Document:

Exhibit 10.1

 

ASTROTECH CORPORATION

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (this "Agreement"),
dated as of ________, 2014, is entered into by and between Astrotech Corporation, a Washington corporation (the "Company"),
and _______________ ("lndemnitee").

 

RECITALS

 

A.           Indemnitee
performs a valuable service for the Company.

 

B.           The
Company's Restated Articles of Incorporation, as amended (the "Articles"), contain certain provisions for
indemnification of the Company's directors and/or officers and provide that those provisions are not exclusive and the Company
may, by action of its Board of Directors, provide additional indemnification to such extent and to such effect as the Board of
Directors determines appropriate.

 

The Company's [Amended and Restated Bylaws]
(the "Bylaws") contain certain provisions for indemnification of the Company's directors and/or officers
to the full extent permitted by the Washington Business Corporation Act (the "Statute").

 

C.           The
Indemnitee has indicated a desire to supplement the indemnification provisions in the Articles and Bylaws to provide additional
protections against the risks associated with Indemnitee’s service to the Company and further clarify Indemnitee’s
rights with respect to indemnification in certain circumstances.

 

D.           To
induce Indemnitee to accept and continue Indemnitee’s service as a director and/or officer of the Company, the Company and
the Indemnitee now agree that they should enter into this Indemnification Agreement.

 

AGREEMENT

 

1.           Indemnification
of Indemnitee

 

1.1           Scope

 

Subject to Section 4.1 and all other terms and
conditions of this Agreement, the Company agrees to indemnify and hold harmless Indemnitee, to the full extent permitted by law,
whether or not specifically authorized or otherwise limited by this Agreement, the Articles, the Bylaws, the Statute or otherwise,
for any Indemnifiable Losses (as defined below) which the Indemnitee is or becomes legally obligated to pay in connection with
any Proceeding. In the event of any change, after the date of this Agreement, in any applicable law, statute or rule regarding
the right of a Washington corporation to indemnify a director and/or officer, such changes, to the extent that they would expand
Indemnitee's

 

Indemnification
Agreement

 

    	 

    	 

    

 

indemnification rights, shall be within the purview
of Indemnitee's rights and the Company's obligations under this Agreement, and, to the extent that such changes would narrow Indemnitee's
indemnification rights, shall not affect or limit the scope of this Agreement; provided, however, that any change that is required
by applicable laws, statutes or rules to be applied to this Agreement shall be so applied regardless of whether the effect of such
change is to narrow Indemnitee's rights hereunder.

 

1.2           Nonexclusivity

 

The indemnification provided by this Agreement
is not exclusive of any rights to which Indemnitee may be entitled under the Articles, the Bylaws, any other agreement, any vote
of shareholders or disinterested directors, the Statute, or otherwise, whether as to action in Indemnitee's official capacity or
otherwise.

 

1.3           Definition
of Indemnifiable Losses

 

For purposes of this Agreement, the term "Indemnifiable
Losses" shall include (without limitation) any and all damages (compensatory, exemplary, punitive or otherwise), judgments,
fines, penalties, settlements, and expenses (including but not limited to costs, attorneys’ and expert fees and disbursements,
costs of attachment or similar bonds, investigations, and expenses of establishing a right to indemnification under this Agreement
("Expenses")), and any other losses, claims, liabilities or other expenses incurred in connection with a Proceeding,
subject to the limitations set forth in Section 4.1 below.

 

1.4           Definition
of Proceeding

 

For purposes of this Agreement, the term "Proceeding"
shall include (without limitation) any threatened, pending or completed claim, action, suit or proceeding, whether brought by or
in the right of the Company or otherwise, and whether of a civil, criminal, administrative or investigative nature, in which the
Indemnitee may be or may have been involved as a party or otherwise (including without limitation as a witness) (a) by reason of
the fact that Indemnitee is or was, or has agreed to become, a director and/or officer of the Company, (b) by reason of the fact
that Indemnitee is or was serving at the request of the Company as a director, trustee, officer, employee or agent of the Company
or another corporation, partnership, joint venture, trust or other enterprise (including without limitation employee benefit plans
and administrative committees thereof) (an "Enterprise") (which request will be conclusively presumed in the case of
any of the foregoing that are "affiliates" of the Company as defined in Rule 12b-2 under the Securities Exchange Act
of 1934, as amended), (c) by reason of any actual or alleged error or misstatement or misleading statement made or suffered by
the Indemnitee while acting as a director and/or officer of the Company or while serving at the request of the Company and acting
as a director, trustee, officer, employee or agent of an Enterprise, or (d) by reason of any action taken by Indemnitee or of any
inaction on Indemnitee's part while acting as a director and/or officer of the Company or while serving at the request of the Company
and acting as a director, trustee, officer, employee or agent of an Enterprise; provided, however, that, except with respect to

