Document:

EX-10.9

 Exhibit 10.9 
  

 
 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made as of August 10, 2021 between Neptune Holdings USA Inc., a Delaware
corporation (“Employer”) and Neptune Solutions Bien-Etre Inc. (in English, Neptune Wellness Solutions Inc.) (the “Company”), and John S. Wirt (the “Employee”) (collectively referred to as the “Parties”). 

RECITALS: 
  

	 	A.	 WHEREAS this Agreement supersedes and replaces all previous oral or written agreements, memoranda,
correspondence or other communications between the Parties hereto relating to the subject matter hereof. 

  

	 	B.	 WHEREAS the Employee has valuable skills and experience which will be of assistance to the Company in
managing its business in the challenging and rapidly changing business environment in which it operates. 

  

	 	C.	 WHEREAS the Company has offered the Employee employment on the terms set out in this Agreement and
the Employee has accepted the Company’s offer on the date hereof. 

  

	 	D.	 WHEREAS, as set forth in Section 1.2 below, this Agreement is contingent upon approval by the
board of directors of the Company (the “Board”), a successful verification, at the Company sole discretion, of criminal, education, drug and/or employment background of the Employee, vetting of Square Ring, Inc., a Delaware corporation,
Epic Sports & Entertainment, Inc., a Florida corporation, and Content Group, AG, a Swiss corporation, and the Employee understands and agrees that this Agreement can be rescinded by the Company based upon data received in the verification.

 THEREFORE, for good and valuable consideration, the Parties agree as follows: 

 

	 	1.	 DUTIES AND RESPONSIBILITIES 

 

	1.1.	 Employment 

The Company hereby engages the Employee as the Executive Vice President, Legal & Business Affairs (Chief Legal Officer and General
Counsel) for the Company, subject to the approval of the Board of Directors and, as set forth in Section 1.2, vetting of Employee and Square Ring, Inc., a Delaware corporation, Epic Sports & Entertainment, Inc., a Florida corporation,
and Content Group, AG, a Swiss corporation. The Employee will carry out those duties, responsibilities and reporting requirements which are ordinarily expected of such position and such other reasonable duties as may from time to time be assigned by
the Company. This position reports to the Chief Executive Officer of the Company (“CEO”). Employee agrees to serve, if requested, and without additional compensation or benefits, as an officer 

  
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 for affiliates of the Company. 

 

	1.2.	 Board Approval; Hire Date; Term 

This Agreement is contingent upon: (i) its approval by the board of directors of the Company (the “Board”), (ii)
successful verification, at the Company’s sole discretion, of the Employee passing the Company’s standard criminal, education, drug and/or employment background checks of the Employee (based on the Company’s existing policies and
procedures), and (iii) the Company’s vetting of Square Ring, Inc., a Delaware corporation, Epic Sports & Entertainment, Inc., a Florida corporation, and Content Group, AG, a Swiss corporation, for criminal, financial or regulatory
issues that could cause the Employee to be unsuitable, in the sole discretion of the Board, for the role of General Counsel of the Company. In the event of a failure of any of the contingencies set forth in this paragraph the Company reserves the
right to rescind this Agreement by action of the Board, upon which time it shall be null and void, provided that, the Employee shall be paid any accrued and unpaid base salary set forth in Section 2.1, and further provided that, the
Company’s rescission right shall expire at the close of business on the twentieth (20th) business day following the date this Agreement is fully executed by the Parties. The Employer shall be
the Employee’s employer of record. 
 This Agreement shall be for an initial term commencing on August 16, 2021 (the “Hire
Date”) and continuing until the third anniversary of the Hire Date (the “Term”), unless sooner terminated in accordance with the terms of this Agreement. However, if the Hire Date has not occurred by August 16, 2021, the Board
does not approve this Agreement, or if Employee dies or becomes disabled prior to the Hire Date, this Agreement will be of no force and effect and the Company will have no obligations whatsoever hereunder (with respect to payments or otherwise).

 To the extent the Employee’s employment with the Company continues after the end of the Term, such employment will be on an at-will basis, and the payments and/or benefits referenced in Section 1.3.3 (a), (b) and (c) shall not apply to such continued employment. 

 

	1.3	 Termination of Employment 

The Term and the Employee’s employment under this Agreement may be terminated by either Party at any time and for any reason. Upon such
termination prior to the expiration of the Term, the Employee will be entitled to the compensation and benefits described in this Section 1.3, as applicable, and will have no further rights to any compensation or any other benefits from the
Company or any of its affiliates. 
  

	 	1.3.1.	 For Cause. 

Prior to the expiration of the Term, this Agreement and the Employee’s employment hereunder may be terminated by the
Company for Cause. In the event of such termination, the Employee will be entitled to receive: 
 (a) any
accrued but unpaid Base Salary prorated through the date of termination plus accrued but unused vacation in accordance with Company policy, which will be paid on the pay date immediately following the Termination Date (as defined below); 

(b) reimbursement for unreimbursed business expenses properly incurred by Employee and compliant with Company
policy, which will be paid in accordance with the Company’s 

  
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 expense reimbursement policy; and 

(c) all other unpaid payments, benefits or fringe benefits the Employee has earned, vested, and is owed under
the terms of any applicable compensation arrangement or benefit or fringe benefit plan as of the Termination Date, if any (including, for the avoidance of doubt, any equity awards subject to their written terms); provided that, in no event will the
Employee be entitled to any payments in the nature of severance or termination payments except if specifically provided herein (Items 1.3.1(a) through 1.3.1(c) are referred to herein collectively as the “Accrued Obligations”). 

For purposes of this Agreement, “Cause” means: 

(i) the Employee’s willful and repeated failure to perform his duties (other than any such failure
resulting from incapacity due to physical or mental illness); 
 (ii) the Employee’s willful and
repeated failure to comply with any valid and legal directive of the Chief Executive Officer and/or the Board; 

(iii) the Employee’s conviction of or plea of guilty or nolo contendere to a charge of embezzlement,
misappropriation or fraud; 
 (iv) the Employee’s conviction of or plea of guilty or nolo contendere to
a crime that constitutes a felony (or state law equivalent) or any crime which would damage the Company’s reputation or be incompatible with or impair the Employee’s ability to discharge his duties hereunder (in any event, other than a
violation of U.S. federal law related to the possession of cannabis provided it is lawful under applicable state law); 

(v) the Employee’s willful violation of a written policy of the Company which is materially injurious to
the Company or its affiliates, including the Company’s Code of Conduct; 
 (vi) conduct by the Employee
that constitutes willful fraud, willful dishonesty or willful misconduct in the performance of Employee’s duties; 

(vii) the Employee’s material breach of any obligation or representation under this Agreement or any other
written agreement between the Employee and the Company; 
 (viii) the Employee does not qualify for or obtain
a Health Canada security clearance; 
 (ix) the Employee being found unsuitable for, or having been denied, a
license to practice law in any jurisdiction required by the Company, or being disbarred or suspended from the practice of law in any jurisdiction in the United States or foreign court of competent jurisdiction; 

(x) the Employee is charged with a crime involving moral turpitude or involving the unlawful theft or
conversion of substantial monies or property of another, or the Employee engages in conduct that brings or is reasonably likely to bring the Company or its affiliates negative publicity or into public disgrace, embarrassment, or disrepute, in

  
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 each case, that results in material injury to the Company; 

(xi) the knowing misstatement by the Employee of the financial records of the Company or its affiliates or
complicit actions in respect thereof; 
 (xii) the Employee’s involvement with Square Ring, Inc., a
Delaware corporation, Epic Sports & Entertainment, Inc., a Florida corporation, and Content Group, AG, a Swiss corporation, which materially impacts Employee’s ability to fulfill his duties for the Company or its affiliates, or that
gives rise to material harm or reputational damage to the Company or its affiliates; 
 (xiii) the
Employee’s breach of any fiduciary duty, acceptance of any concurrent employment or director position without the prior written consent of the Board, or failure to devote his full time and attention to the Company or its affiliates; 

(xiv) the Employee’s violation, as determined by the Board, of any securities or employment laws, rules,
or regulations that results in material harm or reputation to the Company; and/or 
 (xv) A proceeding or
enforcement action is brought by a governmental body or agency that seeks to remove the Employee from his role as a director or officer of the Company or any of its affiliates or otherwise ban or suspend the Employee from being an officer or
director of any company. 
 Except for a failure, breach, refusal, or occurrence, which, by its nature, cannot reasonably be expected to be
cured, the Employee shall have thirty (30) business days from the delivery of written notice by the Company within which to cure any of the foregoing acts or situations constituting Cause. If this Agreement is terminated by the Company for
Cause in accordance with the terms of this Agreement, then the Employee shall have no further rights against the Company under this Agreement, except for the right to receive the Accrued Obligations. The Employee shall continue to be fully bound by
his continuing obligations in this Agreement including, but not limited to, all of the Employee’s covenants in Article 3 herein. 

