Document:

Exhibit 4.5

 

 

	 	 
	Certificate of Continuance	Certificat de prorogation
	Canada Business Corporations Act	Loi canadienne sur les sociétés par actions
	 	 

	The Valens Company Inc.
	 

	Corporate name / Dénomination sociale
	 
	1213944-8

 

	Corporation number / Numéro de société
	 

	I HEREBY CERTIFY that the above-named corporation,
    the articles of continuance of which are attached, is continued under section 187 of the Canada Business Corporations Act
    (CBCA).	 	JE CERTIFIE que la société susmentionnée,
    dont les clauses de prorogation sont jointes, est prorogée en vertu de l'article 187 de la Loi canadienne sur les sociétés
    par actions (LCSA).
	 	 	 

	
	 
	Raymond Edwards
	
	 

	Director / Directeur
	 
	2020-06-18 

	Date of Continuance (YYYY-MM-DD)
	Date de prorogation (AAAA-MM-JJ)
	 
	 
	 
	 

 

    

     

    

 

 

	 	Form 11	Formulaire 11
	 	Articles of Continuance	Clauses de prorogation
	 	Canada Business Corporations Act	Loi canadienne sur les sociétés par
	 	(CBCA) (s. 187)	actions
	 	 	(LCSA) (art. 187)

 

	1	Corporate name

Dénomination sociale
	 	The Valens Company Inc.

 

	2	 	The province or territory in Canada where the registered office is situated

La province ou le territoire au Canada où est situé le siège social
	 	 	ON

 

	3	 	The classes and the maximum number of shares that the corporation is authorized
to issue 

Catégories et le nombre maximal d’actions que la société est autorisée à émettre
	 	 	See attached schedule / Voir l'annexe
ci-jointe

 

	4	 	Restrictions on share transfers 

Restrictions sur le transfert des actions
	 	 	None.

 

	5	 	Minimum and maximum number of directors 

Nombre minimal et maximal d’administrateurs
	 	 	Min. 1 Max. 10

 

	6	 	Restrictions on the business the corporation may carry
                                                                                                  on

                                                                                Limites imposées à l’activité commerciale de la société

	 	 	None.

 

	7	 	(1)	If change of name effected, previous name

	 	 	 	S’il
y a changement de dénomination sociale, indiquer la dénomination sociale antérieure
	 	 	 	Valens GrowWorks Corp.

 

		(2)	Details of incorporation
	 	 	 Détails de la constitution
	 	 	Incorporated under the Companies Act
of British Columbia on January 14, 1981.

 

	8	 	Other Provisions
	 	 	 Autres dispositions
	 	 	See attached schedule / Voir l'annexe
ci-jointe

 

	9	 	Declaration: I certify that I am a director or an officer of the company continuing into the CBCA.
	 	 	Déclaration : J’atteste
que je suis un administrateur ou un dirigeant de la société se prorogeant sous le régime de la LCSA.

 

	 	Original signed by / Original signé par
	 	Chris Buysen
	 	Chris Buysen

 

	Misrepresentation constitutes an offence and, on summary
conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection
250(1) of the CBCA).
	 
	Faire une fausse déclaration constitue une infraction
et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d’une amende maximale de
5 000 $ et d’un emprisonnement maximal de six mois, ou l’une de ces peines (paragraphe 250(1) de la LCSA).
	 
	You are providing information required by the CBCA. Note
that both the CBCA and the Privacy Act allow this information to be disclosed to the public. It will be stored in personal information
bank number IC/PPU-049.
	 
	Vous fournissez des renseignements exigés par la
LCSA. Il est à noter que la LCSA et la Loi sur les renseignements personnels permettent que de tels renseignements soient
divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049.

 

		IC 3247 (2008/04)

 

    

     

    

 

Schedule / Annexe

Description of Classes
of Shares / Description des catégories d'action

 

An unlimited number of common shares and an unlimited number of Preferred
shares issuable in series. Any classes of shares authorized and unissued prior to continuance shall be deleted in their entirety.

 

The rights, privileges, restrictions and conditions attaching to the
common shares and the Preferred shares issuable in series are as follows:

 

Section 1 Preferred Shares

 

The Preferred Shares shall, as a class, carry and be subject to the
rights, privileges, restrictions, conditions and designations hereinafter set forth:

 

		(1)	Issuable in Series

 

The Preferred Shares may be issued from time to time in one or more
series composed of such number of shares and with such preferred, deferred or other special rights, privileges, restrictions, conditions
and designations attached thereto as shall be fixed hereby or from time to time before issuance by any resolution or resolutions providing
for the issue of the shares of any series which may be passed by the directors of the Corporation and confirmed and declared by articles
of amendment including, without limiting the generality of the foregoing:

 

(a)           the rate, amount
or method of calculation of any dividends, and whether such rate, amount or method of calculation shall be subject to change or
adjustment in the future, the currency or currencies of payment, the date or dates and place or places of payment thereof and the
date or dates from which any such dividends shall accrue, provided always that dividends on each series of Preferred Shares shall be
non-cumulative;

 

		(b)	any right of redemption and/or purchase and the redemption or
purchase prices and terms and conditions of any such right;

 

		(c)	any right of retraction vested in the holders of Preferred Shares
of such series and the prices and terms and conditions of any such rights;

 

		(d)	any rights upon dissolution, liquidation or winding-up of the
Corporation;

 

		(e)	any voting rights; and

 

		(f)	any other provisions attaching to any such series of Preferred
Shares.

 

    

     

    

 

		(2)	Priority

 

No rights, privileges, restrictions or conditions attached to any
series of Preferred Shares shall confer upon the shares of such series a priority in respect of dividends or distribution of assets
or return of capital in the event of the liquidation, dissolution or winding up of the Corporation over the shares of any other
series of Preferred Shares. The Preferred Shares of each series shall, with respect to the payment of dividends and the distribution
of assets or return of capital in the event of liquidation, dissolution or winding-up of the Corporation, whether voluntary or
involuntary, rank on a parity with the Preferred Shares of every other series and be entitled to a preference and priority over the
common shares and over any other shares of the Corporation ranking junior to the Preferred Shares.

 

		(3)	Notices and Voting

 

Subject to the rights, privileges, restrictions and conditions that
may be attached to a particular series of Preferred Shares by the directors of the Corporation in accordance with section l of the conditions
attaching to the Preferred Shares, the holders of a series of Preferred Shares shall not, as such, be entitled to receive notice of or
to attend meetings of the shareholders of the Corporation nor shall they have any voting rights for the election of directors or for any
other purpose (except where the holders of a specified class are entitled to vote separately as a class as provided in the Canada Business
Corporations Act) (the “Act”). The holders of the class or a series of Preferred Shares shall not be entitled to vote separately
as a class or series or to dissent upon a proposal to amend the articles of the Corporation to:

 

(i)            Increase or
decrease any maximum number of authorized shares of such class, or increase any maximum number of authorized shares of a class
having rights or privileges equal or superior to the shares of such class; or

 

		(ii)	Effect an exchange, reclassification or cancellation of all
or part of the shares of such class; or

 

		(iii)	Create a new class of shares equal or superior to the shares
of such class.

 

		(4)	Purchase for Cancellation

 

Subject to the rights, privileges, restrictions and conditions that
may be attached to a particular series of Preferred Shares by the directors of the Corporation in accordance with section 1 of the conditions
attaching to the Preferred Shares, the Corporation may at any time or from time to time purchase for cancellation the whole or any part
of the Preferred Shares outstanding at such time at the lowest price at which, in the opinion of the directors, such shares are then obtainable
but such price or prices shall not in any case exceed the redemption price current at the time of purchase for the shares of the particular
series purchased plus costs of purchase together with all dividends declared thereon and unpaid. In the case of the purchase for cancellation
by private contract, the Corporation shall not be required to purchase Preferred Shares from all holders or series of Preferred Shares
or to offer to purchase the shares of any other class or any series of shares before proceeding to purchase from any one holder of Preferred
Shares nor shall it be required to make purchases from holders of Preferred Shares on a pro rata basis.

