Document:

Exhibit
10.4

 

TRANSITION
ADVISORY AGREEMENT

 

THIS
TRANSITION ADVISORY AGREEMENT (this “Agreement”) is made and entered into as of January _____, 2022 (the “Effective
Date”), between Jupiter Wellness, Inc., a Delaware corporation, whose principal place of business is 1061 E. Indiantown Road,
Suite 110. Jupiter, FL. 33477 (the “Company”) and ___________, an individual whose mailing address is ____________
(the “Executive”). The Executive is a member of the Management Team. It is anticipated that all members of the Management
Team will execute an agreement that is identical (other than with respect to work duties and compensation) to this Agreement. All capitalized
terms not defined herein are used as defined in the Stock Purchase Agreement (defined below).

 

RECITALS

 

WHEREAS,
the Company has entered into an agreement for the acquisition of the shares of common stock of Next Frontier Pharmaceuticals, Inc.
(“Next Frontier Pharmaceuticals”) (the “Next Frontier Acquisition”) through Jupiter Wellness Investments,
Inc., a Florida corporation and wholly-owned subsidiary of Jupiter Wellness (the “Buyer” and, together with Jupiter Wellness,
collectively, the “Buying Parties”) and related transactions as reflected in that certain First Amended and Restated
Stock Purchase Agreement dated as of 7, 2022 (the “Purchase Agreement”), by and among Jupiter Wellness, Buyer,
Next Frontier Pharmaceuticals, Next Frontier Holdings, Inc., a Delaware corporation (“NFHI”), and the party listed
therein (the “Individual Stockholders”, and together with NFHI, collectively, the “Sellers”). Each of
the parties constituting the Buying Parties and the Sellers are hereinafter referred to individually as a “Party” and, jointly,
as the “Parties.”;

 

WHEREAS,
the Executive currently serves as the ________of the Company;

 

WHEREAS,
the Executive and the Company desire to provide for an orderly transition to the Executive’s successor as ________ of the Company
upon the Closing of the Transactions; and

 

WHEREAS,
the Company desires to retain to retain the Executive with respect to the services described herein and to enter into an advisory arrangement
upon the termination of the Executive’s employment with the Company following the Closing of the Transactions;

 

NOW,
THEREFORE, in consideration of the mutual agreements herein made, the Company and the Executive do hereby agree as follows:

 

1.
Recitals. The above recitals are true, correct, and are herein incorporated by reference.

 

2.
No Change to Employment Unless and Until Closing. Unless and until the Closing of the Transactions, the Executive shall
remain employed by the Company under the terms of his employment arrangement that existed immediately before the Effective Date (“Employment
Term”). If the Transactions are not consummated for any reason, the Executive’s current employment terms shall remain
in effect under their present terms.

 

    	1

     

    

 

3.
Transition Upon Closing. Effective upon the Closing of the Transactions, the Executive shall resign from his positions
as officer and director of the Company (“Resignation”). Because the Executive had a contractual right to continue
to work for the Company, his Resignation at the request of the Company confers valuable consideration upon the Company.

 

4.
Compensation and Benefits During the Advisory Period.

 

4.1.
Advisory Period. The Company agrees to engage the Executive as an advisor of the Company effective as of the Closing of
the Next Frontier Acquisition, and the Executive agrees to render services as an advisor to the Company as of such date on the terms
and conditions set forth below. The term of service as an advisor to the Company will continue until the two-year anniversary date of
the Closing of the Next Frontier Acquisition, unless terminated earlier as provided in Section 5 (“Advisory Period”).

 

4.2.
Advisory Duties. During the Advisory Period, the Executive will use his good faith efforts to perform such services to
the best of his abilities. The Executive agrees that he will devote a reasonable amount of time performing such duties on behalf of the
Company as from time to time may be assigned to him by the Board, which may include, (i) assistance with the transition of the new _______
Officer, (ii) identification, support, negotiation and analysis of acquisitions and dispositions by the Company or its subsidiaries,
and (iii) other services for the Company upon which the Company and the Executive agree. Notwithstanding any provision of this Agreement
to the contrary, the Company understands and acknowledges that Executive services under this Agreement are not exclusive and that Executive
is permitted to be employed full-time at other entities while rendering services under this Agreement. 