1.3.2 Resignation by Employee. 

Prior to the expiration of the Term, the Employee’s employment hereunder may be terminated upon the Employee providing a notice of
resignation with at least thirty (30) days’ written notice. In the event of any such termination, the Employee will only be entitled to receive the Accrued Obligations. The Employee shall continue to be fully bound by his continuing
obligations in this Agreement including, but not limited to, all of the Employee’s covenants in Article 3 herein. 
 1.3.3
Termination Without Cause Prior to Expiration of Term. 
 The Term and the Employee’s employment hereunder may be terminated by the
Company without Cause. In the event of any such termination prior to the expiration of the Term, then the Employee will be entitled to receive the Accrued Obligations, and subject to the Employee’s compliance with his continuing obligations in
this Agreement, including covenants in Article 3 of this Agreement, and his execution of a general release of claims in favor of the Company, its affiliates and their respective officers and board members in a form substantially similar in form

  
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 and content to Schedule B (the “Release”) and such Release becoming effective and
irrevocable, then the Employee will also be entitled to: 
 (a) the Company will continue to pay the
Employee’s Base Salary for a period of twelve (12) months (“Salary Continuation Period”), which amount shall be paid on each regular salary payroll period with respect to the Salary Continuation Period and in accordance with the
Company’s payroll practices, but with the first installment commencing on the payroll date following the date the Release becomes effective and irrevocable. However, should such termination occur in anticipation of or on or following a
“Change in Control,” then the Salary Continuation Period shall be increased from twelve (12) months to eighteen (18) months; 

(b) provided the Employee elects group health plan continuation coverage pursuant to the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”), reimbursement of COBRA premiums for a period not to exceed the COBRA Premium Period at the rates in effect on the Termination Date for health coverage under COBRA, less applicable withholding
taxes, payable on the payroll date of each month following the date the Release becomes effective and irrevocable. The “COBRA Premium Period” ends on the earliest of: (i) the Salary Continuation Period; (ii) the date Employee and
his eligible dependents become eligible for group health insurance coverage through a new employer; or (iii) the date the Employee ceases to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event
the Employee becomes covered under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Premium Period, the Employee must immediately notify the Company of such event. In no event will the COBRA
Premium Period exceed the Salary Continuation Period, and the Employee shall be responsible for electing COBRA coverage; and 

(c) if the Employee’s Bonus for the immediately prior year has not been paid to Employee, the Company will
pay such unpaid Bonus (as defined below), paid based on actual performance and payable when others are paid. 
 Notwithstanding the forgoing,
and subject to any 6 month delay required pursuant to Section 4.6 provided Section 409A is applicable, if any payment pursuant to this Section 1.3.3, is subject to Section 409A (as defined below) and the timing of Employee’s
execution and delivery of the Release could affect the calendar year in which any amount of any payment is made because the date of termination occurred toward the end of a calendar year, then no portion of said payments shall be paid until the
Company’s first payroll payment date in the year following the year in which Employee’s termination occurs (for the avoidance of doubt, any amounts that would otherwise be payable during such delay shall be payable (without interest) when
the first payment is made). 
 For purposes of this Section 1.3.3, a “Change in Control” means a Change in Control as defined
in the Stock Plan (as defined below). 
 In the event of a termination pursuant to this Section 1.3.3, Employee, however, shall continue
to 

  
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 be fully bound by his continuing obligations in this Agreement including, but not limited to,
all Employee covenants in Article 3 herein. Should the Employee violate any provision or covenant in Article 3 of this Agreement, then the Employee shall not be entitled to any of the payments or benefits referenced in Section 1.3.3
(a)—(c), and any such payments or benefits will cease. 
 1.3.4 Death or Permanent Disability. 

If this Agreement is terminated due to the death of the Employee, or his permanent Disability (as that term is defined under any long-term
disability plan maintained by the Company and covering the Employee), then the Employee (or his heirs or beneficiaries) shall have no further rights against the Company under this Agreement, except for the right to receive (i) the Accrued
Obligations, (ii) if the Employee’s Bonus (as defined below) for the immediately prior year has not been paid to Employee, the Company will pay the unpaid Bonus from the immediately prior year, paid based on actual performance and payable
when others are paid. Employee, or his heirs or beneficiaries, shall continue to be fully bound by the continuing obligations of this Agreement. After a termination by the Company due to death or permanent Disability, the Company shall pay to
Employee or his designated beneficiary (or, if no beneficiary has been designated by the Employee in writing, to his estate) the Accrued Obligations and other payments described above, which shall be paid within thirty (30) days of the date of
termination (or as otherwise described above), or such earlier time as may be required by law. The Employee’s spouse shall be his designated beneficiary for purposes of this subsection unless the Employee provides a different designated
beneficiary in writing to the Company. 
 1.3.5 Notice of Termination. 

Any termination of the Employee’s employment hereunder by the Company or by the Employee during the Term (other than termination pursuant
to Section 1.3.4 on account of the Employee’s death) will be communicated by written notice of termination (“Notice of Termination”) to the other party hereto. The Notice of Termination will specify (i) the termination
provision of this Agreement relied upon, (ii) to the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated, and (iii) the applicable
Termination Date, which will take into account any cure period required under Section 1.3. 
 1.3.6 Termination Date. 

The Employee’s “Termination Date” will be: 

(a) if the Employee’s employment hereunder terminates on account of the Employee’s death, the date of
the Employee’s death; 
 (b) if the Employee’s employment is terminated pursuant to an order made
by any regulatory authority having jurisdiction to so order, the effective date specified in such order; 

(c) if the Company terminates the Employee’s employment hereunder for any reason, the date specified in
the Notice of Termination, provided that it shall include any period of contractual notice, reasonable notice, or right to cure in Section 1.3.1 above (if applicable); and 

(d) if the Employee terminates his employment hereunder under Section 1.3.2, the date

  
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 specified in the Notice of Termination, which will be no less than 30 days following the date
on which the Notice of Termination is delivered; provided that, the Company reserves the right to waive all or any part of the 30-day notice period by giving written notice to the Employee of such waiver and
waiver of payment of Base Salary in respect of the number of days’ notice waived, and for all purposes of this Agreement, upon such waiver, the Employee’s Termination Date will be determined by reference to any such waiver 

1.3.7 Section 280G. 

(a) If any of the payments or benefits received or to be received by the Employee (including, without limitation, any payment
or benefits received in connection with a Change in Control or the Employee’s termination of employment, whether pursuant to the terms of this Agreement or any plan, arrangement, or agreement, or otherwise) (all such payments collectively
referred to herein as the “280G Payments”) (i) constitute “parachute payments“ within the meaning of Section 280G of the Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then the Employee’s benefits under this Agreement shall be either (A) delivered, subject to any applicable tax or other withholdings, in full, or (B) delivered, subject to any applicable tax or other
withholdings, to such lesser extent as would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the
Excise Tax, results in the receipt by Employee, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of
the Code. In the event that 280G Payments are to be reduced in accordance with this Section 1.3.7(a), 280G Payments will be reduced in the following order: (i) cash payments not subject to Section 409A of the Code; (ii) cash
payments subject to Section 409A of the Code; (iii) option or other equity award acceleration if applicable; (iv) RSUs if applicable; and (v) noncash forms of benefits. To the extent any such payment is to be made over time
(e.g., in installments, etc.), then the payments shall be waived in reverse chronological order. 
 (b) All calculations and
determinations under this Section 1.3.7 shall be made by an independent accounting firm or independent tax counsel appointed by the Company and agreed to by the Employee (either of which shall be referred to hereinafter as the “Tax
Counsel”) whose determinations shall be conclusive and binding on the Company and the Employee for all purposes. For purposes of making the calculations and determinations required by this Section 1.3.7, the Tax Counsel may rely on
reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company and the Employee shall furnish the Tax Counsel with such information and documents as the Tax
Counsel may reasonably request in order to make its determinations under this Section 1.3.7. The Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services. 

Employee acknowledges and agrees that no agreement or arrangement between Employee and the Company (including the execution and delivery of
this Agreement) shall entitle Employee to become or remain in the employment of the Company or affect the right of the Company to terminate Employee’s employment at any time and for any reason. 

