13,

 

		i.	Neither Pocono nor PCP Sub have any agreements, contracts, commitments or restrictions that are
material to the Business, operations or prospects or that require the making of any charitable contribution.

 

		ii.	No purchase contracts or commitments of PCP Sub continue for a period of more than twelve (12)
months or are in excess of either Pocono’s or PCP Sub’s normal, ordinary and usual requirements or, to the Knowledge
of Pocono and/or PCP Sub, are at any excessive price.

 

		iii.	There are no outstanding sales contracts, commitments or proposals of PCP Sub that continue for
a period of more than twelve (12) months or which will result in any loss to PCP Sub upon completion or performance thereof, after
allowance for direct distribution expenses nor are there any outstanding contracts, bids or sales or service proposals quoting
prices which will not result in a normal profit.

 

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		iv.	PCP Sub has no outstanding contracts with shareholders, members, directors, officers, employees,
agents, consultants, advisors, salesmen, sales representatives, distributors or dealers that are not cancelable by it on notice
of no longer than thirty (30) days and without liability, penalty or premium for any agreement or arrangement providing for the
payment of any bonus or commission based on sales or earnings.

 

		v.	PCP Sub has no employment agreement, or any other agreement, that contain any severance or termination
pay liabilities or obligations.

 

		vi.	PCP Sub is not in default under or in violation of, nor is there any valid basis for any claim
of default under or violation of, any contract, commitment or restriction to which they are a party or by which they are bound.

 

		vii.	PCP Sub has no employee to whom it is paying compensation at the annual rate of more than $200,000.

 

		viii.	PCP Sub in not restricted by agreement from carrying on its business anywhere in the world.

 

		ix.	PCP Sub is not outstanding any agreement to acquire any debt obligations of others.

 

		x.	PCP Sub has no outstanding loans to any Person.

 

		xi.	PCP Sub has no power of attorney outstanding or any obligations or liabilities (whether absolute,
accrued, contingent or otherwise), as guarantor, surety, co-signer, endorser, co-maker, indemnitor or otherwise in respect of the
obligation of any Person, corporation, partnership, joint venture, association, organization or other entity.

 

		xii.	PCP Sub has no any commitments or obligations to continue to utilize the services of, or otherwise
to do business with, any licensor, vendor, supplier or licensee of Pocono and/or PCP Sub.

 

		xiii.	No obligations of PCP Sub are more than thirty (30) days past due.

 

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		n.	Suppliers. There has not been any material adverse change in the business relationship of
Pocono and/or PCP Sub with any supplier from whom PCP Sub purchased more than ten (10%) percent of the goods or services that it
purchased in 2019 or 2018. Since January 1, 2020, no supplier has modified its relationship with Pocono and/or PCP Sub and no such
Person has made any statement to Pocono and/or PCP Sub as to having any intention to do cancel or modify its relationship with
Pocono and/or PCP Sub or to the effect that the consummation of the transactions contemplated by this Agreement will adversely
affect any of such relationships.

 

		o.	Insurance. Schedule 3.15 to this Agreement sets forth a true and complete list and description
of all insurance policies, other insurance arrangements and other contracts or arrangements for the transfer or sharing of insurance
risks by Pocono and/or PCP Sub in force on the date of this Agreement with respect to the Business or Assets of PCP Sub together
with a statement of the aggregate amount of claims paid out, and claims pending, under each such insurance policy or other arrangement
up until the date of this Agreement. All such policies are in full force and effect, all premiums due thereon have been paid by
Pocono, and Pocono is otherwise in compliance in all material respects with the terms and provisions of such policies. Furthermore,
(a) Neither Pocono nor PCP Sub have received any notice of cancellation or non-renewal of any such policy or arrangement nor is
the termination of any such policies or arrangements threatened, (b) there is no claim pending under any of such policies or arrangements
as to which coverage has been questioned, denied or disputed by the underwriters of such policies or arrangements, (c) Neither
Pocono nor PCP Sub have received any notice from any of its insurance carriers that, solely as a result of the conduct or actions
of Pocono and/or PCP Sub or Pocono and/or PCP Sub products and not as a result of any general rate increase, any insurance premiums
will be increased in the future or that any insurance coverage presently provided for will not be available to Pocono and/or PCP
Sub in the future on substantially the same terms as now in effect and (d) none of such policies or arrangements provides for any
retrospective premium adjustment, experienced-based liability or loss sharing arrangement affecting Pocono and/or PCP Sub. Neither
Pocono nor PCP Sub have workers compensation claims currently outstanding.

 

		p.	Casualties. Since December 31, 2019, neither Pocono nor PCP Sub have been affected in any
way as a result of flood, fire, explosion or other casualty (whether or not material and whether or not covered by insurance).
To the Knowledge of Pocono and PCP Sub, no event (other than normal risks affecting its industry, as a whole, and the COVID-19
pandemic) has occurred which Pocono and/or PCP Sub reasonably believe would have a material adverse effect upon its respective
business or operations.

 

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		q.	Litigation. There is no action, suit, inquiry, proceeding or investigation by or before
any court or governmental or other regulatory or administrative agency or commission (collectively “Proceedings”) pending
or to the Knowledge of Pocono threatened against or involving Pocono and/or PCP Sub, or any such Proceeding which questions or
challenges the validity of this Agreement or any action taken or to be taken by Pocono and/or PCP Sub pursuant to this Agreement
or in connection with the transactions contemplated by this Agreement. Neither Pocono nor PCP Sub are subject to any judgment,
order or decree which may have an adverse effect on its business practices or on its ability to acquire any property or conduct
its business in any area.