 

Indemnification
Agreement

 

    	-2-

    	 

    

 

an action to enforce the provisions of this Agreement
or to enforce insurance rights under policies of insurance purchased by the Company or an Enterprise on Indemnitee's behalf, the
term "Proceeding" shall not include any action, suit, claim or proceeding instituted by or at the direction of Indemnitee
unless such action, suit, claim or proceeding is or was authorized or ratified by the Company's Board of Directors.

 

1.5           Determination
of Entitlement

 

In the event that a determination of Indemnitee's
entitlement to indemnification is required pursuant to Section 23B.08.550 of the Statute or its successor or pursuant to other
applicable law, the party specified therein as the determining party shall make such determination; provided, however, (a) that
Indemnitee shall initially be presumed in all cases to be entitled to indemnification, (b) that Indemnitee may establish a
conclusive presumption of any fact necessary to such a determination by delivering to the Company a declaration made under penalty
of perjury that such fact is true and (c) that, unless the Company shall deliver to Indemnitee written notice of a determination
that Indemnitee is not entitled to indemnification within twenty (20) days of the Company's receipt of Indemnitee's initial
written request for indemnification, such determination shall conclusively be deemed to have been made in favor of the Company's
provision of indemnification and Company agrees not to assert otherwise.

 

1.6           Survival

 

The indemnification provided under this Agreement
shall apply to any and all Proceedings, notwithstanding that Indemnitee has ceased to serve in a capacity referred to in Section
1.4(a)-(d).

 

2.           Expense
Advances

 

2.1           Generally

 

The Company shall pay Indemnitee's expenses
in any Proceeding as such expenses are incurred and in advance of such Proceeding's final disposition (such right is referred to
hereinafter as an "Expense Advance"), subject to Sections 2.2, 4 and 5 and all other terms and conditions
of this Agreement.

 

2.2           Conditions
to Expense Advance

 

The Company's obligation to provide an Expense
Advance is only subject to (a) Indemnitee or Indemnitee’s representative having first executed and delivered to the Company
an undertaking, which need not be secured and shall be accepted without reference to Indemnitee's financial ability to make repayment,
by or on behalf of Indemnitee to repay all Expense Advances if and to the extent that it shall ultimately be determined by a final,
unappealable decision rendered by a court having jurisdiction over the parties and the subject matter of the dispute that Indemnitee
is not entitled to be indemnified under this Agreement or otherwise; and (b) Indemnitee furnishing, upon request by the Company
and if required

 

Indemnification
Agreement

 

    	-3-

    	 

    

 

under applicable law, a written affirmation of
Indemnitee's good faith belief that Indemnitee has met any applicable standards of conduct.

 

2.3           Subrogation

 

In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute
all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents
necessary to enable the Company effectively to bring suit to enforce such rights.

 

3.           Procedures
for Enforcement

 

3.1           Enforcement

 

In the event that a claim for indemnification
hereunder is made and is not paid in full within twenty days after written notice of such claim is delivered to the Company, Indemnitee
may, but need not, at any time bring suit against the Company to recover the unpaid amount of the claim (an "Enforcement
Action"), subject to all other terms, conditions and limitations of this Agreement.

