Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

FIRST AMENDMENT TO CREDIT AGREEMENT 

This FIRST AMENDMENT to the Credit Agreement referred to below, dated as of December 12, 2019 (this “First
Amendment”) by and among HLF Financing SaRL, LLC, a Delaware limited liability company (the “Term Loan Borrower”), Herbalife Nutrition Ltd., a Cayman Islands exempted company incorporated with limited liability
with company number 116838 and with its registered office at Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (“Parent”), Herbalife International Luxembourg S.à
R.L., a Luxembourg private limited liability company (société à responsabilité limitée), existing and organized under the laws of Luxembourg, having its registered office at 16,
avenue de la Gare, L-1610 Luxembourg and registered with the Luxembourg Register of Commerce and Companies (R.C.S. Luxembourg) under number B 88.006 (“HIL”), Herbalife International, Inc., a
Nevada corporation (“HII” and, together with Parent, the Term Loan Borrower and HIL, the “Revolver Borrowers”; the Revolver Borrowers, together with the Term Loan Borrower, are referred to herein as
the “Borrowers”), certain subsidiaries of the Borrowers as Subsidiary Guarantors, the Term Loan B Lenders under the Credit Agreement party hereto (consisting of at least the Required Term B Lenders (as defined in the Credit
Agreement)), each Consenting Term Loan B Lender (as defined below), the Replacement Lender (as defined below) and Jefferies Finance LLC (“Jefferies”) as the Term Loan B Agent and Collateral Agent (each as defined in the
Credit Agreement). Capitalized terms not otherwise defined in this First Amendment have the same meanings as specified in the Credit Agreement (as defined below), as amended by this First Amendment.  

RECITALS 

WHEREAS, the Borrowers, the Subsidiary Guarantors, the several Lenders (as defined in the Credit Agreement) from time to time
party thereto, the Term Loan B Agent, Jefferies as the Collateral Agent, Coöperatieve Rabobank U.A., New York Branch, as the administrative agent for the Term Loan A Lenders and the Revolving Credit Lenders have entered into that certain Credit
Agreement, dated as of August 16, 2018 (together with all exhibits and schedules attached thereto, as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit
Agreement” and as amended by this First Amendment, the “Amended Credit Agreement”);  

WHEREAS, each Borrower, the undersigned Lenders (including the Replacement Lender) and the Term Loan B Agent have agreed to amend the Credit
Agreement as hereinafter set forth; 
 WHEREAS, each Term Loan B Lender under the Credit Agreement immediately prior to the First Amendment
Effective Date (collectively, the “Existing Term Loan B Lenders”) that executes and delivers a consent to this First Amendment in the form of the “Term Loan B Lender Consent” attached hereto as Annex I (a
“Term Loan B Lender Consent”) and selects Option A thereunder (the “Continuing Term Loan B Lenders”) hereby agree to the terms and conditions of this First Amendment; 

 WHEREAS, each Existing Term Loan B Lender that executes and delivers a Term Loan B Lender
Consent and selects Option B thereunder (the “Non-Continuing Term Loan B Lenders” and, together with the Continuing Term Loan B Lenders, the “Consenting Term Loan B Lenders”) hereby agree to the terms
and conditions of this First Amendment and agrees that it shall execute, or shall be deemed to have executed, a counterpart of the Master Assignment and Acceptance Agreement substantially in the form attached hereto as Annex II (a
“Master Assignment”) and shall in accordance therewith sell all of its existing Term B Loans as specified in the applicable Master Assignment, as further set forth in this First Amendment; 

WHEREAS, each Existing Term Loan B Lender that fails to execute and return a Term Loan B Lender Consent by Wednesday 4:00 p.m.
(New York City time), on December 11, 2019 (the “Consent Deadline”) (each, a “Non-Consenting Term Loan B Lender”) shall, in accordance with Section 2.21(c) of the Credit Agreement, assign and
delegate, without recourse (in accordance with Section 2.21(d) and Section 9.4 of the Credit Agreement), all of its interests, rights and obligations under the Credit Agreement and the related Loan Documents in respect of its existing Term
B Loans to an assignee that shall assume such obligations as specified in the applicable Master Assignment, as further set forth in this First Amendment; 

WHEREAS, each Loan Party party hereto (collectively, the “Reaffirming Parties”, and each, a
“Reaffirming Party”) expects to realize substantial direct and indirect benefits as a result of this First Amendment becoming effective and the consummation of the transactions contemplated hereby and agrees to reaffirm its
obligations, guaranties and any security interests granted by it pursuant to the Credit Agreement, the Collateral Documents, and the other Loan Documents to which it is a party; and 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments to Credit
Agreement. The Credit Agreement is, effective as of the First Amendment Effective Date (as defined below), and subject to the satisfaction of the conditions precedent set forth in SECTION 3 below, hereby amended as follows: 

(a) Amendments to Section 1.01: Definitions. 

(i) Section 1.01 of the Credit Agreement is hereby amended by adding the following new definitions thereto in
proper alphabetical order: 
 “First Amendment” means that certain First Amendment to Credit Agreement,
dated as of December 12, 2019 among the Borrowers, the Subsidiary Guarantors, the Term Loan B Agent and the Lenders party thereto. 

“First Amendment Effective Date” means the date on which all of the conditions contained in
Section 3 of the First Amendment have been satisfied or waived in accordance with the terms of the First Amendment. 

(ii) Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions set forth below in their
entirety and replacing them with the following: 

  
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 “Applicable Margin”: (a) with respect to Term A Loans,
the rate per annum equal to (i) for ABR Loans, 2.00%, and (ii) for Eurodollar Loans, 3.00%, (b) with respect to Term B Loans, the rate per annum equal to (i) for ABR Loans, 1.75%, and (ii) for Eurodollar Loans, 2.75%,
(c) with respect to Revolving Credit Loans, the rate per annum equal to (i) for ABR Loans, 2.00% and (ii) for Eurodollar Loans, 3.00%, (d) with respect to any Incremental Facility, the rate or rates per annum set forth in the
applicable Incremental Facility Amendment, (e) with respect to any Extended Revolving Credit Commitment or Extended Term Loan, the rate or rates per annum specified in the applicable Extension Offer and (f) with respect to any Replacement
Facility, the rate or rates per annum specified in the applicable Replacement Facility Amendment. 
 “Applicable
Prepayment Percentage”: (a) on or prior to June 12, 2020, 1.00%, and (b) thereafter, 0%. 
 (b) Amendments to
Section 2.12(e). Section 2.12(e) of the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and insert the added text (indicated textually in the same manner as the following example: added text) as shown below: 

“(e) In the event that the Term Loan Borrower (i) repays, prepays, purchases, buys back, refinances, substitutes or replaces any Term
B Loans in connection with a Repricing Event (other than as a result of a mandatory prepayment pursuant to
Section 2.14(b) or Section 2.14(c) or a repayment pursuant to Section 2.3), including in connection with a Repricing Event or (ii) effects any amendment of this Agreement resulting in a Repricing Event, the Term Loan Borrower shall pay to the Term Loan B Agent, for the ratable account of each of the applicable Term Loan B
Lenders (x) in the case of clause (i), an amount equal to the Applicable Prepayment Percentage of the aggregate principal amount of the Term B Loans so being repaid, prepaid, purchased, bought back, refinanced, substituted or replaced and
(y) in the case of clause (ii), an amount equal to the Applicable Prepayment Percentage of the aggregate principal amount of the applicable Term B Loans that are the subject of such Repricing Event and outstanding immediately prior to such
amendment.” 
 SECTION 2. Continuation of Existing Loans; Non-Consenting Lenders; Other Terms and Agreements. 

(a) Continuing Lenders. Each Existing Term Loan B Lender selecting Option A on the Term Loan B Lender Consent hereby consents and agrees
to this First Amendment. 
 (b) Non-Continuing Term Loan B Lenders. Each Existing Term Loan B Lender selecting Option B on the Term
Loan B Lender Consent hereto hereby consents and agrees (subject to the effectiveness of the assignment referred to in the following clause (ii)) to (i) this First Amendment and (ii) sell the entire principal amount of its existing Term B
Loans via an assignment on the First Amendment Effective Date pursuant to a Master Assignment. By executing a Term Loan B Lender Consent and selecting Option B, each Non-Continuing Term Loan B Lender shall be deemed to have executed a counterpart to
the Master Assignment to give effect, solely upon the consent and acceptance by the Replacement Lender, to the assignment described in the immediately preceding sentence. 

  
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 (c) Non-Consenting Term Loan B Lenders. The Term Loan Borrower hereby gives notice to
each Non-Consenting Term Loan B Lender that, upon receipt of Term Loan B Lender Consents from the Existing Term Loan B Lenders constituting the Required Term B Lenders, if such Non-Consenting Term Loan B Lender has not executed and delivered a Term
Loan B Lender Consent on or prior to the Consent Deadline, such Non-Consenting Term Loan B Lender shall, pursuant to Section 2.21(d) of the Credit Agreement, execute or be deemed to have executed a counterpart of the Master Assignment and shall
in accordance therewith sell its Existing Terms B Loans as specified in the Master Assignment. Pursuant to the Master Assignment, each Non-Consenting Term Loan B Lender shall sell and assign the principal amount of its Existing Term B Loans as set
forth in Schedule I to the Master Assignment, as such Schedule is completed by the Term Loan B Agent on or prior to the First Amendment Effective Date, to Jefferies Finance LLC, as assignee (acting through any of its affiliates as it deems
appropriate, in such capacity the “Replacement Lender”) under such Master Assignment, solely upon the consent and acceptance by the Replacement Lender. The Replacement Lender shall be deemed to have consented to this First
Amendment with respect to such purchased Term B Loans at the time of such assignment. 
 SECTION 3. Conditions of Effectiveness. The
effectiveness of this First Amendment (including the amendments contained in SECTION 1 and agreements contained in SECTION 2) are subject to the satisfaction (or written waiver) of the following conditions (the date of satisfaction of
such conditions being referred to herein as the “First Amendment Effective Date”): 
 (a) This First Amendment shall
have been duly executed by the Borrowers, the Subsidiary Guarantors and the Term Loan B Agent (which may include a copy transmitted by facsimile or other electronic method), and delivered to the Term Loan B Agent, and the Lenders under the Credit
Agreement consisting of at least the Required Term B Lenders immediately prior to the First Amendment Effective Date. 
 (b) Jefferies, as
Repricing Arranger, shall have received all fees due and payable under that certain engagement letter, dated as of December 4, 2019, by and among the Borrowers and Jefferies (the “First Amendment Engagement Letter”).

 (c) The Term Loan B Agent shall have received favorable legal opinions of (A) Gibson, Dunn & Crutcher LLP, special counsel
to the Loan Parties, (B) Snell & Wilmer, L.L.P., Nevada counsel to the Loan Parties, (C) Maples and Calder, Cayman Islands counsel to the Loan Parties, and (D) DLA Piper Luxembourg S.à r.l., Luxembourg counsel to the
Loan Parties, with respect to the capacity of the Luxembourg Loan Parties to enter into the Loan Documents, in each case in form and substance reasonably satisfactory to the Term Loan B Agent. 