 

		r.	Compliance with Laws. Except as set forth on the attached Schedule 3.18, to their Knowledge,
Pocono and PCP Sub have complied in a timely manner and in all material respects with all laws, rules and regulations, ordinances,
judgments, decrees, orders, writs and injunctions of all United States federal, state, local, foreign governments and agencies
thereof that affect the business, properties or assets of Pocono and/or PCP Sub, and no notice, charge, claim, action or assertion
has been received by Pocono and/or PCP Sub or has been filed, commenced or, to the Knowledge of Pocono and/or PCP Sub, threatened
against Pocono and/or PCP Sub alleging any violation of any of the foregoing. Pocono has not in the past been a party to any proceeding
with or before the federal Food and Drug Administration, and has not at any time received any communication from the FDA regarding
the sales of Pocono Products or the manner in which it has conducted its business operations.

 

		s.	Tax Matters.

 

		i.	Pocono has duly filed all Tax Returns that are required to be filed and has duly paid or caused
to be duly paid in full all Taxes shown thereof or otherwise due for such periods. All such Tax Returns are correct and complete
and accurately in all material respects reflect all liability for Taxes for the periods covered thereby. Other than Taxes incurred
in the ordinary course of business, Pocono has no liability for unpaid Taxes accruing after December 31, 2019.

 

		ii.	There are no liens for Taxes upon any property or assets of Pocono and/or PCP Sub, except for liens
for Taxes not yet due.

 

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		iii.	Neither Pocono nor PCP Sub have made any change in accounting methods, received a ruling from any
taxing authority or signed an agreement with respect thereto or signed any agreement with any the United States Tax Office or any
other taxing authority.

 

		iv.	Pocono and PCP Sub have complied in all material respects with all applicable laws, rules and regulations
relating to the payment and withholding of Taxes and have, within the time and the manner prescribed by law, withheld and paid
over to the proper taxing authorities all amounts required to be so withheld and paid over under applicable laws.

 

		v.	No federal, state, local or foreign audits, examinations, investigations or other administrative
proceedings or court proceedings are presently pending with regard to any Taxes or Tax Returns of Pocono and/or PCP Sub, and the
Tax Returns of Pocono and/or PCP Sub have not been subject to audit by any taxing authority, and Pocono and/or PCP Sub have not
received written notice of any claim made by an authority in a jurisdiction where Pocono does not file Tax Returns, that Pocono
and/or PCP Sub is or may be subject to taxation by that jurisdiction.

 

		vi.	To the Knowledge of Pocono and PCP Sub, no Tax deficiencies have been claimed, proposed or asserted
against Pocono and/or PCP Sub.

 

		vii.	There are no outstanding requests, agreements, consents or waivers to extend the statutory period
of limitations applicable to the assessment of any Taxes or deficiencies against Pocono and/or PCP Sub.

 

		viii.	No power of attorney has been granted by or with respect to Pocono and/or PCP Sub with respect
to any matter relating to Taxes.

 

		ix.	Neither Pocono nor PCP Sub is a party to, is bound by nor has any obligation under any Tax sharing
agreement, Tax indemnification agreement or similar contractor arrangement, and neither Pocono nor PCP Sub have potential liability
or obligation to any Person as a result of, or pursuant to, any such agreement, contract or arrangement.

 

		x.	Other than any Tax Returns that have not yet been required to be filed, Pocono and PCP Sub have
made available to Nutriband true, correct and complete copies of its Tax Returns.

 

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		xi.	Neither Pocono nor PCP Sub have been a member of any affiliated group by which Pocono and/or PCP
Sub files consolidated Tax Returns with another Person.

 

		t.	Potential Conflict of Interest. Except as set forth on the attached Schedule 3.20, no officer
or director of Pocono and/or PCP Sub owns or holds, directly or indirectly, any interest in (excepting holdings solely for passive
investment purposes of securities of publicly held and traded entities constituting less than 5% of the equity of any such entity),
or is an officer, director, employee or consultant of any Person that is, a competitor, lessor, lessee, customer or supplier of
Pocono or which conducts a business which develops or markets products which are reasonably expected to compete with any the Business.
No member and no officer or director of Pocono and/or PCP Sub (a) owns or holds, directly or indirectly, in whole or in part, any
Intellectual Property, (b) has any claim, charge, action or cause of action against Pocono, except for claims for reasonable unreimbursed
travel or entertainment expenses. (c) has made, on behalf of Pocono, any payment or commitment to pay any commission, fee or other
amount to, or to purchase or obtain or otherwise contract to purchase or obtain any goods or services from, any other Person of
which member or any officer or director of Pocono (or, to the Knowledge of Pocono, a relative of any of the foregoing) is a partner
or shareholder (except holdings solely for passive investment purposes of securities of publicly held and traded entities constituting
less than 5% of the equity of any such entity).

 

		u.	Product Liability. There are not presently pending, or, to the Knowledge of Pocono and PCP
Sub, threatened, any civil, criminal or administrative actions, suits, demands, claims, hearings, notices of violation, investigations,
proceedings or demand letters relating to any alleged hazard or alleged defect in design, manufacture, materials or workmanship,
including any failure to warn or alleged breach of express or implied warranty or representation, relating to any Product manufactured,
distributed or sold by or on behalf of Pocono. Pocono has not extended to any of its customers any written, non-uniform product
warranties, indemnifications or guarantees.

 

		v.	Bank Accounts. Schedule 3.22 to this Agreement sets forth the names and locations of all
banks, trust companies, savings and loan associations and other financial institutions at which PCP Sub maintains safe deposit
boxes, checking accounts or other accounts of any nature and the names of all Persons authorized to draw thereon, make withdrawals
therefrom or have access thereto.

 

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		w.	Brokers or Finders. No agent, broker, investment banker, financial advisor or other firm
or Person is or will be entitled to any brokers’ or finder’s fee or any other commission or similar fee payable by
Nutriband in connection with any of the transactions contemplated by this Agreement as a result of any action, contract or agreement,
whether oral or written and whether formal or informal between Pocono or an Related Party of Pocono and such Person.

