Document:

Exhibit 10.13

 

U.S. ENERGY CORP.

 

2021 EQUITY INCENTIVE PLAN

 

NOTICE OF RESTRICTED STOCK GRANT

 

Capitalized but otherwise undefined
terms in this Notice of Restricted Stock Grant and the attached Restricted Stock Grant Agreement shall have the same defined meanings
as in the U.S. Energy Corp. 2021 Equity Incentive Plan (as amended from time to time)(the “Plan”).

 

Grantee Name: ________________

 

Address: ________________

 

You have been granted shares of
restricted Common Stock (the “Restricted Stock” or the “Shares”) subject to the terms
and conditions of the Plan and the attached Restricted Stock Grant Agreement, as follows:

 

Date of Grant: ________________

 

Vesting Commencement Date: ________________

 

Price Per Share: $________________

 

Total Number of Shares Granted: ________________

 

Total Value of Shares Granted: $________________

 

Total Purchase Price: $________________

 

Agreement Date: ________________

 

Vesting Schedule: ________________.

 

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	2021 Restricted Stock Grant Agreement

    	 

    

 

U.S. ENERGY CORP.

 

2021 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK GRANT AGREEMENT

 

This RESTRICTED STOCK
GRANT AGREEMENT (“Agreement”), dated as of the Agreement Date specified on the Notice of Restricted
Stock Grant is made by and between U.S. Energy Corp., a Wyoming corporation (the “Company”), and the grantee
named in the Notice of Restricted Stock Grant (the “Grantee,” which term as used herein shall be
deemed to include any successor to Grantee by will or by the laws of descent and distribution, unless the context shall otherwise require).

 

BACKGROUND

 

Pursuant to the Plan, the Board
(or an authorized Committee thereof), approved the issuance to Grantee, effective as of the date set forth above, of an award of the number
of shares of Restricted Stock as is set forth in the attached Notice of Restricted Stock Grant (which is expressly incorporated herein
and made a part hereof, the “Notice of Restricted Stock Grant”) at the purchase price per share of Restricted
Stock (the “Purchase Price”), if any, set forth in the attached Notice of Restricted Stock Grant, upon the terms
and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration
of the mutual premises and undertakings hereinafter set forth, the parties agree as follows:

 

1. Grant
and Purchase of Restricted Stock. The Company hereby grants to Grantee, and Grantee hereby accepts the Restricted Stock set forth
in the Notice of Restricted Stock Grant, subject to the payment by Grantee of the total purchase price, if any, set forth in the Notice
of Restricted Stock Grant.

 

2. Stockholder
Rights.

 

(a) Voting
Rights. Until such time as all or any part of the Restricted Stock are forfeited to the Company under this Agreement, if ever, Grantee
(or any successor in interest) has the rights of a stockholder, including voting rights, with respect to the Restricted Stock subject,
however, to the transfer restrictions or any other restrictions set forth in the Plan.

 

(b) Dividends
and Other Distributions. During the period of restriction, Participants holding Restricted Stock are entitled to all regular cash
dividends or other distributions paid with respect to all shares while they are so held. If any such dividends or distributions are paid
in shares, such shares will be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect
to which they were paid.

 

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	2021 Restricted Stock Grant Agreement

    	 

    

 

3. Vesting
of Restricted Stock.

 

(a) The
Restricted Stock are restricted and subject to forfeiture until vested. The Restricted Stock which have vested and are no longer subject
to forfeiture are referred to as “Vested Shares.” All Restricted Stock which have not become Vested Shares are
referred to as “Nonvested Shares.”

 

(b) Restricted
Stock will vest and become nonforfeitable in accordance with the vesting schedule contained in the Notice of Restricted Stock Grant.

 

(c) Any
Nonvested Shares will automatically vest and become nonforfeitable if Grantee’s service with the Company ceases owing to the Grantee’s
(i) death; or (ii) Retirement.

 

(d) Terms
used in Section 3 and Section 4 have the following meanings:

 

(i) “Cause”
has the meaning ascribed to such term or words of similar import in Grantee’s written employment or service contract with the Company
or its subsidiaries and, in the absence of such agreement or definition, means Grantee’s (i) conviction of, or plea of nolo
contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the
Company or its subsidiaries, or any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful
violation of any law, rule or regulation (other than minor traffic violations or similar offenses), or breach of fiduciary duty which
involves personal profit; (iv) willful misconduct in connection with Grantee’s duties or willful failure to perform Grantee’s
responsibilities in the best interests of the Company or its subsidiaries; (v) illegal use or distribution of drugs; (vi) violation
of any material rule, regulation, procedure or policy of the Company or its subsidiaries, the violation of which could have a material
detriment to the Company; or (vii) material breach of any provision of any employment, non-disclosure, non-competition, non-solicitation
or other similar agreement executed by Grantee for the benefit of the Company or its subsidiaries, all as reasonably determined by the
Board of Directors of the Company, which determination will be conclusive.

 

(ii) “Retirement”
means Grantee’s retirement from Company employ at or above the age 65 as determined in accordance with the policies of the Company
or its subsidiaries, if any, in good faith by the Board of Directors of the Company, which determination will be final and binding on
all parties concerned.

 

(e) Nonvested
Shares may not be sold, transferred, assigned, pledged, or otherwise disposed of, directly or indirectly, whether by operation of law
or otherwise.

 

(f) A
Change of Control will have no effect on the restrictions set forth in this Section.

 

(g) Any
Nonvested Shares shall immediately vest and become nonforfeitable if Grantee’s tenure as a director is involuntarily ended by action
of the Board, the Company or its shareholders, for any reason other than for Cause.

 

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	2021 Restricted Stock Grant Agreement

    	 

    

 

4. Forfeiture
of Nonvested Shares. Except as provided herein, if Grantee’s service with the Company ceases for any reason (including Disability)
other than Grantee’s (a) Retirement, (b) death or (c) termination of service by the Board, the Company or its shareholders, other
than for Cause, any Nonvested Shares will be automatically forfeited to the Company for no consideration; unless the Board (or an authorized
committee thereof) provides otherwise.

 

(a) Legend.
Each certificate representing Restricted Stock granted pursuant to the Notice of Restricted Stock Grant may bear a legend substantially
as follows:

 

“THE SALE OR OTHER TRANSFER OF THE SHARES
REPRESENTED BY THIS CERTIFICATE, WHETHER VOLUNTARY, INVOLUNTARY OR BY OPERATION OF LAW, IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER
AS SET FORTH IN THE U.S. ENERGY CORP. 2021 EQUITY INCENTIVE PLAN (AS AMENDED AND RESTATED FROM TIME TO TIME) AND IN A RESTRICTED SHARE
GRANT AGREEMENT. A COPY OF SUCH PLAN AND SUCH AGREEMENT MAY BE OBTAINED FROM U.S. ENERGY CORP.”

 

(b) Escrow
of Nonvested Shares. The Company has the right to retain the certificates representing Nonvested Shares in the Company’s possession
until such time as all restrictions applicable to such shares have been satisfied.

