Document:

Exhibit 10.1

 

FORM OF

CLASS M COMMON STOCK SUBSCRIPTION AGREEMENT

 

THIS CLASS M COMMON
STOCK SUBSCRIPTION AGREEMENT (as it may be amended, modified, or supplemented from time to time, this “Agreement”)
is made and entered into as of [●], 2020, by and between IAC/InterActiveCorp, a Delaware corporation (the “Company”),
and [Purchaser], a [●] organized under the laws of [jurisdiction] (the “Purchaser”).

 

WHEREAS, the Company
has prepared and filed with the Securities and Exchange Commission, in accordance with the provisions of the Securities Act of
1933, as amended (the “Securities Act”), and the applicable rules and regulations thereunder, a registration
statement on Form S-3 (File No. 333-238046) (the “Registration Statement”) relating to the shares
(the “Class M Shares”) of Class M common stock, par value $0.001 per share, of the Company (such class
of common stock to be established pursuant to the terms of the Transaction Agreement, dated as of December 19, 2019 (as amended
as of April 28, 2020 and as it may be further amended, modified, or supplemented from time to time, the “Transaction
Agreement”), by and among the Company, IAC Holdings, Inc., a Delaware corporation and direct wholly owned subsidiary
of the Company (“New IAC”), Valentine Merger Sub LLC, a Delaware limited liability company and indirect wholly
owned subsidiary of the Company, and Match Group, Inc., a Delaware corporation (“Match”)), to be issued
and sold on the terms and subject to the conditions set forth in this Agreement in connection with the closing of the transactions
contemplated by the Transaction Agreement (the “Separation”).

 

NOW, THEREFORE, in
consideration of the mutual covenants, representations, warranties and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

ARTICLE I

PURCHASE AND SALE

 

1.1           Closing.

 

(a)           On
the terms and subject to the conditions set forth in this Agreement, the Purchaser agrees to purchase from the Company, and the
Company agrees to issue and sell to the Purchaser, an aggregate number of Class M Shares (the “Shares”)
at a purchase price per Share and an aggregate purchase price (the “Purchase Price”), in each case as set forth
on the Purchaser’s signature page hereto. Subject to the satisfaction or waiver of the conditions set forth in Section 1.3,
the closing of the purchase and sale of the Shares hereunder (the “Closing”) shall occur by electronic exchange
of signatures and documents on the date specified therefor in the Closing Notice (as defined below) or on such other date as the
parties shall mutually agree (such date, the “Closing Date”). Prior to the expected closing of the Separation,
the Company shall deliver to the Purchaser a written notice (the “Closing Notice”) setting forth the date for
delivery by the Purchaser of the Purchase Price (the “Payment Date”) pursuant to Section 1.1(a)(i) and
the expected Closing Date, which Closing Notice shall be given (x) for funding into the escrow account pursuant to the Escrow
Agreement (as described below), not later than 5:00 p.m., New York City time, on the second Business Day prior to the Payment
Date, and which Payment Date shall be not earlier than the second Business Day prior to the Closing Date set forth in the Closing
Notice and (y) for other Purchasers, not later than 5:00 p.m., New York City time, on the third Business Day prior to the
Closing Date. The Closing shall occur as follows:

 

(i)            On
or prior to 10:00 a.m., New York City time, on the Payment Date, the Purchaser shall deliver, or cause to be delivered, to the
Escrow Agent (as defined below) pursuant to the terms set forth in Section 1.2, by wire transfer of immediately available
funds, cash in an amount equal to the Purchase Price; provided that if the Purchaser has informed the Company in writing on or
prior to the execution of this Subscription Agreement (including by checking the applicable box on the signature page to this
Subscription Agreement) that it is prohibited by applicable law to so fund the Purchase Price into escrow, on the Closing Date
and at the time set forth in the Closing Notice the Purchaser shall deliver, or cause to be delivered to the Company, by wire transfer
of immediately available funds to the account of the Company set forth in the Closing Notice, cash in an amount equal to the Purchase
Price.

 

     

     

    

 

 

(ii)           On
the Closing Date, the Shares will be delivered by the Company or its transfer agent to the Purchaser by electronic book-entry
at The Depository Trust Company (“DTC”) registered to the account of the DTC participant indicated by the Purchaser
on the signature page to this Agreement.

 

1.2           Escrow
of Purchase Price.

 

(a)           The
Company, New IAC and JPMorgan Chase Bank, N.A., (in such capacity, the “Escrow Agent”) have entered into, or
shall enter into, an Escrow Agreement substantially in the form attached as Exhibit A hereto (the “Escrow Agreement”).
Purchaser and the Company agree that the Company may direct the Escrow Agent to release the Purchase Price, as the Company may
direct, in the event that the Closing occurs. The Company agrees to promptly deliver an instruction to the Escrow Agent to release
the Purchase Price to the Purchaser (if applicable) in the event of the termination of this Agreement if the Closing does not
occur, and the Purchaser covenants and agrees with the Company that the Company may instruct the Escrow Agent to wire the Purchase
Price to the account set forth on the signature page to this Agreement, without any further confirmation with or from the
Purchaser.

 

1.3           Closing
Conditions.

 

(a)           The
Purchaser’s and the Company’s obligations to consummate the purchase and sale of the Shares hereunder shall each be
subject to the satisfaction of the following conditions: (i) the Separation shall have been consummated substantially on
the terms provided in the Transaction Agreement, concurrently with or prior to the Closing and (ii) the Shares shall have
been approved for listing on the NASDAQ, subject to official notice of issuance.

 

(b)           The
Company’s obligation to consummate the purchase and sale of the Shares hereunder shall also be subject to the satisfaction
or waiver by the Company of the following additional condition: the Purchaser shall have delivered the Purchase Price in compliance
with the terms of this Agreement.

 

    	 	2	 

     

    

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

2.1           Representations
and Warranties of the Company. The Company hereby represents and warrants to the Purchaser as follows:

 

(a)           The
Company has been duly organized and is validly existing and in good standing under the laws of the State of Delaware with full
right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and, except as
described in the Registration Statement in respect of requisite stockholder approvals and except for filings to be made with the
Secretary of State of the State of Delaware, in each case in connection with the Separation, all corporate action required to
be taken for the due and proper authorization, execution and delivery by the Company of this Agreement and the consummation by
it of the transactions contemplated hereby has been (or will be prior to the Closing) duly and validly taken.

 

(b)           This
Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding obligation of the
Company, enforceable against it in accordance with its terms.

 

(c)           The
execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the purchase and sale
of the Shares pursuant to this Agreement will not (i) conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other similar agreement
or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is
bound, (ii) result in any violation of the provisions of the certificate of incorporation or by-laws of the Company or (iii) result
in the violation of any law or statute or any judgment, order, rule or regulation of any governmental authority or court
of competent jurisdiction, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation
or default that would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the business,
properties or results of operations of the Company and its subsidiaries, taken as a whole or on the performance by the Company
of its obligations under this Agreement.

