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TWENTIETH AMENDMENT TO
FIRST LIEN ISDA 2002 MASTER AGREEMENT
This TWENTIETH AMENDMENT TO FIRST LIEN ISDA 2002 MASTER AGREEMENT (this “Amendment”) is entered into as of March 9, 2022, by and among U.S. OIL & REFINING CO., a Delaware corporation (“Party B”) and MERRILL LYNCH COMMODITIES, INC., a Delaware corporation (“Party A”) and is acknowledged and agreed to by the Guarantors signatory hereto.  Capitalized terms used but not defined in this Amendment have the meanings assigned to them in the First Lien ISDA Master Agreement (as defined below).
RECITALS
WHEREAS, Party A has entered into certain intermediation arrangements with Party B pursuant to the terms of that certain First Lien ISDA 2002 Master Agreement, dated as of March 17, 2016, by and between Party A and Party B (including the schedule, exhibits, attachments and annexes thereto and the transactions thereunder, and as amended by that certain First Amendment to First Lien ISDA 2002 Master Agreement, dated as of July 18, 2016, that certain Second Amendment to the First Lien ISDA 2002 Master Agreement, dated as of September 29, 2016, that certain Third Amendment to the First Lien ISDA 2002 Master Agreement, dated as of April 1, 2017, that certain Fourth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of March 13, 2018, that certain Fifth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of June 5, 2018, that certain Sixth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of September 1, 2018, that certain Seventh Amendment to the First Lien ISDA 2002 Master Agreement, dated as of October 2, 2018, that certain Eighth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of January 11, 2019, that certain Ninth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of November 1, 2019, that certain Tenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of April 21, 2020, that certain Eleventh Amendment to the First Lien ISDA 2002 Master Agreement, dated as of July 28, 2020, that certain Twelfth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of February 1, 2021, that certain Thirteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of February 11, 2021, that certain Fourteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of April 27, 2021, that certain Fifteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of August 16, 2021, that certain Sixteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of August 24, 2021, that certain Seventeenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of October 22, 2021, that certain Eighteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of December 17, 2021, that certain Nineteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of February 24, 2022, and as subsequently further amended, restated, supplemented, replaced or otherwise modified from time to time, the “First Lien ISDA Master Agreement”); and
WHEREAS, the parties desire to amend the Term Expiry Date specified in the First Lien ISDA Master Agreement; and
WHEREAS, Party A and Party B have identified and desire to make certain additional changes to the First Lien ISDA Master Agreement, as set forth in more detail herein; 
NOW, THEREFORE, in consideration of the mutual agreements contained herein and in the Transaction Documents and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