(d) The Term Loan B Agent shall have received a certificate signed by a Responsible Officer of the Borrowers as to the matters set forth in
paragraphs (g) and (h) of this SECTION 3; 

  
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 (e) The Term Loan B Agent shall have received (I) a certificate dated as of the First
Amendment Effective Date of the corporate secretary or an assistant or associate corporate secretary or director (or such other officer reasonably acceptable to the Term Loan B Agent) of each of the Loan Parties, in form and substance reasonably
satisfactory to the Term Loan B Agent, certifying (i) that either (A) attached thereto is a true and complete and up to date copy of the articles or certificate of incorporation, memorandum and articles of association or other comparable
organizational documents including any certificate on change of name and all amendments thereto of such Loan Party certified (other than in the case of any Loan Party that is a Cayman Islands exempted company) as of a recent date by the secretary of
state (or comparable Governmental Authority) of its jurisdiction of organization (where applicable), and that the same has not been amended since the date of such certification or (B) the articles or certificate of incorporation or other
comparable organizational documents of such Loan Party delivered on the Closing Date to the Term Loan B Agent have not been amended and are in full force and effect, (ii) that either (A) attached thereto is a true and complete copy of the
bylaws or comparable governing documents of such Loan Party, as then in effect and as in effect at all times without amendment of supersession from the date on which the resolutions referred to in clause (iii) below were adopted to and
including the date of such certificate or (B) that the bylaws or comparable governing documents of such Loan Party delivered on the Closing Date to the Term Loan B Agent have not been amended and are in full force and effect and (iii) that
attached thereto is a true and complete copy of resolutions adopted by the board of directors or other comparable governing body or bodies of such Loan Party and, if applicable all the holders of the issued shares of such Loan Party, authorizing the
execution, delivery and performance of this First Amendment and any related Loan Documents to which it is a party, which are in full force and effect without amendment or supersession as of the date of the certificate, and as to the incumbency and
genuineness of the signature of each officer, director or other comparable authorized manager or attorney of such Loan Party, executing this First Amendment or any of such other Loan Documents, and attaching all such copies of the documents
described above together with, in the case of the Loan Parties incorporated in the Cayman Islands, copies of their internal registers of directors and officers and registers of mortgages and charges and (II) in respect of (i) any Luxembourg
Loan Party, (ii) WHBL Luxembourg S.à r.l., (iii) Herbalife Luxembourg Distribution S.à r.l., (iv) HLF Luxembourg Distribution S.à r.l. and (v) Herbalife Africa (together the “Luxembourg
Entities” and each a “Luxembourg Entity”), a manager’s certificate dated as of the First Amendment Effective Date signed by a manager of the relevant Luxembourg Entity, certifying the following items: (A) an
up-to-date copy of the articles of association of the relevant Luxembourg Entity; (B) an electronic true and complete certified excerpt of the Luxembourg Companies Register pertaining to the relevant Luxembourg Entity dated as of the date of
this Agreement; (C) an electronic true and complete certified certificate of non-registration of judgment (certificat de non-inscription d’une décision judiciaire) dated as of the date of this Agreement issued by the
Luxembourg Companies Register and reflecting the situation no more than one Business Day prior to the date of this Agreement; (D) with respect to the Luxembourg Loan Parties only, true, complete and up-to-date board resolutions approving the
entry by the relevant Luxembourg Loan Party into, among others, the Loan Documents; (E) the relevant Luxembourg Entity is not subject to nor, as applicable, does it meet or threaten to meet the criteria of bankruptcy (faillite),
voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de la faillite), controlled management (gestion contrôlée), reprieve from payment
(sursis de paiement), general settlement 

  
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with creditors or similar laws affecting the rights of creditors generally and no application has been made or is to be made by its manager or, as far as it is aware, by any other person for the
appointment of a commissaire, juge-commissaire, liquidateur, curateur or similar officer pursuant to any voluntary or judicial insolvency, winding-up, liquidation or similar proceedings; (F) (with respect to the
Luxembourg Loan Parties only) a true and complete specimen of signatures for each of the managers or authorized signatories having executed for and on behalf of the relevant Luxembourg Loan Party the Loan Documents; (G) a certificate of the
domiciliation agent or signed by a manager of the relevant Luxembourg Entity certifying, as the case may be, (i) due compliance by the relevant Luxembourg Entity with, and adherence to, the provisions of the Luxembourg Law dated 31 May
1999 concerning the domiciliation of companies, as amended, and the related circulars issued by the Commission de Surveillance du Secteur Financier or (ii) that the premises of the Luxembourg Entity are leased pursuant to a legal, valid
and binding (and still in full force and effect) lease agreement and correspond to sufficient unshared office space, with a separate entrance and sufficient office equipment allowing it to effectively carry out its business activities. 

(f) The Term Loan B Agent shall have received a certificate as of a recent date of the good standing of each of the Loan Parties under the laws
of its jurisdiction of organization, from the secretary of state (or comparable Governmental Authority) of such jurisdiction as well as corresponding bring-down good standing certificates dated as of the First Amendment Effective Date, save
that, (i) such bring-down good standing certificates with respect to any Loan Party that is formed in a State of the United States other than Delaware shall be obtained by the Repricing Arranger’s counsel from the applicable secretary
of state or (comparable Governmental Authority) and (ii) no such bring-down good standing certificate is required for any Loan Party that is a Cayman Islands exempted company where the above recent date of the certificate of good standing
initially provided is no earlier than 10 Business Days prior to the First Amendment Effective Date; 
 (g) No Default or Event of Default has
occurred and is continuing both before and immediately after giving effect to the transactions contemplated hereby; 
 (h) The
representations and warranties of each Loan Party set forth in SECTION 4(b) of this First Amendment are true and correct and the representations and warranties of each Loan Party set forth in SECTIONS 4(a) and (c) of this
First Amendment are true and correct in all material respects on and as of the First Amendment Effective Date (immediately after giving effect to this First Amendment) as if made on as of such date, except in the case of any representations and
warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date; provided, that, in each case such materiality qualifier
shall not be applicable to any representations or warranties that already are qualified or modified by materiality or “Material Adverse Effect”; 

(i) The Term Loan B Agent shall have received a solvency certificate in the form of Exhibit J of the Credit Agreement from a Responsible
Officer of the Parent with respect to the solvency of the Parent and its Subsidiaries, on a consolidated basis, after giving effect to the First Amendment; 

  
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 (j) Know Your Customer and Other Required Information. 

(i) The Term Loan B Agent have received, no later than one (1) Business Day prior to the First Amendment Effective Date,
all documentation and other information about the Loan Parties as has been reasonably requested in writing at least three (3) Business Days prior to the First Amendment Effective Date by the Term Loan B Agent with respect to applicable
“know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act. 
 (ii) At least
three (3) Business Days prior to the First Amendment Effective Date, any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to
such Borrower to any Lender that requests such Beneficial Ownership Certification in writing at least three (3) Business Days prior to the First Amendment Effective Date. 

(k) All fees and expenses required to be paid hereunder or pursuant to the Credit Agreement and the First Amendment Engagement Letter shall
have been paid in full in cash or will be paid in full in cash on the First Amendment Effective Date, including, without limitation, all reasonable and documented out-of-pocket expenses incurred by the Repricing Arranger, the Term Loan B Agent and
their respective Affiliates in connection with the execution and delivery of this First Amendment. 
 (l) The Replacement Lender shall have
executed and delivered the Master Assignment contemplated under SECTION 2 above and all other conditions to the consummation of the assignments in accordance with SECTION 2 above shall have been satisfied and such assignments shall have been
consummated or shall be consummated substantially concurrently with the effectiveness of this First Amendment. 
 (m) The Borrower shall
have, substantially concurrently with the effectiveness of this First Amendment, paid to all Non-Consenting Term Loan B Lenders all interest, indemnities, fees, cost reimbursements and other Obligations (other than principal and all other amounts
paid to such Non-Consenting Term Loan B Lender under SECTION 2 above), if any, then due and owing to such Non-Consenting Term Loan B Lenders under the Credit Agreement and the other Loan Documents (immediately prior to the effectiveness of
this First Amendment). 
 SECTION 4. Representations and Warranties. To induce the other parties hereto to enter into this First
Amendment, each Loan Party represents and warrants to each of the Term Loan B Lenders and the Term Loan B Agent that, as of the First Amendment Effective Date: 

(a) This First Amendment has been duly authorized, executed and delivered by each Loan Party and constitutes, and the Credit Agreement, as
amended by this First Amendment constitutes, its legal, valid and binding obligation, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally, by general equitable principles or by principles of good faith and fair dealing; 

  
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 (b) The representations and warranties of each Loan Party set forth in Section 3
of the Credit Agreement (as amended by this First Amendment) and the other Loan Documents are true and correct in all material respects on and as of the First Amendment Effective Date (immediately after giving effect to this First Amendment) as if
made on as of such date, except in the case of any representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such
earlier date; provided, that, in each case such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified by materiality or “Material Adverse Effect”; provided, that the
representations and warranties set forth in Section 3.19 of the Credit Agreement are qualified by (i) the information disclosed under the heading “Other Matters” in note 6 (Contingencies) to the condensed consolidated financial
statements of Parent and its Subsidiaries in the 10-Q for the quarter ended September 30, 2019 and (ii) information publicly available as of the First Amendment Effective Date, including as disseminated by Reuters or other news sources, in
respect of charges against former Herbalife officers Yanliang Li, also known as Jerry Li, and Hongwei Yang, also known as Mary Yang for violation of the FCPA; and 

(c) After giving effect to this First Amendment and the transactions contemplated hereby, no Default or Event of Default has occurred and is
continuing. 
 SECTION 5. Borrower’s Consent. For purposes of Section 9.4 of the Credit Agreement, each Borrower
hereby consents to any assignee of the Replacement Lender or any of its respective Affiliates (in each case otherwise being an Eligible Assignee) becoming a Term Loan B Lender in connection with the syndication of the Term B Loans acquired by the
Replacement Lender pursuant to SECTION 2 hereof, to the extent the inclusion of such assignee in the syndicate has been disclosed in writing to and agreed by the Borrower prior to the First Amendment Effective Date. 

SECTION 6. Effects on Loan Documents. Except as specifically amended herein or contemplated hereby, all Loan Documents shall continue
to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this First Amendment shall not operate as a waiver, release or discharge of any right, power or remedy of any Lender
or the Term Loan B Agent under any of the Loan Documents, nor constitute a waiver, release or discharge of any provision of the Loan Documents or in any way limit, impair or otherwise affect the rights and remedies of the Lenders or the Term Loan B
Agent under the Loan Documents. Each Borrower and each of the Subsidiary Guarantors acknowledges and agrees that, on and after the First Amendment Effective Date, this First Amendment and each of the other Loan Documents to be executed and delivered
by the Borrower in connection herewith shall constitute a Loan Document for all purposes of the Amended Credit Agreement. On and after the First Amendment Effective Date, each reference in the Amended Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “Credit Agreement”, “thereunder”, “thereof” or
words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this First Amendment, and this First Amendment and the Credit Agreement as amended by this First Amendment shall be read
together and construed as a single instrument. Nothing herein shall be deemed to entitle the Borrowers nor the Subsidiary Guarantors to a further consent to, or a further waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement as amended by this First Amendment or any other Loan Document in similar or different circumstances. 

  
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 SECTION 7. Indemnification. Each Borrower hereby confirms that the indemnification
provisions set forth in Section 9.3 of the Credit Agreement as amended by this First Amendment shall apply to this First Amendment and the transactions contemplated hereby. 