 

(d)           The
Company has filed or furnished all forms, documents and reports required to be filed or furnished by it with the Securities and
Exchange Commission (the “Commission”) since January 1, 2019 (the “Company SEC Documents”).
As of their respective filing dates or, if amended, as of the date of such amendment, the Company SEC Documents complied in all
material respects with the requirements of the Securities Act, the Securities Exchange Act of 1934, as amended, and the Sarbanes-Oxley
Act of 2002, as amended, and the applicable rules and regulations promulgated thereunder.

 

(e)           The
Registration Statement became effective upon filing, no order suspending the effectiveness of the Registration Statement has been
issued by the Commission, and no proceeding for that purpose has been initiated or, to the Company’s knowledge, threatened
by, the Commission.

 

    	 	3	 

     

    

 

2.2          Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as follows:

 

(a)           The
Purchaser has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization
with full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and
all corporate or similar action required to be taken for the due and proper authorization, execution and delivery by the Purchaser
of this Agreement and the consummation by it of the transactions contemplated hereby has been duly and validly taken.

 

(b)           This
Agreement has been duly authorized, executed and delivered by the Purchaser and constitutes a valid and binding obligation of
the Purchaser, enforceable against it in accordance with its terms.

 

(c)           The
Purchaser has been furnished with all information relating to the business, finances and operations of the Company as has been
requested by the Purchaser. The Purchaser understands that its investment in the Shares involves a high degree of risk, and can
afford the entire loss of its investment. The Purchaser has such knowledge and experience in business and financial matters so
as to enable it to understand and evaluate the risks of, and form an investment decision with respect to, its acquisition of the
Shares. The Purchaser has relied on its own independent analysis and due diligence to make the decision to enter into this Agreement
and effect the transactions contemplated by this Agreement and has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to its acquisition of the Shares. The Purchaser understands that
nothing in this Agreement or any other materials presented to the Purchaser in connection with the purchase and sale of the Shares
constitutes legal, tax or investment advice and that no federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Shares. The Purchaser acknowledges and agrees that, except for
the representations and warranties contained in Section 2.1, the Company does not make, and the Purchaser is not relying
on, any representation or warranty, express or implied, with respect to the Company or its subsidiaries, their businesses or with
respect to any information furnished, disclosed or otherwise made available to the Purchaser in connection with the transactions
contemplated by this Agreement (including, without limitation, as to the accuracy and completeness thereof).

 

(d)           The
Purchaser has not directly or indirectly, nor has any person or entity acting on behalf of or pursuant to any understanding with
the Purchaser, executed any purchases or sales (including, without limitation, “short sales” as defined in Rule 200
of Regulation SHO under the Securities Exchange Act of 1934, as amended) of the securities of the Company or Match during the
period commencing as of the time that the Purchase Price was first conveyed (in writing or orally) to the Purchaser from the Company
or any other person or entity representing the Company and ending immediately prior to the execution of this Agreement. Notwithstanding
the foregoing, if the Purchaser is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions
of the Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of the Purchaser’s assets, the representation set forth above in this Section 2.2(d) shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Shares.

 

    	 	4	 

     

    

 

(e)           The
Purchaser is a sophisticated institutional investor purchasing the Shares for Purchaser’s own account, not as a nominee
or agent, and not with a view to the resale or distribution of any part thereof. The Purchaser has no present intention of selling,
granting any participation in, or otherwise distributing the same, without prejudice, however, to the Purchaser’s right
at all times to sell or otherwise dispose of all or any part of the Shares in compliance with applicable federal and state securities
laws.

 

(f)            The
Purchaser acknowledges and agrees that (i) each of J.P. Morgan Securities LLC and Allen & Company LLC (each, a “Placement
Agent”) is acting solely as placement agent in connection with the issue and sale of the Shares and is not acting as
an underwriter or in any other capacity and is not and shall not be construed as a fiduciary in connection with the issue and
sale of the Shares, (ii) such Placement Agent has not made any representation or warranty, whether express or implied, and
has not provided any advice or recommendation in connection with the issue and sale of the Shares, and Purchaser has not relied
upon any information provided by the Placement Agents, and (iii) such Placement Agent shall have no liability or obligation
hereunder in respect of the issue and sale of the Shares.

 

ARTICLE III

MISCELLANEOUS

 

3.1           Fees
and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any,
and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of
this Agreement.

 

3.2           Entire
Agreement. This Agreement (including the agreements attached to this Agreement or referred to in this Agreement) constitutes
the entire agreement between the parties hereto relating to the subject matter hereof and supersedes all prior contracts, agreements,
discussions and understandings, whether written or oral, between them.

 

3.3           Third
Party Beneficiary; Specific Performance. The parties hereto acknowledge that, pursuant to the Transaction Agreement, the Company
has agreed to contribute or pay over to New IAC the net proceeds of the purchase and sale of the Shares hereunder. Accordingly,
the parties agree that New IAC shall be a third party beneficiary hereunder and, following the Separation, shall be entitled to
enforce the Company’s rights hereunder against the Purchaser, including, without limitation, the recovery of monetary damages
or specific performance of the Purchaser’s obligations. The parties further agree that each of the Placement Agents shall
be a third party beneficiary of Section 2.2 hereof. Each of the parties hereto agree that irreparable damage would
occur if any provision of this Agreement were not performed in accordance with the terms hereof and that each of the parties hereto
shall be entitled to an injunction or injunctions without the necessity of posting a bond to prevent breaches of this Agreement
or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are
entitled at law or in equity. Unless otherwise expressly stated in this Agreement, no right or remedy described or provided in
this Agreement is intended to be exclusive or to preclude a party hereto from pursuing other rights and remedies to the extent
available under such agreement, herein, at law or in equity.

 

    	 	5	 

     

    

 

3.4           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earlier of actual receipt, or (a) personal delivery to the party to be notified;
(b) when sent by confirmed email; (c) five calendar days after having been sent by registered or certified mail, return
receipt requested, and postage prepaid; or (d) one Business Day after deposit with a nationally recognized overnight courier,
freight prepaid, specifying next business day delivery, with written verification of receipt. The address for such notices and
communications is set forth on the Company’s and the Purchaser’s signature pages attached hereto, as applicable.
For purposes of this Agreement, “Business Day” shall mean any day except Saturday, Sunday and any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

3.5           Amendments
and Waivers. No provision of this Agreement may be amended, terminated or waived except by a written instrument referring
specifically to this Agreement and signed by all parties hereto or their authorized representatives. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future
or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay
or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

3.6           Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit
or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

 

3.7           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. Neither the Company nor the Purchaser may assign this Agreement or any rights or obligations hereunder without the prior
written consent of the other party.

