Document:

EX-10.49

 Exhibit 10.49 

Execution Version 

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”) is entered into as of March 7, 2021, by and among each of the
several buyers set forth on Schedule A hereto (each, a “Buyer” and, collectively, the “Buyers”), Sun Country Airlines Holdings, Inc., a Delaware corporation (the “Company”), and SCA Horus Holdings,
LLC, a Delaware limited liability company (“Seller”). 
 Capitalized terms used but not defined in this Agreement have the
meanings ascribed thereto in the Underwriting Agreement to be entered into among Barclays Capital Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters, and the Company (the “Underwriting
Agreement”). 
 WHEREAS, in connection with the initial public offering (the “IPO”) of the common stock, par value
$0.01 per share (the “Common Stock”), of the Company pursuant to the Registration Statement, each Buyer, severally and not jointly, desires to purchase from Seller and Seller desires to sell to each Buyer shares of Common Stock
pursuant to the terms and subject to the conditions set forth in this Agreement; 
 WHEREAS, the closing of the purchase and sale of the
Shares (as defined below) pursuant hereto is conditioned upon the simultaneous closing of the IPO; and 
 WHEREAS, in connection with the
execution of this Agreement, each Buyer shall execute and deliver to the Company a Lock-Up Agreement in the form agreed upon by the Company and the Buyers. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants set forth below, the parties hereto hereby agree as
follows: 
 1. Sale of Shares. 

(a) Purchase and Sale. Subject to the terms and conditions set forth in this Agreement, Seller hereby agrees to sell to each Buyer, and
each Buyer hereby agrees, severally and not jointly, to purchase from Seller, a number of shares of Common Stock (rounded down to the nearest whole share) equal to (i) the amount set forth opposite such Buyer’s name on Schedule A hereto
divided by (ii) 94% of the price per share of Common Stock paid by the public in the IPO as set forth on the cover page of the final prospectus for the IPO (such number of shares of Common Stock being purchased by such Buyer, the
“Shares”). The purchase price per Share to be paid by each Buyer (the “Price Per Share”) is equal to 94% of the price per share of Common Stock paid by the public in the IPO as set forth on the cover page of the
final prospectus for the IPO. The total purchase price to be paid by each Buyer for the Shares is equal to (x) the number of Shares being purchased by such Buyer multiplied by (y) the Price Per Share (the “Purchase
Price”). 

  
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 (b) Closing. The closing of the sale and purchase of the Shares (the
“Closing”) shall take place at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York 10019, or at such other place as shall be agreed upon by the parties hereto, on the
date that all of the conditions set forth in Section 4 of this Agreement are either satisfied or waived. At the Closing, each Buyer shall deliver the Purchase Price to Seller in exchange for delivery of the Shares to such Buyer by transfer via
DWAC. For the avoidance of doubt, on the date of the Closing each Buyer will own the Shares purchased by such Buyer at the Closing, as set forth in this Agreement, contingent on and against payment of the Purchase Price relating thereto by such
Buyer to the Seller pursuant to this Agreement. 
 (c) Payment of Purchase Price. Payment by each Buyer of the Purchase Price to
Seller shall be made by wire transfer of immediately available funds to an account specified in writing by Seller. 
 2. Representations
and Warranties. 
 2.1 Representations and Warranties of the Company. The Company represents and warrants to each Buyer as
follows: 
 (a) The Registration Statement will not, as of the Effective Date, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided that no representation or warranty is made as to information contained in or omitted from the Registration Statement in reliance
upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein. The Commission has not issued an order preventing or suspending the use of
any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus relating to the proposed IPO, and no proceeding for that purpose or pursuant to Section 8A of the Act has been instituted or, to the Company’s knowledge,
threatened by the Commission. 
 (b) The Prospectus will not, as of its date, contain an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that no representation or warranty is made as to information contained in or omitted
from the Prospectus in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein. 

(c) The Pricing Disclosure Package will not, as of the Applicable Time, contain an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that no representation or warranty is made as to information contained in or omitted from
the Pricing Disclosure Package made in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein. 

(d) Each Issuer Free Writing Prospectus listed in Schedule IV to the Underwriting Agreement, when taken together with the Pricing Disclosure
Package, will not, as of the Applicable Time, contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they

  
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were made, not misleading; provided that no representation or warranty is made as to information contained in or omitted from such Issuer Free Writing Prospectus listed in Schedule IV to
the Underwriting Agreement in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein. No Issuer Free Writing Prospectus
conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not
apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance upon, and in conformity with, written information furnished to the Company by or on behalf of any Underwriter through the Representatives, specifically for use
therein. 
 (e) The Company and each of its subsidiaries has been duly organized, is validly existing and in good standing (to the extent
such concept is recognized in such jurisdiction) as a corporation or other business entity under the laws of its jurisdiction of organization and is duly qualified to do business and in good standing as a foreign corporation or other business entity
in each jurisdiction in which its ownership or lease of property or the conduct of its businesses requires such qualification, except where the failure to be so qualified, validly existing or in good standing would not, individually or in the
aggregate, reasonably be expected to (a) have a material adverse effect on the condition (financial or otherwise), results of operations, stockholders’ equity, properties, management or business of the Company and its subsidiaries taken as
a whole (a “Material Adverse Effect”) or (b) prevent the consummation of the transactions contemplated by this Agreement . The Company and each of its subsidiaries has all power and authority necessary to own or hold its
properties and to conduct the businesses in which it is engaged as described in the most recent Preliminary Prospectus. None of the subsidiaries of the Company (other than any subsidiaries listed in Exhibit 21 to the Registration Statement) is a
“significant subsidiary” (as defined in Rule 405 under the Securities Act). 
 (f) The Company has an authorized capitalization as
set forth under the heading “Capitalization” in each of the most recent Preliminary Prospectus and the Prospectus as of the date or dates set forth therein, and all of the issued shares of capital stock of the Company have been duly
authorized and validly issued, are fully paid and non-assessable, conform in all material respects to the description thereof contained in the most recent Preliminary Prospectus and were issued in compliance
with federal and state securities laws and not in violation of any preemptive right, resale right, right of first refusal or similar right. All of the Company’s options, warrants and other rights to purchase or exchange any securities for
shares of the Company’s capital stock have been duly authorized and validly issued, conform in all material respects to the description thereof contained in the most recent Preliminary Prospectus and were issued in compliance with federal and
state securities laws. All of the issued shares of capital stock or other ownership interest of each subsidiary of the Company have been duly authorized and validly issued, are fully paid and non-assessable
(to the extent such concept is applicable) and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except for such liens, encumbrances, equities or claims as described in the most recent
Preliminary Prospectus or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the filing of the Registration Statement nor the offering or sale of the Shares as contemplated by this
Agreement gives rise to any rights, other than those which have been waived or satisfied, for or relating to the registration of any shares of Common Stock. 

  
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 (g) The Company has all requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement. This Agreement has been duly and validly authorized, executed and delivered by the Company. 

(h) The execution, delivery and performance of this Agreement by the Company and the consummation of the transactions contemplated hereby will
not (i) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company and its subsidiaries, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets
of the Company or any of its subsidiaries is subject; (ii) result in any violation of the provisions of the charter or by-laws (or similar organizational documents) of the Company or any of its
subsidiaries; or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their
properties or assets, except, with respect to clauses (i) and (iii), conflicts, defaults, breaches or violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(i) No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental agency or body
having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets is required for the execution, delivery and performance of this Agreement by the Company and the consummation of the transactions contemplated
hereby. 
 (j) The historical financial statements (including the related notes and supporting schedules) included in the most recent
Preliminary Prospectus comply as to form in all material respects with the requirements of Regulation S-X under the Securities Act and present fairly in all material respects the financial condition, results
of operations and cash flows of the entities purported to be shown thereby at the dates and for the periods indicated and have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applied on a
consistent basis throughout the periods involved, except as otherwise stated therein. The supporting schedules, if any, present fairly in all material respects in accordance with GAAP the information required to be stated therein. The selected
financial data and the summary financial information included in the most recent Preliminary Prospectus present fairly in all material respects the information shown therein and have been compiled on a basis consistent with that of the audited
financial statements included therein. All disclosures contained in the most recent Preliminary Prospectus regarding “non-GAAP financial measures” (as such term is defined by the rules and
regulations of the Commission) comply in all material respects with Item 10 of Regulation S-K of the Securities Act, to the extent applicable. 

(k) KPMG LLP, who have audited certain financial statements of the Company and its consolidated subsidiaries, whose report appears in the most
recent Preliminary Prospectus, are independent public accountants as required by the Securities Act and the rules and regulations thereunder. 

  
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 (l) The Company and each of its subsidiaries maintain internal accounting controls
sufficient to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States,
including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorization, (ii) transactions are
recorded as necessary to permit preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States and to maintain accountability for its assets, (iii) access to the
Company’s assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for the Company’s assets is compared with existing assets at reasonable intervals and
appropriate action is taken with respect to any differences. As of the date of the most recent balance sheet of the Company and its consolidated subsidiaries reviewed or audited by KPMG LLP, there were no material weaknesses in the Company’s
internal controls. Since the date of the most recent balance sheet of the Company and its consolidated subsidiaries reviewed or audited by KPMG LLP, (i) the Company has not been advised of or become aware of (A) any significant
deficiencies in the design or operation of internal controls that could adversely affect the ability of the Company or any of its subsidiaries to record, process, summarize and report financial data, or any material weaknesses in internal controls,
or (B) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls of the Company and each of its subsidiaries; and (ii) there have been no significant changes in
internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses (it being understood that this subsection shall not require the
Company to comply with Section 404 of the Sarbanes-Oxley Act of 2002 as of an earlier date than it would otherwise be required to so comply under applicable law). 

(m) (i) The Company and each of its subsidiaries maintain disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the
Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure; and (iii) such
disclosure controls and procedures are effective in all material respects to perform the functions for which they were established. 
 (n)
Except as described in the most recent Preliminary Prospectus or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, since the date of the latest audited financial statements included in the most
recent Preliminary Prospectus, neither the Company nor any of its subsidiaries has (i) sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree (whether domestic or foreign), (ii) incurred any liability or obligation, direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business,
(iii) entered 

  
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into any transaction not in the ordinary course of business, or (iv) declared or paid any dividend on their capital stock. Since the date of the latest audited financial statements included
in the most recent Preliminary Prospectus, there has not been any change in the capital stock or long-term debt of the Company or any of its subsidiaries or any material adverse change, or any development involving a prospective material adverse
change, in or affecting the condition (financial or otherwise), results of operations, stockholders’ equity, properties, management, business or prospects of the Company and its subsidiaries taken as a whole, in each case except as described in
the most recent Preliminary Prospectus or as would not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (o)
The Company and each of its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects,
except such liens, encumbrances and defects as (i) are described in the most recent Preliminary Prospectus or (ii) would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. All assets held under
lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases, with such exceptions as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(p) The Company and each of its subsidiaries have, and are operating in compliance with, such permits, licenses, patents, franchises,
certificates of need and other approvals or authorizations of governmental or regulatory authorities (“Permits”) as are necessary under applicable law to own their properties and conduct their businesses in the manner described in
the most recent Preliminary Prospectus, except for any of the foregoing that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each of its subsidiaries have fulfilled and performed
all of their respective obligations with respect to the Permits, and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other impairment of the rights of the holder or
any such Permits, except for any of the foregoing that would not reasonably be expected to have a Material Adverse Effect. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, neither the
Company nor any of its subsidiaries has received notice of any revocation or modification of any such Permits or has any reason to believe that any such Permits will not be renewed in the ordinary course. 

(q) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and each of
its subsidiaries own or possess adequate rights to use all patents, trademarks, service marks, trade names, domain names and other source identifiers, copyrights, licenses, know-how, software, systems and
technology (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) and other intellectual property or proprietary rights, including all registrations or applications for
registration of, and goodwill associated with, any of the foregoing (collectively, “Intellectual Property Rights”) material to or necessary for the conduct of their respective businesses now conducted or proposed to be conducted in
the Registration Statement, the Pricing Disclosure Package or the Prospectus, and, to the Company’s knowledge, no such Intellectual Property Rights are invalid or unenforceable, in whole or in part. Except as would not, individually or in the
aggregate, reasonably be expected to have a Material 

  
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Adverse Effect, the Company and each of its subsidiaries has not infringed, misappropriated or otherwise violated, and has not received any notice of any claim of infringement, misappropriation
or other violation of, any Intellectual Property Rights of others. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, to the knowledge of the Company, none of the Intellectual Property
Rights owned by the Company or its subsidiaries are being infringed, misappropriated or otherwise violated by any third party. 
 (r) Except
as disclosed in the most recent Preliminary Prospectus, there are no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property or assets of the Company or any of its subsidiaries is
the subject that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the performance of this
Agreement or the consummation of the transactions contemplated hereby; and to the Company’s knowledge, no such proceedings are threatened by governmental authorities or others. 

(s) There are no contracts or other documents required to be described in the Registration Statement or the most recent Preliminary Prospectus
or filed as exhibits to the Registration Statement, that are not described and filed as required. The statements made in the most recent Preliminary Prospectus, insofar as they purport to constitute summaries of the terms of the contracts and other
documents described and filed, constitute accurate summaries of the terms of such contracts and documents in all material respects. 
 (t)
The statements made in the most recent Preliminary Prospectus and Prospectus under the captions “Risk Factors—Risks Related to Our Industry”, “Risk Factors—Risks Related to Our Business” and
“Business—Government Regulation”, insofar as they purport to constitute summaries of the terms of statutes, rules or regulations, legal or governmental proceedings or contracts and other documents, constitute accurate summaries of the
terms of such statutes, rules and regulations, legal and governmental proceedings and contracts and other documents in all material respects. 

