Document:

Exhibit 10.14

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

Smart
for Life, Inc.

 

5% SECURED SUBORDINATED
NON-CONVERTIBLE PROMISSORY NOTE

 

	US $1,900,000	November 8, 2021

 

FOR VALUE RECEIVED,
Smart for Life, Inc. (formerly Bonne Santé Group, Inc.), a Delaware corporation (the “Company”), promises to
pay to Justin Francisco and Steven Rubert (together “Holder”), the principal sum of One Million Nine Hundred Thousand
Dollars ($1,900,000) (the “Principal”) together with accrued and unpaid interest thereon, each due and payable on the
date and in the manner set forth below.

 

This secured subordinated
non-convertible convertible promissory note (the “Note”) is issued pursuant to the terms of that certain Securities
Purchase Agreement, dated July 21, 2021 (as may be amended from time to time, the “Purchase Agreement”), among the
Company, the Holder and Nexus Offers, Inc. Capitalized terms used herein without definition shall have the meanings given to such terms
in the Purchase Agreement.

 

The following is a statement
of the rights of the Holder of this Note and the terms and conditions to which this Note is subject, and to which the Holder, by acceptance
of this Note, agrees:

 

1. Principal
Repayment. The outstanding principal amount of this Note and all accrued interest shall be amortized on a five-year straight-line
basis and payable quarterly with a balloon payment on the 36th month in accordance with the amortization schedule set forth
on Exhibit A to this Note (the “Amortization Schedule”), provided that no such payment shall be made prior to
the first anniversary of the date hereof, with all of the unpaid Principal and accrued, but unpaid interest thereon, being fully paid
on the third (3rd) anniversary of the date of this Note (the “Maturity Date”). All payments of interest
and principal shall be in lawful money of the United States of America.

 

     

     

    

 

2. Interest.
Interest (the “Interest”) shall accrue on the unpaid Principal from the date hereof until such Principal is repaid
in full at the rate of five percent (5%) per annum. Interest shall be paid in accordance with the Amortization Schedule, provided that
no such payment shall be made prior to the first anniversary of the date hereof, with all unpaid Interest being paid on the Maturity Date
or the date of the redemption of this Note. All computations of the Interest rate hereunder shall be made on the basis of a 360-day year
of twelve 30-day months. In the event that any Interest rate provided for herein shall be determined to be unlawful, such Interest rate
shall be computed at the highest rate permitted by applicable law. Any payment by the Company of any Interest amount in excess of that
permitted by law shall be considered a mistake, with the excess being applied to the Principal of this Note without prepayment premium
or penalty.

 

3. Redemption.
The Company will have the right to redeem all or any portion of the Note at any time prior to the Maturity Date without premium or penalty
of any kind. The redemption price will be payable in cash and is equal to the then outstanding principal amount of this Note plus accrued
but unpaid interest thereon.

 

4. Events
of Default. In the event that any of the following (each, an “Event of Default”) shall occur:

 

(a) Non-Payment.
The Company shall default in the payment of the Principal of, or accrued Interest on, this Note as and when the same shall become due
and payable, whether by acceleration or otherwise; or

 

(b) Default
in Covenants. The Company shall default in any material manner in the observance or performance of any covenants or agreements set
forth in the Purchase Agreement; or

 

(c) Breach
of Representations and Warranties. The Company materially breaches any representation or warranty contained in the Purchase Agreement;
or

 

(d) Illegality
of Note. Any court of competent jurisdiction issues an order declaring the Note or any provision thereunder to be illegal;

 

(e) Cross
Default. There occurs with respect to any Senior Indebtedness: (i) a default with respect to any payment obligation thereunder that
then entitles the holder thereof to declare such indebtedness to be due and payable prior to its stated maturity, or (ii) any other default
thereunder that entitles, and has caused, the holder thereof to declare such indebtedness to be due and payable prior to its stated maturity;
or

 

(f) Bankruptcy. The
Company shall: (i) admit in writing its inability to pay its debts as they become due; (ii) apply for, consent to, or acquiesce in,
the appointment of a trustee, receiver, sequestrator or other custodian for the Company or any of its property, or make a general
assignment for the benefit of creditors; (iii) in the absence of such application, consent or acquiesce in, permit or suffer to
exist the appointment of a trustee, receiver, sequestrator or other custodian for the Company or for any part of its property; or
(iv) permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding
under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Company, and, if
such case or proceeding is not commenced by the Company or converted to a voluntary case, such case or proceeding shall be consented
to or acquiesced in by the Company or shall result in the entry of an order for relief; then, and so long as such Event of Default
is continuing for a period of two (2) business days in the case of non-payment under Section 4(a) or for a period of thirty
(30) calendar days in the case of events under Sections 4(b) through 4(d) or for a period of five (5) calendar days in
the case of an event under Section 4(e) (and the event which would constitute such Event of Default, if curable, has not been
cured), by written notice to the Company from the Holder, all obligations of the Company under this Note shall be immediately due
and payable without presentment, demand, protest or any other action nor obligation of the Holder of any kind, all of which are
hereby expressly waived, and Holder may exercise any other remedies the Holder may have by contract, at law or in equity. If an
Event of Default specified in Section 4(f) above occurs, the principal of, and accrued interest on, the Note shall
automatically, and without any declaration or other action on the part of any Holder, become immediately due and payable and Holder
may exercise any other remedies the Holder may have by contract, at law or in equity. If the Purchase Agreement is assigned by the
Company pursuant to the terms thereof, for purposes of this Section 4, “Company” shall be deemed to include such
assignee.

 

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5. Covenants.
The Company hereby agrees that, so long as the Note remains outstanding and unpaid, or any other amount is owing to the Holder hereunder:

 

(a) The
Company will not, without providing at least 30 days’ prior written notice to the Holder, change its legal name, identity, type of organization,
jurisdiction of organization, corporate structure, location of its chief executive office or its principal place of business or its organizational
identification number. The Company will, prior to any change described in the preceding sentence, take all actions requested by the Holder
to maintain the perfection and priority of the Holder’s security interest in the Collateral.

 

(b) The
Company shall, at its own cost and expense, defend title to the Collateral and the lien and security interest of the Holder therein against
the claim of any person claiming against or through the Company and shall maintain and preserve such perfected security interest for so
long as this Note shall remain in effect.

 

(c) The
Company will not sell, offer to sell, dispose of, convey, assign or otherwise transfer, grant any option with respect to, restrict, or
grant, create, permit or suffer to exist any mortgage, pledge, lien, security interest, option, right of first offer, encumbrance or other
restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein except with the prior written consent
of the Holder.

 

(d) The
Company will keep the Collateral in good order and repair and will not use the same in violation of law or any policy of insurance thereon.
The Company will permit the Holder, or its designee, to inspect the Collateral at any reasonable time, wherever located.

 

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6. Subordination.

 

(a) All
claims of the Holder to principal, interest and any other amounts at any time owed under this Note (collectively, “Junior Indebtedness”)
is hereby expressly subordinated in right of payment, as herein set forth, to the prior payment in full of all Senior Indebtedness (as
defined below). No payment under Junior Indebtedness shall be made by the Company, nor shall the Holder exercise any remedies under the
Junior Indebtedness (including taking any legal action (whether judicial or otherwise) to collect the Junior Indebtedness), if, at the
time of such payment, exercise or immediately after giving effect thereto, (i) there shall exist any material “Default” or
“Event of Default” under any agreements governing any of the Senior Indebtedness or (ii) the maturity of any of the Senior
Indebtedness has been accelerated and (A) such acceleration has not been waived or (B) such Senior Indebtedness has not been paid in full;
provided, however, that (x) in the event that the holder of any Senior Indebtedness accelerates such Senior Indebtedness, then the Holder
may accelerate the indebtedness evidenced by this Note, and (y) if the Company is permitted under the terms of the Senior Indebtedness
to pay an amount due and owing under this Note and fails to make such payment, then so long as the terms of the Senior Indebtedness do
not prohibit such action, the Holder may exercise its rights to be paid such amount, but only such amount (and Holder shall not be permitted
to accelerate hereunder).

 

(b) Upon
any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon
any dissolution or winding up or total or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in
bankruptcy, insolvency, receivership or other proceedings, all Senior Indebtedness of the Company shall first be paid in full, or payment
thereof provided for in money, before any payment is made under Junior Indebtedness; and upon any such dissolution or winding up or liquidation
or reorganization, any distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which
the Holder as holder of the Junior Indebtedness would be entitled except for the provisions hereof, shall be paid by the Company or by
any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, or by the Holder
if received by Holder, directly to the holder of the Senior Indebtedness, or its representatives, to the extent necessary to pay all such
Senior Indebtedness in full, in money, after giving effect to any concurrent prepayment or distribution to or for the benefit of the holders
of such Senior Indebtedness, before any payment or distribution is made to the Holder with respect to the Junior Indebtedness.

 

(c) If
the holders of the Senior Indebtedness in good faith believe Holder may fail to timely file a proof of claim in any such proceeding, the
holder(s) of the Senior Indebtedness may do so for Holder.

 

(d) In
the event that any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
prohibited by the foregoing where the holder has actual knowledge of a Senior Indebtedness payment default shall be received by the Holder
before all the Senior Indebtedness is paid in full, or provisions made for such payment, in accordance with its terms, such payment or
distribution shall be held for the benefit of, and shall be paid over or delivered to, the holders of the Senior Indebtedness or their
representative or representatives, as their respective interests may appear, for application to the payment of all the Senior Indebtedness
remaining unpaid to the extent necessary to pay all such Senior Indebtedness in full, in money, in accordance with its terms, after giving
effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.

 

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(e) The
provisions hereof are solely for the purpose of defining the relative rights of the holders of the Senior Indebtedness on the one hand
and the Holder as holder of the Junior Indebtedness on the other hand, and nothing herein shall impair, as between the Company and the
Holder, the obligations of the Company under the Junior Indebtedness, which are unconditional and absolute. With this in mind, notwithstanding
the other provisions of this Section 6, if and so long as all documents governing the Senior Indebtedness permit one of the actions
restricted by this Section 6, the restriction shall be waived and the restricted action permitted hereunder.

 

(f) No
right of any present or future holder of any Senior Indebtedness to enforce the subordination as herein provided shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of the Company or any act or failure to act, in good faith,
by any such holder of the Senior Indebtedness, or any noncompliance by the Company with the terms, provisions and covenants hereof, regardless
of any knowledge thereof any holder of the Senior Indebtedness may have or be otherwise charged with. Without in any way limiting the
generality of the foregoing, the holders of the Senior Indebtedness may, at any time and from time to time, without the consent of or
notice to the Holder, without incurring responsibility to the Holder and without impairing or releasing the subordination provided in
this Note or the obligations hereunder of the Holder to the holders of the Senior Indebtedness, do any one or more of the following: (i)
change the manner, place or terms of payment or extend the time of payment of, or create, renew or alter, the Senior Indebtedness, or
otherwise amend or supplement in any manner the Senior Indebtedness or any instrument evidencing the same or any agreement under which
the Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise
securing the Senior Indebtedness; (iii) release any person liable or contingently liable in any manner for the payment or collection of
the Senior Indebtedness; and/or (iv) exercise or refrain from exercising any rights against the Company or any other person.

 

(g) Each
holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of this Note,
shall be entitled to rely on the subordination provisions set forth in this Note.

 

(h) Notwithstanding
the provisions of this Section 6, the Holder shall not be charged with knowledge of the existence of facts which would prohibit
the making of any payments on the Junior Indebtedness unless and until the holder(s) of the Senior Indebtedness or their representatives
send written notice to Holder of same.

 

(i) Subject
to the payment in full of all the Senior Indebtedness, Holder as holder of the Junior Indebtedness shall be subrogated to the rights of
the holders of the Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness
until the Senior Indebtedness shall be paid in full.

 

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(j) The
Holder shall confirm (in writing) the above subordination provisions if requested by any holder of the Senior Indebtedness, and shall
execute and deliver such additional subordination agreements, consistent with the foregoing as any holder of Senior Indebtedness may require.

 

(k) For
purposes hereof, “Senior Indebtedness” means, with respect to the Company, all senior secured indebtedness of the Company,
whether outstanding on the date of the execution of this Note or thereafter created, to banks, insurance companies, other financial institutions,
private equity funds, hedge funds or other similar funds.

 

7. Security
Agreement.

 

(a) Grant
of Security Interest. To secure the prompt performance and repayment of each and all of the obligations of the Company hereunder to
the Holder and its assigns, the Company hereby pledges, grants, assigns and transfers to the Holder and its assigns a continuing lien
on and security interest in and to all of the following property of the Company, whether now owned or later acquired (collectively the
“Collateral”):

 

(i) All
accounts, accounts receivable, contract rights, general intangibles related to or arising from any account, debit balances, note, documents,
chattel paper, instruments, acceptances, drafts or other forms of obligations and receivables of the Company arising from the sale or
lease of inventory or rendition of services by the Company, or on behalf of the Company, in the ordinary course of its business or otherwise
(all of the foregoing being herein collectively called “Accounts”), whether or not the same are listed on any schedules,
assignments or reports furnished to the Holder from time to time, whether such Accounts are now existing or are created at any time hereafter,
and all proceeds therefrom including without limitation, proceeds of insurance thereon and all guaranties, securities, and liens which
the Company may hold for the payment of any Accounts, including without limitation, all rights of stoppage in transit, replevin and reclamation
and all other rights and remedies of unpaid vendor or lienor, and any liens held by the Company as a mechanic, contractor, subcontractor,
processor, materialman, machinist, manufacturer, artisan, or otherwise.

 

(ii) All
documents, instruments, documents of title, policies and certificates of insurance, guaranties, securities, chattel paper (both tangible
and electronic), deposits, proceeds of insurance, cash, liens or other property relating to Accounts and owned by the Company or in which
the Company has an interest, which are now or may hereafter be in the possession of the Company or as to which the Company may now or
hereafter control possession by documents of title or otherwise.

