Document:

EXHIBIT 10.25

 

FORBEARANCE AGREEMENT

 

This Forbearance
Agreement (this “Agreement”) is entered into as of December 10, 2015 by and between Typenex Co-Investment,
LLC, a Utah limited liability company (“Lender”), and Vape Holdings, Inc., a Delaware corporation (“Borrower”).
Capitalized terms used in this Agreement without definition shall have the meanings given to them in the Note (defined below).

 

A.           Borrower previously sold and issued to Lender that certain Unsecured Convertible Promissory Note dated December 3, 2014 in the
original principal amount of $560,000.00 (as amended by that certain Amendment to Unsecured Convertible Promissory Note dated August
26, 2015 between Lender and Borrower, the “Note”).

 

B.            The Note was issued pursuant to a certain Securities Purchase Agreement dated December 3, 2014 between Borrower and Lender (the
“Purchase Agreement,” and together with the Note and all other documents entered into in conjunction
therewith, the “Transaction Documents”).

 

C.            Lender has asserted that Borrower has breached certain of its obligations under the Transaction Documents (the “Breaches”),
which Breaches constitute Events of Default under the Note.

 

D.            Borrower denies that it has breached such obligations and asserts that no Events of Default have occurred under the Note.

 

E.            No new or additional consideration is being provided in connection with this Agreement other than the modification of terms as
provided herein.

 

F.            In order to resolve any disputes between Borrower and Lender, Lender has agreed, subject to the terms, conditions and understandings
expressed in this Agreement, to refrain and forbear temporarily from exercising and enforcing remedies against Borrower with respect
to the Breaches as provided in this Agreement.

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.            Recitals and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement
are true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2.            Forbearance. Subject to the terms, conditions and understandings contained in this Agreement, Lender hereby agrees to refrain
and forbear from exercising and enforcing its remedies under the Note, any of the Transaction Documents, or under applicable laws,
with respect to the Breaches until the earliest occurrence of (a) any breach of this Agreement, or (b) any Event of Default that
occurs after the date hereof (the “Forbearance”). For the avoidance of doubt, the Forbearance shall only
apply to the Breaches and any Event of Default that occurred prior to the date hereof but not to any Events of Default that may
occur subsequent to the date hereof.

 

     

     

    

 

3.            Forbearance Effect. As a material inducement and partial consideration for Lender’s agreement to enter into this Agreement
and to grant the Forbearance, each of Borrower and Lender acknowledges and agrees that the Outstanding Balance of the Note shall
be increased by $105,000.00 (the “Forbearance Effect”) as of the date hereof. In furtherance thereof, it is
the intent of the parties hereto that the Forbearance Effect will tack back to the Purchase Price Date for purposes of determining
the holding period under Rule 144 and the parties hereto further agree to not take a position that is contrary to such intent in
any setting, document, or circumstance.

 

4.            Ratification of the Note. The Note shall be and remains in full force and effect in accordance with its terms, and is hereby
ratified and confirmed in all respects. Borrower acknowledges that it is unconditionally obligated to pay the remaining balance
of the Note and represents that such obligation is not subject to any defenses, rights of offset or counterclaims. Subject to the
terms of Section 5 below, after giving effect to the terms of the Forbearance described herein and the application of the Forbearance
Effect, the Outstanding Balance shall be deemed and affirmed to be equal to $314,934.08 and interest shall accrue on such amount
at the rate of 10% per annum, as set forth in Section 2 of the Note, as of the date hereof. No forbearance or waiver other than
as expressly set forth herein may be implied by this Agreement. Except as expressly set forth herein, the execution, delivery,
and performance of this Agreement shall not operate as a waiver of, or as an amendment to, any right, power or remedy of Lender
under the Note or the Transaction Documents, as in effect prior to the date hereof.

 

5.            Failure to Comply. Borrower understands that the Forbearance shall terminate immediately upon the occurrence of any material
breach of this Agreement or upon the occurrence of any Event of Default after the date hereof and that in any such case, Lender
may seek all recourse available to it under the terms of the Note, this Agreement, any other Transaction Document, or applicable
law, including without limitation applying any remedies it has under the Note with respect to any Events of Default that occurred
prior to the date hereof (with the application of such remedies being effective as of the date the applicable Event of Default
occurred).