 

    

     

    

 

		(5)	Redemption

 

Subject to the rights, privileges, restrictions and conditions
that may be attached to a particular series of Preferred Shares by the directors of the Corporation in accordance with section 1 of
the conditions attaching to the Preferred Shares, the Corporation may, at its option, redeem all or from time to time any part of
the outstanding Preferred Shares on payment to the holders thereof, for each share to be redeemed, the redemption price per share,
together with all dividends declared thereon and unpaid. Before redeeming any Preferred Shares the Corporation shall mail to each
person who, at the date of such mailing, is a registered holder of shares to be redeemed, notice of the intention of the Corporation
to redeem such shares held by such registered holder; such notice shall be mailed by ordinary prepaid post addressed to the last
address of such holder as it appears on the records of the Corporation or, in the event of the address of any such holder not
appearing on the records of the Corporation, then to the last known address of such holder, at least 30 days before the date
specified for redemption; such notice shall set out the date on which redemption is to take place and, if part only of the shares
held by the person to whom it is addressed is to be redeemed, the number thereof so to be redeemed; on or after the date so
specified for redemption the Corporation shall pay or cause to be paid the redemption price together with all dividends declared
thereon and unpaid to the registered holders of the shares to be redeemed, on presentation and surrender of the certificates for the
shares so called for redemption at such place or places as may be specified in such notice, and the certificates for such shares
shall thereupon be cancelled, and the shares represented thereby shall thereupon be redeemed. In case a part only of the outstanding
Preferred Shares is at any time to be redeemed, the shares to be redeemed shall be selected, at the option of the directors, either
by lot in such manner as the directors in their sole discretion shall determine or as nearly as may be pro rata (disregarding
fractions) according to the number of Preferred Shares held by each holder. In case a part only of the Preferred Shares represented
by any certificate shall be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and
after the date specified for redemption in such notice, the holders of the shares called for redemption shall cease to be entitled
to dividends and shall not be entitled to any rights in respect thereof, except to receive the redemption price together with all
dividends declared thereon prior to the date specified for redemption and unpaid, unless payment of the redemption price and such
dividends shall not be made by the Corporation in accordance with the foregoing provisions, in which case the rights of the holders
of such shares shall remain unimpaired. On or before the date specified for redemption the Corporation shall have the right to
deposit the redemption price of the shares called for redemption, together with all dividends declared thereon prior to the date
specified for redemption and unpaid, in a special account with any chartered bank or trust company in Canada named in the notice of
redemption, such redemption price and dividends to be paid to or to the order of the respective holders of such shares called for
redemption upon presentation and surrender of the certificates representing the same and, upon such deposit being made, the shares
in respect whereof such deposit shall have been made shall be redeemed and the rights of the several holders thereof, after such
deposit, shall be limited to receiving, out of the moneys so deposited, without interest, the redemption price together with all
dividends declared thereon prior to the date specified for redemption and unpaid, applicable to their respective shares against
presentation and surrender of the certificates representing such shares.

 

    

     

    

 

		(6)	Retraction

 

6.1 Rights of Retraction - Subject to the rights, privileges,
restrictions and conditions that may be attached to a particular series of Preferred Shares by the directors of the Corporation in
accordance with section 1 of the conditions attaching to the Preferred Shares and to section 6.2 below, a holder of Preferred Shares
shall be entitled to require the Corporation to redeem at any time and from time to time after the date of issue of any Preferred
Shares, upon giving notice as hereinafter provided, all or any number of the Preferred Shares registered in the name of such holder
on the books of the Corporation at the redemption price per share, together with all dividends declared thereon and unpaid. A holder
of Preferred Shares exercising his option to have the Corporation redeem, shall give notice to the Corporation, which notice shall
set out the date on which the Corporation is to redeem, which date shall not be less than 10 days nor more than 30 days from the
date of mailing of the notice, and if the holder desires to have less than all of the Preferred Shares registered in his name
redeemed by the Corporation, the number of the holder's shares to be redeemed. The date on which the redemption at the option of the
holder is to occur is hereafter referred to as the "option redemption date". The holder of any Preferred Shares may, with
the consent of the Corporation, revoke such notice prior to the option redemption date. Upon delivery to the Corporation of a share
certificate or certificates representing the Preferred Shares which the holder desires to have the Corporation redeem, the
Corporation shall, on the option redemption date, redeem such Preferred Shares by paying to the holder the redemption price therefor
together with all dividends declared thereon and unpaid. Upon payment of the redemption price of the Preferred Shares to be redeemed
by the Corporation together with all dividends declared thereon and unpaid, the holders thereof shall cease to be entitled to
dividends or to exercise any rights of holders in respect thereof.

 

6.2 Partial Redemptions - If the redemption by the Corporation on any
option redemption date of all of the Preferred Shares to be redeemed on such date would be contrary to any provisions of the Act or any
other applicable law, the Corporation shall be obligated to redeem only the maximum number of Preferred Shares which the Corporation determines
it is then permitted to redeem, such redemptions to be made pro rata (disregarding fractions of shares) according to the number of Preferred
Shares required by each such holder to be redeemed by the Corporation and the Corporation shall issue new certificates representing the
Preferred Shares not redeemed by the Corporation; the Corporation shall, before redeeming any other Preferred Shares, redeem in the manner
contemplated by section 5 of the conditions attaching to the Preferred Shares on the first day of each month thereafter the maximum number
of such Preferred Shares so required by holders to be redeemed as would not then by contrary to any provisions of the Act or any other
applicable law, until all of such shares have been redeemed, provided that the Corporation shall be under no obligation to give any notice
to the holders of the Preferred Shares in respect of such redemption or redemptions as provided for in section 5 of the conditions attaching
to the Preferred Shares.

 

		(7)	Liquidation, Dissolution and Winding-up

 

Subject to the rights, privileges, restrictions and conditions that
may be attached to a particular series of Preferred Shares by the directors of the Corporation in accordance with section 1 of the conditions
attaching to the Preferred Shares, in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or
involuntary, the holders of the Preferred Shares shall be entitled to receive, before any distribution of any part of the assets of the
Corporation among the holders of any other shares, for each Preferred Share, an amount equal to the redemption price of such share and
any dividends declared thereon and unpaid and no more.

 

    

     

    

 

Section 2     Common Shares

 

Subject to the prior rights of the holders of the Preferred Shares,
the rights, privileges, restrictions, conditions attaching to the common shares are as follows:

 

(1)                 Dividends

 

Subject to the prior rights of the holders of the Preference shares,
the holders of the common shares shall be entitled to receive and the Corporation shall pay thereon, as and when declared by the board
of directors of the Corporation, such dividends as the board of directors of the Corporation may from time to time declare, in their absolute
discretion.

 

(2)                  Liquidation, Dissolution or Winding-up

 

Subject to the prior rights of the holders of
the Preferred Shares, in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary,
the holders of the common shares shall be entitled to receive the remaining property of the Corporation.

 

(3)                  Notice and Voting

 

The holders of the common shares shall be entitled
to receive notice of and to attend and vote at all meetings of the shareholders of the Corporation (except where the holders of a specified
class or series are entitled to vote separately as a class or series as provided in the Act) and each common share shall confer the right
to 1 vote in person or by proxy at all meetings of shareholders of the Corporation.

 

    

     

    

 

Schedule / Annexe

Other Provisions / Autres
dispositions

 

The directors of the Corporation may appoint one or more directors
of the Corporation but the total number of directors so appointed may not exceed one third of the number of directors elected at the previous
annual meeting of shareholders of the Corporation. Any directors of the Corporation appointed pursuant to the previous sentence shall
hold office for a term expiring not later than the close of the next annual meeting of shareholders.

 

    

     

    

 

 

	 	Form 2	Formulaire 2
	 	Initial Registered Office Address	Siège social initial et premier
	 	and First Board of Directors	conseil d’administration
	 	Canada Business Corporations Act	Loi canadienne sur les sociétés par
	 	(CBCA) (s. 19 and 106)	actions (LCSA) (art. 19 et 106)

 

	1	Corporate name
	 	Dénomination sociale
	 	The Valens Company Inc.

 

	2	Address
                                            of registered office
	 	Adresse du siège social
	 	409 King
St. W., 5th Floor 
	 	Toronto ON M5V 1K1

 

	3	Additional
                                     address
	 	Autre adresse

 

	4	Members
                                            of the board of directors 
	 	Membres du conseil d’administration
	 	See attached schedule / Voir l’annexe ci-jointe

 

	5	Declaration:
                                            I certify that I have relevant knowledge and that I am authorized to sign this form.
	 	Déclaration
: J’atteste que je possède une connaissance suffisante et que je suis autorisé(e) à signer le présent
formulaire.

 

	 	Original signed by / Original signé par
	 	Chris Buysen
	 	 
	 	Chris Buysen
	 	1-778-755-0052

 

	Misrepresentation constitutes an offence and, on summary
conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection
250(1) of the CBCA).
	 
	Faire une fausse déclaration constitue une infraction
et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d’une amende maximale de
5 000 $ et d’un emprisonnement maximal de six mois, ou l’une de ces peines (paragraphe 250(1) de la LCSA).
	 
	You are providing information required by the CBCA. Note
that both the CBCA and the Privacy Act allow this information to be disclosed to the public. It will be stored in personal information
bank number IC/PPU-049.
	 
	Vous fournissez des renseignements exigés par la
LCSA. Il est à noter que la LCSA et la Loi sur les renseignements personnels permettent que de tels renseignements soient
divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049.

 

 

IC 2904 (2008/04)

 

    

     

    

 

Schedule / Annexe

Members of the board of directors / Membres du conseil
d’administration

 

	 	 	Resident Canadian
	 	 	Résident Canadien
	 	 	 
	 	 	Yes / Oui 
	A. Tyler Robson	409 King St. W., 5th
Floor, Toronto ON	 
	 	M5V 1K1, Canada	 
	 	 	 
	Ashely McGrath	409 King St. W., 5th Floor, Toronto ON	Yes / Oui
	 	M5V 1K1, Canada	 
	 	 	 
	Nitin Kaushal	409 King St. W., 5th Floor, Toronto ON	Yes / Oui
	 	M5V 1K1, Canada	 
	 	 	 
	Deepak Anand	409 King St. W., 5th Floor, Toronto ON	Yes / Oui
	 	M5V 1K1, Canada	 
	 	 	 
	Karin A. McCaskill	409 King St. W., 5th Floor, Toronto ON	Yes / Oui
	 	M5V 1K1, Canada	 
	 	 	 
	Andrew Cockwell	409 King St. W., 5th Floor, Toronto ON	Yes / Oui
	 	M5V 1K1, Canada	 
	 	 	 
	Renee Merrifield	409 King St. W., 5th Floor, Toronto ON	Yes / Oui
	 	M5V 1K1, Canada	 

 

    

     

    

 

THE VALENS COMPANY INC.

