Document:

WARRANT
AGREEMENT

This
Warrant Agreement (the “Agreement”) made as of March __, 2019, between ETHEMA HEALTH CORPORATION, a Colorado
corporation, with headquarters at 810 Andrews Avenue, Delray Beach, Florida 33483 (“Company”), and ______________________________________________________
(“Warrant Holder”).

 

WHEREAS,
the Company has determined to issue warrants to each holder of its Series N Convertible Notes in the principle amount of each
Note (the “Warrants”), each of such Warrants evidencing the right of the holder thereof to purchase one share of the
Company’s common stock (the “Common Stock”), for USD$0.12, subject to adjustment as described herein exercisable
for 3 years from issuance; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, and the holders of the Warrants; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by the Warrant holder, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.     
Warrants.

 

1.1.           
Form of Warrant. Each Warrant shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated
herein, and may have such letters, numbers or other marks of identification or designation and such legends summaries or endorsements
printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions
of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto. Each Warrant
shall be dated the date of issuance thereof and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
or President and Treasurer, Secretary or Assistant Secretary of the Company. In the event the person whose signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant
is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

1.2.           
Effect of Countersignature. Unless and until countersigned by the Company pursuant to this Agreement, a Warrant shall be invalid
and of no effect and may not be exercised by the holder thereof. After countersignature by the Company, each Warrant shall be
delivered to the Registered Holder (as defined herein) without further action by the Company, except as otherwise provide herein.

 

2.     
Terms and Exercise of Warrants.

 

2.1.           
Warrant Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of USD$0.12
per share, subject to the adjustments provided in Section 4 hereof (the “Warrant Price”).

 

2.2.           
Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on March____,
2019 and terminating at 5:00 p.m., Denver, Colorado time on March __, 2022 (the “Expiration Date”), provided that
if either such date shall in the State of Colorado be a holiday or a day on which banks are authorized to close, then 5:00 p.m.,
Denver, Colorado time, on the next following day which in the State of Colorado is not a holiday or a day on which banks are authorized
to close. Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Agreement shall cease at the close of business on the Expiration Date.

 

    	 

    	 

    

2.3.           
Exercise of Warrants.

 

2.3.1.     
Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant may be exercised in whole or in part so
long as any exercise in part hereof would not involve the issuance of fractional shares of Common Stock by the registered holder
thereof by surrendering it, at the office of the Company with the form of exercise, as set forth in the Warrant, duly executed,
and by paying in full, in lawful money of the United States, in good certified check or good bank draft payable to the order of
the Company (or as otherwise agreed to by the Company), the Warrant Price for each full share of Common Stock as to which the
Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the
Warrant for the Common Stock, and the issuance of the Common Stock.

 

2.3.2.     
Issuance of Certificates. As soon as practicable on or after the Exercise Date, the Company, shall cause to be issued and delivered
a certificate or certificates for the number of full shares of Common Stock to the person or persons entitled to receive the same,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full,
a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Warrants may not
be exercised by, or securities issued to, any Registered Holder in any state in which such exercise would be unlawful.

 

2.3.3.     
Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall
be validly issued, fully paid and nonassessable.

 

2.3.4.     
Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the
Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

3.     
Adjustments.

 

3.1.           
Recapitalization, Reclassification and Succession. If any recapitalization of the Company or reclassification of its Common
Stock or any merger or consolidation of the Company into or with a Person (as defined herein), or the sale or transfer of all
or substantially all of the Company’s assets or of any successor corporation’s assets to any Person (any such Person
being included within the meaning of the term “successor corporation”) shall be effected, at any time while any of
the Warrants remain outstanding and unexpired, then, as a condition of such recapitalization, reclassification, merger, consolidation,
sale or transfer, lawful and adequate provision shall be made whereby the Warrant holders thereafter shall have the right to receive,
upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock immediately
theretofore issuable upon the exercise of the rights represented thereby, such shares of capital stock, securities or other property
as may be issued or payable with respect to or in exchange for a number of outstanding shares of Common Stock equal to the number
of shares of Common Stock immediately theretofore issuable upon the exercise of the Warrants had such recapitalization, reclassification,
merger, consolidation, sale or transfer not taken place, and in each such case, the terms of this Warrant shall be applicable
to the shares of stock or other securities or property receivable upon the exercise of this Warrant after such consummation. “Person”
shall mean any corporation, division of a corporation, partnership, limited liability company, trust, joint venture, association,
company, unincorporated organization, or any other entity.

 

3.2.           
Subdivision or Combination of Shares. If after the date hereof, the Company shall subdivide or combine its Common Stock, the number
of shares of Common Stock issuable upon exercise of each Warrant and the Warrant Price shall be proportionately adjusted.