 

6.            Increase of Share Reserve. Borrower and Lender agree that in conjunction with the Forbearance granted herein, within three
(3) Trading Days of the date of this Agreement, the Share Reserve shall be increased to 210,000,000 shares of Common Stock (as
defined in the Purchase Agreement). In furtherance of the foregoing, Borrower shall take all such actions as are necessary to increase
the Share Reserve as set forth herein, including without limitation executing and delivering to its transfer agent such documents
and instructions as are necessary to cause its transfer agent to increase the Share Reserve to 210,000,000 shares of Common Stock.

 

7.            Representations, Warranties and Agreements. In order to induce Lender to enter into this Agreement, Borrower, for itself,
and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a)            Borrower has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of
any of the obligations of Borrower hereunder.

 

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(b)            Any Event of Default which may have occurred under the Note has not been, is not hereby, and shall not be deemed to be waived by
Lender, expressly, impliedly, through course of conduct or otherwise except as set forth herein, and then only upon full satisfaction
of Borrower’s obligations under this Agreement. The agreement of Lender to refrain and forbear from exercising any rights
and remedies by reason of any existing default or any future default shall not constitute a waiver of, consent to, or condoning
of, any other existing or future default. For the avoidance of any doubt, the Forbearance described herein only applies to the
Breaches, and shall not constitute a waiver or forbearance of any other rights or remedies available to Lender with respect to
any other defaults under the Note or other breach of the Transaction Documents by Borrower.

 

(c)            All understandings, representations, warranties and recitals contained or expressed in this Agreement are true, accurate, complete,
and correct in all respects; and no such understanding, representation, warranty, or recital fails or omits to state or otherwise
disclose any material fact or information necessary to prevent such understanding, representation, warranty, or recital from being
misleading. Borrower acknowledges and agrees that Lender has been induced in part to enter into this Agreement based upon Lender’s
justifiable reliance on the truth, accuracy, and completeness of all understandings, representations, warranties, and recitals
contained in this Agreement. There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed
to Lender on or prior to the date hereof which would or could materially and adversely affect the understandings of Lender expressed
in this Agreement or any representation, warranty, or recital contained in this Agreement.

 

(d)            Except as expressly set forth in this Agreement, Borrower acknowledges and agrees that neither the execution and delivery of this
Agreement nor any of the terms, provisions, covenants, or agreements contained in this Agreement shall in any manner release, impair,
lessen, modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Note or any of the
other Transaction Documents.

 

(e)            Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes
of action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner
connected with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted,
or begun prior to the execution of this Agreement and occurred, existed, was taken, permitted or begun in accordance with, pursuant
to, or by virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or
otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses,
rights, claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges
and agrees that the execution of this Agreement by Lender shall not constitute an acknowledgment of or admission by Lender of the
existence of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.

 

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(f)            Borrower hereby acknowledges that it has freely and voluntarily entered into this Agreement
after an adequate opportunity and sufficient period of time to review, analyze, and discuss (i) all terms and conditions of this
Agreement, (ii) any and all other documents executed and delivered in connection with the transactions contemplated by this Agreement,
and (iii) all factual and legal matters relevant to this Agreement and/or any and all such other documents, with counsel freely
and independently selected by Borrower (or had the opportunity to be represented by counsel). Borrower further acknowledges and
agrees that it has actively and with full understanding participated in the negotiation of this Agreement and all other documents
executed and delivered in connection with this Agreement after consultation and review with its counsel (or had the opportunity
to be represented by counsel), that all of the terms and conditions of this Agreement and the other documents executed and delivered
in connection with this Agreement have been negotiated at arm’s-length, and that this Agreement and all such other documents
have been negotiated, prepared, and executed without fraud, duress, undue influence, or coercion of any kind or nature whatsoever
having been exerted by or imposed upon any party by any other party. No provision of this Agreement or such other documents shall
be construed against or interpreted to the disadvantage of any party by any court or other governmental or judicial authority by
reason of such party having or being deemed to have structured, dictated, or drafted such provision.

 

(g)            There are no proceedings or investigations pending or threatened before any court or arbitrator or before or by, any governmental,
administrative, or judicial authority or agency, or arbitrator, against Borrower.

 

(h)            There is no statute, regulation, rule, order or judgment and no provision of any mortgage, indenture, contract or other agreement
binding on Borrower, which would prohibit or cause a default under or in any way prevent the execution, delivery, performance,
compliance or observance of any of the terms and conditions of this Agreement and/or any of the other documents executed and delivered
in connection with this Agreement.