 

		x.	Related Party Agreements. Except as set forth on the attached Schedule 3.24, there are no
and there have not been any agreements, arrangements or understandings between Pocono and any Related Party other than employment
or consulting agreements which are disclosed. No Related Party has or had any interest in any material property (real or personal,
tangible or intangible) sold to, purchased by or otherwise used in or pertaining to the Business; or any direct or indirect interest
in any Person which has had business dealing or a financial interest in any transaction with Pocono or which is in competition
with the Business. No Related Party has any claim or right against Pocono or PCP Sub.

 

		y.	No Other Representations and Warranties. Except for the representations and warranties contained
in this Article 3 (including the related portions of the Disclosure Schedules), neither Pocono nor PCP Sub has made or makes any
other express or implied representation or warranty, either written or oral, including any representation or warranty as to the
accuracy or completeness of any information regarding the Business and the Assets furnished or made available to Nutriband and
its representatives (including any information, documents or material delivered to Nutriband, management presentations or in any
other form in expectation of the transactions contemplated hereby) or as to the future revenue, profitability or success of the
Business, or any representation or warranty arising from statute or otherwise in law.

 

(d)

 

REPRESENTATIONS AND WARRANTIES OF NUTRIBAND

 

Nutriband represents
and warrants to Pocono and PCP Sub as at the date of this Agreement and as at the Closing (unless a warranty is expressed to be
given at a different time in which case it is given at such a different time) that:

 

		a.	Organization. Nutriband is a corporation duly organized, validly existing and in good standing
under the laws of Nevada and has all requisite corporate or other power and authority and all necessary governmental approvals
to own, lease and operate its properties and to carry on its businesses as now being conducted, except where the failure to be
so organized, existing and in good standing or to have such power, authority, and governmental approvals would not have, individually
or in the aggregate, a Material Adverse Effect.

 

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		b.	Authorization; Validity of Agreement. Nutriband has full corporate power and authority to
execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement. The execution, delivery and
performance by Nutriband of this Agreement and the consummation of the transactions contemplated by this Agreement have been duly
authorized by the board of directors of Nutriband, and no other corporate action on the part of Nutriband is necessary to authorize
the execution and delivery by Nutriband of this Agreement or the consummation of the transactions contemplated by this Agreement.
No vote of, or consent by, the holders of any class or series of stock issued by Nutriband is necessary to authorize the execution
and delivery by Nutriband of this Agreement or the consummation by it of the transactions contemplated by this Agreement. This
Agreement has been duly executed and delivered by Nutriband, and, assuming due and valid authorization, execution and delivery
hereof by Pocono and PCP Sub, is a valid and binding obligation of Nutriband, enforceable against it in accordance with its terms;
except as enforceability may be limited by bankruptcy, insolvency and other laws of general application affecting the enforceability
of creditors’ rights and except that any remedy in the nature of equitable relief shall be in the discretion of the court.

 

		c.	Consents and Approvals, No Violations. Except for the filings, permits, authorizations,
consents and approvals as may be required under, and other applicable requirements of, the Securities Act, the Exchange Act or
blue sky laws, none of the execution, delivery or performance of this Agreement by Nutriband, the consummation by Nutriband of
the transactions contemplated by this Agreement or compliance by Nutriband with any of the provisions hereof will (i) conflict
with or result in any breach of any provision of the certificate of incorporation or by-laws of Nutriband, (ii) require any filing
with, or permit, authorization, consent or approval of, any Governmental Entity, (iii) result in a violation or breach of, or constitute
(with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration)
under, any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, lease, license, contract, agreement
or other instrument or obligation to which Nutriband is a party or by which its properties or assets may be bound, or (iv) violate
any order, writ, injunction, decree, statute, rule or regulation applicable to Nutriband, any of its Subsidiaries or any of their
properties or assets, excluding from the foregoing clauses (ii), (iii) and (iv) such violations, breaches or defaults which would
not, individually or in the aggregate, have a material adverse effect on Nutriband’s ability to consummate the transactions
contemplated by this Agreement.

 

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		d.	Issuance of Consideration Shares. The issuance of the Consideration Shares to PCP Sub pursuant
to this Agreement has been authorized by Nutriband’s board of directors and the Consideration Shares, when issued pursuant
to this Agreement will be duly and validly authorized and issued, fully paid and non-assessable, and, in reliance upon the representations
and warranties of Pocono and PCP Sub, will be issued in a transaction exempt from registration under the Securities Act. PCP Sub
and, subsequently, Pocono, will acquire the full legal ownership of the relevant Consideration Shares free and clear of all Encumbrances
(subject to their restricted nature as set out in Section 1.3). The Consideration Shares will upon issue rank equally with, and
confer all rights possessed by, all existing stock in Nutriband (subject to their restricted nature as set out in Section 1.3).
Nutriband has not taken any steps at any time prior hereto that would artificially cause the increased value of the Nutriband Shares.

 

		e.	Financial Statements. Nutriband’s audited financial statements for the years ended
January 31, 2020 and 2019. together with the notes (the “Nutriband Financial Statements”), are included in Nutriband’s
filings with the Securities and Exchange Commission (“SEC Filings”) under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). The Nutriband Financial Statements present and reflect the financial position on the respective
balance sheet dates and the results of its operations for the periods then ended in accordance with United States generally accepted
accounting principles consistently applied.

 

		f.	Business of Nutriband. The business of Nutriband, including information relating to its
risk factors, and its management, principal shareholders, material agreements, capitalization is described in the SEC Filings.
As of their respective filing dates, and giving effect to any amendments or supplements thereto filed prior to the date of this
Agreement, the SEC Filings comply in all material respects as to form with the requirements of the Securities Act of 1933, as amended,
the Exchange Act, and the respective rules and regulations of the SEC promulgated thereunder applicable to such SEC Filings, and
the SEC Filings taken together do not contain any untrue statement of a material fact or omitted to state any material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading.