(u) The Company and each of its subsidiaries carry, or are covered by, insurance from insurers of recognized financial responsibility in such
amounts and covering such risks as is adequate for the conduct of their respective businesses as described in the most recent Preliminary Prospectus and the value of their respective properties and as is customary for companies engaged in similar
businesses in similar industries. All material policies of insurance of the Company and its subsidiaries are in full force and effect; the Company and each of its subsidiaries are in compliance with the terms of such policies in all material
respects; and neither the Company nor any of its subsidiaries has received written notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such
insurance; there are no material claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; and neither the Company
nor any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at
a cost that would not reasonably be expected to have a Material Adverse Effect. 

  
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 (v) No relationship, direct or indirect, exists between or among the Company, on the one
hand, and the directors, officers, stockholders, customers or suppliers of the Company, on the other hand, that is required to be described in the most recent Preliminary Prospectus which is not so described. 

(w) No labor disturbance by or dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company,
is imminent that would reasonably be expected to have a Material Adverse Effect. 
 (x) Neither the Company nor any of its subsidiaries
(i) is in violation of its charter or by-laws (or similar organizational documents), (ii) is in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a
default, in the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement, license or other agreement or instrument to which it is a party or by which it is
bound or to which any of its properties or assets is subject, (iii) is in violation of any law, statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over it or its property or assets or its
own privacy policies or (iv) has failed to obtain any license, permit, certificate, franchise or other governmental authorization or permit necessary to the ownership of its property or to the conduct of its business as described in the most
recent Preliminary Prospectus, except in the case of clauses (ii), (iii) and (iv), to the extent any such conflict, breach, violation or default would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 (y) Except as described in the most recent Preliminary Prospectus or as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, the Company and each of its subsidiaries (i) are in compliance with all laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any governmental
authority, including without limitation any international, foreign, national, state, provincial, regional, or local authority, relating to pollution, the protection of human health or safety, the environment, or natural resources, or to use,
handling, storage, manufacturing, transportation, treatment, discharge, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”) applicable to such entity, which compliance
includes, without limitation, obtaining, maintaining and complying with all permits and authorizations and approvals required by Environmental Laws to conduct their respective businesses, and (ii) have not received written notice or otherwise
have knowledge of any actual or alleged violation of Environmental Laws, or of any actual or potential liability for or other obligation concerning the presence, disposal or release of hazardous or toxic substances or wastes, pollutants or
contaminants. Except as described in the most recent Preliminary Prospectus, (x) there are no proceedings that are pending against the Company or any of its subsidiaries under Environmental Laws in which a governmental authority is also a
party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $300,000 or more will be imposed, (y) the Company and its subsidiaries are not aware of any issues regarding compliance with Environmental
Laws, including any pending or proposed Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning 

  
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hazardous or toxic substances or wastes, pollutants or contaminants, that would reasonably be expected to have a material adverse effect on the capital expenditures, earnings or competitive
position of the Company and its subsidiaries, and (z) neither the Company nor any of its subsidiaries anticipate material capital expenditures relating to Environmental Laws. 

(z) Except as would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and each of its subsidiaries
have filed all federal, state, local and foreign tax returns required to be filed through the date hereof, subject to permitted extensions, and have paid all taxes which have become due and payable by the Company or its subsidiaries, except for
taxes, if any, as are being contested in good faith by appropriate proceedings and for which an appropriate reserve has been established in accordance with GAAP. No tax deficiency has been determined adversely to the Company or any of its
subsidiaries, nor does the Company have any knowledge of any tax deficiencies that have been, or could reasonably be expected to be asserted against the Company, that would, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 (aa) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) each
“employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Security Act of 1974, as amended (“ERISA”)) for which the Company or any member of its “Controlled Group” (defined as
any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each a “Plan”)
has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or
Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) with respect to each Plan subject to Title IV of ERISA (A) no “reportable
event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur, (B) no Plan is or is reasonably expected to be in “at risk” status (within the meaning of Section 430 of the Code
or Section 303 of ERISA), (C) there has been no filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan or the receipt by the
Company or any member of its Controlled Group from the PBGC or the Plan administrator of the notice relating to the intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (D) no conditions contained in
Section 303(k)(1)(A) of ERISA for the imposition of a lien shall have been met with respect to any Plan and (E) neither the Company or any member of its Controlled Group has incurred, or reasonably expects to incur, any liability under
Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within the meaning of
Section 4001(c)(3) of ERISA) (“Multiemployer Plan”); (iv) no Multiemployer Plan is, or is expected to be, “insolvent” (within the meaning of Section 4245 of ERISA), or in “endangered” or
“critical” status (within the meaning of Section 432 of the Code or Section 304 of ERISA); and (v) each Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable determination
letter from the Internal Revenue Service that it is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. 

  
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 (bb) The statistical and market-related data included in the most recent Preliminary
Prospectus are based on or derived from sources that the Company reasonably believes to be reliable in all material respects. 
 (cc) Neither
the Company nor any of its subsidiaries is, and, after giving effect to the offer and sale of the Common Stock and the application of the proceeds therefrom as described under “Use of Proceeds” in the most recent Preliminary Prospectus and
the Prospectus, none of them will be, (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), and the rules and regulations of the Commission thereunder, or (ii) a “business development company” (as defined in Section 2(a)(48) of the Investment Company Act). 

(dd) The statements set forth in each of the most recent Preliminary Prospectus and the Prospectus under the captions “Description of
Capital Stock” and “Material U.S. Federal Income Tax Considerations”, insofar as they purport to summarize the provisions of the laws and documents referred to therein, are accurate summaries in all material respects. 

(ee) Except as described in the most recent Preliminary Prospectus, there are no contracts, agreements or understandings between the Company
and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company owned or to be owned by such person or to require the Company to include
such securities in the securities registered pursuant to the Registration Statement or in any securities being registered pursuant to any other registration statement filed by the Company under the Securities Act. 

(ff) Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than the
Underwriting Agreement) that would give rise to a valid claim against any of them for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Common Stock. 

(gg) The Company has applied to list the Common Stock on the Nasdaq Global Select Market. 

(hh) Neither the Company, any of the Company’s directors or officers nor any of its subsidiaries, nor, to the knowledge of the Company,
any of the Company’s controlled affiliates, any employee, agent or other person associated with or acting on behalf of the Company or any of its subsidiaries, has in the course of its actions for, or on behalf of, the Company or any of its
subsidiaries: (i) made any unlawful contribution, gift, or other unlawful expense relating to political activity; (ii) made any direct or indirect bribe, kickback, rebate, payoff, influence payment, or otherwise unlawfully provided
anything of value, to any “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (collectively, the “FCPA”)) or domestic government official; or (iii) violated or is in violation
of any provision of the FCPA, the Bribery Act 2010 of the United Kingdom, as amended (the “Bribery Act 2010”), or any other applicable anti-corruption or anti-bribery statute or regulation. The Company, its subsidiaries and, to the
knowledge of the Company, their respective controlled affiliates have conducted their respective businesses in compliance with the FCPA, Bribery Act 

  
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2010 and all other applicable anti-corruption and anti-bribery statutes or regulations, and have instituted and maintain policies and procedures designed to ensure, and which are reasonably
expected to ensure, continued compliance therewith. Neither the Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment
or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws. 
 (ii) The operations of
the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions in which the Company or its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, that have been issued, administered or enforced by
any governmental agency having jurisdiction over the Company or such subsidiary (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator or non-governmental authority involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

(jj) Neither the Company, any of the Company’s directors or officers nor any of its subsidiaries, nor, to the knowledge of the Company,
any of the Company’s controlled affiliates, any employee, agent or other person associated with or acting on behalf of the Company or any of its subsidiaries is an individual or entity (“Person”) that is, or is owned or
controlled by one or more Persons that are: is: (i) currently the subject or the target of any sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, the United
Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”); or (ii) located, organized or resident in a country or territory that is the subject
or target of Sanctions (including, without limitation, Cuba, Iran, North Korea, Syria and Crimea); and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for the purpose of financing or facilitating the activities of any person, or in any country or territory, that at the time of such financing or facilitation and currently is the subject
or target of Sanctions or in any other manner that will result in a violation by any person (including any person participating in the transaction whether as an underwriter, advisor, investor or otherwise) of Sanctions. The Company and its
subsidiaries have not knowingly engaged in for the past five years, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any individual or entity, or in any country or territory, that at the time of the dealing
or transaction, is or was the subject or target of Sanctions. 
 (kk) Except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, the Company and its subsidiaries’ information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, “IT
Systems”) are adequate for the operation of the business of the Company or its subsidiaries as currently conducted, free and clear, to the knowledge of the Company, of all material bugs, errors, defects, Trojan horses, time bombs, malware
and other corruptants. The Company and its subsidiaries have implemented and 

  
 11 

 
maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation,
redundancy and security of all IT Systems and data (including any personal, personally identifiable, sensitive, confidential or regulated data (including the data and information of its customers, employees, suppliers, vendors and any third-party
data collected, processed or stored by the Company or any of its subsidiaries, and any such data processed or stored by third parties on behalf of the Company or any of its subsidiaries) collected, processed, transferred, held, disclosed or
otherwise used in connection with their businesses (collectively, “Personal Data”)) and, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there has been no breach,
violation, outage, disablement, loss, destruction or unauthorized use, access, distribution or modification of or to any IT System or Personal Data of the Company or its subsidiaries. 

(ll) The Company and each of its subsidiaries are in compliance with all applicable data privacy and security laws, statutes, judgments,
orders, rules and regulations of any court or arbitrator or any other governmental or regulatory authority and all applicable laws and contractual obligations regarding the collection, processing, use, transfer, storage, protection, disposal or
disclosure by the Company and its subsidiaries of Personal Data (collectively, the “Privacy Obligations”) except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. The Company and its subsidiaries have in place, are in material compliance with, and take appropriate steps reasonably designed to (i) ensure compliance with its privacy policies; and (ii) reasonably protect the
security and confidentiality of all Personal Data (collectively, the “Policies”). Since January 1, 2019, neither the Company nor any of its subsidiaries has received notice of any actual or potential material liability under or
relating to, or actual or potential violation of, or is subject to any action, suit or proceeding by or before any court of governmental agency authority or body relating to any of the Privacy Obligations or Policies. 

(mm) The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which they are engaged, including war risk insurance on its aircraft under the Federal Aviation Administration’s (the “FAA”) insurance program authorized under
49 U.S.C. § 44301 et seq.; all policies of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect; the
Company and its subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and there are no material claims by the Company or any of its subsidiaries under any such policy or instrument as to which any
insurance company is denying liability; neither the Company nor any such subsidiary has been refused any insurance coverage sought or applied for; and neither the Company nor any such subsidiary has any reason to believe that it will not be able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Prospectus (exclusive of any supplement thereto). 

  
 12 

 (nn) Except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, the Company and its subsidiaries (i) possess all licenses, certificates, permits and other authorizations issued by all applicable authorities, including the Department of Transportation, the FAA and the Federal
Communications Commission (collectively, the “Governmental Licenses”), necessary to conduct their respective businesses and the Governmental Licenses are valid and in full force and effect, (ii) are in compliance with the terms
and conditions of all Governmental Licenses and (iii) have not received any notice of proceedings relating to the revocation or modification of any such Governmental License. The Company (x) is an “air carrier” within the meaning
of 49 U.S.C. Section 40102(a); (y) holds an air carrier operating certificate issued by the FAA pursuant to Chapter 447 of Title 49 of the United States Code for aircraft capable of carrying 10 or more individuals or 6,000 pounds or more of
cargo; and (z) is a “citizen of the United States” as defined in 49 U.S.C. Section 40102(a). 
 (oo) Except as disclosed
in the most recent Preliminary Prospectus, neither the Company nor any of its subsidiaries has any securities rated by any “nationally recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the
Exchange Act. 
 2.2 Representations and Warranties of Seller. Seller represents and warrants to each Buyer as follows: 

(a) Seller has reviewed and is familiar with the Registration Statement. As of the date of this Agreement, the Registration Statement does not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; provided, however, that the foregoing representation and warranty is
limited to the name and address of Seller, which information has been furnished in writing by or on behalf of Seller to the Company expressly for use therein. As of the date of this Agreement, Seller is not relying upon any material information
concerning the Company or any subsidiary of the Company which is not set forth in the Registration Statement (and is otherwise required to be set forth in the Registration Statement) in making its decision to sell the Shares to be sold by Seller
hereunder. Such Buyer has not made any representation to Seller about the advisability of the decision to sell the Shares or the potential future value of the Shares, and Seller has not relied on any representations of such Buyer except those
expressly set forth in Section 2.3 of this Agreement. 
 (b) At the closing of the transactions contemplated hereby Seller will have
valid title to the Shares free and clear of all security interests, claims, liens, equities or other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer
and deliver the Shares. Upon payment by such Buyer for the Shares being purchased by such Buyer, delivery of such Shares will pass valid title to such Shares, free and clear of any adverse claim within the meaning of
Section 8-102 of the New York Uniform Commercial Code, to such Buyer without notice of an adverse claim. 

(c) The execution and delivery by Seller of, and the performance by Seller of its obligations under this Agreement, the sale and delivery of
the Shares, the consummation of the transactions contemplated herein and compliance by Seller with its obligations hereunder does not and will not contravene any provision of applicable law, or the certificate of formation

  
 13 

 
or limited liability company agreement or other organizational documents of Seller, or any agreement or other instrument binding upon Seller or any judgment, order or decree of any governmental
body, agency or court having jurisdiction over Seller, and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by Seller of its obligations under this Agreement,
except, in each case, where any such contravention or where the failure to obtain any such consent, approval, authorization or order would not reasonably be expected to have a material adverse effect on the consummation of the transactions
contemplated hereby. 
 (d) The execution and delivery of, and the performance by Seller of its obligations under, this Agreement has been
duly and validly authorized by all necessary limited liability company action on the part of Seller. This Agreement has been duly executed and delivered by Seller and constitutes the valid and legally binding obligation of Seller, enforceable
against Seller in accordance with its terms, subject to bankruptcy, reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 

(e) Within the six month period prior to the date of this Agreement, Seller has not (i) offered any Shares by means of any general
solicitation or general advertising within the meaning of Rule 502(c) under Regulation D under the Securities Act; (ii) contacted anyone (other than the Buyers and the other entity that is executing a similar securities purchase agreement on
the date hereof) seeking to sell its ownership interest in the Company; (iii) provided information to anyone (other than the Buyers and the other entity that is executing a similar securities purchase agreement on the date hereof) seeking to
acquire its ownership interest in the Company; or (iv) engaged or authorized anyone to take any of the actions described in (i), (ii) or (iii) above on its behalf. 