 

(i)            Borrower is solvent as of the date of this Agreement, and none of the terms or provisions of this Agreement shall have the effect
of rendering Borrower insolvent. The terms and provisions of this Agreement and all other instruments and agreements entered into
in connection herewith are being given for full and fair consideration and exchange of value.

 

(j)            To the best of its belief, after diligent inquiry, Borrower represents and warrants that, as of the date hereof, no Event of Default
under the Note (nor any material breach by Borrower under any of the other Transaction Documents) exists.

 

(k)            Borrower acknowledges that the application of the Forbearance Effect is separate from and in addition to its right to apply the
Default Effect described in Section 4.2 of the Note and that, for the avoidance of doubt, shall not reduce the number of times
the Default Effect may be applied pursuant to the terms of the Note. Specifically, the Default Effect may still be applied to three
(3) Major Defaults and three (3) Minor Defaults.

 

8.            Headings. The headings contained in this Agreement are for reference purposes only and do not affect in any way the meaning
or interpretation of this Agreement.

 

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9.            Arbitration. Each party agrees that any dispute arising out of or relating to this Agreement shall be subject to the Arbitration
Provisions (as defined in the Purchase Agreement).

 

10.          Governing Law; Venue. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Utah
without regard to the principles of conflict of laws. Each party agrees that the proper venue for any dispute arising out of or
relating to this Agreement shall be determined in accordance with the provisions of Section 8.3 of the Purchase Agreement. BORROWER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

11.          Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing parties
had signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange of
copies of this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email) shall
constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement
for all purposes. Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email)
shall be deemed to be their original signatures for all purposes.

 

12.          Attorneys’ Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of
this Agreement, the parties agree that the party who is awarded the most money (which, for the avoidance of doubt, shall be determined
without regard to any statutory fines, penalties, fees, or other charges awarded to any party) shall be deemed the prevailing party
for all purposes and shall therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses 
paid by such prevailing party in connection with the arbitration, litigation and/or dispute without reduction or apportionment
based upon the individual claims or defenses giving rise to the fees and expenses.  Nothing herein shall restrict or
impair an arbitrator’s or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

13.          Severability. If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve
the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.

 

14.          Entire Agreement. This Agreement, together with the Transaction Documents, and all other documents referred to herein, supersedes
all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect
to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

15.          No Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers,
equity holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Agreement and the Transaction Documents, Borrower is not relying
on any representation, warranty, covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents
or representatives other than as set forth in this Agreement and in the Transaction Documents.

 

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16.          Amendments. This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision
of this Agreement may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

17.          Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed
by Lender hereunder may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower
may not assign this Agreement or any of its obligations herein without the prior written consent of Lender.

 

18.          Continuing Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, each of the Note
and all of the other Transaction Documents shall remain in full force and effect, enforceable in accordance with all of its original
terms and provisions. This Agreement shall not be effective or binding unless and until it is fully executed and delivered by Lender
and Borrower. If there is any conflict between the terms of this Agreement, on the one hand, and the Note or any other Transaction
Document, on the other hand, the terms of this Agreement shall prevail.

 

19.          Time is of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

20.          Notices. Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under
this Agreement to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase
Agreement.

 

21.          Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

[Remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 	 
	 	VAPE HOLDINGS, INC.
	 	 	 
	 	By: 	/s/ Kyle Tracey
	 	Name: 	Kyle Tracey
	 	Title: 	CEO
    and Chairman
	 	 	 
	 	LENDER:
	 	 	 
	 	TYPENEX CO-INVESTMENT, LLC
	 	 	 
	 	By: 	Red Cliffs Investments, Inc., its Manager
	 	 	 
	 	By: 	/s/ John Fife
	 	 	John M. Fife, President

 

 

[Signature Page to Forbearance Agreement]

  

7Exhibit 10.26

 

SHARE
EXCHANGE

UNWIND AGREEMENT

 

THIS
SHARE EXCHANGE UNWIND AGREEMENT (“Unwind Agreement”) is made effective as of this _12th ___ day of
January, 2016 by and between VAPE Holdings, Inc., a Delaware corporation (“VAPE”) and BetterChem
Consulting, Inc., a Pennsylvania corporation (“BetterChem”), and Mark Scialdone, an individual (“Scialdone”).
VAPE, BetterChem, and Scialdone, each a Party, may be collectively referred to herein as the Parties.