 

3.3.           
Stock Dividends and Distributions. If after the date hereof, the Company shall issue or pay the holders of its Common Stock, or
take a record of the holders of its Common Stock for the purpose of entitling them to receive, a dividend payable in, or other
distribution of, Common Stock, then (i) the Warrant Price shall be adjusted in accordance with Section 3.5 and (ii) the number
of shares of Common Stock issuable upon exercise of each Warrant shall be adjusted to the number of shares of Common Stock that
such Warrant holder would have owned immediately following such action had this Warrant been exercised immediately prior thereto.

 

3.4.           
Stock and Rights Offering to Stockholders. If the Company shall at any time after the date hereof, distribute to all holders of
its Common Stock any shares of capital stock of the Company (other than Common Stock) or evidences of its indebtedness or assets
(excluding cash dividends or distributions paid from retained earnings or current year’s or prior year’s earnings
of the Company) or rights or warrants to subscribe for or purchase any of its securities (excluding those referred to in the immediately
preceding paragraph) (any of the foregoing being hereinafter in this paragraph called the “Securities”), then in each
such case, the Company shall reserve shares or other units of such Securities for distribution to the Warrant holders upon exercise
of each Warrant so that, in addition to the shares of the Common Stock to which such Warrant holder is entitled, such Warrant
holder will receive upon such exercise the amount and kind of such Securities which such Warrant holder would have received if
such Warrant holder had, immediately prior to the record date for the distribution of the Securities, exercised this Warrant.

 

    	 

    	 

    

3.5.           
Warrant Price Adjustment. Whenever the number of shares of Common Stock issuable upon exercise of each Warrant is adjusted, as
herein provided, the Warrant Price payable upon the exercise of each Warrant shall be adjusted to that price determined by multiplying
the Warrant Price immediately prior to such adjustment by a fraction (i) the numerator of which shall be the number of shares
of Common Stock purchasable upon exercise of each Warrant immediately prior to such adjustment, and (ii) the denominator of which
shall be the number of shares of Common Stock purchasable upon exercise of each Warrant immediately thereafter.

 

3.6.           
Certain Shares Excluded. The number of shares of Common Stock outstanding at any given time for purposes of the adjustments set
forth in this Section 3 shall exclude any shares then directly or indirectly held in the treasury of the Company.

 

3.7.           
Deferral and Cumulation on of De Minimis Adjustments. No adjustment shall be required pursuant to this Section 3 if the amount
of any adjustment would be less than one percent (1%) of the Warrant Price in effect immediately before the event that would otherwise
have given rise to such adjustment. In such case, however, any adjustment that would otherwise have been required to be made shall
be made at the time of and together with the next subsequent adjustment which, together with any adjustment or adjustments so
carried forward, shall amount to not less than one percent (1%) of the Warrant Price in effect immediately before the event giving
rise to such next subsequent adjustment.

 

3.8.           
Duration of Adjustment. Following each computation or readjustment as provided in this Section 3, the new adjusted Warrant Price
and number of shares of Common Stock issuable upon exercise of each Warrant shall remain in effect until a further computation
or readjustment thereof is required.

 

3.9.           
Notice of Record Date. In case:

 

3.9.1.     
the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the
exercise of this Warrant) for the purpose of entitling them to receive any dividend (other than a cash dividend payable out of
earned surplus of the Company) or other distribution, or any right to subscribe for or purchase any shares of stock of any class
or any other securities, or to receive any other right;

 

3.9.2.     
or of any voluntary dissolution, liquidation or winding-up of the Company;

then,
and in each such case, the Company will mail or cause to be mailed to each Warrant holder hereof at the time outstanding a notice
specifying, as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend, distribution or
right, and stating the amount and character of such dividend, distribution or right, or (ii) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the time, if
any is to be fixed, as of which the holders of record of Common Stock (or such stock or securities at the time receivable
upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or securities)
for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution,
liquidation or winding-up. Such notice shall be mailed at least twenty (20) days prior to the record date therein specified, or
if no record date shall have been specified therein, at least twenty (20) days prior to the date of such action, provided, however,
failure to provide any such notice shall not affect the validity of such transaction.

 

3.10.       
Certificate of Adjustment. Whenever any adjustment shall be made pursuant to Section 3 hereof, the Company shall promptly make
a certificate setting forth in reasonable detail the event requiring the adjustment, the amount of the adjustment, the method
by which such adjustment was calculated and the Warrant Price and number of shares of Common Stock purchasable upon exercise
of this Warrant after giving effect to such adjustment, and shall promptly cause copies of such certificate to be mailed (by first
class mail, postage prepaid) to the Warrant holders.

 

3.11.       
Form of Warrant. The Warrant Certificate need not be changed because of any adjustment pursuant to this Section 3, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement. However, the Company may at any time in its sole discretion make any change in the Warrant
Certificate that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

    	 

    	 

    

4.     
Transfer of Warrants.

 

4.1.           
Restricted Securities. The Warrants and Common Stock to be issued upon exercise are restricted securities and may not be transferred
except in full compliance with applicable securities laws.