 

3.8           Governing
Law. This Agreement shall in all respects be governed by and construed and enforced in accordance with the laws of the State
of New York without regard to conflict of laws principles.

 

3.9           Survival.
The representations, warranties, agreements and covenants contained herein shall survive the Closing and delivery of the Shares.

 

3.10         Execution.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the
same agreement. This Agreement may be executed and delivered by facsimile or .pdf signature.

 

3.11         Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will
attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Agreement.

 

    	 	6	 

     

    

 

3.12         Termination.
This Agreement shall terminate automatically upon the termination of the Transaction Agreement prior to the consummation of the
Separation. In addition, this Agreement may be terminated (a) by either party by written notice to the other party, if the
Separation has not been consummated on or before July 10, 2020 or (b) by the Company, by written notice to the Purchaser,
in the event that the Purchaser shall not have timely complied with its obligations under Section 1.1(a)(i). No termination
of this Agreement will affect the right of any party (or of New IAC as third party beneficiary) to sue for any breach by the other
party.

 

3.13         WAIVER
OF JURY TRIAL. THE COMPANY AND THE PURCHASER HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

3.14         Submission
to Jurisdiction. Each party hereby submits to the non-exclusive jurisdiction of the U.S. federal and New York state courts
in the Borough of Manhattan, The City of New York in any suit or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. The parties hereby irrevocably and unconditionally waive any objection to the laying of venue
of any lawsuit, action or other proceeding in such courts, and hereby further irrevocably and unconditionally waive and agree
not to plead or claim in any such court that any such lawsuit, action or other proceeding brought in any such court has been brought
in an inconvenient forum

 

3.15         Publicity.
Without the prior consent of the Purchaser (not to be unreasonably withheld or delayed), the Company shall not publicly disclose
the name of the Purchaser in respect of the transactions contemplated by this Agreement in any filing, announcement, release or
otherwise, unless such disclosure is required by law or statute or any judgment, order, rule or regulation of any court or
arbitrator or governmental or regulatory authority, court process or the rules and
regulations of any national securities exchange or national securities quotation system.

 

* * * * *

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed and delivered by the parties hereto on the date first above written.

 

	 	IAC/InterActiveCorp
	 	 
	 	By:	 
	 	 	Name:                    
	 	 	Title:
	 	 

 

 Address for Notice:

 

IAC/InterActiveCorp

555 West 18th Street

New York, New York 10011

Attention: General Counsel

Email: [●]

 

With a copy to (which shall not constitute
notice):

 

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, New York 10019

Attention: Andrew J. Nussbaum

  Jenna E. Levine

Email: AJNussbaum@wlrk.com

   JELevine@wlrk.com

 

Signature
Page to Class M Common Stock Subscription Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed and delivered by the parties hereto on the date first above written.

 

	 	[PURCHASER]
	 	 
	 	By:	 
	 	 	Name:                    
	 	 	Title:
	 	 

 

Address for Notice:

 

[__________]

[__________]

[__________]

 

With a copy to (which shall not constitute
notice):

 

[__________]

[__________]

[__________]

 

Purchase
Price:     $                                  

 

Price
per Share:    $______ per
Share

 

Number of Shares:

 

Funding into Escrow (check one): Y
________ N __________

 

DTC Participant Information: ________________________________

 

Wire Transfer Instructions (for use
if Purchase Price is to be returned by the Escrow Agent):

 

[__________]

[__________]

[__________]

 

[Contact information for wire transfers:
________________________________]

 

[Signature
Page to Class M Common Stock Subscription Agreement]

 

    			 

     

    

 

Exhibit A

 

Form of Escrow AgreementPATENT AND TECHNOLOGY
SUBLICENSE AGREEMENT

 

This Patent and Technology
Sublicense Agreement (this “Agreement”) is entered into as of January 5, 2020 (the “Effective Date”), by
and between among Bakhu Holdings, Corp., a Nevada corporation (“Sublicensor”) and CBD Biotech, Inc.,
a California corporation (“Sublicensee”). Sublicensor and Sublicensee are sometimes hereinafter individually
referred to as a “Party” and collectively as the “Parties.”

 

RECITALS

 

A.                 
Sublicensor and Cell Science Holding Ltd., a corporation organized under the laws of the Republic
of Cyprus (“Licensor”) are parties to that certain Amended and Restated Patent and Technology License Agreement
dated December 31, 2019 (the “Master License Agreement”), a copy of which is attached hereto as Exhibit A,
pursuant to which Licensor has licensed to Sublicensor, on a fully paid-up, royalty-free basis, all of the Licensed Science (as
defined in the Master License Agreement) to make or have made the Licensed Product (as defined in the Master License Agreement)
and to use, sell, lease, offer to sell, import or otherwise dispose of the Licensed Product in all countries and all territories
worldwide, (the “Master Agreement Territory”) and subject to the terms and conditions of the Master License Agreement.

 

B.                 
Licensor is the sole owner of all right, title and interest in and to the Licensed Science
(which includes the inventions and subject matter disclosed in the Patents) and Sublicensor holds the exclusive license to the
Licensed Science;

 

C.                 
The Master License Agreement grants Sublicensor the right, from time to time, to sublicense
to any third party or parties, on a non-exclusive basis, all or a portion of its rights under the Master License Agreement.

 

D.                 
Sublicensor desires to sublicense the Licensed Science to Sublicensee as its relates to the
production, methods, and products of CBD and its derivatives, and Sublicensee desires to acquire and receive a license of the Licensed
Science from Sublicensor for the purpose of making the Licensed Products, all on the terms and conditions contained herein.

 

AGREEMENTS

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE 1.

DEFINITIONS

 

Capitalized terms used
but not otherwise defined herein shall have the meanings given to such terms below:

 

1.1              
“Affiliate” means, with respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For purposes of this definition and the Agreement, the term “control”
(and correlative terms) means (a) the ownership of 50% or more of the equity interest in a Person, or (b) the power,
whether by contract, equity ownership or otherwise, to direct or cause the direction of the policies or management of a Person.

 

1.2              
“Agreement” has the meaning set forth in the opening paragraph.

 

    	 	1	 

    

    

1.3              
“Applicable Law” shall mean all applicable provisions of all (i) constitutions,
treaties, statutes, laws, rules, regulations, ordinances, codes or orders of any Governmental Authority, (ii) any consent,
approval, authorization, waiver, permit, grant, franchise, concession, notification, agreement, license, exemption or order of,
registration, certificate, declaration or filing with, or report or notice to, any Governmental Authority, and (iii) decisions,
injunctions, judgments, awards and decrees of, or agreements with, any Governmental Authority.

 

1.4              
“Assignment” has the meaning set forth in Section 10.5.

