Document:

Exhibit 4.8

 

SUPPLEMENTAL INDENTURE

 

THIS SUPPLEMENTAL
INDENTURE is entered into as of the 15th day of May, 2015.

 

AMONG:

 

CYNAPSUS THERAPEUTICS INC. a
corporation governed by the laws of Canada (the “Corporation”)

 

- and -

 

EQUITY FINANCIAL TRUST COMPANY,
a trust company governed by the laws of Canada (the “Warrant Agent”)

 

RECITALS:

 

		A.	The Corporation and the Warrant Agent entered into a warrant indenture (the “Original
Indenture”) dated as of April 15, 2014 to provide for the creation and issuance of up to 38,461,538 Warrants to purchase
38,461,538 Common Shares;

 

		B.	Pursuant to a resolution passed at the annual and special
meeting of the shareholders of the Corporation held on May 7, 2015, the shareholders of the Corporation approved by special majority,
a resolution authorizing the Corporation to consolidate its existing issued and outstanding Common Shares at a consolidation ratio
to be determined by the board of directors of the Corporation in its sole discretion, within a range between one post-consolidation
share for every five pre-consolidation shares and one post-consolidation share for every 25 pre-consolidation shares;

 

		C.	At a meeting of the board of directors of the Corporation held on May 13, 2015, the board of directors
of the Corporation unanimously approved and set the common share consolidation ratio at one post-consolidation share for every
16 pre-consolidation shares; and

 

		D.	Pursuant to articles of amendment dated May 15, 2015, the Corporation did consolidate its Common
Shares at a ratio of one post-consolidation share for every 16 pre-consolidation shares

 

NOW THEREFORE in consideration of
the mutual promises contained in this Supplemental Indenture and other good and valuable consideration (the receipt and sufficiency
of which is hereby acknowledged), the parties agree as follows:

 

		1.1	References to Supplemental Indenture

 

As used herein “Supplemental Indenture”,
“hereto”, “herein”, “hereof”, “hereby”, “hereunder” and similar expressions
refer to this Supplemental Indenture and not to any particular Section or other portion hereof and include any and every instrument
supplemental or ancillary hereto or in implementation hereof.

 

    	 

    	 

    

 

		1.2	Definitions in Original Indenture

 

All terms contained in this Supplemental
Indenture which are defined in the Original Indenture and not defined herein shall, for all purposes hereof, have the meanings
given to such terms in the Original Indenture, as supplemented or amended by this Supplemental Indenture.

 

		1.3	Supplemental Indenture of Original Indenture

 

The Original Indenture is hereby amended
by:

 

		(a)	replacing the second recital on page 1 with the following:

 

“AND
WHEREAS each Warrant entitles the holder to purchase, subject to adjustment in certain events, one Common Share at a price
of $12.96 at any time prior to the Time of Expiry (as hereinafter defined), all upon the terms and conditions hereinafter set forth;”

 

		(b)	replacing the following definitions under Section 1.1 with the following:

 

““Exercise
Price” means $12.96 per Common Share, unless such amount shall have been adjusted pursuant to the provisions of Article
5 hereof in which case such term shall mean the adjusted price in effect at the applicable time;”

 

““Expiry
Date” means the earlier of: (i) the expiration of thirty (30) days after prior written notice from the Corporation that
the closing price of the Common Shares on the principal stock exchange of the Corporation has been $31.20 per Common Share for
twenty (20) consecutive Trading Days, subject to the provisions of Section 4.1(c); and (ii) sixty (60) months from the Closing
Date;”

 

““Warrants”
means the warrants issued hereunder, each one of which entitles the holder thereof to purchase one Common Share for an exercise
price of $12.96 at any time up to the Time of Expiry, subject to adjustment in accordance with Article 5 hereof;”

 

		(c)	replacing Section 2.1(a) with the following:

 

“Authorization of Warrants:
The Warrants authorized to be issued hereunder are limited in respect of the aggregate number of Common Shares which can be subscribed
for and purchased pursuant thereto, and Warrants may be issued only upon and subject to the terms and conditions hereinafter set
forth. The Corporation hereby creates for issuance up to 2,403,846 Warrants entitling the holders thereof to subscribe for and
purchase up to an aggregate of 2,403,846 Common Shares together with such additional indeterminate number of Common Shares as may
be required to be issued pursuant to any adjustment required to be made by the provisions of Article 5 hereof, and such Warrants
are hereby authorized to be issued.”

 

    	- 2 -

    	 

    

 

		(d)	replacing the second paragraph on page 20 with the following:

 

“If the
Corporation has provided written notice (the “Expiry Notice”) to the Warrantholders that the closing price of
the Common Shares on the principal stock exchange of the Corporation has been $31.20 for twenty (20) consecutive Trading Days,
then in the event that the exercise of all Warrants held by a U.S. Warrantholder would result in such U.S. Warrantholder (and its
affiliates) beneficially owning a number of Common Shares in excess of the Maximum Percentage:”

 

		(e)	deleting Schedule “A” and replacing it with Schedule “A” hereto.

 

		1.4	Supplemental Indenture Supplemental to Original Indenture

 

This Supplemental Indenture is supplemental
to the Original Indenture and the Original Indenture shall, from this date forward, be read in conjunction with this Supplemental
Indenture. All other provisions of the Original Indenture shall remain in full force and effect, unamended as of the date hereof.
The Original Indenture and this Supplemental Indenture shall, from this date forward, have effect so far as practicable as if all
the provisions of the Original Indenture and this Supplemental Indenture were contained in the Original Indenture.