 

5.     
Other Provisions Relating to Rights of Holders of Warrants.

 

5.1.           
No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter.

 

5.2.           
Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or
not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

5.3.           
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement.

 

6.     
Miscellaneous Provisions.

 

6.1.           
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company shall bind and inure to the
benefit of their respective successors and assigns.

 

6.2.           
Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant
or the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or
private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed
in writing by the Company as follows:

 

810
Andrews Avenue

33483

Attn:Chief Executive Officer

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder shall be sufficiently given when so
delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Holder as follows:

 

6.3.           
Applicable law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of Colorado, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of Colorado or the United
States District Court in Denver, Colorado, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum.
Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified
mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

    	 

    	 

    

6.4.           
Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties
hereto and the registered holders of the Warrants any right, remedy, or claim under or by reason of this Warrant Agreement or
of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and
agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors
and assigns and of the registered holders of the Warrants.

 

6.5.           
Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
Company, for inspection by the registered holder of any Warrant.

 

6.6.           
Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

6.7.           
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall
not affect the interpretation thereof.

 

6.8.           
Amendments.This Agreement may not be altered, amended, or modified, nor may any provision hereof be waived except in a written
instrument signed by the Company and the Warrant Agent.

 

    	 

    	 

    

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

ETHEMA
HEALTH CORPORATION

 

By:___________________

Name:Shawn
Leon

Title:President

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

SCHEDULE
A

 

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REQUIREMENTS FOR SUCH REGISTRATION FOR NONPUBLIC OFFERINGS. ACCORDINGLY,
THE SALE, TRANSFER, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED HEREBY OR ANY PORTION THEREOF OR INTEREST
THEREIN MAY NOT BE ACCOMPLISHED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY
IN FORM AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

 

VOID AFTER
5:00 P.M., EASTERN TIME ON MARCH ___, 2022

 

 

WARRANT

 

Number:
___

 

For the
Purchase of _________

Shares of
Common Stock, $.01 Par Value

of EHTEMA
HEALTH COPORATION, a Colorado Corporation 

by _______________________

 

 

THIS
CERTIFIES THAT, for value received, ETHEMA HEALTH CORPORATION,  a Colorado Corporation, located
at 810 Andrews Avenue, Delray Beach, Florida 33483 (The "Company")  and the Company hereby agrees to issue this
Warrant to ________________ and/or its assigns (referred to herein as the “Buyer”) to purchase _____________________________________
(___________) of such voting common shares of the Company. (the “Warrant”), at a price of USD$0.12 per share (referred
to herein as the “Exercise Price”), exercisable in whole or in part by the Buyer at any time or from time to time
after March ___, 2019, and before 5:00 P.M., Eastern Time, March ___, 2022, but not thereafter (the “Warrant
Exercise Term”). Upon presentation and surrender of this Warrant and upon payment of the Exercise Price for such shares
of the Common Stock of the Company at the principal office of the Company, but subject to the conditions set forth in the Warrant
Agreement; provided, however, that upon the occurrence of any of the events specified in the Warrant Agreement, the rights granted
by this Warrant shall be adjusted as therein specified. Payment of the Exercise Price may be made in cash, by cashier’s
check, wire transfer as provided in the Warrant Agreement. Upon exercise of this Warrant, the form of election hereinafter provided
for in Schedule B must be duly executed and the instructions for registration of the Common Stock acquired by such exercise
must be completed. If the subscription rights represented hereby shall not be exercised at or before 5:00 P.M., Pacific Time,
on March ___, 2022, this Warrant shall become and be void without further force or effect, and all rights represented hereby
shall cease and expire.

 

This
Warrant may be exercised in accordance with its terms in whole or in part. In the event of the exercise or assignment hereof in
part only, the Company shall cause to be delivered to the Holder a new Warrant of like tenor to this Warrant in the name of the
Holder representing the number of shares with respect to which this Warrant shall not then have been exercised.

 

In
no event shall this Warrant (or the shares of the Common Stock issuable upon full or partial exercise hereof) be offered or sold
except in conformity with the Securities Act of 1933, as amended.

 

 

    	 

    	 

    

IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer as of March___, 2019.