 

3.2           Presumptions
in Enforcement Action

 

In any Enforcement Action the following presumptions
(and limitation on presumptions) shall apply:

 

(a)          The
Company shall conclusively be presumed to have entered into this Agreement and assumed the obligations imposed on it to induce
Indemnitee to accept the position of, or to continue as director and/or officer of the Company; and

 

(b)          Neither
(i) the failure of the Company (including its Board of Directors, independent or special legal counsel or the Company's shareholders)
to have made a determination prior to the commencement of the Enforcement Action that indemnification of Indemnitee is proper in
the circumstances nor (ii) an actual determination by the Company, its Board of Directors, independent or special legal counsel
or the shareholders that Indemnitee is not entitled to indemnification shall be a defense to the Enforcement Action or create a
presumption that Indemnitee is not entitled to indemnification. An Enforcement Action shall be conducted in all respects as a de
novo trial on the merits and Indemnitee shall not be prejudiced by reason of a previous adverse determination by the Company.
In any Enforcement Action, the Company shall have the burden of proving Indemnitee is not entitled to indemnification or Expense
Advances, as the case may be.

 

3.3           Attorneys'
Fees and Expenses for Enforcement Action

 

The Company shall indemnify and hold harmless
Indemnitee against all of Indemnitee's reasonable fees and expenses in bringing and pursuing any Enforcement Action

 

Indemnification
Agreement

 

    	-4-

    	 

    

 

(including reasonable attorneys' fees at any stage,
including on appeal); provided, however, that the Company shall not be required to provide such indemnity (a) if a court of competent
jurisdiction determines that each of the material assertions made by Indemnitee in such Enforcement Action was not made in good
faith or was frivolous or (b) to the extent limited under Section 4.1 below.

 

4.           Limitations

 

4.1           Limitation
on Indemnity

 

Notwithstanding any other provision of this
Agreement, the Company shall not be obligated to provide indemnification (other than Expense Advances) pursuant to this Agreement:

 

(a)          on
account of any suit in which a final, unappealable decision is rendered by a court having jurisdiction over the parties and the
subject matter of the dispute for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Company
in violation of the provisions of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto;

 

(b)          for
Indemnifiable Losses that actually have been paid directly to Indemnitee by an insurance carrier under a policy of insurance maintained
by the Company;

 

(c)          to
the extent that the Indemnitee is actually indemnified and actually paid otherwise than pursuant to this Agreement;

 

(d)          if
a final, unappealable decision is rendered by a court having jurisdiction over the parties and the subject matter of the dispute
finding that paying such indemnification is prohibited by applicable law;

 

(e)          to
the extent that attorneys' fees, costs and disbursements, or similar expenses, that otherwise would constitute Indemnifiable Losses
hereunder are determined to be unreasonable by a final, unappealable decision rendered by a court having jurisdiction over the
parties and the subject matter of the dispute, provided that the burden of proof that any Indemnifiable Losses are unreasonable
shall be on the Company; or

 

(f)          for
any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits
realized by Indemnitee from the sale of securities of the Company, as required in each case under the securities laws of the United
States, including but not limited to the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection
Act.

 

4.2           Partial
Indemnification and Contribution

 

If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of any Indemnifiable Losses in connection with a

 

Indemnification
Agreement

 

    	-5-

    	 

    

 

Proceeding, but not, however, for the total amount
thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Indemnifiable Losses to which Indemnitee is
entitled.

 

To the fullest extent permissible under applicable
law, if, for any reason whatsoever, the indemnification provided for in this Agreement is unavailable to Indemnitee with respect
to a Proceeding or a particular claim in a Proceeding but the Company is able to indemnify the Indemnitee with respect to another
claim in the Proceeding or indemnify or pay the Expenses or liabilities of another person or entity that is a party to the Proceeding,
then, in lieu of indemnifying Indemnitee with respect to the matter for which indemnification is unavailable, the Company shall
contribute to the amount actually and reasonably incurred by Indemnitee, whether for Expenses, judgments, fines or amounts paid
or to be paid in settlement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding
in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the events and transactions
giving cause to such Proceeding and (ii) the relative fault of the Company (and its directors, officers, employees and agents),
on the one hand, and Indemnitee, on the other hand, in connection with such events and transactions. The Company hereby agrees
to indemnify and hold harmless Indemnitee from any claims for contribution which may be brought by directors, officers or employees
of the Company (other than Indemnitee) who may be jointly liable with Indemnitee for matters for which Indemnitee would be entitled
to indemnification or contribution by the Company under this Agreement.

