Document:

Exhibit 10.3

 

CONVERTIBLE PROMISSORY NOTE PURCHASE AGREEMENT

This Convertible Promissory
Note Purchase Agreement, dated as of October 6, 2021 (this “Agreement”), is entered into by and among 4Front
Ventures Corp., a British Columbia corporation (the “Company”), Navy Capital Green Fund, LP, a Delaware limited
partnership (the “Lead Investor”), Navy Capital Green Co-Invest Fund, LLC, a Delaware limited liability company (“Navy
Co-Invest”) and HI 4Front, LLC, a Delaware limited liability company (“HI 4Front” and, together with the
Lead Investor and Navy Co-Invest, the “Investors”).

RECITALS

A.       The
Company has authorized the sale and issuance of convertible promissory notes (the “Notes” and each, a “Note”)
with an aggregate principal amount of Fifteen Million United States Dollars (US$15,000,000) (the “Principal Amount”).

B.       On
the terms and subject to the conditions set forth herein, each Investor is willing to purchase from the Company, and the Company is willing
to sell to such Investor, a Note in the principal amounts set forth therein.

C.       Capitalized
terms not otherwise defined herein shall have the meaning set forth in the form of Note attached hereto as Exhibit A. This Agreement and
the Notes are referred to herein collectively as the “Transaction Documents”.

AGREEMENT

NOW THEREFORE, in consideration
of the foregoing, and the representations, warranties and conditions set forth below, the parties hereby agree as follows:

		1	The Notes

		1.1	Closing. Subject to the terms and conditions hereof, the closing of the sale and purchase of the
Notes under this Agreement (the “Closing”) shall take place via the electronic exchange of documents on the day (the
“Closing Date”) the Company executes a definitive acquisition agreement to acquire New England Cannabis Corporation,
Inc., or on such other date as agreed upon by the Company and the Lead Investor.

		1.1.1	At the Closing, the Company shall deliver:

		(a)	to each Investor, the Note being purchased by such Investor with a face principal amount equal to the
“Principal Amount of Note” set forth opposite such Investor’s name on Schedule 1;

		(b)	to the Lead Investor, up to US$35,000 in reimbursement of the documented third-party out-of-pocket expenses
incurred by the Lead Investor in connection with the Transaction Documents and the transactions contemplated thereby;

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		(c)	to each Investor, the requisite certificates and other documentation as contemplated in Section 4.1(c);
and

		(d)	such further documentation as may be contemplated herein.

		1.1.2	At the Closing, each Investor shall pay the “Purchase Price of Note” set forth next to its
name by wire transfer to a bank account designated by the Company. The parties acknowledge that the “Purchase Price of Note”
set forth next to each Investor’s name on Schedule 1 reflects a three percent (3%) discount (the “Original Issue Discount”)
on the principal amount of such Note.

		2	Representations and Warranties of the Company

		2.1	The Company hereby represents and warrants to each Investor as of the date hereof that:

		(a)	Organization and Good Standing. The Company is a corporation duly organized, validly existing
under, and by virtue of, the laws of the Province of British Columbia, and is in good standing under such laws. The Company has all requisite
corporate power and authority to own and operate its properties and assets, and to carry on its business as currently conducted. The Company
is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would materially
and adversely affect the Company.

		(b)	Authorization; Enforceability. All corporate action on the part of the Company and its directors,
officers and shareholders, necessary for the authorization, execution, delivery and performance of the Transaction Documents, and the
performance of all obligations of the Company thereunder has been taken or will be taken prior to the issuance of the Notes. The Transaction
Documents when executed and delivered by the Company shall constitute valid and binding obligations of the Company enforceable in accordance
with their respective terms.

		(c)	Capitalization.

		(i)	The authorized capital of the Company consists, immediately prior to the Closing, of the following:

		(A)	an unlimited number of Class A Subordinate Voting Shares (“Subordinate Voting Shares”)
in the capital of the Company, with no par value, 592,644,240 shares of which are issued and outstanding. All of the outstanding Subordinate
Voting Shares are duly authorized, validly issued, fully paid and non-assessable and were issued in material compliance with all applicable
federal, state and provincial securities laws; and

		(B)	an unlimited number of Class C Multiple Voting Shares (“Multiple Voting Shares”) in
the capital of the Company, with no par value, 1,276,208 shares of which are issued and outstanding. All of the outstanding Multiple Voting
Shares are duly authorized, validly issued, fully paid and non-assessable and were issued in material compliance with all applicable federal,
state and provincial securities laws.

		(ii)	The Company has reserved 10% of the outstanding Subordinate Voting Shares for issuance to officers, directors,
employees and consultants of the Company pursuant to its Amended and Restated Stock Option Plan (the “Stock Plan”).
Of such reserved Subordinate Voting Shares, no Subordinate Voting Shares have been issued pursuant to restricted stock purchase agreements,
options to purchase 54,606,030 Subordinate Voting Shares have been granted and are currently outstanding, and 4,658,394 Subordinate Voting
Shares remain available for issuance to officers, directors, employees and consultants pursuant to the Stock Plan.

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		(iii)	There are no outstanding preemptive rights, options, warrants, conversion privileges or rights (including
but not limited to rights of first refusal or similar rights), orally or in writing, to purchase or acquire any securities from the Company
including, without limitation, any Subordinate Voting Shares, Multiple Voting Shares, or any securities convertible into or exchangeable
or exercisable for Subordinate Voting Shares and Multiple Voting Shares, except for: (i) the conversion privileges of the Multiple Voting
Shares pursuant to the terms of the Articles of the Company; (ii) 10,468,850 listed warrants of the Company exercisable into Subordinate
Voting Shares; (iii) 29,310,315 unlisted warrants of the Company exercisable into Subordinate Voting Shares; (iv) options granted under
the Stock Plan, as described in Section 2.1(c)(ii) above; and (v) the conversion privileges of the Notes. The Company is not a party or
subject to any agreement or understanding, and, to the Company’s knowledge, there is no agreement or understanding between any persons
and/or entities, which affects or relates to the voting or giving of written consents with respect to any security or by a director of
the Company.

		(d)	Reservation of Conversion Shares. The Company has duly reserved and allotted for issuance a number
of Subordinate Voting Shares into which Notes are convertible, and upon due conversion of each Note in accordance with its terms, the
relevant Subordinate Voting Shares will be validly issued as fully paid and nonassessable Subordinate Voting Shares, free and clear of
any liens or encumbrances, and will not be issued in violation of any pre-emptive or similar rights, rights of first refusal or restrictions
on transfer, other than those under the Company’s Articles and applicable securities laws.

		(e)	Subsidiaries. Except as set forth on Exhibit B, the Company does not have any subsidiaries and
has no equity or other interest in any other Person.

		(f)	No Conflicts. The execution, delivery and performance of each of the Transaction Documents
by the Company and the consummation of the transactions contemplated thereby will not: (i) result in any material violation of or be in
conflict with or constitute, with or without the passage of time and giving of notice, a default under or breach of the Articles or any
shareholders agreement of the Company or any material provision of any instrument, judgment, order, writ, decree or contract to which
the Company is a party or by which the Company is bound; or (ii) result in any material violation of any federal, state or provincial
statute, rule or regulation applicable to the Company.

		(g)	Consents. No consent, approval, qualification or authorization of, or registration, designation,
declaration or filing with, any local, state, provincial or federal governmental authority or any other Person on the part of the Company
is required in connection with the valid execution, delivery or performance by the Company of the Transaction Documents, or the offer,
sale or issuance of the Notes or the Subordinate Voting Shares into which the Note may convert, or the consummation of any transaction
contemplated thereby, except: (i) such filings as have been made prior to the date hereof; (ii) such consents and approvals as have been
obtained prior to the date hereof; and (iii) such additional post-closing filings as may be required to comply with applicable state,
provincial and federal securities laws, the policies of the Canadian Securities Exchange and with applicable general corporate laws of
various states and provinces, each of which will be filed with the proper authority by the Company in a timely manner.

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		(h)	Compliance with Law and Permits. The Company is not in violation in any material respect of any
applicable statute, rule, regulation, order or restrictions of any local, state, provincial or federal governmental authority in respect
of the conduct of its business or the ownership of its properties. The Company has all material franchises, permits, licenses and other
similar authorities necessary for the conduct of its business.

		(i)	Offering. Assuming the accuracy of the representations and warranties of each Investor contained
in Section 3 hereof, the offer, sale and issuance of the Notes and the issuance of any securities into which the Notes may convert, are
and will be exempt from the registration and prospectus delivery requirements of the U.S. Securities Act of 1933, as amended (the
“Securities Act”), and have been registered or qualified (or are exempt from registration and qualification) under
the registration, permit, or qualification requirements of all applicable state securities laws.

		(j)	Financial Matters. The audited annual financial statements of the Company and notes thereto as
at and for the year ended December 31, 2020 and the unaudited interim financial statements of the Company and the notes thereto as at
and for the six month period ended June 30, 2021 (collectively, the “Financial Statements”), in each case, present
fairly, in all material respects, the financial position of the Company as at the date indicated and the results of its operations and
changes in its financial position for the period specified and reflect all material liabilities (absolute, accrued, contingent or otherwise)
of the Company as of the date thereof and such financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America, except as otherwise stated therein on a consistent basis throughout the periods indicated.

		(k)	Insurance. The Company has in full force and effect insurance policies in such coverage amounts
as is reasonable and customary for companies conducting business and owning assets like the Company. The Company is not in default with
respect to any of the material provisions contained in any current insurance policy, and it has not has failed to give any notice or pay
any premium or present any unsettled claim under any current insurance policy in a due and timely fashion, and no claim has been made
under any insurance policy by the Company or any officer or director thereof (past or present) in the preceding three years. The Company
has directors and officers liability insurance (the “D&O Policy”) with responsible insurers in accordance with
acceptable industry standards for coverage in the amount of US$2,500,000. None of the Company or any officer or director thereof has any
reason to believe that any existing insurance policy of the Company will not be renewed or extended by the applicable insurance company
on said policy’s renewal or application date, including the D&O Policy.

