Document:

Exhibit 4.3

 

FORM OF SERIES C WARRANT

 

THE SECURITIES EVIDENCED BY THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT (i) EFFECTIVE REGISTRATION STATEMENT RELATED THERETO, (ii) AN OPINION OF COUNSEL
OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED, OR (iii) RECEIPT OF NO-ACTION
LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES.

 

September 30, 2020

 

CQENS TECHNOLOGIES INC.

 

SERIES C COMMON STOCK PURCHASE WARRANT

 

This certifies that, for
good and valuable consideration, receipt of which is hereby acknowledged, Xten Capital Group, Inc., a Minnesota corporation (“Holder”)
is entitled to purchase, subject to the terms and conditions of this Warrant, from CQENS Technologies Inc., a Delaware corporation
(the “Company”), Seven Million (7,000,000) fully paid and nonassessable shares of the Company’s
Common Stock, par value $0.0001 per share (“Common Stock”). Holder shall be entitled to purchase the
shares of Common Stock in accordance with Section 2 at any time subsequent to the date of this Warrant set forth above and
prior to the Expiration Date (as defined below). The shares of Common Stock of the Company for which this Warrant is exercisable,
as adjusted from time to time pursuant to the terms hereof, are hereinafter referred to as the “Shares.”
This Warrant is one of a series of Warrants issued and sold pursuant to the terms and conditions of that certain Asset Purchase
Agreement dated September 30, 2020 by and between the Holder and the Company (the “Agreement”).

 

1.       Exercise
Period; Price.

 

1.1       Exercise
Period. This Warrant shall be exercisable commencing September 30, 2029 and the exercise period (“Exercise
Period”) shall terminate at 5:00 p.m. Central time on September 30, 2032 (the “Expiration Date”).
In the Company’s sole discretion, it may accelerate the commencement of the Exercise Period or extend the Expiration Date
of this Warrant upon notice to the Holder.

 

1.2       Exercise
Price. The initial purchase price for each of the Shares shall be $5.31 per share. Such price shall be subject to adjustment
pursuant to the terms hereof (such price, as adjusted from time to time, is hereinafter referred to as the “Exercise
Price”).

 

2.       Exercise
and Payment. At any time during the Exercise Period, this Warrant may be exercised, in whole or in part, from time to time
by the Holder, by surrender of this Warrant and the Notice of Exercise attached hereto as Annex I, duly completed and executed
by the Holder, to the Company at the principal executive offices of the Company, together with payment in the amount obtained by
multiplying the Exercise Price then in effect by the number of Shares thereby purchased, as designated in the Notice of Exercise.
Payment may be in cash, wire transfer or by check payable to the order of the Company in immediately available funds. If not exercised
in full, this Warrant must be exercised for a whole number of Shares.

 

    	 

    	 

    

 

3.       Change
of Control. If at any time beginning upon the date of this Warrant and ending on September 29, 2029 a Change of Control
occurs, then this Warrant shall become immediately exercisable in accordance with its terms. For purposes hereof, a “Change
of Control” shall mean a change of control of a nature that would be required to be reported in response to Item
6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is in fact required to comply with that regulation, provided that, without limitation,
such a change in control shall be deemed to have occurred if (A) any “person” (as such term is used in Sections 13(d)
and 14(d) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of the
Company or a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, acquires securities of the Company representing more than 50% of the combined voting power
of the Company’s then outstanding securities; or (B) during any period of two consecutive years (not including any period
prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board of Directors and
any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority; (C) the
Company enters into a definitive agreement, the consummation of which would result in the occurrence of a change in control of
the Company; or (D) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to
it continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
of more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately
after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or
an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets.

 

4.       Reservation
of Shares. The Company hereby agrees that at all times there shall be reserved for issuance and delivery upon exercise
of this Warrant such number of Shares or other shares of capital stock of the Company from time to time issuable upon exercise
of this Warrant . All such shares shall be duly authorized, and when issued upon such exercise, shall be validly issued, fully
paid and non-assessable, free and clear of all liens, security interests, charges and other encumbrances or restrictions on sale
and free and clear of all preemptive rights.

 

5.       Delivery
of Stock Certificates. Within three (3) trading days after exercise, in whole or in part, of this Warrant, the Company
shall instruct its Transfer Agent to issue book entry shares in an account in the name of the holder or deliver to the Holder a
certificate or certificates for the number of fully paid and nonassessable Shares which the Holder shall have requested in the
Notice of Exercise. If this Warrant is exercised in part, the Company shall deliver to the Holder a new Warrant (dated the date
hereof and of like tenor) for the unexercised portion of this Warrant at the time of delivery of such stock certificate or certificates.

 

6.       No
Fractional Shares. This Warrant must be exercised for a whole number of Shares. No fractional shares or scrip representing
fractional Shares will be issued upon exercise of this Warrant. Any fractional Share which otherwise might be issuable on the exercise
of this Warrant as a result of the adjustment provisions Section 10 hereof will be rounded up to the nearest whole Share.

 

7.       Charges,
Taxes and Expenses. The Company shall pay all transfer taxes or other incidental charges, if any, in connection with the
transfer of the Shares purchased pursuant to the exercise hereof from the Company to the Holder.

 

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8.       Loss,
Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to the Company, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender
and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor and dated as of such
cancellation, in lieu of this Warrant.

 

9.       Saturdays,
Sundays, Holidays, Etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken or such right may
be exercised on the next succeeding weekday which is not a legal holiday.

 

10.       Adjustment
of Exercise Price and Number of Shares. The Exercise Price and the number of and kind of securities purchasable upon exercise
of this Warrant shall be subject to adjustment from time to time as follows:

 

10.1       Subdivisions,
Combinations and Other Issuances. If the Company shall at any time after the date hereof but prior to the expiration of
this Warrant subdivide its outstanding securities as to which purchase rights under this Warrant exist, by split-up or otherwise,
or combine its outstanding securities as to which purchase rights under this Warrant exist, the number of Shares as to which this
Warrant is exercisable as of the date of such subdivision, split-up or combination shall forthwith be proportionately increased
in the case of a subdivision, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be
made to the Exercise Price, but the aggregate purchase price payable for the total number of Shares purchasable under this Warrant
as of such date shall remain the same.