 

(c) Removal
of Restrictions. The Participant is entitled to have the legend removed from certificates representing Vested Shares.

 

5. Recapitalizations,
Exchanges, Mergers, Etc. The provisions of this Agreement apply to the full extent set forth herein with respect to any and all
shares of capital stock of the Company or successor of the Company which may be issued in respect of, in exchange for, or in substitution
for the Restricted Stock by reason of any stock dividend, split, reverse split, combination, recapitalization, reclassification, merger,
consolidation or otherwise which does not terminate this Agreement. Except as otherwise provided herein, this Agreement is not intended
to confer upon any other person except the parties hereto any rights or remedies hereunder.

 

6. Grantee
Representations.

 

Grantee represents to the Company
the following:

 

(a) Restrictions
on Transfer. Grantee acknowledges that the Restricted Stock to be issued to Grantee must be held indefinitely unless subsequently
registered and qualified under the Securities Act of 1933, as amended (the “Securities Act”) or unless
an exemption from registration and qualification is otherwise available. In addition, Grantee understands that the certificate representing
the Restricted Stock will be imprinted with a legend which prohibits the transfer of such Restricted Stock unless they are sold in a transaction
in compliance with the Securities Act or are registered and qualified or such registration and qualification are not required in the opinion
of counsel acceptable to the Company.

 

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	2021 Restricted Stock Grant Agreement

    	 

    

 

(b) Relationship
to the Company; Experience. Grantee either has a preexisting business or personal relationship with the Company or any of its officers,
directors or controlling persons or, by reason of Grantee’s business or financial experience or the business or financial experience
of Grantee’s personal representative(s), if any, who are unaffiliated with and who are not compensated by the Company or any affiliate
or selling agent, directly or indirectly, has the capacity to protect Grantee’s own interests in connection with Grantee’s
acquisition of the Restricted Stock to be issued to Grantee hereunder. Grantee and/or Grantee’s personal representative(s) have
such knowledge and experience in financial, tax and business matters to enable Grantee and/or them to utilize the information made available
to Grantee and/or them in connection with the acquisition of the Restricted Stock to evaluate the merits and risks of the prospective
investment and to make an informed investment decision with respect thereto.

 

(c) Grantee’s
Liquidity. In reaching the decision to invest in the Restricted Stock, Grantee has carefully evaluated Grantee’s financial resources
and investment position and the risks associated with this investment, and Grantee acknowledges that Grantee is able to bear the economic
risks of the investment. Grantee (i) has adequate means of providing for Grantee’s current needs and possible personal contingencies,
(ii) has no need for liquidity in Grantee’s investment, (iii) is able to bear the substantial economic risks of an investment
in the Restricted Stock for an indefinite period and (iv) at the present time, can afford a complete loss of such investment. Grantee’s
commitment to investments which are not readily marketable is not disproportionate to Grantee’s net worth and Grantee’s investment
in the Restricted Stock will not cause Grantee’s overall commitment to become excessive.

 

(d) Access
to Data. Grantee acknowledges that during the course of this transaction and before deciding to acquire the Restricted Stock, Grantee
has been provided with financial and other written information about the Company. Grantee has been given the opportunity by the Company
to obtain any information and ask questions concerning the Company, the Restricted Stock, and Grantee’s investment that Grantee
felt necessary; and to the extent Grantee availed himself/herself of that opportunity, Grantee has received satisfactory information and
answers concerning the business and financial condition of the Company in response to all inquiries in respect thereof.

 

(e) Risks.
Grantee acknowledges and understands that (i) an investment in the Company constitutes a high risk, (ii) the Restricted Stock
are highly speculative, and (iii) there can be no assurance as to what investment return, if any, there may be. Grantee is aware
that the Company may issue additional securities in the future which could result in the dilution of Grantee’s ownership interest
in the Company.

 

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(f) Valid
Agreement. This Agreement when executed and delivered by Grantee will constitute a valid and legally binding obligation of Grantee
which is enforceable in accordance with its terms.

 

(g) Residence.
The address set forth on the Notice of Restricted Stock Grant is Grantee’s current address and accurately sets forth Grantee’s
place of residence.

 

(h) Tax
Consequences. Grantee has reviewed with Grantee’s own tax advisors the federal, state, local and foreign tax consequences of
this investment and the transactions contemplated by this Agreement. Grantee is relying solely on such advisors and not on any statements
or representations of the Company or any of its agents. Grantee understands that Grantee (and not the Company) is responsible for
Grantee’s own tax liability that may arise as a result of the transactions contemplated by this Agreement. Grantee understands that
Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), taxes as ordinary income the
difference between the purchase price for the Restricted Stock and the fair market value of the Restricted Stock as of the date any restrictions
on the Restricted Stock lapse. Grantee understands that Grantee may elect to be taxed at the time the Restricted Stock is purchased rather
than when and as the restrictions lapse by filing an election under Section 83(b) of the Code with the Internal Revenue Service
within 30 days from the date of purchase. The form for making this election is attached as Exhibit A hereto.

 

GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE’S SOLE
RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY ANY ELECTION UNDER SECTION 83(b), EVEN IF GRANTEE REQUESTS THE COMPANY OR ITS
REPRESENTATIVES TO MAKE THIS FILING ON GRANTEE’S BEHALF.

 

7. No
Employment Contract Created. The issuance of the Restricted Stock is not to be construed as granting to Grantee any right with
respect to continuance of employment or any service with the Company or any of its subsidiaries. The right of the Company or any of its
subsidiaries to terminate at will Grantee’s employment or terminate Grantee’s service at any time (whether by dismissal, discharge
or otherwise), with or without cause, is specifically reserved, subject to any other written employment or other agreement to which the
Company and Grantee may be a party.

 

8. Tax
Withholding. The Company has the power and the right to deduct or withhold, or require Grantee to remit to the Company, an amount
sufficient to satisfy Federal, state and local taxes (including the Grantee’s FICA obligation) required by law to be withheld
with respect to the grant and vesting of the Restricted Stock.

 

9. Interpretation.
The Restricted Stock are being issued pursuant to the terms of the Plan, and are to be interpreted in accordance therewith. The Board
(or an authorized committee thereof) will interpret and construe this Agreement and the Plan, and any action, decision, interpretation
or determination made in good faith by the Board (or an authorized committee thereof) will be final and binding on the Company and
Grantee.

 

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10. Notices.
All notices or other communications which are required or permitted hereunder will be in writing and sufficient if (i) personally
delivered or sent by telecopy, (ii) sent by nationally-recognized overnight courier or (iii) sent by registered or certified
mail, postage prepaid, return receipt requested, addressed as follows:

 

(a) if
to the Grantee, to the address (or telecopy number) set forth on the Notice of Grant; and

 

(b) if
to the Company, to its principal executive office as specified in any report filed by the Company with the Securities and Exchange Commission
or to such address as the Company may have specified to the Grantee in writing, Attention: Corporate Secretary;

 

or to such other address as the
party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any such communication will
be deemed to have been given (i) when delivered, if personally delivered, or when telecopied, if telecopied, (ii) on the first
Business Day (as hereinafter defined) after dispatch, if sent by nationally-recognized overnight courier and (iii) on the fifth
Business Day following the date on which the piece of mail containing such communication is posted, if sent by mail. As used herein, “Business
Day” means a day that is not a Saturday, Sunday or a day on which banking institutions in the city to which the notice or
communication is to be sent are not required to be open.