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		(l)	Litigation. Other than as set out on the disclosure letter of even date provided by the Company
to the Investors (the “Disclosure Letter”), there is no action, suit, proceeding or investigation pending or, to the
Company’s knowledge, currently threatened against the Company that questions the validity of the Transaction Documents, or the right
of the Company to enter into such agreements, or to consummate the transactions contemplated hereby or thereby, or that could reasonably
be expected to result, either individually or in the aggregate, in any material adverse changes in the assets, condition or affairs of
the Company, financially or otherwise, or any change in the current equity ownership of the Company. The foregoing includes, without limitation,
actions, suits, proceedings or investigations pending or threatened involving the prior employment of any of the Company’s employees,
their use in connection with the Company’s business of any information or techniques allegedly proprietary to any of their former
employers, or their obligations under any agreements with prior employers. The Company is not a party or subject to the provisions of
any order, writ, injunction, judgment or decree of any court or government agency or instrumentality.

		(m)	Employee and Consultant Agreements. Each current and former employee, consultant, manager (or director)
and member (or stockholder) of the Company who has contributed to or participated in the development of Company patents, copyrights, trade
secrets, knowhow, confidential information, data, neighboring rights, trade-marks, trade names, service marks, industrial designs, mask
work, integrated circuit topography, whether registered or unregistered, and including rights in any application for any of the foregoing
(collectively, “Company Intellectual Property”) has executed an agreement with the Company regarding confidentiality,
proprietary information and assignment of works and inventions (the “Confidential Information Agreements”) or has been
party to a work-for-hire relationship with the Company that has accorded the Company full, effective, and exclusive original ownership
of all tangible and intangible property thereby arising with the respect to the Company Intellectual Property. None of the aforementioned
persons who are party to a Confidential Information Agreement has excluded any works or inventions from his or her assignment of inventions
to the Company pursuant to such Confidential Information Agreement, other than works or inventions that do not relate to the business
of the Company as currently conducted or as is proposed to be conducted in the future. The Company is not aware that any of the aforementioned
persons is in material violation of any Confidential Information Agreement.

		(n)	No “Bad Actor” Disqualification. To the Company’s knowledge, no Covered Person
(as defined below) is subject to any of the “bad actor” disqualification events described in Rule 506(d)(1)(i) through (viii)
under the Securities Act, except for a disqualification event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company
has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act. “Covered
Persons” are those persons specified in Rule 506(d)(1) under the Securities Act.

		(o)	Anti-Bribery. Neither the Company nor any of the Company’s directors, officers, employees
or agents have on the Company’s behalf, directly or indirectly, made, offered, promised or authorized any payment or gift of any
money or anything of value to or for the benefit of any “foreign official” (as such term is defined in the U.S. Foreign Corrupt
Practices Act of 1977, as amended (the “FCPA”)), foreign political party or official thereof or candidate for foreign
political office for the purpose of: (i) influencing any official act or decision of such official, party or candidate; (ii) inducing
such official, party or candidate to use his, her or its influence to affect any act or decision of a foreign governmental authority;
or (iii) securing any improper advantage, in the case of (i), (ii) and (iii) above in order to assist the Company or any of its affiliates
in obtaining or retaining business for or with, or directing business to, any person. Neither the Company nor any of its directors, officers,
employees or agents have on the Company’s behalf made or authorized any bribe, rebate, payoff, influence payment, kickback or other
unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation. Neither the Company nor, to the
Company’s knowledge, any of its officers, directors or employees, are the subject of any allegation, voluntary disclosure, investigation,
prosecution or other enforcement action related to the FCPA or any other anti-corruption law.

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		(p)	Brokers. The Company has not incurred, and will not incur, directly or indirectly, as a result
of any action taken by the Company, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges
in connection with the Transaction Documents or any of the transactions contemplated thereby.

		3	Representations and Warranties of the Investors

		3.1	Each Investor represents and warrants to the Company as of the date hereof that:

		(a)	Organization and Good Standing. Such Investor is duly organized, validly existing under,
and by virtue of, the laws of the jurisdiction of its formation, and is in good standing under such laws. Such Investor has all requisite
power and authority to own and operate its properties and assets, and to carry on its business as currently conducted. Such Investor is
not a resident of any province or territory of Canada.

		(b)	Authorization; Enforceability. All action on the part of such Investor necessary for the authorization,
execution, delivery and performance of the Transaction Documents, and the performance of all obligations of such Investor thereunder has
been taken. Each Transaction Document to which such Investor is a party constitutes a valid and binding obligation of such Investor, enforceable
against such Investor in accordance with their respective terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

		(c)	No Conflicts. The execution, delivery and performance of the Transaction Documents by such
Investor and the consummation of the transactions contemplated thereby will not: (i) result in any violation of or be in conflict with
or constitute, with or without the passage of time and giving of notice, a default under or breach of the organizational documents of
such Investor or any material provision of any instrument, judgment, order, writ, decree or contract to which such Investor is a party
or by which either is bound; or (ii) result in any material violation of any federal or state statute, rule or regulation applicable to
such Investor.

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		(d)	Securities Law Compliance. Such Investor has been advised that the Notes have not been registered
under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities
Act and applicable state securities laws or unless an exemption from such registration requirements is available. Such Investor is aware
that the Company is under no obligation to effect any such registration with respect to the Notes or to file for or comply with any exemption
from registration. Such Investor has not been formed solely for the purpose of making this investment and is purchasing the Note for its
own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof,
and such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. Such Investor
has such knowledge and experience in financial and business matters that such Investor is capable of evaluating the merits and risks of
such investment, is able to incur a complete loss of such investment without impairing such Investor’s financial condition and is
able to bear the economic risk of such investment for an indefinite period of time. Such Investor is an accredited investor as such term
is defined in Rule 501 of Regulation D under the Securities Act.

		(e)	No Public Market. Such Investor understands that no public market now exists for the Notes, and
that the Company has made no assurances that a public market will ever exist for the Notes.

		(f)	Access to Information. In making its determination to enter into this Agreement and consummate
the transactions contemplated hereby, such Investor has relied only on the results of its own independent investigation and has not relied
on any representations or warranties, whether written or oral and whether express or implied, made by the Company or any other person
or entity, except as expressly set forth in the Transaction Documents. The foregoing, however, does not limit or modify the representations
and warranties of the Company in Section 2 hereof or the right of such Investor to rely thereon.

		(g)	No “Bad Actor” Disqualification. Such Investor represents that neither such Investor
nor any person or entity with whom such Investor shares beneficial ownership of the Notes is subject to any of the “Bad Actor”
disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act.

		(h)	Restricted Securities. Each Investor understands that the Notes are characterized as “restricted
securities” under the Securities Act and Rule 144 promulgated thereunder (“Rule 144”) since they are
being acquired from the Company in a transaction not involving a public offering, and that under the Securities Act and applicable regulations
thereunder the Notes may be resold without registration under the Securities Act only in certain limited circumstances. Investor further
understands that the Company is under no obligation to register the Notes, and the Company has no present plans to do so. Furthermore,
each Investor is familiar with Rule 144, as presently in effect, and understands the limitations imposed thereby and by the Securities
Act on resale of the Notes without such registration. Each Investor understands that, whether or not the Notes may be resold in the future
without registration under the Securities Act, no public market now exists for any of the Notes and that it is uncertain whether a public
market will ever exist for the Notes.

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		(i)	Legends. Such Investor understands and agrees that the certificates evidencing the Notes will bear
legends substantially similar to those set forth below in addition to any other legend that may be required by applicable law, the Company’s
Articles or any other agreement between the Company and such Investor:

		(i)	THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THIS NOTE IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION
UNDER SUCH LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENT. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL
RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THIS NOTE MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ALL APPLICABLE STATE SECURITIES
LAWS. 

		(ii)	THE NOTES EVIDENCED BY THIS CERTIFICATE ARE CONVERTIBLE AT ANY TIME INTO CLASS
A SUBORDINATE VOTING SHARES OF THE COMPANY AT THE OPTION OF THE INVESTOR. A COPY OF THE COMPANY’S ARTICLES MAY BE OBTAINED, WITHOUT
CHARGE, AT THE COMPANY’S PRINCIPAL OFFICE.

		4	Conditions to Obligations of each Investor 

		4.1	Each Investor’s obligations at the Closing are subject to the fulfillment, on or prior to the Closing,
of all of the following conditions, any of which may be waived in whole or in part by such Investor:

		(a)	The representations and warranties made by the Company in Section 2 hereof shall be true and correct
in all material respects as of the Closing Date.

		(b)	The Company shall, in all material respects, have performed and complied with all covenants, agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by the Company on or before
the Closing Date.

		(c)	The Company shall have delivered to each Investor: (i) a certificate, dated the Closing Date, signed by
an officer of the Company, certifying that the conditions specified in Sections 4.1(a) and 4.1(b) have been fulfilled; and (ii) a copy
of the resolutions of the Company’s board of directors approving the Transaction Documents and the transactions contemplated under
the Transaction Documents.

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		4.2	The obligations of the Company to each Investor under this Agreement are subject to the fulfillment, on
or prior to such Closing, of all of the following conditions, any of which may be waived in whole or in part by each Investor:

		(a)	The representations and warranties made by such Investor in Section 3 hereof shall be true and correct
in all material respects as of the Closing Date.

		(b)	Such Investor shall, in all material respects, have performed and complied with all covenants, agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by such Investor on or before
the Closing Date.

		5	Covenants of the Company

		5.1	Origination Fee. Concurrently with the Closing, the Company shall pay to each Investor an origination
fee (the “Origination Fee”) equal to one percent (1%) of the “Principal Amount of Note” set forth opposite
such Investor’s name on Schedule 1, which amount shall be deducted from the proceeds from the sale of the Notes received by the
Company from such Investor. For the avoidance of doubt, the Origination Fee is separate and in addition to the Original Issue Discount.

		5.2	Non-Circumvention. The Company shall not take any action inconsistent with or intended to circumvent
any provision of the Transaction Documents or any other agreement between each Investor or its affiliates, on the one hand, and the Company
or any of its affiliates, on the other hand, relating to each Investor’s investment in the Notes.