 

10.2       Stock
Dividend. If at any time after the date hereof the Company declares a dividend or other distribution on its Common Stock
payable in Common Stock or other securities or rights convertible into Common Stock (“Common Stock Equivalents”)
without payment of any consideration by such holder for the additional shares of Common Stock or Common Stock Equivalents (including
the additional shares of Common Stock issuable upon exercise or conversion thereof), then the number of Shares for which this Warrant
may be exercised shall be increased as of the record date (or the date of such dividend distribution if no record date is set)
for determining which holders of Common Stock shall be entitled to receive such dividend, in proportion to the increase in the
number of outstanding shares (and shares of Common Stock issuable upon conversion of all such securities convertible into Common
Stock) of Common Stock as a result of such dividend, and the Exercise Price shall be adjusted so that the aggregate amount payable
for the purchase of all the Shares issuable hereunder immediately after the record date (or on the date of such distribution, if
applicable), for such dividend shall equal the aggregate amount so payable immediately before such record date (or on the date
of such distribution, if applicable).

 

10.3       Other
Distributions. If at any time after the date hereof the Company distributes to holders of its Common Stock, other than
as part of its dissolution or liquidation or the winding up of its affairs, any shares of its capital stock, any evidence of indebtedness
or any of its assets (other than cash, Common Stock or Common Stock Equivalents), then the Company may, at its option, either (i)
decrease the Exercise Price of this Warrant by an appropriate amount based upon the value distributed on each share of Common Stock
as determined in good faith by the Company’s Board of Directors, or (ii) provide by resolution of the Company’s Board
of Directors that on exercise of this Warrant, the Holder hereof shall thereafter be entitled to receive, in addition to the shares
of Common Stock otherwise receivable on exercise hereof, the number of shares or other securities or property which would have
been received had this Warrant at the time been exercised.

 

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10.4       Effect
of Consolidation, Merger or Sale. In case of any reclassification, capital reorganization, or change of securities of the
class issuable upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from no par
value to par value, or as a result of any subdivision, combination, stock dividend or other distribution provided for in Sections
10.1, 10.2 and 10.3 above), or in case of any consolidation or merger of the Company with or into any corporation
(other than a consolidation or merger with another corporation in which the Company is the acquiring and the surviving corporation
and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant),
or in case of any sale of all or substantially all of the assets of the Company, the Company, or such successor or purchasing corporation,
as the case may be, shall duly execute and deliver to the holder of this Warrant a new Warrant (in form and substance satisfactory
to the holder of this Warrant), or the Company shall make appropriate provision without the issuance of a new Warrant, so that
the holder of this Warrant shall have the right to receive, at a total purchase price not to exceed that payable upon the exercise
of the unexercised portion of this Warrant, and in lieu of the Shares theretofore issuable upon exercise of this Warrant, the kind
and amount of shares of stock, other securities, money and property receivable upon such reclassification, capital reorganization,
change, merger or sale by a holder of the number of Shares then purchasable under this Warrant. In any such case, appropriate provisions
shall be made with respect to the rights and interest of Holder so that the provisions hereof shall thereafter be applicable to
any shares of stock or other securities and property deliverable upon exercise hereof, or to any new Warrant delivered pursuant
to this Section 10.4, and appropriate adjustments shall be made to the Exercise Price per share payable hereunder, provided,
that the aggregate Exercise Price shall remain the same. The provisions of this Section 10.4 shall similarly apply to successive
reclassifications, capital reorganizations, changes, mergers and transfers.

 

11.       Notice
of Adjustments; Notices. Whenever the Exercise Price or number of Shares purchasable hereunder shall be adjusted pursuant
to Section 10 hereof, the Company shall execute and deliver to the Holder 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 Exercise
Price and number of and kind of securities purchasable hereunder after giving effect to such adjustment, and shall cause a copy
of such certificate to be mailed (by first class mail, postage prepaid) to the Holder.

 

12.       Rights
As Stockholder; Notice to Holders. Nothing contained in this Warrant shall be construed as conferring upon the Holder or
his or its transferees the right to vote or to receive dividends or to consent or to receive notice as a stockholder in respect
of any meeting of stockholders for the election of directors of the Company or of any other matter, or any rights whatsoever as
stockholders of the Company. The Company shall give notice to the Holder by registered mail if at any time prior to the expiration
or exercise in full of the Warrants, any of the following events shall occur:

 

(i)       a
dissolution, liquidation or winding up of the Company shall be proposed;

 

(ii)       a
capital reorganization or reclassification of the Common Stock (other than a change in par value, or from par value to no par value,
or from no par value to par value, or as a result of any subdivision, combination, stock dividend or other distribution) or any
consolidation or merger of the Company with or into another corporation (other than a consolidation or merger with another corporation
in which the Company is the acquiring and the surviving corporation and which does not result in any reclassification or change
of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all of the assets
of the Company; or

 

(iii)       a
taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof
who are entitled to receive any dividend (other than a cash dividend) for other distribution, any right to subscribe for, purchase
or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other rights.

 

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Such giving of notice shall be simultaneous
with (or in any event, no later than) the giving of notice to holders of Common Stock. Such notice shall specify the record date
or the date of closing the stock transfer books, as the case may be. Failure to provide such notice shall not affect the validity
of any action contemplated in this Section 12.

 

13.       Restricted
Securities. The Holder understands that this Warrant and the Shares purchasable hereunder constitute “restricted
securities” under the federal securities laws inasmuch as they are, or will be, acquired from the Company in transactions
not involving a public offering and accordingly may not, under such laws and applicable regulations, be resold or transferred without
registration under the Act, or an applicable exemption from such registration. The Holder further acknowledges that a securities
legend to the foregoing effect shall be placed on any Shares issued to the Holder upon exercise of this Warrant.

 

14.       Disposition
of Shares; Transferability.

 

14.1       Transfer.
This Warrant shall be transferable only on the books of the Company, upon delivery thereof duly endorsed by the Holder or by its
duly authorized attorney or representative, accompanied by proper evidence of succession, assignment or authority to transfer.
Upon any registration of transfer, the Company shall execute and deliver new Warrants to the person entitled thereto.

 

14.2       Rights,
Preferences and Privileges of Common Stock. The powers, preferences, rights, restrictions and other matters relating to
the shares of Common Stock will be as determined in the Company’s Amended and Restated Certificate of Incorporation, as amended,
as then in effect.

 

15.       Miscellaneous.

 

15.1       Binding
Effect. This Warrant and the various rights and obligations arising hereunder shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns.