 

(iii) All
books, records, customer lists, supplier lists, ledgers, evidences of shipping invoices, purchase orders, sales orders, computer records,
lists, software, programs, and all other such evidences of the Company’s business records related to the Accounts, including all
cabinets, drawers, etc. that may hold same, all whether now existing or hereafter arising or acquired.

 

(iv) All
of the Company’s tangible property of whatever nature or description, whether real or personal, now or hereafter used, owned, held
or leased, including without limitation all goods, furniture, fixtures, vehicles, equipment, inventory and supplies.

 

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(v) All
of the Company’s payment intangibles, instruments, letters of credit, letter-of-credit rights, money, deposit accounts, investment
property, commodity contracts, and commodity accounts.

 

(vi) All
of the Company’s intangible property of whatever nature or description, including without limitation, all intellectual property,
general intangibles, software, trade names, trademarks, service marks, computer programs (including source code and object code), patents
and copyrights now owned or hereafter acquired.

 

(vii) All
renewals, substitutions, replacements, additions, accessions, proceeds, and products of any and all the foregoing.

 

The Company’s grant
of such security interests to the Holder shall secure the payment and performance of the indebtedness, obligations and liabilities of
the Company to the Holder of every kind and description, direct and indirect, absolute and contingent, due or to become due, now existing
or hereafter arising, that relate to this Note and the rights and remedies created hereunder, and all legal and other professional fees
incurred in connection with any of the foregoing. The security interest granted to the Holder hereunder shall be prior to all other interests
in the Collateral. Terms used in the preceding collateral description shall have the respective meanings accorded such terms in the Uniform
Commercial Code as enacted in the state of Delaware as of the date of this Agreement.

 

(b) The
Company hereby agrees that the Holder shall have all the rights and remedies of a secured party under the Uniform Commercial Code as in
effect from time to time in the State of Delaware. The Company agrees that at any time, and from time to time, at the request of the Holder,
the Company shall execute and deliver (or cause to be executed and delivered) any and all such further instruments and/or documents (including
without limitation, UCC-1 financing statements) as the Holder may consider reasonably necessary or desirable in order to effectuate, complete,
perfect or preserve and maintain the lien created hereby. Upon any failure by the Company to do so, the Holder may make, execute, record,
file, re-record or refile any and all such instruments and documents for and in the name of the Company; the Company hereby irrevocably
appoints the Holder as the agent and attorney-in-fact of the Company to do so; and the Company shall reimburse the Holder, on demand,
for all costs and expenses incurred by the Holder in connection therewith, such amount being added to the indebtedness arising under the
Note.

 

(c) The
security interest created hereunder shall terminate upon the irrevocable payment in full by the Company to the Holder of any and all indebtedness,
obligations and liabilities arising from, or in any way related to, the Note.

 

(d) Events
of Default; Acceleration of Maturity. If an Event of Default (as defined below) shall have occurred and be continuing (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any governmental authority), then, in addition to the remedies
provided for elsewhere in this Note or as a matter of law and without limitation thereof, at the option of the Holder exercised by written
notice to the Company, the Holder may (A) foreclose the liens and security interests created under this Note or under any other agreement
relating to the Collateral, by any available judicial process, (B) enter any premises where any of the Collateral may be located for the
purpose of taking possession or removing the same, and (C) sell, assign, lease or otherwise dispose of the Collateral or any part thereof,
either at public or private sale or at any broker’s board, in lots or in bulk, for cash, on credit or otherwise, with or without
representations or warranties, and upon such terms as shall be acceptable to the Holder, all at the sole option of the Holder and as the
Holder, in its sole discretion, may deem advisable and to the extent permitted by law, the Holder may bid or become a purchaser at any
such sale, and the Holder shall have the right, at its option, to apply or be credited with the amount of all or any part of the obligations
owing by the Company to the Holder under this Note, against the purchase price bid by the Holder at any such sale. The net cash proceeds
resulting from the collection, liquidation, sale, lease or other disposition of the Collateral (including, without limitation a sale where
the Holder is the purchaser) shall be applied first to the expenses (including reasonable attorneys’ and other professional fees)
of retaking, holding, storing, processing and preparing the Collateral for sale, selling, collecting, liquidating and the like, and then
to the satisfaction of all such obligations, application as to particular obligations or against principal or any interest to be in the
sole discretion of the Holder. The Holder shall give the Company at least five (5) Business Days prior written notice of the time and
place of any public sale of Collateral.

 

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(e) Suits
for Enforcement. In case any one or more of the Events of Default shall have occurred and be continuing, the Holder may proceed to
protect and enforce rights of the Holder either by suit in equity or by action at law, or both, whether for the specific performance of
any covenant or agreement in this Note or in aid of the exercise of any power granted in this Note, including without limitation, possession
or foreclosure on the Collateral securing the Note, or the Holder may proceed to enforce the payment of the Note or to enforce any other
legal or equitable right of the Holder.

 

(f) Remedies
Cumulative. No remedy herein conferred upon the Holder is intended to be exclusive of any other remedy, and each and every such remedy
shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or
by statute or otherwise.

 

(g) Remedies
Not Waived. No course of dealing between the Company and the Holder and no delay in exercising any rights hereunder shall operate
as a waiver of any rights of the Holder.

8. Mutilated,
Destroyed, Lost or Stolen Note. If this Note shall become mutilated or defaced, or be destroyed, lost or stolen, the Company shall
execute and deliver a new note of like principal amount in exchange and substitution for the mutilated or defaced Note, or in lieu of
and in substitution for the destroyed, lost or stolen Note. In the case of a mutilated or defaced Note, the Holder shall surrender such
Note to the Company. In the case of any destroyed, lost or stolen Note, the Holder shall furnish to the Company: (i) evidence to its satisfaction
of the destruction, loss or theft of such Note and (ii) such security or indemnity (which shall not include the posting of any bond) as
may be reasonably required by the Company to hold the Company harmless.

 

9. Waiver
of Demand, Presentment, etc. The Company hereby expressly waives demand and presentment for payment, notice of nonpayment, protest,
notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action
to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereunder,
regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder.
The Company agrees that, in the event of an Event of Default, to reimburse the Holder for all reasonable costs and expenses (including
reasonable legal fees of one counsel) incurred in connection with the enforcement and collection of this Note.

 

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10. Payment.
All payments with respect to this Note shall be made in lawful money of the United States of America, at the address of the Holder as
of the date hereof or as designated in writing by the Holder from time to time. The receipt by the Holder of immediately available funds
shall constitute a payment of Principal and Interest hereunder and shall satisfy and discharge the liability for Principal and Interest
on this Note to the extent of the sum represented by such payment.

 

11. Assignment.
The rights and obligations of the Company and the Holder of this Note shall be binding upon, and inure to the benefit of, the successors
and permitted assigns of the parties hereto. To complete an assignment or transfer this Note, the Holder shall deliver a completed and
executed Form of Assignment attached hereto as Exhibit B and surrender and deliver this Note, duly endorsed, to the Company’s
office or such other address which the Company shall designate, upon receipt of which a new Note, in substantially the form of this Note
(any such new Note, a “New Note”), evidencing the portion of this Note so transferred shall be issued to the transferee
and a New Note evidencing the remaining portion of this Note not so transferred, if any, shall be issued to the transferring Holder. The
acceptance of the New Note by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations
in respect of the New Note that the Holder has in respect of this Note. Interest and principal are payable only to the registered Holder
of this Note set forth on the books and records of the Company.

 

12. Amendment;
Waiver; Modification. Any provision of this Note, including, without limitation, the due date hereof, and the observance of any term
hereof, may be amended, waived or modified (either generally or in a particular instance and either retroactively or prospectively) only
with the written consent of the Company and the Holder.

 

13. Notices.
Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given
if given in accordance with the provisions of the Purchase Agreement.

 

14. Governing
Law and Arbitration. This Note shall be governed in all respects, including validity, interpretation and effect, by the internal laws
of the State of Florida. Any dispute shall be resolved by arbitration conducted pursuant to Section 10.7 of the Purchase Agreement. The
provisions of this Section 14 shall survive the entry of any judgment, and will not merge, or be deemed to have merged, into any judgment.

 

15. Headings.
The descriptive headings contained in this Note are included for convenience of reference only and will not affect in any way the meaning
or interpretation of this Note.

 

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

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the Company has duly executed and delivered this Note as of the date first above written.

 

	 	Smart for
Life, Inc.
	 	 	 
	 	By: 	/s/ Darren Minton
	 	Name: 	Darren Minton
	 	Title: 	President

 

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EXHIBIT A

 

Amortization Schedule

 

Quarterly payments begin on the one year anniversary
of the Closing and quarterly 1 thereafter.

 

	Quarter	 	Payment	 	 	Principal

Paid	 	 	Interest 

Paid	 	 	Remaining

 Balance	 
	1	 	$	—	 	 	$	—	 	 	$	—	 	 	$	1,972,144.34	 
	2	 	 	—	 	 	 	—	 	 	 	—	 	 	 	2,047,028.04	 
	3	 	 	—	 	 	 	—	 	 	 	—	 	 	 	2,124,755.14	 
	4	 	 	—	 	 	 	—	 	 	 	—	 	 	 	2,025,433.58	 
	5	 	 	135,602.60	 	 	 	107,341.18	 	 	 	28,261.43	 	 	 	2,153,572.85	 
	6	 	 	135,602.60	 	 	 	108,005.74	 	 	 	27,256.16	 	 	 	2,207,748.66	 
	7	 	 	135,602.60	 	 	 	108,695.54	 	 	 	26,907.06	 	 	 	2,043,869.03	 
	8	 	 	135,602.60	 	 	 	109,411.54	 	 	 	26,191.06	 	 	 	1,985,873.58	 
	9	 	 	135,602.60	 	 	 	110,154.72	 	 	 	25,447.88	 	 	 	1,925,675.99	 
	10	 	 	135,602.60	 	 	 	110,926.12	 	 	 	24,676.48	 	 	 	1,863,192.66	 
	11	 	 	135,602.60	 	 	 	111,726.81	 	 	 	23,875.82	 	 	 	1,798,336.00	 
	12	 	 	1,821,380.70	 	 	 	1,798,336.00	 	 	 	23,044.70	 	 	 	—	 

 

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EXHIBIT B

 

Form
of Assignment

 

TO:      Smart for Life, Inc.

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto ___________________ (name), __________________________________________ (address),
US$____________ of 5% Subordinated Secured Non-Convertible Promissory Note (“Note”) of Smart for Life, Inc. (the “Company”),
including any and all accrued and unpaid interest owing thereon, registered in the name of the undersigned on the records of the Company
represented by the within certificate, and irrevocably appoints ___________________ the attorney of the undersigned to transfer the said
securities on the books or register with full power of substitution.

 

DATED this ________ day of, __________________, 20
____.

 

		 
	(Signature of Registered Note Holder)	 
	 	 
	 	 
	(Print name of Registered Note Holder)	 

 

  Instructions:

 

		1.	Signature of Holder must be the signature of the person appearing on the
face of the Note.

 

		2.	If the transfer of Note is signed by a trustee, executor, administrator,
curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate
must be accompanied by evidence of authority to sign satisfactory to the Company.Exhibit 10.15

 

 

 

 

 

 

SECURITIES PURCHASE AGREEMENT

 

dated as of February 11, 2020

 

among

 

BONNE SANTÉ GROUP, INC.,

 

DOCTORS SCIENTIFIC ORGANICA L.L.C.,

 

OYSTER MANAGEMENT SERVICES LTD, 

 

LAWEE ENTERPRISES L.L.C., 

 

U.S. MEDICAL CARE HOLDINGS, L.L.C.

 

AND

 

DR. SASSON E. MOULAVI

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE I DEFINITIONS	1
	 	 
	1.1	Certain Definitions.	1
	 	 	 
	ARTICLE II PURCHASE AND SALE OF THE SECURITIES	5
	 	 
	2.1	Purchase and Sale of the Securities.	5
	2.2	Adjustments to Purchase Price.	6
	2.3	Closing.	7
	2.4	Transactions to be Effected at the Closing.	7
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER	8
	 	 
	3.1	Authority and Enforceability.	8
	3.2	Noncontravention.	8
	3.3	The Securities.	8
	3.4	Brokers’ Fees.	9
	3.5	Investment Representations.	9
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES CONCERNING THE COMPANIES	10
	 	 
	4.1	Organization, Qualification and Corporate Power; Authority and Enforceability.	10
	4.2	Subsidiaries.	10
	4.3	Capitalization.	10
	4.4	Noncontravention.	11
	4.5	Financial Statements.	11
	4.6	Taxes.	12
	4.7	Compliance with Laws and Orders; Permits.	12
	4.9	Tangible Personal Assets.	12
	4.10	Real Property.	13
	4.11	Intellectual Property.	13
	4.12	Absence of Certain Changes or Events.	14
	4.13	Contracts.	15
	4.14	Litigation	16
	4.15	Employee Benefits.	16
	4.16	Labor and Employment Matters.	16
	4.17	Environmental.	16
	4.18	Insurance.	17
	4.19	Brokers’ Fees.	17
	4.20	Certain Business Relationships with the Companies.	17
	4.21	Equipment.	17
	4.22	Customers and Suppliers.	17
	4.23	Potential Conflicts of Interest.	17
	4.24	Bank Accounts	18
	4.25	Accounts Receivable	18
	4.26	Disclosure.	18
	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE BUYER	18
	 	 
	5.1	Organization.	18
	5.2	Authorization.	18
	5.3	Noncontravention.	19
	5.4	Litigation	19
	5.5	Brokers’ Fees	19

 

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	ARTICLE VI COVENANTS	19
	 	 
	6.1	Consents.	19
	6.2	Operation of the Companies’ Business.	19
	6.3	Access.	20
	6.4	Notice of Developments.	21
	6.5	No Solicitation.	21
	6.6	Taking of Necessary Action; Further Action.	21
	6.7	Covenant not to Compete.	21
	6.8	Financial Information.	22
	6.9	Transfer of Cash and Cash Equivalents.	22
	6.10	Company Disclosure Schedule.	22
	6.11	Piggyback Registration Rights	22
	6.12	Tag Along Rights	23
	 	 	 