 

		1.5	Counterparts and Formal Date

 

This Supplemental Indenture may be executed
in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute
one and the same instrument and notwithstanding their date of execution shall be deemed to bear the date first above written.

 

[Signature page follows.]

 

    	- 3 -

    	 

    

 

IN WITNESS WHEREOF the parties have
executed this Supplemental Indenture as of the day and year first above written.

 

	 	CYNAPSUS THERAPEUTICS INC.
	 	 	 
	 	By:	/s/ Andrew Williams
	 	 	
        Name: Andrew Williams

        Title: Chief Operating Officer and Chief Financial
        Officer

 

	 	EQUITY FINANCIAL TRUST COMPANY
	 	 	 
	 	By:	/s/ Donald Crawford
	 	 	
        Name: Donald Crawford

        Title: Corporate Trust Officer

	 	 	 
	 	By:	/s/ Carol Mikos
	 	 	Name: Carol Mikos
	 	 	Title: Vice President Trust Services

 

    	- 4 -

    	 

    

 

SCHEDULE “A”

 

CYNAPSUS THERAPEUTICS INC. AND EQUITY
FINANCIAL TRUST COMPANY

 

FORM OF WARRANT CERTIFICATE

For Warrants offered or sold to, or for
the account or benefit of, persons in the United States or “U.S. persons,”
as such term is defined in Regulation S under the United States Securities Act of 1933, as amended, please include the following
legend:

 

“THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE LAWS OF ANY STATE OF THE UNITED
STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH
RULE 904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH
THE EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT PROVIDED BY (1) RULE 144 THEREUNDER, IF AVAILABLE, OR (2) RULE 144A THEREUNDER,
IF AVAILABLE, AND, IN BOTH CASES, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR (D) IN ANOTHER TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF (C)(1) AND (D) ABOVE, AFTER
THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY
TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF
TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

EXERCISABLE ONLY PRIOR TO 5:00 P.M., TORONTO
TIME, ON THE EXPIRY DATE AFTER WHICH TIME THIS WARRANT CERTIFICATE SHALL BE NULL AND VOID.

 

	NUMBER ________	 	CERTIFICATE FOR <>
	 	 	WARRANTS

 

	 	 	CUSIP:

 

WARRANT

 

TO PURCHASE COMMON SHARES OF CYNAPSUS
THERAPEUTICS INC.

 

THIS
IS TO CERTIFY THAT, for value received, ___________ (the
“holder”) is entitled to subscribe for and to purchase, AT ANY TIME PRIOR TO 5:00 P.M., TORONTO TIME, ON THE EXPIRY
DATE (as hereinafter defined), fully paid and non-assessable common shares (“Common Shares”) of Cynapsus Therapeutics
Inc. (the “Corporation”) as constituted on the date hereof (as hereinafter defined), on the basis of one Common Share
for each one Warrant, at an exercise price of $12.96 (Canadian) per Common Share, by surrendering this Warrant Certificate to the
warrant agent specified below with a subscription form (FORM 1) properly completed and executed, and a certified cheque, bank draft
or money order in lawful money of Canada payable to or to the order of the Corporation, for the total purchase price of the Common
Shares so subscribed for and purchased. In the event of any conflict or inconsistency between the provisions of this Warrant Certificate
and the provisions of the Warrant Indenture (as hereinafter defined), the provisions of the Warrant Indenture shall prevail.

 

    	 

    	 

    

 

The Expiry Date is the
earlier of: (i) the expiration of thirty (30) days after prior written notice from the Corporation that the closing price of the
Common Shares on the principal stock exchange of the Corporation has been $31.20 per Common Share for twenty (20) consecutive trading
days, and (ii) April 15, 2019.

 

The holder of this Warrant
Certificate may subscribe for and purchase less than the number of Common Shares entitled to be subscribed for and purchased on
surrender of this Warrant Certificate. If the subscription does not exhaust the Warrants represented by this Warrant Certificate,
a Warrant Certificate representing the balance of the Warrants will be issued to the holder. No Warrant Certificate representing
fractional Warrants will be issued and the holder hereof understands and agrees that such holder will not be entitled to any cash
payment or other form of compensation in respect of a fractional Warrant. By acceptance hereof, the holder expressly waives any
right to receive fractional Common Shares upon exercise hereof. If the number of Common Shares to which a Warrantholder would otherwise
be entitled upon the exercise of this Warrant Certificate is not a whole number, then the number of Common Shares to be issued
will be rounded down to the next whole number.

 

The principal office
of Equity Financial Trust Company (the “Warrant Agent”) in the City of Toronto, Ontario, has been appointed the warrant
agent to receive subscriptions for Common Shares and payments from holders of Warrant Certificates. This Warrant Certificate, the
subscription form (FORM 1), and a certified cheque, bank draft or money order shall be deemed to be surrendered to the Warrant
Agent only upon personal delivery thereof or, if sent by post or other means of transmission, upon receipt thereof by the Warrant
Agent at the office specified above. The Corporation may also provide for other places at which this Warrant Certificate may be
surrendered for exchange or exercise. If mail is used for delivery of a Warrant Certificate, for the protection of the holder,
registered mail should be used and sufficient time should be allowed to avoid the risk of late delivery. Subject to adjustment
hereof in the events and in the manner set forth in the Warrant Indenture hereafter mentioned and summarized below, the price payable
for each Common Share upon exercise of this Warrant Certificate shall be $12.96 (Canadian).