SECTION 8. Repricing Arranger. The Borrowers and the Lenders party hereto agree (a) that Jefferies, in its capacity as arranger
with respect to this First Amendment (acting through any of its affiliates as it deems appropriate, the “Repricing Arranger”), shall be entitled to the privileges, indemnification, immunities and other benefits afforded to
the Arrangers under the Credit Agreement as amended by this First Amendment and (b) except as otherwise agreed to in writing by the Borrowers and the Repricing Arranger, the Repricing Arranger shall have no duties, responsibilities or
liabilities with respect to this First Amendment, the Credit Agreement as amended by this First Amendment or any other Loan Document. 

SECTION 9. Amendments; Execution in Counterparts; Severability. 

(a) This First Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by each Borrower, each
of the Subsidiary Guarantors, the Lenders party hereto and the Term Loan B Agent; and 
 (b) To the extent any provision of this First
Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such
provision in any other jurisdiction or the remaining provisions of this First Amendment in any jurisdiction. 
 SECTION 10.
Reaffirmation. Each of the Reaffirming Parties, as party to the Credit Agreement and certain of the Collateral Documents and the other Loan Documents, in each case as amended, supplemented or otherwise modified from time to time, hereby
(i) acknowledges and agrees that all of its obligations under the Credit Agreement, the Collateral Documents and the other Loan Documents to which it is a party are reaffirmed and remain in full force and effect on a continuous basis,
(ii) reaffirms (A) each Lien granted by it to the Term Loan B Agent or the Collateral Agent for the benefit of the Secured Parties and (B) any guaranties made by it pursuant to the Credit Agreement, (iii) acknowledges and agrees
that the grants of security interests by it contained in the Collateral Documents shall remain, in full force and effect after giving effect to the First Amendment and that such security interests secure, and shall continue to secure following the
First Amendment Effective Date, the Obligations as described in the following clause (iv) and (iv) acknowledges and agrees that the Obligations include, among other things and without limitation, the prompt and complete payment and
performance by the Borrower when due and payable (whether at the stated maturity, by acceleration or otherwise) of principal and interest on, and premium (if any) on, the Term B Loans under the Credit Agreement as amended by this First Amendment.
Nothing contained in this First Amendment shall be construed as substitution or novation of the obligations outstanding under the Credit Agreement or the other Loan Documents, which shall remain in full force and effect, except to any extent
modified hereby. 

  
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 SECTION 11. Term Loan B Agent. Each Borrower acknowledges and agrees that Jefferies,
in its capacity as Term Loan B Agent under the Credit Agreement, will serve as Term Loan B Agent under this First Amendment and under the Credit Agreement as amended by this First Amendment. 

SECTION 12. Governing Law; Waiver of Jury Trial; Jurisdiction. This First Amendment shall be construed in accordance with and governed
by the law of the State of New York (without regard to the conflicts of law provisions thereof). EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ITS RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF
ACTION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) ARISING OUT OF OR IN CONNECTION WITH THIS FIRST AMENDMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS FIRST AMENDMENT OR ANY OTHER LOAN DOCUMENT. The provisions of Section 9.9 and
Section 9.10 of the Credit Agreement as amended by this First Amendment are incorporated herein by reference, mutatis mutandis. 

SECTION 13. Headings. Section headings in this First Amendment are included herein for convenience of reference only, are not part of
this First Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this First Amendment. 

SECTION 14. No Novation. By its execution of this First Amendment, each of the parties hereto acknowledges and agrees that the terms of
this First Amendment do not constitute a novation, but, rather, a supplement of the terms of the pre-existing indebtedness and related agreements, as evidenced by the Credit Agreement. 

SECTION 15. Counterparts. This First Amendment may be executed by one or more of the parties hereto on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF or other electronic means shall have the same force and effect as manual signatures
delivered in person. 
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed
and delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

			
	
	BORROWERS:
	
	HLF FINANCING SaRL, LLC
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Manager
	
	HERBALIFE NUTRITION LTD.
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer
	
	HERBALIFE INTERNATIONAL LUXEMBOURG S.À R.L.
		
	By:	 	 /s/ Héléne Dekhar

	Name:	 	Héléne Dekhar
	Title:	 	Class A Manager
	
	HERBALIFE INTERNATIONAL, INC.
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer

 [Signature Page to First Amendment] 

 
			
	SUBSIDIARY GUARANTORS:
	
	HERBALIFE INTERNATIONAL OF AMERICA, INC.
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer
	
	HERBALIFE INTERNATIONAL OF EUROPE, INC.
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer
	
	HERBALIFE TAIWAN, INC.
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer
	
	HERBALIFE INTERNATIONAL DO BRASIL, LTDA.
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer
	
	HERBALIFE KOREA CO., LTD.
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer

  
 [Signature Page to First
Amendment] 

 
			
	HERBALIFE VENEZUELA HOLDINGS, LLC
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Manager
	
	HERBALIFE MANUFACTURING LLC
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer
	
	WH LUXEMBOURG INTERMEDIATE HOLDINGS S.À R.L. LLC
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Manager
	
	HERBALIFE INTERNATIONAL (THAILAND), LTD.
		
	By:	 	 /s/ Richard Caloca

	Name:	 	Richard Caloca
	Title:	 	Vice President, Treasurer
	
	HERBALIFE VH INTERMEDIATE INTERNATIONAL, LLC
		
	By:	 	VHSA LLC, its sole member
	By:	 	Herbalife International, Inc., its sole member
		
	By:	 	 /s/ Richard Caloca

		 	Name: Richard Caloca
		 	Title:   Vice President, Treasurer

  
 [Signature Page to First
Amendment] 

 
			
	HERBALIFE VH INTERNATIONAL LLC
		
	By:	 	Herbalife VH Intermediate International LLC
	By:	 	VHSA LLC, its sole member
	By:	 	Herbalife International, Inc., its sole member
		
	By:	 	 /s/ Richard Caloca

		 	Name: Richard Caloca
		 	Title:   Vice President, Treasurer
	
	HLF FINANCING US, LLC
		
	By:	 	 /s/ Richard Caloca

		 	Name: Richard Caloca
		 	Title:   Manager
	
	HLF LUXEMBOURG HOLDINGS, INC.
		
	By:	 	 /s/ Richard Caloca

		 	Name: Richard Caloca
		 	Title:   Vice President, Treasurer
	
	WH CAPITAL CORPORATION
		
	By:	 	 /s/ Richard Caloca

		 	Name: Richard Caloca
		 	Title:   Vice President, Treasurer
	
	HBL LUXEMBOURG HOLDINGS S.À R.L.
		
	By:	 	 /s/ Héléne Dekhar

		 	Name: Héléne Dekhar
		 	Title:   Class A Manager

  
 [Signature Page to First
Amendment] 

 
			
	WH LUXEMBOURG HOLDINGS S.À R.L.
		
	By:	 	 /s/ Héléne Dekhar

		 	Name: Héléne Dekhar
		 	Title:   Class A Manager
	
	HV HOLDINGS LTD.
		
	By:	 	 /s/ Richard Caloca

		 	Name: Richard Caloca
		 	Title:   President and Treasurer
	
	WH INTERMEDIATE HOLDINGS LTD.
		
	By:	 	 /s/ Richard Caloca

		 	Name: Richard Caloca
		 	Title:   President and Treasurer
	
	HBL LUXEMBOURG SERVICES S.À R.L.
		
	By:	 	 /s/ Héléne Dekhar

		 	Name: Héléne Dekhar
		 	Title:   Class A Manager

  
 [Signature Page to First
Amendment] 

 
			
	 JEFFERIES FINANCE LLC, as Term Loan B

Agent, Collateral Agent and Replacement Lender

		
	By:	 	 /s/ Paul Chisholm

		 	Name: Paul Chisholm
		 	Title:   Managing Director

  
 [Signature Page to First
Amendment] 

 ANNEX I 

TERM LOAN B LENDER CONSENT TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

	
	[NAME OF TERM LENDER], as a Term Loan B Lender
	
	By                                      
                                         
                  
	Name:
	Title:
	
	[[For Term Loan B Lenders requiring a second signature block]
	
	By                                      
                                         
                  
	Name:
	Title:]

 PROCEDURE FOR TERM LOAN B LENDERS: 

The above-named Term Loan B Lender elects to: 

OPTION A – CONSENT TO FIRST AMENDMENT AND CONTINUATION OF EXISTING TERM B LOANS : ☐ Consent and agree to this First Amendment and
continue as a Term Loan B Lender under the Credit Agreement after giving effect to the First Amendment. 
 OPTION B – CONSENT TO FIRST
AMENDMENT ONLY: ☐ Consent to the First Amendment and agree to sell all of its existing Term B Loans to the Replacement Lender pursuant to the Master Assignment. 

  
 ANNEX I 

 ANNEX II 

FORM OF MASTER ASSIGNMENT AND ACCEPTANCE AGREEMENT 

FOR HERBALIFE NUTRITION LTD. CREDIT AGREEMENT 

This Master Assignment and Acceptance Agreement (the “Master Assignment”) is dated as of the Effective
Date set forth below and is entered into between the Assignor named below (the “Assignor”) and the Assignee named below (the “Assignee”). Capitalized terms used but not defined herein shall have the
meanings given to them in the Credit Agreement identified below (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Master Assignment as if set forth herein in full.

 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee
hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Term Loan B Agent as contemplated below (i) all
of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of
all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity, related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being referred to
herein collectively as the “Assigned Interest”). Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Master Assignment, without representation or warranty by the
Assignor. 
 By purchasing the Assigned Interest, the Assignee agrees that, for purposes of that certain First
Amendment to Credit Agreement dated as of December 12, 2019 (the “First Amendment”), by and among the Borrowers, the Subsidiary Guarantors, the Required Term B Lenders, the Replacement Lender and the Consenting Term Loan
B Lenders referred to therein, the Term Loan B Agent, it shall be deemed to have consented and agreed to the First Amendment.  
  

					
	1.	  	Assignors:	  	Each person identified on Schedule I hereto
			
	2.	  	Assignees:	  	Jefferies Finance LLC and is an Affiliate/Approved Fund of Jefferies Finance LLC

  
 ANNEX II-1 

					
	3.	  	Term Loan Borrower:	  	HLF Financing SaRL, LLC
			
	4.	  	Term Loan B Agent:	  	Jefferies Finance LLC

  

	5.	 Credit Agreement: The Credit Agreement dated as of August 16, 2018 (as amended, restated, amended
and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; terms defined therein being used herein as therein defined), among HLF Financing SaRL, LLC a Delaware limited liability company (“TL
Borrower”), Herbalife Nutrition Ltd., a Cayman Islands exempted company incorporated with limited liability (“Parent”), Herbalife International Luxembourg S.à R.L., a Luxembourg private limited liability company
(société à responsabilité limitée), existing and organized under the laws of Luxembourg, having its registered office at 16, avenue de la Gare, L-1610 Luxembourg and registered with the Luxembourg Register
of Commerce and Companies (R.C.S. Luxembourg) under number B 88.006 (“HIL”), Herbalife International, Inc., a Nevada corporation (“HII” and, together with Parent, TL Borrower and HIL, the “Revolver
Borrowers”; the Revolver Borrowers, together with the TL Borrower, are referred to herein as the “Borrowers”), the several banks and other financial institutions or entities from time to time parties thereto as lenders,
Jefferies Finance LLC (“Jefferies”), as administrative agent for the Term Loan B Lenders (together with its successors and permitted assigns in such capacity, the “Term Loan B Agent”) and collateral agent (together
with its successors and permitted assigns in such capacity, the “Collateral Agent”), and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”), as administrative agent for the Term Loan A Lenders (together
with its successors and permitted assigns in such capacity, the “Term Loan A Agent”; the Term Loan A Agent together with the Term Loan B Agent, the “Term Loan Administrative Agents” and each, a “Term Loan
Administrative Agent”), an Issuing Bank and as administrative agent for the Revolving Credit Lenders (together with its successors and permitted assigns in such capacity, the “Revolver Administrative Agent” and, together
with the Term Loan Administrative Agents, the “Administrative Agents”; the Term Loan Administrative Agents, the Collateral Agent and the Revolver Administrative Agent are referred to herein collectively as the
“Agents” and each, an “Agent”). 