 

4.3.
Advisory Fees. In exchange for the Resignation, during the Advisory Period, and provided that the Executive is not in breach
of his obligations under this Agreement, the Executive will be paid an Advisory fee at an annualized rate of $________ for the Advisory
Period (the “Advisory Annual Compensation”). Executive shall be entitled to be paid a lump sum payment in the aggregate
amount of $_________ as advance compensation for the services to be rendered by Executive for the first twelve months of the Advisory
Period (the “First Year Services Payment”). the Lump Sum Payment will be remitted in cash by wire transfer of immediately
available funds to one or more accounts designated in writing by the Executive. Starting at the one year anniversary of the Advisory
Period, the Company pay to Executive on a monthly basis in equal installments as compensation for his second year of services under this
Agreement (the “Second Year Services Payment”). The Second Year Services Payment will be remitted in cash by wire
transfer of immediately available funds to one or more accounts designated in writing by the Executive. 

 

4.4.
Bonus. During the Advisory Period, Executive
will be eligible to receive bonus, awards and other incentive equity grants, at the discretion of the Company’s board of directors.

 

4.5
Advisory Expenses. During the Advisory Period, the Executive shall be entitled to receive proper reimbursement for all
reasonable, out-of-pocket expenses incurred by the Executive (in accordance with the policies and procedures established by the Company
for its senior executive officers) in performing services hereunder, provided the Executive properly accounts therefor.

 

4.6
Independent Contractor Status. The Executive will be performing Advisory services as an independent contractor during the
Advisory Period, and not as an employee or officer of the Company. The Executive will be responsible for all taxes and non-reimbursable
expenses attributable to the rendition of his advisory services. The advisory arrangement shall not be deemed to constitute a partnership
or joint venture between the Company and the Executive, nor shall the advisory arrangement be deemed to make the Executive an agent of
the Company.

 

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4.7.
Incentive, Savings and Retirement Plans. During the Advisory Period, the Executive shall be eligible to participate in
any savings and retirement plans, practices, policies and programs established, or to be established and executed by the Company as if
he were an employee.

 

4.8.
Welfare Benefit Plans. During the Advisory Period, the Executive shall be eligible for participation in and shall receive
all benefits as if here he were an employee under welfare benefit plans, practices, policies and programs provided by the Company and
its subsidiaries (including, without limitation, medical, prescription, dental, disability, remuneration continuance, employee life,
group life, accidental death and travel accident insurance plans and programs), at least as favorable as the most favorable of such plans,
practices, policies and programs.

 

4.9.
Vacation. During the Advisory Period, the Executive shall be entitled to be paid vacation in accordance with the most favorable
plans, policies, programs and practices of the Company and its subsidiaries as in effect at any time hereafter, but in no event shall
Executive be entitled to fewer than 15 business days paid vacation per year, as well as pay for all holidays observed by the Company.

 

5.
Termination of Advisory Services.

 

5.1
Termination for Cause. Notwithstanding anything contained to the contrary in this Agreement, this Agreement may
be terminated by the Company for Cause. The Executive’s advisory services hereunder may be terminated immediately at any time by
the Company without any liability owing to Executive or Executive’s beneficiaries under this Agreement, except for (i) earned,
accrued and unpaid First Year Services Payment and Second Year Services Payment, (ii) any earned and unpaid bonus from the year immediately
preceding the year of Executive’s termination, (iii) any unreimbursed business expenses incurred in accordance with Section 4.5,
and (vi) any rights of indemnification set forth in this Agreement or otherwise. For the avoidance of doubt, this Section 5 applies only
to Executive’s advisory services rendered during the Advisory Period. As used in this Agreement, “Cause” shall
only mean:

 

(a)
committing or participating in an injurious act resulting
from a willful malfeasance, bad faith or gross negligence on his part in the performance of his duties or from reckless disregard by
him of his obligations and duties under this Agreement;

 

(b)
subject to the following sentences, repeated violation
by the Executive of the Executive’s material obligations under this Agreement which are demonstrably willful, persistent and deliberate
on the Executive’s part and which are not remedied in a reasonable period of time after receipt of written notice from the Company’s
Board of Directors; or

 

(c)
the conviction of the Executive for any crime involving
material dishonesty or fraud.

 

Upon
any reasonable and good faith determination by the majority of the independent members of the Company’s the Board of Directors
that Cause exists under clause (a) of the preceding sentence or clause (b) of the preceding sentence (to the extent the violation under
said clause (b) has not been cured by the Executive), the Company shall cause a special meeting of the Board to be called and held at
a time mutually convenient to the Board and Executive, but in no event later than ten (10) business days after Executive’s receipt
of the notice contemplated by clauses (a) or (b). Executive shall have the right to appear before such special meeting of the Board with
legal counsel of his choosing to refute any determination of Cause specified in such notice, and any termination of Executive’s
service by reason of such Cause determination shall not be effective until Executive is afforded such opportunity to appear. Any termination
for Cause pursuant to clause (a) or (b) of the first sentence of this Section 5.1 shall be made in writing to Executive, which notice
shall set forth in detail all acts or omissions upon which the Company is relying for such termination.