 

15.2       Entire
Agreement. This Warrant, the Purchase Agreement and the Registration Rights Agreement of even date herewith constitute
the entire agreement between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous
agreements, whether oral or written, between the parties hereto with respect to the subject matter hereof.

 

15.3       Amendment
and Waiver. Any term of this Warrant may be amended and the observance of any term hereof may be waived (either generally
or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holders
representing a majority-in-interest of the Shares underlying the Warrants pursuant to the Purchase Agreement. Any waiver or amendment
effected in accordance with this Section 15.3 shall be binding upon the Holder and the Company.

 

15.4       Governing
Law. This Agreement shall be governed by and construed under the laws of the State of Delaware without reference to the
conflicts of law principles thereof. The exclusive jurisdiction for any legal suit, action or proceeding arising out of or related
to this Warrant shall be either the United States District Court for the District of Minnesota.

 

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15.5       Headings.
The headings in this Agreement are for convenience only and shall not alter or otherwise affect the meaning hereof.

 

15.6       Severability.
If one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision shall be excluded from
this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and the balance shall be
enforceable in accordance with its terms.

 

15.7       Notices.
Unless otherwise provided, any notice required or permitted under this Warrant shall be given in the same manner as provided in
the Agreement.

 

IN WITNESS WHEREOF, the parties hereto
have executed and delivered this Warrant as of the date appearing on the first page of this Warrant.

 

	 	THE COMPANY:
	 	 
	 	CQENS TECHNOLOGIES INC.
	 	 
	 	By: 	                                  
	 	William P. Bartkowski, President and Chief Operating Officer

 

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ANNEX I

 

NOTICE OF EXERCISE OF SERIES C COMMON
STOCK PURCHASE WARRANT

 

To:CQENS Technologies Inc.

 

1.       The
undersigned Holder hereby elects to purchase _____________ shares of common stock, $0.0001 par value per share (the “Shares”)
of CQENS Technologies Inc., a Delaware corporation (the “Company”), pursuant to the terms of the attached
Warrant. The Holder shall make payment of the Exercise Price by delivering the sum of $____________, in lawful money of the United
States, to the Company in accordance with the terms of the Warrant.

 

2.       Please
deposit book entry shares totaling _________shares in the following account on the records of the Company’s Transfer Agent
or lease issue and deliver certificates representing the Warrant Shares purchased hereunder to Holder:                                 Address:                                                                                              
in the following denominations: ____________________________.

 

Taxpayer ID No.: __________________________________

 

3.       Please
issue a new Warrant for the unexercised portion of the attached Warrant, if any, in the name of the undersigned.

 

	Holder:	 	 
	Dated:	 	 
	By:	 	 
	Its:	 	 
	Address:	 	 

 

4.       The
undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as
amended.

 

SIGNATURE OF HOLDER

 

	Name
    of Investing Entity: 	 

	Signature
    of Authorized Signatory of Investing Entity:	 

	Name
    of Authorized Signatory: 	 

	Title
    of Authorized Signatory: 	 

	Date:Exhibit
10.1

 

ASSET
PURCHASE AGREEMENT

 

This
Asset Purchase Agreement (“Agreement”) dated September 30, 2020, is by and between CQENS Technologies
Inc., a corporation organized under the laws of the State of Delaware and having an office for the transaction of business
at 5550 Nicollet Avenue, Minneapolis, MN 55419 (the “Buyer”), and Xten Capital Group, Inc., a
corporation organized under the laws of the State of Minnesota and having an office for the transaction of business at 5550 Nicollet
Avenue, Minneapolis, MN 55419 (the “Seller”).

 

WHEREAS,
the Seller owns certain patents and patent applications.

 

WHEREAS,
the Seller desires to convey, sell and assign to Buyer all of each Seller’s right, title and interest in and to the
Assets (as hereinafter defined), upon the terms and conditions contained in this Agreement.

 

WHEREAS,
the Buyer desires to purchase the Assets upon the terms and conditions contained in this Agreement.

 

WHEREAS,
the Seller is an Affiliate of the Buyer.

 

NOW
THEREFORE, in consideration of the mutual promises and other good and valuable consideration, the sufficiency of which is
hereby acknowledged, the parties agree as follows:

 

1.
Definitions and Interpretation.

 

1.1
Definitions. In this Agreement:

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, through one or more intermediaries, controls,
or is controlled by, or is under common control with, such Person, and the term “control” (including the terms “controlled
by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract
or otherwise;

 

“Assets”
shall have the definition set forth in Section 2.1 of this Agreement;

 

“Buyer’s
Common Stock” shall mean the common stock, par value $0.0001 per share, of the Buyer;

 

“Commission”
means the United States Securities and Exchange Commission;

 

“Closing”
shall have the meaning set forth in Section 6 of this Agreement;

 

“Closing
Date” shall have the meaning set forth in Section 6 of this Agreement;

 

“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended;

 

“Governmental
Entity” means any federal, state or local government or any court, administrative or regulatory agency or commission
or other governmental authority or agency, domestic or foreign;

 

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“Intellectual
Property” means any of the following, to the extent that any of the following are used by Seller or held for use
by Seller in connection with the Assets as of the Closing Date: (i) all United States and foreign patent applications, patents
and statutory invention registrations, (ii) all unpatented inventions that have not yet been the subject of a patent application,
(iii) all United States and foreign trademark, trade name, service mark, collective mark, and certification mark registrations
and applications therefor at the federal, state or local level, (iv) all trademarks, (vi) all copyrightable works of authorship
that have not been the subject of a copyright registration or application therefor, including but not limited to software (including
proprietary software, source code, executable code, object code, firmware, development tools, test suites, design specs, files,
records and data, processes, protocols, scripts, routines used to process data), web sites (including related computer code and
content) data, databases and related documentation, media on which any of the foregoing is recorded, and improvements, modifications,
enhancements, versions and releases relating thereto), software code, manuals and other text works, photographs, video recordings,
and audio recordings, admin rights and software support agreements (vii) all trade secrets, proprietary information, databases
and data, (viii) all mask works, (ix) all proprietary data formulae, (x) all rights in internet web sites and internet domain
names, and (xi) registrations and applications for registration of any of the foregoing;

 

“Intellectual
Property Rights” means all Intellectual Property that Seller owns in whole or in part and/or in which Seller has
a valid claim of ownership in whole or in part (such as a contract right of assignment from an employee or independent contractor);