  
 ANNEX II-2 

	6.	 Assigned Interest: 

  

																							
	 Assignors
	  	Assignee	 	  	 Facility

Assigned
	  	Aggregate
Amount of
Loans
for all Lenders	 	  	Amount of
Loans
Assigned	 	  	Percentage
Assigned of
Loans	 	 	CUSIP
Number	 
		  				  	 Term B Loans
	  	$	________________	 	  	$	_________	 	  	 	____________	% 	 			
		  				  	 Term B Loans
	  	$	________________	 	  	$	_________	 	  	 	____________	% 	 			
		  				  	 Term B Loans
	  	$	________________	 	  	$	_________	 	  	 	____________	% 	 			

 Effective Date: December 12, 2019 

The Assignee agrees to deliver to the Term Loan B Agent a completed administrative questionnaire in which the Assignee designates one or more credit contacts
to whom all syndicate-level information (which may contain material non-public information about each Borrower, the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in
accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 
 [Signature
page follows] 

  
 ANNEX II-1 

 The terms set forth in this Master Assignment are hereby agreed to: 

 

			
	ASSIGNOR
	
	  

	[NAME OF ASSIGNOR]
	
	By: JEFFERIES FINANCE LLC, as the Term Loan B Agent pursuant to Section 2.21 of the Credit Agreement
		
	By:	 	  

		 	Name:
		 	Title:
	
	ASSIGNEE
	
	  

	JEFFERIES FINANCE LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Consented to and Accepted:
	
	 JEFFERIES FINANCE LLC,

    as Term Loan B Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 ANNEX II-1 

			
	Consented to:
	
	Term Loan Borrower
	
	HLF FINANCING SaRL, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 ANNEX II-1 

 ANNEX 1 

ANNEX 1 TO MASTER ASSIGNMENT 

CREDIT AGREEMENT DATED AS OF AUGUST 16, 2018 AMONG HLF FINANCING SaRL, LLC, HERBALIFE NUTRITION LTD., HERBALIFE INTERNATIONAL LUXEMBOURG
S.À R.L., HERBALIFE INTERNATIONAL, INC., THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTIES THERETO AS LENDERS, JEFFERIES FINANCE LLC, AS ADMINISTRATIVE AGENT FOR THE TERM LOAN B LENDERS AND COLLATERAL
AGENT, AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS ADMINISTRATIVE AGENT FOR THE TERM LOAN A LENDERS, AN ISSUING BANK AND AS ADMINISTRATIVE AGENT FOR THE REVOLVING CREDIT LENDERS 

STANDARD TERMS AND CONDITIONS FOR 

MASTER ASSIGNMENT 
 ARTICLE I
REPRESENTATIONS AND WARRANTIES. 
 SECTION 1. Assignor. Each Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Master Assignment and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in
or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of the Borrowers, any of the other Loan Parties or their respective Subsidiaries and Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrowers, any of the other
Loan Parties or their respective Subsidiaries and Affiliates or any other Person of any of their respective obligations under any Loan Document or any other instrument or documents furnished pursuant hereto or thereto. 

SECTION 2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Master Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit
Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person
exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
referred to in Section 3.1 or delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it has deemed 

  
 ANNEX II-1 

 
appropriate to make its own credit analysis and decision to enter into this Master Assignment and to purchase the Assigned Interest on the basis of which it has made such analysis and decision
independently and without reliance on the Administrative Agent or any other Lender, (vi) it is not a Disqualified Lender or an Affiliate of a Disqualified Lender and (viii) attached to the Master Assignment hereto is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on any Agent, the Assignor or any other Lender,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (ii) that it appoints and authorizes the Agents to take
such action on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Agents by the terms thereof, together with such powers as are reasonably incidental thereto, and (iii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

ARTICLE II PAYMENTS. FROM AND AFTER THE EFFECTIVE DATE, THE ADMINISTRATIVE AGENTS SHALL MAKE ALL PAYMENTS IN RESPECT OF
THE ASSIGNED INTEREST (INCLUDING PAYMENTS OF PRINCIPAL, INTEREST, FEES AND OTHER AMOUNTS) TO THE ASSIGNOR FOR AMOUNTS WHICH HAVE ACCRUED TO BUT EXCLUDING THE EFFECTIVE DATE AND TO THE ASSIGNEE FOR AMOUNTS WHICH HAVE ACCRUED FROM AND AFTER THE
EFFECTIVE DATE. 
 ARTICLE III GENERAL PROVISIONS. THIS MASTER ASSIGNMENT SHALL BE BINDING UPON, AND INURE TO THE
BENEFIT OF, THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS. THIS MASTER ASSIGNMENT MAY BE EXECUTED IN ANY NUMBER OF COUNTERPARTS, WHICH TOGETHER SHALL CONSTITUTE ONE INSTRUMENT. DELIVERY OF AN EXECUTED COUNTERPART OF A SIGNATURE PAGE
OF THIS MASTER ASSIGNMENT BY EMAIL OR TELECOPY OR OTHER ELECTRONIC METHOD SHALL BE EFFECTIVE AS DELIVERY OF A MANUALLY EXECUTED COUNTERPART OF THIS MASTER ASSIGNMENT. THIS MASTER ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK. 
 [Remainder of page intentionally left blank] 

  
 ANNEX II-2Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

THIS SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of December ___, 2019, is between Q BIOMED INC.,
a company incorporated under the laws of the State of Nevada, with headquarters located at 366 Madison
Ave, 3rd Floor, New York, NY, 10022 (the “Company”), and each of the investors listed on the
Schedule of Buyers attached hereto (individually, a “Buyer” and collectively the “Buyers”).

 

WITNESSETH

 

WHEREAS, the
Company and each Buyer desire to enter into this transaction for the Company to sell and the Buyers to purchase the Convertible
Debentures (as defined below) pursuant to an exemption from registration pursuant to Section 4(2) and/or Rule 506 of Regulation
D (“Regulation D”) as promulgated by the U.S. Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “Securities Act”);

 

WHEREAS, the
parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Buyer(s),
as provided herein, and the Buyer(s) shall purchase convertible debentures in the principal amount of up to $3,000,000 in the form
attached hereto as “Exhibit A” (the “Convertible Debentures”), which shall be convertible
into shares of the Company’s common stock, par value $0.001 (the “Common Stock”) (as converted, the “Conversion
Shares”), of which $1,000,000 shall be purchased upon the signing this agreement (the “First Closing”),
$1,000,000 (as may be adjusted by Section 4(m)) shall be purchased on or about the date 30 days after the date hereof (the “Second
Closing”), and $1,000,000 (as may be adjusted by Section 4(m)) shall be purchased on or about the date 60 days after
the date hereof (the “Third Closing”) (individually referred to as a “Closing” and collectively
referred to as the “Closings”), for a total purchase price of up to $3,000,000 (the “Purchase Price”)
in the respective amounts set forth opposite each Buyer(s) name on Schedule I (the “Subscription Amount”);

 

WHEREAS, the
Convertible Debentures and the Conversion Shares are collectively referred to herein as the “Securities.”

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:

 

		1.	PURCHASE AND SALE OF CONVERTIBLE DEBENTURES.

 

(a)                   Purchase
of Convertible Debentures. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below,
the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from the
Company at each Closing the Convertible Debentures in amounts corresponding with the Subscription Amount set forth
opposite each Buyer’s name on Schedule of Buyers attached as Schedule I hereto. The Second Closing and the Third
Closing shall be at the option of the Company provided that the conditions to each such Closing set forth in Sections 6 and 7
below are satisfied or waived (i) .

 

     

     

    

 

(b)                 
Closing Dates. Each Closing of the purchase of Convertible Debentures by the Buyers shall occur at the offices Yorkville
Advisors Global, LP, 1012 Springfield Avenue, Mountainside, NJ 07092. The date and time of each Closing shall be as follows: (i)
the First Closing shall be 10:00 a.m., New York time, on the first (1st) Business Day on which the conditions to the Closing set
forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer)
(the “First Closing Date”), (ii) the Second Closing shall be 10:00 a.m., New York time, on the first (1st) Business
Day on or after the date that is 30 days from the date hereof provided that the conditions to the Closing set forth in Sections
6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer) (the “Second
Closing Date”), and (iii) the Third Closing shall be 10:00 a.m., New York time, on the first (1st) Business Day on or
after the date that is 60 days from the date hereof provided that the conditions to the Closing set forth in Sections 6 and 7 below
are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer) (the “Third Closing
Date” and collectively along with the First Closing Date and the Second Closing Date, the “Closing Dates”).
As used herein “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks
in New York, New York are authorized or required by law to remain closed.

 

(c)                  
Form of Payment; Deliveries. Subject to the satisfaction of the terms and conditions of this Agreement, on each
Closing Date, (i) the Buyers shall deliver to the Company such aggregate proceeds for the Convertible Debentures to be issued and
sold to such Buyer at such Closing, minus the fees to be paid directly from the proceeds of such Closing as set forth herein, and
(ii) the Company shall deliver to each Buyer, Convertible Debentures which such Buyer is purchasing at such Closing in amounts
indicated opposite such Buyer’s name on Schedule I, duly executed on behalf of the Company.

 

		2.	BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally
and not jointly, represents and warrants to the Company with respect to only itself that, as of the date hereof and as of each
Closing Date:

 

(a)                  
Investment Purpose. The Buyer is acquiring the Securities for its own account for investment only and not with a
view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or
exempted under the Securities Act; provided, however, that by making the representations herein, such Buyer reserves the right
to dispose of the Securities at any time in accordance with or pursuant to an effective registration statement covering such Securities
or an available exemption under the Securities Act. Such Buyer does not presently have any agreement or understanding, directly
or indirectly, with any Person to distribute any of the Securities.

 

(b)                 
Accredited Investor Status. The Buyer is an “Accredited Investor” as that term is defined in Rule 501(a)(3)
of Regulation D.

 

    2

     

    

 

(c)                  
Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance on
specific exemptions from the registration requirements of United States federal and state securities laws and that the Company
is relying in part upon the truth and accuracy of, and such Buyer’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and
the eligibility of such Buyer to acquire the Securities.

 

(d)                 
Information. The Buyer and its advisors (and his or, its counsel), if any, have been furnished with all materials
relating to the business, finances and operations of the Company and information he deemed material to making an informed investment
decision regarding his purchase of the Securities, which have been requested by such Buyer. The Buyer and its advisors, if any,
have been afforded the opportunity to ask questions of the Company and its management. Neither such inquiries nor any other due
diligence investigations conducted by such Buyer or its advisors, if any, or its representatives shall modify, amend or affect
such Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer
understands that its investment in the Securities involves a high degree of risk. The Buyer 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 Securities.