		6	Miscellaneous

		6.1	Waivers and Amendments. Any term of this Agreement and the Notes may be amended and the observance
of any term of this Agreement or the Notes may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and all of the Investors. Any amendment or waiver effected in accordance with this Section 6.1
shall be binding upon each holder of Notes then outstanding, each future holder of such securities, and the Company.

		6.2	Investor Consents. Each Investor consents: (i) to the disclosure of certain information to the
Canadian Securities Exchange (the “CSE”) as required to be included in the CSE Form 9 - Notice of Issuance or Proposed
Issuance of Securities (“Form 9”) in connection herewith; and (ii) to the collection, use and disclosure of the information
by the CSE in the manner and for the purposes described in Appendix A of Form 9 or as otherwise identified by the CSE, from time to time.
The Investor also consents to the disclosure of information as may be required by one of more Canadian securities regulatory authorities
including pursuant to the filing of a report of exempt distribution.

		6.3	Governing Law; Venue. This Agreement and all actions arising out of or in connection with this
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of
law provisions of the State of New York that would otherwise require the application of the laws of a
different jurisdiction or venue. The parties hereto further agree that the venue for any action arising out of, related to, or in connection
with this Agreement shall be the state and federal courts in New York County in the State of New York, and the parties agree to the jurisdiction
and venue of the courts of said state to the exclusion of any other courts which otherwise may have had jurisdiction. This Agreement may
be introduced in any proceeding to establish the rights of any party under this Agreement.

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		6.4	Survival. The representations, warranties, covenants and agreements made herein shall survive
the execution and delivery of this Agreement and any closing.,, and shall in no way be affected by any investigation or knowledge of the
subject matter thereof made by or on behalf of any party.

		6.5	Successors and Assigns. Subject to the restrictions on transfer described in Section 6.5 below,
the rights and obligations of the parties shall be binding upon and benefit the successors, permitted assigns and transferees of the parties.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors, permitted assigns and transferees any rights, remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

		6.6	Assignment. The rights, interests or obligations hereunder may not be assigned, by operation of
law or otherwise, in whole or in part, by an Investor without the prior written consent of the Company or by the Company without the prior
written consent of the Investors.

		6.7	Entire Agreement. The Transaction Documents, together with any exhibits or schedules attached hereto,
constitute and contain the entire agreement among the Company and each Investor and supersede and cancel any and all prior agreements,
negotiations, correspondence, understandings and communications among the parties, whether written or oral, respecting the subject matter
hereof.

		6.8	Notices. All notices, requests, demands, consents, instructions or other communications required
or permitted hereunder shall be in writing and emailed, mailed or delivered to each party at such party’s address or e-mail address
set forth on the signature page to this Agreement, or at such other address or e-mail address as such party shall have furnished to the
other party in writing. All such notices and communications will be deemed effectively given the earlier of: (i) when received; (ii) when
delivered personally or when sent by email; (iii) one business day after being deposited with an overnight courier service of recognized
standing; or (iv) three days after being deposited in the U.S. mail, first class with postage prepaid.

		6.9	Expenses. Unless otherwise specified in this Agreement, each party shall pay its own legal and
other expenses with respect to the Transaction Documents and the transactions contemplated herein.

		6.10	Severability. If any provision of this Agreement shall be judicially determined to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

		6.11	Counterparts. This Agreement may be executed in one or more counterparts, each of which will be
deemed an original, but all of which together will constitute one and the same agreement. Counterparts may be delivered via facsimile
or electronic mail (including .pdf), and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

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		6.12	Cumulative Remedies. All of the remedies available to the parties under the terms of this Agreement
and applicable law shall be cumulative, and any party’s exercise of any one or more of those remedies shall not constitute an election
of remedies.

		6.13	Headings. All headings and subheadings used herein are inserted for convenience and ease of reference
only, and are not to be used in the construction or interpretation of any provisions of this Agreement, and in no way define, limit or
describe the scope of this Agreement or the intent of the parties hereto.

		6.14	Construction. This Agreement is the product of negotiation and preparation by and among the parties
hereto. As such, the rule of law providing that any ambiguities in this Agreement are to be construed against the drafter does not apply.

		6.15	Business Days. The term “business days” shall mean weekdays other than national, State
of Arizona or Province of British Columbia holidays or other days on which banks in the State of Arizona or the Province of British Columbia
are authorized or required to be closed. If any date hereunder for the taking of some action or the expiration of some time period falls
on a day that is not a business day in an applicable jurisdiction, such date shall be the next following business day. Any references
to a “day” or “days” in this Agreement shall mean calendar days unless expressly indicated otherwise.

[Signature
pages follow] 

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The parties have caused
this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date first written above.

 

	4Front Ventures Corp.
	 
	By: _________________________
	 
	Name: Leonid Gontmakher
	 
	Title: Chief Executive Officer
	 
	Address: 5060 North 40th Street, Suite 120, Phoenix, AZ 85018 
	Email: leo@4frontventures.com

 

 

 

    	 

    	 

    

 

	NAVY CAPITAL GREEN FUND, LP 
	 
	By: _________________________
	 
	Name: Sean Stiefel
	 
	Authorized Signatory
	 
	Address: 28 Reichert Circle, Westport, CT 06880
	Email: sean@navycapital.com.
	 
	 
	 
	NAVY CAPITAL GREEN CO-INVEST FUND, LLC
	 
	By: _________________________
	 
	Name: Sean Stiefel
	 
	Authorized Signatory
	 
	Address: 28 Reichert Circle, Westport, CT 06880
	Email: sean@navycapital.com.
	 
	HI 4Front, LLC

	By: _________________________
	 
	Name: Loren Roseman
	 
	Title: Vice President
	Address: 20 Thorndal Circle, Darien, CT  06820
	Email: lroseman@islandmanagementllc.com

 

 

    	 

    	 

    

SCHEDULE 1

SCHEDULE OF INVESTORS

 

	Name	Principal Amount of Note (USD)	Original Issue Discount (USD)	Purchase Price of Note (USD)[1]	Origination

Fee

 (USD)[2]
	
    Navy Capital Green Co-Invest Fund, LLC

     
	$9,028,000	$270,840	$8,757,160	$90,280
	
    Navy Capital Green Fund, LP

     
	$972,000	$29,160	$942,840	$9,720
	
    HI 4Front, LLC

     
	$5,000,000	$150,000	$4,850,000	$50,000

 

 

 

1
Purchase Price of Note equals 97% of Principal Amount of Note.

2
Origination Fee equals 1% of Principal Amount of Note.

 

    	 

    	 

    

 

EXHIBIT A

FORM OF NOTE

 

(See attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

 

THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THIS
NOTE IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER SUCH LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENT. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER
OF THIS NOTE MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER
OR RESALE IS IN COMPLIANCE WITH THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS.

THE NOTES EVIDENCED BY THIS
CERTIFICATE ARE CONVERTIBLE AT ANY TIME INTO CLASS A SUBORDINATE VOTING SHARES OF THE COMPANY AT THE OPTION OF THE INVESTOR. A COPY OF
THE COMPANY’S ARTICLES MAY BE OBTAINED, WITHOUT CHARGE, AT THE COMPANY’S PRINCIPAL OFFICE.

4Front
Ventures Corp.

CONVERTIBLE PROMISSORY NOTE

	Note Principal Amount:	US$[•] ([•] Dollars)
	Date of Note:	October [•], 2021

FOR
VALUE RECEIVED, 4Front Ventures Corp., a British Columbia corporation (the “Company”), promises to pay to [•]
(the “Investor”), or its registered assigns, in lawful money of the United States of America the principal amount of
US$[•], or
such lesser amount as shall equal the outstanding principal amount hereof, together with simple interest accrued from the date of this
Convertible Promissory Note (this “Note”) on the unpaid principal balance at a rate of six percent (6%) per annum,
calculated daily, computed on the basis of the actual number of days elapsed and a year of 365 days. The Company will pay all accrued
and unpaid interest on the unpaid principal balance of this Note in cash or other immediately available funds in arrears on October [•],
of each year, beginning on October [•],
2022. This Note is one of the “Notes” issued pursuant to the Convertible Promissory Note Purchase Agreement dated as of October
[•], 2021,
entered into between the Company, the Investor and certain other investors listed therein (the “Purchase Agreement”).
Capitalized terms not defined herein have the meanings given to such terms in the Purchase Agreement. 

The following is a statement
of the rights of the Investor and the conditions to which this Note is subject, and to which the Investor, by the acceptance of this Note,
agrees.

1.       Payments.

		(a)	Maturity. Unless converted earlier in accordance with its terms, all unpaid principal, together
with any then unpaid and accrued interest and other amounts payable hereunder (the “Outstanding Balance”), shall be
due and payable on the earlier of: (i) the third anniversary of the date of this Note (the “Maturity Date”); (ii) the
closing of any Change of Control in accordance with, and subject to the Investor satisfying the requirements of, Section 6(b); and (iii)
when, upon the occurrence and during the continuance of an Event of Default, such amounts are declared due and payable by the Investor
or made automatically due and payable.

    	 

    	 

    

 

 

		(b)	Voluntary Prepayment. This Note may not be prepaid by the Company without the written consent of
the Investor. Any such prepayment by the Company shall be applied first to the payment of accrued interest owing under this Note and then
to the payment of the principal amount of this Note.

2.       Subordination.

The Investor agrees and
acknowledges that this Note and the Obligations hereunder are unsecured obligations of the Company and subordinated and subject to all
secured indebtedness of the Company existing and outstanding as of the date hereof, including, without limitation all secured indebtedness,
claims, debts, liabilities or other obligations from the Company to LI Lending LLC. The Notes shall be subordinate to any senior secured
indebtedness of the Company. The Investor further covenants and agrees to execute and deliver such instruments and take such further action
as may reasonably be requested by the Company or its lenders to evidence such subordination.

3.       Events
of Default. The occurrence of any of the following shall constitute an “Event of Default” under this Note and the
other Transaction Documents:

		(a)	Failure to Pay. The Company shall fail to make any payment when required under the terms of this
Note or any other Transaction Document on the date due and such payment shall not have been made within 10 business days of the Company’s
receipt of written notice to the Company of such failure to pay.