(f) Seller has not taken any action which would reasonably be expected to cause the sale of the Shares by Seller to such Buyer to fail to
qualify as exempt from the registration requirements of the Securities Act. 
 (g) Seller is not a party to any contract, agreement or
understanding with any person other than any of the Underwriters that would give rise to a valid claim for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares. 

2.3 Buyer Representations. Each Buyer, severally and not jointly, represents and warrants as follows: 

(a) Such Buyer represents and warrants to Seller and the Company that: (i) it is (A) an institutional “accredited investor”
as defined in Rule 501(a) promulgated under the Securities Act and (B) a “qualified institutional buyer” as defined in Rule 144A under the Securities Act; (ii) it has sufficient knowledge and experience in investing in
companies similar to the Company so as to be able to evaluate the risks and merits of its investment in the Company and it is able financially to bear the risks thereof; (iii) it has had an opportunity to discuss the Company’s business,
management and financial affairs with the Company’s management; (iv) all documents, records, and information pertaining to its investment in the Common Stock and the Company that have been requested by it, if any, have been made available
or delivered to it 

  
 14 

 
prior to the date hereof; (v) its financial condition is such that it is able to bear the risk of holding the Shares for an indefinite period of time and can bear the loss of the entire
investment in such Shares; (vi) it is not purchasing the Shares as the result of any form of general solicitation or general advertising or as a result of such Buyer’s review of public filings by the Company. The foregoing, however, does
not limit or modify the representations and warranties of the Company in Section 2.1 of this Agreement, the representations and warranties of the Seller in Section 2.2 of this Agreement, or the right of the Buyers to rely thereon. 

(b) This Agreement is made in reliance upon such Buyer’s express representations, which it hereby represents and warrants to the Company
and Seller, that (i) the Shares being purchased by such Buyer are being acquired for such Buyer’s own account (and not on behalf of any other person or entity) for the purpose of investment and not with a view to, or for sale in connection
with, the distribution thereof, nor with any present intention of distributing or selling the Shares or any portion thereof, (ii) such Buyer was not organized for the specific purpose of acquiring the Shares and (iii) the Shares will not
be sold by such Buyer without registration under the Securities Act or applicable state securities laws, or an exemption therefrom. 
 (c)
Such Buyer understands that the Shares being purchased by such Buyer hereunder have not been registered under the Securities Act or any state securities laws and are instead being offered and sold in reliance on an exemption from such registration
requirements and may not be offered, sold, transferred, resold or otherwise disposed of, except pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirements of the Securities
Act and any state securities laws. Such Buyer represents and warrants to the Company and Seller that, to such Buyer’s knowledge, such Buyer has not taken any action which could reasonably be expected to cause the sale of the Shares to fail to
qualify as exempt from the registration requirements of the Securities Act. Such Buyer further understands that unless the Shares are being resold pursuant to an effective registration statement under the Securities Act, such Buyer will inform any
subsequent purchaser of the Shares that the Shares being resold by such Buyer have not been registered under the Securities Act or any state securities laws and may not be offered, sold, transferred, resold or otherwise disposed of, except pursuant
to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and any state securities laws. 

Such Buyer further understands that such Buyer’s representations and warranties hereunder will not preclude disposition of the Shares
without registration thereof, in compliance with Rule 144 promulgated under the Securities Act (“Rule 144”). Such Buyer understands and acknowledges, however, that there may not be available when such Buyer
wishes to sell the Shares, or any portion thereof, the adequate current public information with respect to the Company which would permit offers or sales of such securities pursuant to Rule 144, and, therefore, compliance with the Securities
Act or some other exemption from the registration and prospectus delivery requirements of the Securities Act may be required for any such offer or sale. Such Buyer also understands that Seller is an affiliate of the Company. 

  
 15 

 (d) Such Buyer represents and warrants to the Company and Seller that (i) such Buyer is
validly existing and in good standing under the laws of its jurisdiction of organization; (ii) such Buyer has all requisite power and authority to execute and deliver this Agreement; and (iii) this Agreement constitutes the valid and
legally binding obligation of such Buyer, enforceable against such Buyer in accordance with its terms, subject to bankruptcy, reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and to
general principles of equity. 
 (e) Such Buyer represents and warrants to the Company and Seller that such Buyer is not a party to any
contract, agreement or understanding with any person that would give rise to a valid claim for a brokerage commission, finder’s fee or like payment in connection with the purchase of the Shares. 

(f) Such Buyer acknowledges that there are no representations, warranties, agreements or undertakings of Seller or the Company with respect to
the transactions contemplated by this Agreement other than those set forth in this Agreement. Such Buyer acknowledges that neither the Company nor Seller has made any representation to such Buyer about the advisability of the decision to purchase
the Shares or the potential future value of the Shares. Such Buyer further represents and warrants to the Company and Seller that, in executing and delivering this Agreement, it has not relied on any statement or representation made by any legal
counsel or investment advisor to, or other agent of, Seller or the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2.1 of this Agreement, the representations and warranties
of the Seller in Section 2.2 of this Agreement, or the right of the Buyers to rely thereon. 
 3. Amendment to Registration
Statement. At least three (3) hours prior to the filing of any such amendment with the Commission, the Company shall provide notice to each Buyer of any amendment to the Registration Statement that would increase the top end of the price
range reflected on the cover page of the prospectus forming a part of Amendment No. 2 to the Registration Statement (i.e., between $21.00 and $23.00 per share) (the “Amendment Notice”); provided, that the Amendment
Notice may only be sent between the hours of 8:00 a.m. and 6:00 p.m. Eastern Standard Time on a day other than a Saturday, a Sunday, or any day on which commercial banks New York City, New York are permitted to be closed. In the event that a Buyer
receives an Amendment Notice in accordance with the prior sentence, such Buyer’s obligations under this Agreement shall automatically terminate at the end of the three (3) hour period following receipt of the Amendment Notice unless such
Buyer gives notice to the Company and Seller within such three (3) hour period of its intent not to terminate this Agreement. Notwithstanding anything to the contrary contained in Section 8 hereof, (i) notices under this
Section 3 to the Buyers shall be given by both email and telephone (including voicemail, in the event such party does not answer such telephone call; provided, that in such case notice shall also be given by telephone to [***] and a
voicemail shall be left regarding such notice if such person does not answer such telephone call) to be effective, in the case of each Buyer, to [***], and (ii) in the case of Seller notices under this Section 3 shall be given by email to
be effective, to Brian M. Janson, Esq. (provided that the email is sent to such person at the following email address: bjanson@paulweiss.com) and (iii) in the case of the Company notices under this Section 3 shall be given by email to be
effective, to Dave Davis and Eric Levenhagen (provided that the email is sent to such persons at the following email addresses: dave.davis@suncountry.com and eric.levenhagen@suncountry.com). 

  
 16 

 4. Conditions to the Closing. The obligations of Seller and each Buyer hereunder are
subject to the satisfaction of the conditions set forth below on or before the Closing. If for any reason any of the conditions set forth in this Section 4 are not satisfied or waived by each party entitled to the benefit of such conditions at
or prior to the Closing, or if the Closing shall not have occurred by April 7, 2021, then each party by written notice given to the other parties hereto shall have the right to elect to terminate this Agreement and each party shall be released
from their obligations hereunder and shall have no further liability hereunder, provided, however, that nothing contained in this Section 4 shall relieve either party from liabilities or damages arising out of any fraud or willful breach by
such party of this Agreement prior to such termination. 
 (a) Conditions to Buyer’s Obligations. Each Buyer’s obligation to
purchase the Shares at the Closing is subject to the satisfaction of the following conditions: 
 (i) Representations and
Warranties. The representations and warranties made by the Company and Seller in this Agreement shall have been true and correct as of the date hereof and shall be true and correct in all material respects (provided that the representations and
warranties of Seller contained in Sections 2.2(a) through 2.2(g) shall be true and correct in all respects) as of the Closing with the same effect as though such representations and warranties had been made on and as of such date (except to the
extent such representations and warranties speak as of a specific date, which shall be true and correct in all material respects as of such specific date). 

(ii) Initial Public Offering. This Agreement shall not have been terminated pursuant to Section 3 hereof. The
Registration Statement shall have been declared effective and the IPO shall close simultaneously with the transactions contemplated hereby. 

(iii) IPO Proceeds. Gross proceeds from the sale of shares of Common Stock by the Company in the IPO shall not be less
than $175,000,000. 
 (iv) Listing. The Common Stock shall have been approved for listing, subject to official notice
of issuance and evidence of satisfactory distribution, on the Nasdaq Global Select Market. 
 (v) Delivery of Shares.
The Shares shall have been delivered to such Buyer’s account via DWAC. 
 (b) Conditions to Seller’s Obligations.
Seller’s obligation to sell the Shares to each Buyer at the Closing is subject to the satisfaction of the following conditions: 

(i) Representations and Warranties. The representations and warranties made by such Buyer in this Agreement shall have
been true and correct as of the date hereof and shall be true and correct as of the Closing with the same effect as though such representations and warranties had been made on and as of such date (except to the extent such representations and
warranties speak as of a specific date, which shall be true and correct as of such specific date). 

  
 17 

 (ii) Initial Public Offering. The Registration Statement shall have
been declared effective and the IPO shall close simultaneously with the transactions contemplated hereby. 
 (iii) Payment
of Purchase Price. Such Buyer shall have paid the applicable Purchase Price to Seller by wire transfer of immediately available funds to an account specified by Seller. 

5. Expenses. Each of the Company, each Buyer and Seller shall pay all of its own expenses in connection with this Agreement and the
transactions contemplated hereby. 
 6. Waiver and Release. Each Buyer hereby (a) waives and releases any claim (whether for
rescission, damages or otherwise) it may have against Seller, the Company, any affiliate of any of the foregoing or any director, officer or agent of the foregoing (collectively, “Seller Parties”) arising solely out of or based
solely on any aspect of the sale of the Shares to such Buyer being not exempt from registration or qualification under federal or state securities laws, (b) agrees not, under any circumstances, to exercise any right of rescission arising solely
out of or based solely on any aspect of the sale of the Shares to such Buyer being not exempt from registration or qualification under federal or state securities laws, and (c) if it is ultimately determined that the agreements and waivers
contained in the preceding clauses (a) and (b) are unenforceable, irrevocably agrees to contribute to Seller any proceeds received by such Buyer from Seller as a result of any rescission action brought by such Buyer based solely on any aspect
of the sale of the Shares to such Buyer being not exempt from registration or qualification under federal or state securities laws; provided, however, that (a), (b) and (c) shall not apply and such Buyer will be free to pursue any claim against
the Seller Parties and exercise any right of rescission arising out of or based on any aspect of the sale of the Shares to such Buyer being not exempt from registration or qualification under federal or state securities laws if (i) any of the
representations and warranties of Seller contained in Sections 2.2(e) and (f) are not true and correct in all respects and/or (ii) there is any fraud by any of the Seller Parties in connection with the transactions contemplated by this
Agreement. 
 7. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 8. Notices. Notices given hereunder shall be deemed to have been duly given, only if
given in writing, and on (i) the date of personal delivery or receipt by email, or (ii) on the date one day after being delivered to a reputable overnight courier with proper delivery instructions, to the party being notified at his, her,
or its address specified on the applicable signature page hereto or such other address as the addressee may subsequently notify the other party of in writing. 

  
 18 

 9. Entire Agreement and Amendments. This Agreement constitutes the entire agreement
of the parties with respect to the subject matter hereof. This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by each of the parties hereto or, in the case of a
waiver, by the party waiving compliance. No waiver shall be deemed a waiver of any subsequent breach or default. 
 10. Governing Law.
This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the conflict of laws principles thereof. 

11. Severability. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions
hereof. 
 12. Assignment. This Agreement may not be assigned by any party hereto without the prior written consent of the other
parties hereto. 
 13. Captions. Captions are for convenience only and are not deemed to be part of this Agreement. All references
herein to numbered Sections are to Sections of this Agreement unless otherwise indicated. 
 14. Survival. The representations and
warranties contained herein shall survive the Closing. 
 15. Counterparts. This Agreement may be executed by pdf and in counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 16. Further
Assurances. The parties agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
 19 

 IN WITNESS WHEREOF, this Securities Purchase Agreement has been executed as of the date and
year first above written. 
  

			
	BUYERS:
	
	BLACKROCK GLOBAL ALLOCATION FUND, INC.
	
	By: BlackRock Advisors, LLC, its Investment Adviser
		
	By:	 	 /s/ David Clayton

		 	Name: David Clayton
		 	Title: Authorized Signatory
	
	BLACKROCK GLOBAL ALLOCATION V.I. FUND OF BLACKROCK VARIABLE SERIES FUNDS, INC.
	
	By: BlackRock Advisors, LLC, its Investment Adviser
		
	By:	 	 /s/ David Clayton

		 	Name: David Clayton
		 	Title: Authorized Signatory
	
	BLACKROCK GLOBAL ALLOCATION PORTFOLIO OF BLACKROCK SERIES FUND, INC.
	