 

“Liability”
or “Liabilities” mean any and all debts, liabilities, commitments and obligations, whether fixed, contingent
or absolute, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, whenever or however arising
(including whether arising out of any contract or tort based on negligence or strict liability) and whether or not the same would
be required by U.S. generally accepted accounting principles;

 

“Lien”
means any right which (a) shall entitle any Person to terminate, amend, accelerate or cancel any agreement, option, license or
other instrument to which Buyer or Seller is a party by reason of the occurrence of (i) a violation, breach or default thereunder
by Buyer or Seller, as the case may be; or (ii) an event which with or without notice or lapse of time or both would become a
default thereunder; or (b) if exercised by the holder thereof, will (i) entitle such Person to accelerate the performance of any
obligations or the payment of any sums owed by Buyer or Seller, as the case may be, under any agreement, option, license or other
instrument, or (ii) result in any loss of any benefit under, or the creation of any pledges, claims, equities, options, liens,
charges, call rights, rights of first refusal, “tag” or “drag” along rights, encumbrances and security
interests of any kind or nature whatsoever on any of the property or assets of Buyer or Seller;

 

“Material
Adverse Effect” means any effect or change that would be materially adverse to the business, assets, condition (financial
or otherwise), operating results, operations, or business prospects of Buyer or Seller, as the case may be, taken as a whole,
or on the ability of any party to consummate timely the transactions contemplated hereby;

 

“Person”
means a natural person, company, corporation, partnership, association, trust or any unincorporated organization;

 

“Purchase
Price” shall have the meaning set forth in Section 2.3 of this Agreement;

 

“Securities
Act” means the Securities Act of 1933, as amended;

 

“Series
A Warrants” means the common stock purchase warrant in the form attached hereto as Exhibit A entitling the
Seller to purchase 7.000,000 shares of Buyer’s Common Stock beginning on September 30, 2023 and expiring at 5 p.m., Central
time, on September 30, 2026;

 

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“Series
B Warrants” means the common stock purchase warrant in the form attached hereto as Exhibit B entitling the
Seller to purchase 7,000,000 shares of Buyer’s Common Stock beginning on September 30, 2026 and expiring at 5 p.m., Central
time, on September 30, 2029;

 

“Series
C Warrants” means the common stock purchase warrant in the form attached hereto as Exhibit C entitling the
Seller to purchase 7,000,000 shares of Buyer’s Common Stock beginning on September 30, 2029 and expiring at 5 p.m., Central
time, on September 30, 2032; and

 

“Warrants”
means collectively the Series A Warrants, the Series B Warrants and the Series C Warrants.

 

1.2
Interpretation.

 

1.2.1
As used in this Agreement, unless the context clearly indicates otherwise:

 

(a)
words used in the singular include the plural and words in the plural include the singular;

 

(b)
reference to any Person includes such person’s successors and assigns, but only if such successors and assigns are permitted
by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity;

 

(c)
reference to any gender includes the other gender;

 

(d)
whenever the words “include,” “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation” or “but not limited to” or words of similar
import;

 

(e)
reference to any Section means such Section of this Agreement, and references in any Section or definition to any clause means
such clause of such Section or definition;

 

(f)
the words “herein,” “hereunder,” “hereof,” “hereto” and words of similar import
shall be deemed references to this Agreement as a whole and not to any particular Section or other provision hereof;

 

(g)
reference to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented
and modified from time to time to the extent permitted by the provisions thereof and by this Agreement;

 

(h)
reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder)
as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability,
and reference to any particular provision of any law shall be interpreted to include any revision of or successor to that provision
regardless of how numbered or classified;

 

(i)
relative to the determination of any period of time, “from” means “from and including,” “to”
means “to but excluding” and “through” means “through and including”; and

 

(j)
the titles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall
not be deemed to be a part of or to affect the meaning or interpretation of this Agreement.

 

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1.2.2
This Agreement was negotiated by the parties with the benefit of legal representation, and no rule of construction or interpretation
otherwise requiring this Agreement to be construed or interpreted against any party shall apply to any construction or interpretation
hereof. This Agreement shall be interpreted and construed to the maximum extent possible so as to uphold the enforceability of
each of the terms and provisions hereof, it being understood and acknowledged that this Agreement was entered into by the parties
after substantial negotiations and with full awareness by the parties of the terms and provisions hereof and the consequences
thereof.

 

1.2.3
Where a statement in this Agreement is qualified by the expression “to the best of Buyer’s knowledge,” “to
the best of Seller’s knowledge,” “so far as Buyer is aware,” or “so far as Seller is aware”
or any similar expression shall be deemed to include Buyer’s or Seller’s actual knowledge and what Buyer or Seller
should have known after due and careful inquiry of the President or Chief Executive Officer, the members of the Board of Directors
and any relevant person(s) involved in the management of the business of Buyer and Seller.

 

2.
Sale and Purchase of Assets.

 

2.1
Sale and Purchase of Assets. Subject to the terms and conditions of this Agreement, at the Closing the Seller shall sell
assign, transfer, convey and deliver to Buyer, and Buyer shall purchase from the Seller, free and clear of any encumbrances all
of the right, title and interest, in, and to those assets of Seller identified on Schedule 2.1 (the “Assets”).

 

2.2
Liabilities Excluded. Buyer shall not assume any Liabilities of Seller related to the Assets, either directly or indirectly,
and any and all such other Liabilities as they relate to the Assets shall be satisfied by Seller in full prior to the Closing
of this Agreement.

 

2.3.
Purchase Price. As full and complete consideration for the purchase of the Assets, at Closing the Buyer shall issue the
Seller the Warrants (the “Purchase Price”). The issuance of the Warrants shall be exempt from registration
under the Securities Act in reliance on an exemption provided by Section 4(a)(2) of that act.

 

3.
Representations and Warranties of Seller. The Seller hereby makes the following representations and warranties to the Buyer
as of the date hereof and as of the Closing Date (as hereinafter defined).

 

3.1
Organization and Good Standing. Seller is a corporation duly incorporated, validly existing and in good standing under
the laws of the jurisdiction of its organization, with full corporate power and authority to own, lease and operate its business
and properties and to carry on business in the places and in the manner as presently conducted or proposed to be conducted. Seller
is in good standing as a foreign corporation in each jurisdiction in which the properties owned, leased or operated, or the business
conducted, by it requires such qualification except where the failure to so qualify would not have a Material Adverse Effect the
consummation of the transactions contemplated hereby.