 

1.5              
“Bankruptcy” means the filing by a Person of a petition commencing a voluntary
case under the Bankruptcy Code; a general assignment by a Person for the benefit of creditors; an admission in writing by a Person
of its inability to pay debts as they become due; the seeking or acquiescence by a Person in the appointment of any trustee, receiver,
or liquidator for the Person or for any part of the Person’s property; or the commencement against a Person of an involuntary
case under the Bankruptcy Code, or a proceeding under any receivership, composition, readjustment, liquidation, insolvency, dissolution
or similar law or statute, if not dismissed or vacated within 60 days.

 

1.6              
“Code” means the Internal Revenue Code of 1986, as amended, and the rules
and regulations promulgated thereunder and guidance issued in conjunction therewith.

 

1.7              
“Distributor” shall mean any entity or other person, other than an Affiliate
of Licensee, which purchases finished Licensed Products from Licensee or an Affiliate of Licensee solely for the purpose of resale
to an End User

 

1.8              
“Effective Date” has the meaning set forth in the opening paragraph.

 

1.9              
“End User” shall mean the entity or person that purchases a Licensed Product
for intended use.

 

1.10          
“Field” means the (a) production and manufacturing of CBD, CBD byproducts
and CBD derivatives, from non-psychoactive, low-THC cannabis sativa
plant strains and cannabinoids (collectively, “Cannabis”), for Sale and use at retail or wholesale where permitted,
including, without limitation, CBD food additives, CBD edibles, and CBD hemp variations of the foregoing; (b) CBD-related research,
teaching and education for both medical and other purposes; and (c) all medical uses and applications of CDB. The Field is exclusive
to production, methods, and products of CBD and its derivatives, and excludes and prohibits any THC related products having a measureable
tetrahydrocannabinol concentration potency above 3.0% on
a dry weight basis, production methods, techniques, or Know How.

 

1.11          
“Governmental Authority” means a federal, state, or local governmental
authority; a state, province, commonwealth, territory or district thereof; a county or parish; a city, town, township, village
or other municipality; a district, ward or other subdivision of any of the foregoing; any executive, legislative or other governing
body of any of the foregoing; any agency, authority, board, department, system, service, office, commission, committee, council
or other administrative body of any of the foregoing; any court or other judicial body; and any officer, official or other representative
of any of the foregoing.

 

1.12          
“Improvements” means those modifications, revisions, derivations, updates,
enhancements and improvements of the Licensed Science that are conceived, discovered, created, developed or acquired by or on behalf
of Licensor, which Improvements will automatically and without any further action on the part of Licensor or Sublicensee, become
part of the Licensed Science (and part of the Patent and Technology License).

    	 	2	 

    

    

1.13          
“IRS” means the United States Internal Revenue Service, and any successor
thereto.

 

1.14          
“Know-How” means technical information, ideas, concepts, confidential information,
trade secrets, know-how, discoveries, inventions, processes, methods, formulas, source and object codes, data, programs, other
works of authorship, improvements, developments, designs and techniques related to the field other than as embodied in the Patents,
that are owned or controlled by Licensor during the Term and that are necessary or desirable to use the Patents for the purpose
of the license granted in Section 2 hereof.

 

1.15          
“License Fee” has the meaning set forth in Section 2.4.

 

1.16          
“Licensed Products” means any CBD products or methods related to the Field,
whether owned by Licensor or Sublicensor or licensed by Licensor or Sublicensor now or hereafter, that are (i) covered by
any Valid Claim(s) contained in any of the Patents, and/or (ii) based on the products, processes or methods developed using
the Licensed Science.

 

1.17          
“Licensed Science” means and includes anything and everything encompassed
by the Licensed Process, the Licensed Product in the Field, and the Licensed Service, as well as any Improvements developed or
acquired after the Effective Date which is related to the subject matter in the Patents, whether or not such Improvements becomes
the subject of a patent application during the Term.

 

1.18          
“Licensed Service” means performance of a service using a Licensed Product,
or the practice of a Licensed Process. For clarity, non-profit research and development of Licensed Products by Sublicensor, its
Affiliates, or Sublicensees do not constitute a Licensed Service.

 

1.19          
“Loss” means losses (but expressly excluding any lost or disallowed tax
credits), liabilities, demands, assessments, cleanup, removal, remediation and restoration obligations, judgments, awards, damages,
natural resource damages, contribution, cost-recovery and compensation obligations, fines, fees, penalties, costs and expenses
(including litigation and arbitration costs and attorneys’ and experts’ fees and expenses).

 

1.20          
“Master License Agreement” has the meaning set forth in Recital A.

 

1.21          
“Net Annual Sales” shall mean the total of the total gross invoiced price
paid to licensee of all Licensed Products sold or otherwise transferred by Licensee or any Affiliate of Licensee to an End User
or Distributor in the Territory during a specific calendar year.

 

1.22          
“No-Fault Termination Event” has the meaning set forth in Section 4.3.

 

1.23          
“Party” or “Parties” has the meaning set forth in the
opening paragraph.

 

1.24          
“Patents” means: (i) United States Patent Application No. 16/290,708,
(ii) United Kingdom Patent Application No. 1717554.8, (iii) Patent Cooperation Treaty Application No. 2018/077149 and (iv) any
and all continuations, continuations-in-part, and divisionals, and all patents issuing which are based on such applications, and
all reissues, reexaminations, or extensions thereof, as well as any foreign counterparts, continuations, continuations-in-part
or divisions thereof and patents and patent applications on any improvements, advancements, modifications, revisions or developments
to the subject matter claimed in the aforesaid patents that are developed by or for Licensor, together with any other patents (U.S.
or foreign and even if not listed herein) that share a common claim of priority with said patents or that, as mutually agreed upon
in good faith by the Parties, cover inventions substantially similar to said patents.

    	 	3	 

    

    

1.25          
“Person” means an individual, corporation, partnership, limited liability
company, association, trust, unincorporated organization or other entity.

 

1.26          
“Licensed Science Sublicense” has the meaning set forth in Section 2.1

 

1.27          
“Term” means the period commencing on the Effective Date and ending on
the date provided in Section 4.1 herein.

 

1.28          
“Territory” means any and all countries in the continent of North American,
defined as the United States of America, Canada, Mexico, all countries in the Caribbean Sea and all countries north of the Panama/Columbia
boarder (including the entire nation of Panama).

 

1.29          
“Trade Secrets” has the meaning set forth in Section 8.4.

 

1.30          
“Valid Claim(s)” means any claim contained in an issued and unexpired patent
included within the Patents that has not been held unenforceable, unpatentable or invalid by a decision of a court or other governmental
agency of competent jurisdiction, or unappealable or unappealed within the time allowed for appeal, and that has not been admitted
to be invalid or unenforceable through reissue or disclaimer.

 

ARTICLE 2.