SECTION 1.    Amendments.  Effective on and after the Effective Date (as defined below) the First Lien ISDA Master Agreement is hereby amended as follows:
1.1    Effective on and after the Effective Date, the following defined term “Term Expiry Date” found in Part 20 of the First Lien ISDA Master Agreement is hereby deleted and replaced in its entirety with the following new definition:
““Term Expiry Date” means March 31, 2023.”
1.2    Effective on and after the Effective Date, Attachment 6 (Applicable Curves) to the First Lien ISDA Master Agreement is deleted in its entirety and replaced with Exhibit A hereto.
SECTION 2.    Conditions Precedent to Effectiveness.  This Amendment shall become effective on the date (the “Effective Date”) upon which each of the conditions set forth in this Section 2 have been satisfied or waived by Party A (as determined by Party A in its sole discretion):
2.1    Effective Date Documentation.  Each of the parties hereto (as applicable) shall have executed and delivered (a) this Amendment and (b) that certain Sixth Amendment to the Credit Agreement, by and among U.S. Oil & Refining Co., as debtor or Party B, Merrill Lynch Commodities, Inc., and Bank of America, N.A., dated as of the date hereof.
2.2    Corporate Documents.  There shall have been delivered to Party A (a) a certificate of the secretary or assistant secretary of each Transaction Party and of Par LLC, dated as of the Effective Date, certifying (i) that attached thereto is a true and complete copy of each organizational document of, as applicable, such Transaction Party or of Par LLC certified (to the extent applicable) as of a recent date by (if applicable) the Secretary of State of the state of its organization, (ii) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors of, as applicable, such Transaction Party or of Par LLC authorizing the execution, delivery and performance of this Amendment, any documents or agreements entered into in connection herewith and any other Transaction Documents to which such Person is a party, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (iii) as to the incumbency and specimen signature of each officer executing any applicable document described in the preceding clause (ii) in connection herewith on behalf of, as applicable, such Transaction Party or of Par LLC (together with a certificate of another officer as to the incumbency and specimen signature of the secretary or assistant secretary executing the certificate described in this Section 2); and (b) a certificate as to the good standing of each Transaction Party and of Par LLC in its jurisdiction of organization as of a recent date from such secretary of state (or other applicable Governmental Authority).
2.3    Solvency Certificate.  Party A shall have received a solvency certificate in respect of Party B in form satisfactory to Party A, dated as of the Effective Date and signed by the chief financial officer or chief executive officer of Party B.
2.4    Representations and Warranties.  On and as of the Effective Date, after giving effect to this Amendment and each of the other documents and transactions entered into in connection herewith and contemplated hereby, each of the representations and warranties of Party B in Section 3 shall be true and correct in all material respects.
2.5    Expenses.  On or before the Effective Date, Party B shall pay or reimburse Party A for all reasonable and documented out-of-pocket expenses (including the reasonable and documented out of pocket legal fees and expenses of Stroock & Stroock & Lavan LLP, special counsel to Party A) incurred by the Party A in connection with the preparation, negotiation, 
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execution, delivery and administration of this Amendment and any other Transaction Documents or any amendment, amendment and restatement, modification or waiver of the provisions thereof (including, for the avoidance of doubt, all documents executed by Party A on the date hereof or otherwise in connection with this Amendment).
2.6    Insurance.  On or before the Effective Date, Party A shall have received all updated and current insurance certificates and endorsements with respect to the insurance policies maintained by Party B in accordance with Part 15(c)(i) of the First Lien ISDA Master Agreement.
2.7    Additional Deliverables.  Party A shall have received such additional information, agreements, instruments, documents and other materials from Party B, any Transaction Party or Par LLC, which Party A shall reasonably request.
SECTION 3.    Representations and Warranties of Party B.  To induce Party A to enter into this Amendment, Party B hereby represents and warrants as follows:
3.1    Authority; No Conflicts.  The execution, delivery and performance by Party B of this Amendment and any other documentation relating to this Amendment to which it is a party is within Party B’s organizational powers, has been duly authorized by all necessary action, and does not (a) require any consent or approval of any holders of Equity Interests of Party B, other than those already obtained; (b) violate, contravene or conflict with or result in a breach of any provision of any of the Organizational Documents (as defined in the Collateral Agreement) of Party B, the First Lien ISDA Master Agreement, any other Transaction Document, the Existing Indenture, the ABL Credit Agreement, the Term Loan Agreement, the J. Aron Facility, the Pari Passu Lien Hedge Agreements (as defined in the Existing Indenture), the Collateral Trust and Intercreditor Agreement, the Collateral Acknowledgment Agreement or any transactions under any of the foregoing; (c) violate any Applicable Laws; or (d) result in or require the imposition of any Lien on any property of Party B other than Permitted Liens.  
3.2    Enforceability.  Party B has duly executed and delivered this Amendment. This Amendment constitutes the legal, valid and binding obligation of Party B enforceable in accordance with its terms, except as enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.
3.3    No Default.  As of the date hereof, immediately prior to and after giving effect to this Amendment, no Event of Default, Potential Event of Default or Termination Event has occurred and is continuing under the First Lien ISDA Master Agreement or any other Transaction Document. 
3.4    Other Representations and Warranties.  All representations and warranties of the Transaction Parties (and, as applicable, Par LLC) set forth in Section 3 of the First Lien ISDA Master Agreement (including the Additional Representations in Part 14), the Collateral Agreement and the Guarantees are true and correct in all material respects to the same extent as though made, as applicable, on the date hereof and on the Effective Date, except (a) to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date, and (b) to the extent that such representations and warranties are qualified as to “materiality” or “material adverse effect” (or words of like import) shall be satisfied in all respects as so qualified).
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SECTION 4.    Miscellaneous.
4.1    Reaffirmation.  Except as modified hereby, all of the terms and provisions of the First Lien ISDA Master Agreement and the other Transaction Documents remain in full force and effect. For the avoidance of doubt, the Fee Letter (including any amendments or supplements) thereto shall remain in full force and effect on and after the Effective Date and the Parties agree, for the avoidance of doubt, that this extension shall not be a “refinancing” and the Monthly Base Fee shall continue to apply. Party B hereby agrees that the amendments and modifications herein contained shall in no manner affect (other than expressly provided herein) or impair the Obligations or the Liens securing the payment and performance thereof.  On and after the date hereof, each reference in the First Lien ISDA Master Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the First Lien ISDA Master Agreement, and each reference in each of the other Transaction Documents to “the Intermediation Agreement”, “the First Lien ISDA Master Agreement”, “thereunder”, “thereof” or words of like import referring to the First Lien ISDA Master Agreement, shall mean and be a reference to the First Lien ISDA Master Agreement, as amended by this Amendment. Except as expressly provided herein, this Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of Party A under the First Lien ISDA Master Agreement or the other Transaction Documents, nor alter, modify, amend or in any way affect any of the obligations or covenants contained in the First Lien ISDA Master Agreement or the other Transaction Documents, all of which are ratified and confirmed in all respects and shall continue in full force and effect. For all purposes of this Amendment, the First Lien ISDA Master Agreement, the other Transaction Documents, and this Amendment shall each constitute a “Transaction Document”.  Each of Party B, Par LLC and McChord Pipeline Co. hereby ratifies and confirms all of its obligations and liabilities under the Transaction Documents to which it is a party, as expressly modified herein.
4.2    Counterparts.  This Amendment may be executed in one or more counterparts and by different parties hereto in separate counterparts each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. However, this Amendment shall bind no party until Party B and Party A have executed and delivered a counterpart. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic transmission (i.e., a “pdf” or “tif” document) shall be effective as delivery of a manually executed counterpart of this Amendment.
4.3    Parties in Interest.  All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.
4.4    GOVERNING LAW.  THIS AMENDMENT AND ANY AND ALL CONTROVERSIES ARISING OUT OF OR IN RELATION TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
4.5    Complete Agreement.  This Amendment, the First Lien ISDA Master Agreement and the other Transaction Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or oral agreements of the parties.
4.6    Headings.  Any Section and paragraph headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date and year first above written.