	ARTICLE VII CONDITIONS TO OBLIGATIONS TO CLOSE	23
	 	 
	7.1	Conditions to Obligation of the Buyer.	23
	7.2	Conditions to Obligation of the Seller.	25
	 	 	 
	ARTICLE VIII TERMINATION; AMENDMENT; WAIVER	26
	 	 
	8.1	Termination of Agreement.	26
	8.2	Effect of Termination.	26
	8.3	Amendments.	26
	8.4	Waiver.	26
	 	 	 
	ARTICLE IX INDEMNIFICATION	27
	 	 
	9.1	Survival.	27
	9.2	Indemnification by Seller.	27
	9.3	Indemnification by Buyer.	27
	9.4	Indemnification Procedure.	28
	9.5	Failure to Give Timely Notice.	28
	9.6	Limited on Indemnification Obligation.	28
	9.7	Payments.	29
	9.8	Recoupment under Buyer Notes.	29
	 	 	 
	ARTICLE X MISCELLANEOUS	30
	 	 
	10.1	Press Releases and Public Announcement.	30
	10.2	No Third-Party Beneficiaries.	30
	10.3	Entire Agreement.	30
	10.4	Succession and Assignment.	30
	10.5	Construction.	30
	10.6	Notices.	30
	10.7	Governing Law; Mediation; Arbitration.	31
	10.8	Headings.	32
	10.9	Severability.	32
	10.10	Expenses.	32
	10.11	Incorporation of Exhibits and Schedules.	32
	10.12	Specific Performance.	32
	10.13	Counterparts.	32

 

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SECURITIES PURCHASE AGREEMENT

 

SECURITIES PURCHASE AGREEMENT,
dated as of February 11, 2020 (the “Agreement”), among Bonne Santé
Group, Inc., a Delaware corporation (the “Buyer”), Doctors Scientific
Organica L.L.C., a Florida limited liability company (“DSO”), Oyster
Management Services Ltd, a Florida limited partnership (“Oyster”), Lawee
Enterprises L.L.C., a Florida limited liability company (“Lawee”), and U.S.
Medical Care Holdings, L.L.C., a Florida limited liability company (“US Medical” and, together with DSO,
Oyster and Lawee, the “Companies”), and Dr. Sasson E. Moulavi, an individual (“Seller”).

 

RECITALS

 

A. The
Seller is the beneficial owner of 100% of the issued and outstanding (i) membership interests of DSO, (ii) partnership interests of Oyster,
(iii) membership interests of Lawee, and (iv) membership interests of U.S. Medical, constituting all of the issued and outstanding voting
and other securities of the Companies a fully-diluted basis (such securities, the “Securities”).

 

B. Seller
desires to sell all of the Securities to the Buyer, and the Buyer desires to purchase the Securities from the Seller, upon the terms and
subject to the conditions set forth in this Agreement (such sale and purchase of the Securities, the “Acquisition”).

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing premises and the respective representations and warranties, covenants and agreements contained herein, the parties hereto
agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1
Certain Definitions. When used in this Agreement, the following terms will have the meanings assigned to them in this Section
1.1:

 

“Action”
means any claim, action, suit, inquiry, hearing, proceeding or other investigation.

 

“Adjusted EBITDA”
means, on a combined basis, the Companies’ earnings before (i) interest expense, (ii) tax expense, (iii) depreciation and amortization
expense, (iv) equity based compensation expense, (v) owner’s compensation of $120,000, (vi) non-essential travel and entertainment,
(vii) extraordinary one-time items, which may include personal cars and related expenses, monies paid to Epiderma, LLC, a non-affiliated
laser Companies which has no operations, merchandise which was shipped to Seller’s medical clinic at no charge and adjusted
in the cost of goods on the income statement as allowances, Hurricane Irma related expenses and Canadian tariff’s paid for shipments to
Costco, which are no longer in effect; and (viii) such other adjustment items as mutually agreed upon by the Buyer and the Seller for
the twelve-month period ended December 31, 2019.

 

    1

     

    

 

“Affiliate”
means, with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls, is Controlled
by or is under common Control with, such Person. For purposes of this definition, “Control” (including the terms “Controlled
by” and “under common Control with”) means possession of the power to direct or cause the direction of the
management or policies of a Person, whether through the ownership of stock, as trustee or executor, by Contract or otherwise.

 

“Benefit Plan”
means any “employee benefit plan” as defined in ERISA Section 3(3), including any (a) nonqualified deferred compensation or
retirement plan or arrangement which is an Employee Pension Benefit Plan (as defined in ERISA Section 3(2)), (b) qualified defined contribution
retirement plan or arrangement which is an Employee Pension Benefit Plan, (c) qualified defined benefit retirement plan or arrangement
which is an Employee Pension Benefit Plan (including any Multiemployer Plan (as defined in ERISA Section 3(37)), (d) Employee Welfare
Benefit Plan (as defined in ERISA Section 3(1)) or material fringe benefit plan or program, or (e) stock purchase, stock option, severance
pay, employment, change-in-control, vacation pay, company award, salary continuation, sick leave, excess benefit, bonus or other incentive
compensation, life insurance, or other employee benefit plan, contract, program, policy or other arrangement, whether or not subject to
ERISA, under which any present or former employee of the Companies has any present or future right to benefits sponsored or maintained
by the Companies or any ERISA Affiliate.

 

“Business Day”
means a day other than a Saturday, Sunday or other day on which banks located in Miami, Florida are authorized or required by Law to close.

 

“Closing Working Capital”
means the difference, as of the Closing Date, between (a) the sum of accounts receivable, inventory, capitalized work in process, prepaid
expenses and other current assets of the Companies, which shall be reflected on the Closing Date Balance Sheet, less (b) the accounts
payable, customer deposits, sales taxes payable, and other current liabilities of the Companies as reflected on the Closing Date Balance
Sheet, in each case, determined in accordance with GAAP.

 

“Code” means
the Internal Revenue Code of 1986, as amended.

 

“Contract”
means any written agreement, contract, commitment, arrangement or understanding.

 

“ERISA” means
the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Affiliate”
means any Person who is, or at any time was, a member of a “controlled group of corporations” within the meaning of Section
414(b) or (c) of the Code and, for the purpose of Section 302 of ERISA and/or Section 412, 4971, 4977, 4980D, 4980E and/or each “applicable
section” under Section 414(f)(2) of the Code, within the meaning of Section 412(n)(6) of the Code that includes, or at any time
included, the Companies or any Affiliate thereof, or any predecessor of any of the foregoing.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

    2

     

    

 

“GAAP” means
United States generally accepted accounting principles.

 

“Governmental Entity”
means any entity or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to United
States federal, state or local government or foreign, international, multinational or other government, including any department, commission,
board, agency, bureau, official or other regulatory, administrative or judicial authority thereof.

 

“Independent Accounting
Firm” means any regionally recognized independent registered public accounting firm which has not represented the Companies
or the Seller or any of their Affiliates for the past five years as will be agreed by the Companies and the Buyer in writing.

 

“IRS” means
the Internal Revenue Service.

 

“Knowledge of the Seller”
or any similar phrase means the actual knowledge of the Seller after due inquiry.

 

“Law” means
any statute, law, ordinance, rule, regulation of any Governmental Entity.

 

“Liability”
means all indebtedness, obligations and other liabilities and contingencies of a Person, whether absolute, accrued, contingent, fixed
or otherwise, or whether due or to become due.

 

“Lien” means,
with respect to any property or asset, any mortgage, lien, pledge, charge, security interest, hypothecation or other encumbrance in respect
of such property or asset.

 

“Material Adverse Effect”
means any material adverse effect on the assets, properties, condition (financial or otherwise), operations of the Companies and any of
their Subsidiaries, taken as a whole provided, however, that none of the following shall be deemed (either alone or in combination)
to constitute, and none of the following shall be taken into account in determining whether there has been or may be, a Material Adverse
Effect: (i) the effect of any change that generally affects the United States or foreign economies or securities, financial, banking or
credit markets (including changes in interest or exchange rates) or geopolitical conditions; (ii) the effect of any change that generally
affects any industry in which the Companies operates; (iii) the effect of any seasonal changes in the results of operations of the Companies
consistent with past practices; (iv) the effect of any changes in applicable Laws; (v) the effect of any change caused by natural
disasters or acts of nature, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening
of any such hostilities, acts of war, sabotage or terrorism or military actions.

 

“Minimum Working Capital
Requirement” means the average monthly working capital for the twelve-month period ended December 31, 2019.

 

“Order” means
any award, injunction, judgment, decree, order, ruling, subpoena or verdict or other decision issued, promulgated or entered by or with
any Governmental Entity of competent jurisdiction.

 

    3

     

    

 

“Permit”
means any authorization, approval, consent, certificate, license, permit or franchise of or from any Governmental Entity of competent
jurisdiction or pursuant to any Law.

 

“Person”
means an individual, a corporation, a partnership, a limited liability company, a trust, an unincorporated association, a Governmental
Entity or any agency, instrumentality or political subdivision of a Governmental Entity, or any other entity or body.

 

“Preliminary Working
Capital” means the difference, as of the Closing Date, between (a) the sum of the accounts receivable, inventory, capitalized
work in process, prepaid expenses and other current assets of the Companies, which shall be reflected on the Preliminary Balance Sheet,
less (b) the accounts payable, customer deposits, sales taxes payable, and other current liabilities of the Companies as reflected on
the Preliminary Balance Sheet, in each case, determined in accordance with GAAP.

 

“Representatives”
means, with respect to any Person, the respective directors, officers, employees, counsel, accountants and other representatives of such
Person.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, joint venture or other legal entity of which such Person (either alone
or through or together with any other Subsidiary), owns, directly or indirectly, more than 50% of the stock or other equity interests,
the holders of which are generally entitled to vote for the election of the board of directors or other governing body of a non-corporate
Person.

 

“Taxes” means
all federal, state, local and foreign income, profits, franchise, gross receipts, environmental, customs duty, capital stock, severance,
stamp, payroll, sales, transfer, employment, unemployment, disability, use, property, withholding, excise, production, value added, occupancy
and other taxes, duties or assessments of any nature whatsoever.

 

“Taxing Authority”
means any Governmental Entity having or purporting to exercise jurisdiction with respect to any Tax.

 

“Tax Returns”
means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule
or attachment thereto, and including any amendment thereof.

 

“Transaction Proposal”
means any unsolicited written bona fide proposal made by a third party relating to (i) any direct or indirect acquisition or purchase
of all or substantially all assets of the Companies, (ii) any direct or indirect acquisition or purchase of a majority of the combined
voting power of the Securities, (iii) any merger, consolidation, business combination, recapitalization, liquidation, dissolution or
similar transaction involving the Companies in which the other party thereto or its stockholders will own 51% or more of the combined
voting power of the parent entity resulting from any such transaction, or (iv) any other transaction that is inconsistent with the intent
and purpose of this Agreement.

 

“Transfer Taxes”
means sales, use, transfer, recording, documentary, stamp, registration and stock transfer Taxes and any similar Taxes.

 

“$” means
United States dollars.

 

    4

     

    

 

For purposes of this Agreement, except as otherwise
expressly provided herein or unless the context otherwise requires: (i) the meaning assigned to each term defined herein will be equally
applicable to both the singular and the plural forms of such term and vice versa, and words denoting any gender will include all genders
as the context requires; (ii) where a word or phrase is defined herein, each of its other grammatical forms will have a corresponding
meaning; (iii) the terms “hereof”, “herein”, “hereunder”, “hereby” and “herewith”
and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement; (iv) when a reference is made in this Agreement to an Article, Section, paragraph, Exhibit or Schedule without
reference to a document, such reference is to an Article, Section, paragraph, Exhibit or Schedule to this Agreement; (v) a reference to
a subsection without further reference to a Section is a reference to such subsection as contained in the same Section in
which the reference appears, and this rule will also apply to paragraphs and other subdivisions; (vi) the word “include”,
“includes” or “including” when used in this Agreement will be deemed to include the words “without limitation”,
unless otherwise specified; (vii) a reference to any party to this Agreement or any other agreement or document will include such party’s
predecessors, successors and permitted assigns; (viii) a reference to any Law means such Law as amended, modified, codified, replaced
or reenacted as of the date hereof, and all rules and regulations promulgated thereunder as of the date hereof; and (ix) all accounting
terms used and not defined herein have the respective meanings given to them under GAAP.

 

ARTICLE II

PURCHASE AND SALE OF THE SECURITIES

 

2.1
Purchase and Sale of the Securities. Upon the terms and subject to the conditions set forth in this Agreement, the Buyer
agrees to pay to the Seller for the Securities in the aggregate at the Closing approximately Fifteen Million, Six Hundred Thousand Dollars
($15,600,000) (the “Purchase Price”), subject to adjustment as described in Section 2.2 below, by delivery of (i) cash
in the amount of Seven Million, Eight Hundred Thousand Dollars ($7,800,000) (the “Cash Portion”) constituting fifty
percent (50%) of the Purchase Price, payable by wire transfer or delivery of other immediately available funds to one or more accounts
at banks identified by Seller to Buyer in writing at least two (2) business days prior to the Closing Date, (ii) a convertible promissory
note (“Buyer Note I”) in a form to be mutually agreed to between the Buyer and the Seller in the aggregate principal
amount of Three Million Nine Hundred Thousand Dollars ($3,900,000), constituting twenty five percent (25%) of the Purchase Price, and
(iii) a non-convertible promissory note (“Buyer Note II,” and together with Buyer Note I the “Buyer Notes”)
in the form to be mutually agreed to in the aggregate principal amount of Three Million, Nine Hundred Thousand Dollars ($3,900,000), constituting
twenty-five percent (25%) of the Purchase Price. The Buyer Notes will each bear interest at the rate of 6% per annum and will be amortized
on a 60-month straight line basis with a balloon payment on the 36th month. The Buyer Notes will be subordinated to the senior
indebtedness of the Buyer and the Companies and will have a subordinated security interest (after the senior secured indebtedness) covering
all of the assets of the Companies.