 

4.3           Mutual
Acknowledgment

 

The Company and Indemnitee acknowledge that,
in certain instances, federal law or public policy may override applicable state law and prohibit the Company from indemnifying
Indemnitee under this Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the Securities and Exchange
Commission has taken the position that indemnification is not permissible for liabilities arising under certain federal securities
laws, and federal legislation prohibits indemnification for certain ERISA violations. Furthermore, Indemnitee understands and acknowledges
that the Company has undertaken or may be required in the future to undertake with the Securities and Exchange Commission to submit
the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy
to indemnify Indemnitee.

 

5.           Notification
and Defense of Claim

 

5.1           Notification

 

Promptly after receipt by Indemnitee of notice
of the commencement of any Proceeding, Indemnitee will, if a claim is to be made against the Company under this Agreement, notify
an executive officer of the Company in writing of the nature and status of the Proceeding; provided, however, that the omission
so to notify an executive officer of the Company will not relieve the Company from any obligation which it may have to Indemnitee

 

Indemnification
Agreement

 

    	-6-

    	 

    

 

under this Agreement or otherwise unless and only
to the extent that such omission can be shown to have prejudiced the Company.

 

If, at the time of the receipt of a notice of
a claim pursuant to this Section 5.1, the Company has director and officer liability insurance in effect, the Company shall
give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies (unless there is no basis for asserting coverage). The Company shall take all necessary action to cause such insurers
to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

5.2           Defense
of Claim

 

With respect to any such Proceeding as to which
Indemnitee notifies the Company of the commencement thereof or otherwise seeks indemnification hereunder:

 

(a)          The
Company may participate at its own expense in such Proceeding;

 

(b)          The
Company, jointly with any other indemnifying party similarly notified, may assume the defense of the Proceeding with counsel reasonably
satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense, the Company shall
not be liable to Indemnitee under this Agreement or otherwise for any legal or other expenses of counsel (other than reasonable
costs of investigation) subsequently incurred by Indemnitee in connection with the defense of such Proceeding, unless (i) the
employment of counsel by Indemnitee has been authorized in advance by the Company in writing, (ii) Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of the defense of such action
and notified the Company in writing to that effect in advance of the expense, (iii) the Company shall not in fact have employed
counsel to assume the defense of such action, or (iv) the Company is not financially or legally able to perform its indemnification
obligations, in each of which cases the fees and expenses of counsel shall be at the expense of the Company. The Company shall
not be entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the Company or as to which Indemnitee
shall have made the conclusion provided for in (ii) or (iv) above;

 

(c)          The
Company shall not without Indemnitee's written consent settle any action or claim in any manner which would impose any penalty
or limitation on Indemnitee that would not be an Indemnifiable Loss hereunder for which indemnification would be provided by the
Company.

 

Indemnification
Agreement

  

    	-7-

    	 

    

 

6.           Miscellaneous

 

6.1           Entire
Agreement

 

This Agreement is the entire agreement of the
parties regarding its subject matter and supersedes all prior written or oral communications or agreements regarding the subject
matter covered by this Agreement.

 

6.2           Severability

 

Nothing in this Agreement is intended to require
or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability,
pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. The provisions
of this Agreement shall be severable. If this Agreement or any portion shall be invalidated on any ground by any court of competent
jurisdiction, then the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any portion of this Agreement
not invalidated, and the balance of this Agreement shall be enforceable in accordance with its terms.

 

6.3           Notices

 

Notices given pursuant to this Agreement shall
be deemed duly given on the date of personal delivery, on the date sent by fax or three days after mailing if mailed by certified
or registered mail, return receipt requested, postage prepaid, to the party at its address below or such other address of which
the addressee may subsequently notify the other parties in writing.

 

6.4           Governing
Law

 

This Agreement and the rights and obligations
of the parties shall be governed by and construed in accordance with the laws of the state of Washington, without giving effect
to principles of conflicts of law.

 

6.5           Counterparts

 

This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

 

6.6           Amendments;
Waivers

 

Neither this Agreement nor any provision may
be amended except by written agreement signed by the parties. No waiver of any breach or default shall be considered valid unless
in writing, and no such waiver shall be deemed a waiver of any subsequent breach or default.