 

11. Specific
Performance. Grantee expressly agrees that the Company will be irreparably damaged if the provisions of this Agreement and the
Plan are not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this Agreement or
the Plan by Grantee, the Company will, in addition to all other remedies, be entitled to a temporary or permanent injunction, without
showing any actual damage, and/or decree for specific performance, in accordance with the provisions hereof and thereof. The Board (or
an authorized committee thereof) has the power to determine what constitutes a breach or threatened breach of this Agreement or the
Plan. Any such determinations will be final and conclusive and binding upon Grantee.

 

12. No
Waiver. No waiver of any breach or condition of this Agreement will be deemed to be a waiver of any other or subsequent breach
or condition, whether of like or different nature.

 

13. Grantee
Undertaking. Grantee hereby agrees to take whatever additional actions and execute whatever additional documents the Company may
in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions
imposed on Grantee pursuant to the express provisions of this Agreement.

 

14. Modification
of Rights. The rights of Grantee are subject to modification and termination in certain events as provided in this Agreement and
the Plan.

 

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15. Governing
Law. This Agreement is governed by, and construed in accordance with, the laws of the State of Wyoming, without giving effect
to its conflict or choice of law principles that might otherwise refer construction or interpretation of this Agreement to the substantive
law of another jurisdiction.

 

16. Counterparts;
Facsimile Execution. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original,
but all of which together will constitute one and the same instrument. Facsimile execution and delivery of this Agreement is legal,
valid and binding execution and delivery for all purposes.

 

17. Entire
Agreement. This Agreement (including the Notice of Restricted Stock Grant) and the Plan, constitute the entire agreement
between the parties with respect to the subject matter hereof, and supersedes all previously written or oral negotiations, commitments,
representations and agreements with respect thereto.

 

18. Severability.
In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Agreement, and this Agreement
will be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

19. No
Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding your participation in the Plan, or your acquisition or sale of the Restricted Stock. You should consult with your own personal
tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

 

20. Compliance
With Law. You agree that the Company shall have unilateral authority to amend this Agreement without your consent to the extent
necessary to comply with securities or other laws applicable to issuance of shares of Restricted Stock.

 

21. Electronic
Delivery and Participation. The Company may, in its sole discretion, decide to deliver any documents related to current or future
participation in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate
in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.

 

22. Other
Documents. You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1)
promulgated under the Securities Act, which includes the document containing the Plan information specified in Section 10(a) of the Securities
Act (“Prospectus”).

 

23. WAIVER
OF JURY TRIAL. THE GRANTEE HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[Signature Page Follows]

 

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	2021 Restricted Stock Grant Agreement

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Restricted Share Grant Agreement as of the date first written above.

 

	U.S. ENERGY CORP.	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	        	 
	Title:	 	 
	 	 	 
	GRANTEE:	 
	 	 	 
	 	 	 
	Name:	 	 

 

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	2021 Restricted Stock Grant Agreement

    	 

    

 

SPOUSE’S CONSENT TO AGREEMENT

(Required where Grantee resides in a community property
state)

 

I acknowledge that I have read
the Agreement and the Plan and that I know and understand the contents of both. I am aware that my spouse has agreed therein to the imposition
of certain forfeiture provisions and restrictions on transferability with respect to the Restricted Stock that are the subject of the
Agreement, including with respect to my community interest therein, if any, on the occurrence of certain events described in the Agreement.
I hereby consent to and approve of the provisions of the Agreement, and agree that I will abide by the Agreement and bequeath any interest
in the Restricted Stock which represents a community interest of mine to my spouse or to a trust subject to my spouse’s control
or for my spouse’s benefit or the benefit of our children if I predecease my spouse.

 

	Dated: 	 	 
	 	 	 
	 	 	 
	Signature	 
	 	 	 
	 	 	 
	Print Name	 

 

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	2021 Restricted Stock Grant Agreement

    	 

    

 

Exhibit A

 

    	 

    	 

    

 

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

 

The undersigned taxpayer hereby
elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in the taxpayer’s gross income
or alternative minimum taxable income, as the case may be, for the current taxable year, as compensation for services the excess (if any) of
the fair market value of the shares described below over the amount paid for those shares:

 

1. The
name, address, taxpayer identification number and taxable year of the undersigned are as follows:

 

	Taxpayer:	 	 
	Spouse:	 	 
	Name:	 	 
	Address:	 	 
	Identification No.:	 	 
	Taxable Year:	 	 

 

2. The
property with respect to which the election is made is described as follows: __________ shares (the “Shares”) of
the Common Stock of U.S. Energy Corp., a Wyoming corporation (the “Company”).

 

3. The
date on which the property was transferred is:___________________ ,______.

 

4. The
property is subject to the following restrictions: The Shares may not be transferred and are subject to forfeiture under the terms of
an agreement between the taxpayer and the Company. These restrictions lapse upon the satisfaction of certain conditions contained in such
agreement.

 

5. The
fair market value of the property at the time of transfer (determined without regard to any restriction other than a nonlapse restriction
as defined in § 1.83-3(h) of the Income Tax Regulations) is: $_______ per share x ________ shares = $___________.

 

6. For
the property transferred, the undersigned paid $______ per share x _________ shares = $______________.

 

7. The
amount to include in gross income is $______________. [The result of the amount reported in Item 5 minus the amount reported in
Item 6.]

 

The undersigned taxpayer will file this election with
the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date
of transfer of the property. A copy of the election also will be furnished to the person for whom the services were performed. Additionally,
the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the property is transferred.
The undersigned is the person performing the services in connection with which the property was transferred.

 

The undersigned understands that the foregoing
election may not be revoked except with the consent of the Commissioner.

 

Dated: ______________________, _____

 

___________________________

Taxpayer

 

The undersigned spouse of taxpayer joins in this election.

 

Dated: ______________________, _____

 

_________________________

___________________________

Spouse of TaxpayerExhibit
4.3

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. Securities Act”) OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES
FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. Securities Act
AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS,
OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND,
IN THE CASE OF SUBPARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH
OTHER EVIDENCE AS THE CORPORATION MAY REQUIRE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY
OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

WARRANT
TO PURCHASE COMMON SHARES

OF HOLLYWEED NORTH CANNABIS INC.

 

Effective
Date: As of November 5, 2020

 

This
certifies that ORIGO HOLDINGS, INC., a Delaware limited liability company (“Origo”), or registered assigns,
is the registered holder of the Warrant (this “Warrant”) represented by this Warrant Certificate (this “Warrant
Certificate”), which entitles Origo or any subsequent holder of this Warrant (each a “Holder”), subject
to the provisions contained herein, to purchase from HOLLYWEED NORTH CANNABIS INC., a corporation organized under the laws of
British Columbia (the “Company”), such number of the Class A common shares of the Company (the “Common Shares”),
as set forth in Section 2.1 herein, subject to adjustment upon the occurrence of certain events specified herein, at the Exercise Price
(as defined below), subject to adjustment upon the occurrence of certain events specified herein.