 

BY-LAW NO. 1

 

ARTICLE 1

INTERPRETATION

 

Section 1.1     Definitions.

 

As used in this by-law, the following terms have the following
meanings:

 

“Act” means the Canada
Business Corporations Act and the regulations under the Act, all as amended, re-enacted or replaced from time to time.

 

“Authorized Signatory” has the meaning
specified in Section 2.2.

 

“Corporation” means The Valens Company
Inc.

 

“person” means a
natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability company, unlimited liability
company, joint stock company, trust, unincorporated association, joint venture or other entity or governmental or regulatory entity, and
pronouns have a similarly extended meaning.

 

“recorded address”
means (i) in the case of a shareholder or other securityholder, the shareholder’s or securityholder’s latest address
as shown in the records of the

 

Corporation, (ii) in the case of
joint shareholders or other joint securityholders, the address appearing in the records of the Corporation in respect of the joint holding
or, if there is more than one address in respect of the joint holding, the first address that appears, and (iii) in the case of a
director, officer or auditor, the person’s latest address as shown in the records of the Corporation or, if applicable, the last
notice filed with the Director under the Act, whichever is the most recent.

 

“show of hands” means,
in connection with a meeting, a show of hands by persons present at the meeting, the functional equivalent of a show of hands by telephonic,
electronic or other means of communication and any combination of such methods.

 

Terms used in this by-law that are defined in
the Act have the meanings given to such terms in the Act.

 

Section 1.2     Interpretation.

 

The division of this by-law
into Articles, Sections and other subdivisions and the insertion of headings are for convenient reference only and do not affect its interpretation.
Words importing the singular number include the plural and vice versa. Any reference in this by-law to gender includes all genders. In
this by-law the words “including”, “includes” and “include” means “including (or includes or
include) without limitation”.

 

    

    - 2 -

    

 

Section 1.3     Subject
to Act and Articles.

 

This by-law is subject to,
and should be read in conjunction with, the Act and the articles. If there is any conflict or inconsistency between any provision of the
Act or the articles and any provision of this by-law, the provision of the Act or the articles will govern.

 

Section 1.4     Conflict
With Unanimous Shareholder Agreement.

 

If there is any conflict or
inconsistency between any provision of a unanimous shareholder agreement and any provision of this by-law, the provision of such unanimous
shareholder agreement will govern.

 

ARTICLE 2

BUSINESS OF THE CORPORATION

 

Section 2.1     Financial
Year.

 

The financial year of the
Corporation ends on such date of each year as the directors determine from time to time.

 

Section 2.2     Execution
of Instruments and Voting Rights.

 

Contracts, documents and instruments
may be signed on behalf of the Corporation, either manually or by facsimile or by electronic means, (i) by any one of the following:
a director, the chair of the board, the president, the chief executive officer, the chief financial officer, a vice-president or the corporate
secretary; or (ii) by any other person authorized by the directors from time to time (each Person referred to in (i) and (ii) is
an “Authorized Signatory”). Voting rights for securities held by the Corporation may be exercised on behalf of the
Corporation by any one Authorized Signatory. In addition, the directors may, from time to time, authorize any person or persons (i) to
sign contracts, documents and instruments generally on behalf of the Corporation or to sign specific contracts, documents or instruments
on behalf of the Corporation and (ii) to exercise voting rights for securities held by the Corporation generally or to exercise voting
rights for specific securities held by the Corporation. Any Authorized Signatory, or other person authorized to sign any contract, document
or instrument on behalf of the Corporation, may affix the corporate seal, if any, to any contract, document or instrument when required.

 

As used in this Section, the
phrase “contracts, documents and instruments” means any and all kinds of contracts, documents and instruments in written or
electronic form, including cheques, drafts, orders, guarantees, notes, acceptances and bills of exchange, deeds, mortgages, hypothecs,
charges, conveyances, transfers, assignments, powers of attorney, agreements, proxies, releases, receipts, discharges and certificates
and all other paper writings or electronic writings.

 

Section 2.3     Banking
Arrangements.

 

The banking and
borrowing business of the Corporation or any part of it may be transacted with such banks, trust companies or other firms or
corporations as the directors determine from time to time. All such banking and borrowing business or any part of it may be
transacted on the Corporation’s behalf under the agreements, instructions and delegations, and by the one or more officers and
other persons, that the directors authorize from time to time. This paragraph does not limit in any way the authority granted under
Section 2.2.

 

    

    - 3 -

    

 

ARTICLE 3

DIRECTORS

 

Section 3.1     Number
of Directors.

 

If the articles specify a
minimum and a maximum number of directors, the number of directors is the number within the minimum and maximum determined by the directors
from time to time. No decrease in the number of directors will shorten the term of an incumbent director. Where the number of directors
has not been determined as provided in this section, the number of directors is the number of directors holding office immediately following
the most recent election or appointment of directors, whether at an annual or special meeting of the shareholders, or by the directors
pursuant to the Act.

 

Section 3.2     Place
of Meetings.

 

Meetings of directors may be held at any place in or outside
Canada.

 

Section 3.3     Calling
of Meetings.

 

The chair of the board, the
president, the chief executive officer or any two or more directors may call a meeting of the directors at any time. Meetings of directors
will be held at the time and place as the person(s) calling the meeting determine.

 

Section 3.4     Regular
Meetings.

 

The directors may establish
regular meetings of directors. Any resolution establishing such meetings will specify the dates, times and places of the regular meetings
and will be sent to each director.

 

Section 3.5     Notice
of Meeting.

 

Subject to this section, notice
of the time and place of each meeting of directors will be given to each director not less than 24 hours before the time of the meeting.
No notice of meeting is required for any regularly scheduled meeting except where the Act requires the notice to specify the purpose of,
or the business to be transacted at, the meeting. Provided a quorum of directors is present, a meeting of directors may be held, without
notice, immediately following the annual meeting of shareholders.

 

The accidental omission to
give notice of any meeting of directors to, or the non-receipt of any notice by, any person, or any error in any notice not affecting
the substance of the notice, does not invalidate any resolution passed or any action taken at the meeting.

 

Section 3.6     Waiver
of Notice.

 

A director may waive
notice of a meeting of directors, any irregularity in a notice of meeting of directors or any irregularity in a meeting of
directors. Such waiver may be given in any manner and may be given at any time either before or after the meeting to which the
waiver relates. Waiver of any notice of a meeting of directors cures any irregularity in the notice, any default in the giving of
the notice and any default in the timeliness of the notice.

 

    

    - 4 -

    

 

Section 3.7     Quorum.

 

A majority of the number of
directors in office or such greater or lesser number as the directors may determine from time to time, constitutes a quorum at any meeting
of directors. Notwithstanding any vacancy among the directors, a quorum of directors may exercise all the powers of the directors.

 

Section 3.8     Meeting
by Telephonic, Electronic or Other Communication Facility.

 

If all the directors of the
Corporation present at or participating in a meeting of directors’ consent, a director may participate in such meeting by means
of a telephonic, electronic or other communication facility. A director participating in a meeting by such means is deemed to be present
at the meeting. Any consent is effective whether given before or after the meeting to which it relates and may be given with respect to
all meetings of the directors.

 

Section 3.9     Chair.

 

The chair of any meeting of
directors is the first mentioned of the following officers that is a director and is present at the meeting:

 

		(a)	the chair of the board; or

 

		(b)	the president.

 

If no such person is present at the meeting, the
directors present shall choose one of their number to chair the meeting.

 

Section 3.10     Secretary.

 

The corporate secretary, if
any, will act as secretary at meetings of directors. If a corporate secretary has not been appointed or the corporate secretary is absent,
the chair of the meeting will appoint a person, who need not be a director, to act as secretary of the meeting.

 

Section 3.11     Votes
to Govern.

 

At all meetings of directors,
every question shall be decided by a majority of the votes cast. In case of an equality of votes, the chair of the meeting is not entitled
to a second or casting vote.

 

Section 3.12     Remuneration
and Expenses.

 

The directors may
determine from time to time the remuneration, if any, to be paid to a director for his or her services as a director. The directors
are also entitled to be reimbursed for travelling and other out-of-pocket expenses properly incurred by them in attending directors
meetings, committee meetings and shareholders meetings and in the performance of other duties of directors of the Corporation. The
directors may also award additional remuneration to any director undertaking special services on the Corporation’s behalf
beyond the services ordinarily required of a director by the Corporation.

 

    

    - 5 -

    

 

A director may be employed
by or provide services to the Corporation otherwise than as a director. Such a director may receive remuneration for such employment or
services in addition to any remuneration paid to the director for his or her services as a director.

 

ARTICLE 4

COMMITTEES

 

Section 4.1     Committees
of Directors.

 

The directors may appoint
from their number one or more committees and delegate to such committees any of the powers of the directors except those powers that,
under the Act, a committee of directors has no authority to exercise.

 

Section 4.2     Proceedings.