 

Certificates representing
Common Shares subscribed for and purchased will be mailed to the persons specified in the subscription form (FORM 1) at the respective
addresses specified therein or, if so specified in the subscription form (FORM 1), delivered to such persons at the office of the
Warrant Agent where the applicable Warrant Certificate was surrendered, when the transfer books of the Corporation have been opened
for five Business Days after the due surrender of such Warrant Certificate and payment as aforesaid, including any applicable taxes.

 

    	 

    	 

    

 

The Warrants represented
by this Warrant Certificate may only be transferred, upon compliance with the conditions prescribed in the Warrant Indenture, on
the register of transfers to be kept at the principal office of the Warrant Agent in Toronto, Ontario, by the holder or his executors,
administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and executed
in a manner satisfactory to the Warrant Agent and, upon compliance with such requirements and such other reasonable requirements
as the Warrant Agent may prescribe, such transfer will be duly recorded on such register of transfers by the Warrant Agent. Notwithstanding
the foregoing, the Corporation will be entitled, and may direct the Warrant Agent, to refuse to record any transfer of any Warrant
on such register if such transfer would constitute a violation of the securities laws of any jurisdiction.

 

This Warrant Certificate
represents warrants of the Corporation issued or issuable under the provisions of an indenture dated as of April 15, 2014 between
the Corporation and the Warrant Agent, as supplemented by a supplemental warrant indenture dated as of May 15, 2015 between the
Corporation and the Warrant Agent (which, collectively, together with all other instruments supplemental or ancillary thereto are
herein referred to as the “Warrant Indenture”) to which reference is hereby made for particulars of the rights of the
holders of the Warrant Certificates, the Corporation and the Warrant Agent in respect thereof and the terms and conditions upon
which the Warrants represented hereby are issued and held, all to the same effect as if the provisions of the Warrant Indenture
were herein set forth in full, to all of which the holder of this Warrant Certificate by acceptance hereof assents, it being expressly
understood that the provisions of the Warrant Indenture and this Warrant Certificate are for the sole benefit of the Corporation,
the Warrant Agent and the Warrantholders. A copy of the Warrant Indenture may be obtained on request without charge from the secretary
of the Corporation, at 828 Richmond Street West, Toronto, Ontario M6J 1C9, telephone: 416-703-2449. Words and terms in this Warrant
Certificate with the initial letter or letters capitalized and not defined herein shall have the meanings ascribed to such capitalized
words and terms in the Warrant Indenture.

 

Warrants may not be exercised
by or on behalf of a person in the United States or a “U.S. person” (a “U.S. Person”), as such term is
defined in Regulation S under the United States Securities Act of 1933, as amended (the “1933 Act”), unless an exemption
from registration is available under the 1933 Act and any applicable state securities laws and the Corporation has received an
opinion of counsel of recognized standing or other evidence in form and substance reasonably satisfactory to the Corporation to
such effect; provided, however, that a Warrantholder who is an “accredited investor,” as such term is defined in Rule
501(a) of Regulation D under the 1933 Act (a “U.S. Accredited Investor”), at the time of exercise of Warrants and that
purchased units (“Units”), with each Unit comprised of one Common Share and one Warrant, in the Corporation’s
private placement of Units in the United States and to U.S. Persons will not be required to deliver an opinion of counsel or other
evidence in connection with the exercise of Warrants underlying those Units as long as the Warrantholder is a U.S. Accredited Investor
and the other representations and warranties made by such Warrantholder at the time of purchase of the Units also remain true and
correct.

 

Common Shares issued upon exercise of Warrants
to, or for the account or benefit of, a person in the United States or a U.S. Person will contain a legend restricting transfer
under United States federal and state securities laws.

 

    	 

    	 

    

 

Nothing contained in
this Warrant Certificate, the Warrant Indenture or otherwise shall be construed as conferring upon
the holder hereof any right or interest whatsoever as a holder of Common Shares or other shareholder of the Corporation or any
other right or interest except as herein and in the Warrant Indenture expressly provided.

 

The Warrant Indenture
provides for adjustments to the exercise price of the Warrants and to the number and kind of securities purchaseable upon exercise
upon the happening of certain stated events including the subdivision or consolidation of the Common Shares, certain distributions
of Common Shares or securities exchangeable for or convertible into Common Shares or of other assets or property of the Corporation,
certain offerings of rights, warrants or options and certain reorganizations.

 

The Warrant Indenture
provides for the giving of notice by the Corporation prior to taking certain actions specified therein. The Corporation may from
time to time purchase any of the Warrants by private contract or otherwise. Any such Warrants purchased by the Corporation shall
be cancelled.

 

This Warrant Certificate,
the Warrants represented by this Warrant Certificate and the Warrant Indenture shall be governed by and performed, construed and
enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

 

This Warrant Certificate
shall not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent for the time being under
the Warrant Indenture.

 

IN WITNESS WHEREOF the
Corporation has caused this Warrant Certificate to be executed by its respective authorized officers as of this        
day of                   , 201  .

 

	 	CYNAPSUS THERAPEUTICS INC.
	 	 	 
	 	Per:	 
	 	 	Name:
	 	 	Title:
	 	 	Authorized Signing Officer

 

This Warrant Certificate
is one of the Warrant Certificates referred to in the Warrant Indenture.