 

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		g.	Brokers or Finders. Neither Nutriband nor any of its Affiliates has entered into any agreement
or arrangement entitling any agent, broker, investment banker, financial advisor or other firm or Person to any broker’s
or finder’s fee or any other commission or similar fee in connection with any of the transactions contemplated by this Agreement
except that an investment banking fee is payable to WallachBeth Capital, LLC, which is payable by Nutriband without diminution
in value of the Consideration Shares.

 

		h.	Full Disclosure. The representations and warranties contained in this Article 4, together
with the statements and other information in the SEC Filings, and the certificates or other writing furnished or to be furnished
by Nutriband to Pocono and PCP Sub or any of their representatives pursuant to the provisions hereof or in connection with the
Transactions, do not and will not contain any untrue statement of material fact or omit or will omit to state any material fact
necessary, in light of the circumstances under which it was made, in order to make the statements herein and therein, taken together,
not misleading.

 

(e).

 

POST-CLOSING

 

		a.	Non-Competition Covenant. Without the express prior written consent of Nutriband, neither
Pocono nor any Principal Member shall, at any time during period commencing on the Closing Date and ending one (1) year thereafter,
directly or indirectly, own, manage, control or participate in the ownership, management or control of, or be related or otherwise
affiliated in any manner with, any business that is engaged in the development, manufacture and sale of products similar to those
in the Business; provided that the foregoing shall not prohibit (a) such Person from owning as a passive investment 5% or
less of the equity of any publicly-traded entity or (b) such Persons ownership, management and control of Ntrinsiq.

 

		b.	Post-Closing Covenants. Immediately after Closing, the parties shall take the following
actions:

 

		i.	Board Appointment. Michael Myer will join the Nutriband
Board of Directors, and Gareth Sheridan will join the PCP Sub Board of Directors as one the two
directors who shall be in charge of the management of PCP Sub.

 

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		ii.	Employment. All current employment contracts of PCP Sub will remain in place and all officers
of Pocono will remain in managerial duties of Pocono’s day to day operations.

 

		iii.	Listing. Nutriband shall use its best efforts to file a registration statement for an underwritten
public offering of its securities as soon as reasonably possible after Closing (the “Listing”); provided, however,
that the date of filing may be delayed to the extent that the registration statement requires information about the business of
and risk factors relating to Pocono and Pocono’s financial statements, pro forma financial information and a discussion of
Pocono’s financial statements. In connection with the underwritten public offering, Nutriband will file for the listing of
the Nutriband Shares on either the Nasdaq Stock Market or the NYSE American stock exchange and will seek to have the Nutriband
Shares listed for trading on such exchange contemporaneously with the effectiveness of the registration statement relating to the
underwritten public offering.

 

		c.	Return of Assets under Security Agreement/Release of Escrow. The parties agree and acknowledge
that the transactions pursuant to this Agreement are subject to fulfillment of the conditions herein and the following rights of
the parties:

 

		i.	Return of Assets under Security Agreement. If upon the one (1) year anniversary of the Closing
Date, Nutriband has not (A) completed the Listing, and (B) paid the Note in full, Pocono will have the unilateral right, in its
sole and absolute discretion, to exercise its rights under the Security Agreement to reacquire the Assets. Pocono shall provide
Nutriband written notice of its intent to exercise such rights under the terms of the Security Agreement within sixty (60) days
of the one (1) year anniversary of the Closing Date. The parties agree that upon such exercise the following will occur:

 

(i) The
Escrow Agent will return all of the deliverables called for in Sections 2.2 and 2.3 of this Agreement to Pocono and/or the PCP
Sub;

 

(ii) The
Escrow Agent will return all of the deliverables called for in Section 2.4 of this Agreement to Nutriband;

 

(iii) All
rights, assets, obligations and liabilities of the operations of the Business at the time of the exercise remain with Pocono including,
but not limited to, cash, accounts receivables, work in progress, raw material, inventory, accounts payable, contract fulfillment,
etc.

 

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		ii.	Release of Escrow. The parties agree that if Nutriband has (A) completed the Listing, and
(B) paid the Note in full, then the Escrow Agent shall be instructed to release the deliverables held pursuant to the Escrow Agreement.
The parties further agree that if there is a release of escrow pursuant the terms hereof, the parties will treat the date of this
Agreement as the effective date of this Agreement for all purposes, and as the date the transactions hereunder were consummated.

 

(f).

 

INDEMNIFICATION

 

		a.	Indemnification, Remedies.

 

		i.	Subject to Sections 6.1(b) and 6.2 of this Agreement;

 

		1.	Pocono shall indemnify, defend and hold harmless Nutriband
from and against any Losses incurred by Nutriband which result from a breach of Article 3 of this Agreement.

 

		2.	Nutriband shall indemnify, defend and hold harmless Pocono and PCP Sub against any Losses incurred
by them which result from a breach of Nutriband’s representations and warranties contained in Article 4 of this Agreement.

 

		ii.	The indemnification obligations of the indemnifying parties (each, an “Indemnifying Party”
and the party being indemnified, an “Indemnified Party”) under Section 6.1(a) shall be subject to each of the following
limitations:

 

		1.	The indemnification obligations of the Indemnifying Parties
set forth in Section 3.19 (Tax Matters) shall survive until sixty days following the date on which the applicable statute of limitations
expires.

 

		2.	The indemnification obligations of the Indemnifying Parties
set forth in Section 4.4 (Issuance of Consideration Shares) shall survive indefinitely.

 

		3.	The indemnification obligations pursuant to all other representations
and warranties shall survive for a period of (2) two years from Closing, such that a party will not be liable for any Claim unless:
(A) the relevant party receives written notice of the Claim within 2 years after the Closing Date; and (B) the Claim is agreed,
compromised or settled or legal proceedings have been issued and served in respect of the Claim within 6 months after the notice
is given in respect of the Claim.