 

3.2
Authority and Enforcement. Seller has all requisite corporate power and authority to execute and deliver this Agreement,
and to consummate the transactions contemplated hereby. Seller has taken all corporate action necessary for the execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby, and this Agreement constitutes the valid
and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as may be affected by bankruptcy,
insolvency, moratoria or other similar laws affecting the enforcement of creditors’ rights generally and subject to the
qualification that the availability of equitable remedies is subject to the discretion of the court before which any proceeding
therefor may be brought.

 

    	4

     

    

 

3.3
No Conflicts or Defaults. The execution and delivery of this Agreement by Seller and the consummation of the transactions
contemplated hereby do not and shall not with or without the giving of notice or the passage of time (i) violate, conflict with,
or result in a breach of, or a default or loss of rights under, any covenant, agreement, mortgage, indenture, lease, instrument,
permit or license to which the Seller is a party or by which the Seller or the Assets are bound, or any judgment, order or decree,
or any law, rule or regulation to which the Seller is subject, (ii) result in the creation of, or give any party the right to
create, any Lien upon any of the Assets, (iii) terminate or give any party the right to terminate, amend, abandon or refuse to
perform, any material agreement, arrangement or commitment relating to the Assets, or (iv) have a Material Adverse Effect on the
Assets or consummation of the transactions contemplated hereby.

 

3.4
Consents of Third Parties. The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated hereby by Seller does not require the consent of any Person or, if required, such consent has or will be obtained
in writing, prior to the Closing.

 

3.5
Actions Pending. There is no action, suit, claim, investigation or proceeding pending or, to the knowledge of Seller, threatened
against Seller, which questions the validity of this Agreement or the transactions contemplated hereby or any action taken or
to be taken pursuant hereto or thereto. There is no action, suit, claim, investigation or proceeding pending or, to the knowledge
of Seller, threatened against or involving Seller or any of the Assets. There are no outstanding orders, judgments, injunctions,
awards or decrees of any court, arbitrator or Governmental Entity against the Seller or any of the Assets.

 

3.6
Title to Assets. The Seller is the sole and exclusive owner of and has good, valid and marketable title to, free and clear
of all Liens, to the Assets, including all Intellectual Property Rights; Seller has not transferred ownership of, or granted any
exclusive or non-exclusive license with respect to, any of the Assets, including any Intellectual Property Rights, to any Person;
and Seller has not permitted the rights of Seller in Intellectual Property Rights to enter into the public domain. The consummation
of the transactions contemplated by this Agreement will not result in the loss or impairment of any of the Intellectual Property
Rights. To the Seller’s knowledge, there are no third parties using any of the Intellectual Property Rights. The Seller
has instituted, maintained and enforced commercially reasonable measures (including the entering into of appropriate written agreements
with present employees and consultants) to maintain the ownership and confidentiality of the Intellectual Property Rights. To
the best of Seller’s knowledge, such Intellectual Property Rights do not infringe upon or otherwise violate the rights of
any third person, and the Seller has not received notice of any such infringement or violation.

 

3.7
Brokers. All negotiations relative to this Agreement and the transactions contemplated hereby have been carried without
the intervention of any person in such a manner as to give rise to any valid claim by any person against Seller for a finder’s
fee, brokerage commission or similar payment.

 

3.8
Investment Representations. The Seller is acquiring the Warrants, and upon the exercise of the Warrants the shares of Buyer’s
Common Stock underlying the Warrants, for its own account with the present intention of holding such securities for purposes of
investment, and it has no intention of distributing the Warrants or the underlying shares of Buyer’s Common Stock, or selling,
transferring or otherwise disposing of either such securities in a public distribution, in any of such instances, in violation
of the federal securities laws of the United States of America. Seller understands that (a) the Warrants and underlying shares
of Buyer’s Common Stock are “restricted securities,” as defined in Rule 144 promulgated under the Securities
Act; (b) such securities not been registered under the Securities Act; (c) the Warrants are being issued in reliance on exemptions
for private offerings contained in Section 4(a)(2) of the Securities Act and the shares of Buyer’s Common Stock will be
issued in reliance on an exemption provided by Section 3(a)(9) of the Securities Act; (d) the Buyer has no any obligation to so
register the Warrants or the underlying shares of Buyer’s Common Stock; and (e) neither the Warrants nor the shares of Buyer’s
Common Stock issuable upon the exercise of the Warrants may be distributed, re-offered or resold except through a valid and effective
registration statement or pursuant to a valid exemption from the registration requirements under the Securities Act. The Warrants
and the certificate evidencing the shares of Buyer’s Common Stock issuable upon the exercise of the Warrants shall each
contain the following legend:

 

    	5

     

    

 

“The
securities evidenced by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”).
Such securities may not be sold, transferred, pledged, hypothecated or otherwise disposed of unless they have been so registered
or CQENS Technologies Inc. shall have received an opinion of counsel satisfactory to it to the effect that registration thereof
for purposes of transfer is not required under the Act or the securities laws of any state.”

 

3.9
Information on the Buyer. The Seller has been provided access via the Commission’s public website at www.sec.gov/EDGAR
with access to copies of Buyer’s Annual Report on Form 10-K for the period ended December 31, 2019 and its other filings
with the Commission, and represents and warrants that it has read and reviewed these reports, together with Buyer’s other
filings with the Commission. The Seller is an accredited investor who has such knowledge and experience in financial, tax and
other business matters as to enable it to evaluate the merits and risks of, and to make an informed investment decision with respect
to, the Warrants and this Agreement. The Seller, either alone or together with its advisors, has such knowledge and experience
in financial, tax, and business matters, and, in particular, investments in securities, so as to enable it to utilize the information
made available to it in connection with the transactions contemplated hereby, to evaluate the merits and risks of an investment
in the Warrants and to make an informed investment decision with respect thereto. The Seller understands that its acquisition
of the Warrants is a speculative investment, and the Seller represents that it is able to bear the risk of such investment for
an indefinite period and can afford a complete loss thereof. The Seller is an Affiliate of the Buyer; the principal executive
officer and control person of the Seller is also a member of the Board of Directors, Chief Executive Officer and principal stockholder
of the Buyer.