 

    5

     

    

 

2.2
Adjustments to Purchase Price.

 

(a)
Adjusted EBITDA Adjustments.

 

(i) The
Purchase Price is based upon a six times multiple of estimated Adjusted EBITDA for the calendar year 2019 (“2019 Adjusted EBITDA”).
The Buyer has engaged Liggett and Webb to prepare a quality of earnings report on the Companies (the “Quality of Earnings Report”).
The Purchase Price shall be adjusted upwards or downwards upon delivery of the Quality of Earnings Report to all parties based upon the
difference between six times the 2019 Adjusted EBITDA as shown in the Quality of Earnings Report and the Purchase Price. The adjusted
Purchase Price and shall be allocated among the Cash Portion and the Buyer Notes based on the percentage of the Purchase Price that each
such component of consideration makes up as described above in Section 2.1.

 

(ii)
In the event the Seller does not agree with the 2019 Adjusted EBITDA as set forth in the Quality of Earnings Report, the Seller
shall so inform the Buyer in writing within 20 days of the Seller’s receipt thereof, such writing to set forth the objections of
the Seller in reasonable detail. If the Seller and the Buyer cannot reach agreement as to any disputed matter relating to the 2019 Adjusted
EBITDA as set forth in the Quality of Earnings Report within 15 days after notification by the Seller to the Buyer of a dispute, they
shall forthwith refer the dispute to an Independent Accounting Firm mutually agreeable to the Seller and the Buyer for resolution, with
the understanding that such firm shall resolve all disputed items within 20 days after such disputed items are referred to it. If the
Buyer and the Seller are unable to agree on the choice of an Independent Accounting Firm, they shall select an Independent Accounting
Firm by lot from up to three firms proposed by each of the Seller and Buyer (after excluding their respective regular outside accounting
firms). Each of the Seller and the Buyer shall bear one-half of the costs of such accounting firm. The decision of the accounting firm
with respect to all disputed matters relating to the 2019 Adjusted EBITDA shall be deemed final and conclusive and shall be binding upon
the Seller and the Buyer. In addition, if the Seller does not object to within the 20-day period referred to above, the 2019 Adjusted
EBITDA shall be deemed final and conclusive and binding upon the Seller and the Buyer. Notwithstanding the foregoing, in the event that
the 2019 Adjusted EBITDA is determined by the Independent Accounting Firm to be equal to or less than $2,000,000 and Buyer is not willing
to pay at least $12,000,000, then either party may terminate this Agreement immediately and neither party shall have any further obligation
to the other party except as otherwise provided for in this Agreement.

 

(iii)
The Seller shall be entitled to have access to the books and records and other information relating to the Companies that was used
by Liggett & Webb to prepare the Quality of Earnings Report, including the work papers prepared in connection with the preparation
of the Quality of Earnings Report and shall be entitled to discuss such books and records and work papers with the Buyer and those persons
responsible for the preparation thereof.

 

(b)
Working Capital Adjustment.

 

(i) At
the Closing, the Seller shall deliver to the Buyer an unaudited, combined estimated balance sheet of the Companies (the “Preliminary
Balance Sheet”) as of the Closing Date together with a certificate of the Seller stating that the Preliminary Balance Sheet
was prepared in accordance with GAAP so as to present fairly in all material respects the financial condition of Companies on a combined
basis as of such date.

 

    6

     

    

 

(ii)
Ninety days (90) after the Closing Date, the Buyer shall cause its auditor to prepare and deliver to the Seller an unaudited, combined
balance sheet of the Companies as of the Closing Date (the “Closing Date Balance Sheet”) and all calculations, work
papers and supporting documents (the “Supporting Documentation”) as of the Closing Date. The Closing Date Balance Sheet
shall be prepared in accordance with GAAP in a manner consistent with the Preliminary Balance Sheet so as to present fairly in all material
respects the financial condition of the Companies.

 

(iii)
If the Closing Working Capital exceeds the Minimum Working Capital, then the Buyer shall promptly (and, in any event, within fifteen
(15) days) pay to the Seller an amount in cash that is equal to the deficiency. If the Minimum Working Capital exceeds the Closing Working
Capital, then the Seller shall promptly (and, in any event, within fifteen (15) days) pay to the Buyer an amount in cash that is equal
to the deficiency

 

(c)
If there is a dispute regarding differences between the Preliminary Balance Sheet and the Closing Date Balance Sheet or as to the
calculation of working capital as shown thereon, then the parties shall employ the same dispute resolution procedures within the same
time periods used to resolve disputes relating to Adjusted EBITDA as set forth in Section 2.2(a)(ii).

 

(d)
Adjustment for Outstanding Indebtedness. The Cash Portion shall be decreased by the amount of any outstanding indebtedness
of the Companies for borrowed money existing as of the Closing Date and the deducted amount shall be utilized to pay off such outstanding
indebtedness.

 

2.3
Closing. The consummation of the Acquisition (the “Closing”) will take place by the reciprocal delivery
of closing documents by electronic mail, regular mail, fax or any other means mutually agreed upon by the parties hereto on a date that
is no later than two (2) Business Days immediately following the day on which the last of the conditions to closing contained in Article VII
(other than any conditions that by their nature are to be satisfied at the Closing) is satisfied or waived in accordance with this Agreement
or at such other location or on such other date as the Buyer and the Companies may mutually determine (the date on which the Closing actually
occurs is referred to as the “Closing Date”).

 

2.4
Transactions to be Effected at the Closing.

 

(a)
At the Closing, the Buyer will (i) pay the Cash Portion of the Purchase Price to the Seller, adjusted in accordance with subsection
2.2(a) and, by paying such sum to the Seller by transfer of immediately available funds in accordance with instructions provided by the
Seller, and (ii) deliver to the Seller all other documents, instruments or certificates required to be delivered by the Buyer at or prior
to the Closing pursuant to this Agreement, including, without limitation, the Buyer Notes.

 

(b)
At the Closing, the Seller will deliver to the Buyer (i) an assignment of the Securities in form satisfactory to the Buyer showing
the Buyer as the sole owner of the Securities, and (ii) all other documents, instruments or certificates required to be delivered
by the Seller at or prior to the Closing pursuant to this Agreement.

 

    7

     

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

The Seller and each of the
Companies represents and warrants to the Buyer that each statement contained in this Article III is true and correct as of the date hereof,
except as set forth in the schedule accompanying this Agreement (the “Company Disclosure Schedule”). The Company Disclosure
Schedule has been arranged for purposes of convenience only, in sections corresponding to the Sections of this Article III and Article
IV. Each section of the Company Disclosure Schedule will be deemed to incorporate by reference all information disclosed in any other
section of the Company Disclosure Schedule.

 

3.1
Authority and Enforceability. The Seller has the requisite legal capacity to execute and deliver this Agreement, to perform
his respective obligations hereunder and to consummate the Acquisition and the other transactions contemplated hereby. This Agreement
has been duly executed and delivered by the Seller and, assuming the due authorization, execution and delivery by each other party hereto,
constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as
limited by (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws relating to creditors’
rights generally and (b) general principles of equity, whether such enforceability is considered in a proceeding in equity or at Law.

 

3.2
Noncontravention.

 

(a) Neither the execution and the delivery of this Agreement nor the consummation of the Acquisition or the other transactions
contemplated by this Agreement will, with or without the giving of notice or the lapse of time or both, (i) to the knowledge of the
Seller and assuming compliance with the filing and notice requirements set forth in Section 3.2(b)(i), violate any Law applicable to
the Seller or (ii) violate any Contract to which the Seller is a party, except to the extent that any such violation would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(b)
The execution and delivery of this Agreement by the Seller does not, and the performance of this Agreement by the Seller will not,
require any consent, approval, authorization or Permit of, or filing with or notification to, any Governmental Entity, except for (i)
the filings set forth in Section 3.2(b) of the Company Disclosure Schedule or (ii) where the failure to take such action would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.3
The Securities.

 

(a) The Seller holds of record and owns beneficially all of the Securities, free and clear of all Liens, other than (a) Liens for
current real or personal property Taxes that are not yet due and payable or that may hereafter be paid without material penalty or that
are being contested in good faith, (b) statutory Liens of landlords and workers’, carriers’ and mechanics’ or other
like Liens incurred in the ordinary course of business or that are being contested in good faith, (c) Liens and encroachments which do
not materially interfere with the present or proposed use of the properties or assets they affect, (d) Liens that will be released prior
to or as of the Closing, (e) Liens arising under this Agreement, (f) Liens created by or through the Buyer, and (g) Liens set forth in
Section 3.3(a) of the Company Disclosure Schedule (the “Permitted Liens”).

 

    8

     

    

 

(b)
Except as set forth in this Agreement, the Seller is not party to any Contract obligating the Seller to vote or dispose of any
Securities of, or other equity or voting interests in, the Companies.

 

3.4
Brokers’ Fees. Except as set forth in Section 3.4 of the Company Disclosure Schedule, the Seller does not have
any Liability to pay any fees or commissions to any broker, finder or agent with respect to this Agreement, the Acquisition or the transactions
contemplated by this Agreement.

 

3.5
Investment Representations. The Buyer Notes are being acquired by the Seller for his respective accounts, for investment
purposes and not with a view to the sale or distribution of all or any part of the Buyer Notes, nor with any present intention to sell
or in any way distribute the same, as those terms are used in the Securities Act of 1933, as amended (the “Securities Act”),
and the rules and regulations promulgated thereunder. The Seller has sufficient knowledge and experience in financial matters so as to
be capable of evaluating the merits and risks of purchasing the Buyer Notes. The Seller has reviewed copies of such documents and other
information as the Seller has deemed necessary in order to make an informed investment decision with respect to its acquisition of the
Buyer Notes. The Seller understands that the Buyer Notes may not be sold, transferred or otherwise disposed of without registration under
the Securities Act or the availability of an exemption therefrom, and that in the absence of an effective registration statement covering
the Buyer Notes or an available exemption from registration under the Securities Act, the Buyer Notes must be held indefinitely. Further,
the Seller understands and has the financial capability of assuming the economic risk of an investment in the Buyer Notes for an indefinite
period of time. The Seller has been advised by the Buyer that the Seller will not be able to dispose of the Buyer Notes, or any interest
therein, without first complying with the relevant provisions of the Securities Act and any applicable state securities laws. The Seller
understands that the provisions of Rule 144 promulgated under the Securities Act, permitting the routine sales of the securities of certain
issuers subject to the terms and conditions thereof, are not currently, and may not hereafter be, available with respect to the Buyer
Notes. The Seller acknowledges that the Buyer is under no obligation to register the Buyer Notes except as otherwise expressly set forth
in this Agreement or to furnish any information or take any other action to assist the undersigned in complying with the terms and conditions
of any exemption which might be available under the Securities Act or any state securities laws with respect to sales of the Buyer Notes
in the future. The Seller is an “Accredited Investor” as defined in rule 501 (a) of Regulation D of the Act.

 

    9

     

    

 

 ARTICLE IV
 REPRESENTATIONS AND WARRANTIES CONCERNING THE COMPANIES

 

The Seller and each of the Companies represents and warrants to the Buyer that each statement contained in this Article IV is true
and correct as of the date hereof, except as set forth in the Company Disclosure Schedule. Any representation or warranty concerning the
Companies shall be deemed to be a representation concerning the Companies and their Subsidiaries, if any, as a whole unless the context
specifically requires otherwise.

 

4.1
Organization, Qualification and Corporate Power; Authority and Enforceability.

 

(a)
Each of the Companies is a limited liability company or limited partnership, as applicable, duly organized, validly existing and
in good standing under the Laws of the State of Florida, and has all requisite limited liability company or limited partnership power
and authority, directly or indirectly, to own, lease and operate its properties and assets and to carry on its business as it is now being
conducted. Each of the Companies is duly qualified or licensed as a foreign limited liability company or limited partnership to do business,
and is in good standing, in each jurisdiction where the character of its properties or assets owned, leased or operated by it or the nature
of its activities makes such qualification or licensing necessary, except where the failure to be so qualified or licensed would not be
reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(b)
Each of the Companies has the requisite limited liability company or limited partnership power and authority to execute and deliver
this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and
performance by each of the Companies of this Agreement and the consummation by each of the Companies of the transactions contemplated
hereby have been duly authorized by all necessary action on the part of the Companies, and no other action is necessary on the part of
the Companies to authorize this Agreement or to consummate the Acquisition or the other transactions contemplated hereby. This Agreement
has been duly executed and delivered by the Companies and, assuming the due authorization, execution and delivery by each other party
hereto, constitutes a legal, valid and binding obligation of the Companies, enforceable against the Companies in accordance with its terms,
except as limited by (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws relating to creditors’
rights generally and (b) general principles of equity, including principals of commercial reasonableness , good faith and fair dealing,
whether such enforceability is considered in a proceeding in equity or at Law.

 

4.2
Subsidiaries. None of the Companies has any Subsidiaries.

 

4.3
Capitalization.

 

(a)
The Securities are the only securities of the Companies that are authorized, issued and outstanding. No other membership interests,
limited partnership interests or other securities giving a person the right to a membership interest, limited partnership interest or
other ownership interest in any of the Companies are authorized, issued or outstanding.

 

(b)
There are no outstanding options, warrants or other securities or subscription, preemptive or other rights convertible into or
exchangeable or exercisable for any membership interests or voting interests of the Companies and there are no “phantom equity”
rights, interest appreciation rights or other similar rights with respect to the Companies. There are no Contracts of any kind to which
the Companies are a party or by which the Companies are bound, obligating the Companies to issue, deliver, grant or sell, or cause to
be issued, delivered, granted or sold, additional equity interests of, or voting interests in, or options, warrants or other securities
or subscription, preemptive or other rights convertible into, or exchangeable or exercisable for, equity interests of, or other voting
interests in, the Companies, or any “phantom equity” right, equity appreciation right or other similar right with respect
to the Companies, or obligating the Companies to enter into any such Contract.