 

 

Ethema Health Corporation,
a Colorado corporation

 

 

By:_________________

Name:       Shawn
Leon

Title:       President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

SCHEDULE
B

 

Form to be used to exercise
Warrant:

 

TO:ETHEMA HEALTH CORPORATION

 

DATE: ___________________

 

The Undersigned hereby elects
irrevocably to exercise the within Warrant and to purchase  shares of the Common Stock of Ethema Health Corporation
called for thereby, and hereby makes payment by (check one):

 

q Cashier’s check of
$ (at the rate of USD$0.12 per share of Common Stock) in payment of the Exercise Price pursuant thereto;

 

q Wire transfer
of $______________ (at the rate of USD$0.12 per share of Common Stock) in payment of the Exercise Price pursuant thereto; or

 

Please issue the shares of Common
Stock as to which this Warrant is exercised in the name of:

 

 

__________________________________

(Name)

 

 

_______________________________

(Address)

 

 

______________________________

(Taxpayer Number)

 

and if said
number of Warrants shall not be all the Warrants evidenced by the within Warrant Certificate, issue a new Warrant Certificate
for the balance remaining of such Warrants to the undersigned at the address stated below.

 

Name of Holder: ________________________

(Please Print)

 

Signature: ________________________

 

(Address)

 

NOTICE:
The signature to the form to exercise must correspond with the name as written upon the face of the within Warrant in every particular
without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by
a trust company or by a firm having membership on a registered national securities exchange.SUBSCRIPTION
AGREEMENT

Ethema Health
Corporation (the “Corporation”)

 

The
undersigned Subscriber hereby subscribes for a Series N Convertible Note of the Corporation (the “Note”) in
the principal amount indicated below next to the Subscriber’s signature (the “Subscription Price”) together
with Warrants to purchase common stock of the Corporation equal to the principal amount of the Note at a purchase price per share
of USD$0.12 (the “Warrants”). Each Subscriber may elect to convert the principal amount of the Note prior to
maturity date into shares of common stock of the Corporation at USD$0.08 per share. The Warrants may be exercised prior to March
___, 2022 to purchase one share of common stock of the Corporation at USD$0.12 per share for each Warrant exercised. Each Subscriber
should carefully read and will be required to sign and return the Note and Warrant Agreement, each attached hereto. The undersigned
Subscriber agrees that this subscription shall be further subject to the “Terms and Conditions of Subscription” attached
to and forming part of this subscription agreement (the “Agreement”). The Note and Warrants are sometimes referred
to herein as the “Securities”.

 

	Subscriber:

                                         

                                         ___________________________

                                         (Name of Subscriber – please print)

                                         

                                         By: _________________________

                                         (Authorized Signature)

        ___________________________

(Official Capacity or Title – please print)

_______________________________

(Subscriber's Address including Postal Code)

__________________________________

        _______________________________

        (Telephone Number)

        

        Principal Amount of Notes: $____________

        

        Aggregate Subscription Price (USD $):___________

         
	 
	 
	 
	 
	 

ACCEPTANCE:
The Corporation hereby accepts the above subscription on the terms and conditions contained in this Agreement and the Note
Agreement and Warrant Agreement control.

 

	DATED AS
OF:__________________	ETHEMA
    HEALTH CORPORATION	 
	 		
		By:______________________ 	 
		Name:	Shawn
    Leon
		Its:	President 

 

TERMS AND
CONDITIONS OF SUBSCRIPTION FOR SECURITIES

OF ETHEMA
HEALTH CORPORATION

		1.	Terms
                                         of the Offering

 

The
Subscriber hereby irrevocably subscribes for and agrees to accept from the Corporation, subject to the terms and conditions set
forth herein, the principal amount of the Note as set forth on the face page hereof and the Warrants for the Subscription Price.
The Corporation agrees to accept such subscription for the Note and Warrants in accordance with the terms hereof.

		2.	Closing

The
closing (“Closing”) is to be completed effective October ___, 2018 (the “Closing Date”).

		3.	Representations,
                                         Warranties and Covenants of the Subscriber

The
Subscriber hereby represents, warrants and covenants to and with the Corporation as follows (which representations, warranties
and covenants shall be true and correct on the date hereof and at the Closing Date, with the same force and effect as if they
had been made as of the Closing Date, and which shall survive Closing in accordance with section 6 hereof) and acknowledges that
the Corporation and its counsel are relying thereon:

    	 

    	 

    
		(a)	if
                                         the Subscriber is other than a natural person, the Subscriber has been duly formed and
                                         organized and is validly subsisting under the laws of the jurisdiction of its incorporation/formation,
                                         and is duly qualified to carry on business in such jurisdiction;

		(b)	if
                                         the Subscriber is other than a natural person, the Subscriber has the full right, power,
                                         and authority to execute this Agreement and all other agreements, documents and certificates
                                         necessary or desirable in connection herewith and to perform all of its obligations pursuant
                                         thereto;

		(c)	the
                                         person executing this Agreement and such other agreements, documents and certificates
                                         delivered to the Corporation in connection herewith on behalf of the Subscriber has the
                                         necessary power and authority to do so and the investment contemplated hereby has been
                                         duly authorized by all necessary action of the Subscriber;