 

    	3

     

    

 

5.2
Disability. Notwithstanding anything contained in this Agreement to the contrary, the Company, by written notice to the
Executive, shall at all times have the right to terminate this Agreement, and the Executive’s service hereunder, if the Executive
shall, as the result of mental or physical incapacity, illness or disability, fail to perform all of his duties and responsibilities
provided for herein for a period of more than two hundred (200) consecutive days in any 12-month period. Upon any termination pursuant
to this Section 5.2, the Executive shall be entitled to the remaining total amount earned but not then-yet paid to the Executive under
this Agreement, which shall equal of the Annual Compensation for the entire Advisory Period and any Bonus, within 30 days after the date
of termination. In addition, the Executive shall be entitled to reimbursement for all business expenses incurred prior to his disability.
Payment under this Section 5.2 and any reimbursement amounts owed to the Executive, as set forth in the preceding sentence, shall be
paid remitted to Executive in cash by wire transfer of immediately available funds to one or more accounts designated in writing by the
Executive’s legal representative.

 

5.3
Death. In the event of the death of the Executive during the Advisory Period, the Company shall pay to the estate of the
deceased Executive the compensation, bonuses and benefits as detailed in Section 5.4 “Termination without Cause” below, within
30 days after the date of Executive’s death.

 

5.4
Termination without Cause. At any time, the Company shall have the right to terminate Executive’s advisory
services hereunder by written notice to Executive; provided, however, that the Company shall:

 

(a)
pay to Executive sum cash payment, within 30 days after
the date of termination, equal to (i) the First Year Services Payment (which equals $_____), (ii) earned, accrued and unpaid portion
of the Second Year Services Payment (in an event the Executive was terminated during the second year of this Agreement); (iii) reimbursement
for all business expenses incurred prior to the termination, and (iv) all the benefits given hereunder, for the remaining period of this
Agreement, and will further allow to receive all bonuses under Section 4.4 above for the entire Advisory Period that would be payable
had Executive completed his service under this Agreement;

 

(b)
continue to pay the Executive’s health and disability
insurance for the longer of a period of twenty-four (24) months or the remaining term of this Agreement.

 

(c)
The Company shall be deemed to have terminated this
Agreement pursuant to this Section 5.4 if such service is terminated by the Company without Cause, by the Executive voluntarily for Good
Reason, or as a result of a Charge in Control.

 

(d)
For purposes of this Agreement, “Good Reason” means: (i) the assignment to the Executive of any duties inconsistent
in any respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties
or responsibilities as contemplated by Section 4 of this Agreement, or any other action by the Company which results in a diminution
in such position, authority, duties or responsibilities or any reduction in the Executive’s compensation terms pursuant to Section
4 or subsections thereof, of this Agreement; (ii) any failure by the Company to comply with any of the provisions of Section 4 of this
Agreement; (iii) the Company’s requiring the Executive to be based at any office or location more than fifty (50) miles from the
Executive’s current offices, except for travel reasonably required in the performance of the Executive’s responsibilities;
(iv) any change in the designation of the particular Executive that the Executive is obligated to report to under Section 4.2 hereof;
(v) any purported termination by the Company of the other than as expressly permitted by this Agreement; or (vi) any termination by the
Executive for any reason during the twenty-four period following the effective date of any Change in Control.

 

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(e)
For purposes of this Agreement, “Change in Control” means: (i) The acquisition (other than by or from the Company),
at any time after the Closing of the Next Frontier Acquisition, by any person, entity or “group,” within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either the then outstanding shares of common
stock or the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election
of directors; (ii) Approval by the stockholders of the Company of (A) a reorganization, merger or consolidation with respect to which
persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately
thereafter, own more than 30% of the combined voting power entitled to vote generally in the election of directors of the reorganized,
merged or consolidated company’s then out-standing voting securities, (B) a liquidation or dissolution of the Company, or (C) the
sale of all or substantially all of the assets of the Company, unless the approved reorganization, merger, consolidation, liquidation,
dissolution or sale is subsequently abandoned; or (iii) The approval by the Company’s Board of the sale, distribution and/or other
transfer or action (and/or series of sales, distributions and/or other transfers or actions from time to time or over a period of time),
that results in the Company’s ownership of less than 70% of the Company’s current assets.