 

    10

     

    

 

(c)
There are no securities or other instruments or obligations of the Companies, the value of which is in any way based upon or derived
from any membership interest, partnership interest or other voting interest of the Companies or having the right to vote (or convertible
into, or exchangeable or exercisable for, securities having the right to vote) on any matters on which the Companies’ members or
partners may vote.

 

(d)
There are no Contracts, contingent or otherwise, obligating the Companies to repurchase, redeem or otherwise acquire any securities
of, or other voting interests in, the Companies. There are no voting trusts, registration rights agreements or member agreements to which
the Companies are a party with respect to the voting of the membership interests or partnership interests of the Companies, as applicable,
or with respect to the granting of registration rights for any of the membership interests or partnership interests of the Companies,
as applicable. There are no rights plans affecting the Companies.

 

(e)
Except as set forth in Section 4.3(e) of the Company Disclosure Schedule, there are no bonds, debentures, notes or other
indebtedness of the Companies.

 

4.4
Noncontravention.

 

(a) Neither the execution and
delivery of this Agreement nor the consummation of the Acquisition and the other transactions contemplated by this Agreement will, with
or without the giving of notice or the lapse of time or both, (i) violate any provision of the articles of formation or operating agreement
(or comparable organization documents, as applicable) of the Companies, (ii) to the Knowledge of the Seller and assuming compliance with
the filing and notice requirements set forth in Section 4.4(b)(i), violate any Law applicable to the Companies on the date hereof or
(iii) except as set forth in Section 4.4(a) of the Company Disclosure Schedule, violate any Contract to which the Companies are
a party, except with respect to those third party consents that the Seller shall use reasonable efforts to obtain pursuant to Section
6.1 and in the case of clauses (ii) and (iii) to the extent that any such violation would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

(b)
The execution and delivery of this Agreement by the Companies does not, and the performance of this Agreement by the Companies
will not, require any consent, approval, authorization or Permit of, or filing with or notification to, any Governmental Entity, except
for (i) the filings set forth in Section 4.4(b) of the Company Disclosure Schedule or (ii) where the failure to take such action
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.5
Financial Statements. Section 4.5 of the Company Disclosure Schedule contains true and complete copies of (i) the
unaudited, combined balance sheet of the Companies for the two years ended December 31, 2019 and December 31, 2018; and (ii) the related
unaudited statements of income, members’ or partners’ equity and cash flows for the two years ended December 31, 2019 and
December 31, 2018 (the “Financial Statements”). The Financial Statements have been prepared in accordance with GAAP
applied on a consistent basis throughout the periods involved (except as may be indicated in the notes thereto) and, on that basis, fairly
present, in all material respects, the financial condition, results of operations and cash flows of the Companies as of the indicated
dates and for the indicated periods.

 

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4.6
Taxes.

 

(a) All material Tax Returns required to have been filed by the Companies have been filed, and each such Tax Return reflects the liability
for Taxes in all material respects. All Taxes shown on such Tax Returns as due have been paid or accrued.

 

(b) To the Knowledge of the Seller, there is no audit pending against the Companies in respect of any Taxes. There are no Liens on
any of the assets of the Companies that arose in connection with any failure (or alleged failure) to pay any Tax, other than Liens for
Taxes not yet due and payable.

 

(c)
The Companies have withheld and paid or accrued for all material Taxes required to have been withheld and paid or accrued for in
connection with amounts paid or owing to any third party.

 

(d)
The Companies have not waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to
a Tax assessment or deficiency.

 

(e)
The Companies are not a party to any Tax allocation or sharing agreement.

 

4.7
Compliance with Laws and Orders; Permits.

 

(a)
The Companies are in compliance with all Laws and Orders to which the business of the Companies are subject, except where such
failure to comply would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(b)
The Companies own, hold, possess or lawfully use in the operation of their business all Permits that are necessary for them to
conduct their business as now conducted, except where such failure to own, hold, possess or lawfully use such Permit would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.8
 No Undisclosed Liabilities. The Companies do not have any Liability, of a nature that would be required to be disclosed
on a corporate balance sheet prepared in accordance with GAAP, except for (i) liabilities which have arisen since the date of the Financial
Statements in the ordinary course of business (none of which results from, arises out of, relates to, is in the nature of, or was caused
by any breach of contract, breach of warranty, tort, infringement, or violation of law); or (ii) liabilities that are adequately reserved
against.

 

4.9
Tangible Personal Assets.

 

(a)
The Companies have good title to, or a valid interest in, all of their tangible personal assets, free and clear of all Liens, other
than (i) Permitted Liens or (ii) Liens that, individually or in the aggregate, do not materially interfere with the ability of the Companies
thereof to conduct their business as currently conducted and do not adversely affect the value of, or the ability to sell, such personal
properties and assets.

 

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(b)
The Companies’ tangible personal assets are in good operating condition, working order and repair, subject to ordinary wear
and tear, free from defects (other than defects that do not interfere with the continued use thereof in the conduct of normal operations)
and are suitable for the purposes for which they are currently being used.

 

4.10  Real Property.

 

(a)
Owned Real Property. The Companies do not own any real property.

 

(b)
Leased Real Property. Section 4.10(b) of the Company Disclosure Schedule contains a list of all leases and subleases
(collectively, the “Real Property Leases”) under which the Companies are either lessor or lessee (the “Real
Property”). The Seller have heretofore made available to the Buyer true and complete copies of each Real Property Lease. To
the Knowledge of the Seller, (i) all Real Property Leases are valid and binding Contracts of the Companies and are in full force and effect
(except for those that have terminated or will terminate by their own terms), and (ii) neither the Companies or any other party thereto,
is in violation or breach of or default (or with notice or lapse of time, or both, would be in violation or breach of or default) under
the terms of any such Contract, in each case, except where such default would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

4.11  Intellectual Property.

 

(a)
“Intellectual Property” means (i) trade secrets, inventions, confidential and proprietary information, know-how,
formulae and processes, (ii) patents (including all provisionals, reissues, divisions, continuations and extensions thereof) and patent
applications, (iii) trademarks, trade names, trade dress, brand names, domain names, trademark registrations, trademark applications,
service marks, service mark registrations and service mark applications (whether registered, unregistered or existing at common law, including
all goodwill attaching thereto), (iv) copyrights, including copyright registrations, copyright applications and unregistered common law
copyrights; (v) and all licenses for the Intellectual Property listed in items (i) – (iv) above.

 

(b)
Section 4.11(b) of the Company Disclosure Schedule sets forth a list that includes all material Intellectual Property owned
by the Companies (the “Company-Owned Intellectual Property”) that is registered or subject to an application for registration
(including the jurisdictions where such Company-Owned Intellectual Property is registered or where applications have been filed, and all
registration or application numbers, as appropriate).

 

(c)
All necessary registration, maintenance and renewal fees have been paid and all necessary documents have been filed with the United
States Patent and Trademark Office or foreign patent and trademark office in the relevant foreign jurisdiction for the purposes of maintaining
the registered Company-Owned Intellectual Property.

 

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(d)
Except as set forth on Section 4.11(d) of the Company Disclosure Schedule, (i) the Companies are the exclusive owner of
the Company-Owned Intellectual Property free and clear of all Liens (other than Permitted Liens); (ii) to the Knowledge of the Seller
no proceedings have been instituted, are pending or are threatened that challenge the rights of the Companies in or the validity or enforceability
of the Company-Owned Intellectual Property; (iii) to the Knowledge of the Seller, neither the use of the Company-Owned Intellectual Property
as currently used by the Companies in the conduct of the Companies’ business, nor the conduct of the business as presently conducted
by the Companies infringes, dilutes, misappropriates or otherwise violates in any material respect the Intellectual Property rights of
any Person; and (iv) as of the date of this Agreement, the Companies have made no claim of a violation, infringement, misuse or misappropriation
by any Person, of their rights to, or in connection with, the Company-Owned Intellectual Property.

 

(e)
Except as set forth in Section 4.11(e) of the Company Disclosure Schedule, the Companies have not permitted or licensed
any Person to use any Company-Owned Intellectual Property.

 

(f)   Section 4.11(f) of the Company Disclosure Schedule sets forth a complete and accurate list of all licenses, other than “off
the shelf” commercially available software programs, pursuant to which the Companies license from a Person Intellectual Property
that is material to and used in the conduct of the business by the Companies.

 

(g) To the Knowledge of the Seller, the Companies are not in default in the performance, observance or fulfillment of any obligation,
covenant or condition contained in any Contract pursuant to which any third party is authorized to use any Company-Owned Intellectual
Property or pursuant to which the Companies are licensed to use Intellectual Property owned by a third party, except where such default
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.12 Absence of Certain
Changes or Events. Since the date of the Financial Statements, no event has occurred that has had, individually or in the aggregate,
a Material Adverse Effect. Without limiting the generality of the foregoing, since that date:

 

(a)
the Companies have not sold, leased, transferred, or assigned any of their assets, tangible or intangible, other than for a fair
consideration in the ordinary course of business;

 

(b)
the Companies have not entered into any agreement, contract, lease, or license (or series of related agreements, contracts, leases,
and licenses) outside the ordinary course of business;

 

(c) no
party (including the Companies) has accelerated, terminated, modified, or cancelled any agreement, contract, lease, or license (or
series of related agreements, contracts, leases, and licenses) involving more than $50,000 to which the Companies are a party or by
which any of them is bound;

 

(d)
the Companies have not imposed any Liens upon any of their assets, tangible or intangible;

 

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(e) the
Companies have not made any capital expenditure (or series of related capital expenditures) either involving more than $50,000 or
outside the ordinary course of business;

 

(f) the
Companies have not made any capital investment in, any loan to, or any acquisition of the securities or assets of, any other Person
(or series of related capital investments, loans, and acquisitions) either involving more than $50,000 or outside the ordinary
course of business;

 

(g)
the Companies have not transferred, assigned, or granted any license or sublicense of any rights under or with respect to any Intellectual
Property;

 

(h)
there has been no change made or authorized in the articles of formation, operating agreement or partnership agreement of any of
the Companies;

 

(i)  the Companies have not issued, sold, or otherwise disposed of any of their membership interests, or granted any options, warrants,
or other rights to purchase or obtain (including upon conversion, exchange, or exercise) any of their membership interests;

 

(j) the
Companies have not made any loan to, or entered into any other transaction with, any of their directors, officers, and employees outside
the ordinary course of business;

 

(k)
the Companies have not entered into any employment contract or modified the terms of any existing such contract or agreement;

 

(l)  the Companies have not granted any increase in the base compensation of any of their directors, officers, and employees outside
the ordinary course of business;

 

(m)  the Companies have not committed to any of the foregoing.

 

4.13  Contracts.

 

(a)
Except as set forth in Section 4.13(a) of the Company Disclosure Schedule, as of the date hereof, the Companies are not
a party to or bound by any: (i) Contract not contemplated by this Agreement that materially limits the ability of the Companies to engage
or compete in any manner of the business presently conducted by the Companies; (ii) Contract that creates a partnership or joint venture
or similar arrangement with respect to any material business of the Companies; (iii) indenture, credit agreement, loan agreement, security
agreement, guarantee, note, mortgage or other evidence of indebtedness or agreement providing for indebtedness in excess of $50,000; (iv)
Contract that relates to the acquisition or disposition of any material business (whether by merger, sale of stock or other equity interests,
sale of assets or otherwise) other than this Agreement; and (v) Contract that involves performance of services or delivery of goods or
materials by or to the Companies in an amount or with a value in excess of $50,000 in any 12-month period (which period may extend past
the Closing).

 

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(b)
The Seller have heretofore made available to the Buyer true and complete copies of each of the Contracts set forth in Section
4.13(a) of the Company Disclosure Schedule. To the Knowledge of the Seller, (i) all such Contracts are valid and binding, (ii) all
such Contracts are in full force and effect (except for those that have terminated or will terminate by their own terms), and (iii) neither
the Companies nor any other party thereto, is in violation or breach of or default under (or with notice or lapse of time, or both, would
be in violation or breach of or default under) the terms of any such Contract, in each case, except where such default would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.14 
Litigation. Except as set forth in Section 1.1 of the Company Disclosure Schedule, there is no Action pending or, to the
Knowledge of the Seller, threatened against the Companies that (a) challenges or seeks to enjoin, alter or materially delay the Acquisition
or (b) would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.15 Employee Benefits.

 

(a)
Section 4.15(a) of the Company Disclosure Schedule includes a list of all Benefit Plans maintained or contributed to by
the Companies (the “Company Benefit Plans”). The Seller have delivered or made available to the Buyer copies of (i)
each Company Benefit Plan, (ii) the most recent summary plan description for each Company Benefit Plan for which such a summary plan description
is required and (iii) the most recent favorable determination letters from the IRS with respect to each Company Benefit Plan intended
to qualify under Section 401(a) of the Code.

 

(b)
Except as set forth in Section 4.15(b) of the Company Disclosure Schedule, (i) none of the Company Benefit Plans is subject
to Title IV of ERISA; (ii) each Company Benefit Plan that is intended to be qualified under Section 401(a) of the Code is subject to a
favorable determination letter from the IRS and, to the Knowledge of the Seller, no event has occurred and no condition exists that is
reasonably likely to result in the revocation of any such determination; and (iii) each Company Benefit Plan is in compliance with all
applicable provisions of ERISA and the Code, except for instances of noncompliance that would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

4.16 Labor and Employment
Matters. Section 4.16 of the Company Disclosure Schedule sets forth a list of all written employment agreements that obligate
the Companies to pay an annual salary of $50,000 or more and to which the Companies are a party. To the Knowledge of the Seller, there
are no pending labor disputes, work stoppages, requests for representation, pickets, work slow-downs due to labor disagreements or any
actions or arbitrations that involve the labor or employment relations of the Companies. The Companies are not party to any collective
bargaining agreement.