	By: BlackRock Advisors, LLC, its Investment Adviser
		
	By:	 	 /s/ David Clayton

		 	Name: David Clayton
		 	Title: Authorized Signatory

  
 20 

 
			
	BLACKROCK GLOBAL ALLOCATION FUND (AUST)
	
	By: BlackRock Investment Management, LLC, as Investment Manager for BlackRock Investment Management (Australia) Limited, the Responsible Entity of BlackRock Global Allocation Fund (Australia)
		
	By:	 	 /s/ David Clayton

		 	Name: David Clayton
		 	Title: Authorized Signatory
	
	BLACKROCK GLOBAL FUNDS – GLOBAL ALLOCATION FUND
	
	By: BlackRock Investment Management, LLC, as Investment Sub-Adviser
		
	By:	 	 /s/ David Clayton

		 	Name: David Clayton
		 	Title: Authorized Signatory
	
	BLACKROCK GLOBAL FUNDS – GLOBAL DYNAMIC EQUITY FUND
	
	By: BlackRock Investment Management, LLC, as Investment Sub-Adviser
		
	By:	 	 /s/ David Clayton

		 	Name: David Clayton
		 	Title: Authorized Signatory

  
 21 

 
			
	BLACKROCK GLOBAL ALLOCATION COLLECTIVE FUND
	
	By: BlackRock Institutional Trust Company, N.A., not in its individual capacity but as Trustee of the BlackRock Global Allocation Collective Fund
		
	By:	 	 /s/ David Clayton

		 	Name: David Clayton
		 	Title: Authorized Signatory
	
	BLACKROCK CAPITAL ALLOCATION TRUST
	
	By: BlackRock Advisors, LLC, its Investment Adviser
		
	By:	 	 /s/ David Clayton

		 	Name: David Clayton
		 	Title: Authorized Signatory
	
	Notices for all Buyers:
	
	[***]

  
 22 

 IN WITNESS WHEREOF, this Securities Purchase Agreement has been executed as of the date and
year first above written. 
  

					
	SELLER:
	
	SCA HORUS HOLDINGS, LLC
	
	By: AP VIII (SCA Stock AIV), LLC, its sole shareholder
		
	By:	 	 /s/ Laurie D. Medley

					
	     	 	Name: 	 	 Laurie D. Medley

					
	     	 	Title: 	 	 Vice President

 
			
		
	Address:	 	c/o SCA Horus Holdings, LLC
		 	9 West 57th Street
		 	43rd Floor
		 	New York, NY 10019

  
 23 

 IN WITNESS WHEREOF, this Securities Purchase Agreement has been executed as of the date and
year first above written. 
  

					
	COMPANY:
	
	SUN COUNTRY AIRLINES HOLDINGS, INC.
		
	By:	 	 /s/ Eric Levenhagen

					
	     	 	Name: 	 	 Eric Levenhagen

 
					
	     	 	Title: 	 	 Chief Administrative Officer,
General Counsel and
Secretary

 
			
		
	Address:	 	2005 Cargo Road
		 	Minneapolis, MN 55450
		 	Attn: Eric Levenhagen

  
 24mmen_ex107e.htm

EXHIBIT 10.7(e)
   
 STRICTLY PRIVATE AND CONFIDENTIAL
  
 February 25, 2021
    
 Hankey Capital, LLC
 4751 Wilshire Blvd., Suite 110
 Los Angeles, CA 90010
 Attention: Don R. Hankey, Manager 
  
 Dear Sirs:
  
 Reference is made to: (i) that certain letter agreement dated July 2, 2020 (the “July 2020 Letter”) entered into by and between MM CAN USA, INC. (the “Borrower”) and HANKEY CAPITAL, LLC (the “Lender”); (ii) that certain letter agreement dated December 16, 2020 entered into by and between Borrower and Lender (the “December 2020 Letter”); and (iii) that certain Senior Secured Commercial Loan Agreement between the Borrower and the Lender dated October 1, 2018 (as modified to date, the “Loan Agreement”). Capitalized terms used but not otherwise defined in this letter agreement (this “Letter Agreement”) shall have the meaning set forth in the Loan Agreement. The Borrower and the Lender hereby agree as follows:
  
 (1) Investment Agreement; Lender Consent. Pursuant to that certain Investment Agreement dated as of the date hereof (the “Investment Agreement”), MedMen NY, Inc. (“MMNY”) agreed to assume, approximately $73,000,000 of Borrower’s Obligations under the Loan Agreement and issue stock to AWH New York, LLC (“Ascend”) for an aggregate purchase price of $73,000,000 (as may be adjusted, the “Purchase Price”) payable as follows: (a) $35,000,000 in cash paid at closing (subject to adjustment and reduction in accordance with Article II of the Investment Agreement) (the “Closing Cash”); (b) $28,000,000 in seller financing (the “Seller Note”); and (c) $10,000,000 paid in cash (the “Earn-Out”) within five business days following the first adult-use marijuana sale by MMNY. In consideration of the mutual execution of this Letter Agreement, Lender shall issue its consent to the Investment Agreement in the form required by the parties thereunder as of the date hereof (the “Lender Consent”). The effectiveness of this Letter Agreement shall be conditioned on the timely issuance of the Lender Consent and the execution of the Investment Agreement.
  
 (2) Application of Purchase Price to Obligations. The Purchase Price received by MMNY or its affiliates in connection with the transaction, net of Transaction Expenses (as defined in the December 2020 Letter) (the “Net Proceeds”), shall be used to prepay in part the Obligations outstanding under the Loan Agreement. Pursuant to the December 2020 Letter, the Borrower instructed Ascend to pay the Closing Cash (net of the Deposit (as defined in the December 2020 Letter and assuming paid to Lender in accordance with the December 2020 Letter) and Transaction Expenses) and the Earn-Out directly to Lender and to assign or issue the Seller Note in favor of Lender at the Initial Closing (as defined in the Investment Agreement), and in consideration thereof, the Obligations under the Loan Agreement shall be equally reduced as of the date of the Initial Closing (as defined in the Investment Agreement) by the Net Proceeds (which for clarity shall equal the (i) the sum of the Closing Cash, the principal amount of the Seller Note and the Earn-Out, minus (ii) the Transaction Expenses).
   
 	 
	1
	

	 

  
 (3) Assignment of Company Debt; Earn-Out Note. Notwithstanding anything to the contrary contained herein, in the Investment Agreement, the December 2020 Letter or in the Loan Documents, if on or prior to January 31, 2022, the State of New York has not passed legislation authorizing the sale of marijuana for recreational adult-use (which for clarity will occur prior to a Milestone Event as defined in the Investment Agreement), the Lender may elect, upon written notice to the Borrower to assign the right to receive the Milestone Shares Purchase Price (in accordance with Section 2.3(c) of the Investment Agreement) to the Borrower, in exchange for a promissory note (the “Earn-Out Note”) issued by the Borrower in favor of the Lender. The Earn-Out Note shall accrue interest at twelve percent (12%) per annum (which interest shall compound on the same terms as the Loan Agreement and be paid upon maturity of the Earn-Out Note) and have a maturity date of the earlier of (i) the payment of the Milestone Shares Purchase Price in accordance with the Investment Agreement, or (ii) twelve (12) months after the date of the Earn-Out Note; provided, that all or any portion of the Earn-Out Note may be pre-paid at any time without premium or penalty. In addition, the Earn-Out Note shall include an origination fee in an amount equal to twelve percent (12%) per annum interest rate on the principal amount of the Earn-Out Note deemed to have accrued between the period commencing on the date of the Initial Closing and ending on the date of the Earn-Out Note. The origination fee shall be payable in cash or added to the principal balance of the Earn-Out Note as of the date of the Earn-Out Note, as elected by the Borrower on such date. In connection with the assignment of the right to receive the Milestone Shares Purchase Price, Lender and Borrower will instruct a third-party escrow agent mutually acceptable to Lender and Borrower to receive such Milestone Shares Purchase Price and to pay down any amounts owing under the Earn-Out Note prior to distribution the distribution of any portion of the Milestone Shares Purchase Price to Borrower.
  
 (4) Covenant Amendments. As a condition to, and effective upon the filing the Registration Statement in accordance with Section 5 below, Lender agrees that:
  
 (a) Section 5.02(r) of the Loan Agreement shall be amended to replicate Section 7.19(a) (inclusive of modifications to corresponding defined terms) of that certain Third Amended and Restated Securities Purchase Agreement dated as of January 11, 2021 (the “GGP SPA”) and entered into between MedMen Enterprises Inc. (“Parent”) and Gotham Green Admin 1, LLC;
  
 (b) Section 5.02(v), 5.02(w), 5.02(x) and 5.02(y) of the Loan Agreement shall be deleted in their entirety and new sections shall be added to the Loan Agreement to replicate Sections 7.19(b) and 7.19(c) (inclusive of modifications to corresponding defined terms) of the GGP SPA;
  
 (c) The provision at the end of Section 5.02 of the Loan Agreement added pursuant to Section 14 of that certain Third Modification to Senior Secured Commercial Loan Agreement dated as of July 2, 2020 shall be deleted in its entirety;
  
 (d) Section 5.01(c)(vii) of the Loan Agreement shall be deleted in its entirety and replaced with the following “(vii) Commencing on July 1, 2021, each week on or before Thursday of such week, a rolling 13-week cash forecast of the Guarantor, in the same form and so long as required by the Borrower’s senior lender;” and
  
 (e) The provision “such failure shall continue for a period of ten (10) days after receipt of written notice of such failure by the Lender” shall be added to the end of Section 6.01(b)(i) of the Loan Agreement.
   
 	 
	2
	

	 

  
 (5) Registration Rights.
  
 (a) The Borrower shall or shall cause Parent, as soon as reasonably practicable, and in any event within fifteen (15) calendar days after the date of this Letter Agreement, to file with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1 (the “Registration Statement”) under the U.S. Securities Act covering the issuance and/or resale of all Warrant Shares (as defined in the Loan Agreement) (collectively, the “Registrable Securities”), and use its reasonable best efforts to keep the Registration Statement, and any qualification, exemption or compliance under state securities laws which Parent determines to obtain, continuously effective with respect to the Warrant Shares. Lender and its affiliates will be indemnified by Borrower and Parent for any liability arising from any material misstatements or omissions in the Registration Statement except to the extent such misstatement or omission arises from the information specifically provided by Lender for inclusion in the Registration Statement. A security shall cease to be a Registrable Security upon sale pursuant to the Registration Statement, Rule 144 under the U.S. Securities Act, or otherwise in a transaction in which the transferee received unlegended securities. Lender agrees to cooperate as reasonably requested by Borrower or Parent in connection with the preparation and filing of the Registration Statement hereunder, and Parent agrees to cooperate as reasonably requested by Lender to facilitate the disposition of the Registrable Securities, including, without limitation, opinion(s) of counsel as may be reasonably necessary in order for the Lender to sell any Registrable Securities, and remove, or cause to be removed, the notation of any restrictive legend on Lender’s book-entry account maintained by Parent’s transfer agent, and bear all costs associated with the removal of such legend in Parent’s books.
  
 (b) For not more than thirty (30) consecutive days or for a total of not more than ninety (90) days in any twelve (12) month period, Borrower or Parent may suspend the use of the prospectus included in the Registration Statement contemplated by this Section 5 in the event that Borrower or the Parent determines in good faith that such suspension is necessary to (i) delay the disclosure of material non-public information concerning the Borrower or Parent, the disclosure of which at the time is not, in the good faith opinion of Borrower or Parent, in the best interests of Borrower or Parent; or (ii) amend or supplement the affected Registration Statement or the related prospectus so that such Registration Statement or prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the prospectus in light of the circumstances under which they were made, not misleading (an “Allowed Delay”); provided, that Borrower or Parent shall promptly (1) notify Lender in writing of the commencement of an Allowed Delay, but shall not (without the prior written consent of Lender) disclose to such Lender any material non-public information giving rise to an Allowed Delay, (2) advise Lender in writing to cease all sales under the Registration Statement until the end of the Allowed Delay and (3) use reasonable best efforts to terminate an Allowed Delay as promptly as practicable. Lender agrees that, upon receipt of any notice from the Borrower or Parent of either (x) the commencement of an Allowed Delay or (y) the discovery that, or upon the happening of any event as a result of which, the prospectus includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, Lender will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until Lender is advised by Borrower or Parent that such dispositions may again be made.
  
 	 
	3
	

	 

   
 (c) In the case of the registration effected by Parent pursuant to this Letter Agreement, the Parent shall deliver notice to Lender upon the occurrence of:
    
 	  
	 (1) 
	the Registration Statement or any post-effective amendment thereto has become effective;
	  
	  
	  

	  
	 (2) 
	the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for such purpose; and
	  
	  
	  

	  
	 (3) 
	the receipt by Parent of any notification with respect to the suspension of the qualification of the Warrant Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

   
 (d) The additional registration expenses and selling expenses incurred by Parent, Borrower or Lender in connection with any registration, qualification or compliance pursuant to this Section 5 shall be borne by Lender, on a pro rata basis, based on all securities registered under the then current or effective Registration Statement, provided that Lender’s obligation to reimburse Parent and Borrower under this clause (d) with respect to the additional expenses of Parent and Borrower shall not exceed $40,000 per annum in the aggregate.
  
 (6) Amendment to Loan Agreement and Warrants.
  