 

	 	EQUITY FINANCIAL TRUST COMPANY
	 	 	 
	 	Per:	 
	 	 	 
	 	 	Authorized Signing Officer
	 	Date of Countersignature: ______________________

 

    	 

    	 

    

 

SUBSCRIPTION FORM

 

(FORM 1)

 

THE HOLDER HEREBY SUBSCRIBES FOR ___________
Common Shares of Cynapsus Therapeutics Inc. (the “Corporation”) at $12.96 (Canadian) per Common Share and on the other
terms set out in the Warrant Certificate and Warrant Indenture and encloses herewith a certified cheque, bank draft or money order
in Canadian dollars payable to “Cynapsus Therapeutics Inc.” in payment of the aggregate subscription price therefor.

 

The undersigned hereby irrevocably directs
that the Common Shares be delivered, subject to the conditions set out in this certificate and the provisions of the Warrant Indenture,
and that the said Common Shares be registered as follows:

 

	Name(s) in Full and Social

Insurance Number(s)	 	Address(es) (include postal code)	 	Number of Common Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	TOTAL:	 	 

 

Please print full name in which certificate(s)
are to be issued. If any of the Common Shares are to be issued to a person or persons other than the Warrantholder, the Warrantholder
must pay to the Warrant Agent all requisite taxes or other government charges, if any.

 

The undersigned represents, warrants and
certifies as follows (one (only) of the following must be checked):

 

		A.  ̈	The undersigned
holder (i) at the time of exercise of the Warrants is not in the United States and is not exercising the Warrants on behalf of
a person in the United States; (ii) is not a “U.S. person”
(a “U.S. Person”), as defined in
Regulation S under the United States Securities Act of 1933, as amended (the “1933
Act”), and is not exercising the Warrants on behalf of a U.S. Person; and (iii) did
not execute or deliver this exercise form in the United States.

 

		B.  ̈	The undersigned
holder (i) purchased these Warrants directly from the Corporation pursuant to a written subscription agreement for the purchase
of units (the “Units”), with each Unit comprised
of one Common Share of the Corporation and one Warrant; (ii) is exercising these Warrants solely for its own account and not on
behalf of any other person; (iii) was an “accredited investor,”
as such term is defined in Rule 501(a) of Regulation D under the 1933 Act, both on the date the Units were purchased from
the Corporation and on the date of exercise of these Warrants and (iv) the other representations and warranties made by the undersigned
holder at the time of the purchase of the Units remain true and correct.

 

    	 

    	 

    

 

		C.  ̈	The undersigned
holder has delivered to the Corporation and Equity Financial Trust Company an opinion of counsel of recognized standing or other
evidence in form and substance reasonably satisfactory to the Corporation to the effect that an exemption from the registration
requirements of the 1933 Act and applicable state securities laws is available.

 

Note: The undersigned holder understands
that unless Box A above is checked, the certificate representing the Common Shares will bear a legend restricting transfer without
registration under the 1933 Act and applicable state securities laws unless an exemption from registration is available. Certificates
representing Common Shares will not be registered or delivered to an address in the United States unless Box B or C above is checked.
If Box C is checked, any opinion or other evidence tendered must be in form and substance reasonably satisfactory to the Corporation.
Holders planning to deliver an opinion of counsel or other evidence in connection with the exercise of Warrants should contact
the Corporation in advance to determine whether any opinions or other evidence to be tendered will be acceptable to the Corporation.

 

DATED this __day of __________________, 201
..

 

	 	 	 
	Signature of Warrantholder	 	Signature Guaranteed*

 

Print Name and Address in full below:

 

	Name	 
	 	 
	Address	 
	 	 
	 	 
	 	 
	 	 
	 	(Include Postal Code)

 

 ̈         Please
check box if certificates representing the Common Shares are to be delivered at the office of the Warrant Agent where this Warrant
Certificate is surrendered, failing which the certificates will be mailed to the address set forth above.

 

*The signature of the Warrantholder must
be signature guaranteed by a Canadian Schedule 1 chartered bank or a member of a recognized securities transfer agents medallion
program (STAMP). The stamp affixed thereon by the guarantor must bear the actual words “signature guarantee”, or “signature
medallion guaranteed” and otherwise be in accordance with industry standards.

 

    	 

    	 

    

 

FORM OF TRANSFER

 

(FORM 2)

 

FOR VALUE RECEIVED the
undersigned hereby sells, assigns and transfers the Warrants represented by this Warrant Certificate to:

 

	Name	 
	 	 
	Address	 
	 	 
	 	 
	 	(Include Postal Code)

 

	and hereby irrevocably constitutes and appoints	 

(leave this space blank)

 

as the attorney of the undersigned with
full power of substitution to transfer the Warrants on the appropriate register of the Warrant Agent.

 

DATED this _____day of_________________,
20__.

 

	 	 	 	 
	 	 	 	 
	Signature Guaranteed	 	 	Signature of Transferor
	 	 	 	 
	 	 	 	 
	 	 	 	Name of Transferor

 

CERTAIN REQUIREMENTS RELATING TO TRANSFERS

 

		1.	The Warrant Indenture contains certain other requirements relating to the transfer of Warrants,
including, among other things, a requirement in certain cases that a declaration to the effect set forth in Section 2.1(c) of the
Warrant Indenture (or as the Corporation may otherwise prescribe from time to time) or, in other cases, as set out in Section 2.8(h),
that a written opinion of U.S. counsel of recognized standing be delivered in connection with the transfer of Warrants by a U.S.
Person or a Person in the United States or a Person holding Warrants for the account or benefit of a U.S. Person or a Person in
the United States to a Person in the United States or for the account or benefit of a U.S. Person or a Person in the United States.