 

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		iii.	Except for fraud and with respect to covenants and agreements to be subsequently performed, the
sole remedy following the Closing for any inaccuracy in or breach of any representation, warranty, covenant or agreement shall
be pursuant to this Article 6.

 

		b.	Limitations of Liability of Pocono and/or PCP Sub.

 

		i.	Any warranties of Pocono and/or PCP Sub are given subject to and qualified by, and Nutriband is
not entitled to claim that any fact, matter or circumstance causes any of such warranties to be breached if and to the extent that
the fact, matter or circumstance is Fairly Disclosed in this Agreement or in the Disclosure Materials.

 

		ii.	For the avoidance of doubt, any fact, matter or circumstance Fairly Disclosed or which is or would
be revealed by a search referred to above is deemed to qualify the representations and warranties in Article 3.

 

		iii.	Pocono and/or PCP Sub are not liable to Nutriband for any Claim arising from or relating to a breach
of any warranty if, before the date of this Agreement, Nutriband is aware of the matter that has given rise or will give rise to
the breach or anticipated breach and does not before the date of this Agreement give written notice to Pocono and/or PCP Sub, respectively,
of the matter.

 

		iv.	Pocono and/or PCP Sub are not liable to Nutriband for any Claim for Loss which is recoverable by
Nutriband under a policy of insurance.

 

		v.	Pocono and/or PCP Sub are not liable to Nutriband for any Claim under or relating to this Agreement
which would not have arisen but for, or for any loss or damage attributable to,: (i) anything done or not done after Closing by
Nutriband or any person acting, or purporting to act, on behalf of the Nutriband; (ii) the enactment of any legislation after the
date of this Agreement or change in legislation in force on the date of this Agreement, including legislation which has a retrospective
effect; or (iii) a change in the judicial interpretation of the law in any jurisdiction after the date of this Agreement.

 

		vi.	Pocono and/or PCP Sub are not liable to Nutriband for any Claim unless: (i) the amount finally
adjudicated or agreed as being payable in respect of the Claim (or a series of like Claims arising from the same or substantially
similar facts) exceeds $50,000; and (ii) the aggregate amount finally adjudicated or agreed as being payable in respect of all
Claims which may be recovered under (i) is not less than $100,000, in which case Pocono and/or PCP Sub are liable for all of the
Claims which may be recovered under (i).

 

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		vii.	The maximum aggregate amount which Nutriband may recover, in respect of any Claim, is equal to
the lower of: (i) the Consideration actually paid; and (ii) the sum of the proceeds of sale of the Consideration Shares and the
value of the remaining Consideration Shares.

 

		c.	Acknowledgements. The parties acknowledge and warrant that: (a) they have negotiated this
Agreement with the assistance of legal advisers and accept that they rely on only those matters expressly set out in this Agreement;
(b) any statement, representation, warranty, undertaking or other provision not expressly set out in this Agreement has not been
relied upon and shall have no force or effect; and (c) Nutriband has had the opportunity to make, and has made, reasonable inquires
in relation to Pocono and has satisfied itself in relation to the matters arising from those inquiries.

 

		d.	Notice of Claim, Defense. Each Indemnified Party shall give the Indemnifying Party prompt
notice of any third-party claim that may give rise to any indemnification obligation under this Article 6, together with the estimated
amount of such claim, and the Indemnifying Party shall have the right to assume the defense (at Indemnifying Party’s sole
expense) of any such claim through counsel of the Indemnifying Party’s own choosing by so notifying the Indemnified Party
within 30 days of the first receipt by the Indemnifying Party of such notice from the Indemnified Party; provided, however,
that any such counsel shall be reasonably satisfactory to the Indemnified Party. Failure to give such notice shall not affect the
indemnification obligations hereunder in the absence of actual and material prejudice. If, under applicable standards of professional
conduct, a conflict with respect to any significant issue between any Indemnified Party and any Indemnifying Party exists in respect
of such third-party claim, the Indemnifying Party shall pay the reasonable fees and expenses of such additional counsel as may
be required to be retained in order to resolve such conflict, but not more than one firm in any jurisdiction representing all Indemnified
Parties. The Indemnifying Party shall be solely liable for the fees and expenses of counsel employed by the Indemnified Party for
any period during which the Indemnifying Party has not assumed the defense of any such third-party claim (other than during any
period in which the Indemnified Party will have failed to give notice of the third-party claim as provided above). If the Indemnifying
Party assumes such defense, the Indemnified Party shall have the right to participate in the defense thereof and to employ counsel,
at its own expense, separate from the counsel employed by the Indemnifying Party, it being understood that the Indemnifying Party
shall control such defense. If Indemnifying Party chooses to defend or prosecute a third-party claim, the Indemnified Party shall
cooperate in the defense or prosecution thereof, which cooperation shall include, to the extent reasonably requested by the Indemnifying
Party, the retention, and the provision to the Indemnifying Party, of records and information reasonably relevant to such third-party
claim, and making employees of the Indemnified Party available on a mutually convenient basis to provide additional information
and explanation of any materials provided hereunder. The Indemnified Party shall agree to any settlement, compromise or discharge
of such third-party claim that the Indemnifying Party may recommend and that, by its terms, discharges the Indemnified Party from
the full amount of liability in connection with such third-party claim; provided, however, that, without the consent
of the Indemnified Party, the Indemnifying Party shall not consent to, and the Indemnified Party shall not be required to agree
to, the entry of any judgment or enter into any settlement that (i) provides for injunctive or other non-monetary relief affecting
the Indemnified Party or (ii) does not include as an unconditional term thereof the giving of a release from all liability with
respect to such claim by each claimant or plaintiff to each the Indemnified Person that is the subject of such third-party claim.

 

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(g).