		(b)	Voluntary Bankruptcy or Insolvency Proceedings. The Company shall: (i) apply for or
consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property;
(ii) admit in writing its inability to pay its debts generally as they mature; (iii) make a general assignment for the benefit
of its or any of its creditors; (iv) be dissolved or liquidated; (v) commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary
case or other proceeding commenced against it; or (vi) resolve by shareholder or director resolution to effect any of the foregoing.

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

    	 

    	 

    

 

 

		(d)	Material Breach of Obligation. The Company materially breaches any obligation to the Investor
under this Note or the Purchase Agreement and does not cure such breach within fifteen (15) days after written notice thereof has been
given by or on behalf of such Investor to the Company.

		(e)	Material Breach of Representation or Warranty. Any material breach of a representation or
warranty of the Company set forth in Section 2 of the Purchase Agreement in any material respect.

		(f)	Default Under Material Indebtedness. The Company defaults under any other material indebtedness,
other than the Note, and does not cure such default within thirty (30) days after written notice thereof by the applicable creditor of
such default.

4.       Rights
of Investor upon Default. Upon the occurrence of any Event of Default (other than an Event of Default described in Sections 3(b)
or 3(c)) and at any time thereafter during the continuance of such Event of Default, the Investor may, by written notice to the Company,
declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest
or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents
to the contrary notwithstanding. Upon the occurrence of any Event of Default described in Sections 3(b) or 3(c), immediately and
without notice, all outstanding Obligations payable by the Company hereunder shall automatically become immediately due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in
the other Transaction Documents to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during
the continuance of any Event of Default, the Investor may exercise any other right, power or remedy granted to it by the Transaction Documents
or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

5.       Conversion.

		(a)	Voluntary Conversion. The Investor may elect at any time this Note is still outstanding to convert
the full Outstanding Balance into a number of Class A Subordinate Voting Shares of the Company (“Subordinate Voting Shares”)
equal to (i) the Outstanding Balance divided by (ii) the Conversion Price (as defined below), by submitting a completed notice
of conversion in the form attached hereto as Schedule 1 accompanied by the original Note at the principal office of the Company.

		(b)	Adjustments. If the Company at any time after the date hereof, subdivides (by any share split,
share dividend, recapitalization or otherwise) the outstanding Subordinate Voting Shares into a greater number of shares, the Conversion
Price in effect immediately prior to such subdivision shall be proportionately decreased so that the number of Subordinate Voting Shares
issuable on conversion of this Note shall be increased in proportion to such increase in the aggregate number of Subordinate Voting Shares
outstanding. If the Company at any time on or after the date hereof combines (by combination, reverse share split, share consolidation
or otherwise) the outstanding Subordinate Voting Shares into a smaller number of shares, the Conversion Price in effect immediately prior
to such combination shall be proportionately increased so that the number of Subordinate Voting Shares issuable on conversion of this
Note shall be decreased in proportion to such decrease in the aggregate number of Subordinate Voting Shares outstanding.

    	 

    	 

    

 

 

In the case of any reclassification
of, or other change in, the outstanding Subordinate Voting Shares other than a subdivision, redivision, reduction, combination or consolidation,
subject to regulatory approval, the Investor shall be entitled to receive upon conversion pursuant to this Section 5, and shall accept
in lieu of the number of Subordinate Voting Shares to which it was theretofore entitled upon such conversion, the kind and amount of shares
and other securities or property which the Investor would have been entitled to receive as a result of such reclassification if, on the
effective date thereof, it had been the registered holder of the number of Subordinate Voting Shares to which it was theretofore entitled
upon conversion. If necessary, appropriate adjustments shall be made in the application of the provisions set forth in this Section 5
with respect to the rights and interests thereafter of the Investor to the end that the provisions set forth in this Section 5 shall thereafter
correspondingly be made applicable as nearly as may be possible in relation to any shares or other securities or property thereafter deliverable
upon the conversion of any Note.

		(c)	Effect of Conversion. Upon the due conversion of this Note pursuant to this Section 5: (i) the
Company shall cause its transfer agent to enter the Investor in the books of the Company as at the effective time of such conversion described
in Section 4(a) as the holder of record of that number of Subordinate Voting Shares that the Investor is entitled to receive on conversion
pursuant to this Section 5; (ii) the Company shall cause its transfer agent, if applicable, to deliver to the Investor a certificate or
direct registration statement representing such shares registered in the name of the Investor; and (iii) this Note shall automatically
be deemed fully-paid, satisfied in full, and cancelled without any further action on the part of the Company or Investor.

6.       Change
of Control. 

		(a)	The Company shall provide the Investor with written notice of a proposed Change of Control (a “Change
of Control Notice”) as soon as reasonably practicable in advance of such Change of Control (but in any event, no less than thirty
(30) days prior to the closing of such Change of Control).

		(b)	Upon receipt of a Change of Control Notice, the Investor may, in its sole discretion, by written notice
to the Company, demand full repayment of any then Outstanding Balance under this Note, which shall then become due and payable in full
immediately prior to the closing of such Change of Control, and no Change of Control shall be completed prior to repayment in full of
the Outstanding Balance. The repayment without penalty of the Outstanding Balance by the Company to the Investor shall be paid no later
than contemporaneously with the closing of any such Change of Control transaction in cash by wire transfer of immediately available funds,
to an account as directed in writing by the Investor. If the Investor has not demanded repayment of the Outstanding Balance under this
Note within ten (10) business days of receipt of the Change of Control Notice, this Note shall remain an outstanding Obligation of the
Company or the surviving entity following a Change of Control, as applicable, unless otherwise converted earlier by the Investor or prepaid
earlier by the Company, each in accordance with the terms hereof.

    	 

    	 

    

 

 

		(c)	The Investor may elect at any time this Note is still outstanding after a Change of Control in which the
Company is not the surviving entity and the consideration received by the Company’s shareholders in such Change of Control transaction
is securities of the acquiring entity, to convert the Outstanding Balance into such number of securities of the acquiring entity that
the Investor would have received if the Outstanding Balance was converted into Subordinate Voting Shares in accordance with Section 5(a)
as of immediately prior to such Change of Control and such Subordinate Voting Shares were acquired as part of such Change of Control transaction.
For the avoidance of doubt, this Note shall remain an outstanding Obligation of the Company or the surviving entity following a Change
of Control, as applicable, unless the Investor demands repayment in accordance with Section 6(b) or this Note is converted earlier by
the Investor or prepaid earlier by the Company, each in accordance with the terms hereof.

7.       Definitions.
As used in this Note, the following capitalized terms have the following meanings:

“Change of Control”
means: (A) any transaction or series of related transactions (whether by purchase, merger or otherwise) whereby a person (as that term
is used in Section 13(d)(3) of the United States Securities Exchange Act of 1934) or persons acting jointly or in concert directly
or indirectly (including through beneficial ownership) acquires shares representing more than 50% of the voting power in the votes that
may be ordinarily cast at a general meeting (“Voting Power”); (B) the Company’s amalgamation, consolidation or
merger with or into any other person, any merger of another person into the Company, unless the holders of voting securities of the Company
immediately prior to such amalgamation, consolidation or merger hold securities representing 50% or more of the Voting Power in the Company
or the successor entity upon completion of such consolidation or merger; or (C) any conveyance, transfer, sale lease or other disposition
of all or substantially all of the Company’s and the Company’s subsidiaries’ assets and properties, taken as a whole,
to a person in an Arm’s Length (as that term is used in the Internal Revenue Code) transaction.

“Conversion Price”
means a price per share equal to US$1.03 as may be adjusted from time to time pursuant to Section 5(b) hereof.

“Event of Default”
has the meaning given in Section 3 hereof.

“Obligations”
shall mean and include all loans, advances, debts, liabilities and obligations of every kind and description, howsoever arising, owed
by the Company to the Investor, now existing or hereafter arising under or pursuant to the terms of this Note and the other Transaction
Documents, including all interest, fees, charges, expenses, reasonable attorneys’ fees and costs and reasonable accountants’
fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or
contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United
States Code (11 U. S. C. Section 101 et seq.), as amended from time to time, and whether or not allowed or allowable as a
claim in any such proceeding.

    	 

    	 

    

 

 

“Person”
shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability
company, an unincorporated association, a joint venture or other entity or a governmental authority.

8.       Miscellaneous.

		(a)	Assignment. Neither this Note nor any of the rights, interests or obligations hereunder may be
assigned, by operation of law or otherwise, in whole or in part, by the Company without the prior written consent of the Investor or by
the Investor without the prior written consent of the Company.

		(b)	Waiver and Amendment. This Note and all other Notes may be amended, and any provisions under
this Note and all other Notes may be waived, only with the written consent of the Company and all of the Investors as provided in Section 6.1
of the Purchase Agreement. Any amendment or waiver effected in accordance with this Section 8(b) shall be binding upon the Investor (regardless
of whether the Investor consented to such amendment or waiver), each future holder of such securities, and the Company.

		(c)	Notices. All notices, requests, demands, consents, instructions or other communications
required or permitted hereunder shall be in writing and mailed, sent via e-mail or delivered to each party at the respective addresses
of the parties as set forth in the Purchase Agreement, or at such other address or e-mail address as the Company shall have furnished
to the Investor in writing. All such notices and communications will be deemed effectively given upon the earliest of: (i) receipt;
(ii) delivery in person or by e-mail; (iii) one (1) business day after deposit with an overnight courier service of recognized
standing; and (iv) three (3) days after deposit in the U.S. mail, first class with postage prepaid.

		(d)	Payment. Unless converted into Subordinate Voting Shares pursuant to the terms hereof, payment
under this Note shall be made in lawful tender of the United States via wire transfer of immediately available funds to an account maintained
by the Investor with such bank as the Investor may designate in writing from time to time to the Company, provided that the final payment
on the Outstanding Balance shall be made on presentation and surrender of this Note to the Company at its registered office.