 

6.
Indemnity; Exculpation; Insurance.

 

6.1
Indemnity. The Company shall indemnify, defend, and hold Executive harmless, at Company’s own expense, from and against
any and all losses, liability, obligations, damages, third-party claims, demands, causes of action, costs and expenses of whatever form
or nature (each a “Claim” and collectively, “Claims”), including all outside attorney’s fees
and other costs of legal defense, arising out of or related to: (i) the Executive’s rendering of services under this Agreement
and the Executive’s employment with the Company. (ii) an actual or alleged breach of any of the representations, warranties or
covenants of this Agreement by the Company; (iii) Company’s negligence, willful misconduct, or willful misrepresentation; or (iv)
any other act or omission by or attributable to Company in connection with this Agreement except to extent such indemnity is prohibited
by law. Company shall give prompt written notice to the Executive of any proposed settlement of any Claim. Company may not, without the
Executive’s prior written consent condition or delay, settle or compromise any claim or consent to the entry of any judgment regarding
which indemnification is being sought hereunder unless such settlement, compromise or consent: (X) includes an unconditional release
of the Executive from all liability arising out of such claim; (Y) does not contain any admission or statement suggesting any wrongdoing
or liability on behalf of the Executive; and (Z) does not contain any equitable order, judgment or term (other than the fact of payment
or the amount of such payment) that in any manner affects, restrains or interferes with the business of the Executive. Provided, however,
that the indemnity agreement contained in this Section 6.1 shall not apply to any such losses, claims, related expenses, damages or liabilities
arising out of gross negligence, willful misconduct or fraud of the Executive, or a material breach of the Executive’s representations
and warranties hereunder.

 

6.2
Exculpation. Notwithstanding anything to the contrary herein, the Executive shall, to the greatest extent permitted by
law at the time this clause is construed, be exculpated from any liability whatsoever for any alleged abuse of discretion, tort, breach
of fiduciary duty or breach of trust caused by any act or omission in connection with this Agreement. As a consequence, the Executive
shall under no circumstances ever be held personally liable to any other person, firm or corporation for any damages directly or indirectly
arising out of any act or omission committed in connection with this Agreement. This exculpation shall not, however, protect the Executive
from any liability for a breach of trust committed intentionally or in bad faith. Even if this Section 6.2 shall not protect the Executive
due to the foregoing sentence, in no event shall the Executive ever be liable for any punitive or exemplary damages for any act or omission
committed in connection with this Agreement hereunder regardless of whether such act or omission constituted an act committed intentionally
or in bad faith.

 

    	5

     

    

 

6.3
Insurance. The Company has procured, and shall continue to maintain, policies of insurance that provides to the same coverage
to Executive as is provided to any officer and director of the Company.

 

7.
Notices. Any notice required or permitted to be given under the terms of this Agreement shall be sufficient if in writing
and if sent postage prepaid by registered or certified mail, return receipt requested; by overnight delivery; by courier; or by confirmed
telecopy, in the case of the Executive to the Executive’s last place of business or residence as shown on the records of the Company,
or in the case of the Company to its principal office as set forth in the first paragraph of this Agreement, or at such other place as
the Executive may designate.

 

8.
Waiver. Unless agreed in writing, the failure of either party, at any time, to require performance by the other of any
provisions hereunder shall not affect its right thereafter to enforce the same, nor shall a waiver by either party of any breach of any
provision hereof be taken or held to be a waiver of any other preceding or succeeding breach of any term or provision of this Agreement.
No extension of time for the performance of any obligation or act shall be deemed to be an extension of time for the performance of any
other obligation or act hereunder.

 

9.
Completeness and Modification. This Agreement constitutes the entire understanding between the parties hereto superseding
all prior and contemporaneous agreements or understandings among the parties hereto concerning the Employment Agreement. This Agreement
may be amended, modified, superseded or canceled, and any of the terms, covenants, representations, warranties or conditions hereof may
be waived, only by a written instrument executed by the parties or, in the case of a waiver, by the party to be charged.

 

10.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but
all of which shall constitute but one agreement.

 

11.
Binding Effect; Assignment. This Agreement shall be binding upon the parties hereto, their heirs, legal representatives,
successors and assigns. This Agreement shall not be assignable by either party Executive but shall be assignable by the Company in connection
with the sale, transfer or other disposition of its business or to any of the Company’s affiliates controlled by or under common
control with the Company.