		(d)	this
                                         Agreement and all other agreements, documents and certificates delivered to the Corporation
                                         in connection herewith have been duly and validly authorized, executed and delivered
                                         by, and constitute legal, valid, binding and enforceable obligations of, the Subscriber
                                         in accordance with their respective terms, subject to the fact that enforceability may
                                         be affected by bankruptcy, insolvency, arrangement, liquidation, moratorium, reorganization
                                         or other similar laws of general application relating to or affecting the enforcement
                                         of creditors’ rights generally and by general principles of equity, including,
                                         without limitation, the fact that equitable remedies (such as specific performance and
                                         injunctive relief) may only be awarded in the discretion of a court;

		(e)	it
                                         has been independently advised as to restrictions with respect to trading in the Securities
                                         imposed by applicable securities legislation in the United States of America and Canada
                                         and in the jurisdiction in which it resides; it confirms that no representation has been
                                         made to it by or on behalf of the Corporation with respect thereto; and it acknowledges
                                         that it is aware of the characteristics of the Securities, the risks relating to an investment
                                         therein and of the fact that it may not be able to resell the Securities except pursuant
                                         to exemptions under applicable securities legislation and regulatory policies, that the
                                         Securities may bear a legend to this effect and it is the responsibility of the Subscriber
                                         to find out what these restrictions are and to comply with them before selling the Securities.
                                         It will not resell the Securities, except in accordance with the provisions of applicable
                                         securities legislation;

		(f)	it
                                         is purchasing the Securities as principal and is an Accredited Investor, as contemplated
                                         in the Certificates of Accredited Investor attached hereto as Schedules “A”
                                         and “B”, will execute and deliver to the Corporation such Certificates, and,
                                         if required by applicable securities legislation, policies or orders or securities commission
                                         or other regulatory authority, will execute, deliver, file and otherwise assist the Corporation
                                         in filing such reports, undertakings and other documents with respect to the issue of
                                         the Securities, the expense of preparing, filing and delivering of which will be borne
                                         by the Corporation;

		(g)	it
                                         is acquiring the Securities for its own account for investment with no intention of distributing
                                         or selling any portion thereof within the meaning of the Securities Act, and will not
                                         transfer them in violation of the Securities Act or the then applicable rules or regulations
                                         thereunder. No one other than Subscriber has any interest in or any right to acquire
                                         the Note or Warrants. Subscriber understands and acknowledges that the Corporation will
                                         have no obligation to recognize the ownership, beneficial or otherwise, of such Note
                                         by anyone other than Subscriber;

		(h)	its
                                         financial condition is such that it is able to bear the risk of holding the Note for
                                         an indefinite period of time and the risk of loss of its entire investment in the Corporation;

		(i)	it
                                         has received and/or has had access to all material information regarding the Corporation.
                                         The Corporation has made available all additional information which the Subscriber has
                                         requested in connection with this subscription and has been afforded an opportunity (i)
                                         to ask questions of and receive answers from the management of the Corporation concerning
                                         an investment in the Corporation, and (ii) to obtain any additional information necessary
                                         to verify the accuracy of information otherwise furnished by the Corporation;

		(j)	it
                                         has such knowledge and experience in financial and business matters that it is capable
                                         of evaluating the merits and risks of acquisition of the Note and of making an informed
                                         investment decision with respect thereto;

		(k)	it
                                         is aware that its rights to transfer the Note are subject to substantial restrictions
                                         under the Securities Act and applicable state securities laws, and the absence of a market
                                         for the Note, and it will not offer for sale, sell, or otherwise transfer the Notes without
                                         complying with the provisions of applicable law;

		(l)	the
                                         address set forth below is the Subscriber’s true and correct principal business
                                         office;

		(m)	it
                                         is aware that no prospectus has been filed with any Canadian securities commission in
                                         connection with the sale of the Securities and that it is purchasing the Securities pursuant
                                         to an exemption from the prospectus requirements under applicable Canadian securities
                                         laws and, as a consequence, certain protections, rights and remedies provided by securities
                                         legislation will not be available to the Subscriber;

		(n)	it
                                         understands that the Note has not been registered pursuant to the Securities Act or any
                                         state securities laws in reliance on exemptions for private offerings, and it acknowledges
                                         that it is purchasing the Note without being furnished any offering literature or prospectus.
                                         It is aware that no securities commission or similar regulatory authority has reviewed
                                         or passed on the fairness or merits of the Securities and there is no government or other
                                         insurance covering the Securities;

    	 

    	 