 

Indemnification
Agreement

 

    	-8-

    	 

    

 

6.7           Duration

 

This Agreement shall continue for the duration
of Indemnitee's service as a director of the Company or as a director, trustee, partner, management member, officer, employee,
agent, fiduciary, stockholder or controlling person of the Company or any other Enterprise and thereafter for so long as Indemnitee
may be subject to any pending or possible claim due for Indemnifiable Losses.

 

6.8           Successors
and Assigns

 

This Agreement shall be binding upon the Company
and its successors and assigns, and inure to the benefit of Indemnitee and Indemnitee's heirs, legal representatives and assigns.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

(Signature page follows)

 

Indemnification
Agreement

 

    	-9-

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Indemnification Agreement on and as of the date first above written.

 

	 	ASTROTECH CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:

 

	 	INDEMNITEE:
	 	 
	 	 

 

	 	Name:	 

 

	 	Address:	 
	 	 	 
	 	 	 
	 	Fax:	 	 

 

Indemnification
Agreement

 

    	-10-Exhibit 10.1 

 

 

FERN HOLDINGS CORP.

 

C/O SAMIR MASRI CPA FIRM P.C.

175 GREAT NECK ROAD, SUITE 403

GREAT NECK, NY 11021

 

 

 

 

Mr. Nick Havercroft Chief Executive Officer iQuitine
Limited

3rd Floor

1 Creed Court 5 Ludgate Hill

London EC4M 7AA England

July 17, 2014

 

Re:Binding
Letter of Intent
for Share Exchange

 

Dear Mr. Havercroft:

 

This letter
of intent (this "LOI") sets forth the terms pursuant to which Fern Holdings Corp. ("Fern") agrees to (a) acquire
no less than 100% of the issued and outstanding equity interests on a fully diluted basis (the "iQuitine Equity Interests")
of iQuitine Limited (“iQuitine") free and clear of all liens, claims and other encumbrances of any kind or nature whatsoever
in exchange for 4,250,000 shares (based on 100% of the iQuitine Equity Interests) (the "Fern Shares") of common stock,
par value $0.000 I per share (the "Common Stock"), of Fern (the "Share Exchange") issuable to the equity holders
of iQuitine (including any holders of debt or other securities convertible into or exchangeable for iQuitine Equity Interests)
(collectively, the "iQuitine Equity Holders"), and then (b) engage in a merger with iQuitine in which Fern will be the
surviving corporation (the "Merger").

 

		1.	Share Exchange1

 

(a)               
Subject to
the terms and
conditions contained herein,
to be superseded
by a definitive agreement
(the "Definitive Agreement"),
Fern shall acquire
the iQuitine Equity Interests from
the iQuitine Equity Holders in exchange for
the Fern Shares which shall be issued
to the iQuitine Equity Holders. As an inducement for iQuitine and the iQuitine
Equity Holders to consummate the Share Exchange, upon the closing (the "Closing")
of the Share Exchange, the sole shareholder of Fern
(the "Sole Shareholder") will agree to cancel 4,250,000 issued and outstanding shares of
Common Stock of Fern (the "Cancellation Shares")
representing 85% of Fern's issued and
outstanding capital stock. iQuitine and Fern shall negotiate in good faith to arrive at a mutually acceptable Definitive
Agreement for approval, execution and delivery on the earliest practicable date.
The parties shall cooperate with each other and
proceed, as promptly as is reasonably
practicable, to seek to obtain all necessary
consents and approvals, if any,
from third parties or governmental entities, and to endeavor
to comply with all other legal or contractual requirements for, or preconditions to, the execution and consummation of the Definitive
Agreement.

 

(b)               
The Closing
of the Share
Exchange shall take
place on July
31, 2014 or as
soon thereafter as
practicable (the "Closing Date").
At the Closing, iQuitine
shall cause the iQuitine Equity Holders
to sell, convey, assign, transfer
and deliver the iQuitine Equity Interests
to Fern free and clear of all liens,
claims and other encumbrances of any kind or nature whatsoever by delivery of all required documentation as specified in the Definitive
Agreement, and Fern shall cause to be delivered to iQuitine or the iQuitine Equity Holders, stock certificates representing the
Fern Shares. In addition, on or prior to the Closing, the Sole Shareholder shall deliver to Fern a certificate or other instrument
representing the Cancellation Shares, effective upon the Closing, and Fern shall cancel the Cancellation Shares as issued and
outstanding. Each party shall pay its own fees and expenses and those of its agents, counsel and advisors with respect to the
Share Exchange.