 

		2.	The signature of the transferor must correspond in every particular with the surname and the first
name(s) or initials shown on the face of this certificate and the endorsement must be signature guaranteed, in either case, by
a Canadian Schedule 1 chartered bank or a member of a recognized securities transfer agents medallion program (STAMP). The stamp
affixed thereon by the guarantor must bear the actual words “signature guarantee”, or “signature medallion guaranteed”
and otherwise be in accordance with industry standards.Exhibit 10.1

 

THIS LEASE made the1st day
of MAY, 2008.

 

IN PURSUANCE OF THE SHORT FORMS OF LEASES ACT.

 

BETWEEN:

 

RICHMOND WALNUT BUSINESS CENTRE INC.

a Corporation Incorporated under the laws

of the Province of Ontario

(hereinafter called
the “Landlord”)

OF THE FIRST PART

 

-and-

 

CANNASAT THERAPEUTICS INC.

a Corporation Incorporated under the laws

of the Province of Ontario.

(hereinafter called
the “Tenant”)

OF THE SECOND PART

 

WITNESSETH that in consideration
of the rents hereby reserved and the covenants herein contained on the part of the Tenant, the Landlord hereby leases to the Tenant
a portion of the land and building municipally known as 828 Richmond Street West, in the City of Toronto, Province
of Ontario (the “Premises”) established at 3200 square feet of useable area together with use of the
common area, being the ground level, as outlined in red on the floor plan attached as Schedule “A”.

 

TERM

TO HAVE AND TO HOLD the Premises
for a term of THREE (3) YEARS from the 1st day of May, 2008, to and including the 30th day of April 2011
(the“Term”).

 

RENT

The Tenant paying therefore as the basic
rent during the Term, an annual rental, exclusive of GST, of lawful money of Canada, payable in advance in equal monthly installments,
on the lst day of each month commencing May 1st, 2008, as follows:

 

	TERM	RENT  P.S.F.	MONTHLY	ANNUALLY
	Year 1 to 3	$23.00	$6,133.33	$73,600.00
	 	 	 	 

  

		1.	TENANT’S COVENANTS TO PAY RENT AND ADDITIONAL
RENT

The Tenant covenants with
the Landlord as follows:

 

Rent

To pay the rent in the manner
herein provided without any abatement, deductions or set-off.

 

ADDITIONAL
RENT

		a)	Goods and Services Tax

To pay Goods and Services Tax
payable with respect to such rent and additional rent due under this Lease.

 

		b)	Tax Escalation

To pay its proportionate share
of realty taxes escalation over the 2007 base year.

 

		c)	Additional Services

To pay cost of such other additional
services as may be requested by Tenant.

 

     

    	 	 	Page 2

    

 

		d)	Other Taxes

In every year of the
Term, to pay when due, any new business taxes or other taxes and assessments levied in respect of the occupancy of the Premises.
Provided that should any of said taxes or additional levies, new taxes or assessment be added to realty taxes and/or charged to
Landlord, the Tenant shall reimburse to Landlord and/or cause to be paid promptly to the extent and amount which shall proportionately
be determined by Landlord acting reasonably to be the Tenant’s share.

 

		e)	Maintenance and Upkeep

The Tenant at its own
expense will keep in good order and condition throughout the Term, the interior of the Premises and all fixtures and appurtenances
located in the Premises. The Tenant will not commit or allow waste or injury to the Premises and will not use or occupy or permit
to be used or occupied the Premises for an unlawful purpose, or in a manner that result sin the cancellation of insurance, or in
the refusal of an insurer or issue insurance as requested. The Tenant, at all times, at its own expenses, will keep the hallways,
stairs, areaways, and rights-of-way over or adjacent to the premises reasonably free from rubbish and will not encumber or obstruct
them or allow them to be encumbered or obstructed in any manner; and will not injure or disfigure the land or the building or allow
them to be injured or disfigured in any way and at the expiration or other termination of this Lease, the Tenant, accept as otherwise
expressly provided in this Lease, will surrender and deliver up the Premises in good order and condition.

 

		f)	Insurance

Without in any way limiting the
liability of the Tenant under this Lease, the Tenant covenants and agrees to obtain and keep in force:

 

i)          Comprehensive general liability
insurance covering Tenant’s liability for bodily injury and property damage arising from its use and occupation of the Premises,
including liability assumed under this Lease, with limits of not less than $2M inclusive of any one occurrence, or such other amount
as the Landlord may from time to time reasonably require.

 

ii)          The
above insurance shall be written by insurers licensed to do business in Canada and shall be in a form satisfactory to
Landlord. The Landlord is to be included as a named Insured. The Tenant shall provide certified copies of the policies to the
Landlord. The policies are to be endorsed to provide that in the event of any change in them which could affect the Landlord,
or in the event of any change in their which could affect the Landlord, or in the event of their cancellation, the insurer
will give notice by registered mail to the Landlord 30 days prior to the effective date of such change or cancellation. If
the Tenant shall fail to purchase and maintain the insurance required herein, the Landlord shall be free to place such
insurance and the cost shall be payable to the Landlord as additional rent payable on demand. However, this right shall not
impose upon the Landlord an obligation to obtain such insurance.

 

		g)	Compliance with Laws

To comply promptly
with and conform to the requirements of all applicable statutes, laws, by-laws, regulations, ordinances and orders at any time
in force during the Term which affect the condition, equipment, maintenance, use or occupation of the Premises, and with every
applicable regulation, order and requirement of the Canadian Fire Underwriters Association or any body having similar functions
or of any liability or fire insurance company by which either the Landlord or the Tenant may be insured any time during the Term;
PROVIDED that if the Tenant defaults under the provisions of this clause, the Landlord may itself comply with the requirements
of this clause and the Tenant shall forthwith pay all costs and expenses incurred by the Landlord in so doing and all such costs
and expenses incurred by the Landlord in so doing and all such cost and expenses shall be recoverable by the Landlord as additional
rent.