    
		(o)	it
                                         represents and warrants that (i) except as disclosed to the Corporation in the Certificates
                                         of Accredited Investor which Subscriber has completed and returned herewith, no part
                                         of the funds used by it to acquire the Note constitutes assets of any “employee
                                         benefit plan” within the meaning of Section 3(3) of the Employee Retirement Income
                                         Security Act of 1974, as amended (“ERISA”), or other “benefit plan
                                         investor” (as defined in U.S. Department of Labor Reg. §2510.3-101 et seq,
                                         as amended) or assets allocated to any insurance company separate account or general
                                         account in which any such employee benefit plan or benefit plan investor (or related
                                         trust) has any interest (any such purchaser using such assets, whether or not disclosed
                                         in the Questionnaire, being referred to herein as a “Benefit Plan Partner”),
                                         (ii) if Subscriber is a Benefit Plan Partner, the Corporation did not act as a “fiduciary”
                                         within the meaning of Section 3(21) of ERISA with respect to the purchase of the Note
                                         by Subscriber and (iii) if Subscriber is a Benefit Plan Partner, the purchase of such
                                         Note has been duly authorized in accordance with the governing documents of such Benefit
                                         Plan Partner.

		(p)	it
                                         understands that the Corporation is not providing any tax or legal advice to Subscriber
                                         and agrees that, to the extent it desires tax or legal advice in connection with this
                                         investment, it will retain its own independent tax advisors and/or counsel with respect
                                         thereto and will pay all related fees and expenses.

		(q)	its
                                         representations and warranties set forth herein and in the Certificates of Accredited
                                         Investor are true and accurate in all material respects as of the date of Closing and
                                         shall survive such date. If in any material respect such representations and warranties
                                         shall not be true and accurate prior to Closing, the Subscriber shall give immediate
                                         written notice of such fact to the Corporation, specifying which representations and
                                         warranties are not true and accurate and the reasons therefor;

		(r)	it
                                         acknowledges that it has received information from the Corporation to allow it to analyze
                                         this investment and the Corporation’s business, and agrees that it and its representatives
                                         shall, except as required by law and except to the extent that such information includes
                                         information that is in the public domain or has been independently acquired by the Subscriber
                                         through non-confidential sources, keep all such information confidential and shall use
                                         it only for the purpose of analyzing this investment and the Corporation’s business.

		4.	Representations,
                                         Warranties and Covenants of the Corporation

The
Corporation hereby represents, warrants and covenants to and with the Subscriber as follows (which representations, warranties
and covenants shall be true and correct on the date hereof and as of the Closing Date with the same force and effect as if they
had been made as of the Closing Date, and which shall survive Closing in accordance with section 9 hereof) and acknowledges that
the Subscriber and its counsel are relying thereon:

		(a)	the
                                         Corporation has been duly formed and organized and is validly subsisting under the laws
                                         of the jurisdiction of its incorporation/formation, and is duly qualified to carry on
                                         business in all jurisdictions where the Corporation is currently conducting its business;

		(b)	the
                                         Corporation has the full corporate right, power and authority to execute this Agreement
                                         and all other agreements, documents and certificates necessary or desirable in connection
                                         herewith and to perform all of its obligations pursuant thereto;

		(c)	the
                                         person executing this Agreement and such other agreements, documents and certificates
                                         delivered to the Subscriber in connection herewith on behalf of the Corporation has the
                                         necessary corporate power and authority to do so and the issuance of the Securities contemplated
                                         hereby has been duly authorized by all necessary corporate action of the Corporation;
                                         and

		(d)	this
                                         Agreement and all other agreements, documents and certificates delivered to the Subscriber
                                         in connection herewith have been duly and validly authorized, executed and delivered
                                         by, and constitute legal, valid, binding and enforceable obligations of, the Corporation
                                         in accordance with their respective terms, subject to the fact that enforceability may
                                         be affected by bankruptcy, insolvency, arrangement, liquidation, moratorium, reorganization
                                         or other similar laws of general application relating to or affecting the enforcement
                                         of creditors’ rights generally and by general principles of equity, including,
                                         without limitation, the fact that equitable remedies (such as specific performance and
                                         injunctive relief) may only be awarded in the discretion of a court.

		5.	Governing
                                         Law

This
Agreement is governed by the laws of the State of Colorado and the federal laws of the United States of America applicable therein.

		6.	Survival

The
representations and warranties contained in this Agreement or contained in any document or certificate given in order to carry
out the transactions contemplated hereby will survive the Closing.

		7.	Assignment

This
Agreement is not transferable or assignable by either party without the prior written consent of the other party.

		8.	Execution

This
Agreement may be executed in any number of counterparts and each such counterpart shall, for all purposes, be deemed an original
and all such counterparts shall together constitute but one and the same Agreement. Either party shall be entitled to rely on
delivery by facsimile or electronic transmission of an executed copy of this Agreement and acceptance by such party of such copy
shall be equally effective to create a valid and binding agreement between the Subscriber and the Corporation in accordance with
the terms hereof.