 (a) The parties agree to amend the last two sentences contained in Section 4 of that certain Fourth Modification to Senior Commercial Loan Agreement dated as of September 16, 2020 (the “Fourth Modification” which sentences commence with “Notwithstanding the foregoing, in the event...” and “By way of example, if Lender...” together with the requirements set forth in Section 11(f) in the B2 Warrants (as defined in the Fourth Modification) (collectively, the “Downround Provisions”) such that, upon any circumstance that would have triggered an obligation of the Borrower to reset the exercise price of the B2 Warrants (the “Downround Price Adjustment”) in accordance with the Downround Provisions the Borrower shall issue or instead shall cause Parent to issue to Lender or as directed by Lender additional warrants in the form substantially attached as Exhibit B2 to the Fourth Modification (as amended hereby and assuming issuance by Parent if applicable) (the “Downround Warrants”) covering a number Warrant Shares (as defined in the Fourth Amendment) or Class B subordinate voting shares of Parent (the "Subordinate Voting Shares") set forth in cell G28 of the Black-Scholes Option Value methodology excel model titled “MMEN Option Value Hankey Stable 2-24 v6” attached hereto as Schedule 1 using the following inputs:
  
 	  
	 (i) 
	cell C4 (Stock Price 5-Day VWAP (P) – USD) equal to the five (5) day volume-weighted average trading price of the Subordinate Voting Shares for the five (5) consecutive trading days ending on the trading day immediately prior to the issuance of the Downround Warrants;

   
 	 
	4
	

	 

   
 	  
	 (ii) 
	cell C5 (Exercise Price of Option (EX) – USD) shall be the exercise price of the B2 Warrants assuming the exercise price was adjusted to reflect a Downround Price Adjustment (for example, if the exercise price of the B2 Warrants is $0.20 and the Downround Price Adjustment is $0.05, cell C5 should equal $0.15) ;
	  
	 (iii) 
	cell C6 (Warrant Issuance Date) shall be the date of issuance of the Downround Warrants;
	  
	 (iv) 
	cell C7 (Compounded Risk-Free Interest Rate (3-yr swap)(rf)) shall be the three (3)-year swap rate as of the day immediately prior to the issuance of the Downround Warrants;
	  
	 (v) 
	cell C8 (Historic LTM Standard Deviation Times 80% (annualized s) shall be the twelve (12) month actual historical standard deviation of the trading price of the Subordinate Voting Shares multiplied by eighty percent (80%); and
	  
	 (vi) 
	cell G5 (Exercise Price of Down Round Option (EX) – USD) shall be the exercise price of the B2 Warrants assuming the exercise price is adjusted to reflect the current Downround Price Adjustment.

    
 With respect to the existing Downround Price Adjustment obligation as of the date hereof, the parties agree that the numerator used to determine the number of Downround Warrants to be issued equal six hundred sixty four thousand three hundred thirty three dollars ($664,333) and the denominator shall equal the amount set forth in cell G27 after inputting the information set forth in subparagraphs (i) through (vi) above based upon the date of issuance.
  
 (b) The Downround Warrants issued pursuant to this Section 6 shall have an exercise period ending on September 14, 2025, and an exercise price per Warrant Share or Subordinate Voting Share as applicable equal to the five day volume-weighted average trading price of the Subordinate Voting Shares for the five (5) consecutive trading days ending on the trading day immediately prior the date that the agreement to issue the Downround Warrants is announced by Parent by way of press release or the filing of a Form 9 with the Canadian Securities Exchange in respect of such issuances, subject to the minimum price permitted by the policies of the Canadian Securities Exchange (with conversion from Canadian dollars to U.S. dollars being determined based on the exchange rate published by the Bank of Canada for the day immediately prior to the applicable funding date).
  
 (7) Miscellaneous.
  
 (a) This Letter Agreement, the July 2020 Letter, the December 2020 Letter and the Loan Documents constitute the entire agreement between Borrower and the Lender relative to the subject matter hereof. No provision of the July 2020 Letter, the December 2020 Letter or the Loan Agreement has been waived or modified by this Letter Agreement except as expressly provided herein. No provision of this Letter Agreement shall be deemed to have been waived unless such waiver is given in writing, and no such waiver shall be deemed to be a waiver of any other or further obligation or liability of the party or parties in whose favor such waiver is given.
  
 (b) The provisions of this Letter Agreement are intended solely to benefit the Borrower and the Lender and to the fullest extent permitted by applicable law, shall not be construed as conferring any benefit upon any other creditor of the Borrower, or any other person or entity (and no such person or entity shall be a third-party beneficiary of this Letter Agreement).
   
 	 
	5
	

	 

  
 (c) The provisions of this Letter Agreement may be amended only upon the express written consent of the parties hereto.
  
 (d) Each of the parties hereto shall, and shall cause their respective affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.
  
 (e) This Letter Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such term or provision may be enforced to the maximum extent permitted by law and, in any event, such illegality or invalidity shall not affect the validity of the remainder of this Letter Agreement.
  
 (f) The parties agree to keep the terms of this Letter Agreement in strict confidence and shall only disclose such terms to their officers, directors, managers, agents, advisors, financing sources and professional representatives on a need-to-know basis or to otherwise comply with applicable law.
  
 (g) This Letter Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to the principle of conflicts of laws.
  
 (h) Sections 7.04, 7.14 and Section 7.15 of the Loan Agreement are hereby incorporated into and made a part of this Letter Agreement by reference hereof.
  
 (i) This Letter Agreement may be executed in any number of counterparts, any one of which need not contain the signatures of more than one party, but all of such counterparts together shall constitute one agreement. In order to expedite the execution of this Letter Agreement, a facsimile signature or emailed PDF copy of such signature shall be binding and of the same force and effect as the original signature.
  
 	 
	6
	

	 

   
 IN WITNESS WHEREOF, the parties have duly executed this Letter Agreement as of the date first above written.
  
 	 	 MM CAN USA, INC.
	
	 	 	 	 
		By:	/s/ Timothy Bossidy 	
	  
	 Name: 
	 Timothy Bossidy 
	 
	 	Title:	 COO
	 

    
 	 	 MEDMEN ENTERPRISES INC.
	
	 	 	 	 
		By:	/s/ Timothy Bossidy 	
	  
	 Name: 
	 Timothy Bossidy 
	 
	 	Title:	 COO
	 

   
 	 
	7
	

	 

    
 	 	 AGREED AND ACCEPTED: 
	
	  
	  
	  

	  
	 HANKEY CAPITAL, LLC
	  

	 	 	 	 
		By:	/s/ Don R. Hankey	
	  
	 Name: 
	 Don R. Hankey 
	 
	 	Title:	 Manager
	 

  
 	 
	8
	

	 

  
 WARRANT CERTIFICATE
  
 	 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 “U.S. SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS, AND THE SECURITIES REPRESENTED HEREBY MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 OR (ii) 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS, (D) IN COMPLIANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (E) UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(i) OR (D) ABOVE, A LEGAL OPINION REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE TRANSFER AGENT TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.
   
 THIS WARRANT AND THE UNDERLYING SHARES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON OR PERSON IN THE UNITED STATES AND THE UNDERLYING SHARES MAY NOT BE DELIVERED WITHIN THE UNITED STATES UNLESS THE WARRANT AND THE UNDERLYING SHARES HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE, AND THE HOLDER HAS DELIVERED AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. "UNITED STATES" AND "U.S. PERSON" ARE USED HEREIN AS SUCH TERMS ARE DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.”
   
 THIS WARRANT IS EXERCISABLE ONLY PRIOR TO 5:00 P.M., PACIFIC TIME, ON SEPTEMBER 16, 2025, AFTER WHICH TIME THESE WARRANTS SHALL BE NULL AND VOID.
   

   
 	 
	9
	

	 

    
 	 Warrant Certificate No. 2021-03-01
	 Warrants to acquire _______Class B Common
 Shares at the Exercise Price

  
 WARRANTS TO PURCHASE CLASS B COMMON SHARES
  
 OF
  
 MM CAN USA, INC.  
 (the “Corporation”) 
  
 (a corporation existing under the laws of the State of California) 
    
 THIS CERTIFIES THAT, for value received, _____________ located at _______________________ (the “Holder”) is entitled, at any time prior to the Expiry Time, to purchase, at the Exercise Price, one Class B Common Share for each Warrant evidenced by this certificate (this “Warrant Certificate”) on and subject to the terms and conditions set forth below. 
  
 Nothing contained herein shall confer any right upon the Holder to subscribe for or purchase any Class B Common Shares at any time after the Expiry Time, and from and after the Expiry Time, the Warrants and all rights hereunder shall be void and of no value.
  
 This Warrant Certificate is being issued to Holder as part of a series of similar warrant certificates (collectively the “Related Warrant Certificates”) issued to holders thereof (collectively, with Holder, the “Holders”) in connection with the making of that certain term loan (the “Loan”), which Loan is evidenced by that certain Senior Secured Term Note dated September 16, 2020 and governed by that certain Senior Secured Term Loan Agreement dated as of October 1, 2018, as modified by that certain First Modification to Senior Secured Commercial Loan Agreement dated April 8, 2019, and further modified by that certain Second Modification to Senior Secured Commercial Loan Agreement dated January 13, 2020; and further modified by that certain Third Modification to Senior Secured Commercial Loan Agreement dated July 2, 2020, and further modified by that certain Fourth Modification to Senior Secured Commercial Loan Agreement dated September 16, 2020 (the “Fourth Modification”).
  
 1. Definitions
  
 In this Warrant Certificate, including the preamble, unless there is something in the subject matter or context inconsistent therewith, the following expressions shall have the following meanings namely:
   
 	  
	 (a) 
	“Business Day” means a day which is not a Saturday, Sunday, or a civic or statutory holiday in Los Angeles, California or Toronto, Ontario;
	  
	  
	  

	  
	 (b) 
	“Class B Common Shares” means the Class B Common Shares in the capital of the Corporation as such shares were constituted on the date hereof, as the same may be reorganized, reclassified or redesignated pursuant to any of the events set out in Section 11;
	  
	  
	  

	  
	 (c) 
	“Corporation” means MM CAN USA, Inc., a corporation existing under the laws of the State of California and its successors and assigns;

    
 	 
	10
	

	 

   
 	  
	 (d) 
	“Current Market Price” at any date shall be the volume-weighted average sale price per Class B Common Share for the 20 consecutive trading days ending immediately before such date on the Canadian Securities Exchange or such other principal stock exchange on which the Class B Common Shares may then be listed, or, if the Class B Common Shares are not listed on any stock exchange, the Current Market Price shall equal the volume-weighted average sale price per Subordinate Voting Share for the 20 consecutive trading days ending immediately before such date on the Canadian Securities Exchange (and in such case translated into U.S. dollars at the exchange rate reported by Bloomberg.com as of 5 pm Eastern Time on the 20th consecutive trading day) or such other principal stock exchange on which the Subordinate Voting Shares may then be listed, and if the Subordinate Voting Shares are not listed on any stock exchange, then the Current Market Price shall be determined by the directors, acting reasonably and in good faith, which determination shall be conclusive. The volume-weighted average sale price per Class B Common Share or Subordinate Voting Share (as applicable) shall be determined by dividing the aggregate sale price of all such shares sold on the said exchange during the said 20 consecutive trading days by the total number of such shares so sold. 
	  
	  
	  

	  
	 (e) 
	“Exercise Price” means U.S. $0.481 per Class B Common Share unless such price shall have been adjusted in accordance with the provisions of Section 11, in which case it shall mean the adjusted price in effect at such time. 
	  
	  
	  

	  
	 (f) 
	“Exercised Shares” means, upon any exercise of the Holder’s right of purchase pursuant to this Warrant Certificate, the amount of Class B Common Shares for which subscription is being made as specified in the Subscription Form.
	  
	  
	  

	  
	 (g) 
	“Expiry Time” means 5:00 p.m., Pacific time, on September 16, 2025;
	  
	  
	  

	  
	 (h) 
	“Form of Transfer” means the form of transfer annexed hereto as Schedule “B”;
	  
	  
	  

	  
	 (i) 
	“Majority in Interest” the Holders of Related Warrant Certificates representing Warrants to acquire a majority of the Class B Common Shares that remain available for purchase under the Related Warrant Certificates.
	  
	  
	  

	  
	 (j) 
	“Parent Corporation” means MedMen Enterprises Inc., a corporation existing under the laws of the Province of British Columbia; 
	  
	  
	  

	  
	 (k) 
	“person” means an individual, corporation, limited liability company, partnership, unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator, or other legal representative, or any group or combination thereof; 
	  
	  
	  

	  
	 (l) 
	“Subordinate Voting Shares” means the Class B Subordinate Voting Shares in the capital of the Parent Corporation.
	  
	  
	  

	  
	 (m) 
	“Subscription Form” means the form of subscription annexed hereto as Schedule “A”; 
	  
	  
	  

	  
	 (n) 
	“subsidiary” has the meaning ascribed to such term in the Securities Act; 
	  
	  
	  

	  
	 (o) 
	“Securities Act” means the United States Securities Act of 1933, as amended; and 
	  
	  
	  

	  
	 (p) 
	“Warrants” means the Class B Common Share purchase warrants represented by this Warrant Certificate, with each Warrant being exercisable to acquire one Class B Common Share at the Exercise Price at any time prior to the Expiry Time.

   
 	 
	11
	

	 

     
 2. Expiry Time
  
 At the Expiry Time, all rights under any Warrants evidenced hereby, in respect of which the right of subscription and purchase herein provided for shall not theretofore have been exercised, shall wholly cease and terminate and such Warrants shall be void and of no value or effect.
  
 3. Exercise Procedure
  
 The Holder may exercise the right of purchase herein provided for by surrendering or delivering to the Corporation prior to the Expiry Time at its principal office this Warrant Certificate, with the Subscription Form duly completed and executed by the Holder or its legal representative or attorney, duly appointed by an instrument in writing in form and manner satisfactory to the Corporation, and:
  
 	  
	 (a) 
	a certified check, money order or wire transfer in readily available funds payable to or to the order of the Corporation in U.S. dollars in an amount equal to the Exercise Price multiplied by the number of Exercised Shares (such amount, the “Aggregate Exercise Price”); or
	  
	  
	  

	  
	 (b) 
	in lieu of paying cash for the Aggregate Exercise Price, the Holder may elect to receive a number of Class B Common Shares equal to the number of Exercised Shares, minus that number of Class B Common Shares having an aggregate Current Market Price equal to such Aggregate Exercise Price as of the Exercise Date.