1.3.8. Termination of Employee’s Employment Upon or Following Expiration of Three-Year

  
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 Term. 

To the extent the Employee’s employment with the Company continues after the end of the Term, such employment will be on an at-will basis. If, upon or following the third anniversary of the Hire Date, the Employee’s employment terminates for any reason whatsoever, Employee shall only be entitled to the Accrued Obligations and
Employee shall have no further rights against the Company under this Agreement. To the extent such termination is a result of Employee’s resignation, Employee agrees to provide a notice of resignation with at least thirty (30) days’
written notice; provided that, the Company reserves the right to waive all or any part of the 30-day notice period by giving written notice to the Employee of such waiver and waiver of payment of Base Salary
in respect of the number of days’ notice waived, and for all purposes of this Agreement, upon such waiver, the Employee’s Termination Date will be determined by reference to any such waiver. 

Employee shall continue to be fully bound by the restrictive covenants in Article 3 herein. 

1.3.9. Effects of Termination. 

The termination of the Employee’s employment with the Company will terminate all obligations of the Employee to render services on behalf
of the Company, provided that: (a) the Employee will maintain the confidentiality of all Confidential Information acquired by the Employee during his employment in accordance with this Agreement; and (b) the Employee’s obligations
under the provisions of Article 3 of this Agreement will survive termination of this Agreement or termination of Employee’s employment. No other payments or benefits will be payable by the Company to the Employee, except as may be set forth in
this Agreement. 
 Upon termination of the Employee’s employment for any reason, the Employee shall (i) upon the request of the
Company, re-confirm and acknowledge the Employee’s agreement to be bound by the covenants and restrictions in Article 3, (ii) promptly return all Company property and records, in whatever form, to the
Company, and provide written assurances that Employee has not copied or retained copies of Confidential Information or Trade Secrets and (iii) upon the request of the Company, immediately resign from any and all director or officer positions he
may hold with the Company or its affiliates. 
 1.4 Full Time and Attention and Fiduciary 

The Employee shall devote substantially all his working time and efforts to the business and affairs of the Company and its affiliates. As
such, the Employee agrees by, or before the Hire Date, either to (i) divest from his current clients, (ii) arrange with co-counsel to undertake substantially all of the work of a particular matter(s)
(with Employee providing only big picture legal advice and strategy) or (iii) with respect to matters that will not require more than an insignificant amount of Employee’s time (for the avoidance of doubt, including without limitation
divesting from current clients and making arrangements with co-counsel), to wind up such matter as soon as reasonably practicable following the Hire Date. With respect to any such matters that continue after
the Hire Date, Employee agrees that he will take time off (using vacation or on an uncompensated basis if no accrued vacation remains) and will report to the CEO as to the amount of such time, but the Employee understands that such endeavor shall
not degrade Employee’s full-time performance 

  
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 of duties pursuant to this Agreement. Employee agrees not to undertake the representation of
any new clients and not to undertake any new legal matters, whether litigation or corporate, for any existing clients without the prior written consent of the Company. While an employee of the Company, the Employee will not, without obtaining the
prior written consent of the Company, accept or hold any position as an employee, consultant, or director, other than as a director of boards of directors for (i) charitable organizations, (ii) industry organizations related to the
business of the Company, (iii) Square Ring, Inc., a Delaware corporation, (iv) Epic Sports & Entertainment, Inc., a Florida corporation or (v) Content Group, AG, a Swiss corporation; provided, the Employee uses his reasonable
best efforts to uphold all of the Employee’s employment duties to the Company or its affiliates, such association does not present a potential or actual conflict of interest, and/or such activities do not result in a breach of or conflict with
Employee’s obligations under Article 3 below. As a lawyer representing the Company, the Employee is subject to applicable rules of professional responsibilities and shall act at all times in accordance therewith. 

1.5 Location 
 Generally,
the Employee will be working remotely from his home. However, Employee acknowledges that his work could require him to travel to the different offices of the Company and its affiliates in the United States and in Canada. 

Travel will be reimbursed in accordance with Company policy and Section 2.8 of this Agreement. 

1.6 Compliance with Rules and Policies 

The Employee will comply with all rules and policies of the Company including the Code of Conduct and Insider Trading policy. The Company may
from time to time amend, alter, change, delete or establish new rules and policies (collectively, the “Revised Policies”) to meet the business needs of the enterprise. The Employee agrees that, immediately upon receiving notice of such
Revised Policies, the Employee’s employment will be governed by such Revised Policies. Employee will act in accordance with laws, ordinances, regulations, professional standards, or rules of any governmental, regulatory, or administrative body,
agent or authority, any court or judicial authority, or any public, private, or industry regulatory authority. 
 2.
COMPENSATION & BENEFITS 
  

	2.1.	 Base Salary 

The Employee will be paid a bi-weekly salary, which if annualized is equal to the amount of $600,000
USD (this amount and any future increases, the “Base Salary”) from the Hire Date in accordance with the Company’s payroll practices. Any future increases in Base Salary (if any) will be at the sole discretion of the CEO of the
Company    and reviewed on an annual basis in accordance with the Company’s practice. 

  
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	2.2.	 Annual At Risk Incentive Compensation 

 

	 	(a)	 Starting and pro-rated to his Hire Date, the Employee will be
eligible to earn an annual discretionary bonus (the “Bonus”) based on the achievement of metrics and goals established and evaluated by the Board, in its sole discretion. The target Bonus is anticipated to be 75% of Base Salary based on a
combination of the Company’s performance targets set by the Board, functional targets to be agreed with the CEO upon joining, and on personal performance. Annual targets are to be mutually agreed upon with CEO, but expected to be based upon,
among other things, reduction in outside counsel fees, better and/or more economical legal outcomes, business opportunities and deals Employee initiates, develops and closes and EBTIDA of Company. There is no representation that a Bonus in one year
will be comparable to another year and under no circumstances is the Bonus to be considered part of the Employee’s Base Salary or other regular employment income. 

 

	 	(b)	 The Bonus, if any, will be paid when the Company normally pays such Bonuses. Bonus eligibility is
conditional upon the Employee remaining in the active employment of the Company for the entire fiscal year of the Company and until the Bonus is declared and paid (except as provided in Section 1.3.3(c) or in Section 2.2(c) below). Except
as provided for in Section 1.3.3(c), if prior to the year end, (a) the Employee’s active employment with the Company ceases for any reason whatsoever, or (b) the Employee has given or received notice of termination, the Employee
will not be eligible for Bonus consideration for that year or for any resulting notice period, arising under contract, common law or civil law. 

  

	 	(c)	 The Employee’s eligibility for payment of a Bonus will commence in the Company’s financial year
2021-2022, on a pro-rated basis as per the Employee’s Hire Date. 

  

	2.3.	 Long Term Incentive Plan 

The Employee shall be eligible to participate in the Company’s Stock Option Plan and Equity Incentive Plan, each as approved by the Board
and as amended from time to time (collectively, the “Stock Plan”) which is also known as the Company’s Long Term Incentive Plan (“LTIP”) or any successor thereto. The vesting of, and other terms and conditions of LTIP awards
shall be governed in all respects by the Stock Plan, Management Compensation Policy, and/or the grant documents, including the Initial Grant (as defined below). 

As long as the Employee remains an employee of the Company, he will be eligible to receive annually a certain number of Options (or other
equity awards) representing approximately 108% of his Base Salary, at the discretion of the Board of Directors, and subject to and in accordance with the Company’s Management Compensation Policy, as amended and in effect from time to time. 

  
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 The Employee’s participation in the LTIP will start in the financial year 2021-2022, pro-rated to his Hire Date. 
  

	2.4.	 Initial Option Grant 

After the Hire Date and subject to his commencement of employment at that time, the Employee will be entitled to receive a one-time stock option award of three (3) million options to purchase shares of the Company’s common stock as soon as is administratively practical which will be granted with an exercise price equal to the
fair market value of a share of Company common stock (as determined in accordance with the terms of the Company Stock Option Plan, as amended July 8, 2019 (the “Stock Plan”), and Section 409A) subject to a three (3) year
vesting period and/or schedule, which vesting schedule shall commence with the Hire Date (so, for the avoidance of doubt, if the Employee terminates his employment at the expiration of the Term, he will be fully vested in this one-time stock option award), and which shall be governed in all respects by the Stock Plan and/or the grant documents (provided that, the Company shall use its current award agreement that has been provided to the
Employee). 
  