		(e)	Usury. All agreements between the Company and the Investor are hereby expressly limited
so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced hereby or otherwise,
shall the amount paid or agreed to be paid to the Investor for the use, forbearance, loaning or detention of the indebtedness evidenced
hereby exceed the maximum permissible under applicable law. If, from any circumstance whatsoever, fulfillment of any provision hereof
at any time given the amount paid or agreed to be paid shall exceed the maximum permissible under applicable law, then, the obligation
to be fulfilled shall automatically be reduced to the limit permitted by applicable law, and if from any circumstance the Investor should
ever receive as interest an amount which would exceed the highest lawful rate of interest, such amount which would be in excess of such
highest lawful rate of interest shall be applied to the reduction of the principal balance evidenced hereby and not to the payment of
interest. This provision shall be binding upon and available to any subsequent holder of this Note.

    	 

    	 

    

 

 

		(f)	Waivers. The Company hereby waives notice of default, presentment or demand for payment,
protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.

		(g)	Governing Law; Venue. This Note and all actions arising out of or in connection with this Note
shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law provisions
of the State of New York that would otherwise require the application of the laws of a different jurisdiction or venue. The parties hereto
further agree that the venue for any action arising out of, related to, or in connection with this Note shall be the state and federal
courts in New York County in the State of New York, and the parties agree to the jurisdiction and venue of the courts of said state to
the exclusion of any other courts which otherwise may have had jurisdiction. This Note may be introduced in any proceeding to establish
the rights of any party under this Note.

		(h)	Captions. The captions to the sections of this Note are for convenience only and shall not be deemed
part of the text of the respective sections and shall not vary, by implication or otherwise, any of the provisions of this Note.

		(i)	Severability. If any provision of this Note, or the application of it to any party or circumstance
is held void, invalid, or unenforceable by a court of competent jurisdiction, the remainder of this Note, and the application of such
provision to other parties or circumstances, shall not be affected thereby, the provisions of this Note being severable in any such instance.

[Signature page follows]

    	 

    	 

    

The Company has caused this Note to be issued
as of the date first written above.

 

 

	4Front Ventures Corp.
	 
	 
	 
	By:
_____________________________________
	 
	Name: Leonid Gontmakher
	Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

Signature Page – Convertible
Promissory Note

 

    	 

    	 

    

SCHEDULE 1

CONVERSION NOTICE 

TO:4Front
Ventures CORP. (the “Company”)

The
undersigned registered holder of the unsecured subordinated convertible promissory note dated October 6, 2021 (the “Note”),
given by the Company, hereby subscribes for Subordinate Voting Shares of the Company, on the terms specified in the Note, to the extent
of USD$[•].
The Note is hereby tendered to the Company and will, upon due issuance of the Subordinate Voting Shares aforesaid and, if required, any
replacement Note for any portion of the Note not converted, be null and void. 

The Subordinate Voting Shares
subscribed for will be issued as set forth below and will be mailed or delivered to the address set forth below.

Capitalized terms not defined
on this conversion notice have the meanings ascribed to them in the Note.

DATED
this [•] day
of [•], 202[•].

	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

Print below the name and address
in full of the Investor in whose name the Subordinate Voting Shares subscribed for are to be issued.

	Name:	[•]
	
    Address:

     

     
	[•]
	Tax ID:	[•]

 

 

 

    	 

    	 

    

 

EXHIBIT B

SUBSIDIARIES

 

		1.	326 Bear Creek Commons LLC

		2.	3907 Falls Road, LLC

		3.	401 East Main Street LLC

		4.	4600 W. Dickman Road LLC

		5.	4F MARI InvestCo, LLC

		6.	4Front Advisors, LLC

		7.	4Front Arkansas, LLC

		8.	4Front Californa Capital Holdings, Inc. fka Cannex Holdings (California) Inc.

		9.	4Front Holdings LLC

		10.	4Front CIHI InvestCo, LLC

		11.	4Front NECC Acquisition Co.

		12.	4Front Nevada Corp., fka Cannex Holdings (Nevada) Inc.

		13.	4Front Management Associates, LLC

		14.	4Front PM InvestCo, LLC

		15.	4Front U.S. Holdings Inc.

		16.	4Front Ventures Corp.

		17.	8554 S. Commercial Ave, LLC

		18.	883 Hyde Park Ave, LLC

		19.	Ag-Grow Imports, LLC

		20.	BF Medical Maryland, LLC

		21.	Brightleaf Development, LLC

		22.	Fuller Hill Development Co. LLC

		23.	Harborside Illinois Grown Medicine, Inc.

		24.	Healthy Pharms, Inc.

		25.	IL Grown Medicine, LLC

		26.	Linchpin Investors, LLC

		27.	Mission Great Lakes LLC

		28.	Mission MA, Inc.

		29.	Mission MI Management, LLC

		30.	Mission MI, LLC

		31.	Mission New Jersey LLC

		32.	Mission New Jersey Management, LLC

		33.	Mission North Dakota I, LLC

		34.	Mission Partners IP, LLC

		35.	Mission Partners RE, LLC

		36.	Mission Partners USA, LLC

		37.	Mission Youngstown, LLC

		38.	MMA Capital, LLC

		39.	MNJ Consulting Group LLC

		40.	OM of Medicine, LLC

		41.	Pure Ratios Holdings Inc.

		42.	Real Estate Properties LLC

		43.	The Mission Brand Ambassador Group, LLC

		44.	The Mission Partners LLCglxz-ex101_22.htm

EXHIBIT 10.1

AGREEMENT 

THIS AGREEMENT is made and entered into by and between Galaxy Gaming, Inc. ("Galaxy"), Mark Lipparelli ("Lipparelli"), William A. Zender ("Zender"), Bryan W. Waters ("Waters"), Janice DesRosiers, Personal Representative and Administrator for Norman H. Desrosiers ("DesRosiers") (Lipparelli, Zender, Waters, and DesRosiers are collectively referred to as the "Galaxy Directors"), Triangulum Partners, LLC ("Triangulum"), and Robert B. Saucier ("Saucier," and together with Triangulum, the "Triangulum Parties").  Galaxy, the Galaxy Directors, Triangulum, and Saucier are collectively referred to as the "Parties" or individually as a "Party." 

RECITALS

A.WHEREAS, on May 6, 2019, Galaxy redeemed all 23,271,667 shares of Galaxy common stock held by Triangulum, which represented a majority of Galaxy's outstanding common stock.    As consideration for the redemption of Triangulum’s shares in Galaxy (the "Redemption"), Galaxy issued a promissory note payable to Triangulum in the face amount of $39,096,401.00 (the "Note"), the full amount of which is outstanding.

B.WHEREAS, on May 6, 2019, Galaxy commenced legal action against Saucier and Triangulum by filing a complaint in the Eighth Judicial District Court, Clark County, Nevada, entitled Galaxy Gaming, LLC v. Triangulum Partners, LLC, et al., Case No. A-19-794293-B (the "Main Action"), seeking (i) a declaratory judgment that Galaxy acted lawfully and in full compliance with its Articles when Galaxy redeemed the Triangulum shares and (ii) certain remedies for alleged breach of fiduciary duty and breach of contract by Triangulum and its Manager, Member, and beneficial owner, Saucier.   

C.WHEREAS, on June 10, 2019, in the Main Action, Triangulum filed its Answer and Counterclaim against Galaxy and the Galaxy Directors, and filed its Amended Counterclaim against Galaxy and the Galaxy Directors on July 18, 2019.  The Amended Counterclaim seeks (i) a declaratory judgment that Galaxy acted unlawfully and in breach of its Articles when Galaxy redeemed the Triangulum shares and (ii) certain remedies against Galaxy and the Galaxy Directors alleged to be arising from the redemption, including for alleged breach of fiduciary duty, breach of contract and quantum meruit. 

D.WHEREAS, on October 18, 2019, in the Main Action, Saucier filed his Answer and Counterclaim, asserting claims against Galaxy and Lipparelli, including for alleged fraud, breach of contract and quantum meruit.

E.WHEREAS, on May 19, 2020, Saucier commenced a separate legal action by filing a Verified Complaint for Advancement in the Eighth Judicial District Court, Clark County, Nevada, entitled Robert Saucier v. Galaxy Gaming, Inc., Case No. A-20-815190-B, seeking declaratory relief that he is entitled to advancement, and asserting a claim for breach of contract seeking advancement (the "Advancement Action").

F.WHEREAS, on December 18, 2020, Saucier commenced a separate legal action by filing a complaint in the Eighth Judicial District Court, Clark County, Nevada, entitled Robert 

 

 

Saucier v. Galaxy Gaming, Inc., Case No. A-20-826724-B, asserting a claim of breach of contract related to indemnification (the "Indemnity Action").1 

G.WHEREAS, the Actions are in various stages: (i) discovery in the Main Action is statutorily stayed pending one of two appeals, Case No. 81936 (Galaxy’s appeal of the denial of Galaxy’s special motion to dismiss pursuant to NRS 41.660 (the "Anti-Slapp Appeal")); (ii) the Advancement Action is on appeal, with three appeals pending; and (iii) the Indemnity Action is in its nascent stages.

H.WHEREAS, the Parties dispute the allegations asserted against them in the Actions, and desire and intend to resolve all issues related to the Actions.

I.WHEREAS, the Parties acknowledge that Payment (defined below) when tendered by Galaxy constitutes adequate, sufficient, full, final and complete consideration of the obligations set forth herein including without limitation the settlement of all Actions and known and unknown claims in relation to and arising from the Actions, the Redemption, and the mutual general release of all Parties set forth in Article II below.

NOW THEREFORE, in consideration of the respective promises, covenants, releases, agreements, representations, warranties and indemnities of the Parties herein contained, and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each party), the Parties agree as follows:

Article I
terms

1.1Terms 

The Parties hereby agree to the following terms and conditions, and further agree to perform any and all acts, and execute any and all documents necessary or appropriate to implement the Agreement and the terms herein:

	
 
	
(a)
	
All Recitals are incorporated by reference as if fully set forth herein.