 

RECITALS

 

WHEREAS,
prior to the Share Exchange Agreement (defined below) Scialdone, owned 100% of the issued and outstanding common stock of BetterChem;

 

WHEREAS,
on July 1, 2015, the Parties entered into a Share Exchange Agreement attached hereto as Exhibit A and incorporated
by reference herein, whereby VAPE acquired 80 shares of BetterChem common stock from BetterChem sole shareholder Scialdone representing
a controlling 80% of the issued and outstanding shares of common stock of BetterChem (the “BetterChem Shares”),
in exchange for up to 400,000 shares of voting common stock, par value $0.00001 per share, of VAPE (the “VAPE Common
Stock”), as set forth in Schedule 1 thereto (the “VAPE Shares”);

 

WHEREAS,
on or about July 1, 2015, pursuant to the terms of the Share Exchange Agreement, Scialdone transferred the BetterChem Shares to
VAPE;

 

WHEREAS,
on or about July 1, 2015, pursuant to the terms of the Share Exchange Agreement, VAPE issued 250,000 restricted shares of Vape
Common Stock to Scialdon;

 

WHEREAS,
pursuant to the terms set forth in Schedule 1 of the Share Exchange Agreement, due to the uncertain nature of the valuation
of BetterChem, VAPE granted Scialdone a nonassignable contingent contractual right to receive up to 150,000 shares of VAPE Common
Stock representing the balance of the VAPE Shares, contingent on the future gross revenues of BetterChem as follows:

 

		a.	On
                                         the one year anniversary of the Closing Date of the Share Exchange Agreement (as defined
                                         therein), Scialdone shall be entitled to an additional 75,000 shares of VAPE common stock
                                         if BetterChem has generated at least $100,000 in gross revenues beginning on the Closing
                                         Date up to the one year anniversary of the Closing Date.

 

		b.	On
                                         the two year anniversary of the Closing Date, Scialdone shall be entitled to an additional
                                         75,000 shares of VAPE Common Stock if BetterChem has generated at least $100,000 in gross
                                         revenues beginning on the one year anniversary of the Closing Date up to the two year
                                         anniversary of the Closing Date.

 

WHEREAS,
as of the date of this Unwind Agreement, VAPE has not issued any VAPE Common Stock to Scialdone under the contingent contractual
right to receive up to 150,000 shares of VAPE Common Stock representing the balance of the VAPE Shares;

 

WHEREAS,
upon the terms and subject to the conditions set forth in this Unwind Agreement, the Parties have agreed to unwind the transactions
contemplated under the Share Exchange Agreement, such that: (i) Scialdone shall surrender to VAPE any and all VAPE Shares issued
to him thereunder (250,000); and (ii) VAPE shall return the BetterChem Shares to Scialdone;

 

WHEREAS,
immediately upon the Closing of this Unwind Agreement: (i) Scialdone will once again hold all 100 shares of BetterChem representing
100% of the issued and outstanding shares of common stock therein; and the (ii) 250,000 shares of VAPE Common Stock held by Scialdone
shall be surrendered to the treasury, and thereafter cancelled and extinguished by VAPE’s Transfer Agent, Island Stock Transfer,
such that there shall be 250,000 fewer shares of VAPE common stock issued and outstanding; and

 

WHEREAS,
It is the intention of the Parties that: (i) the transactions contemplated by this Unwind Agreement shall qualify as a tax-free
reorganization under Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”); and
(ii) the issuance of the Shares shall be exempted from registration or qualification under the Securities Act.

 

     

     

    

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties covenant and agree as follows:

 

ARTICLE
I

SHARE EXCHANGE UNWIND

 

Section
1.1 Surrender of the VAPE Shares.  Subject to the terms and conditions of this Unwind Agreement, as of the date
first above written, the Scialdone hereby surrenders all legal right, title and interest in the Shares to the Company to be held
by the Company as treasury stock.

 

Section
1.2 Transfer of the BetterChem Shares. Subject to the terms of this Unwind Agreement, VAPE hereby covenants and agrees
to assign and transfer all legal right, title and interest in the BetterChem Shares to Scialdone.

 

Section
1.3 Delivery of Stock Certificates and Stock Powers. 