 

		1.	DEFINITIONS.

 

As
used in this Warrant, the following terms shall have the following meanings:

 

BCBCA:
the Business Corporations Act (British Columbia).

 

Board:
the board of directors of the Company.

 

Business
Day: any day that is not a day on which banking institutions are authorized or required to be closed in the jurisdiction in which
the principal office of the Company is located.

 

Cashless
Exercise: the meaning set forth in Clause (1) of Section 2.4.

 

CDN,
Dollars or $: means Canadian dollars.

 

Common
Shares: the voting Class A Common Shares of the Company.

 

     

     

    

 

Company:
HollyWeed North Cannabis Inc., a corporation organized under the laws of British Columbia, Canada.

 

Company
Formation Documents: the Amended and Restated Articles of Incorporation of the Company, dated May 27, 2019, as filed under the BCBCA,
as the same may be amended from time to time.

 

Effective
Exercise Date: the meaning set forth in Section 4.

 

Effective
Issuance Price: the meaning set forth in Section 4.5.

 

Excess
Tender Amount: the meaning set forth in Section 4.3.

 

Exchange
Act: the Securities Exchange Act of 1934, as amended.

 

ex-date:
when used with respect to any issuance or distribution, means the first Business Day after the record date, provided that if the
Common Shares are then traded on a Recognized Securities Market (for the avoidance of doubt, for purposes of this Warrant and any related
agreements, including Nasdaq) it shall mean the first date on which the Common Shares trade regular way on the relevant exchange or in
the relevant market from which the Fair Market Value was obtained without the right to receive such issuance or distribution.

 

Exercise
Date: the meaning set forth in Section 2.2.

 

Exercise
Price: subject to the adjustment provisions set forth in this Warrant, shall mean CDN twelve cents (CDN$0.12) per share, subject
to the adjustment provisions hereinafter set forth.

 

Expiration
Date: the meaning set forth in Section 2.3.

 

Fair
Market Value:

 

(i) In
the case of Common Shares means the amount which a willing buyer would pay a willing seller in an arm's-length transaction for one share
of such Common Shares, as determined by the Board in good faith, provided that if the Common Shares are then traded on a Recognized
Securities Market, it shall mean the closing sale price of such security (or, if no closing sale price is reported, the average of the
closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices)
on such date as reported in composite transactions on the Recognized Securities Market on which the Common Shares are then traded.

 

(ii) In
the case of cash, the amount thereof.

 

(iii) In
the case of other property, the amount which a willing buyer would pay a willing seller in an arm's-length transaction for such property,
as determined by the Board in good faith.

 

Holder:
from time to time, the holder(s) of this Warrant.

 

    2 

     

    

 

Line
of Credit Note: the CDN$6,675,000 secured convertible promissory note of the Company and its subsidiaries issued to Origo.

 

Nasdaq:
the Nasdaq Stock Exchange, including the Nasdaq Capital Market.

 

Person:
any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government
or any agency or political subdivision thereof.

 

Premium
Per Pro Forma Share: the meaning set forth in Section 4.3.

 

Recognized
Securities Market. any one of the Nasdaq, the New York Stock Exchange, the NYSE:American Exchange, the OTC Markets (including the
OTCQX platform), the Canadian Securities Exchange, the Toronto Stock Exchange, the TSX Venture Exchange or any other United States or
foreign stock exchange that constitutes the principal securities exchange on which the Common Shares is then traded.

 

Registration
Statement: a registration statement on Form F-1 (or other applicable form for registering securities under the Securities Act) as
filed by the Company with the SEC in connection with an initial public offering of the Common Shares in the United States.

 

Registrable
Securities: means the Common Shares issuable under this Warrant as well as any Common Shares issuable upon conversion of the Line
of Credit Note. Registrable Securities shall continue to be Registrable Securities (whether they continue to be held by Origo or they
are sold to other Persons) until (i) they are sold outside of the United States in accordance with any applicable Canadian securities
laws, (ii) pursuant to an effective registration statement under the Securities Act or (iii) they shall have otherwise been transferred
(including pursuant to Rule 144 under the Securities Act) and new securities not subject to transfer restrictions under any federal securities
laws and not bearing any legend restricting further transfer shall have been delivered by the Company, all applicable holding periods
shall have expired, and no other applicable and legally binding restriction on transfer by the holder thereof shall exist.

 

Reorganization
Event: the meaning set forth in Section 4.4.

 

Rights
to Purchase Securities: means options, warrants and rights issued by the Company (whether presently exercisable or not) to purchase
Common Shares that are convertible or exchangeable (whether presently convertible or exchangeable or not) into or exercisable (whether
presently exercisable or not) for Voting Securities but, for the avoidance of doubt, not including a shareholders rights plan.

 

Securities
Act: the United States Securities Act of 1933, as amended.

 

Transfer:
the meaning set forth in Section 2.5.

 

Voting
Securities means the Common Shares and any other securities of the Company having power generally to vote in the election of members
of the Board.

 

Warrant
Shares: means the Common Shares issuable or issued upon the exercise of this Warrant, consisting of seventy million, three hundred
eleven thousand, seven hundred and fifty five (70,311,755) Common Shares, subject to adjustment as provided herein.

 

    3 

     

    

 

		2.	EXERCISE
                                            PRICE; EXERCISE OF WARRANT AND EXPIRATION OF WARRANT.

 

2.1. Exercise
Price. Subject to the terms of this Warrant, including all of the adjustment provisions hereof, the Holder hereof shall be entitled
upon exercise of this Warrant to purchase all or any portion of the Warrant Shares upon exercise the Warrant made on or prior to the
date of exercise hereof, at the Exercise Price then in effect.

 

2.2. Exercise
of Warrant. This Warrant shall be exercisable in whole or in part from time to time on any Business Day (each, an “Exercise
Date”) beginning on November 5, 2020 and ending on the Expiration Date (the “Exercise Period”), in the manner
provided for herein.

 

2.3. Expiration
of Warrants. This Warrant shall expire and the rights of the Holder of this Warrant to purchase Warrant Shares shall terminate at
the close of business on November 5, 2025 (the “Expiration Date”).

 

2.4. Method
of Exercise; Payment of Exercise Price. In order to exercise this Warrant, the Holder hereof must surrender this Warrant to the Company,
with the form on the reverse of or attached to this Warrant duly executed. With respect to payment of the Exercise Price, the Holder
shall have two options:

 

(1) having
the Company withhold, from the total number of Warrant Shares that would otherwise be delivered to the Holder upon such exercise at the
Exercise Price, that lower number of Warrant Shares issuable upon exercise of this Warrant with an aggregate Fair Market Value as of
the last Business Day prior to such exercise equal to the in-the-money value of such Warrant Shares based upon the Exercise Price then
in effect (a "Cashless Exercise"), or

 

(2) payment
in full of the Exercise Price then in effect for the number of Warrant Shares as to which this Warrant is submitted for exercise.