		9.	Severability

    	 

    	 

    

The
invalidity or unenforceability of any particular provision of this Agreement shall not affect or limit the validity or enforceability
of the remaining provisions of this Agreement.

		10.	Entire
                                         Agreement

This
Agreement, together with the agreements and other documents to be delivered pursuant hereto, contain the entire agreement between
the parties with respect to the subject matters thereof and there are no other terms, conditions, representations or warranties,
whether expressed or implied, oral or written, by statute or by common law or by the Corporation, the Subscriber or any third
party.

 

[Schedules
follow]

    	 

    	 

    

 

SCHEDULE
“A”

 

CERTIFICATE
OF ACCREDITED INVESTOR (CANADIAN)

 

TO:Ethema
Health Corporation (the “Issuer”)

 

Re:Purchase
of Notes and Warrants of the Issuer (the “Securities”)

 

The undersigned
(hereinafter referred to as the “Subscriber”) hereby certifies, covenants and agrees that:

 

		1.	the
                                         Subscriber is purchasing the Securities pursuant to an exemption from prospectus requirements
                                         available to it under National Instrument 45-106 – Prospectus and Registration
                                         Exemptions (“NI 45-106”). In particular, the Subscriber acknowledges that
                                         it is purchasing the Securities pursuant to the Private Issuer exemption under NI 45-106;

 

		2.	the
                                         Subscriber understands and agrees that the Securities are subject to resale restrictions
                                         and are not freely tradable and that the Securities may only be sold in compliance with
                                         applicable securities laws;

 

		3.	the
                                         Subscriber is purchasing the Securities as principal; and

 

		4.	the
                                         Subscriber is an accredited investor, as defined in NI 45-106, by virtue of being:

 

[please
check one or more that apply]

 

		(a)	an
                                         individual whose net income before taxes exceeded $200,000 in each of the 2 most recent
                                         calendar years or whose net income before taxes combined with that of a spouse exceeded
                                         $300,000 in each of the 2 most recent calendar years and who, in either case, reasonably
                                         expects to exceed that net income level in the current calendar year,

		(b)	an
                                         individual who, either alone or with a spouse, beneficially owns financial assets having
                                         an aggregate realizable value that before taxes, but net of any related liabilities,
                                         exceeds $1,000,000,

		(c)	an
                                         individual who, either alone or with a spouse, has net assets of at least

                                         $5,000,000,

		(d)	a
                                         person, other than an individual or investment fund, that has net assets4 of
                                         at least

                                         $5,000,000 as shown on its most recently prepared financial statements and was not created
                                         and is not used solely to purchase or hold securities as an accredited investor,

		(e)	a
                                         person in respect of which all of the owners of interests, direct, indirect or beneficial,
                                         except the voting securities required by law to be owned by directors, are persons that
                                         are accredited investors,

		(f)	a
                                         Canadian financial institution, or a Schedule III bank under the Bank Act (Canada),

		(g)	the
                                         Business Development Bank of Canada incorporated under the Business Development Bank
                                         of Canada Act (Canada),

		(h)	____a
                                         subsidiary of any person referred to in paragraphs (f) or (g), if the person owns all
                                         of the voting securities of the subsidiary, except the voting securities required by
                                         law to be owned by directors of that subsidiary,

		(i)	a
                                         person registered under the securities legislation of a jurisdiction of Canada as an
                                         “adviser” or “dealer”, other than a person registered solely
                                         as a “limited market dealer” under one or both of the Securities Act (Ontario)
                                         or the Securities Act (Newfoundland and Labrador),

		(j)	an
                                         individual registered or formerly registered under the securities legislation of a jurisdiction
                                         of Canada as a representative of a person referred to in paragraph (i),

		(k)	the
                                         Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or
                                         wholly owned entity of the Government of Canada or a jurisdiction of Canada,

		(l)	a
                                         municipality, public board or commission in Canada and a metropolitan community, school
                                         board, the Comité de gestion de la taxe scolaire de l’île de Montréal
                                         or an intermunicipal management board in Québec;

		(m)	any
                                         national, federal, state, provincial, territorial or municipal government of or in any
                                         foreign jurisdiction, or any agency of that government,

		(n)	a
                                         pension fund that is regulated by either the Office of the Superintendent of Financial
                                         Institutions (Canada) or a pension commission or similar regulatory authority of a jurisdiction
                                         of Canada,

		(o)	an
                                         investment fund5 that distributes or has distributed its securities
                                         only to

		(i)	a
                                         person that is or was an accredited investor at the time of the distribution,

 

		(ii)	a
                                         person that acquires or acquired securities in the circumstances referred to in sections
                                         2.10 [Minimum amount investment], and 2.19 [Additional investment in investment
                                         funds] of NI 45-106, or

 

		(iii)	a
                                         person described in paragraph (i) or (ii) that acquires or acquired securities under
                                         section 2.18 [Investment fund reinvestment] of NI 45-106,