	2.5.	 Benefits 

The Employee will be eligible to participate in the Company’s health, medical, dental, vision, life and disability insurance plans that
are offered to similarly situated employees of the Company (the “Benefit Plans”), subject to the terms and conditions set out in the Benefit Plan policies. The Company regularly reviews the Benefit Plans, as well as its insurance carriers
and accordingly, reserves the right to amend or discontinue the Benefit Plans and change its insurance carriers without advance notice to the Employee. 
  

	2.6.	 Vacation 

The Employee’s annual vacation entitlement will be four (4) weeks, pro-rated to Hire Date.
The Employee is required to arrange vacation time to suit the needs of the Company. Vacation entitlements, including treatment of unused vacation time, shall be in accordance with the Company’s vacation policy, which is subject to change at any
time at the Company’s discretion. Notwithstanding anything to the contrary in Company policy, vacation must be used in the year it is accrued, otherwise, it will be forfeited. Unused vacation days shall not accrue from year to year. Under no
circumstance will unused vacation be paid out at termination of employment. 
  

	2.7.	 Sick days 

The Employee shall be entitled to five (5) paid sick days in accordance with the sick days policy of the Company pro-rated to Hire Date. Notwithstanding anything to the contrary in Company policy, sick time must be used in the year it is accrued, otherwise, it will be forfeited. Unused sick time shall not accrue from year to
year. Under no circumstance will unused sick time be paid out at termination of employment. 

  
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	2.8.	 Reimbursement of Expenses; Equipment 

The Company agrees to reimburse the Employee for any reasonable out of pocket expenses incurred in the course of performing the Employee’s
employment duties and in accordance with the travel and expense reimbursement policies of the Company (for the avoidance of doubt, reasonableness in this regard will mean a standard of travel and accommodation appropriate for an officer of the
Company). Reimbursement will be conditional upon receipt of prior written notice to the Company (if practicable, prior to incurring any such expense) and the Employee providing an itemized account and receipts. The Company agrees to reimburse
Employee for Illinois, New York and Florida bar dues, and reasonable CLE courses not to exceed Two Thousand Five Hundred ($2,500) per year. Employee will be provided a Company computer with equipment, which shall be returned to the Company upon
written request. 
 The payment or reimbursement shall be subject to the submission to the Company by the Employee of appropriate
documentation and/or invoices in accordance with the customary procedures of the Company for expense reimbursement. 
 3. EMPLOYEE
COVENANTS 
  

	3.1.	 Non-Disparagement 

The Employee shall not (at any time) assist with, engage in, or authorize the making or publishing of written or oral statements or remarks
which are disparaging, deleterious or damaging to the integrity, reputation, or goodwill of the Company, any affiliates, and/or their management. Nothing in this Section 3.1 shall prohibit Employee from providing truthful testimony or truthful
statements under the penalty of perjury in connection with any legal or administrative proceeding or regulatory filings with securities commissions and exchanges. 
  

	3.2.	 Confidential Information and Intellectual Property 

The Employee shall sign and be bound by the Company’s standard form of Confidentiality and Intellectual Property Agreement attached as
Schedule A. 
  

	3.3.	 Non-Competition and
Non-Solicitation 

 During Employee’s employment or other engagement by
the Company or its affiliates (collectively the “Companies”), and for a period of one (1) year after the termination of such employment or engagement for any reason (the “Restricted Period”), the Employee shall not, directly
or indirectly, own, manage, operate, control or otherwise engage or participate in the ownership, management, operation or control of, or be a shareholder, director, officer, employee, member, partner, lender, co-venturer, guarantor, advisor,
consultant or contractor of or to, any business, whether in corporate, proprietorship or partnership form or otherwise, engaged in the Restricted Business or that otherwise competes with the Restricted Business in the Restricted Area; provided

  
 12 

 

 
  

 that Employee may own securities in a publicly held corporation engaged in the Restricted
Business in the Restricted Area, but only to the extent that Employee does not own, of record or beneficially, more than 3% of the outstanding beneficial ownership of such corporation. “Restricted Business” means (i) extracting,
refining and producing hemp-derived extracts and oils, (ii) sourcing natural resources for the purposes of producing hemp-derived extracts and oils, (iii) developing advanced extraction equipment, high capacity filtering and purifying
techniques and responsible growing practices, including organic and regenerative farming techniques, (iv) branding and selling hemp products containing hemp-derived extracts and oils and (v) any business activities in which the Companies
are engaged, or in which the Companies have taken definitive steps to prepare to engage, as of, or within the twelve (12) months prior to, the final date of the Employee’s employment or engagement by the Companies. “Restricted
Area” means areas within Canada, areas within the United States of America and any geographic area in the world in which the Companies operate the Restricted Business. 

During the Restricted Period, Employee shall not, directly or indirectly either on the Employee’s own account or for any other person:
(i) hire, solicit or recruit the employment of services of any person, whether as an employee, officer, director, agent, consultant or independent contractor, who is, or was within 12 months preceding the date of the hiring, solicitation, or
recruitment, an employee or service provider of the Companies, or knowingly induce or cause or knowingly attempt to induce or cause any such employee or service provider to terminate his or her employment or service, or breach his or her employment
or service agreement, if any, with the Companies; (ii) cause, induce or encourage any material actual or prospective client, customer, supplier, referral source, or licensor of the Companies or any other person who has a material business
relationship with the Companies, to terminate or modify any such actual or prospective relationship; or (iii) contact, call-upon or solicit any business from any actual or prospective client, customer, supplier, referral source, or licensor of
the Companies; provided that this section shall not prohibit (a) Employee from soliciting or hiring any person who responds to a general advertisement or solicitation not specifically directed at employees of the Companies or (b) efforts
by recruiting or employment agencies, provided that such recruiting or employment agencies are not directed to target such employees. 
  

	3.4.	 Acknowledgement and No Contraindication 

Due to the sensitive nature of the Employee’s position and the special access that the Employee will have to the confidential information
of the Companies and intellectual property, the Employee will be in a position to irreparably harm the Companies should the Employee breach the covenants contained in this Agreement, enter into competition with the Companies (directly or
indirectly), or otherwise make use of the specialized knowledge, contacts and connections obtained during the Employee’s employment to the detriment of the Companies. The Employee acknowledges that the unauthorized use or disclosure of such
information could irreparably damage the Companies’ interests if made available to a competitor, or if used against the Companies for competitive purposes. The Employee agrees that the covenants and restrictions contained in this Article 3 are
reasonable and valid in terms of time, scope of activities and geographical limitations and understands and agrees that they are vital consideration for the purposes of the Company 

  
 13 

 

 
  

 entering into this Agreement. 

The Employee further acknowledges and agrees that it is essential to the effective enforcement of this Article 3, that the Companies be
entitled to the remedy of an injunction without being required to show irreparable harm or posting any bond. 
 It is further agreed that if
a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the Company and the Employee agree that the maximum duration, scope or area reasonable under such circumstances shall
be substituted for the stated duration, scope or area. Nothing set forth herein shall prohibit the Company from pursuing all remedies available, for damages or otherwise. 

The parties additionally agree that (1) the covenants in this Article 3 are necessary for the protection of Company’s business and
goodwill; (2) the covenants in this Article 3 are independent of any other covenants or provisions in this Agreement or any other agreement or understanding between the parties or with an affiliate of the Company, and (3) the existence of
any claim, defense, or cause of action by Employee against the Company or Companies, whether based on another covenant or provision of this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company or Companies of the
covenants in this Article 3 or any other covenants herein. The covenants in this Article 3 shall survive the termination of this Agreement or termination of Employee’s employment for any reason. 

 

	3.5.	 General 

Notwithstanding the forgoing, nothing in this Article 3 shall apply to the Employee to the extent prohibited by applicable attorney rules of
professional conduct. 
 4. GENERAL 
  

	4.1.	 Representations and Warranties of Employee 

The Employee hereby represents and warrants that (i) the Employee is legally eligible to work in the United States of America and
continues to be legally eligible to work in the United States of America, (ii) the Employee is not bound by any agreement, including any restrictive covenant that may restrict the Employee from performing the duties assigned to the Employee
pursuant to this Agreement, and (iii) the Employee has not (a) committed a “bad actor” event under Rule 506(d)(1) of Regulation D under the Securities Act of 1933, (b) pled guilty to or been found guilty of an Offense, or served
as a director, officer, promoter, insider, or control person of any entity at the time of events that resulted in the entity doing so, and (c) is not currently subject to, or serving as a director, officer, promoter, insider, or control person
of an entity that is currently subject to a current charge, indictment or proceeding for an Offense. For purposes of this Section 4.1, “Offense” means: a (i) misdemeanor or felony under the criminal legislation of the U.S., or
any state or territory therein, (ii) a summary conviction or indictable offense under the Criminal Code (Canada), (iii) a quasi-criminal offense (for example under the Income Tax Act (Canada), the Immigration Act (Canada) or the tax,
immigration, drugs, firearms, money laundering or securities legislation of any jurisdiction, domestic or foreign), or (iv) an offense under the criminal legislation of any other jurisdiction outside of the U.S. and Canada. 