	
 
	
(b)
	
The effectiveness of this Agreement is expressly conditioned upon Galaxy's tender of payment  to Triangulum, in immediately available funds, of an amount equal to the purchase price calculated under Galaxy's amended and restated articles of incorporation, $39,096,401.00 (Thirty-Nine Million, Ninety-Six Thousand, Four Hundred and One Dollars and Zero Cents), plus accrued and unpaid interest since May 6, 2021 at a rate of Two Percent (2%) as of the date of payment in good and valuable U.S. funds, without withholding or deduction (the "Payment"), in full and final settlement of the Actions, the mutual general release of all Parties set forth in 

	
	 

	
1 
	
 The Main Action, the Advancement Action, and the Indemnity Action are referred to collectively herein as the "Actions."

2

 

 

	
 
		
Article II below, and in full and final satisfaction of the Note any and all related obligations, and the obligations set forth in this Agreement. 

	
 
	
(c)
	
When made, the tender of Payment by Galaxy constitutes adequate, sufficient, full and complete consideration of the obligations set forth herein including, without limitation, the settlement of all Actions, and the Redemption and known and unknown claims in relation the foregoing and the mutual general releases set forth in Article II below.  It is the intent of the Parties to fully, finally, completely and forever settle all claims, known and unknown, that each of them has had, now has, or may have, including, without limitation, any claims that relate to or arise from the Actions, Redemption, or any actions or inactions of each of the Parties. 

	
 
	
(d)
	
Galaxy shall have until December 31, 2021 (the "Stay Period") to tender the Payment to Triangulum, via wire transfer to:

Triangulum Partners, LLC @ Nevada State Bank

Routing #: 122400779

Account #: 983473844

 

	
 
	
(e)
	
The Parties shall submit stipulations to stay the Actions during the Stay Period in the forms attached hereto as Exhibit 1.

	
 
	
(f)
	
If Galaxy is unable to obtain and/or raise the Payment during the Stay Period such that it cannot pay the Payment before the expiration of the Stay Period, (1) the Parties can agree, in writing, to extend the deadlines, or (2) this Agreement expires and is null and void and of no effect, and the Actions continue.  

	
 
	
(g)
	
Galaxy represents, warrants and agrees that it will not file any voluntary petition for bankruptcy petition for a period of not less than ninety (90) days from the date of its tender of the Payment, or any portion of the Payment.

	
 
	
(h)
	
Saucier agrees that for a period ending five (5) years after Payment, he shall not direct or encourage Galaxy's affiliates to, and shall not directly or indirectly assist any other person or entity to, whether paid or not:

	
 
	
(i)
	
Serve as a partner, principal, employee, consultant, officer, director, manager, agent, affiliate, representative, advisor, promoter, or associate of/with; or

	
 
	
(ii)
	
Directly or indirectly own, purchase, organize, or take prefatory steps for the organization of; or 

	
 
	
(iii)
	
build, design, finance, license, acquire, lease, operate, control, invest in, or otherwise join, participate in, or affiliate himself with; 

any business whose business, products, or operations are competitive with the actual business of Galaxy (as that business was on the date of the Agreement).

3

 

 

The foregoing covenant shall cover Galaxy's activities in every part of the Territory, defined to mean the State of Nevada, all other states of the United States in which Galaxy conducts business, and all other countries of the world in which Galaxy conducts business. 

	
 
	
(i)
	
Triangulum and Saucier shall not purchase, directly or indirectly, any Galaxy stock.

	
 
	
(j)
	
Neither Triangulum, nor Saucier, nor any affiliate or related person or entity of Triangulum or Saucier, shall initiate, cooperate with or be directly or indirectly involved with or advise those undertaking any proxy solicitation related to the Company or any other means of affecting the Board of Directors or stock ownership of and in the Company or any other attempt to influence the management or direction of the Company.

1.2Dismissal

No later than three (3) business days after Galaxy's Payment to Triangulum, the Parties shall file, in each of the three Actions (and related appeals), a stipulation and order of complete dismissal, with prejudice, each Party to bear its own fees and costs.

Article II
MUTUAL GENERAL RELEASES

2.1Mutual General Releases

Subject to the obligations set forth in this Agreement, and in consideration for the mutual promises contained herein, the Triangulum Parties and the Galaxy Parties, and their subsidiaries, predecessors, successors, heirs, representatives, stockholders, owners, principals, partners, officers, managers, agents, attorneys, employees, and affiliated individuals and entities knowingly, voluntarily, and  irrevocably release, acquit, and forever discharge the other Parties, their affiliates, subsidiaries, predecessors, successors, heirs, representatives, stockholders, owners, principals, partners, officers, managers, agents, attorneys, employees, and affiliated individuals and entities from any and all claims, actions, causes of action, liabilities, demands, counterclaims, third-party claims, costs, losses, suits, rights, damages, attorneys' fees, expenses, liens, and/or encumbrances, and all rights to payment of any type or nature whatsoever, whether known or unknown, or hereinafter discovered, fixed or contingent, accrued or not yet accrued, matured or not yet matured, anticipated or unanticipated, asserted or unasserted, in law or equity, which have been asserted or could have been asserted against each other from the beginning of time to the effective date of this Agreement, including, but not limited to, claims related to the conduct, actions, or events described or discussed in the Actions, Saucier's roles as founder, employee, executive, officer, director, or beneficial stockholder, Galaxy, it officers, and/or its directors' conduct during their tenure on the Galaxy board of directors, or their decisions that lead up to, during, and following the Redemption  and the issuance and terms of the Note. 

 

4

 

 

 

2.2Indemnification & Hold Harmless

	
 
	
(a)
	
Notwithstanding the forgoing mutual release, in the event any of the actions of the Galaxy Parties (inclusive of their affiliated individuals/entities and anyone who could collect through them) results in the Triangulum Parties and/or the Triangulum releasees (identified above) being made parties to any lawsuit, action, or proceeding (whether under theories of indemnity, contribution, or otherwise), the Galaxy Parties agree to release, defend, indemnify, and hold harmless the Triangulum Parties and/or the Triangulum releasees from any and all claims, actions, causes of action, demands, counterclaims, third-party claims, costs, losses, suits, rights, damages, attorneys’ fees, expenses, liens, and/or encumbrances.  

	
 
	
(b)
	
In the event of any third-party lawsuit, action, or proceeding against Saucier for good faith actions taken in his prior role as an officer and/or director of Galaxy, Galaxy is not released from the terms of the May 2016 Indemnification Agreement with Saucier.  

	
 
	
(c)
	
Notwithstanding the foregoing mutual general release, in the event any of the actions of the Triangulum Parties (inclusive of their affiliated individuals/entities and anyone who could collect through them) results in the Galaxy Parties and/or the Galaxy releasees (identified above) being made parties to any lawsuit, action, or proceeding (whether under theories of indemnity, contribution, or otherwise), the Triangulum Parties agree to release, defend, indemnify, and hold harmless the Galaxy Parties and/or the Galaxy releasees from any and all claims, actions, causes of action, demands, counterclaims, third-party claims, costs, losses, suits, rights, damages, attorneys’ fees, expenses, liens, and/or encumbrances. 

	
 
	
(d)
	
For the avoidance of doubt, paragraph 2.2 and 6.5(b) and (c) set forth the only exceptions to the Parties’ mutual release.

2.3Each Party is entering this Agreement in good faith and no Party (as part of this bargain) is intending to retain any claim or rights against the other nor will any Party develop, create, appeal, re-file, or argue any of the matters between the Parties in any forum. It is the intention of each Party that all of the releases referenced herein shall apply in all respects in all jurisdictions or forums (state, local, federal or otherwise).

2.4This release includes, but is not limited to, claims for discrimination arising under federal, state, and local statutory or common law, including Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Genetic Information and Discrimination Act, and Nevada law. 

Article III
NO ADMISSION OF LIABILITY

This Agreement, the negotiations leading up to this Agreement, and compliance with the terms of this Agreement shall not be construed as an admission of any liability, misconduct, or wrongdoing whatsoever, or of any violation of any order, law, statute, duty, or contract whatsoever as to any of the Parties.

5

 

 

 

Article IV
CONFIDENTIALITY/NON-DISPARAGEMENT

4.1The Parties agree to keep all negotiations leading up to this Agreement confidential and shall not disclose any details about the discussions and/or disclosure of the facts and terms of this Agreement to anyone outside of their organization, their lawyers, financial advisors, or gaming or regulatory authorities, unless: (1) compelled to do so by an order or subpoena of a court or governmental agency; (2) as otherwise required by law; or (3) as otherwise agreed to by the Parties.

4.2If a Party receives a subpoena or court order to which this Agreement may be responsive, the receiving Party shall provide notice and a copy of the subpoena and/or order to the other Party, and reasonably cooperate to protect the confidentiality of this Agreement and its contents.  

4.3The Parties expressly acknowledge and agree that this Agreement and its contents may be disclosed to any gaming or other regulatory authority with jurisdiction over a Party upon request by such authority without delay or notice to or consent from any other Party, and such disclosure shall not constitute a violation of this Agreement. In addition, Galaxy may file notice of this Agreement with the SEC pursuant to its public company obligations.

4.4The Parties agree that, subject to the disclosures otherwise provided in this Article IV, they shall not disparage the other Parties, or their officers, directors, executives, principals, and/or attorneys, or make or publish any communication or remarks, express or implied, that reflects adversely upon any one or combination of them.  The Parties agree that, in the event any one of them receives inquiries from gaming regulators concerning each other, the Parties will respond by providing only the information requested. 

Article V
INTERPRETATION

5.1Entire Agreement

This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether written or oral.  There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory, or otherwise, relating to the subject matter hereof except as herein provided. 

5.2Severability

If any provision of this Agreement is determined by an arbitrator or a court of competent jurisdiction to be illegal, invalid, or unenforceable, that provision will be severed from this Agreement and the remaining provisions will continue in full force and effect without amendment.

5.3Applicable Law

This Agreement was drafted through the joint efforts of the Parties and/or through counsel, and shall not be read for or against any Party to this Agreement. This Agreement is intended to be 

6

 

 

enforced according to its written terms under the laws of the State of Nevada.  Venue for any legal action concerning this Agreement shall lie exclusively in the state or federal courts of the State of Nevada, located in Clark County.  All Parties consent to the exclusive jurisdiction and venue in such courts, and waive any argument of personal jurisdiction, inconvenient forum, or improper venue. 