SUBLICENSE GRANT

 

2.1              
Grant. Sublicensor hereby grants to Sublicensee, and Sublicensee hereby accepts, a
transferable (but only to the extent provided in Section 2.3 below), non-exclusive right and license under the Licensed Science
to make or have made the Licensed Products and to use the Licenses Science Patents, Know-How, and Licensed Products in connection
with the Field, including the distribution, sale, and marketing thereof, in the Territory (the “Licensed Science Sublicense”).

 

2.2              
Scope of License. The Licensed Science Sublicense granted hereby is for the purpose
of engaging in the business of producing and selling Licensed Products, and to do any and all things necessary or incidental thereto
subject to the terms and conditions of the Licensed Science Sublicense.

 

2.3              
Right to Sublicense. Subject to and conditioned upon the prior written approval of
Sublicensor, the Sublicensee may, from time to time, sublicense to any other third party all its rights granted under this Sublicense.

 

2.4              
License Fee. In consideration of, and as full payment for, the rights and license granted
to Sublicensee under this Agreement, Sublicensee will issue to Sublicensor, within seven (7) days of the execution of this Agreement,
nine million (9,000,000) shares of common stock, no par value per share (the “Common Stock”) of the Sublicensee.

 

    	 	4	 

    	 

    

 

ARTICLE 3.

TECHNICAL ASSISTANCE
AND IMPROVEMENTS

 

3.1              
Sublicensor shall promptly and fully advise Sublicensee in writing of any Improvements, it
being understood that any Improvements conceived, discovered, created, developed or acquired by Sublicensor or Licensor during
the Term will be the property of Sublicensor or Licensor, as applicable, and will be included within the Licensed Science and thereby
made a part of the Licensed Science Sublicense granted to Sublicensee for the remaining duration of this Agreement. The expenses
of filing and prosecuting any patent application relating to such Improvements will be borne by Licensor.

 

3.2              
All inventions, improvements, or Know-How (based on the Licensed Science) that are conceived,
discovered, created, developed or acquired by or on behalf of Sublicensee or by any of the Parties jointly are to be owned by Licensor,
and all right, title and interest in and to such inventions, improvements, or Know-How are hereby assigned by Sublicensee and Sublicensor,
as appropriate, to Licensor. Sublicensee and Sublicensor shall promptly and fully advise Licensor in writing of such inventions,
improvements, or Know-How that are material and of which it becomes aware. All right, title, and interest in any inventions, improvements,
or Know-How (with respect to the subject matter of the Licensed Science) that are conceived, discovered, created, developed or
acquired (a) by or on behalf of Sublicensee or (b) by any of the Parties jointly will be sublicensed and are hereby sublicensed
to Sublicensee as part of the Licensed Science Sublicense. The expenses of filing and prosecuting any patent application relating
to any such inventions, improvements, or Know How will be borne by Licensor; provided, however that Sublicensee
and Sublicensor, as appropriate, shall reasonably assist Licensor, at Licensor’s sole expense, in obtaining Licensor’s
full ownership rights, including patent rights, in and to the subject inventions, improvements, or Know-How.

 

ARTICLE 4.

TERM AND TERMINATION

 

4.1              
Term. Unless earlier terminated as provided herein, the term of this Agreement is from
the Effective Date until the expiration of all patents issued under Patent Rights (if any) and the cancellation, withdrawal, or
express abandonment of all patent applications under Patents Rights (if any). Notwithstanding the foregoing, the license granted
to Licensee under this Agreement for Licensed Science that is not subject to an expiration of a Patent Right shall continue in
perpetuity.

 

4.2              
Other Termination. Any Party may terminate this Agreement prior to the end of the Term
upon providing written notice to the other Party if the other Party commits a material default or breach of any representation,
warranty, covenant or agreement contained herein and, if remediable, the defaulting or breaching party fails
to remedy any such default or breach within 30 days after receiving written notice describing in reasonable detail the material
default or breach from the non-defaulting or non-breaching Party. Notwithstanding the preceding sentence in the event that an alleged
default or breach is caused by or a result of the actions of a third party, upon the defaulting or breaching party demonstrating
that the alleged default or breach is curable but the time to cure such default of breach exceeds the 30 day cure period, the cure
period will be extended to such reasonable time cure in light of the applicable circumstances. By way of example, if the Sublicensee
received a cease and desist letter from a state or federal government agency for review of operations, the notice, response and
review guidelines for such an inquiry will normally exceed ninety days, and in such an event the applicable cure period would be
extended accordingly.

 

4.3              
Effect of Termination of this Agreement or the Patent and Licensed Science License under
Certain Circumstances. The rights of Sublicensee set forth in Article 2., will survive any termination of this Agreement or
the Patent and Technology License or the dissolution of the Sublicensor; provided any such termination of this Agreement does not
occur as a result of a breach of this Agreement by Sublicensee (each of the foregoing, a “No-Fault Termination Event”).
Licensor hereby grants to Sublicensee all of the rights and licenses granted to Sublicensee by Sublicensor hereunder (including
the Licensed Science Sublicense). Sublicensee shall not exercise such rights and licenses unless and until a No-Fault Termination
Event has occurred and the Licensed Science Sublicense granted hereunder has been terminated. Notwithstanding anything to the contrary
in this Agreement or the License Agreement (including Section 5 thereof), upon the occurrence of a No-Fault Termination Event
resulting in the termination of the License Agreement, the termination of this Agreement or the dissolution of the Sublicensor
(as applicable), Sublicensee may exercise the rights and licenses set forth in this Section 4.3 and Licensor will assume all
obligations of Sublicensor in this Agreement, both without any further action by any of the Parties.

 

    	 	5	 

    

    

4.4              
Effect of Bankruptcy of Sublicensor or Licensor. Sublicensor and Licensor acknowledge
and agree that the Intellectual Property rights licensed to Sublicensee hereunder constitute “intellectual property”
as such term is defined in the Bankruptcy Code and that Sublicensee is entitled to all of the rights of a licensee of intellectual
property under Section 365(n) of the Bankruptcy Code with respect to all of such licensed rights, which rights under the Bankruptcy
Code include, without limitation, the right, upon the rejection of this Agreement or the License Agreement in any case filed under
the Bankruptcy Code with respect to Sublicensor and/or Licensor, to treat this Agreement or the License Agreement as terminated
or to retain Sublicensee’s rights under this Agreement or the License Agreement, and under any agreements supplemental to
this Agreement or the License Agreement, with respect to such rights (including any embodiment of the rights to the extent protected
by applicable non-bankruptcy law), as such rights existed immediately before the Sublicensor’s and/or Licensor’s bankruptcy
case commenced. If Sublicensee elects to retain such licensed rights under this Agreement or the License Agreement, then Sublicensee
may exercise such licensed rights in accordance with the terms and conditions of this Agreement or the License Agreement. Nothing
contained herein shall limit any other rights provided to Sublicensee under the Bankruptcy Code, including Section 365(n)
thereof.