		(p)	an
                                         investment fund5 that distributes or has distributed securities under
                                         a prospectus in a jurisdiction of Canada for which the regulator or, in Québec,
                                         the securities regulatory authority, has issued a receipt,

		(q)	a
                                         trust company or trust corporation registered or authorized to carry on business under
                                         the Trust and Loan Companies Act (Canada) or under comparable legislation in a
                                         jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed
                                         account managed by the trust company or trust corporation, as the case may be,

		(r)	a
                                         person acting on behalf of a fully managed account managed by that person, if that person

		(i)	is
                                         registered or authorized to carry on business as an adviser or the equivalent under the
                                         securities legislation of a jurisdiction of Canada or a foreign jurisdiction, and

 

		(ii)	in
                                         Ontario, is purchasing a security that is not a security of an investment fund5;

 

		(s)	a
                                         registered charity under the Income Tax Act (Canada) that, in regard to the trade,
                                         has obtained advice from an eligibility adviser or an adviser registered under the securities
                                         legislation of the jurisdiction of the registered charity to give advice on the securities
                                         being traded,

		(t)	an
                                         entity organized in a foreign jurisdiction that is analogous to any of the entities referred
                                         to in paragraphs (f) to (i) or paragraph (n) in form and function,

		(u)	an
                                         investment fund5 that is advised by a person registered as an adviser
                                         or a person that is exempt from registration as an adviser, or

		(v)	a
                                         person that is recognized or designated by the securities regulatory authority or, except
                                         in Ontario and Québec, the regulator as an accredited investor.

    	 

    	 

    

 

 

SUBSCRIBER:

 

 

 

______________________

(Print Name)

 

 

By: ____________________

 

 

Date_____________________

 

 

    	 

    	 

    

SCHEDULE
“B”

 

CERTIFICATE
OF ACCREDITED INVESTOR (US)

 

 

Accredited
Investor Status. Subscriber understands that, in order to invest in the Corporation, the Subscriber must be an "Accredited
Investor" within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended ("Regulation D").
Subscriber hereby represents and warrants to the Corporation that the Subscriber is an Accredited Investor because he, she or
it meets one or more of the requirements set forth below. (Please mark all items which are applicable.)

 

Individual
Subscribers

 

___The
Subscriber is a director or executive officer of the issuer of the securities being offered or sold.

 

___The
Subscriber has an individual net worth, or joint net worth with his or her spouse, of more than $1,000,000, excluding the value
of the primary residence of such natural person. (In calculating a natural person’s net worth, the value of such natural
person’s primary residence, and any indebtedness secured by the primary residence (i.e., a mortgage) up to the fair market
value of the primary residence, should be excluded. To the extent that the indebtedness secured by such natural person’s
primary residence exceeds the fair market value of the primary residence, such excess is considered a liability and should be
deducted for purposes of calculating such natural person’s net worth.)

 

___ The
Subscriber had individual income (not including his or her spouse's income) in excess of $200,000 in each of the two most recent
years, or joint income with his or her spouse in excess of $300,000 in each of those years, and has a reasonable expectation of
reaching the same income level in the current year.

 

Other Subscribers

 

___The
Subscriber is a revocable grantor trust, and the grantor is an Accredited Investor (i.e., meets one or more of the requirements
set forth above--Indicate which requirements).

 

___The
Subscriber is a trust whose sole trustee is a bank or savings and loan association as described in Regulation D.

 

___The
Subscriber is a corporation, a limited liability company, a company or other entity not formed for the specific purpose of acquiring
the Notes in the Corporation, with total assets in excess of $5,000,000.

 

___The
Subscriber is a trust not formed for the specific purpose of acquiring the Notes in the Corporation, with total assets in excess
of $5,000,000, and the person making the investment decision has such knowledge and experience in financial and business matters
that he is capable of evaluating the merits and risks of an investment in the Corporation.

 

___The
Subscriber is a bank as defined in Section 3(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

 

___The
Subscriber is a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act.

 

___The
Subscriber is a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended.

 

___The
Subscriber is an insurance company as defined in Section 2(13) of the Securities Act.

 

___The
Subscriber is an investment company registered under the Investment Company Act of 1940, as amended, or a business development
company as defined in Section 2(a)(48) of the Securities Act.

 

___The
Subscriber is an entity but does not meet either of the qualifications set forth above; however, each owner of equity interests
in Subscriber qualifies as an Accredited Investor. Please attach a list of all owners and indicate how each equity owner qualifies
as an Accredited Investor.

 

IN
WITNESS WHEREOF, the undersigned executes this Accredited Investor Questionnaire as of the date noted below.

 

SUBSCRIBER:

 

 

_______________________

(Print Name)

 

 

By:___________________

(Signature)

 

Date:_________________

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