 

		a.	Vape
                                         Shares. Island Stock Transfer has not issued certificates to Scialdone representing the
                                         VAPE Shares, which are currently held in book entry.  At the Closing (defined below),
                                         Scialdone shall deliver to VAPE  signed and medallion guaranteed stock power to
                                         the Transfer Agent’s satisfaction in order to cancel and/or transfer title to the
                                         VAPE Shares.

 

		b.	BetterChem
                                         Shares. At the Closing, VAPE shall surrender BetterChem Share Certificate No. 2 representing
                                         the BetterChem Shares, and BetterChem shall record the transfer of the BetterChem Shares
                                         in the shareholder records of BetterChem.

 

Section
1.4 Closing; Closing Date.  The Closing shall take place, subject to the terms and conditions of this Unwind Agreement,
as of the date first written above (the “Closing Date”).

 

Section
1.5 Closing Deliveries of BetterChem and Scialdone.  At the Closing, BetterChem and Scialdone shall deliver or
cause to be delivered the following, fully executed and in the form and substance reasonably satisfactory to VAPE:

 

		a.	copies
                                         of all resolutions and/or consent actions adopted by or on behalf of the board of directors
                                         of BetterChem evidencing approval of this Unwind Agreement and the transactions contemplated
                                         herein;

 

		b.	executed
                                         and medallion guaranteed stock power representing the surrender of the VAPE Shares by
                                         Scialdone, and ;

 

		c.	copies
                                         of this Unwind Agreement, and all other Unwind Documents, each duly executed by BetterChem
                                         and/or Scialdone, as required to give effect to the transactions contemplated by this
                                         Unwind Agreement.

 

Section
1.6 Closing Deliveries of VAPE.  At Closing, VAPE will deliver or cause to be delivered the following, fully executed
and in the form and substance reasonably satisfactory to BetterChem and Scialdone:

 

		a.	copies
                                         of all resolutions and/or consent actions adopted by or on behalf of the board of directors
                                         of VAPE evidencing approval of this Unwind Agreement and the transactions contemplated
                                         herein;

 

		b.	BetterChem
                                         Share Certificate No. 2, all stock powers, and other documents required for the cancellation
                                         of the BetterChem Shares;

 

		c.	any
                                         other necessary documents, each duly executed by VAPE as required to give effect to the
                                         transactions contemplated by this Unwind Agreement.

  

Section
1.7 Waiver of Rights/Acknowledgment of Obligations.  The Parties hereby and acknowledge that the Parties have
also entered into the following agreements, and respective rights and obligations of the Parties there under shall be addressed
separately from this Unwind Agreement:

 

		a.	Executive
                                         Employment Agreement by and between VAPE and Scialdone, dated May 1, 2015;

 

		b.	Intellectual
                                         Property Rights Transfer Agreement by and between VAPE and Scialdone, dated July 1, 2015.

  

    	 	2	 

     

    

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES OF BETTERCHEM AND SCIALDONE

 

BetterChem
and Scialdone represent and warrant to VAPE as follows:

  

Section
2.1 Capitalization of BetterChem.  The entire authorized capital stock of BetterChem was issued and outstanding
and solely held by Scialdone prior to the Share Exchange Agreement, and 80% of the total issued and outstanding shares of capital
stock of BetterChem was transferred to VAPE via the BetterChem Shares.

  

Section
2.2 Marketable Title; Corporate Authority. Scialdone, as President of BetterChem, is the registered and beneficial
owner of, and has good and marketable title to the VAPE Shares and will hold such shares free and clear of all liens, charges
and encumbrances whatsoever. Scialdone, as President of BetterChem, has due and sufficient right and authority to enter into this
Unwind Agreement on the terms and conditions herein set forth and to transfer the registered, legal and beneficial title and ownership
of all the VAPE Shares held him to VAPE at the Closing.

  

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF VAPE

  

VAPE
represents and warrants to BetterChem and Scialdone and acknowledges that BetterChem and Scialdone are relying upon such representations
and warranties in connection with the execution, delivery and performance of this Unwind Agreement as follows:

 

Section
3.1 Organization and Good Standing.  VAPE is duly incorporated, organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to own, lease and to carry on its
business as now being conducted.  VAPE is qualified to do business and is in good standing as a foreign corporation in each
of the jurisdictions in which it owns property, leases property, does business, or is otherwise required to do so, where the failure
to be so qualified would have a material adverse effect on the businesses, operations, or financial condition of VAPE.