 

ARTICLE 5.

REPRESENTATIONS
AND WARRANTIES

 

Each Party hereby represents
and warrants to the other Party as of the Effective Date (except where a representation and warranty speaks as of another date)
as follows: 

 

5.1              
By Sublicensee. Sublicensee represents and warrants to Licensor and Sublicensor that:

 

(a)               
it has the full right, power and authority to enter into this Agreement and perform its obligations
hereunder;

 

(b)               
it is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its formation and is qualified to conduct its business in those jurisdictions necessary to perform this Agreement;

 

(c)               
this Agreement constitutes the legal, valid and binding obligation of Licensee enforceable
in accordance with its terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and similar
laws from time to time in effect, as well as to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law);

 

(d)               
all necessary limited liability company or corporate action has been taken to authorize, and
all necessary authorizations, notices and consents of any third party which are required to authorize, Licensee to execute and
deliver, and to perform the transactions contemplated by, this Agreement have been obtained and remain in full force and effect;
and,

 

    	 	6	 

    

    

(e)               
the execution, delivery and performance of this Agreement are within its powers, have been
duly authorized by all necessary action and do not violate any of the terms or conditions in its limited liability company agreement
or other governing documents or any contract to which it is a party or by which any of its properties is bound or any law, rule,
regulation, order, writ, judgment, decree or other legal or regulatory determination of any governmental entity applicable to it.

 

5.2              
By Licensor. Licensor represents and warrants to Sublicensee and Sublicensor that:

 

(a)               
it has the full right, power and authority to enter into this Agreement and perform its obligations
hereunder;

 

(b)               
it is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its formation and is qualified to conduct its business in those jurisdictions necessary to perform this Agreement;

 

(c)               
this Agreement constitutes the legal, valid and binding obligation of Licensor enforceable
in accordance with its terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and similar
laws from time to time in effect, as well as to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law);

 

(d)               
the Patent and Technology License constitutes the legal, valid and binding obligation of Licensor
enforceable in accordance with its terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium
and similar laws from time to time in effect, as well as to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law);

 

(e)               
all necessary limited liability company or corporate action has been taken to authorize, and
all necessary authorizations, notices and consents of any third party which are required to authorize, Licensor to execute and
deliver, and to perform the transactions contemplated by, this Agreement have been obtained and remain in full force and effect;

 

(f)                
the execution, delivery and performance of this Agreement are within its powers, have been
duly authorized by all necessary action and do not violate any of the terms or conditions in its limited liability company agreement
or other governing documents or any contract to which it is a party or by which any of its properties is bound or any law, rule,
regulation, order, writ, judgment, decree or other legal or regulatory determination of any governmental entity applicable to it;

 

(g)               
it owns all right, title and interest in and to the Patents, Licensed Science, and Know-How;

 

(h)               
it has the full right and authority to grant the Licensed Science Sublicense to Sublicensee;

 

(i)                
there are no outstanding agreements, assignments or encumbrances inconsistent with the provisions
of this Agreement;

 

    	 	7	 

    

    

(j)                
none of the Patents have been invalidated either wholly or partly by a tribunal or court of
law within the United States or abroad or by the United States Patent and Trademark Office or any of its foreign equivalents and
to the knowledge of Licensor there are no proceedings attempting to do so;

 

(k)               
the Patents are valid and enforceable;

 

(l)                
neither the Patents nor the, Licensed Science or Know-How infringe or misappropriate any patent,
trade secret or other intellectual property right of any third party;

 

(m)             
Licensor has not received any notice alleging its noncompliance with any Applicable Law with
respect to the Patents, Know-How, Licensed Science, or Licensed Products;

 

(n)               
Licensor has not threatened or initiated any claim, suit or proceeding against any third party
alleging that such third party has infringed or misappropriated any rights under the Patents, Licensed Science, and/or Know-How
and, to the knowledge of Licensor, no third party is infringing or misappropriating any such rights; and

 

(o)               
the Patents, Licensed Science, and Know-How, along with know-how generally available in the
Field, are all the intellectual property rights necessary for the manufacture of the Licensed Products.

 

5.3              
By Sublicensor. Sublicensor represents and warrants to Sublicensee and Licensor that:

 

(a)               
it has the full right, power and authority to enter into this Agreement and perform its obligations
hereunder;

 

(b)               
it is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its formation and is qualified to conduct its business in those jurisdictions necessary to perform this Agreement;

 

(c)               
this Agreement constitutes the legal, valid and binding obligation of Sublicensor enforceable
in accordance with its terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and similar
laws from time to time in effect, as well as to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law);

 

(d)               
the Patent and Technology License constitutes the legal, valid and binding obligation of Sublicensor
enforceable in accordance with its terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium
and similar laws from time to time in effect, as well as to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law);

 

(e)               
all necessary limited liability company or corporate action has been taken to authorize, and
all necessary authorizations, notices and consents of any third party which are required to authorize, Sublicensor to execute and
deliver, and to perform the transactions contemplated by, this Agreement have been obtained and remain in full force and effect;

 

(f)                
the execution, delivery and performance of this Agreement are within its powers, have been
duly authorized by all necessary action and do not violate any of the terms or conditions in its limited liability company agreement
or other governing documents or any contract to which it is a party or by which any of its properties is bound or any law, rule,
regulation, order, writ, judgment, decree or other legal or regulatory determination of any governmental entity applicable to it;

 

    	 	8	 

    

    

(g)               
it has the full right and authority to grant the Licensed Science Sublicense to Sublicensee;

 

(h)               
there are no outstanding agreements, assignments or encumbrances inconsistent with the provisions
of this Agreement;

 

(i)                
Sublicensor has not received any notice alleging its noncompliance with any Applicable Law
with respect to its license of the Patents, Know-How, Licensed Science, or Licensed Products;

 

(j)                
Sublicensor has not threatened or initiated any claim, suit or proceeding against any third
party alleging that such third party has infringed or misappropriated any rights under the Patents, Licensed Science and/or Know-How
and, to the knowledge of Sublicensor, no third party is infringing or misappropriating any such rights.

 

ARTICLE 6.

LIMITATION OF
LIABILITY

 

6.1              
With the exception of the parties’ obligations under Article 8 or any willful misconduct
or gross negligence by a party, in no event shall any party be liable to any other party or any third party for any special, consequential,
indirect or incidental damages, however caused, on any theory of liability whether or not a party has been advised of the possibility
of such damages, arising in any way out of this agreement.

 

ARTICLE 7.