 

To
the Extent that the Holder shall elect to exercise this Warrant through a Cashless Exercise, the Holder shall be entitled to receive
a certificate for the number of Warrant Shares equal to the quotient obtained by dividing the product of (A-B) and (X) by (A), where:

 

(A)=
the closing price of the Common Shares on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant
by means of a "cashless exercise," as set forth in the

 

applicable
Notice of Exercise;

 

(B)=
the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)=
the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

    4 

     

    

 

To
the extent there is a difference in the currency of the closing price of the Common Shares and the Exercise Price, herein, the closing
price of the Common Shares shall be converted into CDN using the Daily Exchange Rate of the Bank of Canada on the day prior to the applicable
Trading Day.

 

Any
such payment of the Exercise Price pursuant to clause (2) above shall be payable in cash or other same-day funds. Upon the surrender
of this Warrant following one or more partial exercises, unless this Warrant has expired, a new Warrant of the same tenor representing
the number of shares of Warrant Shares, if any, with respect to which this Warrant shall not then have been exercised, shall promptly
be issued and delivered to the Holder.

 

Upon
surrender of this Warrant in conformity with the foregoing provisions, the Company shall instruct its transfer agent to transfer to the
Holder of such Warrant appropriate evidence of ownership of any shares of Warrant Shares or other securities or property (including any
money) to which the Holder is entitled, registered or otherwise placed in, or payable to the order of, such name or names as may be directed
in writing by the Holder, and shall deliver such evidence of ownership and any other securities or property (including any money) to
the Person or Persons entitled to receive the same, together with an amount in cash in lieu of any fraction of a share as provided in
Section 4.7. Upon payment of the Exercise Price therefor, a Holder shall be deemed to own and have all of the rights associated with
any Warrant Shares or other securities or property (including money) to which it is entitled pursuant to this Warrant upon the surrender
of this Warrant in accordance herewith. If the Holder shall direct that such securities be registered in a name other than that of the
Holder, such direction shall be tendered in conjunction with a signature guarantee from an eligible guarantor institution participating
in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that
may be required by the Company.

 

2.5. Compliance
with the Securities Laws.

 

(a) This
Warrant may not be exercised (and the Company shall be under no obligation to process any exercise), and no Warrant Shares may be sold,
transferred pledged, hypothecated, or otherwise disposed of (any such sale, transfer or other disposition, a “Transfer”),
except in compliance with this Section 2.5.

 

(b) A
Holder may exercise this Warrant and may Transfer this Warrant or any and all of his or its Warrant Shares to either (i) a transferee
that is an “accredited investor” or a “qualified institutional buyer,” as such terms are defined in applicable
Canadian securities laws, Regulation D and Rule 144A under the Securities Act, respectively, or (ii) any transferee, if the Warrant Shares
have been registered for resale under the Securities Act and qualified or exempt for sale under applicable Canadian securities laws.

 

    5 

     

    

 

(c) In
addition to the foregoing, a Holder may exercise this Warrant and may Transfer this Warrant or his or its Warrant Shares in accordance
with Regulation S under the Securities Act or in any transaction that is registered under the Securities Act.

 

		3.	LEGENDS,
                                            REGISTRATION AND BOARD RIGHTS.

 

3.1. Legends.
Subject to Section 3.2, each certificate, instrument, or book entry representing (i) the Class A Common Shares, (ii) the Registrable
Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any share split,
share dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section
4) be notated with a legend, and no other legend, substantially in the following form:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. Securities Act”) OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES
FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. Securities Act
AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. Securities Act
PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS,
OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. Securities Act OR ANY APPLICABLE STATE SECURITIES LAWS, AND,
IN THE CASE OF SUBPARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH
OTHER EVIDENCE AS THE CORPORATION MAY REQUIRE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY
OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

3.2. Registration.
If at any time the Company registers or intends to register under the Securities Act, or qualify for distribution in Canada under applicable
Canadian securities laws, any Common Shares, Rights to Purchase Securities or any other securities convertible, exchangeable or exercisable
for Common Shares or other Voting Securities on a registration statement under the Securities Act or a prospectus under applicable Canadian
securities laws, or grants any demand or piggyback registration rights to any other holder of Common Shares, Rights to Purchase Securities
or any other securities convertible, exchangeable or exercisable for Common Shares or shares of Voting Securities, the Company shall
offer to the Holder of this Warrant to register the Warrant Shares of such Holder on no less favorable terms and conditions and/or enter
into an agreement on customary terms and conditions with the Holder of this Warrant granting to such Holder pari passu registration
rights with respect to the Registrable Securities of such Holder, as applicable. Notwithstanding the foregoing, the provisions of this
Section 3.1 shall not apply to an initial public offering of Common Shares or other securities of the Company, unless that Company shall
also register for resale in such initial public offering Common Shares owned by other shareholders.

 

    6 

     

    

 

3.3. Board
Rights. For so long as any of the Warrants are outstanding or that Origo or any other initial Holder of Warrants owns ten percent
(10%) or more of the outstanding Common Shares, Origo shall have the right to appoint 40% of the members of the board of directors of
the Company.

 

		4.	ADJUSTMENTS.

 

4.1. Adjustments
upon Certain Transactions.

 

(a) The
Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be adjusted in the event the Company (i)
pays a dividend or makes any other distribution with respect to any of its Common Shares solely in Common Shares, (ii) subdivides its
outstanding Common Shares, or (iii) combines its outstanding Common Shares into a smaller number of shares. In such event, the number
of Warrant Shares issuable upon exercise of this Warrant immediately prior to the record date of such dividend or distribution or the
effective date of such subdivision or combination (the “Effective Exercise Date”) shall be adjusted so that the Holder
of this Warrant shall thereafter be entitled to receive the number of Warrant Shares that such Holder would have owned or have been entitled
to receive after the happening of any of the events described above, had the Warrant been exercised immediately prior to the happening
of such event or any record date with respect hereto.

 

In
addition, upon an adjustment pursuant to this Section 4.1, the Exercise Price for each of the Warrant Shares payable upon exercise of
this Warrant shall be adjusted (without rounding) so that it shall equal the product of the Exercise Price immediately prior to such
adjustment multiplied by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this
Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares so issuable immediately
thereafter. Such adjustment shall become effective immediately after the Effective Exercise Date of such event retroactive to the record
date, if any, for such event.