 

 

__________________________

 

1
Any specific UK
requirements relating to
the Share Exchange
to be addressed
in this section.

 

    	1

    	 

    

 

 

(c)                  
The Merger shall proceed diligently after the Closing of the Share Exchange and shall be conducted in accordance
with all applicable law.

 

2.     Transaction
Structure. iQuitine and Fern, upon their mutual consent, may, at any time, amend the provisions of Section 1 hereof for the
purpose of changing the type of securities or structure of the transaction contemplated by this LOI; provided, however,
that any change to the terms of the transaction shall result in iQuitine becoming the wholly owned subsidiary of Fern.

 

		3.	Fern Restrictive Covenants.

 

(a)                  
From the date of this LOI until the earlier of the date of termination of this LOI as provided below and the Closing, Fern
shall not, without the prior written consent of iQuitine, (A) issue any equity or debt securities or options, warrants or other
rights to purchase any of such securities, (B) redeem, repurchase or cancel any of its securities, except as contemplated by the
LOI, (C) enter into any transaction or agreement that would make the consummation of the transactions contemplated by this LOI
impossible or commercially impracticable, or (D) in any way impact the value of any intellectual property ("IP") or market
opportunity for anything related toe-cigarettes.

 

(b)                 
From the date of this LOI until the earlier of (i) the date of termination of this LOI as provided below or (ii) 120 days
from the date of this LOI, neither Fern, nor any of its officers, employees, directors, managers, advisors, representatives or
affiliates will enter into or continue any negotiations or discussions with other parties relating to any transaction similar to
the Share Exchange. iQuitine may pursue any and all remedies in law or in equity in the event of a material breach of this provision
by iQuitine, including an action for specific performance without the posting of any bond.

 

		4.	iOuitine Restrictive Covenants.

 

(a) From
the date of this LOI until the earlier of the date of termination of this LOI as provided below and the Closing, iQuitine shall
not, without the prior written consent of Fern, (A) issue any equity or debt securities or options, warrants or other rights to
purchase any of such securities, (B) redeem, repurchase or cancel any of its securities, except as contemplated by the LOI, (C)
enter into any transaction or agreement that would make the consummation of the transactions contemplated by this LOI impossible
or commercially impracticable, or (D) out license any and all e-cigarette, e-liquid or any related IP, all of which must become/remain
property of iQuitine.

 

(b) From the date of
this LOI until the earlier of (i) the date of termination of this LOI as provided below or (ii) 120 days from the date of this
LOI, neither iQuitine, nor any of its officers, employees, directors, managers, advisors, representatives or affiliates will enter
into or continue any negotiations or discussions with other parties relating to any transaction similar to the Share Exchange.
Fern may pursue any and all remedies in law or in equity in the event of a material breach of this provision by Fern, including
an action for specific performance without the posting of any bond.

 

5.                  Satisfaction
of Indebtedness. Liabilities and Obligations; Transfer of Assets. Notwithstanding any other provision of this LOI, Fern
shall have satisfied, discharged or otherwise paid all of its outstanding liabilities, debts and obligations at or before the
Closing, other than outstanding accounts payable and other debt payable to related parties up to an aggregate of
approximately $55,000 (the "Loan Amount"), to be repaid upon the closing of a financing of at least $20 million
in gross proceeds raised by Fern following the Share Exchange (the "Offering"). In the event less than $20 million
in gross proceeds is raised by Fern in connection with the Offering, the Loan Amount shall be converted into a note payable
upon the one year anniversary of the earlier of the closing of the Offering or the termination of the Offering. Any amounts
payable by Fern, from the date of this LOI until the Closing, for the purpose of maintaining the periodic and other filings
required to be filed with the Securities and Exchange Commission (the "Commission") in accordance with Fern's
reporting requirements pursuant to the Securities Exchange Act of 1934, as amended, and to effect the Share Exchange,
including but not limited to legal and accounting fees and expenses, shall be paid directly by iQuitine. In addition, all
current assets of Fern as of the Closing shall be transferred to the existing sole shareholder of Fern or affiliates to
reduce the Loan Amount or satisfy any other outstanding accounts payable or related party debt.