5.4Jury Trial Waiver.

 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION; (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.  FOR THE AVOIDANCE OF DOUBT, THIS JURY TRIAL WAIVER IS OF NO FORCE OR EFFECT UPON ANY EXPIRATION OF THIS AGREEMENT.

5.5Costs and Attorneys' Fees.

If any legal action or other proceeding is brought by any of the Parties hereto relating to this Agreement or to recover damages or equitable relief for a breach or threatened breach thereof, the prevailing Party shall recover its costs and reasonable attorney's fees incurred in such an action or proceeding, which amount shall be determined by a court and not a jury.

5.6Successors and Assigns

Neither Party may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that Galaxy may assign its rights and obligations under this Agreement without the consent of the Triangulum Parties in the event Galaxy shall hereafter effect a corporate reorganization, consolidate with, or merge into, any person or entity or transfer all or substantially all of its properties or assets to any person or entity. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon the Parties, their respective successors, executors, administrators, heirs, devisees, and permitted assigns. 

 

5.7Amendments and Waivers

No amendment or waiver of any provision of this Agreement shall be binding on any Party except by written agreement of all of the Parties, duly executed by all of the Parties.  No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver constitute a continuing waiver unless otherwise provided.

7

 

 

Article VI
MISCELLANEOUS

6.1Notices

All notices, requests, consents, claims, demands, waivers and other communications hereunder (each, a "Notice") shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent e-mail of a PDF document if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such Notice must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a Notice given in accordance with this Section):

If to Galaxy and/or any or all Galaxy Directors

Galaxy Gaming, Inc. 
6480 Cameron Street, Suite 305

Las Vegas, Nevada 89118

 

Attention: President and CEO 
e-mail: Tcravens@galaxygaming.com

 

With a copy to: 

 

James J. Pisanelli, Esq. 

Pisanelli Bice, PLLC

400 S. 7th Street, Suite 300

Las Vegas, Nevada 89101

Email: JJP@pisanellibice.com

 

If to Triangulum and/or Saucier:

Robert B. Saucier

c/o Erika Pike Turner, Esq. 

Garman Turner Gordon LLP

7251 Amigo Street, Suite 210

Las Vegas, Nevada 89119
Email: ETurner@gtg.legal

c/o Mark Ferrario, Esq.

Greenberg Traurig, LLP

10845 Griffith Peak Drive, Suite 600

Las Vegas, NV 89135

Email:  ferrariom@gtlaw.com

 

8

 

 

 

6.2Counterparts

This Agreement may be executed in counterparts, each of which shall constitute an original and all of which taken together shall constitute one and the same instrument.

6.3Electronic Delivery

Delivery of an executed signature page to this Agreement by any party by electronic transmission will be as effective as delivery of a manually executed copy of this Agreement by such party.

6.4Independent Legal Financial and Tax Advice

Each of the Parties to this Agreement acknowledges and agrees that it/he has  received  independent legal advice, have been fully advised and represented by counsel of their selection in the negotiation and execution of this Agreement, including with regard to the releases contained herein; that they are fully familiar with all of the circumstances surrounding the matters released herein; that in executing this Agreement, they are relying solely on their independent judgment and advice of their own counsel; and that they have not been influenced in any way by the other Party in the execution or delivery of this Agreement.

Each party represents, warrants, and covenants that they each have had the benefit of legal counsel or other professional advice (including but not limited to legal, financial, tax or otherwise) in entering this Agreement. Each Party agrees it will not claim lack of competent guidance as a basis to make any future claim against the other.

6.5Tax Consequences

	
 
	
(a)
	
The Parties acknowledge and agree that neither has made representations regarding the tax consequences of any funds or other benefits received by the Triangulum Parties pursuant to this Agreement, and expressly agree that no other Party and no other Party's counsel has rendered any tax advice whatsoever to any other Party regarding any tax consequences.

	
 
	
(b)
	
The Triangulum Parties expressly agree and represent that any U.S. federal, state or local tax or other tax or contribution, or report, that may be owed by the Triangulum Parties in connection with this Agreement or the Payment is the sole responsibility of the Triangulum Parties.  Triangulum shall be responsible for all taxes it incurs with respect to the Payment.  However, if the Galaxy Parties incur any taxes (including interest, penalties or other additions thereto), liabilities, costs, damages or other amounts, including attorneys' fees (collectively, "Tax-Related Damages"), due to any failure of the Triangulum Parties to comply with any tax provisions or other obligations related to this Agreement or the Payment, including reporting the Payment, then the Triangulum Parties shall indemnify, defend and hold harmless the Galaxy Parties for any such Tax-Related Damages.

	
 
	
(c)
	
The Galaxy Parties expressly agree and represent that any U.S. federal, state or local tax or other tax or contribution, or report, that may be owed by the Galaxy 

9

 

 

	
 
		
Parties in connection with this Agreement or the Payment is the sole responsibility of the Galaxy Parties.  However, if the Triangulum Parties incur any taxes (including interest, penalties or other additions thereto), liabilities, costs, damages or other amounts, including attorneys' fees (collectively, "Tax-Related Damages"), due to any failure of the Galaxy Parties to comply with any tax provisions or other obligations related to this Agreement or the Payment, including reporting the Payment, then the Galaxy Parties shall indemnify, defend and hold harmless the Triangulum Parties for any such Tax-Related Damages.

6.6Attorneys' Fees & Costs

Each of the Parties shall pay its own costs and expenses (whether internal or out-of-pocket, and whether for legal, financial, technical or other consultants) in connection with the litigation and the preparation, negotiation, and execution of this Agreement and any associated documents.

6.7Mutual Warranties

Each Party to this Agreement warrants and represents to the other that they have not assigned or transferred to any person or entity not a Party hereto any claim or other released matter, or any part or portion thereof, and that each Party has the authority to sign this Agreement, and each individual executing this Agreement on behalf of any entity or person specifically warrants that he or she has the authority to sign this Agreement.

 

6.8Execution

Each Party to this Agreement may execute this Agreement in counterpart and scanned copies of original signatures shall be accepted as if they are an original.

 

 

[Signatures appear on next page]

10

 

 

IN WITNESS WHEREOF this Agreement has been executed by the parties.

		
	
GALAXY GAMING, INC.

 

By:  ________________________________

Name: 

Title: 
	
TRIANGULUM PARTNERS, LLC

 

By:  ________________________________

Name: Robert B. Saucier

Title: Manager

 

 

______________________________________________________________________

MARK LIPPARELLI, an IndividualROBERT B. SAUCIER, an Individual

 

 

_____________________________________

WILLIAM A. ZENDER, an Individual

 

 

_____________________________________

BRYAN W. WATERS, an Individual

 

 

__________________________________________________

JANICE DESROSIERS, PERSONAL REPRESENTATIVE 

AND ADMINISTRATOR FOR NORMAN H. DESROSIERS

 

 

 

11

 

EXHIBIT 10.1

 

 

Exhibit 1 

 

 

 

 

 

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Pisanelli Bice 

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

(702) 382-2101

 

(702) 382-2101

 

(702) 382-2101

 

 

 

 

 

 

 

 

 

 

James J. Pisanelli, Esq., Bar No. 4027

JJP@pisanellibice.com

Debra L. Spinelli, Esq., Bar No. 9695

DLS@pisanellibice.com

Jordan T. Smith, Esq., Bar No. 12097

JTS@pisanellibice.com 

Emily A. Buchwald, Esq., Bar No. 13442

EAB@pisanellibice.com 

Pisanelli Bice pllc

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

Telephone:702.214.2100

Facsimile:702.214.2101

 

Attorneys for Plaintiff Galaxy Gaming, Inc. & Counterdefendants

 

EIGHTH JUDICIAL DISTRICT COURT

 

CLARK COUNTY, NEVADA

 

		
	
GALAXY GAMING, INC., a Nevada corporation,

 

Plaintiff,

v.

 

TRIANGULUM PARTNERS, LLC, a New Mexico limited liability company, and ROBERT B. SAUCIER, an individual, 

 

Defendants.

 
	
Case No.:A-19-794293-B

 

Dept. No.:XXVII

 

STIPULATION AND ORDER TO STAY CASE

	
 

AND ALL RELATED MATTERS
	
 

Plaintiff/Counter-defendant Galaxy Gaming, Inc., and Counter-defendants 
Mark Lipparelli, Janice DesRosiers as Personal Representative and Administrator of Norman H. DesRosiers, William A. Zender, and Bryan Waters (collectively, the "Galaxy Parties"), together with Defendants/Counter-claimants Triangulum Partners, LLC and Robert B. Saucier (collectively, the "Triangulum Parties"), by and through their counsel of record, hereby stipulate, to stay the above-captioned action through December 31, 2021.  The parties have engaged in settlement negotiations and have now reached a resolution that will resolve this and other litigation.   Therefore, the parties jointly request that this Court stay the action pending the final 

 

 

 

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Pisanelli Bice 

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

(702) 382-2101

 

(702) 382-2101

 

(702) 382-2101

 

 

 

 

 

 

 

 

 

implementation of the terms of the settlement.  The parties further agree to provide a status report to this Court by no later than January 7, 2022 regarding settlement implementation.

		
	
DATED this ___ day of October, 2021.

 

PISANELLI BICE PLLC

 

 

By:  

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300

Las Vegas, NV 89101

 

Attorneys for Galaxy Gaming, Inc. & Counterdefendants

 
	
DATED this ___ day of October, 2021.

 

GARMAN TURNER GORDON LLP

 

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348  

7251 Amigo Street, Suite 210

Las Vegas, Nevada 89119

 

Attorneys for Triangulum Partners, LLC & Robert B. Saucier

 

ORDER

The Court, having reviewed and considered the Stipulation of the parties, hereby ORDERS that the action entitled Galaxy Gaming, Inc. v. Triangulum Partners, LLC et. al, Case No. A-19-794293-B, shall be stayed through December 31, 2021.