    
 Any Warrants referred to in the foregoing clauses shall be deemed to be surrendered only upon delivery of such Warrants, and, if applicable, a certified check, money order or wire transfer to the Corporation at its principal office in the manner provided in Section 26. The date of such surrender shall be deemed the “Exercise Date” for purposes of this Warrant Certificate. 
  
 This Warrant Certificate is exchangeable, upon the surrender hereof by the Holder, for one or more new Warrant Certificates of like tenor representing, in the aggregate, the right to subscribe for the number of Class B Common Shares which may be subscribed for hereunder; provided, that notwithstanding the foregoing, after any election to exercise, the number of Class B Common Shares covered by this Warrant Certificate shall be deemed automatically reduced by the number of Exercised Shares.
  
 4. Entitlement to Certificate
  
 Upon exercise of the Warrants represented hereby and upon making all deliveries and payments as provided in Section 3, the Corporation shall cause to be issued to the Holder the Class B Common Shares subscribed for not exceeding those which such Holder is entitled to purchase pursuant to this Warrant Certificate and the Holder shall become a shareholder of record of the Corporation in respect of such Class B Common Shares with effect from the date of such delivery and payment and shall be entitled to delivery of a certificate or certificates or direct registration system (DRS) advice(s) evidencing such Class B Common Shares and the Corporation shall use commercially reasonable efforts to cause such certificate or certificates or DRS Advice(s) to be mailed to the Holder at the address or addresses specified in such subscription within five (5) Business Days of such delivery and payment.
   
 	 
	12
	

	 

  
 5. Register of Warrantholders and Transfer of Warrants
  
 The Corporation shall cause a register to be kept in which shall be entered the names and addresses of all holders of the Warrants and the number of Warrants held by them. The Warrants may be transferred by a Holder, in whole or in part in conformance with this Warrant Certificate. No transfer of Warrants shall be valid unless made by the Holder or its executors, administrators or other legal representatives or its attorney duly appointed by an instrument in writing in form and execution satisfactory to the Corporation upon compliance with such reasonable requirements as the Corporation may prescribe, including compliance with the Securities Act and all other applicable state, provincial and federal securities laws, and recorded on the register of holders of Warrants maintained by the Corporation, nor until stamp or governmental or other charges arising by reason of such transfer have been paid. The transferee of a Warrant shall, after a Form of Transfer is duly completed and the Warrant is delivered to the Corporation and upon compliance with all other reasonable requirements of the Corporation and requirements of law, be entitled to have its name entered on the register as the owner of such Warrant, free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous holder of such Warrant, save in respect of equities or rights of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction. The Corporation may treat the registered holder of this Warrant Certificate as the absolute owner of the Warrants represented hereby for all purposes, and the Corporation shall not be affected by any notice or knowledge to the contrary except where the Corporation is required to take notice by statute or by order of a court of competent jurisdiction.
  
 6. Partial Exercise
  
 The Holder may subscribe for and purchase a number of Exercised Shares less than the number the Holder is entitled to purchase pursuant to this Warrant Certificate. In the event of any such subscription and purchase prior to the Expiry Time, the Holder shall be entitled to receive, without charge, a new Warrant Certificate in respect of the balance of the Class B Common Shares to which the Holder was entitled to purchase pursuant to this Warrant Certificate and which were then not purchased.
  
 7. No Fractional Shares
  
 Notwithstanding any adjustments provided for in Section 11 or otherwise, the Corporation shall not be required upon the exercise of any Warrants, to issue fractional Class B Common Shares in satisfaction of its obligations hereunder and no amount shall be payable by the Corporation in respect of any such fraction of a Class B Common Share.
  
 8. Not a Shareholder
  
 Nothing in this Warrant Certificate or in the holding of the Warrants evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the Corporation.
  
 9. No Obligation to Purchase
  
 Nothing herein contained or done pursuant hereto shall obligate the Holder to purchase or pay for or the Corporation to issue any Class B Common Shares except those Class B Common Shares in respect of which the Holder shall have exercised its right to purchase hereunder in the manner provided herein.
  
 10. Covenants
  
 	  
	 (a) 
	The Corporation covenants and agrees that:

  
 	  
	 (i) 
	so long as any Warrants evidenced hereby remain outstanding, it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Class B Common Shares to satisfy the right of purchase herein provided for should the Holder determine to exercise its rights in respect of all the Class B Common Shares for the time being called for by such outstanding Warrants; and
	  
	  
	  

	  
	 (ii) 
	all Class B Common Shares which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Class B Common Shares may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable Class B Common Shares.

   
 	 
	13
	

	 

   
 	  
	 (b) 
	The Corporation covenants and agrees that, so long as any Warrants evidenced hereby remain outstanding, it shall use commercially reasonable efforts to preserve and maintain its corporate existence.

   
 11. Adjustment to Exercise Price
  
 The Exercise Price in effect at any time is subject to adjustment from time to time in the events and in the manner provided as follows:
  
 	  
	 (a) 
	If and whenever, at any time after the date hereof and prior to the Expiry Time, the Corporation:

  
 	  
	 (i) 
	issues Class B Common Shares or securities exchangeable for or convertible into Class B Common Shares to all or substantially all the holders of the Class B Common Shares as a stock dividend; 
	  
	  
	  

	  
	 (ii) 
	makes a distribution on its outstanding Class B Common Shares payable in Class B Common Shares or securities exchangeable for or convertible into Class B Common Shares; 
	  
	  
	  

	  
	 (iii) 
	subdivides its outstanding Class B Common Shares into a greater number of Class B Common Shares; or
	  
	  
	  

	  
	 (iv) 
	consolidates its outstanding Class B Common Shares into a smaller number of Class B Common Shares;
	  
	  
	  

	  
	 (any of such events being called a “Share Reorganization”), then the Exercise Price will be adjusted effective immediately after the effective date or record date for a Share Reorganization, as the case may be, at which the holders of Class B Common Shares are determined for the purpose of the Share Reorganization by multiplying the Exercise Price in effect immediately prior to such effective date or record date, as the case may be, by a fraction, the numerator of which is the number of Class B Common Shares outstanding on such effective date or record date, as the case may be, before giving effect to such Share Reorganization and the denominator of which is the number of Class B Common Shares outstanding immediately after giving effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible into Class B Common Shares are distributed, the number of Class B Common Shares that would have been outstanding had all such securities been exchanged for or converted into Class B Common Shares on such effective date or record date).

     
 	  
	 (b) 
	If and whenever, at any time after the date hereof and prior to the Expiry Time, the Corporation fixes a record date for the issue of rights, options or warrants to the holders of all or substantially all of its outstanding Class B Common Shares under which such holders are entitled to subscribe for or purchase Class B Common Shares or securities exchangeable for or convertible into Class B Common Shares, where:

  
 	  
	 (i) 
	the right to subscribe for or purchase Class B Common Shares, or securities exchangeable for or convertible into Class B Common Shares, expires not more than forty-five (45) days after the record date of such issue (such period being the “Rights Period”); and
	  
	  
	  

	  
	 (ii) 
	the cost per Class B Common Share (inclusive of any cost of acquisition of securities exchangeable for or convertible into Class B Common Shares in addition to any direct cost of Class B Common Shares) (in this Section 11 called the “Per Share Cost”) is less than 95% of the Current Market Price of the Class B Common Shares on the record date, 

     
 	 
	14
	

	 

   
 (any of such events being called a “Rights Offering”), then the Exercise Price will be adjusted effective immediately after the end of the Rights Period to a price determined by multiplying the Exercise Price in effect immediately prior to the end of the Rights Period by a fraction:
  
 	  
	  
	 (A) 
	the numerator of which is the aggregate of:
	  
	  
	  
	  
	  
	  

	  
	  
	  
	 (1) 
	the number of Class B Common Shares outstanding as of the record date for the Rights Offering; and
	  
	  
	  
	  
	  
	  

	  
	  
	  
	 (2) 
	a number determined by dividing the product of the Per Share Cost and:
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	 (I) 
	where the event giving rise to the application of this Section 11(b) was the issue of rights, options or warrants to the holders of Class B Common Shares under which such holders are entitled to subscribe for or purchase additional Class B Common Shares, the number of Class B Common Shares so subscribed for or purchased during the Rights Period, or
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	 (II) 
	where the event giving rise to the application of this Section 11(b) was the issue of rights, options or warrants to the holders of Class B Common Shares under which such holders are entitled to subscribe for or purchase securities exchangeable for or convertible into Class B Common Shares, the number of Class B Common Shares for which those securities so subscribed for or purchased during the Rights Period could have been exchanged or into which they could have been converted during the Rights Period,
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	 by the Current Market Price of the Class B Common Shares as of the record date for the Rights Offering; and

	  
	  
	  
	  
	  
	  

	  
	  
	 (B) 
	 the denominator of which is:

	  
	  
	  
	  
	  
	  

	  
	  
	  
	 (1) 
	in the case described in paragraph 11(b)(A)(2)(I), the number of Class B Common Shares outstanding, or
	  
	  
	  
	  
	  
	  

	  
	  
	  
	 (2) 
	in the case described in paragraph 11(b)(A)(2)(II), the number of Class B Common Shares that would be outstanding if all the Class B Common Shares described in paragraph 11(b)(A)(2)(II) had been issued,
	  
	  
	  
	  
	  

	  
	  
	  
	 as at the end of the Rights Period.

   
 	 
	15
	

	 

    
 	  
	  
	 Any Class B Common Shares owned by or held for the account of the Corporation or any subsidiary of the Corporation will be deemed not to be outstanding for the purpose of any such computation.

	  
	  
	  
	  
	  
	  

	  
	  
	 To the extent that any adjustment in the Exercise Price occurs pursuant to this Section 11(b) as a result of the fixing by the Corporation of a record date for the distribution of rights, options or warrants referred to in this Section 11(b), the Exercise Price will be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the Exercise Price which would then be in effect based upon the number of Class B Common Shares actually issued and remaining issuable after such expiration, and will be further readjusted in such manner upon expiration of any further such right.

	  
	  
	  
	  
	  
	  

	  
	 (c) 
	 If and whenever, at any time after the date hereof and prior to the Expiry Time, the Corporation fixes a record date for the issue or the distribution to the holders of all or substantially all its Class B Common Shares of:

	  
	  
	  
	  
	  
	  

	  
	  
	 (i) 
	shares of the Corporation of any class other than Class B Common Shares;
	  
	  
	  
	  
	  
	  

	  
	  
	 (ii) 
	rights, options or warrants to acquire Class B Common Shares or securities exchangeable for or convertible into Class B Common Shares;
	  
	  
	  
	  
	  
	  

	  
	  
	 (iii) 
	evidence of indebtedness; or
	  
	  
	  
	  
	  
	  

	  
	  
	 (iv) 
	any securities, property or other assets,
	  
	  
	  
	  
	  
	  

	  
	  
	 and if such issuance or distribution does not constitute (A) a Share Reorganization, or (B) a Rights Offering (any of such non-excluded events being called a “Special Distribution”), then the Exercise Price will be adjusted effective immediately after such record date to a price determined by multiplying the Exercise Price in effect on such record date by a fraction:

	  
	  
	  
	  
	  
	  

	  
	  
	  
	 (A) 
	the numerator of which is:
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	 (1) 
	the product of the number of Class B Common Shares outstanding on such record date and the Current Market Price of the Class B Common Shares on such record date; less
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	 (2) 
	the aggregate fair market value (as determined by action by the directors of the Corporation, acting reasonably and in good faith, whose determination shall be conclusive) to the holders of the Class B Common Shares of such securities, evidence of indebtedness, property or other assets so issued or distributed in the Special Distribution; and
	  
	  
	  
	  
	  
	  

	  
	  
	  
	 (B) 
	the denominator of which is the number of Class B Common Shares outstanding on such record date multiplied by the Current Market Price of the Class B Common Shares on such record date.
	  
	  
	  
	  
	  
	  

	  
	 Any Class B Common Shares owned by or held for the account of the Corporation or any subsidiary of the Corporation will be deemed not to be outstanding for the purpose of any such computation.

   
 	 
	16
	

	 

   
 	  
	 (d) 
	 If and whenever, at any time after the date hereof and prior to the Expiry Time, there is a capital reorganization of the Corporation or a reclassification or other change in the Class B Common Shares, or a consolidation, amalgamation, arrangement or merger of the Corporation with or into any other corporation or other entity (other than a consolidation, amalgamation, arrangement or merger which does not result in any reclassification or redesignation of the outstanding Class B Common Shares or a change or exchange of the Class B Common Shares into or for other shares, securities or property), or a transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to another corporation or other entity (any of such events being called a “Capital Reorganization”), the Holder, upon exercising the Warrants after the effective date of such Capital Reorganization, will be entitled to receive in lieu of the number of Class B Common Shares to which such Holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property which such Holder would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the Holder had been the registered holder of the number of Class B Common Shares to which such Holder was theretofore entitled upon exercise of the Warrants. If determined appropriate by action of the directors of the Corporation, acting reasonably and in good faith, appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Warrant Certificate with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in this Warrant Certificate will thereafter correspondingly be made applicable as nearly as may reasonably be possible in relation to any shares, other securities or other property thereafter deliverable upon the exercise hereof. Any such adjustment must be made by and set forth in an amendment to this Warrant Certificate approved by action by the directors of the Corporation and will for all purposes be conclusively deemed to be an appropriate adjustment.

	  
	  
	  
	  
	  
	  

	  
	 (e) 
	 If at any time after the date hereof and prior to the Expiry Time any adjustment or readjustment in the Exercise Price shall occur pursuant to the provisions of Sections 11(a), (b) or (c), then the number of Class B Common Shares purchasable upon the subsequent exercise of the Warrants shall be simultaneously adjusted or readjusted, as the case may be, by multiplying the number of Class B Common Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment or readjustment by a fraction which shall be the reciprocal of the fraction used in the adjustment or readjustment of the Exercise Price.