U.S. OIL & REFINING CO.

By: /s/ William Monteleone    
Name: William Monteleone
Title: Chief Financial Officer

[Signature Page to Twentieth Amendment to First Lien ISDA 2002 Master Agreement]

MERRILL LYNCH COMMODITIES, INC.

By: /s/ George F. Cultraro
Name: George F. Cultraro
Title: Managing Director
NY [Signature Page to Twentieth Amendment to First Lien ISDA 2002 Master Agreement]

			
	Acknowledged and Agreed:

PAR PETROLEUM, LLC

By: /s/ William Monteleone
Name: William Monteleone
Title: Chief Financial Officer

MCCHORD PIPELINE CO.

By: /s/ William Monteleone
Name: William Monteleone
Title: Chief Financial Officer

NY [Signature Page to Twentieth Amendment to First Lien ISDA 2002 Master Agreement]Document

Description of Registrant’s Securities Registered
Pursuant to Section 12 of the Exchange Act of 1934

The following summarizes general terms and provisions that apply to the Class E Subordinate Voting Shares (the “Fixed Shares”), the Class D Subordinate Voting Shares (the “Floating Shares”, and together with the Fixed Shares, the “Subordinate Voting Shares”), and the Class F Multiple Voting Shares (the “Fixed Multiple Shares”, together with the Subordinate Voting Shares, the “Company Shares”) of the Company as of December 31, 2021. The summary of the general terms and provisions of the Company Shares set forth below does not purport to be complete and is subject to and qualified by reference to the Company’s Articles of Incorporation (“Articles”), which is incorporated by reference as an exhibit to the Annual Report on Form 10-K. For additional information, please read the Articles and the applicable provisions of the Business Corporations Act (Ontario). 