 

Section
3.2 Corporate Authority.  VAPE has all requisite corporate power and authority to execute and deliver this Unwind
Agreement and any other document contemplated by this Unwind Agreement (collectively, the “Unwind Documents”)
to be signed by VAPE and to perform its obligations hereunder and to consummate the transactions contemplated hereby.  The
execution and delivery of each of the Unwind Documents by VAPE and the consummation by VAPE of the transactions contemplated hereby
have been duly authorized by its board of directors and no other corporate or shareholder proceedings on the part of VAPE is necessary
to authorize such documents or to consummate the transactions contemplated hereby.  This Unwind Agreement has been, and the
other VAPE Documents when executed and delivered by VAPE as contemplated by this Agreement will be, duly executed and delivered
by VAPE and this Unwind Agreement is, and the other Unwind Documents when executed and delivered by VAPE, as contemplated hereby
will be, valid and binding obligations of VAPE enforceable in accordance with their respective terms, except:

 

		a.	as
                                         limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws
                                         of general application affecting enforcement of creditors’ rights generally;

 

		b.	as
                                         limited by laws relating to the availability of specific performance, injunctive relief,
                                         or other equitable remedies; and

 

		c.	as
                                         limited by public policy.

 

    	 	3	 

     

    

 

ARTICLE
IV

CLOSING CONDITIONS

 

Section
4.1 Conditions Precedent to Closing by VAPE.  The obligation of VAPE to consummate the transactions contemplated
hereunder are subject to the satisfaction or written waiver of the conditions set forth below.  The Closing of the transactions
contemplated by this Unwind Agreement will be deemed a waiver of all conditions to Closing.  These conditions precedent are
for the benefit of VAPE and may be waived by VAPE in its sole discretion.

 

		a.	Representations
                                         and Warranties.  The representations and warranties of BetterChem and Scialdone
                                         set forth in Article II of this Unwind Agreement shall be true, correct and complete
                                         in all respects as of the Closing Date, and BetterChem and Scialdone shall deliver to
                                         VAPE a certificate dated as of the Closing Date, to the effect that the representations
                                         and warranties made by VAPE in this Agreement are true and correct.

 

		b.	Performance. 
                                         All of the covenants and obligations that BetterChem and Scialdone are required to perform
                                         or to comply with pursuant to this Unwind Agreement at or prior to the Closing shall
                                         have been performed and complied with in all material respects.

 

		c.	Unwind
                                         Documents.  This Unwind Agreement and all other documents necessary or reasonably
                                         required to consummate the transactions contemplated hereunder, all in form and substance
                                         reasonably satisfactory to VAPE, shall have been executed and delivered to VAPE.

                                         

 

Section
4.2 Conditions Precedent to Closing by BetterChem and Scialdone.  The obligation of BetterChem and Scialdone to
consummate the transactions contemplated hereunder is subject to the satisfaction or written waiver of the conditions set forth
below.  The Closing of the transactions contemplated by this Unwind Agreement will be deemed a waiver of all conditions to
Closing.  These conditions precedent are for the benefit of BetterChem and Scialdone and may be waived by them in their joint
discretion.

 

		a.	Representations
                                         and Warranties.  The representations and warranties of VAPE set forth in this
                                         Agreement shall be true, correct and complete in all respects as of the Closing Date
                                         and VAPE shall deliver to BetterChem and Scialdone, a certificate dated as of the Closing
                                         Date, to the effect that the representations and warranties made by VAPE in this Unwind
                                         Agreement are true and correct.

 

		b.	Performance. 
                                         All of the covenants and obligations that VAPE is required to perform or to comply with
                                         pursuant to this Agreement at or prior to the Closing must have been performed and complied
                                         with in all material respects.  VAPE must have delivered each of the documents required
                                         to be delivered by it pursuant to this Unwind Agreement.

 

		c.	Unwind
                                         Documents.  This Unwind Agreement and all other documents necessary or reasonably
                                         required to consummate the Unwind, all in form and substance reasonably satisfactory
                                         to BetterChem and Scialdone, will have been executed and delivered by VAPE.

 

ARTICLE
V

ADDITIONAL COVENANTS OF THE PARTIES

 

Section
5.1 Mutual Confidentiality of Business Information.  All information regarding the business affairs of Parties
including, without limitation, financial information provided due diligence purposes prior to the Share Exchange Agreement, or
during the period between execution of the Share Exchange Agreement through the Closing Date of this Unwind Agreement shall be
kept in strict confidence by the Parties and will not be used, dealt with, exploited or commercialized by the Parties or disclosed
to any third party without the prior written consent of the non-disclosing Party.