 

4.17 Environmental. Except (i) as set forth in Section 4.17 of the Company Disclosure Schedule or (ii) for any matter
that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, to the Knowledge of the Seller
(a) the Companies are in compliance with all applicable Laws relating to protection of the environment (“Environmental Laws”),
(b) the Companies possess and is in compliance with all Permits required under any Environmental Law for the conduct of their operations
and (c) there are no Actions pending against the Companies alleging a violation of any Environmental Law.

 

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4.18 Insurance. Section
4.18 of the Company Disclosure Schedule sets forth a list of each insurance policy that covers the Companies or their businesses,
properties, assets, directors, officers or employees (the “Policies”). Such Policies are in full force and effect
in all material respects and the Companies are not in violation or breach of or default under any of their obligations under any such
Policy, except where such default would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.19 Brokers’ Fees.
Except as set forth in Section 4.19 of the Company Disclosure Schedule, which such fees shall be paid prior to or at Closing with
the Seller’s cash, the Seller and the Company have no Liability to pay any fees or commissions to any broker, finder or agent with
respect to this Agreement, the Acquisition or the transactions contemplated by this Agreement.

 

4.20 Certain Business Relationships
with the Companies. Except as set forth in Section 4.20 of the Company Disclosure Schedule, neither the Seller, nor any Affiliate
of the Seller, has been involved in any business arrangement or relationship with the Companies within the past 12 months, and neither
the Seller, nor any Affiliate of the Seller, owns any asset, tangible or intangible, which is used in the Business.

 

4.21 Equipment. Section
4.21 of the Company Disclosure Schedule sets forth a complete and accurate list of all plants, fixtures, machinery, installations,
equipment, furniture, tools, spare parts, supplies, materials and other personal property (collectively, the “Equipment”)
owned by the Companies other than items having a net book or market value individually of less than five thousand dollars ($5,000) or
expensed for tax purposes, as of the date of the Financial Statements. The Companies have not acquired an item of Equipment for in excess
of such amount since such date. The Equipment, and all personal property held by the Companies, are utilized by the Company in the ordinary
course of business.

 

4.22 Customers and Suppliers.
Section 4.22 of the Company Disclosure Schedule sets forth a correct and complete list of the top 20 customers and top 20 suppliers
of the Companies during the fiscal year ended December 31, 2019 and indicates with respect to each the name, address and dollar volume
of business with the Companies (including the primary categories, based on purchases or sales, of products or services bought or sold).
The Companies are not required to provide any material bonding or other financial security arrangements in connection with their transactions
with any customer or supplier required to be disclosed on Section 4.22 of the Company Disclosure Schedule except as set forth
therein. Since the date of the Financial Statements, no customer or supplier required to be disclosed on Section 4.22 of the Company
Disclosure Schedule has terminated its relationship with, or materially reduced its purchases from or sales to, the Companies.

 

4.23 Potential
Conflicts of Interest. Except as set forth in Section 4.23 of the Company Disclosure Schedule, no officer, director,
manager, member, stockholder (or Affiliate thereof) or, to the Knowledge of the Seller, employee of the Companies (a) owns, directly
or indirectly, any interest in (excepting not more than 1% stock or other equity securities for investment purposes in securities of
publicly held and traded companies) or is an officer, director, manager, employee or consultant of any Person which is a competitor,
lessor, lessee, customer or supplier of Companies, unless such interest is owned on the date hereof and such Person is not within a
ten (10) mile radius of any of the manufacturing operations currently being operated by the Companies; (b) owns, directly or
indirectly, in whole or in part, any tangible or intangible property which the Companies are using or the use of which is necessary
for their business; (b) has any cause of action or other claim whatsoever against, or owes any amount to, any of the Companies,
except for claims in the ordinary course of business, such as for accrued vacation pay, accrued benefits under any Company Benefit
Plan and similar matters and agreements; or (c) is party to any agreement, contract or commitment with any of the Companies or has
received any loan, advance or investment from the Companies that has not been repaid in full prior to the date hereof.

 

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4.24 Bank Accounts. Section 4.24 of the Company Disclosure Schedule sets forth a correct and complete list of: (i) each of the
bank accounts of the Companies, together with a true and complete list of the authorized signatories for such accounts; and (ii) the
names of all Persons authorized to borrow money or sign notes on behalf of the Companies.

 

4.25 Accounts Receivable.
Except as set forth in Section 4.25 of the Company Disclosure Schedule, all accounts and notes receivable of the business of the
Companies arose in the ordinary and usual course of the business, represent valid obligations due, and except for installment loan contracts
and customer side notes either have been collected in full or, to the Knowledge of the Seller, are expected to be collected in full not
later than 90 days after the invoice or due date of such receivables.

 

4.26 Disclosure. The
representations and warranties contained in this Article IV do not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements and information contained in this Article IV not misleading.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants to the Seller that each statement contained in this Article V is true and correct as of the date
hereof. Any representation or warranty concerning the Buyer shall be deemed to be a representation concerning the Buyer and its Subsidiaries,
if any, as a whole unless the context specifically requires otherwise.

 

5.1
Organization. The Buyer is a corporation, duly organized, validly existing and in good standing under the laws of the state
of Delaware.

 

5.2
Authorization. The Buyer has the requisite power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by the Buyer of this Agreement,
and the consummation of the transactions contemplated hereby, have been duly authorized by all necessary action, and no other action on
the part of the Buyer is necessary to authorize this Agreement or to consummate the transactions contemplated hereby (other than compliance
with the filing and notice requirements set forth in Section 5.3(b)(i)). This Agreement has been duly executed and delivered by the Buyer
and, assuming the due authorization, execution and delivery by each of the other parties hereto, constitutes a legal, valid and binding
obligation of the Buyer enforceable against the Buyer in accordance with its terms, except as limited by (a) bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar Laws relating to creditors’ rights generally and (b) general principles of equity,
whether such enforceability is considered in a proceeding in equity or at Law.

 

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5.3
Noncontravention.

 

(a)
Neither the execution and the delivery of this Agreement, nor the consummation of the Acquisition and the other transactions contemplated
by this Agreement, will, with or without the giving of notice or the lapse of time or both, (i) violate any provision of the certificate
of incorporation or bylaws (or comparable organization documents, as applicable) of the Buyer, (ii) violate any Law applicable to
the Buyer on the date hereof or (iii) violate any Contract to which the Buyer is a party, except in the case of clauses (ii) and
(iii) to the extent that any such violation would not reasonably be expected to prevent or materially delay the consummation of the Acquisition
and the other transactions contemplated by this Agreement.

 

(b)
The execution and delivery of this Agreement by the Buyer does not, and the performance of this Agreement by the Buyer will not,
require any consent, approval, authorization or Permit of, or filing with or notification to, any Governmental Entity, except for (i)
the filings set forth in Section 3.2(b)(i) or (ii) where the failure to take such action would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

5.4
Litigation. There are no Legal Proceedings pending or, to the knowledge of the Buyer threatened against the Buyer that,
if adversely determined, are reasonably likely to prohibit or restrain the ability of the Buyer to enter into this Agreement or consummate
the Transaction and the other transactions contemplated by this Agreement.

 

5.5
Brokers’ Fees. The Buyer has no Liability to pay any fees or commissions to any broker, finder or agent with respect
to this Agreement, the Acquisition or the transactions contemplated by this Agreement that could result in any Liability being imposed
on the Seller or the Companies.

 

ARTICLE VI

COVENANTS

 

6.1
Consents. The Seller and the Companies will use their commercially reasonable efforts to obtain any required third-party
consents to the Acquisition and the other transactions contemplated by this Agreement in writing from each Person.

 

6.2
Operation of the Companies’ Business. During the period commencing on the date hereof and ending at the earlier of
the Closing and the termination of this Agreement in accordance with Article VIII, the Companies, except (i) as otherwise contemplated
by this Agreement, (ii) as required by applicable Law or (iii) with the prior written consent of the Buyer (which consent will not be
unreasonably withheld or delayed), will use commercially reasonable efforts to carry on their business in a manner consistent with past
practice and not take any action or enter into any transaction that would result in the following:

 

(a)
any change in the articles of formation, operating agreement or partnership agreement of the Companies or any amendment of any
material term of any outstanding security of the Companies;

 

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(b)
any issuance or sale of any additional membership interests or partnership interests of, or rights of any kind to acquire any membership
interests or partnership interests of the Companies (whether through the issuance or granting of options or otherwise);

 

(c)
pay any distribution, redeem any membership interests or otherwise make any distribution of cash or other assets of the Companies
other than in the ordinary course of business in amounts and on terms consistent with past practice;

 

(d)
any incurrence, guarantee or assumption by the Companies of any indebtedness for borrowed money other than in the ordinary course
of business in amounts and on terms consistent with past practice;

 

(e) any change in any method of accounting, accounting principle or accounting practice by the Companies which would reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect;

 

(f) except in the ordinary
course of business (i) any adoption or material amendment of any of the Companies Benefit Plans, (ii) any entry into any collective bargaining
agreement with any labor organization or union, (iii) any entry into an employment agreement or (iv) any increase in the rate of compensation
to any employee in an amount that exceeds 10% of such employee’s current compensation; provided, that the Companies may
(A) take any such action for employees in the ordinary course of business or pursuant to any existing Contracts or Company Benefit Plans
and (B) adopt or amend any of the Companies Benefit Plans if the cost to such Person of providing benefits thereunder is not materially
increased;

 

(g)
except in the ordinary course of business, any cancellation, modification, termination or grant of waiver of any material Permits
or Contracts to which the Companies are a party, which cancellation, modification, termination or grant of waiver would, individually
or in the aggregate, have a Material Adverse Effect;

 

(h)
any change in the Tax elections made by the Companies or in any accounting method used by the Companies for Tax purposes, where
such Tax election or change in accounting method may have a material effect upon the Tax Liability of the Companies for any period or
set of periods, or the settlement or compromise of any material income Tax Liability of the Companies;

 

(i) except in the ordinary
course of business, any acquisition or disposition of any business or any material property or asset (including, without limitation,
any of the Companies’ Intellectual Property) of the Companies (whether by merger, consolidation or otherwise) by the Companies;

 

(j) 
any grant of a Lien on any properties and assets of the Companies that would have, individually or in the aggregate, a Material
Adverse Effect; or

 

(k)
any entry into any agreement or commitment to do any of the foregoing.

 

6.3
Access. The Companies will permit the Buyer and its Representatives to have reasonable access at all reasonable times, and
in a manner so as not to interfere with the normal business operations of the Companies, to the premises, properties, personnel, books,
records (including Tax records), Contracts and documents of or pertaining to the Companies.

 

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6.4
Notice of Developments. The Seller and the Companies will give prompt written notice to the Buyer of any event that would
reasonably be expected to give rise to, individually or in the aggregate, a Material Adverse Effect or would reasonably be expected to
cause a breach of any of their respective representations, warranties, covenants or other agreements contained herein. The Buyer will
give prompt written notice to the Seller and the Companies of any event that could reasonably be expected to cause a breach of any of
its representations, warranties, covenants or other agreements contained herein or could reasonably be expected to, individually or in
the aggregate, prevent or materially delay the consummation of the Acquisition and the other transactions contemplated by this Agreement.
The delivery of any notice pursuant to this Section 6.4 will not limit, expand or otherwise affect the remedies available hereunder (if
any) to the party receiving such notice.

 

6.5
No Solicitation.

 

(a)
The Seller and the Companies will, and will cause each of their Representatives to, cease immediately any existing discussions
regarding a Transaction Proposal.

 

(b)
From and after the date of this Agreement, without the prior consent of the Buyer, neither the Seller nor the Companies will, nor
will they authorize or permit any of their respective Representatives to, directly or indirectly through another Person to, (i) solicit,
initiate or encourage (including by way of furnishing information), or take any other action designed to facilitate any inquiries, proposals
or offers from any Person that constitute, or would reasonably be expected to constitute, a Transaction Proposal, (ii) participate
in any discussions or negotiations (including by way of furnishing information) regarding any Transaction Proposal or (iii) otherwise
cooperate in any way with, or assist or participate in, facilitate or encourage, any effort or attempt by any other Person to do or seek
any of the foregoing.

 

(c)
In addition, the Seller shall immediately communicate to the Buyer the terms of any Transaction Proposal received by the Seller
or the Companies, or any of their Representatives.

 

6.6
Taking of Necessary Action; Further Action. Subject to the terms and conditions of this Agreement, each of the Seller, the
Companies and the Buyer will take all such reasonable and lawful action as may be necessary or appropriate in order to effectuate the
Acquisition in accordance with this Agreement as promptly as practicable.

 

6.7
Covenant not to Compete. For a period of three years from and after the Closing (the “Noncompetition Period”),
the Seller shall not engage directly or indirectly in any business that is competitive with the current business of the Companies (the
“Business”) in any geographic area in which the Business is conducted as of the Closing Date; provided, however, that
no owner of less than 1% of the outstanding stock of any publicly-traded corporation shall be deemed to engage solely by reason thereof
in any of its businesses. During the Noncompetition Period, the Seller shall not induce or attempt to induce any customer, or supplier
of the Buyer or any affiliate of the Buyer to terminate its relationship with the Buyer or any Affiliate of the Buyer or to enter into
any business relationship to provide or purchase the same or substantially the same services as are provided to or purchased from the
Business which might harm the Buyer or any Affiliate of the Buyer. During the Noncompetition Period, the Seller shall not, on behalf of
any entity other than the Buyer or an Affiliate of the Buyer, hire or retain, or attempt to hire or retain, in any capacity any Person
who is, or was at any time during the preceding twelve (12) months, an employee or officer of the Buyer or an Affiliate of the Buyer.
If the final judgment of a court of competent jurisdiction declares that any term or provision of this Section 6.7 is invalid or unenforceable,
the parties agree that the court making the determination of invalidity or unenforceability shall have the power to reduce the scope,
duration, or area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision
with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable
term or provision, and this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment may
be appealed. The restrictive covenants set forth in Sections 6.5 and 6.7 shall become null and void and of no further effect in the event
that the Buyer defaults under the Buyer Notes after the receipt of written notice and the expiration of a thirty (30) day cure period.