Per the Company’s Articles, the Company is authorized to issue an unlimited number of Fixed Shares, an unlimited number of Floating Shares and 117,600 Fixed Multiple Shares, without nominal or par value. 

Class E Subordinate Voting Shares (Fixed Shares)

Holders of Fixed Shares are entitled to notice of and to attend any meeting of the shareholders of the Company, except a meeting of which only holders of another particular class or series of shares of the Company shall have the right to vote. At each such meeting, holders of Fixed Shares are entitled to one vote in respect of each Fixed Share held. 

As long as any Fixed Shares remain outstanding, the Company may not, without the consent of the holders of the Fixed Shares by separate special resolution, alter or amend its Articles if the result would prejudice or interfere with any right or special right attached to the Fixed Shares. 

The holders of Fixed Shares shall be entitled to receive such dividends payable in cash or property of the Company as may be declared thereon by the directors from time to time, provided that at any particular time in the period from the Acquisition Effective Time as defined in the Arrangement Agreement between the Company and Canopy Growth Corporation dated April 18, 2019, as amended on May 15, 2019 and September 23, 2020 (the “Arrangement Agreement”) until the earlier to occur of the Acquisition Date (as defined in the Arrangement Agreement) and the End Date (as defined in the Arrangement Agreement), the aggregate amount of dividends per Fixed Share declared from the Effective Date until such particular time shall not exceed the product obtained when (i) the aggregate amount of dividends, per share, declared by Canopy Growth Corporation (or any successor thereto) on its common shares from the Effective Date until such particular time, is multiplied by (ii) the Exchange Ratio (as defined in the Arrangement Agreement). 

The directors may declare no dividend payable in cash or property on the Fixed Shares unless the directors simultaneously declare a dividend payable in cash or property on: (x) the Floating Shares, in an amount per Floating Share equal to the amount of the dividend declared per Fixed Share; and (y) the Fixed Multiple Shares, in an amount per Fixed Multiple Share equal to the amount of the dividend declared per Fixed Share.

In the event of the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or in the event of any other distribution of assets of the Company among its shareholders for the purpose of winding up its affairs, the holders of Fixed Shares are entitled to participate pari passu with the holders of Floating Shares and Fixed Multiple Shares, with the amount of such distribution per Fixed Share equal to each of: (i) the amount of such distribution per Floating Share; and (ii) the amount of such distribution per Fixed Multiple Share. 

There may be no subdivision or consolidation of the Fixed Shares unless, simultaneously, the Floating Shares and Fixed Multiple Shares are subdivided or consolidated utilizing the same divisor or multiplier. 

Class D Subordinate Voting Shares (Floating Shares) 

Holders of Floating Shares are entitled to notice of and to attend any meeting of the shareholders of the Company, except a meeting of which only holders of another particular class or series of shares of the Company shall have the right to vote. At each such meeting, holders of Floating Shares are entitled to one vote in respect of each Floating Share held. 

As long as any Floating Shares remain outstanding, the Company may not, without the consent of the holders of the Floating Shares by separate special resolution, alter or amend its Articles if the result would prejudice or interfere with any right or special right attached to the Floating Shares. 

The holders of Floating Shares shall be entitled to receive such dividends payable in cash or property of the Company as may be declared thereon by the directors from time to time, provided that at any particular time in the period from the Acquisition Effective Time (as defined in the Arrangement Agreement) until the earlier to occur of the Acquisition Date (as defined in the Arrangement Agreement) and the End Date (as defined in the Arrangement Agreement), the aggregate amount of dividends per Floating Share declared from the Effective Date until such particular time shall not exceed the product obtained when (i) the aggregate amount of dividends, per share, declared by Canopy Growth Corporation (or any successor thereto) on its common shares from the Effective Date until such particular time, is multiplied by (ii) the Exchange Ratio (as defined in the Arrangement Agreement). 

The directors may declare no dividend payable in cash or property on the Floating Shares unless the directors simultaneously declare a dividend payable in cash or property on: (x) the Fixed Shares, in an amount per Fixed Share equal to the amount of the dividend declared per Floating Share; and (y) the Fixed Multiple Shares, in an amount per Fixed Multiple Share equal to the amount of the dividend declared per Floating Share.