MAINTENANCE OF
PATENT RIGHTS

 

7.1              
Pursuant to the Master License Agreement, Licensor shall be solely responsible for and shall
pay all fees, costs or expenses of any nature required to prosecute, defend or maintain the Patents and will use reasonable commercial
efforts to maintain and enhance the scope of the Valid Claim(s). Pursuant to the Master License Agreement if any claim contained
in an issued and unexpired patent included within the Patents is held unenforceable, unpatentable or invalid by a decision of a
tribunal, court, or other governmental agency of competent jurisdiction, then Licensor will, at its sole expense, use reasonable
commercial efforts to create, develop and/or secure functionally equivalent workarounds and, where commercially appropriate, prosecute
patent applications and or patents for the same, which patent applications and/or patents will automatically be included within
the Patents.

 

ARTICLE 8.

PROTECTION OF
LICENSED SCIENCE

 

8.1              
Pursuant to the Master License Agreement, it shall be the obligation of Licensor, at its sole
cost and expense, in Licensor’s name, to protect and enforce the Patents and to prosecute or settle any third-party infringement
of the Patents pursuant to the terms of the Master License Agreement. If pursuant to the Master License Agreement the Licensor
determines not to diligently enforce the Patents, (in which case Licensor shall promptly notify Sublicensor in writing of the same,
or if it comes to the attention of Sublicensee that Licensor is not diligently enforcing the Patents then, subject to the rights
of Licensor and other licensees of the Patents (i) Sublicensee will have the right to enforce the Patents at Sublicensee’s
sole expense, (ii) if requested by Sublicensee, Licensor and Sublicensor will cooperate in Sublicensee’s prosecution
or defense of any dispute resolution, litigation or settlement activities hereunder, provided that Sublicensee will reimburse Licensor
for all reasonable costs incurred by Licensor as a result of such cooperation, and (iii) any recoveries will be awarded to
Sublicensor and Sublicensee (and any other participating licensees or sublicensees) in an amount that is proportional to their
costs in so enforcing the Patents.

 

    	 	9	 

    

    

8.2              
Indemnity by Sublicensee. Sublicensee shall defend, indemnify and hold harmless Licensor,
Sublicensor and their respective Affiliates and their respective members, managers, stockholders, officers, employees, agents,
representatives and attorneys against any Loss arising from or in connection with any breach by Sublicensee of the representations
and warranties in Section 5.1.

 

8.3              
Indemnity by Sublicensor. Sublicensor shall defend, indemnify and hold harmless Licensor
and Sublicensee and their respective Affiliates and their respective members, managers, stockholders, officers, employees, agents,
representatives and attorneys against any Loss arising from or in connection with any breach by Sublicensor of the representations
and warranties in Section 5.3.

 

8.4              
Protection and Enforcement of Licensed Science, Know-How and Trade Secrets. Sublicensor
and Sublicensee will at all times during the Term use commercially reasonable efforts to preserve and protect the confidentiality
of all portions of the Licensed Science, Know-How and any other information provided it such Persons that constitute “trade
secrets” as that term is defined in the Uniform Trade Secret Act (the “Trade Secrets”). Furthermore, if it comes
to the attention of Licensor that any Trade Secret has been misappropriated by any third party, then Licensor will use all reasonable
efforts, including legal actions, to preserve and protect the confidentiality of the Trade Secret and to prevent such third party
from any and all uses of the Trade Secret, so long as doing so is commercially reasonable to benefit either Licensor or Sublicensee.

 

8.5              
Sublicensee’s Obligation to Notify Licensor of Possible Infringements or Misappropriation.
Sublicensee shall notify Licensor, in writing, if it comes to the attention of Sublicensee that any of the Patents is being infringed
or any Trade Secret has been or is in danger of being misappropriated by any third party, including in such notice a summary of
relevant facts underlying Sublicensee’s belief as to such infringement or misappropriation.

 

ARTICLE 9.

CONFIDENTIALITY

 

9.1              
Each Party shall maintain the terms of this Agreement in confidence and shall not disclose
any information concerning the terms, performance or administration of this Agreement to any other Person; provided that
a Party may disclose such information: (a) to any of such Party’s Affiliates, (b) to any prospective member of
such Party’s Affiliates, (c) to any actual or prospective purchaser of all or a portion of such Party and (d) to
any Person providing or evaluating a proposal to provide financing to the recipient Party or any direct or indirect owner of such
Party; provided in each case that the recipient Party shall provide to each Person to which disclosure is made a copy
of this Article 9 and direct such Person to treat such information confidentially, and the recipient Party shall be liable for
any breach of the terms of Article 9 by such Persons to which it makes any such disclosure. The foregoing restrictions will not
apply (i) to information that is or becomes generally available to the public otherwise than as a result of disclosure by
the recipient Party, (ii) to information that is already in, or subsequently comes into, the recipient Party’s possession,
provided that the source of such information was not, to the recipient Party’s knowledge, obligated to keep such information
confidential and the information was not received solely pursuant to a previous agreement between the Parties , (iii) to information
that is required to be disclosed pursuant to Law or stock exchange rules and regulations or is otherwise subject to legal, judicial,
regulatory or self-regulatory requests for information or documents, or (iv) subject to Section 9.2 below, to the tax
treatment or tax structure of the transaction.

 

9.2              
If any Party is required to disclose any information required by this Article 9., to be maintained
as confidential in a judicial, administrative or governmental proceeding, such Party shall give the other Party at least 10 days’
prior written notice (unless less time is permitted by the applicable proceeding) before disclosing any such information in any
said proceeding and, in making such disclosure, the Party required to disclose the information shall disclose only that portion
thereof required to be disclosed and shall cooperate with the other Party in the other Party’s attempts to seek to preserve
the confidentiality thereof, including if such Party seeks to obtain protective orders and/or any intervention.

 

    	 	10	 

    

    

ARTICLE 10.

GENERAL PROVISIONS

 

10.1          
Notices. All notices and other communications among the Parties shall be in writing
and shall be deemed to have been duly given (a) when delivered in person, (b) when delivered by a nationally recognized
delivery service or (c) when delivered by e-mail with receipt confirmed, addressed as the Recipient or Discloser, as follows:

 

Notices to Sublicensor:

Bakhu Holdings, Corp.

One World Trade Center, Suite 130

Long Beach, CA 90831

Attn: Thomas K. Emmitt

E-mail: tkemmitt@yahoo.com

 

Notices to Sublicensee:

CBD Biotech, Inc.

One World Trade Center, Suite 130

Long Beach, CA 90831

 

Each Party shall update the other Party in writing
with any changes in its contact information.

 

10.2          
Binding Effect; Third Parties. The terms and provisions of this Agreement shall be
binding upon and shall inure to the benefit of the Parties and their successors and permitted assigns. Nothing in this Agreement
shall be deemed to grant any third-party beneficiary or similar rights to any Person not a signatory to this Agreement.