 

12.
Governing Law and Venue. This Agreement shall become valid when executed and accepted by Company. The parties agree that
it shall be deemed made and entered into in the State of Florida and shall be governed and construed under and in accordance with the
laws of the State of Florida. Anything in this Agreement to the contrary notwithstanding, the Executive shall conduct the Executive’s
business in a lawful manner and faithfully comply with applicable laws or regulations of the state, city or other political subdivision
in which the Executive is located. The Company and the Executive acknowledge and agree that the 15th Judicial Circuit of Florida shall
be the venue and exclusive proper forum in which to adjudicate any case or controversy arising either, directly or indirectly, under
or in connection with this Agreement and the parties further agree that, in the event of litigation arising out of or in connection with
this Agreement in these courts, they will not contest or challenge the jurisdiction or venue of these courts.

 

13.
Further Assurances. All parties hereto shall execute and deliver such other instruments and do such other acts as may be
necessary to carry out the intent and purposes of this Agreement.

 

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14.
Headings. The headings of the sections are for convenience only and shall not control or affect the meaning or construction
or limit the scope or intent of any of the provisions of this Agreement.

 

15.
Survival. Any termination of this Agreement shall not, however, affect the ongoing provisions of this Agreement which shall
survive such termination in accordance with their terms.

 

16.
Severability. The invalidity or unenforceability, in whole or in part, of any covenant, promise or undertaking, or any
section, subsection, paragraph, sentence, clause, phrase or word or of any provision of this Agreement shall not affect the validity
or enforceability of the remaining portions thereof.

 

17.
Enforcement. Should it become necessary for any party to institute legal action to enforce the terms and conditions of
this Agreement, the successful party will be awarded reasonable attorneys’ fees at all trial and appellate levels, expenses and
costs.

 

18.
Construction and Understanding by the Executive. This Agreement shall be construed within the fair meaning of each of its
terms and not against the party drafting the document. THE EXECUTIVE ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, THE EXECUTIVE
HAS HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS
OF THIS AGREEMENT.

 

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

 

	THE
    COMPANY 	 
	 	 	 
	JUPITER
    WELLNESS, INC. 	 
	 	 	 
	By:
    	 	 
	 	 	 
	Name:
    	 	 
	 	 	 
	Title:	 	 
	 	 	 
	THE EXECUTIVE 	 
	 	 	 
	By:
    	 	 

 

    	7Exhibit
10.5

 

NEXT
FRONTIER PHARMACEUTICALS, INC.

 

SECURED
PROMISSORY NOTE

 

Boulder,
Colorado

 

	January
    7, 2022	 	$5,000,00.00

 

FOR
VALUE RECEIVED, NEXT FRONTIER PHARMACEUTICALS, INC., a corporation incorporated under the laws of the State of Delaware and located
at 3950 N. Mays St., Round Rock, Texas 78665 (the “Borrower”), hereby promises to pay to the order of JUPITER WELLNESS,
INC., a corporation incorporated under the laws of the State of Delaware and located at 1061 E. Indiantown, Suite 110, Jupiter, Florida
33477, or its successors or assigns (the “Lender”), the principal amount of up to Five Million Dollars (US$5,000,000.00)
or, if less, the outstanding principal balance owing to the Lender by the Borrower, on the earlier of (i) 6-months from the issuance
date of this Note, (ii) the occurrence of an Event of Default (as defined below), or (iii) such date as a new third party lender advances
a loan to the Borrower (such earliest date is hereinafter referred to as the “Maturity Date”), and to pay interest
on the unpaid principal balance hereof at the rate of eight percent (8%) per annum commencing on the date hereof (the “Issuance
Date”), in accordance with the terms hereof. This Promissory Note, as may be amended or supplemented from time to time, shall
be referred to herein as the “Note”.

 

1.
Payments of Principal and Interest.

 

(a)
Payment of Principal. The outstanding principal amount of this Note shall be paid to the Lender on the Maturity Date.

 

(b)
Payment of Interest. Interest on the outstanding principal balance of this Note shall accrue at a rate of eight percent (8%) per
annum commencing on the Issuance Date. Interest shall be computed on the basis of a 360-day year and paid for the actual number of days
elapsed. Interest shall be paid on the Maturity Date.

 

(c)
Payment of Default Interest. Any amount of principal or interest on this Note which is not paid when due shall bear interest until
such past due amount is paid at the highest non-usurious rate allowable per applicable law (the “Default Rate”).