 

3.10
Disclosure. The representations, warranties and acknowledgments of Seller set forth herein are true, complete and accurate
in all material respects, do not omit to state any material fact, or omit any fact necessary to make such representations, warranties
and acknowledgments, in light of the circumstances under which they are made, not misleading.

 

4.
Representations and Warranties of the Buyer. The Buyer hereby makes the following representations and warranties to Seller,
as of the date hereof and as of the Closing Date.

 

4.1
Organization and Good Standing. Buyer is a corporation duly incorporated, validly existing and in good standing under the
laws of the jurisdiction of its organization, with full corporate power and authority to own, lease and operate its business and
properties and to carry on business in the places and in the manner as presently conducted or proposed to be conducted. Buyer
is in good standing as a foreign corporation in each jurisdiction in which the properties owned, leased or operated, or the business
conducted, by it requires such qualification except where the failure to so qualify would not have a Material Adverse Effect on
the consummation of the transactions contemplated hereby.

 

    	6

     

    

 

4.2
Authority and Enforcement. Buyer has all requisite corporate power and authority to execute and deliver this Agreement,
and to consummate the transactions contemplated hereby. Buyer has taken all corporate action necessary for the execution and delivery
of this Agreement and the consummation of the transactions contemplated hereby, and this Agreement constitutes the valid and binding
obligation of the Buyer, enforceable against it in accordance with its terms, except as may be affected by bankruptcy, insolvency,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and subject to the qualification
that the availability of equitable remedies is subject to the discretion of the court before which any proceeding therefor may
be brought.

 

4.3
No Conflicts or Defaults. The execution and delivery of this Agreement by Buyer and the consummation of the transactions
contemplated hereby do not and shall not with or without the giving of notice or the passage of time (i) violate, conflict with,
or result in a breach of, or a default or loss of rights under, any covenant, agreement, mortgage, indenture, lease, instrument,
permit or license to which the Buyer is a party, or any judgment, order or decree, or any law, rule or regulation to which the
Buyer is subject, (ii) terminate or give any party the right to terminate, amend, abandon or refuse to perform, any material agreement,
arrangement or commitment, or (iii) have a Material Adverse Effect on the consummation of the transactions contemplated hereby.

 

4.4
Issuance of Warrants; Issuance of Buyer’s Common Stock. The Warrants have been duly authorized, and upon issuance
pursuant to the provisions hereof, will be validly issued, fully paid and non-assessable. Upon issuance of the shares of Buyers
Common Stock, when issued and paid for in accordance with the terms of the Warrants, will be duly and validly issued, fully paid
and nonassessable, free and clear of all Liens imposed by the Buyer.

 

4.5
Actions Pending. There is no action, suit, claim, investigation or proceeding pending or, to the knowledge of the Buyer,
threatened against the Buyer which questions the validity of this Agreement or the transactions contemplated hereby or any action
taken or to be taken pursuant hereto or thereto.

 

5.
Conditions to Closing.

 

5.1
Conditions Precedent to Buyer’s Obligation to Close. The obligation of Buyer to consummate the transactions contemplated
by this Agreement is subject to satisfaction of the following conditions on or prior to the Closing Date:

 

(a)
The representations and warranties of the Seller set forth in Section 3 above shall be true and correct in all material respects
at and as of the Closing Date;

 

(b)
The Seller shall have performed and complied with all of its covenants hereunder and the covenants it has made regarding the Seller
hereunder in all material respects through the Closing Date;

 

(c)
No action, suit, or proceeding shall be pending or threatened before any court or quasi-judicial or administrative agency of any
federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable injunction, judgment, order, decree,
ruling, or charge would (i) prevent or adversely affect Seller’s consummation of any of the transactions contemplated by
this Agreement or (ii) cause any of the transactions contemplated by this Agreement to be rescinded following consummation (and
no such injunction, judgment, order, decree, ruling, or charge shall be in effect);

 

(d)
No material adverse change shall have taken place with respect to the Seller’s business, the Seller or Assets, and no event
shall have occurred that results in a Material Adverse Effect;

 

    	7

     

    

 

(e)
Seller shall have delivered to Buyer a certificate stating that all of the conditions specified above in Section 5.1(a) - (d)
has been complied with; and

 

(f)
All actions to be taken by Seller in connection with consummation of the transactions contemplated hereby and all certificates,
opinions, instruments, and other documents required to effect the transactions contemplated hereby will be reasonably satisfactory
in form and substance to the Buyer.

 

5.2
Conditions Precedent to Seller’s Obligation to Close. The obligation of the Seller to consummate the transactions
contemplated hereby is subject to satisfaction of the following conditions on or prior to the Closing Date:

 

(a)
The representations and warranties of the Buyer set forth in Section 4 above shall be true and correct in all material respects
at and as of the Closing Date;

 

(b)
The Buyer shall have performed and complied with all of its respective covenants hereunder in all material respects through the
Closing Date;

 

(c)
No action, suit, or proceeding shall be pending or threatened before any court or quasi-judicial or administrative agency of any
federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable injunction, judgment, order, decree,
ruling, or charge would (i) prevent or adversely affect Buyer’s consummation of any of the transactions contemplated by
this Agreement or (ii) cause any of the transactions contemplated by this Agreement to be rescinded following consummation (and
no such injunction, judgment, order, decree, ruling, or charge shall be in effect);

 

(d)
No material adverse change shall have taken place with respect to the Buyer, and no event shall have occurred that results in
a Material Adverse Effect;

 

(e)
Buyer shall have delivered to the Seller a certificate to the effect that each of the conditions specified above in Sections 5.2(a)
- (d) has been complied with in all respects; and

 

(f)
All actions to be taken by the Buyer in connection with consummation of the transactions contemplated hereby and all certificates,
opinions, instruments, and other documents required to effect the transactions contemplated hereby will be reasonably satisfactory
in form and substance to Seller.

 

6.
Closing; Closing Date. A closing (the “Closing”) of the transactions contemplated hereby will
take place at the offices of Buyer within three (3) business days following the satisfaction of the Closing conditions described
in Section 5 herein (the “Closing Date”) or at such other place, and on such other date, as the parties
may agree in writing.