  
 14 

 

 
  

  

	4.2.	 Severability 

If, in any jurisdiction, any provision of this Agreement or its application to either Party or circumstance is restricted, prohibited or
unenforceable, the provision shall, as to that jurisdiction, be ineffective only to the extent of the restriction, prohibition or unenforceability without invalidating the remaining provisions of this Agreement and without affecting the validity or
enforceability of such provision in any other jurisdiction, or without affecting its application to other parties or circumstances. 
  

	4.3.	 Entire Agreement and Amendments; No Reliance 

This Agreement, including the attached schedules and the agreements and other documents referenced in this Agreement, constitute the entire
agreement between the Parties in respect of the employment of the Employee, and supersede and replace any and all prior agreements, understandings, representations, negotiations and discussions, whether express or implied, oral or written, pre-contractual or otherwise. This Agreement and the provisions hereof may be amended or modified only by signed mutual agreement of the Parties in writing. Employee has not relied upon any statements or
representations not contained herein. Employee has carefully considered the potential risks relating to the Company and the securities. In no event shall the Company, its affiliates, or directors or officers of the aforementioned be liable to
Employee for special, indirect or consequential loss or damages of any kind (including, but not limited to, lost profits or capital) arising out of or relating to any investment in the Company. 

 

	4.4.	 Legal Advice 

The Employee acknowledges that the Employee has read and understands the terms and conditions contained in this Agreement, and that Company has
provided a reasonable opportunity for the Employee to seek independent legal advice prior to executing this Agreement. 
  

	4.5.	 Governing Law 

This Agreement is a contract made under and shall be governed by and construed in accordance with, the substantive law of contracts of the
State of Florida, without regard to Florida choice of law principles or conflict of law principles. Any lawsuit related to this Agreement shall be brought in the State of Florida. 

 

	4.6.	 Currency and Withholding; Section 409A 

Unless otherwise specified, all references to money amounts are to the lawful currency of the United States of America (USD). All payment made
by the Company to the Employee or for the benefit of the Employee shall be less applicable U.S. withholdings and deductions. Employee is responsible for any tax liability associated with payments or benefits provided under this Agreement. 

The intent of the Parties is that this Agreement and any payments made hereunder are intended to comply with or be exempt from
Section 409A of the Internal Revenue Code of 1986, as 

  
 15 

 

 
  

 amended, and the corresponding regulations and guidance promulgated thereunder
(“Section 409A”), and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted in a manner consistent therewith. Any payment under this Agreement may only be made upon an event and in a manner permitted by
Section 409A, and such payments are intended to be exempt from Section 409A under the “short-term deferral” exception, to the maximum extent applicable. For purposes of Section 409A, Employee’s right to receive any
installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. The Company reserves the right to amend the provisions of this Agreement at any time and in any manner without
Employee’s consent but with notice to Employee solely to comply with the requirements of Section 409A and to avoid the imposition of additional tax, interest or income inclusion under Section 409A on any payment to be made hereunder;
provided, however, that no such amendment shall reduce the economic benefit that Employee was to derive from this Agreement prior to such amendment. Notwithstanding the foregoing, in no event shall the Company be liable for any additional tax,
interest, income inclusion or other penalty that may be imposed on Employee by Section 409A or for damages for failing to comply with Section 409A. If and to the extent necessary to comply with Section 409A, for purposes of
determining when amounts otherwise payable on account of a termination of employment under this Agreement, the terms “terminate,” “termination” or similar language referring to a termination, as used herein, shall be construed as
the date Employee first incurs a “separation of service” within the meaning of Section 409A. 
 If, at the time the Employee
becomes entitled to payments and benefits under Section 1.3 of this Agreement (“Severance Payment”), the Employee is a Specified Employee (within the meaning of Section 409A and using the identification methodology selected by
the Company from time to time), then, notwithstanding any other provision in Section 1.3 to the contrary, the following provision shall apply; provided Section 409A is applicable. No Severance Payment considered by the Company in good
faith to be deferred compensation under Section 409A that is payable upon the Employee’s separation from service (as defined and determined under Section 409A), and not subject to an exception or exemption thereunder, shall be paid to
the Employee until the date that is six (6) months after the Employee’s effective date of termination. Any such Severance Payment that would otherwise have been paid to the Employee during this
six-month period shall instead be aggregated and paid to the Employee on or as soon as administratively feasible after the date that is six (6) months after the Employee’s effective date of
termination, but not later than thirty (30) days after such date. Any Severance Payment to which the Employee is entitled to be paid after the date that is six (6) months after the Employee’s effective date of termination shall be
paid to the Employee in accordance with the terms of Section 1.3. 
  

	4.7.	 Interpretation and Language 

The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent and the Agreement
shall be interpreted without regard to any presumption or other rule requiring interpretation of the Agreement more strongly against the Party causing it to be drafted. The paragraph headings contained in this Agreement are for reference purposes
only and are not intended to affect in any way the meaning or interpretation 

  
 16 

 

 
  

 of this Agreement. 

The parties acknowledge that they have agreed that the present Agreement as well as all documents and notices pursuant hereto or relating
directly or indirectly hereto be drawn up in English. 
  

	4.8.	 Privacy Consent 

The Employee consents to the Company and any affiliate collecting using and disclosing the Employee’s personal information to establish,
manage, terminate and/or otherwise to administer the employment relationship. 
  

	4.9.	 Indemnity 

The Company shall indemnify Employee to the fullest extent authorized or permitted by law with respect to any claim, liability, action, or
proceeding instituted or threatened against Employee by a third party because of and in connection with Employee’s conduct or position as an employee and attorney of the Company; provided that Employee shall not be entitled to any
indemnification as to any matter where the Company or its affiliate has brought an action (but not including a shareholder derivative action) or has otherwise asserted a claim against Employee. Company will at all times maintain directors’ and
officers’ liability insurance (“D&O Insurance”) and shall provide a copy of said insurance policy to Employee within 30 days of receipt by the Company. Employee agrees that the indemnity rights under this Section are conditioned
on Employee providing twenty (20) days’ prior written notice to the Company of such claim and a demand for indemnity. Company shall have no liability to Employee with respect to any indemnity contained herein until twenty
(20) days’ following such prior written notice to Company of such claim and demand for indemnity. In addition, Employee agrees that the indemnity rights provided to him will only be available if: (a) Employee was acting honestly and
in good faith with a view to the best interests of the Company or its affiliates, and (b) in the case of a criminal or administrative action or proceeding, the Employee had reasonable grounds for believing that the Employee’s conduct was
lawful. This Section 4.9 shall be deemed to have effect as and from the Hire Date. However, this Section 4.9 shall survive until three years after the Employee has ceased to act as a director or officer of the Company or its affiliates.
The Company and the Employee shall, from time to time, provide such information and cooperate with the other as the other may reasonably request, in respect of all matters under this Section 4.9. 

Notwithstanding anything to the contrary in this Agreement, Employee agrees to indemnify the Company and hold it harmless for all taxes,
payroll or otherwise, including attorney’s fees and costs, and any interest and penalties for which the Company may be found liable as a consequence of the Company having paid monies pursuant to this Agreement. Nothing in this Agreement
diminishes or otherwise obviates any rights or benefits the Employee may have under applicable Company articles of incorporation, by-laws or any agreement between the Employee and the Company regarding
indemnification. 
  

	4.10.	 Waiver of Breach 

The failure of the Company, or an affiliate of the Company, or Employee, to insist, at any time,

  
 17 

 

 
  

 upon strict performance of any one or more covenants, provisions or conditions of this
Agreement shall not be construed as a waiver or relinquishment of that covenant, provision or condition or the future performance of that or any other such covenant, provision or condition, and a party’s obligation with respect to that
covenant, provision or condition or the future performance of any such covenant, provision or condition shall continue in full force and effect. No waiver of a party’s performance of any covenant or condition of this Agreement shall be deemed
to have been made by the other party unless expressed in writing and signed by such other party. The failure of the Company, or affiliate of the Company, or Employee to take any action by reason of a breach by the other party shall not constitute a
waiver of any rights of the Company, or affiliate of the Company, or Employee and will not deprive it/them/him of any remedies available to it/them/him. 
  