 

(d)
General Payment Provisions. All payments of principal and interest on this Note shall be made in lawful money of the United States
of America by certified bank check or wire transfer to such account as the Lender may designate by written notice to the Borrower in
accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which
is not a Business Day, the same shall instead be due on the next succeeding Business Day. For purposes of this Note, “Business
Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the State of New York are authorized
or required by law or executive order to remain closed.

 

    	1

     

    

 

(e)
Optional Prepayment. At any time, the Borrower may pre-pay this Note without penalty and, upon such prepayment in full, the Lender
shall have no further rights under this Note, including no rights of conversion.

 

(f)
Revolving Note. Principal under this Note may be borrowed, repaid and re-borrowed, at the Lender’s sole and absolute discretion.
Lender may endorse the amount and the date of the making of each Principal advance evidenced hereby and each payment of principal hereunder
on the grid annexed hereto and made a part hereof as Schedule A, which endorsement shall constitute prima facie evidence of the
accuracy of the information so endorsed; provided, however, that any failure to endorse such information on such grid shall
not in any manner affect the obligation of Borrower to make payment of principal and interest in accordance with the terms of this Promissory
Note.

 

2.
Guarantee. The obligations underlying this Note are guaranteed by the Borrower’s parent company, Next Frontier Holdings,
Inc., a Delaware corporation (“NFH”), and the Borrower’s subsidiaries, Benuvia Manufacturing, Inc., a Delaware
corporation (“BM”), Benuvia Therapeutics, LLC, a Delaware limited liability company (“BT”), Benuvia
Manufacturing LLC, a Delaware limited liability company (“BM LLC”), and Benuvia Therapeutics IP LLC (“BT
IP LLC” and together with NFH, BM, BT, and BM LLC, collectively, the “Guarantors”). The Guarantors hereby
guarantee and become surety to Buyer for the full, prompt and unconditional payment and performance of the Obligations (as defined below),
when and as the same shall become due, whether at the stated maturity date, by acceleration or otherwise, and the full, prompt and unconditional
performance of each term and condition to be performed by Borrower under the Note. This guaranty is a primary obligation of each Guarantor
and shall be a continuing inexhaustible guaranty. This is a guaranty of payment and not of collection. The Lender may require the Guarantors
to pay and perform its liabilities and obligations and may proceed immediately against any Guarantor without being required to bring
any proceeding or take any action against the Borrower or any other Guarantor prior thereto; the liability of Guarantor hereunder being
independent of and separate from the liability of Borrower, any other guarantor, any other person, and the availability of other collateral
security for the Note. “Obligations” means all of the liabilities and obligations (primary, secondary, direct, contingent,
sole, joint or several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Borrower
and the Guarantors to the Lender, including, without limitation, all obligations under the Note, whether now or hereafter existing, voluntary
or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and
whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations
or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from the Lender
as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from
time to time. Without limiting the generality of the foregoing, the term “Obligations” shall include, without limitation:
(a) principal of, and interest on the Note and the loans extended pursuant thereto; (b) any and all other fees, indemnities, costs, obligations
and liabilities of the Borrower or any Guarantor from time to time under or in connection with this Note; and (c) all amounts (including
but not limited to post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to
pay such amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving
the Borrower or any Guarantor.

 

    	2

     

    

 

3.
Security Interest. In order to secure the full and complete payment and performance of the Obligations when due, the Borrower
and the Guarantors hereby grant to the Lender, a priority security interest in all of the Borrower’s and Guarantor’s rights,
titles, and interests in and to the Collateral (the “Security Interest”) and, pledges, collaterally transfers, and
assigns the Collateral to the Lender, all upon and subject to the terms and conditions of this Note. If the grant, pledge, or collateral
transfer or assignment of any specific item of the Collateral is expressly prohibited by any contract or by law, then the Security Interest
created hereby nonetheless remains effective to the extent allowed by the Uniform Commercial Code as in effect in the State of New York
(the “UCC”) or other applicable laws. The Borrower
and the Guarantors each hereby authorizes the Lender, at the Lender’s option and without any obligation to do so, and
regardless of whether the Collateral is in possession of the Lender, to file or record any document necessary, convenient, required or
reasonably advisable to perfect, continue, amend or terminate the security interest created under this Note, including, without limitation,
any financing statements, pledge, mortgage, trust, assignments of credits including amendments, authorized to be filed under the UCC.
The Company hereby consents to the filing of any documents previously filed or recorded by the Lender regarding the Collateral, including,
without limitation, any and all previously filed financing statements. “Collateral” means and includes all assets
and property of the Borrower and each Guarantor, including, without limitation, any and all of the Borrower’s and the Guarantors’
right, title, or interest in all assets and property, now owned or later acquired by the Borrower or any Guarantor, wherever located.