 

(e)                  
Transfer or Resale. The Buyer understands that: (i) the Securities have not been registered under the Securities
Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered
thereunder, (B) such Buyer shall have delivered to the Company an opinion of counsel, in a generally acceptable form, to the effect
that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such
registration requirements, or (C) such Buyer provides the Company with reasonable assurances (in the form of seller and broker
representation letters) that such Securities can be sold, assigned or transferred pursuant to Rule 144 promulgated under the Securities
Act, as amended (or a successor rule thereto) (collectively, “Rule 144”), in each case following the applicable
holding period set forth therein; and (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance
with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which
the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the
Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC
thereunder.

 

(f)                   
Legends. The Buyer agrees to the imprinting, so long as its required by this Section 2(f), of a restrictive legend
on the Securities in substantially the following form:

 

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TOWARD RESALE AND MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.

 

    3

     

    

 

Certificates evidencing the Conversion
Shares shall not contain any legend (including the legend set forth above), (i) while a registration statement covering the resale
of such security is effective under the Securities Act, (ii) following any sale of such Conversion Shares pursuant to Rule 144,
(iii) if such Conversion Shares are eligible for sale under Rule 144, or (iv) if such legend is not required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC). The Buyer agrees
that the removal of restrictive legend from certificates representing Securities as set forth in this Section 3(f) is predicated
upon the Company’s reliance that the Buyer will sell any Securities pursuant to either the registration requirements of the
Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are
sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein.

 

(g)                 
Organization; Authority. Such Buyer is an entity duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations
hereunder and thereunder.

 

(h)                 
Authorization, Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf
of such Buyer and shall constitute the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance
with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors' rights and remedies.

 

(i)                   
No Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such
Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer,
(ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which such Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to such Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on the ability of such Buyer to perform its obligations hereunder.

 

    4

     

    

 

(j)                   
Certain Trading Activities. The Buyer hereby agrees that it shall not directly or indirectly, engage in any Short
Sales involving the Company’s securities during the period commencing on the date hereof and ending when no Convertible Debentures
remain outstanding. "Short Sales" means all "short sales" as defined in Rule 200 promulgated under Regulation
SHO under the 1934 Act (as defined below). The Buyer is aware that Short Sales and other hedging activities may be subject to applicable
federal and state securities laws, rules and regulations and the Buyer acknowledges that the responsibility of compliance with
any such federal or state securities laws, rules and regulations is solely the responsibility of the Buyer.

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

Except as set forth
under the corresponding section of the Disclosure Schedules which Disclosure Schedules shall be deemed a part hereof and to qualify
any representation or warranty otherwise made herein to the extent of such disclosure, the Company hereby makes the representations
and warranties set forth below to the Buyer as of each Closing Date:

 

(a)            
Organization and Qualification. The Company and each of its Subsidiaries are entities duly formed, validly existing
and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authority to
own their properties and to carry on their business as now being conducted and as presently proposed to be conducted. The Company
and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction
in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to
the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse
Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material adverse effect
on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company and its Subsidiary, taken as a whole, (ii) the transactions contemplated hereby or in any of the other
Transaction Documents or any other agreements or instruments to be entered into by the Company in connection herewith or therewith
or (iii) the authority or ability of the Company to perform any of its obligations under any of the Transaction Documents (as defined
below). “Subsidiaries” means any Person in which the Company, directly or indirectly, owns a majority of the
outstanding capital stock having voting power or holds a majority of the equity or similar interest of such Person, and each of
the foregoing, is individually referred to herein as a “Subsidiary”.

 

    5

     

    

 

(b)            
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into
and perform its obligations under this Agreement and the other Transaction Documents and to issue the Securities in accordance
with the terms hereof and thereof. The execution and delivery of this Agreement and the other Transaction Documents by the Company
and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance
of the Convertible Debentures, the reservation for issuance and issuance of the Conversion Shares issuable upon conversion of
the Convertible Debentures, have been duly authorized by the Company's board of directors and no further filing, consent or authorization
is required by the Company, its board of directors or its stockholders or other governmental body. This Agreement has been, and
the other Transaction Documents to which the Company is a party will be prior to the Closing, duly executed and delivered by the
Company, and each constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with its respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable
creditors' rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state
securities law. “Transaction Documents” means, collectively, this Agreement,
the Convertible Debentures, and each of the other agreements and instruments entered into by the Company or delivered by the Company
in connection with the transactions contemplated hereby and thereby, as may be amended from time to time. 

 

(c)            
Issuance of Securities. The issuance of the Convertible Debentures are duly authorized and, upon issuance and payment
in accordance with the terms of the Transaction Documents the Convertible Debentures shall be validly issued, fully paid and non-assessable
and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal,
encumbrances, security interests and other encumbrances (collectively “Liens”) with respect to the issuance
thereof. As of each Closing Date, the Company shall have reserved from its duly authorized capital stock not less than (i) 300%
of the maximum number of shares of Common Stock issuable upon conversion of all Convertible Debentures (assuming for purposes hereof
that (x) such Convertible Debentures are convertible at the Conversion Price (as defined therein) as of the date of determination,
(y) any such conversion shall not take into account any limitations on the conversion of the Convertible Debentures set forth therein,
including the Floor Price). Upon issuance or conversion in accordance with the Convertible Debentures, the Conversion Shares, when
issued, will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights or Liens with respect
to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock.

 

(d)              No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the
Convertible Debentures, the Conversion Shares, and the reservation for issuance of the Conversion Shares) will not (i) result
in a violation of the Articles of Incorporation (as defined below), Bylaws (as defined below), certificate of formation,
memorandum of association, articles of association, bylaws or other organizational documents of the Company or any of its
Subsidiaries, or any capital stock or other securities of the Company or any of its Subsidiaries, (ii) conflict with, or
constitute a default under, or give to others any rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation
of any law, rule, regulation, order, judgment or decree (including, without limitation, U.S. federal and state securities
laws and regulations, the securities laws of the jurisdictions of the Company's incorporation or in which it or its
subsidiaries operate and the rules and regulations of the OTC QB (the “Principal Market”) and including
all applicable laws, rules and regulations of the State of Nevada) applicable to the Company or any of its Subsidiaries or by
which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of (ii) and
(iii) for any conflict, default, right or violation that would not reasonably be expected to result in a Material Adverse
Effect. 

 

    6

     

    

 

 

(e)            
Consents. The Company is not required to obtain any material consent from, authorization or order of, or make any
filing or registration with (other than any filings as may be required by any federal or state securities agencies and any filings
as may be required by the Principal Market), any Governmental Entity (as defined below) or any regulatory or self-regulatory agency
or any other Person in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction
Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations
which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or
effected on or prior to the each Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances
which might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or
filings contemplated by the Transaction Documents. The Company is not in violation of the requirements of the Principal Market
and has no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of the Common Stock
in the foreseeable future. The Company has notified the Principal Market of the issuance of all of the Securities hereunder, which
does not require obtaining the approval of the stockholders of the Company or any other Person or Governmental Entity, and the
Principal Market has completed its review of the related Listing of Additional Share form. “Governmental Entity”
means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state,
local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or
body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing
authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled
by a government or a public international organization or any of the foregoing.

 

(f)              Acknowledgment
Regarding Buyer's Purchase of Securities. The Company acknowledges and agrees that each Buyer is acting solely in the
capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and
thereby and that no Buyer is (i) an officer or director of the Company or any of its Subsidiaries, (ii) to its knowledge, an
"affiliate" (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (collectively,
“Rule 144”)) of the Company or any of its Subsidiaries or (iii) to its knowledge, a “beneficial
owner” of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the 1934 Act). The
Company further acknowledges that no Buyer is acting as a financial advisor or fiduciary of the Company or any of its
Subsidiaries (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby
and thereby, and any advice given by a Buyer or any of its representatives or agents in connection with the Transaction
Documents and the transactions contemplated hereby and thereby is merely incidental to such Buyer's purchase of the
Securities. The Company further represents to each Buyer that the Company's decision to enter into the Transaction Documents
to which it is a party has been based solely on the independent evaluation by the Company and its representatives.

 

    7

     

    

 

(g)            
No Integrated Offering. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on
their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
under circumstances that would cause this offering of the Securities to require approval of stockholders of the Company under any
applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or automated
quotation system on which any of the securities of the Company are listed or designated for quotation. None of the Company, its
Subsidiaries, their affiliates nor any Person acting on their behalf will take any action or steps that would cause the offering
of any of the Securities to be integrated with other offerings of securities of the Company.

 

(h)            
Dilutive Effect. The Company understands and acknowledges that the number of Conversion Shares will increase in certain
circumstances. The Company further acknowledges its obligation to issue the Conversion Shares upon conversion of the Convertible
Debentures in accordance with this Agreement and the Convertible Debentures is, absolute and unconditional regardless of the dilutive
effect that such issuance may have on the ownership interests of other stockholders of the Company.

 

(i)             
Application of Takeover Protections; Rights Agreement. The Company and its board of directors have taken all
necessary action, if any, in order to render inapplicable any control share acquisition, interested stockholder, business combination,
poison pill (including, without limitation, any distribution under a rights agreement), stockholder rights plan or other similar
anti-takeover provision under the Articles of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction
of its incorporation or otherwise which is or could become applicable to any Buyer as a result of the transactions contemplated
by this Agreement, including, without limitation, the Company's issuance of the Securities and any Buyer's ownership of the Securities.

 

(j)             
 SEC Documents; Financial Statements. During the two (2) years prior to the date hereof, the Company has timely
filed all reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC
pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”)
(all of the foregoing filed prior to the date hereof and all exhibits and appendices included therein and financial statements,
notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC
Documents”). The Company has delivered or has made available to the Buyers or their respective representatives true,
correct and complete copies of each of the SEC Documents not available on the EDGAR system. As of their respective dates, the
SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC
promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of their
respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects with
applicable accounting requirements and the published rules and regulations of the SEC with respect thereto as in effect as of
the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”),
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed
or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to
normal year-end audit adjustments which will not be material, either individually or in the aggregate). The reserves, if any,
established by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances known by
the Company on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of Financial
Accounting Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its financial
statements or otherwise. No other information provided by or on behalf of the Company to any of the Buyers which is not included
in the SEC Documents (including, without limitation, information in the disclosure schedules to this Agreement) contains any untrue
statement of a material fact or omits to state any material fact necessary in order to make the statements therein not misleading,
in the light of the circumstance under which they are or were made. The Company is not currently contemplating to amend or restate
any of the financial statements (including, without limitation, any notes or any letter of the independent accountants of the
Company with respect thereto) included in the SEC Documents (the “Financial Statements”), nor is the Company
currently aware of facts or circumstances which would require the Company to amend or restate any of the Financial Statements,
in each case, in order for any of the Financials Statements to be in compliance with GAAP and the rules and regulations of the
SEC. The Company has not been informed by its independent accountants that they recommend that the Company amend or restate any
of the Financial Statements or that there is any need for the Company to amend or restate any of the Financial Statements. 

 

    8

     

    

 

(k)            
Absence of Certain Changes. Since the date of the Company's most recent audited financial statements contained in
a Form 10-K, there has been no material adverse change and no material adverse development in the business, assets, liabilities,
properties, operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any of its
Subsidiaries. Since the date of the Company's most recent audited financial statements contained in a Form 10-K, neither the Company
nor any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any material assets, individually or in the aggregate,
outside of the ordinary course of business or (iii) made any material capital expenditures, individually or in the aggregate,
outside of the ordinary course of business. Neither the Company nor any of its Subsidiaries has taken any steps to seek protection
pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor
does the Company or any Subsidiary have any knowledge or reason to believe that any of their respective creditors intend to initiate
involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor to do so.