 

DEFINITIONS AND INTERPRETATION

 

		a.	Definitions. For all purposes of this Agreement, except as otherwise expressly provided
or unless the context clearly requires otherwise:

 

“Affiliate”
shall have the meaning set forth in Rule 12b-2 of the Exchange Act.

 

“Agreement”
or “this Agreement” shall mean this Purchase Agreement, together with the Exhibits hereto and the Disclosure Schedule.

 

“Business Day”
shall mean (a) for receiving a notice under this Agreement, a day that is not a Saturday, Sunday, public holiday or bank holiday
in the place where the notice is received;

 

“Claim” shall
include a claim, notice, demand, action, proceeding, litigation, investigation, audit, assessment, judgment, damage, loss, cost,
expense or liability however arising, whether present, unascertained, immediate, future or contingent, whether based in contract,
tort or statute and whether involving a third party or a party to this Agreement.

 

“Closing” shall
mean the closing referred to in Section 2.1.

 

“Closing Date”
shall have the meaning set forth in Section 2.1.

 

“Disclosure Schedule”
shall mean the letter (if any) from Pocono and/or PCP Sub to Nutriband dated on or before the date of this Agreement, and delivered
to Nutriband prior to executing this Agreement, which contains disclosures in respect of the warranties in Article 3 hereof.

 

“Disclosure Materials”
means (a) all of the information and documents provided by PCP Sub and/or Pocono to Nutriband (an index of which is set out in
Exhibit D), and (b) the information in the Disclosure Schedule.

 

“Encumbrances”
shall mean any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements,
obligations, understandings or arrangements or other restrictions on title or transfer of any nature whatsoever provided as security
for the payment of money or the performance of any other obligation.

 

“Escrow Agent”
shall mean that parties appointed as the escrow agent by the parties, or successor thereto, pursuant to the terms of the Escrow
Agreement.

 

“Escrow Agreement”
shall mean that certain escrow agreement executed by the parties in connection with this Agreement in the form attached hereto
as Exhibit E.

 

“Fairly Disclosed”
means disclosed in a manner that could reasonably be expected to allow a person experienced in transactions of the nature contemplated
by this Agreement to understand the consequences of that disclosure.

 

“Governmental
Entity” shall mean a court, arbitral tribunal, administrative agency or commission or other governmental or other regulatory
authority or agency.

 

“Intellectual
Property” shall mean: any license, Patent, patent application, copyright, copyright application, trademark, trademark
application, service mark, and service mark application (in any such case, whether registered or to be registered in the United
States of America or elsewhere) applied for, issued to or owned by Pocono or PCP Sub, slogan, trade secret, design, logo, formula,
invention, product right, technology, internet domain name, web site, phone number, computer program, computer software, formula,
or other intangible asset of any nature owned by PCP Sub, or which PCP Sub has the right to use, which is used in the operation
of the Business.

 

“Knowledge”
of any Person shall mean (i) actual knowledge of such Person and (ii) that knowledge which a prudent businessperson could reasonably
have obtained in the management of such Person’s business affairs after making due inquiry and exercising the due diligence
which a prudent businessperson should have made or exercised, as applicable, with respect thereto. In connection therewith, the
knowledge (both actual and constructive) of the Principal Members shall be imputed to be the knowledge of Pocono.

 

    23

     

    

 

“Law” shall
mean any law, statute, treaty, rule, regulation or order of any Governmental Entity.

 

“Losses”
shall mean any and all actual losses, liabilities, damages, judgments, settlements and expenses (including interest and penalties
recovered by a third party with respect thereto and reasonable attorneys’ fees and expenses and reasonable accountants’
fees and expenses incurred in the investigation or defense of any of the same or in asserting, preserving or enforcing any rights).

 

“Patents”
shall mean issued U.S. and foreign patents and pending patent applications, patent disclosures, and any and all divisions, continuations,
continuations in-part, reissues, reexaminations, and extension thereof, any counterparts claiming priority therefrom, utility models,
patents of importation/confirmation, certificates of invention and like statutory rights.

 

“Person”
shall mean a natural person, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, Governmental Entity or other entity or organization.

 

“Principal Members”
shall mean Michael Myer, Rick Myer and William Myer.

 

“Related Party”
shall mean any present or former director, member of officer of Pocono or any member of their immediate family or any Person controlling
or controlled by any such Persons.

 

“Tax” or
“Taxes” shall mean all taxes, charges, fees, duties, levies, penalties or other assessments imposed by any federal,
state, local or foreign governmental authority, including income, gross receipts, excise, property, sales, gain, use, license,
custom duty, unemployment, capital stock, transfer, franchise, payroll, withholding, social security, minimum estimated, profit,
gift, severance, value added, disability, premium, recapture, credit, occupation, service, leasing, employment, stamp and other
taxes, and shall include interest, penalties or additions attributable thereto or attributable to any failure to comply with any
requirement regarding Tax Returns.

 

“Tax Return”
shall mean any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any
such document prepared on a consolidated, combined or unitary basis and also including any schedule or attachment thereto, and
including any amendment thereof.

 

“Trade Secrets”
shall mean all categories of trade secrets under applicable law, including business information.

 

    24

     

    

 

“Unaudited Financial
Statements” means the financial statements of Pocono for the previous three (3) business years

 

		b.	Construction.

 

		i.	When a reference is made in this Agreement to an article,
section, paragraph, exhibit and schedule, such reference shall be to an article, section, paragraph, exhibit and schedule of this
Agreement unless otherwise clearly indicated to the contrary.

 

		ii.	Whenever the words “include,” “includes” or “including” are
used in this Agreement they shall be deemed to be followed by the words “without limitation.”

 

		iii.	The words “hereof,” “herein” and “herewith” and words of similar
import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of
this Agreement.

 

		iv.	The meaning assigned to each term defined herein shall be equally applicable to both the singular
and the plural forms of such term, and words denoting any gender shall include all genders. Where a word or phrase is defined herein,
each of its other grammatical forms shall have a corresponding meaning.