 

(b) For
avoidance of doubt, the adjustment contemplated by this section can be expressed by formula as follows:

 

Ub
= Warrant Shares underlying this Warrant before the adjustment

 

Ua
= Warrant Shares underlying this Warrant after the adjustment

 

Pb
= exercise price per share before the adjustment

 

Pa
= exercise price per share after the adjustment

 

Ob
= shares outstanding before the transaction in question

 

Oa
= shares outstanding after the transaction in question

 

Ua
= Ub x Oa / Ob

 

Pa
= Pb x Ob / Oa

 

    7 

     

    

 

4.2. Dividends
and Distributions.

 

(a) If
the Company shall fix a record date for the payment of a dividend or the making of a distribution with respect to any of its Common Shares,
(other than one covered by Section 4.1), then the Exercise Price to be in effect after the record date for such dividend or distribution
shall be determined (without rounding) by multiplying (x) the Exercise Price in effect immediately prior to such record date by (y) a
fraction, the numerator of which shall be the Fair Market Value per share of Common Shares as of the last Business Day (or, if the Common
Shares is then traded on a Recognized Securities Market, the last trading day) before the ex-date less the Fair Market Value of the cash,
securities (excluding Common Shares that is the same class of securities for which this Warrant would be exercisable immediately after
such distribution or dividend taking into account the adjustments pursuant to this Article 4) or other property paid per share in such
dividend or distribution, and the denominator of which shall be the Fair Market Value per share of Common Shares as of the last Business
Day (or, if the Common Shares is then traded on a Recognized Securities Market, the last trading day) before the ex-date. Upon any adjustment
of the Exercise Price pursuant to Section 4.2(a), the total number of Common Shares purchasable upon the exercise of this Warrant shall
be such number of shares (calculated to the nearest thousandth) purchasable immediately prior to such adjustment multiplied by a fraction,
the numerator of which shall be the Exercise Price in effect immediately before such adjustment and the denominator of which shall be
the Exercise Price in effect immediately after such adjustment.

 

(b) For
avoidance of doubt, the adjustment contemplated by Section 4.2(a)(2) can be expressed by formula as follows:

 

Ub
= Warrant Shares underlying this Warrant before the adjustment

 

Ua
= Warrant Shares underlying this Warrant after the adjustment

 

Pb
= exercise price per share before the adjustment

 

Pa
= exercise price per share after the adjustment

 

M
= Fair Market Value per share of Common Shares as of the last Business Day (or, if applicable, trading day) before ex-date

 

D
= Fair Market Value of the dividend or distribution made per share of Common Shares

 

Ua
= Ub x M / (M - D)

 

Pa
= Pb x (M - D) / M

 

    8 

     

    

 

4.3. Tender
Offers. If a publicly-announced tender offer or issuer bid made by the Company or any of its subsidiaries for all or any portion
of the Common Shares shall expire and tendering holders of Common Shares are paid aggregate consideration having a Fair Market Value
when paid which exceeds the aggregate Fair Market Value of the Common Shares acquired in such tender offer as of the last Business Day,
or, if applicable, trading day before the date on which such tender offer is first publicly announced (such excess, the “Excess
Tender Amount”), then the Exercise Price to be in effect after the tender offer expires shall be determined (without rounding)
by multiplying (x) the Exercise Price in effect immediately prior to such adjustment by (y) a fraction, the numerator of which shall
be the Fair Market Value per share of the Common Shares as of the last trading day before the date on which such tender offer is first
publicly announced less the Premium Per Pro Forma Share, and the denominator of which shall be the Fair Market Value per share of Common
Shares as of the last Business Day, or, if applicable, trading day before the date on which such tender offer is first publicly announced.
As used herein, “Premium Per Pro Forma Share” means (x) the Excess Tender Amount divided by (y) the number of Common Shares
outstanding at expiration of the tender offer after giving pro forma effect to the purchase of shares in the tender offer. Upon any adjustment
of the Exercise Price pursuant to this Section 4.3, the total number of Warrant Shares purchasable upon the exercise of this Warrant
shall be such number of Warrant Shares (calculated to the nearest thousandth) purchasable immediately prior to such adjustment multiplied
by a fraction, the numerator of which shall be the Exercise Price in effect immediately before such adjustment and the denominator of
which shall be the Exercise Price in effect immediately after such adjustment. For avoidance of doubt, the adjustment contemplated by
this section can be expressed by formula as follows:

 

Ub
= Warrant Shares underlying this Warrant before the adjustment

 

Ua
= Warrant Shares underlying this Warrant after the adjustment

 

Pb
= exercise price per share before the adjustment

 

Pa
= exercise price per share after the adjustment

 

M
= Fair Market Value per share of Common Shares as of the last Business Day (or, if applicable, trading day) before the tender offer is
announced

 

E
= Excess Tender Amount (the aggregate premium paid in the tender offer)

 

Pr
= Premium Per Pro Forma Share Oa = Shares outstanding after giving effect to tender offer

 

Pr
= E / Oa

 

Ua
= Ub x M / (M - Pr)

 

Pa
= Pb x (M - Pr) / M

 

    9 

     

    

 

4.4. Consolidation,
Merger or Sale. If any consolidation, merger, amalgamation, arrangement or similar extraordinary transaction of the Company with
another entity, or the sale of all or substantially all of its assets, or any recapitalization or reclassification of the Common Shares,
shall be effected (a “Reorganization Event”), and in connection with such Reorganization Event, the Warrant Shares
shall be converted into or exchanged for or become the right to receive cash, securities or other property, then, as a condition of such
Reorganization Event, lawful and adequate provisions shall be made by the Company whereby the Holder of this Warrant shall thereafter
have the right to purchase and receive on exercise of this Warrant, for an aggregate price equal to the aggregate Exercise Price for
all of the Warrant Shares underlying this Warrant as in effect immediately before such transaction (subject to adjustment thereafter
as contemplated by the succeeding sentence), the same kind and amount of cash, securities or other property as it would have had the
right to receive if it had exercised this Warrant immediately before such transaction and been entitled to participate therein. In the
event of any such Reorganization Event, the Company shall make appropriate provision to ensure that applicable provisions of this Warrant
(including, without limitation, the provisions of this Article 4) shall thereafter be binding on the other party to such transaction
(or the successor in such transaction) and applicable to any securities thereafter deliverable upon the exercise of this Warrant. The
Company will not effect any such Reorganization Event unless, prior to the consummation thereof, the successor entity (if other than
the Company) resulting from such Reorganization Event or the entity purchasing such assets shall assume by written instrument reasonably
satisfactory in form and substance to the Holder of this Warrant, executed and mailed or delivered to the Holder at the last address
of such Holder appearing on the books of the Company, the obligation to deliver the cash, securities or property deliverable upon exercise
of this Warrant. The Company shall notify the Holder of this Warrant of any such proposed Reorganization Event reasonably prior to the
consummation thereof so as to provide such Holder with a reasonable opportunity prior to such consummation to exercise this Warrant in
accordance with the terms and conditions hereof; provided, however, that in the case of a transaction which requires notice to be given
to the holders of Common Shares of the Company, the Holder of this Warrant shall be provided the same notice given to the holders of
other Common Shares of the Company.

 

4.5. Full-Ratchet
Adjustment for Lower Revaluations. In the case of (a) any issuance of Common Shares, rights or options to acquire Common Shares or
securities convertible or exchangeable into, or exercisable for Common Shares (other than Common Shares underlying rights or options
to acquire Common Shares or securities convertible or exchangeable into Common Shares, in each case that are issued and outstanding on
the date hereof or that are issued to directors, officers or employees of the Company pursuant to the terms of a stock option plan that
is in existence as of the date hereof), or (b) the amendment to or change in the exercise, conversion or exchange price of such securities,
in each case for an Effective Issuance Price that is lower than the Exercise Price (in each case, other than issuances, amendments or
changes covered by Section 4.1, 4.2, 4.3 or 4.4), the Exercise Price for this Warrant shall be further reduced to an amount equal to
the Effective Issuance Price.