 

4.
Defaults and Remedies.

 

(a)
Events of Default. An “Event of Default” means: (i) a default in payment of principal or interest on this Note;
(ii) failure by the Borrower or any Guarantor to comply with any material provision of this Note; (iii) the Borrower or any Guarantor,
pursuant to or within the meaning of any Bankruptcy Law (as defined herein): (A) commences a voluntary case; (B) consents to the entry
of an order for relief against it in an involuntary case; (C) consents to the appointment of a Custodian (as defined herein) of it or
for all or substantially all of its property; (D) makes a general assignment for the benefit of its creditors; or (E) admits in writing
that it is generally unable to pay its debts as the same become due; or (iv) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that: (A) is for relief against the Borrower or any Guarantor in an involuntary case; (B) appoints a Custodian
of the Borrower or any Guarantor for all or substantially all of its property; or (C) orders the liquidation of the Borrower or any Guarantor,
and the order or decree remains unstayed and in effect for sixty (60) days. “Bankruptcy Law” means Title 11, U.S.
Code, or any similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.

 

    	3

     

    

 

(b)
Remedies. If an Event of Default occurs and is continuing, the Lender, may declare all of this Note to be due and payable immediately.
The Lender, shall have all rights available to it at law or in equity. Upon the occurrence of an Event of Default, the interest on this
Note shall immediately accrue at the Default Rate. The Lender, may assess reasonable attorneys’ fees, paralegals’ fees and
costs and expenses incurred or anticipated by the Lender in collecting or enforcing payment hereof (whether such fees, costs or expenses
are incurred in negotiations, all trial and appellate levels, administrative proceedings, bankruptcy proceedings or otherwise), and together
with all other sums due by the Borrower hereunder, all without any relief whatsoever from any valuation or appraisement laws, and payment
thereof may be enforced and recovered in whole or in part at any time by one or more of the remedies provided to the Lender at law, in
equity, or under this Note. In connection with the Lender’s rights hereunder upon an Event of Default, the Lender need not provide,
and the Borrower hereby waives, any presentment, demand, protest or other notice of any kind, and the Lender, may immediately enforce
any and all of its rights and remedies hereunder and all other remedies available to it in equity or under applicable law. Lender shall
be permitted to exercise any and all rights available to a secured party under the UCC, in addition to any and all other rights afforded
by the Note, at law, in equity, or otherwise, including, without limitation, (a) requiring the Company to assemble all or part of the
Collateral and make it available to the Lender at a place to be designated by the Lender which is reasonably convenient to the Borrower,
(b) surrendering any policies of insurance on all or part of the Collateral and receiving and applying the unearned premiums as a credit
on the Obligation, (c) applying by appropriate judicial proceedings for appointment of a receiver for all or part of the Collateral (and
the Company hereby consents to any such appointment), and (d) applying to the Obligation any cash held by Lender under this Note.

 

5.
Lost or Stolen Note. Upon notice to the Borrower of the loss, theft, destruction or mutilation of this Note, and, in the case
of loss, theft or destruction, of an indemnification undertaking by the Lender to the Borrower in a form reasonably acceptable to the
Borrower and, in the case of mutilation, upon surrender and cancellation of the Note, the Borrower shall execute and deliver a new Note
of like tenor and date and in substantially the same form as this Note.

 

6.
Cancellation. After all principal and accrued interest at any time owed on this Note has been paid in full and the Lender declares
that no further borrowing shall be permitted hereunder, this Note shall automatically be deemed canceled, shall be surrendered to the
Borrower for cancellation and shall not be re-issued.