 

    	2

    	 

    

 

 

6.                 
Resignations. At or prior to the Closing, Fern shall use its commercially reasonable efforts to cause the current
officers and directors of Fern to resign, without any payment or other additional consideration, and to be replaced by designees
of the current owners of iQuitine, subject to compliance with Section 14F of the Securities Exchange Act of 1934, as amended, and
all books and records of Fern pertaining to Fern and reasonably needed by Fern shall be delivered to iQuitine. The resignations
and appointment of the officers and directors shall be a condition to the Closing and resignation letters and board consents authorizing
the appointments shall be delivered at Closing.

 

7.                 
Conditions. The drafting, negotiation, execution and delivery of the Definitive Agreement with respect to the Share
Exchange shall be acceptable to all parties including iQuitine, Fern and the holders of no less than 100% of the issued and outstanding
iQuitine Equity Interests, which shall include representations, warranties, covenants, indemnifications, and conditions customary
for transactions of this type.

 

8.                 Due
Diligence. Fern and iQuitine will provide full access to the other party and its advisors to conduct a reasonable investigation
of information and materials relating to the financial, business and legal condition of Fern and iQuitine, as the case may be.
The due diligence period shall commence on the execution of this LOI by Fern and iQuitine and shall terminate upon the Closing.

 

9.                 Public
Disclosure. Unless otherwise permitted by this LOI, Fern and iQuitine shall consult with each other before issuing any press
release or otherwise making any public statement or making any other public (or non-confidential) disclosure (whether or not in
response to an inquiry) regarding the terms of this LOI and the transactions contemplated hereby, and neither shall issue any
such press release or make any such statement or disclosure without the prior approval of the other (which approval shall not
be unreasonably withheld), except as may be required by law including, without limitation, the filing of any required documents
with the Securities and Exchange Commission ("SEC").

 

10.              
SEC Filings. Fern shall cooperate with iQuitine in (i) the preparation, filing and mailing of a Schedule 14F-l
Information Statement to Fern's stockholders, at least ten (10) days prior to the Closing, to report a change in the majority
of the directors serving on Fern's Board of Directors after the Closing, if so required, and (ii) the preparation and filing
of a Current Report on Form 8-K, not later than four (4) business days after the Closing, to report a change in control of
Fern and its termination of shell status.

 

11.             
Binding Effect. This LOI is binding upon the parties hereto. iQuitine and Fern shall proceed in good faith to negotiate,
agree upon and enter into the Definitive Agreement and consummate the Closing of the Share Exchange and the Merger pursuant to
the terms hereof.

 

    	3

    	 

    

 

 

12.             
Confidentiality. Each party hereby agrees to maintain the confidentiality of all Confidential Information (defined
below) provided to it by the other party and to return any materials and other information containing Confidential Information
of the other party in the event that the Closing is not consummated. "Confidential Information" does not include information
disclosed by Fern in its filings with the SEC. For the purposes hereof, "Confidential Information" shall mean any and
all proprietary information and documents provided by the disclosing party to the receiving party, either directly or indirectly,
in writing, electronically, orally, by inspection of tangible objects, or otherwise unless such information has been explicitly
designated by the disclosing party as not Confidential Information. Confidential Information shall not include information that
(i) at the time of use or disclosure by the receiving party is in the public domain through no fault of, action or failure to act
by the receiving party; (ii) becomes known to the receiving party from a third-party source on a non-confidential basis whom the
receiving party does not know to be subject to any obligation of confidentiality to the disclosing party; (iii) was known by the
receiving party prior to disclosure of such information by the disclosing party to the receiving party; or (iv) was independently
developed by the receiving party, or on the receiving party's behalf, without any use of Confidential Information. Notwithstanding
the foregoing, in the event that disclosure of Confidential Information by a receiving party is made to comply with any request
or inquiry of or by any governmental or regulatory authority (any of the foregoing, a “Governmental Requirement"), it
is agreed that prior to any such disclosure of such Confidential Information, the receiving party will, unless such action would
violate or conflict with applicable law, provide the disclosing party with prompt notice of such Governmental Requirement and the
Confidential Information so required to be disclosed, so that the disclosing party may seek an appropriate protective order and/or
waive compliance with the provisions hereof. It is further agreed that if, in the absence of a protective order or in the absence
of receipt of a waiver hereunder, the receiving party is nonetheless, in the opinion of the receiving party's counsel, compelled
by Governmental Requirement to disclose any of such Confidential Information, the receiving party, after notice to the disclosing
party (unless such notice would violate or conflict with applicable law), may so disclose such Confidential Information as required
pursuant to Governmental Requirement without liability hereunder; provided, however, the receiving party will furnish only that
portion of the Confidential Information which the receiving party, in the opinion of the receiving party's counsel, is legally
compelled to disclose pursuant to the Governmental Requirement and will exercise reasonable efforts to cooperate with the disclosing
party, at the disclosing party's expense, with the disclosing party's efforts to obtain an order or other reliable assurance that
confidential treatment will be accorded to the disclosed Confidential Information. The obligation of confidentiality under this
Section shall survive the termination of this LOI.