 

     

    	 	 	Page 3

    

 

		h)	Notice of Damage

In the event of any
substantial damage to the Premises by any cause, to give notice in writing thereof to the Landlord forthwith upon becoming aware
of it.

 

		i)	Viewing Premises

To permit the Landlord
at all reasonable times to enter upon view the state of repair of the Premises and to comply with all reasonable requirements of
the Landlord with regard to the care, maintenance and repair thereon, to the extent that the Tenant is responsible under this Lease
of such care, maintenance and repair. The Tenant further covenants and agrees that the Tenant will allow or permit the Landlord
or its agents to show the Premises to prospective Mortgagees, Purchasers or Tenants, at all reasonable times upon twenty-four (24)
hours notice being given to the Tenant.

 

		j)	Utilities

To pay in every year
during the term hereof any excess of charges for water, gas, electric lights and power and other public utilities or services supplied
to or used on the Premises caused due to wasteful or exaggerated usage over and above normal usage, and to indemnify the Landlord
and the building and the Premises against all cost sand charges in respect thereof.

 

		k)	Heat

To Assure Premises
are kept at such temperature as may be necessary to prevent damage thereto by frost.

 

 

		l)	Surrender of Premises at Termination of Lease

The Tenant will, at
the expiration or sooner determination of the said term, peaceably surrender and yield up to the Landlord the Premises with the
appurtenances, together with all leasehold improvements or erections which at any time during the said Term shall be made therein
or thereon in good and substantial repair and condition, save and except for reasonable wear and tear. The Tenant shall leave the
Premises neat, tidy, free and clear of all refuse, waste or other loose or objectionable materials, all of said work to be done
to the reasonable satisfaction of the Landlord. If the Premises are not left neat, tidy and free and clear by the Tenant, then
the Landlord may carry out such work as agent of and at the expense of the Tenant and the Tenant shall pay to the Landlord all
costs and expenses incurred in so doing.

 

		m)	Use of Premises

The leased Premises
shall be used by the Tenant for the purpose of an office

or studio and the Tenant shall not carry
on or permit to be carried on any business or activity which shall be deemed by the Landlord upon reasonable grounds, to be illegal
or a nuisance.

 

		n)	Payments Recoverable as Arrears of Rent

That whenever any amount
by the terms of this Lease is payable by the Tenant to the Landlord, whether as additional rent or otherwise, such amount shall
be recoverable by the Landlord in the same manner as if such amounts were rent in arrears under this Lease, and that the landlord
shall be entitled to take any action therefor which it may be entitled to take in respect of rent in arrears under this Lease,
and that if the Tenant fails to pay any sum required to be paid by it under the provisions of this Lease to any person, firm or
corporation other than the landlord, the Landlord shall have the right to pay any such sum and to recover it as if it were rent
in arrears under this Lease and the Landlord shall be entitled to take any action therefor which it may be entitled to take with
respect to rent in arrears under this Lease.

 

     

    	 	 	Page 4

    

 

		o)	Assignment

That the Tenant shall
not assign, sublet, share or part with the possession of the whole or any part of the Premises without the written leave of the
Landlord, which leave may not be unreasonably withheld. In all cases, the Tenant shall remain jointly and severally liable under
all covenants of this Lease.

 

 

		p)	Tenant’s Goods Free from Encumbrance

That the Tenant is
the sole owner of all goods and chattels that are to be brought upon the Premises and that such goods and chattels are free from
any mortgage, lien or other charge or encumbrance.

 

 

		q)	Waiver of Exemptions

That notwithstanding
anything contained in The Landlord and Tenant Act, or any amendments thereto, none of the goods or chattels of the Tenant at any
time on the Premises shall be exempt from levy by distress for rent in arrears as provided for by any section of the Act above
named, and that upon any claim being made for such exemption by the Tenant or on distress made by the Landlord or in any action
brought to test the rights to the levy of distress upon goods exempt by that Act, this covenant may be pleaded as an estoppel against
the Tenant and the Tenant waives every benefit that might have accrued to it by virtue of that Act but for this covenant.

 

		r)	Tenant Responsible for Condition of Premises

That the Tenant will
assume the sole responsibility of the operation and maintenance of the Premises, and that the Landlord shall be under no liability
for injury to any servant, agent or employee of the Tenant or any sub-lessee, licensee or invitee of the Tenant or for loss of
or damage to the property of the Tenant or of any of the aforementioned persons, save and except for gross negligence or willful
misconduct of the Landlord.

 

		s)	Indemnity

To indemnify the Landlord
against all liabilities, costs, fines, suits, claims, demands and actions and causes of action of any kind for which the Landlord
may become liable by reason of any breach, violation or non-performance by the Tenant of any covenant, term or provision of this
Lease, or any injury, death, or damage to property, occasioned to our suffered by any person or any property by reason of any act,
neglect or default by the Tenant or is servants, employees, agents, sub-lessees, or licensees or invitees on the Premises.