 

		v.	A reference to any party to this Agreement or any other agreement or document shall include such
party’s successors and permitted assigns.

 

		vi.	A reference to any legislation or to any provision of any legislation shall include any amendment
to, and any modification or re-enactment thereof, any legislative provision substituted therefor and all regulations and statutory
instruments issued thereunder or pursuant thereto.

 

		vii.	As used in this Agreement, any reference to any event, change or effect having a material adverse
effect on or with respect to any entity (or group of entities taken as a whole) means such event, change or effect is materially
adverse to (i) the financial condition, businesses, prospects or results of operations of such entity as a whole (or, if used with
respect thereto, of such group of entities taken as a whole) or (ii) the ability of such entity (or group) to consummate the Transactions).

 

    25

     

    

 

		viii.	The parties have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
provisions of this Agreement.

 

		ix.	A reference to time in this Agreement is to US Eastern Time.

 

		x.	a reference to $ or USD is to currency of the United States of America.

 

(h).

 

MISCELLANEOUS

 

		a.	Fees and Expenses. All costs and expenses incurred in connection with this Agreement and
the consummation of the Transactions shall be paid by the Party incurring such expenses.

 

		b.	Entire Agreement; Amendment, Modification and Waiver. This Agreement constitutes the entire
agreement among the parties relating to the subject matter hereof, superseding any and all prior or contemporaneous oral and prior
written agreements, understandings, term sheets and letters of intent. This Agreement may not be modified or amended nor may any
right be waived except by a writing which expressly refers to this Agreement, states that it is a modification, amendment or waiver
and is signed by all parties with respect to a modification or amendment or the party granting the waiver with respect to a waiver.
No course of conduct or dealing or trade usage or custom and no course of performance shall be relied on or referred to by any
party to contradict, explain or supplement any provision of this Agreement, it being acknowledged by the parties to this Agreement
that this Agreement is intended to be, and is, the complete and exclusive statement of the agreement with respect to its subject
matter. Any waiver shall be limited to the express terms thereof and shall not be construed as a waiver of any other provisions
or the same provisions at any other time or under any other circumstances

 

		c.	Press Release. Nutriband and Pocono shall consult with each other before issuing any press
release or otherwise making any public statements with respect to the transactions contemplated by this Agreement or this Agreement,
and shall not issue any other press release or make any other public statement without prior consent of the other parties, except
as may be required by law or, with respect to Nutriband, by obligations pursuant to rule or regulation of the Securities Exchange
Act, of 1934, as amended, the Securities Act of 1933, as amended, any rule or regulation promulgated thereunder, or any rule or
regulation of the Financial Industry Regulatory Authority.

 

		d.	Notices. All notices and other communications hereunder shall be in writing and shall be
deemed given if mailed, delivered personally, sent by email or sent by an overnight courier service that provides evidence of delivery
or attempted delivery to the parties at the addresses and emails set forth on the signature page and to the attention of the Person
who executed this Agreement on behalf of such party. Notice shall be deemed given on the date of delivery or, with respect to delivery
by overnight courier service or registered or certified mail, attempted delivery. Any party may, by like notice, change the address
or email to which notice shall be sent.

 

    26

     

    

 

		e.	Counterparts. This Agreement may be executed in one or more counterparts, all of which shall
be considered one and the same agreement and shall become effective when two or more counterparts have been signed by each of the
parties and delivered to the other parties. An executed counterpart may be delivered by email.

 

		f.	No Third-Party Beneficiaries. This Agreement is not intended to confer upon any Person other
than the parties hereto and thereto any rights or remedies hereunder.

 

		g.	Severability. Any term or provision of this Agreement that is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term
or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction or
other authority declares that any term or provision hereof is invalid, void or unenforceable, the parties agree that the court
making such determination shall have the power to reduce the scope, duration, area or applicability of the term or provision, to
delete specific words or phrases, or to replace any invalid, void or unenforceable term or provision with a term or provision that
is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.

 

		h.	Governing Law. This Agreement, and all claims or causes of action that may be based upon,
arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or
cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement
or as an inducement to enter into this Agreement), shall be governed by, and enforced in accordance with, the internal laws
of the State of Delaware. Each of the parties hereby irrevocably consents and agrees that any legal or equitable action or proceeding
arising under or in connection with this Agreement shall be brought in the Federal or state courts located in the State of Delaware,
by execution and delivery of this Agreement, irrevocably submits to and accepts the jurisdiction of said courts, (iii) waives any
defense that such court is not a convenient forum, and (iv) consent to any service of process by made either (A) in the manner
set forth in Section 8.4 of this Agreement (other than by email), or (B) any other method of service permitted by law.

 

		i.	No Election of Remedies. Neither the exercise of, nor the failure to exercise, a right under
this Agreement will constitute an election of remedies or limit Nutriband, Pocono, or any of the Indemnified Persons in any manner
in the enforcement of any other remedies that may be available to any of them, whether at law or in equity.

 

		j.	Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder
shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of
the other parties. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors and assigns.

 

[Signatures on following pages]

 

    27

     

    

 

IN WITNESS WHEREOF, Nutriband, NBI Sub, Pocono
Coated Products, LLC and PCP Sub have executed this Agreement on and as of the date first written above.