 

		13.	General Provisions.

 

(a)   
Termination. This LOI shall terminate in one year from the signature date if the Share Exchange does not close on
or before then.

 

(b)  
Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered
personally or by commercial delivery service, or mailed by registered or certified mail (return receipt requested) or sent via
facsimile (with confirmation of receipt) to each party at the addresses so provided for this purposes. For Fern the address is
set forth at the beginning of this LOI and for iQuitine, the address is also set forth at the beginning of the LOI (or at such
other address for a party as shall be specified by like notice).

 

(c)   
Counterparts; Signatures. This LOI may be executed in several counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same LOI. Delivery by fax or electronic image of an executed counterpart
of a signature page to the LOI shall be effective as delivery of an original executed counterpart of this LOI.

 

(d)  
Severability. In the event that any one or more of the provisions of this LOI shall be held invalid, illegal or unenforceable
in any respect, or the validity, legality and enforceability of any one or more of the provisions contained herein shall be held
to be excessively broad as to duration, activity or subject, such provision shall be construed by limiting and reducing such provision
so as to be enforceable to the maxim um extent compatible with applicable law.

 

    	4

    	 

    

 

(e)   
Entire Agreement: Assignment: Parties in Interest. This LOI: (i) constitutes the entire understanding and agreement
among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter hereof; and (ii) is not intended to confer upon any other person
any rights or remedies hereunder, except as specifically provided in this LOI. No representations, warranties, inducements, promises
or agreements, oral or written, by or among the parties not contained here in shall be of any force of effect.

 

(f)   
Governing Law: Jurisdiction. This LOI shall be governed by and construed in accordance with the laws of the State
of New York, without regard to the law that might otherwise govern under applicable principles of conflicts of law. Each of the
parties hereto irrevocably consents to the exclusive jurisdiction of the federal court for the Southern District of New York and
the New York State Supreme Court located in New York County, New York, in connection with any matter based upon or arising out
of this LOI or the matters contemplated herein , and also agrees that process may be served upon them in any manner authorized
by the laws of the State of New York for such persons and waives and covenants not to assert or plead any objection which they
might otherwise have to such jurisdiction and such process.

 

 

*****

 

 

Please execute this LOI be low
to acknowledge your agreement and understanding with respect to the terms and conditions contained herein.

 

	 	Very truly yours,	 
	 	 	 
	 	FERN HOLDINGS CORP.	 
	 	 	 
	 	By: /s/ Samir N. Masri	 
	 	Name: Samir N. Masri	 
	 	Title: President	 
	 	 	 
	 	 	 
	 	SOLE STOCKHOLDER:	 
	 	NLBDIT 2010 SERVICES, LLC	 
	 	 	 
	 	By: /s/ Samir N. Masri	 
	 	Name: Samir N. Masri	 
	 	Title: Manager	 
	 	 	 
	 	 	 
	ACKNOWLEDGED
AND
AGREED TO:	 	 
	 	 	 
	 	IQUITINE LIMITED	 
	 	 	 
	 	By: /s/ Nick Havercroft	 
	 	Name:
Nick Havercroft	 
	 	Title:
Chief Executive Officer	 
	 		 

 

 

 

5

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