 

Meetings of committees of
directors may be held at any place in or outside Canada. At all meetings of committees, every question shall be decided by a majority
of the votes cast on the question. Unless otherwise determined by the directors, each committee of directors may make, amend or repeal
rules and procedures to regulate its meetings including: (i) fixing its quorum, provided that quorum may not be less than a
majority of its members; (ii) procedures for calling meetings; (iii) requirements for providing notice of meetings; (iv) selecting
a chair for a meeting; and (v) determining whether the chair will have a deciding vote in the event there is an equality of votes
cast on a question.

 

Subject to a committee of
directors establishing rules and procedures to regulate its meetings, Section 3.2 to Section 3.11 inclusive apply to committees
of directors, with such changes as are necessary.

 

ARTICLE 5

OFFICERS

 

Section 5.1     Appointment
of Officers.

 

The directors may appoint
such officers of the Corporation as they deem appropriate from time to time. The officers may include any of a chair of the board, a president,
a chief executive officer, one or more vice-presidents, a chief financial officer, a corporate secretary and a treasurer and one or more
assistants to any of the appointed officers. No person may be the chair of the board unless that person is a director.

 

Section 5.2     Powers
and Duties.

 

Unless the directors
determine otherwise, an officer has all powers and authority that are incident to his or her office. An officer will have such other
powers, authority, functions and duties that are prescribed or delegated, from time to time, by the directors, or by other
officers if authorized to do so by the directors. The directors or authorized officers may, from time to time, vary, add to or limit
the powers and duties of any officer.

 

    

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Section 5.3     Chair
of the Board.

 

If appointed, the chair of
the board will preside at directors meetings and shareholders meetings in accordance with Section 3.9 and Section 7.9, respectively.
The chair of the board will have such other powers and duties as the directors determine.

 

Section 5.4     President.

 

If appointed, the president
of the Corporation will have general powers and duties of supervision of the business and affairs of the Corporation. The president will
have such other powers and duties as the directors determine. Subject to Section 3.10 and Section 7.9, during the absence or
disability of the corporate secretary or the treasurer, or if no corporate secretary or treasurer has been appointed, the president will
also have the powers and duties of the office of corporate secretary and treasurer, as the case may be.

 

Section 5.5     Corporate
Secretary.

 

If appointed, the corporate
secretary will have the following powers and duties: (i) the corporate secretary will give or cause to be given, as and when instructed,
notices required to be given to shareholders, directors, officers, auditors and members of committees of directors; (ii) the corporate
secretary may attend at and be the secretary of meetings of directors, shareholders, and committees of directors and will have the minutes
of all proceedings at such meetings entered in the books and records kept for that purpose; and (iii) the corporate secretary will
be the custodian of any corporate seal of the Corporation and the books, papers, records, documents, and instruments belonging to the
Corporation, except when another officer or agent has been appointed for that purpose. The corporate secretary will have such other powers
and duties as the directors or the president of the Corporation determine.

 

Section 5.6     Treasurer.

 

If appointed, the treasurer
of the Corporation will have the following powers and duties: (i) the treasurer will ensure that the Corporation prepares and maintains
adequate accounting records in compliance with the Act; (ii) the treasurer will also be responsible for the deposit of money, the
safekeeping of securities and the disbursement of the funds of the Corporation; and (iii) at the request of the directors, the treasurer
will render an account of the Corporation’s financial transactions and of the financial position of the Corporation.

 

The treasurer will have such other powers and
duties as the directors or the president of the Corporation determine.

 

Section 5.7     Removal
of Officers.

 

The directors may remove an
officer from office at any time, with or without cause. Such removal is without prejudice to the officer's rights under any employment
contract with the Corporation.

 

    

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ARTICLE 6

PROTECTION OF DIRECTORS, OFFICERS AND OTHERS

 

Section 6.1     Limitation
of Liability.

 

Subject to the Act and other
applicable law, no director or officer is liable for: (i) the acts, omissions, receipts, failures, neglects or defaults of any other
director, officer or employee; (ii) joining in any receipt or other act for conformity; (iii) any loss, damage or expense happening
to the Corporation through the insufficiency or deficiency of title to any property acquired for or on behalf of the Corporation; (iv) the
insufficiency or deficiency of any security in or upon which any of the monies of the Corporation shall be invested; (v) any loss
or damage arising from the bankruptcy, insolvency or tortious acts of any person with whom any of the monies, securities or effects of
the Corporation shall be deposited; or (vi) any loss occasioned by any error of judgment or oversight on his part, or for any other
loss, damage or misfortune whatever which shall happen in the execution of the duties of his office or in relation to his office.

 

Section 6.2     Indemnity.

 

The Corporation will indemnify
to the fullest extent permitted by the Act (i) any director or officer of the Corporation, (ii) any former director or officer
of the Corporation,

 

(iii) any individual who acts or acted at
the Corporation’s request as a director or officer, or in a similar capacity, of another entity, and (iv) their respective
heirs and legal representatives. The Corporation is authorized to execute agreements in favour of any of the foregoing persons
evidencing the terms of the indemnity. Nothing in this by-law limits the right of any person entitled to indemnity to claim indemnity
apart from the provisions of this by-law.

 

Section 6.3     Insurance.

 

The Corporation may purchase
and maintain insurance for the benefit of any person referred to in Section 6.2 against such liabilities and in such amounts as the
directors may determine and as are permitted by the Act.

 

ARTICLE 7

SHAREHOLDERS

 

Section 7.1     Calling
Annual and Special Meetings.

 

The board of directors (by
way of a resolution passed at a meeting where there is a quorum of directors or by way of written resolution signed by all directors)
have the power to call annual meetings of shareholders and special meetings of shareholders. Two or more of the directors, the chair of
the board or the president may also call meetings of shareholders provided that the business to be transacted at such meeting has been
approved by the board. Annual meetings of shareholders and special meetings of shareholders will be held on the date and at the time and
place within Canada as the directors shall determine or at any place outside Canada that may be specified in the articles or agreed to
by all of the shareholders entitled to vote at the meeting.

 

    

    - 8 -

    

 

Section 7.2     Electronic
Meetings.

 

Meetings of shareholders may
be held entirely by means of telephonic, electronic or other communications facility that permits all participants to communicate adequately
with each other during the meeting. The directors may establish procedures regarding the holding of meetings of shareholders by such means.

 

Section 7.3     Notice
of Meetings.

 

If the Corporation is not
a distributing corporation, then the time period to provide notice of the time and place of a meeting of shareholders is not less than
48 hours and not more than sixty (60) days before the meeting. If the Corporation is a distributing corporation, then the time period
to provide notice of the time and place of a meeting of shareholders is not less than twenty-one (21) days and not more than sixty (60)
days before the meeting.

 

The accidental omission to
give notice of any meeting of shareholders to, or the non-receipt of any notice by, any person, or any error in any notice not affecting
the substance of the notice, does not invalidate any resolution passed or any action taken at the meeting.

 

Section 7.4     Waiver
of Notice.

 

A shareholder, a proxyholder,
a director or the auditor and any other person entitled to attend a meeting of shareholders may waive notice of a meeting of shareholders,
any irregularity in a notice of meeting of shareholders or any irregularity in a meeting of shareholders. Such waiver may be waived in
any manner and may be given at any time either before or after the meeting to which the waiver relates. Waiver of any notice of a meeting
of shareholders cures any irregularity in the notice, any default in the giving of the notice and any default in the timeliness of the
notice.

 

Section 7.5     Representatives.

 

A representative of a shareholder
that is a body corporate or an association will be recognized if (i) a certified copy of the resolution of the directors or governing
body of the body corporate or association, or a certified copy of an extract from the by-laws of the body corporate or association, authorizing
the representative to represent the body corporate or association is deposited with the Corporation, or (ii) the authorization of
the representative is established in another manner that is satisfactory to the corporate secretary or the chair of the meeting.

 

Section 7.6     Persons
Entitled to be Present.

 

The only persons entitled
to be present at a meeting of shareholders are those persons entitled to vote at the meeting, the directors, the officers, the auditor
of the Corporation and others who, although not entitled to vote, are entitled or required under any provision of the Act or the articles
or by-laws to be present at the meeting. Any other person may be admitted with the consent of the chair of the meeting or the persons
present who are entitled to vote at the meeting.

 

    

    - 9 -

    

 

Section 7.7     Quorum.

 

A quorum of shareholders is
present at a meeting of shareholders if the holders of not less than 25% of the shares entitled to vote at the meeting are present in
person or represented by proxy (including electronically), irrespective of the number of persons actually present at the meeting.

 

Section 7.8     Proxies.

 

A proxy shall comply with
the applicable requirements of the Act and other applicable law and will be in such form as the directors may approve from time to time
or such other form as may be acceptable to the chair of the meeting at which the instrument of proxy is to be used. A proxy will be acted
on only if it is deposited with the Corporation or its agent prior to the time specified in the notice calling the meeting at which the
proxy is to be used or it is deposited with the corporate secretary, a scrutineer or the chair of the meeting or any adjournment of the
meeting prior to the time of voting.

 

Section 7.9     Chair,
Secretary and Scrutineers.

 

The chair of any meeting of
shareholders is the first mentioned of the following officers that is present at the meeting:

 

		(a)	the chair of the board;

 

		(b)	the president; or

 

		(c)	a vice-president (in order of corporate seniority).

 

If no such person is present at the meeting, the
persons present who are entitled to vote shall choose a director who is present, or a shareholder who is present, to chair the meeting.