    
 12. Rules Regarding Adjustments
  
 	  
	 (a) 
	The adjustments provided for in Section 11 are cumulative and will, in the case of adjustments to the Exercise Price, be computed to the nearest one-tenth of one cent and will be made successively whenever an event referred to therein occurs, subject to the following subsections of this Section 12.
	  
	  
	  

	  
	 (b) 
	No adjustment in the Exercise Price is required to be made unless such adjustment would result in a change of at least 1% in the prevailing Exercise Price; provided, however, that any adjustments which, except for the provisions of this Section 12(b), would otherwise have been required to be made, will be carried forward and taken into account in any subsequent adjustments.
	  
	  
	  

	  
	 (c) 
	No adjustment in the Exercise Price will be made in respect of any event described in Section 11 if the Holder is entitled to participate in such event on the same terms, mutatis mutandis, as if the Holder had exercised the Warrants prior to or on the effective date or record date of such event.

    
 	 
	17
	

	 

    
 	  
	 (d) 
	No adjustment in the Exercise Price (or the number of Class B Common Shares issuable upon exercise hereof) will be made under Section 11 in respect of any dividends paid in the ordinary course to holders of Class B Common Shares, whether in (i) cash, (ii) shares of the Corporation, (iii) warrants or similar rights to purchase any shares of the Corporation or property or other assets of the Corporation, and any such dividend will be deemed not to be a Share Reorganization, a Rights Offering or a Special Distribution, or in respect of any distribution of Class B Common Shares pursuant to the exercise of stock options granted under incentive plans of the Corporation or pursuant to the redemption or exchange in accordance with their terms of securities of any subsidiaries of the Corporation. 
	  
	  
	  

	  
	 (e) 
	If at any time a dispute arises with respect to adjustments provided for in Section 11, such dispute will be conclusively determined by the auditors of the Corporation or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by action by the directors of the Corporation, acting reasonably and in good faith, and any such determination will be binding upon the Corporation, the Holder and shareholders of the Corporation. The Corporation will provide such auditors or accountants with access to all necessary records of the Corporation.
	  
	  
	  

	  
	 (f) 
	If, after the date of issuance of the Warrants, the Corporation takes any action affecting the Class B Common Shares, other than an action described in Section 11, which in the opinion of the board of directors of the Corporation, acting reasonably and in good faith, would materially affect the rights of the Holder, the Exercise Price will be adjusted in such manner, if any, and at such time, as determined by action by the directors of the Corporation, but subject in all cases to any necessary regulatory approval.
	  
	  
	  

	  
	 (g) 
	If the Corporation sets a record date to determine the holders of the Class B Common Shares for the purpose of entitling them to receive any dividend or distribution or sets a record date to take any other action and, thereafter and before the distribution to such shareholders of any such dividend or distribution or the taking of any other action, decides not to implement its plan to pay or deliver such dividend or distribution or take such other action, then no adjustment in the Exercise Price will be required by reason of the setting of such record date.
	  
	  
	  

	  
	 (h) 
	In the absence of a resolution of the directors of the Corporation fixing a record date for a Special Distribution or Rights Offering, the Corporation will be deemed to have fixed as the record date therefor the date on which the Special Distribution or Rights Offering is effected.
	  
	  
	  

	  
	 (i) 
	As a condition precedent to the taking of any action which would require any adjustment to the Warrants evidenced by this Warrant Certificate, including the Exercise Price, the Corporation must take any corporate action which may be necessary in order that the Corporation have unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the shares or other securities which the Holder is entitled to receive on the full exercise thereof in accordance with the provisions hereof.
	  
	  
	  

	  
	 (j) 
	The Corporation will from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 11, forthwith give notice to the Holder specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting Exercise Price.
	  
	  
	  

	  
	 (k) 
	The Corporation covenants to and in favour of the Holder that so long as the Warrants remain outstanding, it will give notice to the Holder of its intention to fix a record date or effective date for any event referred to in Sections 11(a), (b) or (c) (other than the subdivision or consolidation of the Class B Common Shares) which may give rise to an adjustment in the Exercise Price, and, in each case, such notice must specify the particulars of such event and the record date and the effective date for such event; provided that the Corporation is only required to specify in such notice such particulars of such event as have been fixed and determined on the date on which such notice is given. 

   
 	 
	18
	

	 

    
 13. Consolidation and Amalgamation
  
 	  
	 (a) 
	The Corporation shall not enter into any transaction whereby all or substantially all of its undertaking, property and assets would become the property of any other corporation (herein called a “successor corporation”) whether by way of reorganization, reconstruction, consolidation, arrangement, amalgamation, merger, transfer, sale, disposition or otherwise, unless prior to or contemporaneously with the consummation of such transaction the Corporation and the successor corporation shall have executed such instruments and done such things as the Company, acting reasonably, considers are necessary or advisable to establish that upon the consummation of such transaction:
	  
	  
	  
	  

	  
	  
	 (i) 
	the successor corporation will have assumed all the covenants and obligations of the Corporation under this Warrant Certificate, and
	  
	  
	  
	  

	  
	  
	 (ii) 
	the Warrants will be valid and binding obligations of the successor corporation entitling the Holder, as against the successor corporation, to all the rights of the Holder under this Warrant Certificate.
	  
	  
	  
	  

	  
	 (b) 
	Whenever the conditions of Section 13(a) shall have been duly observed and performed the successor corporation shall possess, and from time to time may exercise, each and every right and power of the Corporation under this Warrant Certificate in the name of the Corporation or otherwise and any act or proceeding by any provision hereof required to be done or performed by any director or officer of the Corporation may be done and performed with like force and effect by the like directors or officers of the successor corporation.

    
 14. Legends
  
 Any certificate representing the Class B Common Shares issued upon the exercise of the Warrants will bear the following legend:
  
 “THE COMMON SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH COMMON SHARES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH COMMON SHARES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (D) WITH THE PRIOR WRITTEN CONSENT OF THE CORPORATION, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE SECURITIES LAWS.
  
 THE SALE, TRANSFER OR ASSIGNMENT OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTION AS SET FORTH IN THE AMENDED AND RESTATED ARTICLES OF INCORPORATION OF MM CAN USA, INC.”
  
 15. Representation and Warranty
  
 	  
	 (a) 
	The Corporation hereby represents and warrants with and to the Holder that the Corporation is duly authorized and has the corporate power and authority to create and issue the Warrants evidenced by this Warrant Certificate and the Class B Common Shares issuable upon the exercise hereof and to perform its obligations hereunder.
	  
	  
	  
	  

	  
	 (b) 
	By accepting this Warrant Certificate on the date hereof, the Holder hereby represents and warrants with and to the Corporation that the Holder:
	  
	  
	  
	  

	  
	  
	 (i) 
	is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act and, was not formed for the specific purpose of acquiring the Class B Common Shares and is entering into this Warrant Certificate for his, her or its own account for investment purposes only, and not with a view toward the distribution or the resale thereof and that the Warrants and the Class B Common Shares into which they are exercisable must be held indefinitely unless a subsequent disposition thereof is registered under the Securities Act and applicable state securities laws or unless such disposition is exempt from registration thereunder; 
	  
	  
	  
	  

	  
	  
	 (ii) 
	UNDERSTANDS THAT THE ISSUANCE OF THE WARRANTS HAS NOT BEEN REGISTERED UNDER THE LAWS OF ANY JURISDICTION (INCLUDING THE SECURITIES ACT), OR THE LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA OR THE LAWS OF ANY FOREIGN JURISDICTION); AND FURTHER UNDERSTANDS THAT THE CORPORATION HAS NOT BEEN, AND IS NOT ANTICIPATED TO BE, REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”); 
	  
	  
	  
	  

	  
	  
	 (iii) 
	understands that the Warrants are not part of a public offering facilitated by means of any form of general solicitation or general advertising not permitted by Regulation D under the Securities Act and understands that the Warrants may not be offered, resold or otherwise transferred (including by pledge or by hypothecation) unless such offer, resale or transfer (x) is pursuant to a valid registration statement under the Securities Act and any applicable state or foreign securities or “blue sky” laws or (y) is pursuant to an exemption from the registration requirements of the Securities Act, and, in each case, in compliance with any applicable state or foreign securities or “blue sky” laws (which imposes substantial restrictions on transfer) and determination by the Corporation that any such resale or transfer will not cause the Corporation to be required to register as an investment company under the Investment Company Act; 
	  
	  
	  
	  

	  
	  
	 (iv) 
	the representations and warranties of the Holder contained in that certain Warrant Subscription Certificate dated as of January 13, 2020 and entered into by the Holder, are true and correct in all material respects as of the date hereof and shall survive the issuance of the Warrants.
	  
	  
	  
	  

	  
	  
	 (v) 
	if required by applicable securities laws, the Corporation or the Parent Corporation, the Holder covenants and agrees to execute, deliver and file or assist, including by way of providing requisite information, the Corporation or the Parent Corporation, as applicable, in filing such reports, undertakings and other documents with respect to the issuance of the Warrants, the Class B Common Shares or any shares of the Parent Corporation as may be required by any securities commission, stock exchange or other regulatory authority; 

   
 	 
	19
	

	 

  
 	  
	 (vi) 
	acknowledges and consents to the collection, use and disclosure of the information provided by the Holder or collected by the Corporation, the Parent Corporation or their agents as reasonably necessary in connection with the Holder’s subscription of the Warrants, the Class B Common Shares or any shares of the Parent Corporation. Such information is being collected by the Corporation or the Parent Corporation for the purposes of completing such issuance and subscription, which includes, without limitation, determining the Holder’s eligibility to subscribe for the Warrants, the Class B Common Shares or the shares of the Parent Corporation under applicable securities laws, preparing and registering the securities to be issued to the Holder and completing filings required by any stock exchange or securities regulatory authority. The Holder’s information may be disclosed by the Corporation or the Parent Corporation to: (i) stock exchanges or securities regulatory authorities (with may thereafter publicly disclose such information in accordance with their rules and policies); (ii) the Canada Revenue Agency, the Internal Revenue Service or other taxing authorities; and (iii) any of the other parties involved in the transactions described within this Warrant Certificate, including legal counsel, and may be included in record books prepared in connection with the transactions described herein. By accepting this Warrant Certificate, the Holder is deemed to be consenting to the foregoing collection, use and disclosure of the Holder’s information; and
	  
	  
	  

	  
	 (vii) 
	hereby provides consent to the disclosure of his, her or its information to the Canadian Securities Exchange (the “CSE”) pursuant to Form 9 – Notice of Issuance or Proposed Issuance of Listed Securities of the CSE or otherwise pursuant to such filing and the collection, use and disclosure of his, her or its information by the CSE in the manner and for the purposes described in Appendix A of such Form 9 or as otherwise identified by the CSE, from time to time.

   
 16. If Share Transfer Books Closed
  
 The Corporation shall not be required to deliver certificates for or other evidence of Class B Common Shares while the share transfer books of the Corporation are properly closed, prior to any meeting of shareholders or for the payment of dividends or for any other purpose, and in the event of the surrender of any Warrant in accordance with the provisions hereof and the making of any subscription and payment for the Class B Common Shares called for thereby during any such period, delivery of certificates for or other evidence of Class B Common Shares may be postponed for a period not exceeding five (5) Business Days after the date of the re-opening of said share transfer books. 
  
 17. Protection of Shareholders, Officers and Directors
  
 Subject to as herein provided, all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal proceedings. No recourse under or upon any obligation, covenant or agreement herein contained or in any of the Warrants represented hereby shall be taken against any shareholder, employee, consultant, officer or director of Parent Corporation, the Corporation or any of their subsidiaries, either directly or through Parent Corporation, the Corporation or such subsidiaries, it being expressly agreed and declared that the obligations under the Warrants evidenced hereby, are solely corporate obligations of the Corporation and that no personal liability whatever shall attach to or be incurred by the shareholders, employees, consultants, officers or directors of Parent Corporation, the Corporation or any of their subsidiaries or any of them in respect thereof, any and all rights and claims against every such shareholder, employee, consultant, officer or director being hereby expressly waived as a condition of and as a consideration for the issue of the Warrants evidenced hereby.
   
 	 
	20
	

	 

  
 18. Lost Certificate
  
 If this Warrant Certificate becomes stolen, lost, mutilated or destroyed the Corporation may, on such terms, as it may in its discretion impose, issue and countersign a new certificate of like denomination, tenor and date as this Warrant Certificate. The applicant for the issue of a new Warrant Certificate pursuant to this Section 18 shall bear the cost of the issue thereof and in the case of mutilation shall as a condition precedent to the issue thereof, deliver to the Corporation the mutilated Warrant Certificate, and in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Corporation such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or stolen as shall be satisfactory to the Corporation in its discretion, acting reasonably, and the applicant shall also be required to furnish an indemnity and surety bond in amount and form satisfactory to the Corporation in its discretion, acting reasonably, and shall pay the reasonable charges of the Corporation in connection therewith.
  