 

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6.8
Financial Information. The Seller shall cooperate with the Buyer and the Buyer’s independent certified public accounting
firm in order to enable the Buyer to create audited financial statements prepared in accordance with the GAAP for the two full fiscal
years preceding the Closing Date, by making available the Seller’s records as they are maintained in the ordinary course of business
and answering reasonable questions.

 

6.9 Transfer of Cash and
Cash Equivalents. On or prior to the Closing, the Companies and Seller will transfer, or cause to be distributed all cash and cash
equivalents of the Companies to, among other things, pay any fees owed by Companies to brokers or advisors (including termination fees
under any advisory agreement) and any indebtedness for borrowed money.

 

6.10 Company Disclosure
Schedule. The Parties acknowledge and agree that (i) the Seller and the Companies have not yet delivered a definitive Company Disclosure
Schedule to this Agreement to the Buyer, and (ii) the Buyer has not been provided with copies of, nor had an opportunity to review, the
items to be referred to on the Company Disclosure Schedule. The Seller shall deliver (and shall cause the Companies to deliver) to the
Buyer all of the schedules, including a definitive Company Disclosure Schedule to the Agreement, and documents referred
to thereon, in final form as soon as reasonably practicable after the date hereof.  The Buyer shall have 20 days following delivery
of such Company Disclosure Schedule and such documents in which to terminate this Agreement if the Buyer objects to any information
contained in such Company Disclosure Schedule or the contents of any such document and Buyer and Sellers cannot agree on mutually
satisfactory modifications thereto or to this Agreement.

 

6.11 Piggyback Registration
Rights. If the Buyer files a registration statement with the Commission covering the sale of shares of its Common Stock (other than
a registration statement on Form S-4 or S-8, or on another form, or in another context, in which such “piggyback” registration
would be inappropriate such as the Buyer’s initial public offering of its securities), then, for a period commencing on the date
of this Agreement and terminating on the second (2nd) anniversary of the date hereof, the Buyer shall give written notice
of such proposed filing to the Seller as soon as practicable but in no event less than ten (10) business days before the anticipated
filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the Seller in
such notice the opportunity to register the sale of such number of shares common stock underlying the Buyer Notes (the “Underlying
Shares”) as the Seller may request in writing within five (5) business days after receipt of such notice (a “Piggyback
Registration”). The Buyer shall cause such Underlying Shares to be included in such registration and shall use its best efforts
to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Underlying Shares requested to be
included in a Piggyback Registration on the same terms and conditions as any similar securities of the Buyer and to permit the sale or
other disposition of such Underlying Shares in accordance with the intended method(s) of distribution thereof. The Seller agrees that
if the Seller proposes to include the Underlying Shares or any portion of them in Piggyback Registration that involves an underwriter
or underwriters, the Seller shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected
for such Piggyback Registration. This provision shall expire once the Underlying Shares may be freely sold by the Seller under Rule 144
promulgated under the Securities Act without restriction as to the volume of Underlying Shares that may be sold.

 

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6.12 Tag Along Right.
The Buyer shall not permit the Buyer’s Executive Chairman (Alfonso J. Cervantes) or its President (Darren Minton) (the “Tag
Along Sellers”) to sell any shares of common stock, other capital stock or other securities of the Buyer held by them to a
third party (other than to an Affiliate or family member) without the consent of the Seller unless the Seller is able to sell the Seller’s
Underlying Shares to such third party on a pro rata basis. For purposes of this provision, “pro rata basis” means
the number of total Underlying Shares then held by the Seller multiplied by a fraction where the numerator is the number of shares of
Common Stock of the Buyer on a fully-diluted basis that is owned by the Tag Along Seller who is then selling securities and the denominator
is the total number of shares of Common Stock of the Buyer that are outstanding on a fully-diluted basis. The Buyer shall treat as void
any attempt by the Tag Along Sellers to make a transfer of securities of the Buyer in violation of this provision and shall not register
any such transfer on the books and records of the Buyer. This provision shall expire immediately following the closing of the Buyer’s
initial public offering of securities, including a public offering of securities under Regulation A of the Securities Act.

 

ARTICLE VII

CONDITIONS TO OBLIGATIONS TO CLOSE

 

7.1
Conditions to Obligation of the Buyer. The obligation of the Buyer to consummate the Acquisition is subject to the satisfaction
or waiver by the Buyer of the following conditions:

 

(a)
The representations and warranties of the Seller set forth in this Agreement will be true and correct in all respects as of the
date of this Agreement and as of the Closing Date (except to the extent such representations and warranties speak as of another date,
in which case such representations and warranties will be true and correct as of such other date), except where the failure of such representations
and warranties to be so true and correct (without giving effect to any limitation as to “materiality” or “Material Adverse
Effect” set forth therein) does not have, and would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. The Buyer will have received a certificate signed by the Seller to such effect.

 

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(b)
Each of the Seller and the Companies will have performed all of the covenants required to be performed by it under this Agreement
at or prior to the Closing, except where the failure to perform does not have, and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect or materially adversely affect the ability of each of the Seller and the Companies to consummate
the Acquisition or perform its other obligations hereunder. The Buyer will have received a certificate signed by the Seller to such effect.

 

(c) The Buyer shall have completed
its business, accounting and legal due diligence review of the Companies and the Business, its assets and liabilities and the results
thereof shall be reasonably satisfactory to the Buyer.

 

(d)
There shall not have been any occurrence, event, incident, action, failure to act, or transaction since the date of the Financial
Statements that has had or is reasonably likely to cause a Material Adverse Effect.

 

(e) All applicable waiting periods
(and any extensions thereof) will have expired or otherwise been terminated, and the parties hereto will have received all other authorizations,
consents and approvals of all Governmental Entities in connection with the execution, delivery and performance of this Agreement and
the transactions contemplated hereby.

 

(f) No temporary,
preliminary or permanent restraining Order preventing the consummation of the Acquisition will be in effect.

 

(g)
Each party, as appropriate, shall have obtained any required permits, licenses, approvals or notifications.

 

(h)
The Seller shall have obtained releases of any liens, charges or encumbrances against any of the assets of the Companies, at the
Seller’ expense.

 

(i) The Companies shall have
delivered evidence reasonably satisfactory to the Buyer of the Companies’ limited liability company or limited partnership organization
and proceedings and its existence in the jurisdiction in which it is organized, including evidence of such existence as of the Closing.

 

(j) The Buyer and Seller shall
have entered into an employment agreement containing a one-year non-competition provision in form and substance mutually agreed upon
by the Buyer and the Seller.

 

(k) The Plant Manager and Vice
President of the Companies shall have entered into change of control agreements containing non-competition provisions that are in form
and substance reasonably satisfactory to the Buyer.

 

(l) The Buyer shall have obtained
on terms and conditions satisfactory to it all of the financing it needs in order to consummate the transactions contemplated hereby
and fund the working capital requirements of the Companies after the Closing.

 

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

 

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7.2
Conditions to Obligation of the Seller. The obligation of the Seller to consummate the Acquisition is subject to the satisfaction
or waiver by the Seller of the following conditions:

 

(a)
The representations and warranties of the Buyer set forth in this Agreement will be true and correct in all respects as of the
date of this Agreement and as of the Closing Date (except to the extent such representations and warranties speak as of another date,
in which case such representations and warranties will be true and correct as of such other date), except where the failure of such representations
and warranties to be so true and correct does not adversely affect the ability of the Buyer to consummate the Acquisition and the other
transactions contemplated by this Agreement. The Seller will have received a certificate signed on behalf of the Buyer by a duly authorized
officer of the Buyer to such effect.

 

(b)
The Buyer will have performed in all material respects all of the covenants required to be performed by it under this Agreement
at or prior to the Closing except such failures to perform as do not materially adversely affect the ability of the Buyer to consummate
the Acquisition and the other transactions contemplated by this Agreement. The Seller will have received a certificate signed on behalf
of the Buyer by a duly authorized officer of the Buyer to such effect.

 

(c)
All applicable waiting periods (and any extensions thereof) will have expired or otherwise been terminated and the parties hereto
will have received all other required authorizations, consents and approvals of all Governmental Entities in connection with the execution,
delivery and performance of this Agreement and the transactions contemplated hereby.

 

(d)
No temporary, preliminary or permanent restraining Order preventing the consummation of the Acquisition will be in effect.

 

(e)
Each party, as appropriate, shall have obtained any required permits, licenses, approvals or notifications of any Governmental
Entities, or other third parties for which the Buyer will assume responsibility for properly completing any and all necessary forms required
when applying for and securing any necessary transfers.

 

(f) The Buyer and Seller shall
have entered into an employment agreement containing a one-year non-competition provision in form and substance mutually agreed upon
by the Buyer and the Seller.

 

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

 

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ARTICLE VIII

TERMINATION; AMENDMENT; WAIVER

 

8.1 Termination
of Agreement. This Agreement may be terminated as follows:

 

(a)
by mutual written consent of the Buyer and the Seller at any time prior to the Closing;

 

(b)
by either the Buyer or the Seller if any Governmental Entity will have issued an Order or taken any other action permanently enjoining,
restraining or otherwise prohibiting the transactions contemplated by this Agreement;

 

(c)
by either the Buyer or the Seller if the Closing does not occur on or before the date that that is ninety (90) days after the later
of the date of delivery to the parties of the Quality of Earnings Report or the date that the Seller delivers to the Buyer the final Company
Disclosure Schedule in accordance with Section 6.10 hereof; provided that the right to terminate this Agreement under this Section
ARTICLE VIII(c) will not be available to any party whose breach of any provision of this Agreement results in the failure of the Closing
to occur by such time;

 

(d)
by the Buyer if either of the Seller or the Companies has breached their respective representations and warranties or any covenant
or other agreement to be performed by it in a manner such that the Closing conditions set forth in Section 7.1(a) or 7.1(b) would not
be satisfied; or

 

(e)
by the Seller if the Buyer has breached its representations and warranties or any covenant or other agreement to be performed by
it in a manner such that the Closing conditions set forth in Section 7.2(a) or 7.2(b) would not be satisfied.

 

8.2
Effect of Termination. In the event of termination of this Agreement by either Seller or the Buyer as provided in Section 8.1
, this Agreement will forthwith become void and have no effect, without any Liability (other than with respect to any suit for breach
of this Agreement) on the part of the Buyer, the Companies or the Seller (or any stockholder, member, agent, consultant or Representative
of any such party); provided, that the provisions of Sections 10.1, 10.6, 10.7, and this Section 8.2 will survive any termination
hereof pursuant to Section 8.1.

 

8.3
Amendments. This Agreement may not be amended except by an instrument in writing signed on behalf of the Buyer, the Companies
and the Seller.

 

8.4
Waiver. At any time prior to the Closing, the Buyer may (a) extend the time for the performance of any of the covenants,
obligations or other acts of the Seller and the Companies or (b) waive any inaccuracy of any representations or warranties or compliance
with any of the agreements, covenants or conditions of the Seller or any conditions to its own obligations. Any agreement on the part
of the Buyer to any such extension or waiver will be valid only if such waiver is set forth in an instrument in writing signed on its
behalf by its duly authorized officer. At any time prior to the Closing, the Seller and the Companies, may (a) extend the time for
the performance of any of the covenants, obligations or other acts of the Buyer or (b) waive any inaccuracy of any representations
or warranties or compliance with any of the agreements, covenants or conditions of the Buyer or any conditions to their own obligations.
Any agreement on the part of the Seller and the Companies to any such extension or waiver will be valid only if such waiver is set forth
in an instrument in writing signed by the Seller and the Companies. The failure of any party to this Agreement to assert any of its rights
under this Agreement or otherwise will not constitute a waiver of such rights. The waiver of any such right with respect to particular
facts and other circumstances will not be deemed a waiver with respect to any other facts and circumstances, and each such right will
be deemed an ongoing right that may be asserted at any time and from time to time.

 

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ARTICLE IX

INDEMNIFICATION

 

9.1
Survival. The representations and warranties made herein and in any certificate delivered in connection herewith shall survive
for a period of eighteen (18 ) months following the Closing Date, at which time they shall expire; provided, however, that the representations
and warranties set forth in Sections  3.1 (Authority and Enforceability), 3.3 (The Securities), 3.4 (Brokers Fees), 4.1 (Organization,
Qualification and Corporate Power; Authority and Enforceability), 4.3 (Capitalization), 4.6 (Taxes), 4.19 (Brokers Fees), 5.1 (Organization);
5.2 Authorization) and 5.4 (Broker Fees) of this Agreement (the “Fundamental Representations”) shall survive until
the expiration of the applicable statute of limitations. If written notice of a claim has been given prior to the expiration of the applicable
representations and warranties, then notwithstanding any statement herein to the contrary, the relevant representations and warranties
shall survive as to such claim, until such claim is finally resolved. Unless a specified period is set forth in this Agreement (in which
event such specified period will control), all agreements and covenants contained in this Agreement will survive the Closing and remain
in effect indefinitely.