 

The corporate secretary, if
any, will act as secretary at meetings of shareholders. If a corporate secretary has not been appointed or the corporate secretary is
absent, the chair of the meeting will appoint a person, who need not be a shareholder, to act as secretary of the meeting.

 

If desired, the chair of the
meeting may appoint one or more persons, who need not be shareholders, to act as scrutineers at any meeting of shareholders. The scrutineers
will assist in determining the number of shares held by persons entitled to vote who are present at the meeting and the existence of a
quorum. The scrutineers will also receive, count and tabulate ballots and assist in determining the result of a vote by ballot, and do
such acts as are necessary to conduct the vote in an equitable manner. The decision of a majority of the scrutineers shall be conclusive
and binding upon the meeting and a declaration or certificate of the scrutineers will be conclusive evidence of the facts declared or
stated in it.

 

Section 7.10     Procedure.

 

The chair of a meeting
of shareholders will conduct the meeting and determine the procedure to be followed at the meeting. The chair’s decision on
all matters or things, including any questions regarding the validity or invalidity of a form of proxy or other instrument
appointing a proxy, shall be conclusive and binding upon the meeting of shareholders.

 

    

    - 10 -

    

 

Section 7.11     Manner
of Voting.

 

Subject to the Act and other
applicable law, any question at a meeting of shareholders shall be decided by a show of hands, unless a ballot on the question is required
or demanded. Subject to the Act and other applicable law, the chair of the meeting may require a ballot or any person who is present and
entitled to vote may demand a ballot on any question at a meeting of shareholders. The requirement or demand for a ballot may be made
either before or after any vote on the question by a show of hands. A ballot will be taken in the manner the chair of the meeting directs.
A requirement or demand for a ballot may be withdrawn at any time prior to the taking of the ballot. The result of such ballot shall be
the decision of the shareholders upon the question.

 

In the case of a vote by a
show of hands, each person present who is entitled to vote has one vote. If a ballot is taken, each person present who is entitled to
vote is entitled to the number of votes that are attached to the shares which such person is entitled to vote at the meeting.

 

Notwithstanding the foregoing, voting may occur electronically.

 

Section 7.12     Votes
to Govern.

 

Any question at a meeting
of shareholders shall be decided by a majority of the votes cast on the question unless the articles, the by-laws, the Act or other applicable
law requires otherwise. In case of an equality of votes either when the vote is by a show of hands or when the vote is by a ballot, the
chair of the meeting is not entitled to a second or casting vote.

 

Section 7.13     Adjournment.

 

The chair of any meeting of
shareholders may postpone, or, with the consent of the persons present who are entitled to vote at the meeting, adjourn the meeting from
time to time and place to place, subject to such conditions as such persons may decide. Any adjourned meeting is duly constituted if held
in accordance with the terms of the adjournment and a quorum is present at the adjourned meeting. Any business may be considered and transacted
at any adjourned meeting which might have been considered and transacted at the original meeting of shareholders.

 

ARTICLE 8

SECURITIES

 

Section 8.1     Form of
Security Certificates.

 

Subject to the Act, security
certificates, if required, will be in the form that the directors approve from time to time or that the Corporation adopts.

 

    

    - 11 -

    

 

Section 8.2     Transfer
of Shares.

 

No transfer of a security
issued by the Corporation will be registered except upon (i) presentation of the security certificate representing the security with
an endorsement which complies with the Act, together with such reasonable assurance that the endorsement is genuine and effective as the
directors may require, (ii) payment of all applicable taxes and fees and (iii) compliance with the articles of the Corporation.
If no security certificate has been issued by the Corporation in respect of a security issued by the Corporation, clause (i) above
may be satisfied by presentation of a duly executed security transfer power, together with such reasonable assurance that the security
transfer power is genuine and effective as the directors may require. Transfers approved by a transfer agent shall also be valid.

 

Section 8.3     Transfer
Agents and Registrars.

 

The Corporation may from time
to time appoint one or more agents to maintain, for each class or series of securities issued by it in registered or other form, a central
securities register and one or more branch securities registers. Such an agent may be designated as transfer agent or registrar according
to their functions and one person may be designated both registrar and transfer agent. The Corporation may at any time terminate such
appointment.

 

ARTICLE 9

PAYMENTS

 

Section 9.1     Payments
of Dividends and Other Distributions.

 

Any dividend or other distribution
payable in cash to shareholders will be paid by cheque or by electronic means or by such other method as the directors may determine.
The payment will be made to or to the order of each registered holder of shares in respect of which the payment is to be made. Cheques
will be sent to the registered holder’s recorded address, unless the holder otherwise directs. In the case of joint holders, the
payment will be made to the order of all such joint holders and, if applicable, sent to them at their recorded address, unless such joint
holders otherwise direct. The sending of the cheque or the sending of the payment by electronic means or the sending of the payment by
a method determined by the directors in an amount equal to the dividend or other distribution to be paid less any tax that the Corporation
is required to withhold will satisfy and discharge the liability for the payment, unless payment is not made upon presentation, if applicable.

 

Section 9.2     Non-Receipt
of Payment.

 

In the event of non-receipt
of any payment made as contemplated by Section 9.1 by the person to whom it is sent, the Corporation may issue re-payment to such
person for a like amount. The directors may determine, whether generally or in any particular case, the terms on which any re-payment
may be made, including terms as to indemnity, reimbursement of expenses, and evidence of non-receipt and of title.

 

    

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Section 9.3     Unclaimed
Dividends.

 

To the extent permitted by
law, any dividend or other distribution that remains unclaimed after a period of 2 years from the date on which the dividend has been
declared to be payable is forfeited and will revert to the Corporation.

 

ARTICLE 10

MISCELLANEOUS

 

Section 10.1     Notices.

 

Any notice, communication
or document required to be given, delivered or sent by the Corporation to any director, officer, shareholder or auditor is sufficiently
given, delivered or sent if delivered personally, or if delivered to the person’s recorded address, or if mailed to the person at
the person’s recorded address by prepaid mail, or if otherwise communicated by electronic means permitted by the Act. The directors
may establish procedures to give, deliver or send a notice, communication or document to any director, officer, shareholder or auditor
by any means of communication permitted by the Act or other applicable law. In addition, any notice, communication or document may be
delivered by the Corporation in the form of an electronic document.

 

Notice in accordance with
notice-and-access provisions under applicable securities laws shall also be valid.

 

Section 10.2     Notice
to Joint Holders.

 

If two or more persons are
registered as joint holders of any security, any notice may be addressed to all such joint holders but notice addressed to one of them
constitutes sufficient notice to all of them.

 

Section 10.3     Computation
of Time.

 

In computing the date when
notice must be given when a specified number of days' notice of any meeting or other event is required, the date of giving the notice
is excluded and the date of the meeting or other event is included.

 

Section 10.4     Persons
Entitled by Death or Operation of Law.

 

Every person who, by operation
of law, transfer, death of a securityholder or any other means whatsoever, becomes entitled to any security, is bound by every notice
in respect of such security which has been given to the securityholder from whom the person derives title to such security. Such notices
may have been given before or after the happening of the event upon which they became entitled to the security.

 

Section 10.5     Forum
for Adjudication of Certain Disputes.

 

Unless the Corporation
consents in writing to the selection of an alternative forum, the Superior Court of Justice of the Province of Ontario, Canada and
the appellate Courts therefrom (collectively, the "Courts") shall, to the fullest extent permitted by law, be the sole and
exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action
asserting a claim of breach of a fiduciary duty owed by any director or officer of the Corporation to the Corporation,
(iii) any action asserting a claim arising pursuant to any provision of the Act or the articles or by-laws of the Corporation
(as either may be amended from time to time); or (iv) any action asserting a claim otherwise related to the relationships among
the Corporation, its affiliates and their respective shareholders, directors and/or officers, but this paragraph (iv) does not
include claims related to the business carried on by the Corporation or such affiliates.

 

    

    - 13 -

    

 

If any action the subject
matter of which is within the scope of the preceding sentence is filed in a court other than a court located within the Province of Ontario
(a "Foreign Action") in the name of any registered or beneficial shareholder, such registered or beneficial shareholder shall
be deemed to have consented to (i) the personal jurisdiction of the Courts in connection with any action brought in any such Court
to enforce the foregoing exclusive forum provision (an "Enforcement Action”), and (ii) having service of process made
upon such registered or beneficial shareholder in such Enforcement Action by service upon such registered or beneficial shareholder’s
counsel in the Foreign Action as agent of the shareholder.

 

ARTICLE 11

EFFECTIVE DATE

 

Section 11.1     Effective
Date.

 

This by-law comes into force when made by the directors in
accordance with the Act.

 

This by-law was made by resolution of the directors on June 19,
2020.

 

	 	(signed) “Chris Buysen”
	 	Chris Buysen, Chief Financial Officer

 

This by-law was confirmed by ordinary resolution of the
shareholders on June 12, 2020.