 19. Governing Law; Arbitration
  
 This Warrant Certificate and the Warrants shall be governed by, and construed in accordance with, the laws of the State of California, without giving effect to conflicts of laws principles. Any claim or controversy arising out of or relating to the Warrants or this Warrant Certificate or any breach thereof between the parties shall be submitted to FINAL AND BINDING ARBITRATION BEFORE JAMS IN THE STATE OF CALIFORNIA, COUNTY AND CITY OF LOS ANGELES, PURSUANT TO THE JAMS COMPREHENSIVE ARBITRATION RULES AND PROCEDURES. ALL PARTIES FURTHER AGREE THAT THE ARBITRATION SHALL BE CONDUCTED BEFORE A SINGLE JAMS ARBITRATOR WHO IS A RETIRED CALIFORNIA OR FEDERAL JUDGE OR JUSTICE. The parties shall mutually agree on one arbitrator from the list provided by the arbitrating organization; provided that if the parties cannot agree, then each party shall select one arbitrator from the list, and the two (2) arbitrators so selected shall agree upon a third (3rd) arbitrator chosen from the same list, which third (3rd) arbitrator shall determine the dispute. The arbitrator shall, to the fullest extent permitted by law, have the power to grant all legal and equitable remedies including provisional remedies and award compensatory damages provided by law, however, the arbitrator shall not have authority to award punitive or exemplary damages. The arbitrator shall award costs and attorneys’ fees in accordance with the terms and conditions of this Warrant Certificate. The prevailing party in any arbitration or litigation shall be reimbursed for its arbitration costs (including attorneys’ fees) by the non-prevailing party. The parties further agree that, upon application of the prevailing party, any Judge of the Superior Court of the State of California, for the County of Los Angeles, may enter a judgment based on the final arbitration award issued by the JAMS arbitrator, and the parties expressly agree to submit to the jurisdiction of this Court for such a purpose. No action at law or in equity based upon any claim arising out of or related to this Warrant Certificate shall be instituted in any court by any party (or their respective equity holders) except (A) an action to compel arbitration pursuant to this Section 19 or (B) an action to enforce an award obtained in an arbitration proceeding in accordance with this Section 19. THE PARTIES UNDERSTAND THAT BY AGREEMENT TO BINDING ARBITRATION THEY ARE GIVING UP THE RIGHTS THEY MAY OTHERWISE HAVE TO TRIAL BY A COURT OR A JURY AND ALL RIGHTS OF APPEAL AND TO AN AWARD OF PUNITIVE OR EXEMPLARY DAMAGES.
  
 20. Severability
  
 If any one or more of the provisions or parts thereof contained in this Warrant Certificate should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and:
   
 	 
	21
	

	 

  
 	  
	 (a) 
	the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed; and
	  
	  
	  

	  
	 (b) 
	the invalidity, illegality or unenforceability of any provision or part thereof contained in this Warrant Certificate in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions of this Warrant Certificate in any other jurisdiction.

   
 21. Headings
  
 The headings of the articles, sections, subsections, clauses and paragraphs of this Warrant Certificate have been inserted for convenience and reference only and do not define, alter, limit or enlarge the meaning of any provision of this Warrant Certificate.
  
 22. Numbering of Articles, etc.
  
 Unless otherwise stated, a reference herein to a numbered or lettered article, section, subsection, clause, paragraph or schedule refers to the article, section, subsection, clause, paragraph or schedule bearing that number or letter in this Warrant Certificate.
  
 23. Gender
  
 Whenever used in this Warrant Certificate, words importing the singular number only shall include the plural, and vice versa, and words importing gender shall include the masculine, feminine and neuter genders.
  
 24. Day not a Business Day
  
 In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. 
  
 25. Binding Effect
  
 This Warrant Certificate and all of its provisions shall enure to the benefit of the Holder and its successors and permitted assigns and shall be binding upon the Corporation and its successors and assigns. This Warrant Certificate may be executed in counterparts, each of which will be deemed to be an original and both of which together will constitute a single agreement. The exchange of copies of this Warrant Certificate via email or other electronic means and of electronic signatures shall constitute effective execution and delivery of this Warrant Certificate as to the parties hereto. Electronic signatures transmitted via email or other electronic means shall be deemed to be an original signature for all purposes.
  
 26. Notice
  
 Any notice, document or communication required or permitted by this Warrant Certificate to be given by a party hereto shall be in writing and is sufficiently given to the other party if delivered personally, or if sent by prepaid registered mail, or if transmitted by any form of recorded telecommunication tested prior to transmission, to such party addressed as follows:
  
 	  
	 (a) 
	to the Holder, at:
	  
	  
	 Hankey Capital, LLC
4751 Wilshire Blvd., Suite 110
Los Angeles, CA 90010
Attn: W. Scott Dobbins, President

   
 	 
	22
	

	 

   
 	  
	 (b) 
	to the Corporation, at:
	  
	  
	 MM CAN USA, Inc.
10115 Jefferson Boulevard
 Culver City, California 
 U.S.A. 90232

  
 	  
	  
	 Attention:
	 Dan Edwards, SVP, Legal Affairs

	  
	  
	 E-mail: 
	 dan.edwards@medmen.com

   
 Notice so mailed shall be deemed to have been given on the fifth (5th) Business Day after deposit in a post office or public letter box. Neither party shall mail any notice, request or other communication hereunder during any period in which applicable postal workers are on strike or if such strike is imminent and may reasonably be anticipated to affect the normal delivery of mail. Notice transmitted by a form of recorded telecommunication or delivered personally shall be deemed given on the day of transmission or personal delivery, as the case may be. Any party may from time to time notify the other in the manner provided herein of any change of address which thereafter, until change by like notice, shall be the address of such party for all purposes hereof.
  
 27. Time of Essence
  
 Time shall be of the essence of this Warrant Certificate.
  
 28. Currency
  
 All dollar amounts referred to in this Warrant Certificate are in U.S. Dollars, except where expressly indicated otherwise.
  
 29. Modification
  
 Unless otherwise provided, no modification or amendment of any provision of this Warrant Certificate or consent to departure from the terms of this Warrant Certificate will be effective unless in writing and approved by the Corporation and a Majority in Interest. 
  
 [Remainder of the page intentionally left blank]
   
 	 
	23
	

	 

  
 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its duly authorized officer as of this 1st day of March, 2021.
   
 	  
  
	 MM CAN USA, inc.,
 a California corporation
	  

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	 Name:
	  
	  

	  
	 Its:
	  
	  

   
 MEDMEN ENTERPRISES INC. RIGHTS CERTIFICATE
  
 Each Warrant evidenced hereby and each Class B Common Share issuable on exercise of such Warrants shall have attached to it a right (a “Right”) that shall entitle the Holder to receive one Class B Subordinate Voting Share of MedMen Enterprises Inc. (each a “Subordinate Voting Share”) upon the redemption or exchange of such Class B Common Shares in accordance with their terms. The Rights will not be tradable separately from the Warrants nor the Class B Common Shares. This Warrant Certificate shall evidence the Rights. The Holder acknowledges that the Rights and the Subordinate Voting Shares are issued by MedMen Enterprises Inc. and may be subject to resale restrictions under applicable Canadian securities laws and that this legend shall be deemed to be on the certificate that represents the Rights: Unless permitted under securities legislation, the holder of this security must not trade the security before July 2, 2021. 
  
 	  
  
	 MEDMEN ENTERPRISES INC.
  
  
	  

	  
	 By:
	  
	  

	  
	 Name:
 Its:
	  
	  

   
 	 
	24
	

	 

  
 SCHEDULE “A”
SUBSCRIPTION FORM
  
 	 TO: 
	TO: MM CAN USA, INC.
	  
	 10115 Jefferson Boulevard
 Culver City, California 
 U.S.A. 90232

   
 The undersigned holder of the within Warrant Certificate dated as of March 1, 2021 (the “Warrant Certificate”) hereby irrevocably subscribes for _________ Class B Common Shares (the “Shares”) of MM CAN USA, Inc., a California corporation (the “Corporation”) pursuant to the Warrant Certificate at the Exercise Price per Warrant specified in the said Warrant Certificate and encloses herewith cash or a certified check, money order or wire transfer payable to or to the order of the Corporation in payment of the subscription price therefor or has selected below to exercise the applicable Warrants on a cashless basis pursuant to Section 3(b) of the within Warrant Certificate. Capitalized terms used herein have the meanings set forth in the within Warrant Certificate.
   
 	☐	Please check box if the undersigned holder is exercising Warrants on a cashless basis pursuant to Section 3(b) of the within Warrant Certificate and specify the number of Exercised Shares _________. 
	  
	  

	  
	 The undersigned represents, warrants and certifies that the undersigned: 

     
 	  
	 (i) 
	is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act and, was not formed for the specific purpose of acquiring the Shares and is acquiring the Shares for his, her or its own account for investment purposes only, and not with a view toward the distribution or the resale thereof and that the Shares must be held indefinitely unless a subsequent disposition thereof is registered under the Securities Act and applicable state securities laws or unless such disposition is exempt from registration thereunder; 
	  
	  
	  

	  
	 (ii) 
	UNDERSTANDS THAT THE OFFERING AND THE SALE OF THE SHARES HAS NOT BEEN REGISTERED UNDER THE LAWS OF ANY JURISDICTION (INCLUDING THE SECURITIES ACT), OR THE LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA OR THE LAWS OF ANY FOREIGN JURISDICTION); AND FURTHER UNDERSTANDS THAT THE CORPORATION HAS NOT BEEN, AND IS NOT ANTICIPATED TO BE, REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”); 
	  
	  
	  

	  
	 (iii) 
	understands that the Shares purchased by him, her or it is not part of a public offering facilitated by means of any form of general solicitation or general advertising not permitted by Regulation D under the Securities Act and understands that the Shares may not be offered, resold or otherwise transferred (including by pledge or by hypothecation) unless such offer, resale or transfer (x) is pursuant to a valid registration statement under the Securities Act and any applicable state or foreign securities or “blue sky” laws or (y) is pursuant to an exemption from the registration requirements of the Securities Act, and, in each case, in compliance with any applicable state or foreign securities or “blue sky” laws (which imposes substantial restrictions on transfer) and determination by the Corporation that any such resale or transfer will not cause the Corporation to be required to register as an investment company under the Investment Company Act;
	  
	  
	  

	  
	 (iv) 
	if required by applicable securities laws, the Corporation or the Parent Corporation, the undersigned covenants and agrees to execute, deliver and file or assist, including by way of providing requisite information, the Corporation or the Parent Corporation, as applicable, in filing such reports, undertakings and other documents with respect to the issuance of the Shares or any shares of the Parent Corporation as may be required by any securities commission, stock exchange or other regulatory authority; 

   
 	 
	25
	

	 

  
 	  
	 (v) 
	acknowledges and consents to the collection, use and disclosure of the information provided by the undersigned or collected by the Corporation, the Parent Corporation or their agents as reasonably necessary in connection with the undersigned’s subscription of the Shares or any shares of the Parent Corporation. Such information is being collected by the Corporation or the Parent Corporation for the purposes of completing such issuance and subscription, which includes, without limitation, determining the undersigned’s eligibility to subscribe for the Shares or the shares of the Parent Corporation under applicable securities laws, preparing and registering the securities to be issued to the undersigned and completing filings required by any stock exchange or securities regulatory authority. The undersigned’s information may be disclosed by the Corporation or the Parent Corporation to: (i) stock exchanges or securities regulatory authorities (with may thereafter publicly disclose such information in accordance with their rules and policies); (ii) the Canada Revenue Agency, the Internal Revenue Service or other taxing authorities; and (iii) any of the other parties involved in the transactions described within this Subscription Form, including legal counsel, and may be included in record books prepared in connection with the transactions described herein. By executing this Subscription Form, the undersigned is deemed to be consenting to the foregoing collection, use and disclosure of the undersigned’s information; 
	  
	  
	  

	  
	 (vi) 
	hereby provides consent to the disclosure of his, her or its information to the Canadian Securities Exchange (the “CSE”) pursuant to Form 9 – Notice of Issuance or Proposed Issuance of Listed Securities of the CSE or otherwise pursuant to such filing and the collection, use and disclosure of his, her or its information by the CSE in the manner and for the purposes described in Appendix A of such Form 9 or as otherwise identified by the CSE, from time to time; and 
	  
	  
	  

	  
	 (vii) 
	the representations and warranties of the undersigned (or its successor in interest) contained in that certain Warrant Subscription Certificate dated as of January 13, 2020 and entered into by the undersigned (or its successor in interest), are true and correct in all material respects with respect to the undersigned as of the date hereof and shall survive the issuance of the Shares. 

   
 [Signature Page to Follow]
    
 DATED this _____ day of _____________________, 20______.
  
 	  
	 NAME:
	  
	  

	  
	 Signature:
	  
	  

	  
	 Registration Instructions:
	  
	  

	  
	  
	  
	  

	  
	  
	  
	  

   
 	 ☐
	 Please check box if the Class B Common Share certificates or other applicable evidence for the Shares subscribed for hereunder are to be delivered at the office where this Warrant Certificate is surrendered, failing which the Class B Common Share certificates or other applicable evidence will be mailed to the subscriber at the address set out above.

  
 If any Warrants represented by this certificate are not being exercised, a new Warrant certificate will be issued and delivered with the Class B Common Share certificates or other applicable evidence for the Class B Common Shares subscribed for hereunder.
   
 	 
	26
	

	 

  
 SCHEDULE “B”
FORM OF TRANSFER
  
 FOR VALUE RECEIVED, the undersigned Warrantholder hereby sells, assigns and transfers unto ________________ (the “Transferee”), at the address of _________________________, an aggregate of __________ Warrants to purchase Class B Common Shares in the capital of MM CAN USA, Inc., a California corporation (the “Corporation”) registered in the name of the undersigned on the records of the Corporation represented by the within Warrant Certificate, and irrevocably appoints the Chief Financial Officer of the Corporation as the attorney of the undersigned to transfer the said securities on the books or register of transfer, with full power of substitution. Capitalized terms used herein have the meanings set forth in the within Warrant Certificate. 
  
 DATED the _______ day of ______________________, 20_____.
  
 	  
	  
	  
	  

	 Witness Signature 
 (if Warrantholder is an individual)
	  
	 Signature of Warrantholder
	  

  
 Acknowledged and accepted by the Transferee as of the above date:
  
 	  
	  
	  
	  

	 Witness Signature 
 (if Transferee is an individual)
	  
	 Signature of Transferee
	  

   
 	 
	27

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