 

9.2
Indemnification by Seller. From and after the Closing, the Seller agree to indemnify, defend and save Buyer and its Affiliates,
stockholders, officers, directors, employees, agents and representatives (each, a “Buyer Indemnified Party” and collectively,
the “Buyer Indemnified Parties”) harmless from any and all losses, liabilities, damages, fines, and out-of-pocket costs
and expenses (including reasonable attorneys’ fees) against or affecting such Person; provided, that “Losses”
shall not include punitive damages, speculative damages or damages that are not the reasonably foreseeable consequence of the breach giving
rise to such Losses except, in each case, to the extent such damages are required to be paid to a third party pursuant to a Third-Party
Claim. (individually and collectively, the “Losses”) suffered, sustained or incurred by any Buyer Indemnified Party
arising out of or otherwise by virtue of: (a) any breach of any of the representations or warranties of the Seller or the Companies contained
in Article III or IV of this Agreement; or (b) the failure of Seller to perform any of their covenants or obligations contained in this
Agreement

 

9.3
Indemnification by Buyer. From and after the Closing, the Buyer agrees to indemnify, defend and save the Seller and to the
extent applicable, the Seller’ Affiliates, employees, agents and representatives (each, a “Seller Indemnified Party”
and collectively the “Seller Indemnified Parties”) harmless from and against any and all Losses sustained or incurred
by any Seller Indemnified Party arising out of or otherwise by virtue of: (a) any breach of any of the representations and warranties
of Buyer contained in Article V of this Agreement or (b) the failure of Buyer to perform any of its covenants or obligations contained
in this Agreement.

 

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9.4
Indemnification Procedure.

 

(a)
If a Buyer Indemnified Party or a Seller Indemnified Party seeks indemnification under this Article IX, such party (the “Indemnified
Party”) shall give written notice to the other party (the “Indemnifying Party”) of the facts and circumstances
giving rise to the claim. In that regard, if any Action, Liability or obligation shall be brought or asserted by any third party which,
if adversely determined, would entitle the Indemnified Party to indemnity pursuant to this Article IX (a “Third-Party Claim”),
the Indemnified Party shall promptly notify the Indemnifying Party of such Third-Party Claim in writing, specifying the basis of such
claim and the facts pertaining thereto, and the Indemnifying Party, if the Indemnifying Party so elects, shall assume and control the
defense thereof (and shall consult with the Indemnified Party with respect thereto), including the employment of counsel reasonably satisfactory
to the Indemnified Party and the payment of all necessary expenses. If the Indemnifying Party elects to assume control of the defense
of a Third-Party Claim, the Indemnified Party shall have the right to employ counsel separate from counsel employed by the Indemnifying
Party in any such action and to participate in the defense thereof, but the fees and expenses of such counsel employed by the Indemnified
Party shall be at the expense of the Indemnified Party unless the Indemnifying Party has failed to assume the defense and employ
counsel; in which case the fees and expenses of the Indemnified Party’s counsel shall be paid by the Indemnifying Party. All claims
other than Third-Party Claims (a “Direct Claim”) may be asserted by the Indemnified Party giving notice to the Indemnifying
Party. Absent an emergency or other extenuating circumstance, the Indemnified Party shall give written notice to the Indemnifying Party
of such Direct Claim prior to taking any material actions to remedy such Direct Claim.

 

(b)
In no event shall the Indemnified Party pay or enter into any settlement of any claim or consent to any judgment with respect to
any Third-Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned
or delayed).

 

9.5
Failure to Give Timely Notice. A failure by an Indemnified Party to provide notice as provided in Section 9.4 will
not affect the rights or obligations of any Person except and only to the extent that, as a result of such failure, any Person entitled
to receive such notice was damaged as a result of such failure to give timely notice. Nothing contained in this Section 9.4 shall be deemed
to extend the period for which Seller’s representations and warranties will survive Closing as set forth in Section 9.1 above.

 

9.6 Limited on
Indemnification Obligation. Notwithstanding anything in this Agreement to the contrary, the liability of the Seller to the Buyer
Indemnified Parties with respect to claims for indemnification pursuant to Section 9.2(a) (but not with respect to the Fundamental
Representations for which recovery shall not be so limited) is subject to the following limitations:

 

(a)
 The Seller shall not, in the aggregate, be liable to the Buyer Indemnified Parties for Losses arising under Section 9.2(a) (other
than with respect to Fundamental Representations for which recovery shall be limited to the amount of the Purchase Price actually received
by the Seller in cash or from the receipt of payments under the Buyer Notes) to the extent that the amounts otherwise indemnifiable for
such breaches exceeds an aggregate maximum equal twenty –five percent (25%) of the Purchase Price. actually received by the Seller
in cash or from the receipt of payments under the Buyer Notes.

 

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(b)
 The Seller shall not be liable to the Buyer Indemnified Parties for Losses arising under Section 9.2(a) (other than with respect
to Fundamental Representations) until and unless the aggregate amounts indemnifiable for such breaches exceeds $150,000. (the “Deductible”).
In the event the Buyer Indemnified Parties’ claim for Losses, in the aggregate, exceed the Deductible, the Buyer Indemnified Parties
shall only be entitled to recover those Losses in excess of the Deductible.

 

(c)
Neither Party shall be liable to the other Party for Losses arising under Section 9.2 or 9.3, as applicable, unless the claim therefor
is asserted in writing on or prior to the expiration of the applicable representations and warranties.

 

9.7
Payments. Payments of all amounts owing by an Indemnifying Party under this Article IX shall be made promptly upon the determination
in accordance with this Article IX that an indemnification obligation is owing by the Indemnifying Party to the Indemnified Party.

 

9.8
Recoupment under Buyer Notes.

 

(a)
If the Seller is obligated to indemnify the Buyer or any other Buyer Indemnified Party for any indemnification claim in accordance
with this Article IX, Buyer shall have the right to set-off the amount of such claim against its obligations against the Buyer Notes.

 

(b)
If the Buyer intends to set-off any amount hereunder, the Buyer shall provide not less than thirty (30) days’ prior written
notice to the Seller of its intention to do so, together with a reasonably detailed explanation of the basis therefor (a “Set-Off
Notice”). If, within twenty (20) days of its receipt of a Set-Off Notice, the Seller provides the Buyer with written notice
of Seller’ dispute with Buyer’s right to make such set-off, Buyer and Seller (and their respective representatives and advisors)
shall meet (which may be accomplished telephonically) in good faith within ten (10) days to attempt to resolve their dispute. If such
dispute remains unresolved despite Buyer’s good faith attempt to meet with the Seller and resolve such dispute, Buyer may set-off
under this Section 9.8 only (a) with respect to those indemnification claims that have been Finally Determined (as defined below), (b)
as described in the first sentence of Section 9.8(c) or with the prior written consent of the Seller.

 

(c)
In the event of a dispute with respect to any indemnification claim against Seller made in good faith pursuant to this Article
IX, and the liability for and amount of Losses therefore, Buyer may place any payments due to the Seller under the Buyer Notes in escrow
to be held in its attorney’s escrow account, up to the disputed amount until the matter is resolved.

 

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ARTICLE X

MISCELLANEOUS

 

10.1 Press Releases and
Public Announcement. Neither the Buyer on the one hand, nor the Seller or the Companies on the other, will issue any press release
or make any public announcement relating to this Agreement, the Acquisition or the other transactions contemplated by this Agreement
without the prior written approval of the other party; provided, however, that the Buyer may make regulatory filings referring to this
Agreement or attaching a copy hereof as may be required by applicable law.

 

10.2 No Third-Party Beneficiaries.
This Agreement will not confer any rights or remedies upon any Person other than the parties hereto and their respective successors and
permitted assigns.

 

10.3 Entire Agreement.
This Agreement (including the Exhibits and the Schedules hereto) constitutes the entire agreement among the parties hereto and supersedes
any prior understandings, agreements or representations by or among the parties hereto, written or oral, to the extent they related in
any way to the subject matter hereof.

 

10.4 Succession and Assignment.
This Agreement will be binding upon and inure to the benefit of the parties named herein and their respective successors and permitted
assigns. No party hereto may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior
written approval, in the case of assignment by the Buyer, by the Seller, and, in the case of assignment by the Seller or the Companies,
the Buyer.

 

10.5 Construction.
The parties have participated jointly in the negotiation and drafting of this Agreement, and, in the event an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden
of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

 

10.6 Notices. All notices,
requests and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally
against written receipt or by facsimile transmission or mailed (by registered or certified mail, postage prepaid, return receipt requested)
or delivered by reputable overnight courier, fee prepaid, to the parties hereto at the addresses of the parties as specified below:

 

	If to the Buyer:	BONNE SANTÉ GROUP, INC
	 	______________________
	 	______________________
	 	Attention: Alfonso J. Cervantes
	 	Email:
	 	 
	with a copy to:	BEVILACQUA PLLC
	 	1050 Connecticut Avenue, NW
	 	Suite 500
	 	Washington, D.C. 200036
	 	Attn: Louis A. Bevilacqua
	 	Email:
	 	Fax:

 

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	If to the Seller	 
	Or to the Companies:	Doctors Scientific Organica L.L.C.
	 	______________________
	 	______________________
	 	Attention:
	 	Email:
	 	 
	with a copy to:	Weiss Serota Helfman Cole & Bierman, P. L.
	 	Attn: Marc Solomon
	 	1200 North Federal Highway
	 	Suite # 312
	 	Boca Raton, Florida 33432
	 	Email:

 

Any party may change the address
to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other parties notice
in the manner set forth herein.

 

10.7 Governing Law; Mediation;
Arbitration.

 

(a)
This Agreement shall be governed by and construed under the laws of the State of Florida without regard to the choice of law principles
thereof.

 

(b)
The Parties agree to attempt to resolve any dispute, claim or controversy arising out of or relating to this Agreement by mediation,
which shall be conducted under the then current mediation procedures of JAMS or any other procedure upon which the Parties may agree.
The Parties further agree that their respective good faith participation in mediation is a condition precedent to pursuing any other available
legal or equitable remedy, including litigation, arbitration or other dispute resolution procedures. Either party may commence the mediation
process by providing to the other party written notice, setting forth the subject of the dispute, claim or controversy and the relief
requested. Within ten (10) days after the receipt of the foregoing notice, the other party shall deliver a written response to the initiating
party’s notice. The initial mediation session shall be held within thirty (30) days after the initial notice. The Parties agree to share
equally the costs and expenses of the mediation (which shall not include the expenses incurred by each party for its own legal representation
in connection with the mediation). The Parties further acknowledge and agree that mediation proceedings are settlement negotiations, and
that, to the extent allowed by applicable law, all offers, promises, conduct and statements, whether oral or written, made in the course
of the mediation by any of the parties or their agents shall be confidential and inadmissible in any arbitration or other legal proceeding
involving the parties; provided, however, that evidence which is otherwise admissible or discoverable shall not be rendered inadmissible
or non-discoverable as a result of its use in the mediation. The provisions of this section may be enforced by any court of competent
jurisdiction, and the party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including reasonable attorneys’
fees, to be paid by the party against whom enforcement is ordered.

 

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(c)
All disputes, controversies or claims between the Parties hereto arising out of or in connection with this Agreement (including
its existence, validity or termination) that cannot be amicably resolved or resolved through mediation shall be finally resolved and settled
by arbitration administered by the JAMS in accordance with its commercial arbitration rules. The arbitration tribunal shall be composed
of one (1) arbitrator. The arbitration will take place in Miami, Florida, and shall be conducted in the English language. The arbitration
award shall be final and binding on the parties, and judgment on the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. Each party hereto irrevocably submits to the exclusive jurisdiction of the federal and state courts located in the
Miami, Florida for such purpose and for the purpose of exercising any equitable remedies available to the Parties hereunder, and each
party hereby waives any objection such person may have based on improper venue or inconvenient forum in connection with any such action
or proceeding in any such court.

 

10.8 Headings. The
descriptive headings contained in this Agreement are included for convenience of reference only and will not affect in any way the meaning
or interpretation of this Agreement.

 

10.9 Severability.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future Law (a) such provision
will be fully severable, (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had
never comprised a part hereof, (c) the remaining provisions of this Agreement will remain in full force and effect and will not be affected
by the illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable
provision, there will be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms
of such illegal, invalid or unenforceable provision as may be possible.

 

10.10 Expenses. Except
as otherwise provided in this Agreement, whether or not the Acquisition is consummated, all expenses incurred in connection with this
Agreement and the transactions contemplated hereby will be paid by the party incurring such expenses. As used in this Agreement, “expenses”
means the out-of-pocket fees and expenses of the financial advisor, counsel and accountants incurred in connection with this Agreement
and the transactions contemplated hereby.

 

10.11 Incorporation of
Exhibits and Schedules. The Exhibits and Schedules identified in this Agreement are incorporated herein by reference and made a part
hereof.

 

10.12 Specific Performance.
The parties hereto agree that irreparable damage would occur in the event that any provision of this Agreement was not performed in accordance
with the terms hereof and that the parties will be entitled to specific performance of the terms hereof in addition to any other remedy
at Law or equity.

 

10.13 Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

    32

     

    

 

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

 

	 	BUYER:
	 	 	 
	 	BONNE SANTÉ GROUP, INC.
	 	 	 
	 	By:	/s/ Alfonso J. Cervantes
	 	Name: 	Alfonso J. Cervantes
	 	Title:	Executive Chairman
	 	 	 
	 	COMPANIES:
	 	 	 
	 	DOCTORS SCIENTIFIC ORGANICA L.L.C.
	 	 	 
	 	By:	/s/ Sasson E. Moulav
	 	Name:	Dr. Sasson E. Moulavi
	 	Title:	CEO
	 	 	 
	 	OYSTER MANAGEMENT SERVICES LTD
	 	 	 
	 	By:	/s/ Sasson E. Moulav
	 	Name:	Dr. Sasson E. Moulavi
	 	Title:	CEO
	 	 	 
	 	LAWEE ENTERPRISES L.L.C.
	 	 	 
	 	By:	/s/ Sasson E. Moulav
	 	Name:	Dr. Sasson E. Moulavi
	 	Title:	CEO
	 	 	 
	 	U.S. MEDICAL CARE HOLDINGS, L.L.C.
	 	 	 
	 	By:	/s/ Sasson E. Moulav
	 	Name:	Dr. Sasson E. Moulavi
	 	Title:	CEO
	 	 	 
	 	SELLER:
	 	 	 
	 	DR. SASSON E. MOULAVI
	 	 	 
	 	/s/ Sasson E. Moulav

 

 

33

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