 

7.
Waiver of Notice. To the extent permitted by law, the Borrower hereby waives demand, notice, protest and all other demands and
notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

 

8.
Governing Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the laws of the State of New York, without giving effect to provisions
thereof regarding conflict of laws. Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal
courts sitting in New York City in the State of New York for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereto hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by sending by certified
mail or overnight courier a copy thereof to such party at the address indicated in the preamble hereto and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES
NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	4

     

    

 

9.
Indemnity and Expenses. The Borrower and each Guarantor agrees:

 

(a)
To indemnify and hold harmless the Lender and each of its partners, employees, agent and affiliates from and against any and all claims,
damages, demands, losses, obligations, judgments and liabilities (including, without limitation, attorneys’ fees and expenses)
in any way arising out of or in connection with this Note; and

 

(b)
To pay and reimburse the Lender upon demand for all costs and expenses (including, without limitation, attorneys’ fees and expenses)
that the Lender may reasonably incur in connection with (i) the exercise or enforcement of any rights or remedies (including, but not
limited to, collection) granted hereunder or otherwise available to it (whether at law, in equity or otherwise), or (ii) the failure
by the Borrower or any Guarantor to perform or observe any of the provisions hereof. The provisions of this Section shall survive the
execution and delivery of this Note, the repayment of any or all of the principal or interest owed pursuant hereto, and the termination
of this Note.

 

10.
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note, at law or in equity.

 

11.
Specific Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general
provision contained herein. This Note shall be deemed to be jointly drafted by the Borrower and the Lender and shall not be construed
against any person as the drafter hereof.

 

12.
Failure or Indulgence Not Waiver. No failure or delay on the part of this Note in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege.

 

13.
Notice. Notice shall be given to each party at the address indicated in the preamble or at such other address as provided to the
other party in writing.

 

    	5

     

    

 

14.
Consent of Senior Creditor. The Lender, the Borrower, the Guarantors, and Benuvia Holdings, LLC, a Delaware limited liability
company (“Senior Lender”), among others, are currently party to that certain Intercreditor and Subordination Agreement,
dated December 8, 2021 (the “Intercreditor Agreement”). The Senior Lender hereby consents to the entry of this Note
by the Borrower and the Guarantors and the principal advances evidenced hereby. The amounts advanced hereunder shall constitute additional
Junior Liabilities (as defined in the Intercreditor Agreement) and, by their execution hereof, the parties hereto shall be bound by the
terms and conditions contained in the Intercreditor Agreement, provided, however, the Borrower and the Guarantors shall be permitted
to repay the Lender all principal and interest owing hereunder in full on the Maturity Date, notwithstanding any restrictions which may
otherwise be contained in the Intercreditor Agreement.

 

[signature
page follows]

 

    	6

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Note to be executed on and as of the Issuance Date.

 

	 	BORROWER:
	 	 	 
	 	NEXT
    FRONTIER PHARMACEUTICALS, INC.
	 	 	 
	 	By:
    	/s/
    Shannon Soqui
	 	Name:
    	Shannon
    Soqui
	 	Title:
    	Executive
    Chairman

 

	 	LENDER:
	 	 	 
	 	JUPITER
    WELLNESS, INC.
	 	 	 
	 	By:
    	/s/
    Brian John
	 	Name:
    	Brian
    John
	 	Title:
    	Chief
    Executive Officer

 

[
signature page to Promissory Note ]

 

    	7

     

    

 

	 	GUARANTORS:
	 	NEXT
    FRONTIER HOLDINGS, INC.
	 	 	 
	 	By:
    	/s/
    Shannon Soqui
	 	Name:
    	Shannon
    Soqui
	 	Title:
    	Executive
    Chairman
	 	 	 
	 	BENUVIA
    MANUFACTURING, INC.
	 	 	 
	 	By:
    	/s/
    Shannon Soqui
	 	Name:
    	Shannon
    Soqui
	 	Title:
    	Executive
    Chairman
	 	 	 
	 	BENUVIA
    THERAPEUTICS, LLC
	 	 	 
	 	By:
    	/s/
    Shannon Soqui
	 	Name:
    	Shannon
    Soqui
	 	Title:
    	Managing
    Member
	 	 	 
	 	BENUVIA
    MANUFACTURING, LLC
	 	 	 
	 	By:
    	/s/
    Shannon Soqui
	 	Name:
    	Shannon
    Soqui
	 	Title:
    	Managing
    Member
	 	 	 
	 	BENUVIA
    THERAPEUTICS IP LLC
	 	 	 
	 	By:
    	/s/
    Shannon Soqui
	 	Name:
    	Shannon
    Soqui
	 	Title:
    	Managing
    Member

 

[
signature page to Promissory Note ]

 

    	8

     

    

 

	CONSENT
    AND AGREEMENT:	 
	 	 	 
	With
    respect to Section 14 hereto:	 
	 	 	 
	BENUVIA
    HOLDINGS LLC	 
	 	 	 
	By:
    	/s/
    Todd Davis	 
	Name:
    	Todd
    Davis	 
	Title:
    	Managing
    Member	 

 

[
signature page to Promissory Note ]

 

    	9

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