	4.11.	 Third Party Beneficiary and Assignment 

Any affiliate of the Company is an intended third-party beneficiary of this Agreement including the covenants in Article 3. This Agreement
shall inure to the benefit of the Company, affiliates of the Company, and their successors and assigns, and to the benefit of any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business, and the Company’s rights hereunder may be assigned in connection therewith. The Employee may not assign any of his rights or obligations under this Agreement without the prior written consent of the Company;
provided, however, that the Company may assign its rights or obligations under this Agreement, in whole or in part, without the consent of any other party, to any affiliate of the Company, or in connection with a transfer of substantially all of the
assets or the business, or any consolidation or merger of the Company. For the avoidance of doubt, any such assignee of the Company shall in good faith continue to perform the Company’s obligations under this Agreement. 

 

	4.12.	 Waiver of Jury Trial 

EACH OF THESE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATING TO OR ARISING OUT OF
THIS AGREEMENT OR EMPLOYEE’S EMPLOYMENT. 
 [Signature Page Follows] 

  
 18 

 

 
  

 IN WITNESS OF WHICH the Parties have duly executed this Agreement on this 10th day of August 
 2021: 

FOR THE EMPLOYER: 
  

					
	 /s/ John M. Moretz
	 	
                    
	  	         August 10, 2021

	 John M. Moretz

Chairman of the Board

Neptune Holdings USA, Inc.
	 		  	 Date

 FOR THE COMPANY: 
  

					
	 /s/ John M. Moretz
	 	
                    
	  	         August 10, 2021

	 John M. Moretz

Chairman of the Board

Neptune Solutions Bien-Etre Inc.
	 		  	 Date

 FOR THE EMPLOYEE: 
  

					
	 /s/ John S. Wirt
	 	
                    
	  	         August 10, 2021

	John S. Wirt	 		  	Date

  
 19EX-10.10

 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND HAVE BEEN TAKEN FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO OR FOR SALE IN CONNECTION WITH ANY DISTRIBUTION THEREOF. THE
SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE OR OTHERWISE TRANSFERRED IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT AND REGISTRATION OR OTHER QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY THAT THE REGISTRATION OR OTHER QUALIFICATION IS NOT REQUIRED. 
  

 
 No. SC-1 
 February 10, 2021 

SECURED PROMISSORY NOTE 

SPROUT FOODS, INC., a Delaware corporation (the “Company”), for value received, promises to pay to the order
of NH EXPANSION CREDIT FUND HOLDINGS LP or its permitted assign(s) of all or any portion thereof (each, a “Holder” and collectively, the “Holders”) the aggregate sum of Ten Million Dollars and No Cents
($10,000,000), together with any accrued and unpaid interest hereon, each as set out below. The outstanding principal balance of this Secured Promissory Note (this “Note”) shall bear simple interest at the rate of ten percent
(10.0%) per annum from the date of this Note until repaid in Repayment Shares or paid in full in accordance with the terms hereof; provided, however, that upon an Event of Default (as defined below) and while such Event of Default is continuing,
this Note shall bear interest at the rate of fifteen percent (15%) per annum, compounded weekly. Interest will be calculated on the basis of a 360 day year for the actual number of days elapsed. 

This Note is the “Note” referred to (and as defined) in that certain Stock Purchase Agreement (the
“SPA”) dated as of even date herewith by and among the Company, Neptune Growth Ventures Inc. (“Pledgor”) and the other Stockholders (as defined therein) signatory thereto. Subject to the terms and conditions of the
SPA and this Note, this Note is issued in partial satisfaction of the NHEC Debt (as defined in the SPA). 
 1. REPAYMENT 

(a) Payment of Principal and Interest. The Company shall pay interest on the principal amount of this Note, quarterly in
arrears on the last day of each fiscal quarter during the term hereof commencing March 31, 2021. Upon the Maturity Date (as defined below), an amount (the “Maturity Payment”) equal to the sum of (x) all unpaid principal
then outstanding on this Note plus (y) all accrued and unpaid interest outstanding under this Note (including interest paid or payable upon repayment), shall be due and payable in cash, in one lump sum, unless required to be repaid sooner under
the provisions of this Note. The “Maturity Date” means the earlier to occur of: (i) February 1, 2024; or (ii) the occurrence and continuance beyond any applicable grace or cure period of any Event of Default.
All payments under this Note will be made in cash in currency of the United States of America, for the benefit of Holder, and will be made by wire transfer of immediately available funds to an account that Holder gives to the Company by written
notice made under the provisions of this Note. Any and all payments under this Note shall be made free and clear of, and without deduction or withholding for, any and all present or future federal, state, local and foreign taxes, levies, deductions,
charges or withholdings, and all liabilities with respect thereto. Nothing herein shall in any way limit or restrict Section 1(e) below. 

(b) Prepayment. This Note may be prepaid in whole or in part, from time to time, without premium or penalty, by the
Company in its sole discretion. 
 (c) Application of Payments. Payments on this Note will be applied first to fees,
costs and expenses payable under this Note, second to accrued interest, and the balance to the remaining amounts due hereunder. Despite anything to the contrary set out in this Note, the amounts due and payable will not exceed the maximum 

 non-usurious rate of interest as in effect from time
to time. If Holder receives any sums under this Note which constitute interest in an amount in excess of that permitted to be paid under applicable law, then, all such sums constituting interest in excess of that permitted to be paid under
applicable law shall, at Holder’s option, either be credited to the payment of principal owing hereunder or returned to the Company. 
 2.
DEFINITIONS; CONVERSION 
 (a) Definitions. The following terms will have the following meanings: 

(i) “Business Day” means any day that is not a Saturday, Sunday or a day on which banks in New
York City are closed. 
 (ii) “Collateral” means any and all properties, rights and assets of the Company
described on 
 Exhibit A. 

(iii) “Guaranty” means that certain Unconditional Guaranty of even date herewith, made by 

Guarantor in favor of Holder, in form and content reasonably acceptable to Holder; and “Guarantor” means
Neptune. 
 (iv) “Neptune” means Neptune Wellness Solutions Inc., a Quebec corporation. 

(v) “Person” means any individual, partnership, limited liability company, corporation, association,
cooperative, trust, estate or other entity. 
 (vi) “Pledge Agreement” means that certain Pledge Agreement
of even date herewith, made by Pledgor in favor of Holder, in form and content reasonably acceptable to Holder. 
 (vii)
“Repayment Shares” means any securities of Neptune Common Stock issuable upon the repayment of this Note 

(viii) “Restated Certificate” means the Company’s Tenth Amended and Restated Certificate of Incorporation
dated February 10, 2021, as it may be amended from time to time. 
 (ix) “Senior Indebtedness” shall mean
all principal, interest, fees, expenses and other amounts now or in the future owing to Senior Lender on terms acceptable to Holder, provided that (i) a Subordination Agreement is in effect, and (ii) the aggregate principal amount
outstanding thereunder shall not exceed Five Million Dollars ($5,000,000). “Senior Lender” shall mean any bank providing Senior Indebtedness on terms acceptable to Holder. “Subordination Agreement” means a
subordination agreement by and between Senior Lender and Holder acceptable to Holder. 
 (b) Share Repayment. At any
time and from time to time prior to the Maturity Date, the Company, in its sole discretion, may elect to repay all or any part of the then-outstanding principal and interest due on this Note into that number of shares of Neptune’s Common Stock
(the “Neptune Common Stock”) as is determined by dividing the total principal and accrued but unpaid interest balance under this Note that is being repaid by an amount equal to the Repayment Price (each, a “Share
Repayment Election”); provided, that the Share Repayment Election shall not occur after the Maturity Date or after the occurrence of an Event of Default, in each case without the prior written consent of Holder. As used
herein, the “Repayment Price” shall be determined based upon the volume weighted average price of a share of Neptune Common Stock on NASDAQ for the twenty (20) trading days ending immediately prior to the date of any conversion
hereunder. 
 (c) Mechanics of Conversion. The Company will provide Holder not less than ten (10) Business Days
prior written notice of any Share Repayment Election, including the amount due under this Note to be repaid, the Repayment Price applicable thereto and the number of shares of Neptune Common Stock into which this Note shall 

  
 -2- 

 be repaid. The Company will, as soon as practicable but in no event later than five
(5) days after the delivery of the Share Repayment Election, take all such steps as shall be reasonably necessary to cause Neptune to issue to Holder the shares of Neptune Common Stock to be delivered hereunder. The Holder shall tender the Note
to the Company (or to Neptune, upon the Company’s request thereof) in connection with the Share Repayment Election (unless Holder notifies the Company or its transfer agent that the Note has been lost, stolen or destroyed) and, unless the Share
Repayment Election is with respect to the total amount then due and payable under this Note, the Company shall issue to Holder a new note, on substantially the same terms and conditions hereof, in the principal amount then due after giving effect to
the Share Repayment Election. 
 (d) Taxes. The Company will pay any and all taxes (other than transfer taxes
resulting from the assignment by Holder of all or any portion of this Note, if any), which may be imposed on it with respect to the issuance and delivery of the Neptune Common Stock upon the Share Repayment Election. 