  

Section
5.2 Confidentiality of Transaction and Unwind.  VAPE is a public company and the dissemination of material non-public
information about the transaction contemplated under this Unwind Agreement shall be included in a press releases made public by
VAPE and certain other public filings to the extent required by the Securities and Exchange Commission.

 

    	 	4	 

     

    

 

Section
5.3 Notification.  Each of the Parties to this Unwind Agreement shall promptly notify the other Parties in writing
if it becomes aware of any fact or condition that causes or constitutes a material breach of any of its representations and warranties
as of the date of this Unwind Agreement, if it becomes aware of the occurrence after the date of this Unwind Agreement of any
fact or condition that would cause or constitute a material breach of any such representation or warranty had such representation
or warranty been made as of the time of occurrence or discovery of such fact or condition.  Should any such fact or condition
require a material amendment relating to such Party, such Party will promptly deliver to the other Parties any such supplemental
information specifying such change as may be reasonably requested by the non-breaching Parties.  Each party will promptly
notify the other Parties of the occurrence of any material breach of any of its covenants in this Agreement or of the occurrence
of any event that may make the satisfaction of such conditions impossible or unlikely.

 

Section
5.4 VAPE Directors and Officers.  Any offices vacancies occasioned by the transactions contemplated in the Unwind
Documents shall be filled, if at all, by the Board of Directors of VAPE pursuant to procedures prescribed in the VAPE Bylaws,
as amended.

 

Section
5.5 Assumption of Liabilities. BetterChem, hereby irrevocably assumes any and all debts, obligations and liabilities,
present or future, direct or indirect, absolute or contingent, matured or not, whenever arising, that might at any time be determined
to be owing by BetterChem to any Creditors. BetterChem, will indemnify, defend, and hold harmless, to the full extent of the law,
VAPE and its shareholders from, against, and in respect of any and all losses and liabilities asserted
by Creditors of BetterChem, against, relating to, imposed upon, or incurred by BetterChem.

 

Section
5.6 Indemnification by BetterChem and Scialdone.  BetterChem and Scialdone will indemnify, defend, and hold harmless,
to the full extent of the law, VAPE and its members, from, against, and in respect of any and all losses and damages asserted
against, relating to, imposed upon, or incurred by VAPE and its shareholders by reason of, resulting from, based upon or arising
out of the breach by BetterChem and/or Scialdone of any representation or warranty of BetterChem and/or Scialdone contained in
or made pursuant to this Unwind Agreement, any Unwind Document or any certificate or other instrument delivered pursuant to this
Unwind Agreement; or the breach or partial breach by BetterChem and/or Scialdone of any covenant or agreement of BetterChem and/or
Scialdone made in or pursuant to this Unwind Agreement, any Unwind Document or any certificate or other instrument delivered pursuant
to this Agreement.

 

Section
5.7 Indemnification by VAPE.  VAPE will indemnify, defend, and hold harmless, to the full extent of the law, BetterChem
and Scialdone, from, against, and in respect of any and all losses and damages asserted against, relating to, imposed upon, or
incurred by BetterChem and/or Scialdone by reason of, resulting from, based upon or arising out of the breach by VAPE of any representation
or warranty of VAPE contained in or made pursuant to this Unwind Agreement, any Unwind Document or any certificate or other instrument
delivered pursuant to this Unwind Agreement; or the breach or partial breach by VAPE of any covenant or agreement of VAPE made
in or pursuant to this Unwind Agreement, any Unwind Document or any certificate or other instrument delivered pursuant to this
Agreement.

 

ARTICLE
VI

MISCELLANEOUS PROVISIONS

 

Section
6.1 Effectiveness of Representations; Survival.  Each Party is entitled to rely on the representations, warranties
and agreements of each of the other parties and all such representation, warranties and agreement will be effective regardless
of any investigation that any party has undertaken or failed to undertake.  Unless otherwise stated in this Unwind Agreement,
and except for instances of fraud, the representations, warranties and agreements will survive the Closing Date and continue in
full force and effect until one (1) year after the Closing Date.