 

	 	(signed) “Paul Kunynetz”
	 	Paul Kunynetz, General Counsel

 

    

     

    

 

ADVANCE NOTICE BY-LAW

(Adopted by the Board of Directors
of The Valens Company Inc. (the “Corporation”) with immediate effect on June 19th,
2020)

 

Section 1.1                 Subject only to the Canada
Business Corporations Act (the “Act”), applicable securities laws and the articles of the Corporation, only persons
who are nominated in accordance with the procedures set out in this Section 1.1 shall be eligible for election as directors to the
board of directors (the “Board”) of the Corporation. Nominations of persons for election to the Board may only be made
at an annual meeting of shareholders, or at a special meeting of shareholders called for any purpose at which the election of directors
is a matter specified in the notice of meeting, as follows:

 

		(a)	by or at the direction of the Board or an authorized officer of the Corporation,
including pursuant to a notice of meeting;

 

		(b)	by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance
with the provisions of Act or a requisition of shareholders made in accordance with the provisions of the Act; or

 

		(c)	by any person entitled to vote at such meeting (a “Nominating Shareholder”), who: (A) is,
at the close of business on the date of giving notice provided for in Section 1.3 below and on the record date for notice of such
meeting, either entered in the securities register of the Corporation as a holder of one or more shares carrying the right to vote at
such meeting or who beneficially owns shares that are entitled to be voted at such meeting; and (B) has given timely notice in proper
written form as set forth in this By-Law.

 

Section 1.2                 For the avoidance of doubt,
the foregoing Section 1.1 shall be the exclusive means for any person to bring nominations for election to the Board before any annual
or special meeting of shareholders of the Corporation.

 

Section 1.3                 In addition to any other
applicable requirement, for a nomination made by a Nominating Shareholder to be timely notice (a “Timely Notice”),
the Nominating Shareholder’s notice must be received by the corporate secretary of the Corporation at the principal executive offices
of the Corporation:

 

		(a)	in the case of an annual meeting of shareholders (including an annual and special meeting), not later
than the close of business on the thirtieth (30th) day; provided, however, if the date
(the “Notice Date”) on which the first public announcement made by the Corporation of the date of the annual meeting
is less than fifty (50) days prior to the meeting date, not later than the close of business on the tenth (10th)
day following the Notice Date;

 

		(b)	in the case of a special meeting (which is not also an annual meeting) of shareholders called for any
purpose which includes the election of directors to the board, not later than the close of business on the fifteenth (15th)
day following the day on which the first public announcement of the date of the special meeting is made by the Corporation;

 

provided that, in either instance, if notice-and-access (as
defined in National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer) is
used for delivery of proxy related materials in respect of a meeting described in Section 1.3(a) or (b) above, and
the Notice Date in respect of the meeting is not less than fifty (50) days prior to the date of the applicable meeting, the notice
must be received not later than the close of business on the fortieth (40th) day
before the applicable meeting (but in any event, not prior to the Notice Date); provided, however, that in the event that the
meeting is to be held on a date that is less than fifty (50) days after the Notice Date, notice by the Nominating Shareholder shall
be made, in the case of an annual meeting of shareholders, not later than the close of business on the tenth (10th)
day following the Notice Date and, in the case of a special meeting of shareholders, not later than the close of business on the
fifteenth (15th) day following the Notice Date.

 

    

     - 2 -

    

 

Section 1.4                  To be in proper written form, a Nominating
Shareholder’s notice to the corporate secretary must comply with this Section and disclose or include, as applicable:

 

		(a)	as to each person whom the Nominating Shareholder proposes to nominate for election as a director (a “Proposed
Nominee”):

 

		(i)	their name, age, business and residential address;

 

		(ii)	the principal occupation, business or employment both presently and for the past five years;

 

		(iii)	whether the Proposed Nominee is a “resident Canadian” within the meaning of the Act;

 

		(iv)	the number of securities of each class of voting securities of the Corporation or any of its subsidiaries
beneficially owned, or controlled or directed, directly or indirectly, by the Proposed Nominee, as of the record date for the meeting
of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice;

 

		(v)	a description of any relationships, agreements, arrangements, or understandings (including financial,
compensation or indemnity related) between the Proposed Nominee or any affiliates or associates of, or any person or entity acting jointly
or in concert with, the Proposed Nominee or the Nominating Shareholder, in connection with the Proposed Nominee’s nomination and
election as director; and

 

		(vi)	any other information that would be required to be disclosed in a dissident proxy circular or other filings
required to be made in connection with the solicitation of proxies for election of directors pursuant to the Act or applicable securities
law;

 

		(b)	as to each Nominating Shareholder giving the notice:

 

		(i)	their name, business and residential address;

 

		(ii)	the number of securities of each class of voting securities of the Corporation or any of its subsidiaries
beneficially owned, or controlled or directed, directly or indirectly, by the Nominating Shareholder or any other person with whom the
Nominating Shareholder is acting jointly or in concert with respect to the Corporation or any of its securities, as of the record date
for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date
of such notice;

 

		(iii)	their interests in, or rights or obligations associated with, any agreement, arrangement or understanding,
the purpose or effect of which is to alter, directly or indirectly, the person’s economic interest in a security of the Corporation
or the person’s economic exposure to the Corporation;

 

    

     - 3 -

    

 

		(iv)	full particulars of any proxy, contract, arrangement, agreement or understanding pursuant to which such
person, or any of its affiliates or associates, or any person acting jointly or in concert with such person, has any interests, rights
or obligations relating to the voting of any securities of the Corporation or the nomination of directors to the board; and

 

		(v)	any other information relating to such person that would be required to be included in a dissident proxy
circular or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to the Act
or as required by applicable securities law.

 

Reference to “Nominating Shareholder”
in this Section 1.4 shall be deemed to refer to each shareholder that nominated or seeks to nominate a person for election as director
in the case of a nomination proposal where more than one shareholder is involved in making the nomination proposal.

 

Section 1.5                 Any notice, or other document
or information required to be given to the corporate secretary pursuant to this By-Law may only be given by personal delivery, facsimile
transmission or by email (at such email address as may be stipulated from time to time by the corporate secretary for purposes of this
notice), and shall be deemed to have been received and made only at the time it is served by personal delivery to the corporate secretary
at the address of the principal executive offices of the Corporation, email (at the address as aforesaid) or sent by facsimile transmission
(provided that receipt of confirmation of such transmission has been received); provided that if such delivery or electronic communication
is made on a day which is a not a business day or later than 5:00 p.m. (Toronto time) on a day which is a business day, then such
delivery or electronic communication shall be deemed to have been made on the next following day that is a business day.

 

Section 1.6                 Additional
Matters

 

		(1)	The chair of any meeting of shareholders of the
Corporation shall have the power to determine whether any proposed nomination is made in accordance with the provisions of this By-Law
and if any proposed nomination is not in compliance with such provisions, must declare that such defective nomination shall not be considered
at any meeting of shareholders.

 

		(2)	Despite any other provision of this By-Law, if the Nominating Shareholder (or a qualified representative
of the Nominating Shareholder) does not appear at the meeting of shareholders of the Corporation to present the nomination of the Proposed
Nominee, such nomination shall be disregarded, notwithstanding that proxies in respect of such nomination may have been received by the
Corporation.

 

		(3)	The board may, in its sole discretion, waive any requirement of this By-Law.

 

		(4)	For the purposes of this By-Law, “public
                                            announcement” means disclosure in a press release disseminated by the Corporation through
                                            a national news service in Canada, or in a document filed by the Corporation for public access
                                            under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com.

 

		(5)	This By-Law is subject to, and should be read in conjunction with, the Act and the articles. If there
is any conflict or inconsistency between any provision of the Act or the articles and any provision of this By-Law, the provision of the
Act or the articles will govern.EXHIBIT 10.16

 

January 5, 2022

 

Via Email

 

Kenneth Cundy

 

		Re:	Terms of Transition and Resignation

 

Dear Ken:

 

This letter confirms the agreement (“Agreement”)
between you and CohBar, Inc. (the “Company”) concerning the terms of your transition and separation from
the Company, and offers you certain benefits to which you would not otherwise be entitled, conditioned upon your provision of a general
release of claims and covenant not to sue now and upon the Resignation Date (defined below) as provided herein. If you agree to the terms
outlined herein, please sign and return this Agreement to me in the timeframe outlined below.

 

1. Resignation from Employment:
As you know, you and the Company have determined that it is mutually beneficial for you and the Company to part ways and for your employment
with the Company to end. The Company will nevertheless treat your resignation as a termination without Cause within the meaning of your
November 17, 2014, Executive Employment Agreement with the Company (the “Employment Agreement”). The Company
has discussed with you the terms under which it is willing to continue your employment through the Transition Period, as described further
below.

 

2. Continued Employment; Other Release Consideration:
In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises
herein, the Company agrees to continue your employment on the following terms:

 

a. Resignation Date; Transition Period and
Services: Your last day of employment with the Company will be March 31, 2022 (the “Resignation Date”). The
period between now and the Resignation Date is the “Transition Period.” Between now February 25, 2022, you
agree to continue to carry out, on a full-time basis, the duties and responsibilities of your position as directed principally by the
CEO, and to provide other transition services as may reasonably be requested by the Company (the “Transition Services”).
The Company agrees that, during the week of December 27, 2021, and from February 26, 2022 until the Resignation Date, you will
be on paid vacation with no transition duties or responsibilities.