(e) No Fractional Shares. No fractional shares of securities are to be issued upon the Share Repayment Election. In lieu
of the Company issuing any fractional shares, the Company shall pay to Holder an amount equal to the product of the per share Repayment Price (as set forth in Section 2(b)) by the fraction of the share not issued pursuant to the prior sentence.

 3. CREATION AND GRANT OF SECURITY INTEREST 

(a) The Company hereby grants to Holder, to secure the payment and performance in full of all of the obligations under this
Note (the “Obligations”), a continuing security interest in, and pledges to Holder the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. The Company hereby
authorizes Holder to file financing statements, without notice to the Company, at the Company’s expense, with all appropriate jurisdictions to perfect or protect Holder’s interest or rights hereunder. If this Note is terminated,
Holder’s lien and security interest in the Collateral granted hereunder shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash (or repaid in full in accordance with the terms hereof). Upon
payment in full in cash of the Obligations (other than inchoate indemnity obligations) and/or repaid in Conversion Shares in whole of the Obligations in accordance with the terms hereof, or any combination thereof, Holder’s lien and security
interest shall be automatically released and all rights therein shall revert to the Company. 
 (b) Without limiting the
foregoing: the Company hereby pledges, assigns and grants to Holder, a security interest in one hundred percent (100%) of the issued and outstanding capital stock, membership units or other securities owned or held of record by the Company or any
subsidiary of the Company, in any subsidiary (the “Shares”), together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or
granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. Subject to the prior satisfaction of the Senior Indebtedness, or upon the written consent of the Senior
Lender, the certificate or certificates for the Shares (if any) will be delivered to Holder, accompanied by an instrument of assignment duly executed in blank by the Company. Upon the occurrence and during the continuance of an Event of Default
hereunder, but subject to the prior satisfaction of the Senior Indebtedness, Holder may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Holder and cause new (as applicable)
certificates representing such securities to be issued in the name of Holder or its transferee. Subject to the prior satisfaction of the Senior Indebtedness, or upon the written consent of the Senior Lender, the Company will execute and deliver such
documents, and take or cause to be taken such actions, as Holder may reasonably request to perfect or continue the perfection of Holder’s security interest in the Shares. Unless an Event of Default shall have occurred and be continuing, the
Company shall be entitled to exercise any voting rights with respect to the Shares and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which
would be inconsistent with any of the terms of this Note or which would constitute or create any violation of any of such terms. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance
of an Event of Default. 
 4. SUBORDINATION 

  
 -3- 

 The Company covenants and agrees, and each Holder of this Note by its acceptance hereof,
likewise covenants and agrees, that any and all amounts due under this Note, are subordinate to the Senior Indebtedness; provided, that Holder and Senior Lender shall enter into a Subordination Agreement with respect to the Senior Indebtedness, on
terms and conditions reasonably acceptable. 
 5. COVENANTS OF THE COMPANY 

(a) Reserved. 

(b) The Company will not, by amendment of its Restated Certificate, by-laws or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by
the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Note. 
 (c) The
Company will not grant (or permit to be granted) any security in any assets of the Company or any subsidiary to any third party (other than the holders of the Senior Indebtedness) after the date hereof without the prior written consent of Holder,
except for purchase money security interests and capital equipment lease agreements incurred in the ordinary course of business. 

(d) So long as this Note is outstanding the Company will not, and it will not permit any direct or indirect subsidiary of the
Company to, in each case without the prior written consent of Holder, issue, incur, assume, create, guaranty or have outstanding any indebtedness for borrowed money, in each case other than (i) the Company’s Senior Indebtedness,
(ii) equipment leases, including, without limitation, financing leases for capital equipment, provided that any liens or security interests granted in connection therewith are limited to the assets so financed, (iii) purchase money
security indebtedness, (iv) working capital lines of credit secured exclusive by purchase orders, accounts receivables and inventory as collateral, and/or (v) unsecured convertible debt financing which is subordinate to this Note; provided
that the aggregate amount of indebtedness incurred in connection with (ii) through (iv) above shall not exceed Two Hundred Fifty Thousand Dollars ($250,000). 

(e) Subject to the claims of the Senior Indebtedness, the Company shall take all such further actions and execute all such
further documents and instruments as Holder may at any time reasonably determine to be necessary or desirable to further carry out and consummate the transactions contemplated by this Note and the documentation relating thereto. 

(f) The Company will notify Holder (1) before the Company files for bankruptcy or makes a general assignment for the
benefit of creditors, or (2) immediately if any creditor or group of creditors files a petition with a U.S. bankruptcy court seeking to declare the Company bankrupt or insolvent or the Company receives any threat, orally or in writing, that a
creditor or group of creditors intends to file a petition against the Company in U.S. bankruptcy court seeking to declare the Company bankrupt or insolvent. 

6. EVENTS OF DEFAULT 
 The
occurrence of any of the following events shall be an event of default under this Note (each an “Event of Default”): 

(a) Failure to Pay. The Company shall fail to pay (i) any principal or interest when due or (ii) any other
amount required under the terms of this Note within three (3) Business Days of the date when due and payable or declared due and payable, in each case of (i) and (ii), whether by acceleration or otherwise; or 

(b) Breaches of Covenants. The Company or any subsidiary shall materially fail to observe or perform any covenant,
obligation, condition or agreement contained in this Note; or 

  
 -4- 

 (c) Default on Other Indebtedness; Judgments. Any default or event of
default shall have occurred with respect to any other indebtedness of the Company in excess of $250,000 (including the Senior Indebtedness), and the effect of such default has caused such indebtedness to become due prior to its stated maturity; one
or more judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate, of at least $250,000 shall be rendered against the Company and shall remain unsatisfied, unvacated, or unstayed for a period of ten
(10) days after the entry thereof; or 
 (d) Voluntary Bankruptcy or Insolvency Proceedings. The Company shall
(i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they
mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated in full or in part, (v) become insolvent (as such term may be defined or interpreted under any applicable
statute), (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any
such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose of effecting any of the foregoing; or 

(e) Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator
or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any
bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement; or 

(f) Material Adverse Change; Any circumstance occurs which could reasonably be expected to
have is 
 (a) a material impairment in the perfection or applicable priority of Holder’s lien and security interest in
the Collateral, or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole; or (c) a material impairment of the
prospect of repayment of any portion of the Obligations; or 
 (g) Breaches of Representations and Warranties. Any
representation or warranty made by the Company in this Note shall be untrue in any material respect when made; or 
 (h)
Guaranty; Pledge Agreement. (a) Any Guaranty or Pledge Agreement terminates or ceases for any reason to be in full force and effect; (b) any Guarantor or Pledgor does not perform any obligation or covenant under any Guaranty or the
Pledge Agreement, as applicable; (c) the liquidation, winding up, or termination of existence of any Guarantor; (d) there is a material impairment in the perfection or priority of Lender’s lien in the collateral, taken as a whole,
provided by Pledgor or in the value of such collateral; or (e) if any of the circumstances described in Section 6(a) through (g) occurs with respect to Guarantor or Pledgor. 

7. REMEDIES 
 (a)
Balance Due. On the occurrence and continuation of an Event of Default, the Maturity Payment and all other amounts under this Note will, at the option of Holder, unless earlier repaid in Repayment Shares in accordance with the terms of this
Note, become immediately due and payable WITHOUT DEMAND, PRESENTMENT, PROTEST OR NOTICE OF DEMAND, NONPAYMENT OR DISHONOR, ALL OF WHICH ARE EXPRESSLY WAIVED BY THE COMPANY, and Holder will have, in addition to any other rights and remedies provided
for in this Note, all of the rights and remedies of a creditor at law or in equity. Notwithstanding the foregoing, upon the occurrence of an Event of Default as described in Section 5(d) or 5(e) above, the Maturity Payment and all other amounts
under this Note shall automatically become immediately due and payable without any action by Holder. 