 

7.
Documents to be Delivered at the Closing.

 

7.1
Documents to be Delivered by Seller. At the Closing, the Seller shall deliver, or cause to be delivered, to Buyer the following:

 

(a)
the certificate required by Section 5.1(e);

 

(b)
a duly executed bill of sale, dated the Closing Date, transferring to Buyer all of Seller’s right, title and interest in
and to the Assets together with possession of the Assets;

 

    	8

     

    

 

(c)
a duly executed assignment, transferring to Buyer all of Seller’s right, title and interest in and to the contracts, agreements,
contract rights and Intellectual Property included in the Assets, accompanied by any third party consents as may be required;
and

 

(d)
such other certificates, documents and instruments as Buyer may have reasonably requested in connection with the transaction contemplated
hereby.

 

7.2
Documents to be Delivered by Buyer. At the Closing, Buyer shall deliver to Seller the following:

 

(a)
the certificate required by Section 5.2(e);

 

(b)
the Purchase Price; and

 

(c)
such other certificates, documents and instruments as Seller may have reasonably requested in connection with the transaction
contemplated hereby.

 

8.
Further Assurances. If, at any time after the Closing, the parties shall consider or be advised that any further deeds,
assignments or assurances in law or that any other things are necessary, desirable or proper to complete the transactions contemplated
hereby in accordance with the terms of this agreement or to vest, perfect or confirm, of record or otherwise, the title to any
property or rights of the parties hereto, the parties agree that their proper officers and directors shall execute and deliver
all such proper deeds, assignments and assurances in law and do all things necessary, desirable or proper to vest, perfect or
confirm title to such property or rights and otherwise to carry out the purpose of this Agreement, and that the proper officers
and directors the parties are fully authorized to take any and all such action.

 

9.
Indemnification and Related Matters.

 

9.1
Indemnification by Seller. The Seller hereby indemnifies and holds each of Buyer harmless from and against any and all
damages, losses, Liabilities, obligations, costs or expenses incurred by Buyer and arising out of the breach of any representation
or warranty of Seller hereunder, and/or Seller’s failure to perform any covenant or obligation required to be performed
by it hereunder.

 

9.2
Indemnification by Buyer. Buyer hereby indemnify and hold Seller harmless from and against any and all damages, losses,
Liabilities, obligations, costs or expenses incurred by Seller arising out of the breach of any representation or warranty of
Buyer hereunder, and/or Buyer’s failure to perform any covenant or obligation required to be performed by it hereunder.

 

9.3
Procedure for Indemnification. Any party entitled to indemnification under this Section 9 (an “Indemnified
Party”) will give written notice to the indemnifying party of any matters giving rise to a claim for indemnification;
provided, that the failure of any party entitled to indemnification hereunder to give notice as provided herein shall not relieve
the indemnifying party of its obligations under this Section 9 except to the extent that the indemnifying party is actually prejudiced
by such failure to give notice. In case any action, proceeding or claim is brought against an Indemnified Party in respect of
which indemnification is sought hereunder, the indemnifying party shall be entitled to participate in and, unless in the reasonable
judgment of counsel to the Indemnified Party a conflict of interest between it and the indemnifying party may exist with respect
of such action, proceeding or claim, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party.
In the event that the indemnifying party advises an Indemnified Party that it will contest such a claim for indemnification hereunder,
or fails, within 30 days of receipt of any indemnification notice to notify, in writing, such person of its election to defend,
settle or compromise, at its sole cost and expense, any action, proceeding or claim (or discontinues its defense at any time after
it commences such defense), then the Indemnified Party may, at its option, defend, settle or otherwise compromise or pay such
action or claim. In any event, unless and until the indemnifying party elects in writing to assume and does so assume the defense
of any such claim, proceeding or action, the Indemnified Party’s costs and expenses arising out of the defense, settlement
or compromise of any such action, claim or proceeding shall be losses subject to indemnification hereunder. The Indemnified Party
shall cooperate fully with the indemnifying party in connection with any settlement negotiations or defense of any such action
or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified
Party, which relates to such action or claim. The indemnifying party shall keep the Indemnified Party fully apprised at all times
as to the status of the defense or any settlement negotiations with respect thereto. If the indemnifying party elects to defend
any such action or claim, then the Indemnified Party shall be entitled to participate in such defense with counsel of its choice
at its sole cost and expense. The indemnifying party shall not be liable for any settlement of any action, claim or proceeding
affected without its prior written consent. Notwithstanding anything in this Section 9 to the contrary, the indemnifying party
shall not, without the Indemnified Party’s prior written consent, settle or compromise any claim or consent to entry of
any judgment in respect thereof which imposes any future obligation on the Indemnified Party or which does not include, as an
unconditional term thereof, the giving by the claimant or the plaintiff to the Indemnified Party of a release from all liability
in respect of such claim. The indemnity agreements contained herein shall be in addition to (a) any cause of action or similar
rights of the Indemnified Party against the indemnifying party or others, and (b) any liabilities the indemnifying party may be
subject to.

 

    	9

     

    

 

9.4
Time for Assertion. No party to this Agreement shall have any liability (for indemnification or otherwise) with respect
to any representation, warranty or covenant or obligation to be performed and complied hereunder, unless notice of any such liability
is provided on or before thirty-six (36) months from the Closing Date.

 

10.
Termination.

 

10.1
Termination by Mutual Consent. This Agreement may be terminated by mutual consent of the parties, in writing, signed by
each of the parties hereto.

 

10.2
Termination by Buyer. This Agreement may be terminated by Buyer, by written notice to Seller, in the event of a material
breach of any representation or warranty of Seller hereunder, or in the event Seller fails to perform any material covenant or
obligation required to be performed by it hereunder and such failure remains uncured for ten (10) days following such written
notice.

 

10.4
Termination by Seller. This Agreement may be terminated by Seller, by written notice to Buyer, in the event of a material
breach of any representation or warranty of Buyer hereunder, or in the event Buyer fails to perform any material covenant or obligation
required to be performed by it hereunder and such failure remains uncured for ten (10) days following such written notice.

 

10.5
Effect of Termination. Termination of this Agreement under Section 10.02, 10.03 or 10.04 hereof shall not preclude the
parties from pursuing all remedies available to them under applicable law arising by reason of such termination.

 

11.
Miscellaneous.

 

11.1
Expenses. Except as specifically set forth herein, Buyer and the Seller shall bear their own respective expenses incurred
in connection with this Agreement and in connection with all obligations required to be performed by each of them under this Agreement.