 

(l)             
No Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance
has occurred or exists, or is reasonably expected to exist or occur specific to the Company, any of its Subsidiaries or any of
their respective businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial
or otherwise), that has not been publicly disclosed and would reasonably be expected to have a Material Adverse Effect.

 

(m)         
Conduct of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of
any term under its Articles of Incorporation, any certificate of designation, preferences or rights of any other outstanding series
of preferred stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter, certificate of formation,
memorandum of association, articles of association, Articles of Incorporation or certificate of incorporation or bylaws, respectively.
Neither the Company nor any of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule
or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct
its business in violation of any of the foregoing, except in all cases for violations which would not reasonably be expected to
have a Material Adverse Effect. Without limiting the generality of the foregoing, the Company is not in violation of any of the
rules, regulations or requirements of the Principal Market and has no knowledge of any facts or circumstances that could reasonably
lead to delisting or suspension of the Common Stock by the Principal Market in the foreseeable future. During the one year prior
to the date hereof, (i) the Common Stock has been listed or designated for quotation on the Principal Market, (ii) trading in the
Common Stock has not been suspended by the SEC or the Principal Market and (iii) the Company has received no communication, written
or oral, from the SEC or the Principal Market regarding the suspension or delisting of the Common Stock from the Principal Market,
which has not been publicly disclosed. The Company and each of its Subsidiaries possess all certificates, authorizations and permits
issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to
possess such certificates, authorizations or permits would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, and neither the Company nor any of its Subsidiaries has received any notice of proceedings relating
to the revocation or modification of any such certificate, authorization or permit. There is no agreement, commitment, judgment,
injunction, order or decree binding upon the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries
is a party which has or would reasonably be expected to have the effect of prohibiting or materially impairing any business practice
of the Company or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries or the conduct
of business by the Company or any of its Subsidiaries as currently conducted other than such effects, individually or in the aggregate,
which have not had and would not reasonably be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.

 

(n)             Foreign
Corrupt Practices. Neither the Company nor any of its Subsidiaries nor any director, officer, agent, employee, nor any
other person acting for or on behalf of the Company or any of its Subsidiaries (individually and collectively, a “Company
Affiliate”) have violated the U.S. Foreign Corrupt Practices Act (the
“FCPA) or any other applicable anti-bribery or anti- corruption laws, nor has any Company Affiliate offered,
paid, promised to pay, or authorized the payment of any money, or offered, given, promised to give, or authorized the giving
of anything of value, to any officer, employee or any other person acting in an official capacity for any Governmental Entity
to any political party or official thereof or to any candidate for political office (individually and collectively, a
“Government Official”) or to any person under circumstances where such Company Affiliate knew or was aware
of a high probability that all or a portion of such money or thing of value would be offered, given or promised, directly or
indirectly, to any Government Official, for the purpose, in violation of applicable law, of: (i) (A) influencing any act or
decision of such Government Official in his/her official capacity, (B) inducing such Government Official to do or omit to do
any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing such Government Official to
influence or affect any act or decision of any Governmental Entity, or (ii) assisting the Company or its Subsidiaries in
obtaining or retaining business for or with, or directing business to, the Company or its Subsidiaries. 

 

    9

     

    

 

(o)            
Equity Capitalization.

 

(i)                
Definitions:

 

(A)             
“Common Stock” means (x) the Company's shares of common stock, par value $0.001 per share, and (y) any
capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such
common stock.

 

(B)             
“Preferred Stock” means (x) the Company's blank check preferred stock, par value $0.001 per share, the
terms of which may be designated by the board of directors of the Company in a statement of designations and (y) any capital stock
into which such preferred stock shall have been changed or any share capital resulting from a reclassification of such preferred
stock (other than a conversion of such preferred stock into Common Stock in accordance with the terms of such Certificate of Designations).

 

(ii)              
Authorized and Outstanding Capital Stock. As of the date hereof, the authorized capital stock of the Company consists
of (A) 250,000,000 shares of Common Stock, of which, 20,252,399 are issued and outstanding and (B) 100,000,000 shares of Preferred
Stock, none of which are issued and outstanding.

 

(iii)            
Valid Issuance; Available Shares. All of such outstanding shares are duly authorized and have been validly issued
and are fully paid and nonassessable.

 

(iv)              Existing
Securities; Obligations. Except as disclosed in the SEC Documents: (A) none of the Company's or any Subsidiary's
shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered or permitted
by the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable
or exchangeable for, any shares, interests or capital stock of the Company or any of its Subsidiaries, or contracts,
commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue
additional shares, interests or capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or
exercisable or exchangeable for, any shares, interests or capital stock of the Company or any of its Subsidiaries; (C)
there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale
of any of their securities under the 1933 Act (except pursuant to this Agreement); (D) there are no outstanding
securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and
there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may
become bound to redeem a security of the Company or any of its Subsidiaries; (E) there are no securities or instruments
containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities; and (G) neither
the Company nor any Subsidiary has any stock appreciation rights or "phantom stock" plans or agreements or any
similar plan or agreement.

 

(v)               
Organizational Documents. The Company has furnished to the Buyers or filed on EDGAR true, correct and complete copies
of the Company's Articles of Incorporation, as amended and as in effect on the date hereof (the “Articles of Incorporation”),
and the Company's bylaws, as amended and as in effect on the date hereof (the “Bylaws”), and the terms of all
Convertible Securities and the material rights of the holders thereof in respect thereto.

 

    10

     

    

 

(p)            
Litigation. Except as disclosed in the SEC Documents, there is no action, suit, arbitration, proceeding, inquiry
or investigation before or by the Principal Market, any court, public board, other Governmental Entity, self-regulatory organization
or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries, the
Common Stock or any of the Company's or its Subsidiaries' officers or directors, whether of a civil or criminal nature or otherwise,
in their capacities as such, which would reasonably be expected to result in a Material Adverse Effect. After reasonable inquiry
of its employees, the Company is not aware of any event which might result in or form the basis for any such action, suit, arbitration,
investigation, inquiry or other proceeding. Without limitation of the foregoing, there has not been, and to the knowledge of the
Company, there is not pending or contemplated, any investigation by the SEC involving the Company, any of its Subsidiaries or any
current or former director or officer of the Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries
is the subject of any order, writ, judgment, injunction, decree, determination or award of any Governmental Entity that would reasonably
be expected to result in a Material Adverse Effect.

 

(q)             Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which
the Company and its Subsidiaries are engaged. In accordance with the previous sentence, the Company currently maintains no
insurance policies. Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied
for, and neither the Company nor any such Subsidiary has any reason to believe that it will be unable to renew its existing
insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would not have a Material Adverse Effect. 

 

(r)             
Manipulation of Price. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company,
no Person acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization
or manipulation of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any
of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities,
or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company
or any of its Subsidiaries.

 

(s)             
Registration Eligibility. The Company is eligible to register the resale of the Conversion Shares by the Buyers using
Form S-1 promulgated under the 1933 Act.

 

(t)             
Shell Company Status. The Company is not, but was until January 8, 2016, an issuer identified in, or subject to,
Rule 144(i).

 

(u)            
Money Laundering. The Company and its Subsidiaries are in compliance with, and have not previously violated, the
USA Patriot Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not
limited to, the laws, regulations and Executive Orders and sanctions programs (“Sanctions Programs”) administered
by the U.S. Office of Foreign Assets Control (“OFAC”), including, without limitation, (i) Executive Order 13224
of September 23, 2001 entitled, "Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit,
or Support Terrorism" (66 Fed. Reg. 49079 (2001)); and any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(v)             Disclosure.
The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers or their agents
or counsel with any information that constitutes or could reasonably be expected to constitute material, non- public
information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by
this Agreement and the other Transaction Documents. The Company understands and confirms that each of the Buyers will rely on
the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to the
Buyers regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the
schedules to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries, taken as a whole, is true
and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. All
of the written information furnished after the date hereof by or on behalf of the Company or any of its Subsidiaries to each
Buyer pursuant to or in connection with this Agreement and the other Transaction Documents, taken as a whole, will be true
and correct in all material respects as of the date on which such information is so provided and will not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in
the light of the circumstances under which they were made, not misleading. No event or circumstance has occurred or
information exists with respect to the Company or any of its Subsidiaries or its or their business, properties, liabilities,
prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable law, rule
or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not been
so publicly disclosed. All financial projections and forecasts that have been prepared by or on behalf of the Company or any
of its Subsidiaries and made available to the Buyers have been prepared in good faith based upon reasonable assumptions and
represented, at the time each such financial projection or forecast was delivered to each Buyer, the Company's best estimate
of future financial performance (it being recognized that such financial projections or forecasts are not to be viewed as
facts and that the actual results during the period or periods covered by any such financial projections or forecasts may
differ from the projected or forecasted results). The Company acknowledges and agrees that no Buyer makes or has made any
representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in
Section 2. 

 

    11

     

    

 

(w)          
No General Solicitation. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Securities.

 

(x)            
Private Placement. Assuming the accuracy of the Buyers’ representations and warranties set forth in Section
2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Buyers as
contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Primary
Market.

 

		4.	COVENANTS.

 

(a)              
Reporting Status. Until the date on which the Buyers shall have sold all of the Underlying Securities, as defined
below, (the “Reporting Period”), the Company shall timely file all reports required to be filed with the SEC
pursuant to the 1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act
even if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such termination.

 

(b)               Use
of Proceeds. The Company will use the proceeds from the sale of the Securities hereunder for working capital and other
general corporate purposes. Neither the Company nor any Subsidiary will, directly or indirectly, use the proceeds of the
transactions contemplated herein, or lend, contribute, facilitate or otherwise make available such proceeds to any
Person (i) to fund, either directly or indirectly, any activities or business of or with any Person that is identified on the
list of Specially Designated Nationals and Blocker Persons maintained by OFAC, or in any country or territory, that, at the
time of such funding, is, or whose government is, the subject of Sanctions Programs, or (ii) in any other manner that will
result in a violation of Sanctions Programs.

 

(c)              
Listing. The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of
the Underlying Securities (as defined below) upon each national securities exchange and automated quotation system, if any, upon
which the Common Stock is then listed or designated for quotation (as the case may be) (subject to official notice of issuance)
and shall maintain such listing or designation for quotation (as the case may be) of all Underlying Securities from time to time
issuable under the terms of the Transaction Documents on such national securities exchange or automated quotation system. The Company
shall maintain the Common Stock’s listing or authorization for quotation (as the case may be) on the Principal Market, The
New York Stock Exchange, the NYSE MKT, the Nasdaq Global Market, the Nasdaq Global Select Market, the OTCQX or the OTCQB (each,
an “Eligible Market”). Neither the Company nor any of its Subsidiaries shall take any action which could be
reasonably expected to result in the delisting or suspension of the Common Stock on an Eligible Market. The Company shall pay all
fees and expenses in connection with satisfying its obligations under this Section 4(i). “Underlying Securities”
means the (i) the Conversion Shares, and (ii) any common stock of the Company issued or issuable with respect to the Conversion
Shares, including, without limitation, (1) as a result of any stock split, stock dividend, recapitalization, exchange or similar
event or otherwise and (2) shares of capital stock of the Company into which the shares of Common Stock are converted or exchanged
without regard to any limitations on conversion of the Convertible Debentures.