  
 -5- 

 (b) Rights as a Secured Creditor. On the occurrence and continuation
of an Event of Default, Holder shall have all rights and remedies of a secured lender, at law or in equity, whether pursuant to Article 9 of the Uniform Commercial Code then in effect or otherwise. 

8. MISCELLANEOUS 
 (a)
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to a party upon any breach or default of the other party under this Note shall impair any such right, power or remedy of the party nor shall it be
construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or
default therefore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of a party of any breach or default under this Note or any waiver on the part of a party of any provisions or conditions of this
Note must be made in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Note or by law or otherwise afforded to the parties, shall be cumulative and not alternative. 

(b) Amendment Provision. This Note and any provision of it may only be amended, and the observance of any term of this
Note may be waived (either generally or in a particular instance and either retroactively or prospectively), only upon the written consent of the Company and Holder. 

(c) Severability. The invalidity or unenforceability of any provision of this Note shall not affect the validity or
enforceability of any other provision of this Note. Any provision of this Note held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. 

(d) Notice. All notices, requests, demands, claims, consents, and other communications hereunder shall be in writing and
shall be deemed delivered (i) three (3) business days after being sent by registered or certified mail, return receipt requested, postage prepaid, (ii) two (2) business days after being sent via a reputable nationwide overnight courier
service guaranteeing next business day delivery, or (iii) upon delivery when sent by facsimile or email (with confirmation of receipt), in each case to the intended recipient as set forth below: 

 

			
	 If to the Company:
  

SPROUT FOODS, INC.

50 Chestnut Ridge Road, Suite 205

Montvale, NJ 07645

Attention: Capp Culver

cculver@sproutfoods.com
	  	                 With a copy to:

 
 Giannuzzi Lewendon

411 West 14th Street, 4th Floor

New York, New York 10014

Attention: Nick Giannuzzi

nick@gllaw.us

		
	 If to Holder:
  

NH EXPANSION CREDIT FUND HOLDINGS LP

1585 Broadway, 39th Floor

New York, NY 10036

Attention: Debra Abramovitz

expansion_credit_reporting@morganstanley.com
	  	                 With a copy to:

 
 Barnes & Thornburg
LLP
 655 W. Broadway, Suite 1300

San Diego, CA 92101

Attention: Troy Zander

troy.zander@btlaw.com

 Any party may change the address to which notices, requests, demands, claims, and other communications
hereunder are to be delivered by giving the other party notice in the manner herein set forth. 
 (e) Assignability.
This Note will be binding on the Company and its successors and assigns and will inure to the benefit of Holder and its successors and assigns; provided that the Company may not assign any of its rights or delegate any of its duties under this Note
without the prior written consent of Holder. 

  
 -6- 

 (f) Lost or Stolen Note. On receipt by the Company of evidence of the
loss, theft, destruction or mutilation of this Note, the Company will execute and deliver a new Note in the form hereof, in denominations as Holder may request. 

(g) Partial Repayment Shares. Unless otherwise provided herein, conversion of any portion of the principal balance of
this Note will not relieve the Company of its obligation to pay any accrued but unpaid interest on the portion of the principal balance of this Note so repaid in Repayment Shares. To the extent that any portion of this Note is not repaid in
Repayment Shares, the portion will remain a debt of the Company payable under the terms of this Note. 
 (h)
Governing Law; Waiver of Rights; Attorneys’ Fees. 

(i) New York law governs this Note without regard to principles of conflicts of law. The Company and Holder each submit to the
exclusive jurisdiction of the State and Federal courts in New York County, City of New York, New York; provided, however, that nothing in this Note shall be deemed to operate to preclude any Holder from bringing suit or taking other legal action in
any other jurisdiction to realize on the Collateral or any other security for the obligations hereunder, or to enforce a judgment or other court order in favor of any Holder. The Company expressly submits and consents in advance to such jurisdiction
in any action or suit commenced in any such court, and the Company hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such
legal or equitable relief as is deemed appropriate by such court. 
 (ii) TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION ARISING OUT OF OR BASED UPON THIS NOTE OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS
NOTE. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS NOTE OR ANYWHERE
ELSE, EACH PARTY AGREES THAT IT SHALL NOT SEEK FROM ANY OTHER PARTY
UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY SPECIAL,
INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 (iii) If the indebtedness represented by this Note or any part thereof is collected in bankruptcy, receivership, or other
judicial proceedings or if this Note is placed in the hands of attorneys for collection after default, the Company agrees to pay, in addition to the principal, interest and other amounts payable hereunder, reasonable attorneys’ fees and costs
incurred by Holder. 
 (i) Expenses. The Company shall be responsible for all expenses and legal fees incurred by or
on behalf of Holder with respect to the preparation, negotiation and issuance of this Note. 
 (j) Certain Waivers.
The Company hereby waives presentment, demand for performance, notice of non-performance, protest, notice of protest, and notice of dishonor. 

(k) Execution. This Note may be executed in counterparts and by different parties on separate counterpart signature
pages, each of which constitutes an original and all of which taken together constitute one and the same instrument. Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of an
Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart hereof. 

(l) Representations and Warranties of the Company. The Company hereby represents and warrants to Holder
that: (i) it is a corporation duly incorporated, validly existing and in good standing under the laws of Delaware; (ii) the execution, delivery and performance by it of this Note is within its corporate powers, have been duly authorized by
all necessary corporate action, require no action by or in respect of, or filing with, any 

  
 -7- 

 governmental body, agency or official (other than such actions and/or filings that may
properly be made or provided after the date of this Note) and do not contravene, or constitute a default under, any provision of applicable law or regulation or of its Restated Certificate or by-laws or of any
agreement or instrument to which it is a party or is subject, or by which it, or its property, is bound, or of any judgment, injunction, order, decree or other instrument binding upon it or result in the creation or imposition of any lien on any of
its assets; and (iii) this Note constitutes a valid, binding and enforceable obligation of the Company, except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors’ rights
generally and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law). 

(m) Publicity. None of the parties hereto nor any of its respective member businesses or affiliates shall, without the
other parties’ prior written consent (which shall not be unreasonably withheld or delayed), publicize or use (a) the other party’s name (including a brief description of the relationship among the parties hereto), logo or hyperlink to
such other parties’ web site, separately or together, in written and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web site (together, the “Publicity
Materials”); (b) the names of officers of such other parties in the Publicity Materials; and (c) such other parties’ name, trademarks, servicemarks in any news or press release concerning such party; provided however,
notwithstanding anything to the contrary herein, no such consent shall be required (i) to the extent necessary to comply with the requests of any regulators, legal requirements or laws applicable to such party, pursuant to any listing agreement
with any national securities exchange (so long as such party provides prior notice to the other party hereto to the extent reasonably practicable) and (ii) to comply with the provisions of any nondisclosure and/or confidentiality agreements or
arrangements. 
 [Signature page follows.] 

  
 -8- 

 IN WITNESS WHEREOF, this Note has been signed by the Company as of the date
first written above in this Note. 
  

			
	 SPROUT FOODS, INC.,

	 a Delaware corporation

		
	 By:
	 	 /s/ Capp Culver

	 Name:
	 	 Capp Culver

	 Title:
	 	 Chief Executive Officer

 Signature Page to Secured Convertible Promissory Note 

			
	 Acknowledged and agreed:

	
	 NEPTUNE WELLNESS SOLUTIONS INC.

		
	 By:
	 	 /s/ Toni Rinow

	 Name:
	 	 Toni Rinow

	 Title:
	 	 Chief Financial & Global Operating Officer

 Signature Page to Secured Convertible Promissory Note 

 NH EXPANSION CREDIT FUND HOLDINGS LP 

By: MS Expansion Credit GP, L.P. 
 Its: General
Partner 
 By: MS Expansion Credit GP Inc. 

Its: General Partner 
  

			
	 By:
	 	 /s/ William Reiland

	 Name:
	 	 William Reiland

	 Title:
	 	 Managing Director

 EXHIBIT A 

The Collateral consists of all of the Company’s right, title and interest in and to the following personal property wherever located,
whether now owned or hereafter acquired or arising: 
 All goods, Accounts (including but not limited to health-care receivables),
Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether
tangible or electronic), cash, deposit accounts, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether
now owned or hereafter acquired, wherever located, equity interests of any Subsidiary, and all the Company’s books and records relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions
for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. (Capitalized terms used herein without definition shall have the meanings ascribed
in the Uniform Commercial Code in effect in New York (or the relevant jurisdiction of organization of the Company).) 
 Signature Page to
Secured Promissory Note

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