 

		t)	No Liability on Landlord

That the Landlord shall
not, in any event be liable or responsible in any way for any personal injury or death that may be suffered or sustained by, or
for any loss of or damage or injury to any property, including cars and contents thereof, belonging to any employee, servant, agent,
sub-lessee, licensee or invitee of the Tenant on the Premises no matter how caused, and in particular, and without restricting
the generality of the foregoing, which may be caused or occasioned by steam, electricity, gas, fumes, vapour, water works water,
rain water, other water, sleet, snow, ice, melted sleet, snow or ice, which may leak, issue or flow from the Premises or from any
water, steam, sprinkler or drainage pipe or plumbing works situate in the Premises or which may be caused or occasioned or attributable
to the condition or arrangement of any electrical or other wiring or caused or occasioned by snow or ice or other substances or
obstructions on the sidewalks, driveways, roads, streets and grounds or caused or occasioned by the defective condition or lack
of repair or disrepair thereof or by any defect in any machinery or equipment in the Premises or in the operation thereof by the
Tenant or by any defects in

 

     

    	 	 	Page 5

    

 

or the disrepair or non-repair of the Premises
and the Tenant shall indemnify the Landlord from and against all liabilities, claims, demands and causes of action of any nature
or any expense for such injury, death, loss or damage as aforesaid, and maintain proper policies of insurance indemnifying the
Landlord against damage or loss occasioned by the maintenance or operation of any steam or hot water boiler in the Premises in
a reasonable amount; PROVIDED however that nothing herein contained shall require the Tenant to indemnify the Landlord against
any claims, demands or actions for damages arising out the willful acts or misconduct of the Landlord, its officer, employees,
servants or agents.

 

		u)	Signs

That the Tenant shall
not erect on or affix to the Premises any sings other than those currently existing, except with the approval of the Landlord,
which approval shall not be unreasonably withheld, and provided that all such signs comply with all local and municipal by-laws
and regulations.

 

		v)	Post-Dated Cheques

The Tenant shall deliver
to the Landlord at the beginning of each new Lease year, a series of six (6) postdated cheques in payment of Rent and Additional
Rent.

  

		2.	LANDLORD’S WORK

The Landlord and Tenant
acknowledge that Tenant is in possession of premises and shall continue to occupy same as existing.

 

		3.	POSSESSION AND OCCUPANCY

		a)	The Tenant has possession of the premises and is herein extending the Term of its Tenancy Agreement.

 

		b)	The Landlord will provide to the Tenant access and use of a concrete enclosed storage area (approximately
3ft x 6ft) located in the basement back area of 822 Richmond Street West, for the duration of this Lease, at no additional charge.

  

		4.	LANDLORD’S COVENANTS

The Landlord hereby covenants
with the Tenant as follows:

 

		a)	Quiet Enjoyment

For quiet enjoyment.

 

		b)	Gross Lease

The Landlord shall
pay for regular charges for hydro, gas, and water consumption as required for the Premises and furthermore to pay realty taxes
that are levied against the Premises, and premiums for standard fire insurance required to keep insured the Premises against fire
and other perils, subject to provisions contained in this Lease.

 

		c)	Repair, Maintain & Replace

The Landlord covenants
and agrees to maintain and keep the Premises, including structure, plumbing, electrical, heating and air conditioner, roof and
entranceway in good order and condition both inside and out, as they would be kept by a reasonable owner and to make all needed
repairs and replacements, reasonable wear and tear only excepted.

 

If however the Landlord
is required to maintain, repair or replace any part or element of the Premises by reason of negligent acts or omissions of the
Tenant, or of those for whom the Tenant is at law responsible, the Landlord may add the costs of such repair, replacement and
maintenance to the Rent, which Rent shall thereafter immediately become due.

 

     

    	 	 	Page 6

    

 

		d)	Parking

The Tenant shall have
the exclusive use of Four (4) designated and marked parking spaces in the Landlord’s above grade lot at the rate of
One Hundred ($100.00) Dollars per car per month, or One Thousand Two Hundred ($1,200.00) Dollars per car per annum,
to be paid in advance on the first day of each month. It is understood and agreed between the parties hereto that the Landlord
shall have no obligation to police the aforesaid parking spaces and further that the Landlord shall not be liable for any damages,
losses or injuries sustained by the Tenant or any property owned by the Tenant if the same is damaged, lost or injured in one of
the parking spaces and the Tenant hereby indemnifies the Landlord against any claims which may be brought against the Landlord
arising out of the Tenant’s use of the parking spaces. The Tenant shall furnish to the Landlord, upon request, the current
license plate numbers of all vehicles used by the Tenant and its employees which will be parked in the said parking spaces. No.
2, 3, 4, 5, plus 1 and 22 as permitted by City authorities.

  

		5.	PROVISOS

Provided always and it is
hereby agreed as follows:

 

		a)	Lease Subordinate to Mortgages

This Lease and everything
herein contained shall be deemed to be subordinate to any charge or charges from time to time created by the Landlord by mortgage
or charge on the Premises and the Tenant shall promptly at any time as required by the Landlord execute all documents and give
such further assurance as may be reasonably required to postpone its rights and privileges to the holder of any charge or mortgage.
Landlord will use best efforts to obtain a non-disturbance agreement from mortgagee, if requested.

 

		b)	Removal of Fixtures

The Tenant may remove
its fixtures; PROVIDED that any erection, addition, structure or improvement erected upon the Premises shall become a part thereof,
shall not be removed and shall be subject to all of the provisions of this Lease. AND FURTHER PROVIDED that no such erection, addition,
structure or improvement shall be erected upon the Premises without the prior written consent of the Landlord.