 

(d)              
Fees. The Company shall pay to YA Global II SPV, LLC, an affiliate of the lead Buyer, a commitment fee in the amount
of 2.5% of the Purchase Price of the Second and Third Closing as compensation for the monitoring and managing of the purchase and
investments made by the Buyers described. In addition, the Company shall pay a one-time structuring fee in the amount of $10,000
which shall be deducted from the gross proceeds of First Closing.

 

(e)              
Pledge of Securities. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges
and agrees that the Securities may be pledged by an Investor in connection with a bona fide margin agreement or other loan or financing
arrangement that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment
of the Securities hereunder, and no Investor effecting a pledge of Securities shall be required to provide the Company with any
notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document. The
Company hereby agrees to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection
with a pledge of the Securities to such pledgee by a Buyer.

 

    12

     

    

 

(f)                Disclosure
of Transactions and Other Material Information. The Company shall, on or before 9:30 a.m., New York time, on the first
(1st) Business Day after the date of this Agreement, issue a press release (the “Press
Release”) reasonably acceptable to the Buyers disclosing all the material terms of the transactions contemplated by
the Transaction Documents. On or before 9:30 a.m., New York time, on the first (1st) Business Day after the date of this
Agreement, the Company shall file a Report of Foreign Issuer on Form 8-K describing all the material terms of the
transactions contemplated by the Transaction Documents in the form required by the 1934 Act and attaching all the material
Transaction Documents (including, without limitation, this Agreement (and all schedules to this Agreement) and the form of
Statement of Designations) (including all attachments, the “8-K Filing”). From and after the filing of the
8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided to any of the Buyers by
the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents in connection with
the transactions contemplated by the Transaction Documents. In addition, effective upon the filing of the 8-K Filing, the
Company acknowledges and agrees that any and all confidentiality or similar obligations with respect to the transactions
contemplated by the Transaction Documents under any agreement, whether written or oral, between the Company, any of its
Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any of the
Buyers or any of their affiliates, on the other hand, shall terminate. The Company shall not, and the Company shall cause
each of its Subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide any
Buyer with any material, non-public information regarding the Company or any of its Subsidiaries from and after the date
hereof without the express prior written consent of such Buyer (which may be granted or withheld in such Buyer's sole
discretion).

 

(g)              
Reservation of Shares. So long as any of the Convertible Debentures remain outstanding, the Company shall take all
action necessary to at all times have authorized, and reserved for the purpose of issuance, no less than 300% of the maximum number
of shares of Common Stock issuable upon conversion of all the Convertible Debentures then outstanding (assuming for purposes hereof
that (x) the Convertible Debentures are convertible at the Conversion Price then in effect, and (y) any such conversion shall not
take into account any limitations on the conversion of the Convertible Debentures, including the Floor Price) (the “Required
Reserve Amount”); provided that at no time shall the number of shares of Common Stock reserved pursuant to this
Section 4(g) be reduced other than proportionally in connection with any conversion and/or redemption, or reverse stock split.
If at any time the number of shares of Common Stock authorized and reserved for issuance is not sufficient to meet the Required
Reserved Amount, the Company will promptly take all corporate action necessary to authorize and reserve a sufficient number of
shares, including, without limitation, calling a special meeting of stockholders to authorize additional shares to meet the Company's
obligations pursuant to the Transaction Documents, in the case of an insufficient number of authorized shares, and obtain stockholder
approval of an increase in such authorized number of shares, and voting the management shares of the Company in favor of an increase
in the authorized shares of the Company to ensure that the number of authorized shares is sufficient to meet the Required Reserved
Amount.

 

(h)               Piggy-Back
Registration. If at any time there is not an effective Registration Statement covering the resale of all of the
Conversion Shares and the Company shall determine to prepare and file with the SEC a registration statement relating to an
offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on
Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in
connection with the stock option or other employee benefit plans, then the Company shall send to each Buyer a written notice
of such determination and, if within fifteen (15) days after the date of such notice, any such Buyer shall so request in
writing, the Company shall include in such registration statement all or any part of such Conversion Shares, subject to
applicable rules and regulations, such Buyer requests to be registered; provided, however, that, the Company
shall not be required to register any Conversion Shares pursuant to this Section that are eligible for resale pursuant to
Rule 144 or that are the subject of a then effective Registration Statement.

 

(i)               
Conduct of Business. The business of the Company and its Subsidiaries shall not be conducted in violation of any
law, ordinance or regulation of any Governmental Entity, except where such violations would not reasonably be expected to result,
either individually or in the aggregate, in a Material Adverse Effect.

 

    13

     

    

 

(j)               
The Company and the Buyers hereby agree that the obligations of each of the Company and the Buyers in respect of the purchase
and sale of the $250,000 of convertible debentures pursuant to the securities purchase agreement dated October 11, 2019 shall be
terminated and are replaced and superseded by the obligations contained herein.

 

(k)              
From the date hereof until the (a) first date on which the daily VWAP (as defined in the form the Convertible Debentures
attached as Exhibit A) of the Common Stock during each of the twenty (20) consecutive prior Trading Days shall exceed 200% of
the Floor Price (as defined in the Debentures), and (b) provided that at such time no Event of Default (as defined in the Debentures)
shall have occurred, unless the holders of at least 67% in principal amount of the then outstanding Convertible Debentures shall
have given prior written consent, the Company shall not, and shall not permit any of its subsidiaries (whether or not a subsidiary
on the date hereof) to, directly or indirectly (i) other than Permitted Indebtedness,
enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money of any kind, including, but
not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest
therein or any income or profits therefrom, (ii) other than Permitted Liens, enter into, create, incur, assume or suffer to exist
any lien, security interest, option or other charge or encumbrance (each, a “Lien”) of
any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income
or profits therefrom, or (iii) amend its charter documents, including, without limitation, its certificate of incorporation and
bylaws, in any manner that materially and adversely affects any rights of the holders of the Convertible Debentures. 

 

“Permitted
Indebtedness” shall mean: (i) indebtedness evidenced by the Convertible Debentures; (ii) indebtedness described on
a Disclosure Schedule attached hereto; (iii) indebtedness incurred solely for the purpose of financing the acquisition or
lease of any equipment, including capital lease obligations with no recourse other than to such equipment; (iv) indebtedness
(A) the repayment of which has been subordinated to the payment of the Convertible Debentures on terms and conditions
acceptable to the Buyers, including with regard to interest payments and repayment of principal, (B) which does not mature or
otherwise require or permit redemption or repayment prior to or on the 91st day after the maturity date of any Convertible
Debentures then outstanding; and (C) which is not secured by any assets of the Company or its subsidiaries; (v) indebtedness
associated with acquiring new intellectual property assets and licenses, so long as the proceeds are going to the party(ies)
from which the Company is acquiring the assets, licenses, and other properties and (vi) any indebtedness (other than the
indebtedness set out in (i) – (v) above) incurred after the date hereof, provided that such indebtedness does not
exceed $20,000 at any given time.

 

“Permitted
Liens” shall mean (1) any security interest granted to the Buyers to secure the obligations under the Convertible Debentures,
(2) any prior security interest granted to the Buyers, (3) existing Liens disclosed by the Company on a Disclosure Schedule attached
hereto; (4) inchoate Liens for taxes, assessments or governmental charges or levies not yet due, as to which the grace period,
if any, related thereto has not yet expired, or being contested in good faith and by appropriate proceedings for which adequate
reserves have been established in accordance with GAAP; (5) Liens of carriers, materialmen, warehousemen, mechanics and landlords
and other similar Liens which secure amounts which are not yet overdue by more than 60 days or which are being contested in good
faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP; (6) licenses, sublicenses,
leases or subleases granted to other persons not materially interfering with the conduct of the business of the Company; (7) Liens
securing capitalized lease obligations and purchase money indebtedness incurred solely for the purpose of financing an acquisition
or lease; (8) easements, rights-of-way, restrictions, encroachments, municipal zoning ordinances and other similar charges or encumbrances,
and minor title deficiencies, in each case not securing debt and not materially interfering with the conduct of the business of
the Company and not materially detracting from the value of the property subject thereto; (9) Liens arising out of the existence
of judgments or awards which judgments or awards do not constitute an Event of Default; (10) Liens incurred in the ordinary course
of business in connection with workers compensation claims, unemployment insurance, pension liabilities and social security benefits
and Liens securing the performance of bids, tenders, leases and contracts in the ordinary course of business, statutory obligations,
surety bonds, performance bonds and other obligations of a like nature (other than appeal bonds) incurred in the ordinary course
of business (exclusive of obligations in respect of the payment for borrowed money); (11) Liens in favor of a banking institution
arising by operation of law encumbering deposits (including the right of set-off) and contractual set-off rights held by such banking
institution and which are within the general parameters customary in the banking industry and only burdening deposit accounts or
other funds maintained with a creditor depository institution; (12) usual and customary set-off rights in leases and other contracts;
(13) escrows in connection with acquisitions and dispositions and (14) royalties and other rights to revenue derived from the sale
of the Company’s products that are granted in the ordinary course of business.

 

    14

     

    

 

		5.	REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a)               Register.
The Company shall maintain at its principal executive offices or with the Transfer Agent (or at such other office or agency
of the Company as it may designate by notice to each holder of Securities), a register for the Convertible Debentures in
which the Company shall record the name and address of the Person in whose name the Convertible Debentures have been
issued (including the name and address of each transferee), the amount of Convertible Debentures held by such Person, and the
number of Conversion Shares issuable upon conversion of the Convertible Debentures held by such Person. The Company shall
keep the register open and available at all times during business hours for inspection of any Buyer or its legal
representatives.

 

(b)              
Transfer Restrictions. The Securities may only be disposed of in compliance with state and federal securities laws.
In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company
or to an Affiliate of a Buyer or in connection with a pledge as contemplated herein, the Company may require the transferor thereof
to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and
substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration
of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing
to be bound by the terms of this Agreement and shall have the rights and obligations of a Buyer under this Agreement.

 

		6.	CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

 

The obligation of
the Company hereunder to issue and sell the Convertible Debentures to each Buyer at each Closing is subject to the satisfaction,
at or before the Closing Dates, of each of the following conditions, provided that these conditions are for the Company's sole
benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice thereof:

 

(a)              
Such Buyer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.

 

(b)              
Such Buyer and each other Buyer shall have delivered to the Company the Purchase Price (less, in the case of any Buyer,
the amounts withheld pursuant to Section 4(d)) for the Convertible Debentures being purchased by such Buyer at the Closing by wire
transfer of immediately available funds in accordance with the Closing Statement.

 

(c)              
The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when
made and as of the Closing Dates as though originally made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and
complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied
or complied with by such Buyer at or prior to the Closing Dates.

 

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		7.	CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

 

The obligation of each Buyer hereunder
to purchase its Convertible Debentures at each Closing is subject to the satisfaction, at or before the Closing Dates, of each
of the following conditions, provided that these conditions are for each Buyer's sole benefit and may be waived by such Buyer at
any time in its sole discretion by providing the Company with prior written notice thereof:

 

(a)              
The Company shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party
and the Company shall have duly executed and delivered to such Buyer such aggregate principal amount of Convertible Debentures
as is set forth opposite such Buyer's name in column (b) of the Schedule of Buyers for each Closing.

 

(b)              
Such Buyer shall have received the opinion of Ortoli Rosenstadt LLP, the Company's counsel, dated as of the Closing Date,
in the form reasonably acceptable to such Buyer.

 

(c)              
The Company shall have delivered to such Buyer a certificate evidencing the incorporation and good standing of the Company
issued by the Registrar for the State of the Nevada as of a date within ten (10) days of the Closing Date.