 

Section
6.2 Further Assurances.  Each of the Parties hereto will co-operate with the others and execute and deliver to
the other Parties hereto such other instruments and documents and take such other actions as may be reasonably requested from
time to time by any other Party hereto as necessary to carry out, evidence, and confirm the intended purposes of this Unwind Agreement.

 

    	 	5	 

     

    

 

Section
6.3 Amendment.  This Unwind Agreement may not be amended except by an instrument in writing signed by each of
the Parties.

 

Section
6.4 Expenses.  Each Party will bear their own costs incurred in connection with the preparation, execution and
performance of this Unwind Agreement and giving effect to the transactions contemplated hereunder.

 

Section
6.5 Entire Agreement.  This Unwind Agreement, the schedules attached hereto and the other documents in connection
with this transaction contain the entire agreement between the parties with respect to the subject matter hereof and supersede
all prior arrangements and understandings, both written and oral, expressed or implied, with respect thereto.  Any preceding
correspondence or offers are expressly superseded and terminated by this Unwind Agreement.

 

Section
9.4  Notices. All notices and other communications given or made pursuant hereto shall be in writing and
shall be deemed to have been given or made if in writing and delivered personally or sent by registered or certified mail (postage
prepaid, return receipt requested)or facsimile to the Parties at the following addresses: 

 

If
to BetterChem or Scialdone, to:

  

BetterChem
Consulting, Inc.

 Attn:
Mark Scialdone

 77
Allsmeer Drive

 West
Grove, PA 19390

  

If
to VAPE, to:

  

VAPE
Holdings, Inc.

 Attn:
Justin Braune, CEO

 5304
Derry Ave., Unit C

 Agoura
Hills, CA 91301

 Tel:
(877) 827-3959 

  

Section
9.7  Titles and Headings. The Article and Section headings contained in this Unwind Agreement are solely
for convenience of reference and shall not affect the meaning or interpretation of this Agreement or of any term or provision
hereof.

 

Section
9.2  Successors and Assigns. This Unwind Agreement shall inure to the benefit of, and be binding upon, the
Parties hereto and their respective successors and assigns; provided, however, that no party shall assign or delegate any of the
obligations created under this Unwind Agreement without the prior written consent of the other parties.

 

Section
9.6  Severability. This Unwind Agreement shall be deemed severable, and the invalidity or unenforceability
of any term or provision hereof shall not affect the validity or enforceability of this Unwind Agreement or of any other term
or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that
there shall be added as a part of this Unwind Agreement a provision as similar in terms to such invalid or unenforceable provision
as may be possible so as to be valid and enforceable.

 

Section
9.9  Governing Law; Attorneys’ Fees. This Unwind Agreement and Unwind Documents shall be governed by
and construed and interpreted in accordance with the laws of the State of California, without giving effect to the rules of conflicts
of law. In the event of any action at law or in equity to enforce or interpret the terms of this Unwind Agreement or any of the
other transaction documents, the parties agree that the party who is awarded the most money shall be deemed the prevailing party
for all purposes and shall therefore be entitled to an additional award of the full amount of the attorneys’ fees, deposition
costs, and expenses paid by such prevailing Party in connection with arbitration or litigation without reduction or apportionment
based upon the individual claims or defenses giving rise to the fees and expenses.

 

    	 	6	 

     

    

 

Section
9.10  Enforcement of the Agreement. The Parties hereto agree that irreparable damage would occur if any of the
provisions of this Unwind Agreement were not performed in accordance with their specific terms or were otherwise breached. It
is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Unwind Agreement
and to enforce specifically the terms and provisions hereto, this being in addition to any other remedy to which they are entitled
at law or in equity.

 

[
Signature Page Follows ]

 

    

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Share Exchange Unwind Agreement as of the date first above written.

 

	BetterChem
    Consulting, Inc. 	 
	 	 
	/s/
    Mark Scialdone	 
	Name:  Mark
    Scialdone	 
	Title:    President	 
	 	 
	Mark
    Scialdone, Ph.D., an Individual	 
	 	 
	/s/
    Mark Scialdone	 
	Mark
    Scialdone	 
	77
    Allsmeer Road	 
	West
    Grove, PA 19390	 
	 	 
	VAPE
    HOLDINGS, INC.	 
	 	 
	/s/
    Justin Braune	 
	Name: Justin
    Braune	 
	Title:   CEO	 

 

    

     

    

 

Exhibit
A

 

SHARE
EXCHANGE AGREEMENT DATED JULY 1, 2015.

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