 

		c)	Insolvency of Tenant

If the term of any
of the goods or chattels of the Tenant shall be at any time seized or taken in execution or in attachment by any creditor of the
Tenant, or if a writ of execution shall be issued against the goods and chattels of the Tenant and remain unsatisfied for ten days,
or if the Tenant shall execute any chattel, mortgage or bill of sale of any of its goods or chattels, other than a bill of sale
of goods in the ordinary course of the Tenant’s business, or if the Tenant shall make any assignment for the benefit of creditors
of any bulk sale or shall be adjudged bankrupt or insolvent by any court of competent jurisdiction under any legislation then in
force of shall take the benefit of any Act that may be in force for bankrupt or insolvent debtors or shall attempt to abandon the
Premises, or to sell or dispose of its goods and chattels so that there would not remain after such sale or disposal a sufficient
distress on the Premises in the opinion of the Landlord for the then accruing rent, then the current month’s rent, together
with the rent for the three months next ensuing and all additional rent and other sums payable

hereunder for the said three months next
ensuing shall immediately become due and payable, and the term shall, at the option of the Landlord forthwith be determined and
in each of the above cases such accelerated rent, additional rent and other amounts shall be recoverable by the Landlord as if
it were rent in arrears.

  

		d)	Following of Tenant’s Goods

If the Tenant removes
its goods and chattels from the Premises except in the ordinary course of business, the Landlord may follow then for thirty (30)
days in the manner provided for in the Landlord and Tenant Act or other applicable legislation.

 

     

    	 	 	Page 7

    

 

		e)	Re-Entry for Non-Payment of Rent

The Landlord may re-enter the
Premises for non-payment of rent.

  

		f)	Re-Entry for Non-Performance of Covenants

Notwithstanding anything
herein contained to the contrary, if the Tenant shall fail to comply with any of its covenants hereunder, except the covenant to
pay rent, the Landlord may give to the Tenant notice in writing stating the default with reasonably sufficient particulars and
requiring it to be remedied, and if such default is not remedied by the Tenant within Ten (10) days after the receipt of such notice,
or such longer period as may be reasonably necessary in view o the nature of the default, the Landlord at is option may either
enter the Premises or any part thereof in the name of the whole and repossess them or take such steps as may be necessary to remedy
and correct such default and recover its costs and expenses incurred in so doing from the Tenant as additional rent.

  

		g)	Further Rights of Re-Entry

If the Term should
be seized or forfeited for any of the causes set forth in proviso (d) above, the Landlord shall have the right of re-entry given
by proviso (f).

  

		h)	Holding Over

Should the Tenant remain
in occupation of the Premises after the determination of the Term with the consent of the Landlord and without other special agreement,
it shall be as a monthly tenant at a rental of Seven Thousand ($7,000.00) Dollars per month, payable in advance on the 1st
day of each and every month and subject in other respects to the terms of this Lease.

  

		i)	Condonation no Waiver of Subsequent Default

Any condoning, excusing
or overlooking by the Landlord of any default, breach or non-performance by the Tenant at any time of any covenant, proviso or
condition herein contained, shall not operate to waive the Landlord’s rights under this Lease in respect of any later default,
breach or non-observance so as to defeat in any way the rights of the Landlord under this Lease on any such later default, breach
or non-observance, and all rights and remedies of the Landlord shall be deemed to be cumulative, not alternative.

  

		6.	RENEWAL

Provided the Tenant
has duly and regularly performed all of the covenants on its part to be performed in the Lease, and is not in default thereunder,
the Tenant shall be entitled to renew the Lease for a further term of THREE (3) years under the same terms and conditions, provided
it has given at least THREE (3) months written notice to the Landlord, but not more than SIX (6) months, save and except that there
shall be no further right of renewal and save and except the rental rate which shall be agreed upon by both parties herein, failing
which the rental shall be determined by arbitration in accordance with the Arbitration Act of Ontario.

  

		7.	RIGHT TO CANCEL LEASE

The Tenant shall have
the option, at its election, to terminate this Lease at any time without penalty, provided that the Tenant shall give the Landlord
written notice ONE HUNDRED AND EIGHTY (180) days prior to the effective date of such termination.

 

     

    	 	 	Page 8

    

 

		8.	SUCCESSORS AND COVENANTS

This Lease and
anything herein contained shall extend to, bind and enure to the benefit of successors and assigns of each of the parties
hereto subject tot he consent of the Landlord being obtained, as hreinbefore provided, to any assignment of sub-lease by the
Tenant, and, where there is more than one Landlord or Tenant or where the Landlord or Tenant is a male, female or a
corporation, the provisions herein shall be read with all grammatical changes thereby rendered necessary. All covenants
herein contained thereby rendered necessary. All covenants herein contained shall be deemed joint and several and all right s
and powers reserved to the Landlord may be exercised by either the Landlord or its agents or representatives.

 

This Lease and all provisions herein shall
be construed in accordance with the laws of the Province of Ontario.

 

IN WITNESS WHEREOF
the parties hereto have hereunto affixed their respective hands and corporate seals under the hands of their duly authorized officers
as of the date first above written.

 

W I T N E S S:

 

	 	CANNASAT THERAPEUTICS INC.
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Per:	/s/ David Hill	 	 	 
	 	 	a.s.o.	 	 	(Tenant)
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	RICHMOND WALNUT BUSINESS CENTRE INC.
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Per:	/s/ Guy Ritchie	 	 	 
	 	 	a.s.o.	 	 	(Landlord)
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Per:	 	 	 	 
	 	 	a.s.o.	 	 	(Landlord)

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