 

As
used herein, the “Effective Issuance Price” shall be:

 

(i) with
respect to Common Shares issued for cash the per share amount of the net cash proceeds received by the Company for such Common Shares;

 

(ii) with
respect to Common Shares issued for other consideration, the Fair Market Value of the net consideration calculated on a per share basis;

 

    10 

     

    

 

(iii) with
respect to any option, warrant or other right to acquire Common Shares, whether direct or indirect and whether or not conditional or
contingent, the sum of (a) the Fair Market Value of the aggregate consideration, if any, received by the Company for the issuance of
such option, warrant or right divided by the number of Common Shares into which such option, warrant or right is exercisable at time
of issuance, plus (b) the per share amount of the exercise price to the extent paid in cash and per share Fair Market Value of the exercise
price if paid in other consideration; and

 

(iv) with
respect to securities convertible or exchangeable into Common Shares, the net consideration per security paid for such securities (to
the extent paid in cash) or the net Fair Market Value of the consideration per security paid for such securities if the price for such
securities is paid in other consideration, as of the date of their issuance divided by the number of Common Shares for which such securities
are convertible or exchangeable.

 

For
the avoidance of doubt, the Exercise Price of this Warrant shall in no event be increased pursuant to this Section 4.5.

 

4.6. Fractional
Shares. No fractional shares shall be issued upon exercise of this Warrant. Instead, the Company shall pay to the Holder, in lieu
of issuing any fractional share, a sum in cash equal to such fraction multiplied by the Fair Market Value of a share of Common Shares,
as determined by the Company’s Chief Executive Officer, Chief Financial Officer or Board, on the Business Day or, if applicable,
trading day immediately prior to the date of exercise.

 

4.7. Notice
of Adjustment. Prior to the consummation of any transaction, action or other event that would trigger an adjustment (or right to
adjustment) under this Section 4, the Company shall mail to the Holder by first class mail, postage prepaid, no later than ten (10) Business
Days prior to such consummation notice of such transaction, action or other event, along with reasonable details with respect thereto.
Whenever the number of Common Shares or other stock or property issuable upon the exercise of this Warrant or the Exercise Price is adjusted,
as herein provided, the Company shall promptly mail by first class mail, postage prepaid, to the Holder notice of such adjustment or
adjustments and shall deliver a certificate of a firm of independent public accountants selected by the Board (who may be the regular
accountants employed by the Company) setting forth the number of Common Shares or other stock or property issuable upon the exercise
of this Warrant and the Exercise Price after such adjustment, setting forth a brief statement of the facts requiring such adjustment
and setting forth the computation by which such adjustment was made.

 

		5.	WARRANT
                                            TRANSFER BOOKS.

 

The
Company shall cause to be kept at its principal office a register in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of this Warrant Certificate and of transfers or exchanges of this Warrant Certificate
as herein provided.

 

At
the option of the Holder, this Warrant Certificate may be exchanged at such office, and upon payment of the charges hereinafter provided.
Whenever this Warrant Certificate is so surrendered for exchange, the Company shall execute and deliver the Warrant Certificates that
the Holder making the exchange is entitled to receive.

 

    11 

     

    

 

All
Warrant Certificates issued upon any registration of transfer or exchange of this Warrant Certificate shall be the valid obligations
of the Company, evidencing the same obligations, and entitled to the same benefits, as the Warrant Certificate surrendered for such registration
of transfer or exchange.

 

If
this Warrant Certificate is surrendered for registration of transfer or exchange it shall (if so required by the Company) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company, duly executed by the Holder hereof or his
attorney duly authorized in writing.

 

No
service charge shall be made to the Holder for any registration of transfer or exchange of this Warrant Certificate. The Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of this Warrant Certificate.

 

The
Warrant Certificate when duly endorsed in blank shall be deemed negotiable and when this Warrant Certificate shall have been so endorsed,
the Holder hereof may be treated by the Company and all other persons dealing therewith as the absolute owner hereof for any purpose
and as the Person entitled to exercise the rights represented hereby, or to the transfer hereof on the register of the Company, any notice
to the contrary notwithstanding; but until such transfer on such register, the Company shall treat the registered Holder hereof as the
owner for all purposes. No such transfer shall be registered until the Company has been supplied with the aforementioned instruments
of transfer and any other such documentation as the Company may reasonably require.

 

		6.	WARRANT
                                            HOLDER.

 

6.1. Right
of Action. All rights of action in respect of this Warrant are vested in the Holder hereof, and the Holder, without the consent of
the Company, may, on such Holder’s own behalf and for such Holder’s own benefit, enforce, and may institute and maintain
any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such Holder’s right to exercise
or exchange this Warrant in the manner provided herein or any other obligation of the Company under this Warrant.

 

		7.	REPRESENTATIONS
                                            AND COVENANTS.

 

7.1. Reservation
of Common Shares for Issuance on Exercise of Warrant. The Company covenants that it will at all times reserve and keep available,
free from pre-emptive rights, out of its authorized but unissued Common Shares, solely for the purpose of issue upon exercise of this
Warrant as herein provided, such number of Common Shares as shall then be issuable upon the exercise of all Warrant Shares issuable hereunder
plus such number of Common Shares as shall then be issuable upon the exercise of other outstanding warrants, options and rights (whether
or not vested), the settlement of any forward sale, swap or other derivative contract, and the conversion of all outstanding convertible
securities or other instruments convertible into Common Shares or rights to acquire Common Shares. The Company covenants that all Warrant
Shares and other Common Shares which shall be issuable shall, upon such issue, be duly and validly issued and fully paid and non-assessable.

 

    12 

     

    

 

7.2. Notice
of Dividends. At any time when the Company declares any dividend on its Common Shares, it shall give notice to the Holder of this
Warrant of any such declaration not less than 15 days prior to the related record date for payment of the dividend so declared.

 

7.3. Capitalization.
The Company represents and warrants to the Holder that as of the date hereof, the Company has 83,130,498 Common Shares outstanding
and on a fully diluted basis, before giving effect to this Warrant or the Common Shares issuable on conversion of the Line of Credit
Note, the Company has 89,787,688 Common Shares on a fully diluted basis. To the extent that this representation is not true as of the
date hereof and there are more Common Shares outstanding then set out above (actual or on a diluted basis), the number of Warrant Shares
shall be increased such that the Warrant would exercise into 44% of the Common Shares on a diluted as were then outstanding as of the
date hereof. For greater certainty, should there be fewer Common Shares outstanding than as set out in this representation, no adjustment
shall be made to the number of Warrant Shares issuable on exercise of the Warrant.