 

(d)              
Each and every representation and warranty of the Company shall be true and correct in all material respects (other than
representations and warranties qualified by materiality, which shall be true and correct in all respects) as of the date when made
and as of the Closing Dates as though originally made at that time (except for representations and warranties that speak as of
a specific date, which shall be true and correct as of such specific date) and the Company shall have performed, satisfied and
complied in all respects with the covenants, agreements and conditions required to be performed, satisfied or complied with by
the Company at or prior to the Closing Dates, as set forth in section 3 and 4.

 

(e)              
The Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not
have been suspended, as of the Closing Dates, by the SEC or the Principal Market from trading on the Principal Market nor shall
suspension by the SEC or the Principal Market have been threatened, as of the Closing Dates, either (I) in writing by the SEC or
the Principal Market or (II) by falling below the minimum maintenance requirements of the Principal Market.

 

(f)               
The Company shall have obtained all governmental, regulatory or third-party consents and approvals, if any, necessary for
the sale of the Securities, including without limitation, those required by the Principal Market, if any.

 

(g)              
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents.

 

(h)              
Since the date of execution of this Agreement, no event or series of events shall have occurred that has resulted in or
would reasonably be expected to result in a Material Adverse Effect.

 

(i)               
The Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be)
the Conversion Shares, if applicable.

 

(j)               
Such Buyer shall have received a letter, duly executed by an officer of the Company, setting forth the wire amounts of each
Buyer and the wire transfer instructions of the Company (the “Closing Statement”).

 

    16

     

    

 

(k)              
The following conditions shall be satisfied: (i) from the date hereof up to the applicable Closing Date, trading in the
Common Stock shall not have been suspended by the SEC or the Principal Market (except for any suspension of trading of limited
duration agreed to by the Company, which suspension shall be terminated prior to the Closing), (ii) for the Second Closing Date
and the Third Closing Date, the daily VWAP of the Common Stock during each of the five (5) consecutive Trading Days immediately
prior to the applicable Closing Date shall be at least 100% of the Floor Price (as defined in the Debentures), and (iii) from the
date hereof to the applicable Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended
or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on the
Principal Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor
shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such
magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment
of each Buyer, makes it impracticable or inadvisable to purchase the Securities at the Closing.

 

(l)               
The Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating
to the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

(m)           
Solely with respect to the Second Closing and the Third Closing, the amount of outstanding principal and unpaid interest
due from the Company on all notes and debentures issued by the Company to the Buyer and its affiliates (the “Aggregate
Amount Due”) immediately after such Closing would not exceed $5,000,000 (the “Excess Limit”); provided
that if such Closing would cause the Aggregate Amount Due to exceed the Excess Limit, the principal of the Debenture to be issued
on such Closing Date shall be reduced by an equal to (i) the Aggregate Amount Due immediately prior to such Closing plus $1,000,000
less (ii) the Excess Limit.

 

		8.	TERMINATION.

 

In the
event that the First Closing shall not have occurred with respect to a Buyer within five (5) days of the date hereof, then such
Buyer shall have the right to terminate its obligations under this Agreement with respect to itself at any time on or after the
close of business on such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate
this Agreement under this Section 8 shall not be available to such Buyer if the failure of the transactions contemplated by this
Agreement to have been consummated by such date is the result of such Buyer's breach of this Agreement and (ii) the abandonment
of the sale and purchase of the Convertible Debentures shall be applicable only to such Buyer providing such written notice, provided
further that no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the
expenses described herein. Nothing contained in this Section 8 shall be deemed to release any party from any liability for any
breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of
any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

 

    17

     

    

 

		9.	MISCELLANEOUS.

 

(a)              
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to
any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or under any of the other Transaction Documents or with any transaction contemplated
hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at
the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. Nothing contained herein shall be deemed or operate to preclude any Buyer from bringing suit or taking other
legal action against the Company in any other jurisdiction to collect on the Company's obligations to such Buyer or to enforce
a judgment or other court ruling in favor of such Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND
AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN
CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

(b)              
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

(c)              
Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of,
or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including," "includes,"
"include" and words of like import shall be construed broadly as if followed by the words "without limitation."
The terms "herein," "hereunder," "hereof" and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

(d)               Entire
Agreement, Amendments. This Agreement supersedes all other prior oral or written agreements between the Buyer, the
Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this
Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor any Buyer makes
any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be
waived or amended other than by an instrument in writing signed by the party to be charged with enforcement.

 

    18

     

    

 

(e)              
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms
of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by email (provided confirmation of transmission is electronically generated and kept on file by the
sending party); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified,
in each case, properly addressed to the party to receive the same. The addresses and e-mail addresses for such communications shall
be:

 

	If to the Company, to:	Q Biomed Inc.
	 	
        c/o Ortoli Rosenstadt

        366 Madison Avenue, 3rd Floor

        New York, NY 10017

        Telephone:  212-588-0022

        Attention:  William Rosenstadt

        E-Mail:  wsr@orllp.legal

         

         

	With Copy to:	
        Denis Corin

        10 Market Street

        Suite 427

        Grand Cayman

        KY1-9006

        Cayman Islands

        Email: dcorin@qbiomed.com

	 	 
	If to a Buyer, to its address and e-mail address set forth on the Schedule of Buyers, with copies to such Buyer's representatives as set forth on the Schedule of Buyers,
	 	 
	 	 
	With copy to:	
        David Gonzalez, Esq.

        c/o Yorkville Advisors Global, LP

        1012 Springfield Avenue

        Mountainside, NJ 07092

        Email: legal@yorkvilleadvisors.com

 

or to such other
address, e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice
given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given
by the recipient of such notice, consent, waiver or other communication, (B) electronically generated by the sender's e-mail
service provider containing the time, date, recipient e-mail address or (C) provided by an overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with
clause (i), (ii) or (iii) above, respectively

 

(f)               
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of any of the Convertible Debentures (but excluding any purchasers of Underlying
Securities, unless pursuant to a written assignment by such Buyer). The Company shall not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Buyers. In connection with any transfer of any or all of its Securities,
a Buyer may assign all, or a portion, of its rights and obligations hereunder in connection with such Securities without the consent
of the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such transferred Securities.

 

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(g)              
Indemnification.

 

(i)                
In consideration of each Buyer's execution and delivery of the Transaction Documents and acquiring the Securities thereunder
and in addition to all of the Company's other obligations under the Transaction Documents, the Company shall defend, protect, indemnify
and hold harmless each Buyer and each holder of any Securities and all of their stockholders, partners, members, officers, directors,
employees and direct or indirect investors and any of the foregoing Persons' agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys' fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation
or warranty made by the Company in any of the Transaction Documents, (ii) any breach of any covenant, agreement or obligation of
the Company or any Subsidiary contained in any of the Transaction Documents or (iii) any cause of action, suit, proceeding or claim
brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of
the Company or any Subsidiary) or which otherwise involves such Indemnitee that arises out of or results from (A) the execution,
delivery, performance or enforcement of any of the Transaction Documents, (B) any transaction financed or to be financed in whole
or in part, directly or indirectly, with the proceeds of the issuance of the Securities, or (C) any disclosure properly made by
such Buyer pursuant to Section 4(f), or (D) the status of such Buyer or holder of the Securities either as an investor in the Company
pursuant to the transactions contemplated by the Transaction Documents or as a party to this Agreement (including, without limitation,
as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief). To the extent that the
foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the
payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

 

(ii)             
Promptly after receipt by an Indemnitee under this Section 9(g) of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect
thereof is to be made against the Company under this Section 9(g), deliver to the Company a written notice of the commencement
thereof, and the Company shall have the right to participate in, and, to the extent the Company so desires, to assume control of
the defense thereof with counsel mutually reasonably satisfactory to the Company and the Indemnitee; provided, however, that
an Indemnitee shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid by the Company
if: (A) the Company has agreed in writing to pay such fees and expenses; (B) the Company shall have failed promptly to assume
the defense of such Indemnified Liability and to employ counsel reasonably satisfactory to such Indemnitee in any such Indemnified
Liability; or (C) the named parties to any such Indemnified Liability (including any impleaded parties) include both such
Indemnitee and the Company, and such Indemnitee shall have been advised by counsel that a conflict of interest is likely to exist
if the same counsel were to represent such Indemnitee and the Company (in which case, if such Indemnitee notifies the Company in
writing that it elects to employ separate counsel at the expense of the Company, then the Company shall not have the right to assume
the defense thereof and such counsel shall be at the expense of the Company), provided further, that in the case of clause (C)
above the Company shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for
the Indemnitees. The Indemnitee shall reasonably cooperate with the Company in connection with any negotiation or defense of any
such action or Indemnified Liability by the Company and shall furnish to the Company all information reasonably available to the
Indemnitee which relates to such action or Indemnified Liability. The Company shall keep the Indemnitee reasonably apprised at
all times as to the status of the defense or any settlement negotiations with respect thereto. The Company shall not be liable
for any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the Company
shall not unreasonably withhold, delay or condition its consent. The Company shall not, without the prior written consent of the
Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in respect to such Indemnified
Liability or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnitee. Following
indemnification as provided for hereunder, the Company shall be subrogated to all rights of the Indemnitee with respect to all
third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written
notice to the Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability
to the Indemnitee under this Section 9(g), except to the extent that the Company is materially and adversely prejudiced in its
ability to defend such action.

 

(iii)           
The indemnification required by this Section 9(g) shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, within ten (10) days after bills supporting the Indemnified Liabilities are received by the Company.

 

(iv)            
The indemnity agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee
against the Company or others, and (B) any liabilities the Company may be subject to pursuant to the law.

 

(h)              
No Strict Construction. 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.

 

[REMAINDER
PAGE INTENTIONALLY LEFT BLANK]

 

    20

     

    

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed
as of the date first written above.

 

 

	 	
        COMPANY:

         

	 	Q BIOMED INC. 
	 	 
	 	By:	
	 	Name:	Denis Corin
	 	Title:	President
	 	 

 

    21

     

    

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed
as of the date first written above.

 

	 	BUYER:
	 	 
	 	YA II PN, LTD.
	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager
	 	 
	 	    	By:	Yorkville Advisors Global II, LLC
	 	 	Its:	General Partner
	 	 
	 	 	By:	
	 	 	Name:  	
	 	 	Title:	Member

 

    22

     

    

 

LIST OF EXHIBITS:

 

    23

     

    

 

EXHIBIT A

 

FORM OF CONVERTIBLE DEBENTURES

 

    24

     

    

 

SCHEDULE OF BUYERS

 

 

	(a)	 	(b)	(c)
	Buyer 	 	Principal Amount of Convertible Debentures	Purchase Price (100% of Face Value)
	 	 	 	 
	YA II PN, Ltd.	 	 	 
	1012 Springfield Avenue	First Closing:	$	1,000,000.00	$	1,000,000.00
	Mountainside, NJ 07092	Second Closing	$	1,000,000.00	$	1,000,000.00
	 	Third Closing	$	1,000,000.00	$	1,000,000.00
	Email: Legal@yorkvilleadvisors.com	 	 
	 	Aggregate:	$	3,000,000.00 	$	3,000,000.00 
	 	 	 	 
	 	 	 
	Legal Representative’s Address and E-Mail Address	 
	David Gonzalez, Esq.	 	 	 
	1012 Springfield Avenue	 	 	 
	Mountainside, NJ 07092	 	 	 
	Email: Legal@yorkvilleadvisors.com

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