In the event of the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or in the event of any other distribution of assets of the Company among its shareholders for the purpose of winding up its affairs, the holders of Floating Shares are entitled to participate pari passu with the holders of Fixed Shares and Fixed Multiple Shares, with the amount of such distribution per Floating Share equal to each of: (i) the amount of such distribution per Fixed Share; and (ii) the amount of such distribution per Fixed Multiple Share. 

There may be no subdivision or consolidation of the Floating Shares unless, simultaneously, the Fixed Shares and Fixed Multiple Shares are subdivided or consolidated utilizing the same divisor or multiplier. 

Fixed Multiple Shares 

Holders of Fixed Multiple Shares are entitled to notice of and to attend any meeting of the shareholders of the Company, except a meeting of which only holders of another particular class or series of shares of the Company shall have the right to vote. At each such meeting, holders of Fixed Multiple Shares are entitled to 4,300 votes per Fixed Multiple Share, and each fraction of a Fixed Multiple Share shall entitle the holder to the number of votes calculated by multiplying the fraction by 4,300 and rounding the product down to the nearest whole number.

Fixed Multiple Shares provide voting control of the Company to Kevin Murphy, the Company’s Founder and Chairman of the Board of Directors. As long as any Fixed Multiple Shares remain outstanding, the Company will not, without the consent of the holders of the Fixed Multiple Shares by separate special resolution, alter or amend its Articles if the result would be to prejudice or interfere with any right or special right attached to the Fixed Multiple Shares, or affect the rights or special rights of the holders of Fixed Shares, Floating Shares and Fixed Multiple Shares on a per share basis as provided in the Articles. Consent of the holders of a majority of the outstanding Fixed Multiple Shares is required for any action that authorizes or creates shares of any class or series having preferences superior to or on a parity with the Fixed Multiple Shares. In connection with the exercise of the voting rights in respect of any such 

approvals, each holder of Fixed Multiple Shares has one vote in respect of each Fixed Multiple Share held. 

In the event of the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or in the event of any other distribution of assets of the Company among its shareholders for the purpose of winding up its affairs, the holders of Fixed Multiple Shares are entitled to participate pari passu with the holders of Fixed Shares and Floating Shares, in an amount equal to: (i) the amount of such distribution per Fixed Share; and (ii) the amount of such distribution per Floating Share; and each fraction of a Fixed Multiple Share will be entitled to the amount calculated by multiplying the fraction by the amount payable per whole Fixed Multiple Share.

No dividend may be declared on the Fixed Multiple Shares unless the Company simultaneously declares dividends: (i) on the Fixed Shares, in an amount equal to the dividend declared per Fixed Multiple Share; and (ii) on the Floating Shares, in an amount equal to the dividend declared per Fixed Multiple Share. Holders of fractional Fixed Multiple Shares shall be entitled to receive any dividend declared on the Fixed Multiple Shares, in an amount equal to the dividend per Fixed Multiple Share multiplied by the fraction thereof held by such holder.

There may be no subdivision or consolidation of the Fixed Multiple Shares unless, simultaneously, the Fixed Shares and Floating Shares are subdivided or consolidated utilizing the same divisor or multiplier. 
Each Fixed Multiple Share is convertible, at the option of the holder, into one Fixed Share. Each Fixed Multiple Share will automatically convert, without any action on the part of the holder thereof, into Fixed Shares on the basis of one Fixed Share for one Fixed Multiple Share upon the earliest of the date that (i) the aggregate number of Fixed Multiple Shares held by the holder of Fixed Multiple Shares together with its affiliates are reduced to a number which is less than fifty percent (50%) of the aggregate number of Fixed Multiple Shares held by such holder together with its affiliates on the date of completion of the Transaction (defined as the High Street Capital Partners, LLC (“High Street”) reverse take-over of Applied Inventions Management, Inc.), (ii) the aggregate number of units of High Street (“High Street Units”) held by the holder of Fixed Multiple Shares together with its affiliates are reduced to a number which is less than fifty percent (50%) of the aggregate number of High Street units held by such holder together with its affiliates on the date of completion of the Transaction and (iii) is five (5) years following completion of the Transaction.  