 

		8.	MISCELLANEOUS.

 

8.1. Payment
of Taxes. The Company shall pay all transfer, stamp and other similar taxes that may be imposed in respect of the issuance or delivery
of this Warrant or in respect of the issuance or delivery by the Company of any securities upon exercise of this Warrant with respect
thereto. The Company shall not be required, however, to pay any tax or other charge imposed in connection with any transfer involved
in the issue of any certificate for Common Shares or other securities underlying this Warrant or payment of cash to any Person other
than the Holder of this Warrant Certificate surrendered upon the exercise or purchase of this Warrant, and in case of such transfer or
payment, the Company shall not be required to issue any stock certificate to pay any cash until such tax or charge has been paid or it
has been established to the Company’s satisfaction that no such tax or other charge is due. The Company and the Holder agree that
the issuance and exercise of this Warrant is a capital transaction and not a compensatory transaction, and any Holder who is not a U.S.
person for U.S. federal income tax purposes hereby represents that the Warrant Shares would, if owned by such Holder, be capital assets
in its hands for U.S. Federal income tax purposes.

 

8.2. Surrender
of Certificates. Any Warrant Certificate surrendered for exercise or purchase shall, if surrendered to the Company, be promptly cancelled
and destroyed and shall not be reissued by the Company.

 

8.3. Mutilated,
Destroyed, Lost and Stolen Warrant Certificates. If (a) a mutilated Warrant Certificate is surrendered to the Company or (b) the
Company receives evidence to its satisfaction of the destruction, loss or theft of the Warrant Certificate, and there is delivered to
the Company such appropriate affidavit of loss, applicable processing fee and a corporate bond of indemnity as may be required by it
to save it harmless, then, in the absence of notice to the Company that the Warrant Certificate has been acquired by a bona fide purchaser,
the Company shall execute and deliver, in exchange for such mutilated Warrant Certificate or in lieu of such destroyed, lost or stolen
Warrant Certificate, a new Warrant Certificate of like tenor and for a like aggregate number of shares of Warrant Shares, if any, with
respect to which this Warrant shall not then have been exercised.

 

    13 

     

    

 

Upon
the issuance of any new Warrant Certificate under this Section 8.3, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and other expenses in connection therewith.

 

Any
new Warrant Certificate executed and delivered pursuant to this Section 8.3 in lieu of a destroyed, lost or stolen Warrant Certificate
shall constitute an original contractual obligation of the Company, whether or not the destroyed, lost or stolen Warrant Certificate
shall be at any time enforceable by anyone, and shall be subject to the same terms as this Warrant.

 

The
provisions of this Section 8.3 are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect to the
replacement of a mutilated, destroyed lost, or stolen Warrant Certificate.

 

8.4. Notices.
Any notice, demand or delivery authorized by this Warrant shall be sufficiently given or made when mailed if sent by first-class mail,
postage prepaid, addressed to the Holder of this Warrant at such Holder’s address shown on the register of the Company and to the
Company at its principal address, addressed to the Secretary of the Company, in each case or such other address as shall have been furnished
to the party giving or making such notice, demand or delivery.

 

8.5. Applicable
Law. This Warrant and all rights arising hereunder shall be governed by the laws of British Columbia and the federal laws of Canada
applicable therein.

 

8.6. Amendments.
This Warrant may only be amended with the prior written consent of the Holder and the Company.

 

8.7. Headings.
The descriptive headings of the several Articles and Sections of this Warrant are inserted for convenience and shall not control or affect
the meaning or construction of any of the provisions hereof.

 

    14 

     

    

 

IN
WITNESS WHEREOF, this Warrant has been duly executed and delivered by the Company, by order of its Board of Directors, this 5th
day of November, 2020.

 

	 	HOLLYWEED NORTH CANNABIS INC.
	 	 
	 	By:	/s/ Renee Gagnon
	 	Name:	Renee Gagnon
	 	Title:	President & Director

 

	ACCEPTED AND AGREED TO:
	 
	ORIGO HOLDINGS, INC.
	 
	By:	/s/ Israel Maxx Abramowitz	 
	 	Israel Maxx Abramowitz, President	 

 

    15 

     

    

 

EXHIBIT
A

FORM OF EXERCISE

(To be executed upon exercise of Warrant.)

 

The
undersigned hereby irrevocably elects to exercise the Warrant represented by this Warrant Certificate, to purchase _______ Common Shares,
in the form of Common Shares (“Warrant Shares”), of HollyWeed North Cannabis Inc. in accordance with the Warrant Certificate,
and in accordance with the terms set forth below.

 

By
checking the appropriate paragraph election, the undersigned hereby exercises the Warrant, as follows:.

 

______[check
if applicable] Having the Company withhold, from the total number of Common Shares that would otherwise be delivered to the undersigned
upon such exercise, that lower number of Common Shares issuable upon exercise of this Warrant with an aggregate Fair Market Value as
of the last Business Day prior to such exercise equal to a purchase price for such Common Shares that would otherwise be payable by the
undersigned upon such exercise based upon the Exercise Price then in effect (a “Cashless Exercise”), or

 

______[check
if applicable] By) by payment in full of the Exercise Price then in effect for the shares of Warrant Shares as to which this Warrant
is submitted for exercise, payable in cash or other same-day funds.

 

The
undersigned requests that said Warrant Shares be registered in such names and delivered, all as specified in accordance with the instructions
set forth below.

 

If
said number of Warrant Shares is less than all of the shares of Warrant Shares purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of the Warrants evidenced hereby be issued and delivered to the undersigned
unless otherwise specified in the instructions below.

 

    A-1

     

    

 

	Dated:	 	 	Name:	
	 	 	 	(Please Print)
	 	 	 
	(Insert Social Security or Other Identifying Number of Holder)	 	 
	 	 	 
	 	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Signature (Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate and must be guaranteed by a bank, stockbroker, savings and loan association or credit union meeting the requirements of the Warrant Holder.

 

 

    A-2 

     

    

 

EXHIBIT
B

FORM OF ASSIGNMENT

 

FOR
VALUE RECEIVED the undersigned registered holder of the within Warrant Certificate hereby sells, assigns, and transfers unto the Assignee(s)
named below all of the right of the undersigned under the within Warrant Certificate, with respect to the number of Warrants set forth
below:

 

	 

    Names
    of Assignees
	 	Address	 	Social
    Security or other Identifying Number of Assignee(s)	 	Number
    of Shares Represented by the Portion of this Warrant to be Assigned
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

And
does hereby irrevocably constitute and appoint ______ the undersigned's attorney to make such transfer on the books of _____________
maintained for that purpose, with full power of substitution in he premises.

 

	
     Date:
	  	 	 
	 	 
	 	(Signature of Owner)
	 	 
	 	 
	 	(Street Address)
	 	 
	 	 
	 	(City)(State)(Zip Code)
	 	 
	 	 
	 	Signature Guaranteed By:
	 
	 	 

 

		*	The
                                            signature must correspond with the name as written upon the face of the within Warrant Certificate
                                            in every particular, without alteration or enlargement or any change whatever, and must be
                                            guaranteed by a financial institution satisfactory to the Company.

 

 

    B-1

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