 

10.3          
Construction. The words “this Agreement,” “herein,” “hereby,”
“hereunder,” and “hereof,” and words of similar import, refer to this Agreement as a whole (including all
Annexes, Exhibits and Schedules) and not to any particular subdivision unless expressly so limited. The words “this Section,”
“this subsection,” and words of similar import, refer only to the Sections or subsections hereof in which such words
occur. The word “or” is not exclusive, and the word “including” (in its various forms) means “including
without limitation.” Pronouns in masculine, feminine, or neuter genders shall be construed to state and include any other
gender and words, terms, and titles (including terms defined herein) in the singular form shall be construed to include the plural
and vice versa, unless the context otherwise expressly requires. Unless the context otherwise requires, all defined terms contained
herein shall include the singular and plural and the conjunctive and disjunctive forms of such defined terms, and the term “Annex,”
“Exhibit” or “Schedule” shall refer to an Annex, Exhibit or Schedule attached to this Agreement.

 

    	 	11	 

    

    

10.4          
Governing Law; Jurisdiction and Venue. This Agreement will be construed and enforced
in accordance with laws of the U.S. and the State of California, without regard to any choice of law and/or conflicts of law principles
which would otherwise refer to and apply the laws of another jurisdiction. Any legal suit, action, proceeding, or dispute arising
out of or related to this Agreement or the other agreements referred to herein, shall be instituted in the federal courts of the
United States of America or the Superior Courts of the State of California, in each case located in the County of Los Angeles,
and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action, proceeding, or dispute.

 

10.5          
Waiver of Jury Trial. To the fullest extent permitted by applicable law, the Parties
hereto hereby voluntarily and irrevocably waives trial by jury in any Proceeding brought in connection with this Agreement, any
of the related agreements and documents, or any of the transactions contemplated hereby or thereby. 

 

10.6          
Modification. Any modification of this Agreement will be effective only if it is in
writing and signed by duly authorized representatives of both Parties. No modification will be made by e-mail communications.

 

10.7          
Severability. If any provision hereof is held to be invalid, illegal or unenforceable
in any jurisdiction, the Parties hereto shall negotiate in good faith a valid, legal and enforceable substitute provision that
most nearly reflects the original intent of the Parties, and all other provisions hereof shall remain in full force and effect
in such jurisdiction and shall be construed in order to carry out the intentions of the Parties hereto as nearly as may be possible.
Such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of such other provisions
in any other jurisdiction, so long as the essential essence of this Agreement remains enforceable

 

10.8          
Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended
to confer any benefits, rights or remedies on any entity, other than the Parties and their permitted successors and assigns.

 

10.9          
Entire Agreement. This Agreement constitutes the entire agreement between the Parties
regarding the subject matter hereof, and supersedes all prior written or verbal agreements, representations and understandings
relative to such matters.

 

10.10       
Integration. This Agreement constitutes the entire agreement of the Parties with respect
to the subject matter hereof and supersedes all prior representations, assurances, courses of dealing, agreements, and undertakings,
whether written or oral, between the Parties concerning such subject matter.

 

10.11       
Titles and Headings. Titles and headings as used in this Agreement are for convenience
and reference only, and the words contained therein shall in no way be held to explain, modify, amplify or aid in the interpretation,
construction or meaning of any provision.

 

    	 	12	 

    

    

10.12       
Assignment. No Party shall assign, sublease or otherwise transfer (collectively, an
“Assignment”) this Agreement or any of its rights hereunder without the prior written consent of the other Parties,
and any purported Assignment made without such prior written consent shall be void. Notwithstanding the foregoing:

 

(a)        any
Party may, without the need for consent from the other Parties, make an Assignment of this Agreement to an Affiliate of such Party
provided that such Affiliate assumes all of the obligations of the Party making the Assignment, and in such event the Assigning
Party shall be released from its obligations under this Agreement, except for those obligations that arose prior to such Assignment;

 

(b)        Sublicensee
may, without the need for consent from Sublicensor or Licensor, make an Assignment of this Agreement to any Person succeeding to
all or substantially all of its assets.

 

10.13       
Amendment; Modification, and Waiver. This Agreement may not be amended or modified
except by an instrument in writing signed by each of the Parties. Any failure of Sublicensee, Sublicensor, or Licensor to comply
with any obligation, covenant, agreement, or condition contained herein may be waived only if set forth in an instrument in writing
signed by the Party to be bound thereby, but such waiver or failure to insist upon strict compliance with such obligation, covenant,
agreement or condition shall not operate as a waiver of, or estoppel with respect to, any other failure.

 

10.14       
Severability of Provisions. If any term or other provision of this Agreement is invalid,
illegal, or incapable of being enforced by any rule of Applicable Law, or public policy, all other conditions and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated herein are not affected in any manner materially adverse to any Party. Upon such determination that any term or other
provision is invalid, illegal, or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated herein are consummated as originally contemplated to the fullest extent possible.

 

10.15       
Entire Agreement. This Agreement shall constitute the entire agreement between the
Parties hereto relating to the subject matter hereof. This Agreement expressly supersedes all prior agreements between the Parties
relating to the subject matter hereof.

 

10.16       
Counterparts. This Agreement may be executed and delivered (including by facsimile
transmission) in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective
when one or more counterparts have been signed by each of the Parties and delivered to the other Parties, it being understood that
all Parties need not sign the same counterpart.

 

10.17       
Survivability on Termination. The provisions of Article 8, 8 and 10, and any other
provision hereof which, by its terms, expressly provides that it survive termination of the Term, shall survive the termination
of the Term for any reason. All other rights and obligations of the Parties shall cease upon termination of the Term or other termination
of this Agreement.

 

10.18       
Further Assurances. Each Party shall execute and deliver to any other Party such further
documents, instruments and assurances as may be reasonably requested by such other Party to fulfill the intent of the Parties hereto.

 

 

*** Signature
Page Follows ***

 

    	 	13	 

    	 

    

 

 

IN WITNESS WHEREOF,
the Parties hereto have caused their duly authorized representatives to execute this Agreement as of the Effective Date first above
written.

 

	 		SUBLICENSOR:
	 	 	 
	 	 	Bakhu Holdings, Corp.
	 	 	
         

         

        

	Date: January 5, 2020	 	/s/ Thomas K. Emmitt
	 	 	
        By: Thomas K. Emmitt

        Title: President and CEO

        

 

 

 

	 		SUBLICENSEE:
	 	 	 
	 	 	CBD Biotech, Inc.
	 	 	
         

         

        

	Date: January 5, 2020	 	/s/ Thomas K. Emmitt
	 	 	
        By: Thomas K. Emmitt

        Title: President and CEO

        

 

 

    	 	14	 

    	 

    

EXHIBIT A

 

Master License Agreement

between

Cell Science Holding Ltd. and Bakhu Holdings
Corp.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]