Coattail Agreement 

The Company, Odyssey Trust Company (in such capacity, the “Trustee”), as trustee for the benefit of the holders of the Subordinate Voting Shares of the Company (the “Holders”), Mr. Murphy and Murphy Capital, LLC (together, the “MVS Shareholders”) entered into a coattail agreement dated November 14, 2018, as amended and restated on September 23, 2020 (the “Coattail Agreement”) under which the MVS Shareholders, as the only holders of Fixed Multiple Shares, and holders of High Street Units, are prohibited from selling, directly or indirectly, any Fixed Multiple Shares or High Street Units pursuant to a takeover bid, if applicable securities legislation would have required the same offer to be made to the Holders had the sale been a sale of Fixed Shares or Floating Shares rather than Fixed Multiple Shares or High Street Units. 

The prohibition does not apply if a concurrent offer is made to (a) purchase Fixed Shares if: (i) the price per Fixed Share under such concurrent offer is at least as high as (A) the highest price to be paid for the Fixed Multiple Shares or, (B) 70% of the highest price per share to be paid for the High Street Units, assuming their conversion into Fixed Shares; (b) purchase Floating Shares if: (ii) the price per Floating Share under such concurrent offer is at least as high as (A) 42.86% of the highest the price to be paid for the Fixed Multiple Shares or, (B) 30% of the highest price per share to be paid for the High Street Units, assuming their conversion into Floating Shares; (c) the percentage of Fixed Shares and Floating Shares to be taken up under such concurrent offer is at least as high as the percentage of Fixed Multiple Shares or High Street Units to be sold; (d) such concurrent offer is unconditional, other than the right not to take up and pay for any Fixed Shares and Floating Shares tendered if no Fixed Multiple Shares or High Street 

Units are purchased; and (e) such concurrent offer is in all other material respects identical to the offer for Fixed Multiple Shares or High Street Units. 

In addition, the Coattail Agreement does not apply to prevent the sale or transfer of High Street Units to Mr. Murphy and members of his immediate family, or a person or company controlled by Mr. Murphy or a member of his immediate family. 
If Holders representing not less than 10% of the then outstanding Fixed Shares or Floating Shares, as applicable, determine that the MVS Shareholders or the Company have breached or intend to breach any provision of the Coattail Agreement, they may by written requisition require the Trustee to take such action as is specified in the requisition in connection with the breach or intended breach, and the Trustee is to forthwith take such action or any other action it considers necessary to enforce its rights under the Coattail Agreement on behalf of the Holders. The obligation of the Trustee to take such action on behalf of the Holders is conditional upon the provision to the Trustee of such funds and indemnity as it may reasonably require in respect of any costs or expenses it may incur in connection with such action. Holders may not institute any action or proceeding, or exercise any other remedy to enforce rights under the Coattail Agreement unless they have submitted such a requisition, and provided such funds and indemnity, to the Trustee, and the Trustee shall have failed to act within 30 days of receipt thereof. 

Change of Control 

In the event of any business consolidation, amalgamation, arrangement, merger, redemption, compulsory acquisition or similar transaction of or involving Canopy Growth Corporation, or a sale or conveyance of all or substantially all of the assets of Canopy Growth Corporation to any other body corporate, trust, partnership or other entity, but excluding, for greater certainty, any transactions involving Canopy Growth Corporation and one or more of its subsidiaries (a “Canopy Growth Change of Control”) during the period between the entering into the Arrangement Agreement and the earlier of the closing of such acquisition or the termination of the Arrangement Agreement in accordance with its terms, holders of Fixed Shares, Floating Shares, Fixed Multiple Shares and High Street Units (collectively, the “Acreage Holders”) will not be entitled to vote or exercise any dissent rights in connection with such proposed acquisition, however, all such Acreage Holders will be bound by the terms of any such acquisition if approved. Accordingly, in the event of the exercise or deemed exercise of the “Canopy Growth Call Option” (which allows Canopy Growth Corporation to acquire all issued and outstanding shares of the Company) following a successful Canopy Growth Change of Control, it is anticipated that Acreage Holders would receive securities of the entity resulting from such Canopy Growth Change of Control.

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