 

b. Compensation and Benefits; 2021 Performance
Bonus:

 

i.
During the Transition Period, the Company will continue to pay you your current base salary (including by way of a complete drawdown
(to a zero balance) of your accrued paid time off for the period from February 26, 2022 through the Resignation Date), and you will
continue to be eligible to participate in benefits customarily afforded to other Company executives, including participation in the
Company-sponsored health benefits plan and continued vesting of stock options, to the fullest extent allowed by the governing plans,
agreements or policies, but excluding participation in any 2022 bonus plans; and

 

     

    Kenneth Cundy
Page 2

    

 

ii. Conditioned upon your successful completion of the
Transition Services (as reasonably determined by the Company in good faith and in its sole discretion), the Company will pay you, no
later than February 25, 2022, a lump sum payment in the gross amount of $105,000, which represents 100% of your 2021 target
performance bonus.

 

c. Separation Compensation: In exchange for your
agreement to the supplemental general release and waiver of claims and covenant not to sue set forth in Exhibit A (the “Second
Release”), to be signed no earlier than the Resignation Date, and your other promises herein, and pursuant to
Section 2 of the Employment Agreement, the Company agrees as follows:

 

i.
Severance: The Company agrees to pay you aggregate severance payments in the gross amount of $175,000, which constitutes fifty
percent (50%) of your current annual base salary (the “Severance”). The Severance will be paid in consecutive
installments following the effectiveness of the Second Release and in accordance with Company’s regular payroll schedule, with
the first installment payment to occur on the first regular Company payroll date following the Second Release Effective Date (as defined
in the Second Release);

 

ii.
COBRA: Upon your timely election to continue your existing health benefits under COBRA, and consistent with the terms of COBRA
and the Company’s health insurance plan, the Company will, at its election, pay directly or reimburse your payment of the insurance
premiums to continue your existing health benefits for six (6) months following the Resignation Date. You will remain responsible for,
and must continue to pay, the portion of co-payments, etc. that you would have paid had your employment continued;

 

iii.
Partial Stock Option Vesting Acceleration: Conditioned upon the approval of the Company’s Board of Directors (the “Board”),
the Company will partially accelerate the vesting of Grant No. 3 (as defined in Section 6 below), as if you had remained employed
with the Company for twelve (12) months following the Resignation Date, as set forth in Section 6(b), below; and

 

iv.
Extension of Post-Termination Stock Option Exercise Period: Conditioned upon the approval of the Board, the Company agrees to
extend the post-termination exercise deadline for the Options, as set forth in Section 6(c), below.

 

By signing below, you acknowledge that you are
receiving the release consideration outlined in this section in consideration for waiving your rights to claims referred to in this Agreement
(and the Second Release, if applicable) and that you would not otherwise be entitled to the release consideration.

 

3. Final Pay: On your final day of employment,
the Company will pay you for all wages, salary, bonuses, reimbursable expenses previously submitted by you, accrued vacation (if applicable
and if any) and any similar payments due you from the Company as of your separation from employment. By signing below, you acknowledge
that the Company does not owe you any other amounts, except as otherwise may become payable under the Agreement.

 

     

    Kenneth Cundy
Page 3

    

 

4. Return of Company Property: You hereby
warrant to the Company that, no later than the Resignation Date, you will return to the Company all property or data of the Company of
any type whatsoever that has been in your possession or control.

 

5. Post-Employment Obligations: You hereby
acknowledge that: (a) you continue to be bound by the attached Employee Proprietary Information and Inventions Assignment Agreement (Exhibit
B hereto); (b) as a result of your employment with the Company, you have had access to the Company’s proprietary and/or
confidential information, and you will continue to hold all such information in strictest confidence and not make use of it on behalf
of anyone; and (c) you must, and by your signature below confirm that you shall, deliver to the Company, no later than the Resignation
Date, all documents and data of any nature containing or pertaining to such information, and not take with you, or otherwise retain in
any respect, any such documents or data or any reproduction thereof.

 

6. Equity:

 

a. Pursuant
to your Stock Option Agreements with the Company dated November 20, 2014 (“Grant No. 1”), January 29, 2017 (“Grant
No. 2”) and April 26, 2021 (“Grant No. 3”), and the Company’s Amended and Restated 2011 Equity Incentive
Plan, as amended (the “2011 Plan” and collectively, the “Stock Option Agreements”), you
were granted options to purchase an aggregate of 1,450,000 shares of the Company’s common stock (collectively, the “Options”).
As of the date of this letter, the Options are vested and unvested as follows: (i) Grant No. 1 (750,000 shares) is fully vested
and exercisable at an exercise price of $0.73 per share; (ii) Grant No. 2 (500,000 shares) is fully vested and exercisable at an exercise
price of $2.40 per share; and (iii) Grant No. 3 (200,000 shares) is vested and exercisable as to 91,667 shares at an exercise price of
$1.38 per share, and unvested as to 108,333 shares. During the Transition Period, Grant No. 3 will continue to vest according to the terms
of the applicable Stock Option Agreement.

 

b. If you
execute this Agreement and the Second Release and satisfy all conditions for them to become effective, and subject to Board approval,
the Company agrees to partially accelerate the vesting of Grant No. 3 as if you had remained employed with the Company for twelve (12)
months following the Resignation Date, such that, on the Second Release Effective Date, Grant No. 3 will be deemed to have vested as to
162,500 shares.

 

c. At
all times, your rights concerning the Options, including, without limitation, your post-termination right to exercise vested shares, will
continue to be governed by the respective Stock Option Agreements and the 2011 Plan. However, if you execute this Agreement and
the Second Release and satisfy all conditions for them to become effective, the Company will and hereby does extend the deadline
for you to exercise all of the vested and unexercised shares subject to the Options until the earlier of: (i) the twelve (12) month anniversary
of the Resignation Date; (ii) the closing of a Change in Control (as defined in the 2011 Plan); and (iii) the effective date of a dissolution
or liquidation of the Company.

 

     

    Kenneth Cundy
Page 4

    

 

d. Stock Option Tax Treatment: You acknowledge
that the foregoing option extension may cause any portion of the Options that constituted an incentive stock option to be reclassified
as a non-qualified stock option under applicable tax laws; and (ii) you, and not the Company, shall be solely responsible for any tax
consequences relating to such reclassification, including satisfaction of all applicable tax withholding requirements that become due
upon exercise of the vested shares subject to the Options.

 

7. General Release and Waiver of Claims:

 

a.
The payments and promises set forth in this Agreement are in full satisfaction of all accrued salary, vacation pay, bonus and commission
pay, profit-sharing, stock, stock options or other ownership interest in the Company, termination benefits or other compensation to which
you may be entitled by virtue of your employment with the Company or your separation from the Company. To the fullest extent permitted
by law, you hereby release and waive any other claims you may have against the Company and its owners, agents, officers, shareholders,
employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”),
whether known or not known, including, without limitation, claims of any kind under the Employment Agreement, claims under any employment
laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair
dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits
arising out of your employment or your separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, and
any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims based on
age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under
the Americans with Disabilities Act.

 

b. By
signing below, you expressly waive any benefits of Section 1542 of the Civil Code of the State of California, which provides as follows:

 

“A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE
AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

 

c. You
and the Company do not intend to release: (i) claims that you may not release as a matter of law; (ii) claims for indemnification under
California Labor Code Section 2802, or any rights of indemnification that you have under the Employment Agreement, and that you may have
under the Company’s Certificate of Incorporation, Bylaws or a separate indemnification agreement; or (iii) any claims for enforcement
of this Agreement. To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined
by an arbitrator under the procedures set forth in the arbitration clause below.

 

     

    Kenneth Cundy
Page 5

    

 

8. Covenant Not to Sue:

 

a. To the
fullest extent permitted by law, at no time subsequent to the execution of this Agreement will you pursue, or cause or knowingly permit
the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any
other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which you may now have,
have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by this Agreement.

 

b. Nothing
in this paragraph shall prohibit or impair you or the Company from complying with all applicable laws, nor shall this Agreement be construed
to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

 

9.
Protected Rights: You understand that nothing in the General Release and Waiver of Claims and Covenant Not to Sue paragraphs above,
or otherwise in this Agreement, limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the
National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other
federal, state or local government agency or commission (“Government Agencies”). You further understand that
this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation
or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the
Company. This Agreement does not limit your right to receive an award for information provided to any Government Agencies.

 

10.
Arbitration: Except for any claim for injunctive relief arising out of a breach of a party’s obligations to protect the
other’s proprietary information, the parties agree to arbitrate, in San Francisco, California through JAMS, any and all disputes
or claims arising out of or related to the validity, enforceability, interpretation, performance or breach of this Agreement, whether
sounding in tort, contract, statutory violation or otherwise, or involving the construction or application or any of the terms, provisions,
or conditions of this Agreement. Any arbitration may be initiated by a written demand to the other party. The arbitrator’s decision
shall be final, binding, and conclusive. The parties further agree that this Agreement is intended to be strictly construed to provide
for arbitration as the sole and exclusive means for resolution of all disputes hereunder to the fullest extent permitted by law. The
parties expressly waive any entitlement to have such controversies decided by a court or a jury.

 

11.
Attorneys’ Fees: If any action is brought to enforce the terms of this Agreement, the prevailing party will be entitled
to recover its reasonable attorneys’ fees, costs and expenses from the other party, in addition to any other relief to which the
prevailing party may be entitled.

 

12.
Confidentiality: The contents, terms arid conditions of this Agreement must be kept confidential by you and may not be disclosed
except to your immediate family, accountant or attorneys or pursuant to subpoena or court order. Any breach of this confidentiality provision
shall be deemed a material breach of this Agreement.