 

    	10

     

    

 

11.2
Entire Agreement; No Waiver. This Agreement and any instruments and agreements to be executed pursuant to this Agreement,
sets forth the entire understanding of the parties hereto with respect to its subject matter, merges and supersedes all prior
and contemporaneous understandings with respect to its subject matter and may not be waived or modified, in whole or in part,
except by a writing signed by each of the parties hereto. No waiver of any provision of this Agreement in any instance shall be
deemed to be a waiver of the same or any other provision in any other instance. Failure of any party to enforce any provision
of this Agreement shall not be construed as a waiver of its rights under such provision.

 

11.3
Jurisdiction and Governing Law. This Agreement shall be governed and construed under and in accordance with the laws of
the State of Delaware. Each of the parties hereto expressly and irrevocably (1) agree that any legal suit, action or proceeding
arising out of or relating to this Agreement will be instituted exclusively in United States District Court for the District of
Minnesota, (2) waive any objection they may have now or hereafter to the venue of any such suit, action or proceeding, and (3)
consent to the in person jurisdiction of United States District Court for the District of Minnesota in any such suit, action or
proceeding. Each of the parties hereto further agrees to accept and acknowledge service of any and all process which may be served
in any such suit, action or proceeding in the United States District Court for the District of Minnesota and agree that service
of process upon it mailed by certified mail to its address will be deemed in every respect effective service of process upon it,
in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. THE PARTY PREVAILING
THEREIN SHALL BE ENTITLED TO PAYMENT FROM THE OTHER PARTY HERETO OF ALL OF ITS REASONABLE COUNSEL FEES AND DISBURSEMENTS.

 

11.4
Role of Counsel. Seller acknowledges its understanding that this Agreement was prepared at the request of Buyer by Pearlman
Law Group LLP, its counsel, and that such firm did not represent Seller in conjunction with this Agreement or any of the related
transactions. Seller, as further evidenced by its signature below, acknowledges that it has had the opportunity to obtain the
advice of independent counsel of its choosing prior to its execution of this Agreement and that it has availed itself of this
opportunity to the extent it deemed necessary and advisable.

 

11.5
Construction. Headings contained in this Agreement are for convenience only and shall not be used in the interpretation
of this Agreement. References herein to Articles, Sections and Exhibits are to the articles, sections and exhibits, respectively,
of this Agreement. As used herein, the singular includes the plural, and the masculine, feminine and neuter gender each includes
the others where the context so indicates.

 

11.6
Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given when delivered
personally (including by confirmed legible telecopier transmission) or mailed by certified mail, return receipt requested, or
by overnight mail properly receipted to the parties at the addresses set forth earlier in this Agreement or to such address as
a party may have specified by notice given to the other party pursuant to this provision.

 

11.7
Separability. In the event that any provision hereof would, under applicable law, be invalid or enforceable in any respect,
such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible
with, and permissible under, applicable law. The invalidity or unenforceability of any provision of this Agreement shall not affect
the validity or enforceability of any other provision of this Agreement which shall remain in full force and effect.

 

    	11

     

    

 

11.8
Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and permitted assigns. Nothing in this Agreement shall create or be deemed to create any third party beneficiary rights
in any person or entity not a party to this Agreement. No assignment of this Agreement or of any rights or obligation hereunder
may be made by either party (by operation of law or otherwise) without the prior written consent of the other and any attempted
assignment without the required consent shall be void; provided, however, that no such consent shall be required of Buyer
to assign part or all of its rights under this Agreement to one or more of its subsidiaries or affiliates.

 

11.9
Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but which together shall
constitute one and the same Agreement.

 

	 	CQENS
    Technologies Inc.
	 	 	 
	 	By:
    	/s/
    William P. Bartkowski
	 	 	William
    P. Bartkowski, President and Chief Operating Officer
	 	 	 
	 	Xten
    Capital Group, Inc.
	 	 	 
	 	By:	/s/
    Alexander Chong
	 	 	Alexander
    Chong, Chief Executive Officer

 

    	12

     

    

 

Schedule
2.1

 

ASSETS

 

Subject-Type
/ Country / Patent or Application Number

 

	1.	Lobelia
    Formulation— US No. 8,287,922
	 	 
	2.	Device—
    US No. 8,903,228
	 	 
	3.	Device—US
    No. 9,399,110
	 	 
	4.	Hoodia
    Formulation— US No. 9,962,040
	 	 
	5.	Tobacco
    Formulation— US No. 9,180,092
	 	 
	6.	Device—
    Canada No. 2829043 
	 	 
	7.	Device—
    Peoples Republic of China No. ZL 201280021754.4 
	 	 
	8.	Device—
    Germany EU National Phase No. 2683431 
	 	 
	9.	Device—
    France EU National Phase No. 2683431 
	 	 
	10.	Device—
    United Kingdom EU National Phase No. 2683431 
	 	 
	11.	Device—
    Japan No. 6187936 
	 	 
	12.	Device—
    Mexico No. 356624 
	 	 
	13.	Device—
    South Korea No. 10-2030512 
	 	 
	14.	Device—
    US No. 9,913,950
	 	 
	15.	Device—
    Hong Kong No. 1189364
	 	 
	16.	Melatonin
    Formulation— US No. 9,283,180
	 	 
	17.	Opiate/Analgesic
    Formulation— US No. 9,770,408
	 	 
	18.	Yohimbe
    Formulation (Sexual Aid)— US No. 10,098,918
	 	 
	19.	Device—
    US No. 9,770,564
	 	 
	20.	Device—
    Germany EU National Phase Div. No. 3178510 
	 	 
	21.	Device—
    France EU National Phase Div. No. 3178510 
	 	 
	22.	Device—
    UK EU National Phase Div. No. 3178510 
	 	 
	23.	Device—
    No. 6423905 Japan
	 	 
	24.	Opiate
    Analgesic Formulation— US No. 10,758,582
	 	 
	25.	Opioids/Opiates
    Analgesics Formulation— US No. 10,610,483
	 	 
	26.	Opioid/Opiates
    Analgesics Formulation— US Application 15/716,289 Pending/With Allowance
	 	 
	27.	Device—
    Brazil Application PCT/IB2012/052044 Pending
	 	 
	28.	PDE-5
    Inhibitor Formulation (Sexual Aid)— US Application 16/155,642 Pending
	 	 
	29.	Opioid
    Antidote Formulation – US Application to Be Filed 10.2020

 

    	1

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