 

	Address and email	Signature
	 	 
	121 South Orange Ave., Suite 1500	NUTRIBAND INC.
	Orlando, Florida 32801	 
	Email: gareth@nutriband.com	By:	/s/ Gareth Sheridan
	 	 	Gareth Sheridan, CEO
	 	 
	121 South Orange Ave., Suite 1500	NBI Sub
	Orlando, Florida 32801	 
	Email: gareth@nutriband.com	By:	Nutriband, Inc.
	 	Its:	Sole Shareholder
	 	 
	 	By:	/s/ Gareth Sheridan
	 	Name: 	 Gareth Sheridan
	 	Its:	CEO
	 	 	 
	100 Sweetree Street, Cherryville, N.C.	Pocono Coated Products, LLC
	Email:	
	 	By:	/s/ Rick Myer
	 	Name:	Rick Myer
	 	Its:	Member
	 	
	 	By:	/s/ Michael Myer
	 	Name:	Michael Myer
	 	Its:	Member
	 	
	 	By:	/s/ William Myer
	 	Name:	William Myer
	 	Its:	Member
	 	 	 
	100 Sweetree Street, Cherryville, N.C.	PCP Sub
	Email: 	By:	Pocono Coated Products, LLC
	 	Its:	Sole Shareholder
	 	
	 	By:	/s/ Rick Myer
	 	Name:	Rick Myer
	 	Its:	Member
	 	
	 	By:	/s/ Michael Myer
	 	Name:	Michael Myer
	 	Its:	Member
	 	
	 	By:	/s/ Michael Myer
	 	Name:	William Myer
	 	Its:	Member

 

    28

     

    

 

Schedule 3.6

Undisclosed Liabilities

 

Pocono:

Lease TC-08172583:

Equipment: Valco Melton D90 Melt Unit

Equipment Cost: $49,220.72

Sales Tax: Exempt

Term: 60 months

Purchase Option: 10%

Monthly Payment: $979.05

Commencement Date: 11/1/2017

 

Lease TC-10192861:

Equipment: Qualiscan QMS-12 Quality Control System

Equipment Cost: $110,807.00

Sales Tax: Exempt

Term: 60 month

Purchase Option: $1.00

Monthly Payment: $2,155.09

Commencement Date: 3/15/2020

 

NewTek loan - $38,060.365 total left

 

Retirement obligations of Pocono to retiring member - $60,000
per year for 10 years expiring 2028

 

PCP Sub

Lease TC-05192801

Equipment: Two QuickPouch Micro Pouch Openers

Equipment Cost: $28,100.00

Sales Tax: Exempt

Term: 60 months

Purchase Option: $1.00

Monthly Payment: $565.65

Commencement Date: 6/10/2019

 

Lease TC-05202936 (in process):

Equipment: Qualiscan QMS-12 Quality Control System

Equipment Cost: $107,128.00

Sales Tax: Exempt

Term: 60 month

Purchase Option: 10%

Monthly Payment: $1,937.95

Commencement Date: Not yet commenced

 

NewTek SBA - $38,060.365

 

Active Intelligence:

None

 

    29

     

    

 

Schedule 3.7

Absence of Certain Changes

 

Tyler Overk agreement through Presscott, Inc. to address ownership
in Pocono and consulting arrangement

 

    30

     

    

 

Schedule 3.11

Encumbrances

 

Only encumbrances are set forth on Schedule 3.6

 

    31

     

    

 

Schedule 3.12

Real Property

 

The building located at 100 Sweetree Street, Cherryville, NC
is the subject of a lease with a related party – Geometric Group, LLC

 

Term:___________________________

Rent:___________________________

 

    32

     

    

 

Schedule 3.13

Contracts and Commitments

 

Joint Venture Agreement for Breathe Safe Labs, LLC

 

Contracts and commitments otherwise disclosed on other schedules
attached hereto

 

    33

     

    

 

Schedule 3.15

Insurance

 

Commercial General Liability Insurance -$2MM

Workers Compensation

Employers Liability

Commercial Property

 

    34

     

    

 

Schedule 3.18

Compliance with Laws

 

Warning letter from FDA concerning cGMPs

 

    35

     

    

 

Schedule 3.20

Conflict of Interest

 

Geometric Group, LLC – lessor

 

Ntrinsiq Works

 

    36

     

    

 

Schedule 3.22

Bank Accounts

 

Active Intelligence:

Chase checking

Chase credit card

American Express

 

Pocono Coated Products:

PNC checking

 

    37

     

    

 

Schedule 3.24

Related Party Agreements

 

Geometric Group

Tyler Overk

Retirement Agreement set forth in Schedule 3.6

 

    38

     

    

 

Exhibit A – Equipment List

 

(3) 16 foot conveyor belts

 

10” Propheteer Die-Cutter

 

450mm shear slitter

 

Transdermal Coating Machine

 

Qualscan Mahlo web coating thickness gauge

 

(3) tabletop lab mixers

 

(2) drum mounted mixers

 

(1) floor mounted mixer

 

Small and Large pebble mills

 

(2) Diaphragm pumps

 

Peristaltic pump

 

60 gal SS jacketed tank

 

Water heater

 

Tank mixer

 

(15) pouch sealers

 

(3) Quick Pouch Micros

 

Dies/Sheeters/Anvils

 

(2) Rhino roll lifts

 

6’ narrow conveyor

 

SS work tables

 

Folding tables

 

Folding chairs

 

(2) Industrial racks

 

Locking Cage

 

    39

     

    

 

Rolling locking cage

 

Office desks and chairs

 

(2) Surface Pro

 

(2) locking security cabinets

 

Industrial dishwasher

 

4 unit locker system

 

(2) office printers

 

(2) mac minis

 

Asus laptop

 

(3) monitors

 

Peel tester

 

Kobalt workbench

 

Uline workbench

 

(4) tabletop balances

 

Floor scale

 

Labware

 

Parts cleaner

 

(3) gladiator racks

 

4’x6’ floor mats

 

(2) banders

 

Tabletop rewinder

 

    40

     

    

 

Exhibit B – Form of Note

 

Exhibit C – Form of Security Agreement

 

Exhibit D – Disclosure Materials

 

Pocono:

 

P&L – 2018/2019

 

Balance Sheet – 2018/2019

 

Active Intelligence:

 

P&L – 2018/2019

 

Balance Sheet – 2018/2019

 

Exhibit E – Escrow Agreement

 

 

41

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