 

     

    Kenneth Cundy
Page 6

    

 

13.
No Admission of Liability: This Agreement is not and shall not be construed or contended by you to be an admission or evidence
of any wrongdoing or liability on the part of Releasees, their representatives, heirs, executors, attorneys, agents, partners, officers,
shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns. This Agreement shall be afforded the
maximum protection allowable under California Evidence Code Section 1152 and/or any other state or federal provisions of similar effect.

 

14.
Complete and Voluntary Agreement: This Agreement, together with Exhibits A and B hereto and the Stock Option Agreements, constitutes
the entire agreement between you and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and agreements,
whether written or oral, relating to such subject matter. You acknowledge that neither Releasees nor their agents or attorneys have made
any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement
for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Agreement in reliance only
upon such promises, representations and warranties as are contained herein, and that you are executing this Agreement voluntarily, free
of any duress or coercion.

 

15.
Severability: The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the
other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a
particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown
claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims.

 

16.
Modification; Counterparts; Electronic/PDF Signatures: It is expressly agreed that this Agreement may not be altered, amended,
modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed
by authorized representatives of each of the parties to this Agreement. This Agreement may be executed in any number of counterparts,
each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution of an electronic
or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be equally admissible in
any legal proceeding as if an original.

 

17.
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of California.

 

18.
Review of Separation Agreement; Expiration of Offer: You understand that you may take up to twenty-one (21) days to consider this
Agreement (the “Consideration Period”). The offer set forth in this Agreement, if not accepted by you before
the end of the Consideration Period, will automatically expire. By signing below, you affirm that you were advised to consult with an
attorney prior to signing this Agreement. You also understand you may revoke this Agreement within seven (7) days of signing this document
and that the consideration to be provided to you pursuant to Section 2 will be provided only after the expiration of that seven (7) day
revocation period.

 

     

    Kenneth Cundy
Page 7

    

 

19. Effective
Date: This Agreement is effective on the eighth (8th) day after you sign it provided you have not revoked the Agreement as of that
time (the “Effective Date”).

 

If
you agree to abide by the terms outlined in this Agreement, please sign and return it to me. I wish you the best in your future endeavors.

 

	 	Sincerely,
	 	CohBar, Inc.

 

	 	By:	 /s/ Joseph Sarret
	 	 	Joseph Sarret
	 	 	President and Chief Executive Officer

 

READ,
UNDERSTOOD AND AGREED

 

	/s/ Kenneth
    Cundy	 	Date: 	5 JAN 2022
	Kenneth Cundy	 	 	 

 

     

     

    

 

EXHIBIT
A

 

SECOND
RELEASE

 

This
General Release of All Claims and Covenant Not to Sue (the “Second Release”) is entered into between Kenneth
Cundy (“Employee”) and CohBar, Inc. (the “Company”) (collectively, “the parties”).

 

WHEREAS,
on [Date], Employee and the Company entered into an agreement regarding Employee’s transition and separation from employment with
the Company (the “Separation Agreement,” to which this Second Release is attached as Exhibit A);

 

WHEREAS,
on March 31, 2022, Employee’s employment separation from the Company became effective (the “Resignation Date”);

 

WHEREAS,
this agreement serves as the Second Release, pursuant to the Separation Agreement; and

 

WHEREAS,
Employee and the Company desire to mutually, amicably and finally resolve and compromise all issues and claims surrounding Employee’s
employment and separation from employment with the Company;

 

NOW
THEREFORE, in consideration for the mutual promises and undertakings of the parties as set forth below, Employee and the Company
hereby enter into this Second Release.

 

1. Acknowledgment
of Payment of Wages: By Employee’s signature below, Employee acknowledges that, on the Resignation Date, the Company paid Employee
for all wages, salary, accrued vacation (if applicable and if any), bonuses, reimbursable expenses previously submitted by Employee,
and any similar payments due Employee from the Company as of the Resignation Date. By signing below, Employee acknowledges that the Company
does not owe Employee any other amounts, except as may become payable under the Separation Agreement and the Second Release. Employee
agrees to promptly submit for reimbursement all final outstanding expenses, if any.

 

2. Return
of Company Property: Employee hereby warrants to the Company that Employee has returned to the Company all property or data of the
Company of any type whatsoever that has been in Employee’s possession, custody or control.

 

3. Consideration:
In exchange for Employee’s agreement to this Second Release and Employee’s other promises in the Separation Agreement and herein,
the Company agrees to provide Employee with the consideration set forth in Section 2(c) and Sections 6(b) and (c) of the Separation Agreement.
By signing below, Employee acknowledges that Employee is receiving the consideration in exchange for waiving Employee’s rights to claims
referred to in this Second Release and Employee would not otherwise be entitled to the consideration.

 

    A-1

     

    

 

4. General
Release and Waiver of Claims:

 

a. The payments and promises set forth in
this Second Release are in full satisfaction of all
accrued salary, vacation pay, bonus and commission pay, profit-sharing, stock, stock options or other ownership interest in the
Company, termination benefits or other compensation to which Employee may be entitled by virtue of Employee’s employment with the
Company or Employee’s separation from the Company, including pursuant to the Separation Agreement. To the fullest extent permitted
by law, Employee hereby releases and waives any other claims Employee may have against the Company and its owners, agents, officers,
shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”), whether
known or not known, including, without limitation, claims of any kind under the Employment Agreement, claims under any employment
laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair
dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or
benefits arising out of Employee’s employment or separation of employment, claims under Title VII of the 1964 Civil Rights Act, as
amended, the California Fair Employment and Housing Act and any other laws and/or regulations relating to employment or employment
discrimination, including, without limitation, claims based on age or under the Age Discrimination in Employment Act or Older
Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities Act.

 

b. By
signing below, Employee expressly waives any benefits of Section 1542 of the Civil Code of the State of California, which provides as
follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR
AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE
DEBTOR OR RELEASED PARTY.”

 

c. Employee
and the Company do not intend to release claims: (i) that Employee may not release as a matter of law; (ii) claims for indemnification
under California Labor Code Section 2802, or any rights of indemnification that Employee may have under the Employment Agreement, and
that Employee may have under the Company’s Certificate of Incorporation, Bylaws or a separate indemnification agreement; or (iii) any
claims for enforcement of this Second Release. To the fullest extent permitted by law, any dispute regarding the scope of this general
release shall be determined by an arbitrator under the procedures set forth in the arbitration clause set forth in the Separation Agreement.

 

5. Covenant
Not to Sue:

 

a.
To the fullest extent permitted by law, at no time subsequent to the execution of this Second Release will Employee pursue, or cause
or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign
administrative agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or
unknown, which Employee may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part
on any matter released by this Second Release.

 

    A-2

     

    

 

b.
Nothing in this paragraph shall prohibit or impair Employee or the Company from complying with all applicable laws, nor shall this
Second Release be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

 

6. Protected
Rights: Employee understands that nothing in the General Release and Waiver of Claims and Covenant Not to Sue paragraphs above, or
otherwise in this Second Release, limits Employee’s ability to file a charge or complaint with the Equal Employment Opportunity Commission,
the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any
other federal, state or local government agency or commission (“Government Agencies”). Employee further understands
that this Second Release does not limit Employee’s ability to communicate with any Government Agencies or otherwise participate in any
investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without
notice to the Company. This Second Release does not limit Employee’s right to receive an award for information provided to any Government
Agencies.

 

7. Non-disparagement:
Employee agrees that Employee will not, directly or indirectly, disparage or make negative remarks regarding the Company or its products,
services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns,
or any person acting by, through, under or in concert with any of them, with any written or oral statement, including, but not limited
to, any statement posted on social media (including online company review sites) or otherwise on the Internet, whether or not made anonymously
or with attribution. Nothing in this section shall prohibit Employee from providing truthful information in response to a subpoena or
other legal process. Further, nothing in this Second Release prevents Employee from discussing or disclosing information about unlawful
acts in the workplace, such as harassment or discrimination or any other conduct that Employee has reason to believe is unlawful.

 

8. Review
of Second Release; Expiration of Offer: Employee understands that Employee may take up to twenty-one (21) days to consider this Second
Release (the “Consideration Period”). The offer set forth in this Second Release, if not accepted by Employee
before the end of the Consideration Period, will automatically expire. By signing below, Employee affirms that Employee was advised to
consult with an attorney prior to signing this Second Release. Employee also understands that Employee may revoke this Second Release
within seven (7) days of signing this document and that the consideration to be provided to Employee pursuant to Section 2(c) and Sections
6(b) and (c) of the Separation Agreement will be provided only after the expiration of that seven (7) day revocation period.

 

9. Effective
Date: This Second Release is effective on the eighth (8th) day after Employee signs it, provided Employee has not revoked it as of
that time (the “Second Release Effective Date”).

 

10. Other
Terms of Separation Agreement Incorporated Herein: All other terms of the Separation Agreement to the extent not inconsistent with
the terms of this Second Release are hereby incorporated in this Second Release as though fully stated herein and apply with equal force
to this Second Release, including, without limitation, the provisions on Arbitration, Governing Law, and Attorneys’ Fees.

 

	Dated: 	 	 	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	For the Company
	 	 	 	 
	Dated:	 	 	 
	 	 	 	Kenneth Cundy

 

    A-3

     

    

 

EXHIBIT
B

 

EMPLOYEE
PROPRIETARY INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT

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