 

 

 

 

 

Jointly prepared and submitted by:

PISANELLI BICE PLLC

 

By: 

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

Attorneys for Galaxy Gaming, Inc. & Counterdefendants

 

 

 

 

 

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Pisanelli Bice 

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

(702) 382-2101

 

(702) 382-2101

 

(702) 382-2101

 

 

 

 

 

 

 

 

 

 

 

 

GARMAN TURNER GORDON LLP

 

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348  

7251 Amigo Street, Suite 210

Las Vegas, NV  89119

 

Attorneys for Triangulum Partners, LLC & Robert B. Saucier

 

 

 

 

 

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Pisanelli Bice 

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

(702) 382-2101

 

(702) 382-2101

 

(702) 382-2101

 

 

 

 

 

 

 

 

 

 

James J. Pisanelli, Esq., Bar No. 4027

JJP@pisanellibice.com

Debra L. Spinelli, Esq., Bar No. 9695

DLS@pisanellibice.com

Jordan T. Smith, Esq., Bar No. 12097

JTS@pisanellibice.com 

Pisanelli Bice pllc

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

Telephone:702.214.2100

Facsimile:702.214.2101

Attorneys for Defendant Galaxy Gaming, Inc. 

 

EIGHTH JUDICIAL DISTRICT COURT

 

CLARK COUNTY, NEVADA

 

		
	
ROBERT B. SAUCIER, an individual,

 

Plaintiff,

v.

 

GALAXY GAMING, INC., a Nevada corporation, 

 

Defendant.

 
	
Case No.:A-20-815190-B

 

Dept. No.:XXVII

 

 

STIPULATION AND ORDER TO STAY CASE

 

Plaintiff Robert B. Saucier ("Plaintiff"), together with Defendant Galaxy Gaming, Inc. ("Defendant"), by and through their counsel of record, hereby stipulate, to stay the above‐captioned action through December 31, 2021. The parties have engaged in settlement negotiations and have now reached a resolution that will resolve this and other litigation.  Therefore, the parties jointly request that this Court stay the action pending the final implementation of the terms of the settlement.  The parties further agree to provide a status report to this Court by no later than January 7, 2022 regarding settlement implementation.

		
	
DATED this ___ day of October, 2021.

 

PISANELLI BICE PLLC

 

By:  

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300

Las Vegas, NV 89101

 

Attorneys for Galaxy Gaming, Inc., 
	
DATED this ___ day of October, 2021.

 

GARMAN TURNER GORDON LLP

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348  

7251 Amigo Street, Suite 210

Las Vegas, Nevada 89119

 

Attorneys for Robert B. Saucier

 

 

 

 

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Pisanelli Bice 

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

(702) 382-2101

 

(702) 382-2101

 

(702) 382-2101

 

 

 

 

 

 

 

 

 

 

ORDER

The Court, having reviewed and considered the Stipulation of the parties, hereby ORDERS that the action entitled Robert B. Saucier v. Galaxy Gaming, Inc., Case No. A‐20‐815190-B, shall be stayed through December 31, 2021.  

 

 

 

 

 

Jointly prepared and submitted by:

PISANELLI BICE PLLC

 

By: 

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

Attorneys for Galaxy Gaming, Inc. 

 

 

GARMAN TURNER GORDON LLP

 

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348  

7251 Amigo Street, Suite 210

Las Vegas, NV  89119

 

Attorneys for Robert B. Saucier

 

 

 

 

 

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Pisanelli Bice 

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

(702) 382-2101

 

(702) 382-2101

 

(702) 382-2101

 

 

 

 

 

 

 

 

 

 

James J. Pisanelli, Esq., Bar No. 4027

JJP@pisanellibice.com

Debra L. Spinelli, Esq., Bar No. 9695

DLS@pisanellibice.com

Jordan T. Smith, Esq., Bar No. 12097

JTS@pisanellibice.com 

Pisanelli Bice pllc

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

Telephone:702.214.2100

Facsimile:702.214.2101

 

Attorneys for Defendant Galaxy Gaming, Inc. 

 

DISTRICT COURT

 

CLARK COUNTY, NEVADA

 

		
	
ROBERT B. SAUCIER, an individual,

 

Plaintiff,

v.

 

GALAXY GAMING, INC., a Nevada corporation, 

 

Defendant.
	
Case No.:A-20-826724-B

 

Dept. No.:XXVII

 

 

STIPULATION AND ORDER TO STAY CASE 

Plaintiff Robert B. Saucier ("Plaintiff"), together with Defendant Galaxy Gaming, Inc. ("Defendant"), by and through their counsel of record, hereby stipulate to stay the above‐captioned action through December 31, 2021. The parties have engaged in settlement negotiations and have now reached a resolution that will resolve this and other litigation.  Therefore, the parties jointly request that this Court stay the action pending the final implementation of the terms of the settlement.  The parties further agree to provide a status report to this Court by no later than January 7, 2022, regarding settlement implementation.

		
	
DATED this ___ day of October, 2021.

 

PISANELLI BICE PLLC

 

By:  

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300

Las Vegas, NV 89101

 

Attorneys for Galaxy Gaming, Inc., 
	
DATED this ___ day of October, 2021.

 

GARMAN TURNER GORDON LLP

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348  

7251 Amigo Street, Suite 210

Las Vegas, Nevada 89119

 

Attorneys for Robert B. Saucier

 

 

 

 

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Pisanelli Bice 

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

(702) 382-2101

 

(702) 382-2101

 

(702) 382-2101

 

 

 

 

 

 

 

 

 

 

ORDER

The Court, having reviewed and considered the Stipulation of the parties, hereby ORDERS that the action entitled Robert B. Saucier v. Galaxy Gaming, Inc., Case No. A‐20‐826724-B, shall be stayed through December 31, 2021.  

 

 

 

 

 

Jointly prepared and submitted by:

PISANELLI BICE PLLC

 

 

By: 

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300

Las Vegas, Nevada 89101

 

Attorneys for Galaxy Gaming, Inc. 

 

 

GARMAN TURNER GORDON LLP

 

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348  

7251 Amigo Street, Suite 210

Las Vegas, NV  89119

 

Attorneys for Robert B. Saucier

 

 

 

 

 

 

 

 

 

 

IN THE SUPREME COURT OF THE STATE OF NEVADA

 

 

 

		
	
ROBERT B. SAUCIER, AN INDIVIDUAL,

 

Appellant,

and

 

GALAXY GAMING, INC., A NEVADA CORPORATION,

 

Respondent

 
	
Case No. 81626

 

 

 

 

STIPULATED REQUEST FOR STAY OF SUPREME COURT PROCEEDINGS

 

Appellant Robert B. Saucier and Respondent Galaxy Gaming, Inc., by and through their respective counsel of record, jointly stipulate and ask this Court to stay further proceedings of this appeal for the following reasons:

1)On April 20, 2021, following the submission of Appellant's Reply brief on April 19, 2021, the Court referred this to appeal to screening.

2)Since then, the parties have engaged in settlement negotiations and have now reached a resolution that will resolve this and other litigation.  The terms of that settlement will take time to implement, but the parties reasonably expect that the final implementation should occur by approximately December 31, 2021.

3)Accordingly, the parties jointly request that this Court stay the appeal while they pursue implementation of the settlement.  A stay will advance the 

 

 

interests of justice, facilitate the resolution of this and other lawsuits, and avoid the further expenditure of legal resources.

4)The parties therefore request that this action be stayed.  The parties further agree to provide a status report to this Court by no later than January 7, 2022 regarding settlement implementation. 

DATED this ___ day of October, 2021.

		
	
PISANELLI BICE PLLC

 

By: 

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300 

Las Vegas, Nevada   89101

 

Attorneys for Respondent
	
GARMAN TURNER GORDON LLP

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348 

7251 Amigo Street, Suite 210

Las Vegas, NV  89119

 

Attorneys for Appellant

 

 

 

 

 

IN THE SUPREME COURT OF THE STATE OF NEVADA

 

 

 

		
	
GALAXY GAMING, INC., A NEVADA CORPORATION; MARK LIPPARELLI; NORMAN DESROSIERS; WILLIAM A ZENDER; AND BRYAN W. WATERS,

 

Appellants.

 

and

 

TRIANGULUM PARTERS, LLC, A NEW MEXICO LIMITED LIABILITY COMPANY, AND

ROBERT B. SAUCIER, AN INDIVIDUAL,

 

Respondents.

 
	
Case No. 81936

 

 

 

 

STIPULATED REQUEST FOR STAY OF SUPREME COURT PROCEEDINGS

 

Appellants Galaxy Gaming, Inc., Mark Lipparelli, Norman Desrosiers, William Zender, and Bryan Waters (collectively "Appellants") and Respondents Triangulum Partners, LLC and Robert B. Saucier (collectively "Respondents"), by and through their respective counsel of record, jointly stipulate and ask this Court to stay further proceedings of this appeal for the following reasons:

1)The Court entered an Order Granting Telephonic Extension on September 24, 2021; Appellants currently have until October 11, 2021 to file and serve the Reply Brief.  

 

 

2)The parties have engaged in settlement negotiations and have now reached a resolution that will resolve this and other litigation.  The terms of that settlement will take time to implement, but the parties reasonably expect that the final implementation should occur by December 31, 2021.

3)Accordingly, the parties jointly request that this Court stay the appeal while they pursue implementation of the settlement.  A stay will advance the interests of justice, facilitate the resolution of this and other lawsuits, and avoid the further expenditure of legal resources.

4)The parties therefore request that this action be stayed.  Should the settlement not be implemented by December 31, 2021 and there is not any further stipulation of the parties lodged before that date, the parties have agreed the stay will expire December 31, 2021 and the final reply brief to be filed to complete the briefing of this appeal will be filed by Appellants by January 14, 2022.  

DATED this ___ day of October, 2021.

		
	
PISANELLI BICE PLLC

 

By: 

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300 

Las Vegas, Nevada   89101

 

Attorneys for Appellants
	
GARMAN TURNER GORDON LLP

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348 

7251 Amigo Street, Suite 210

Las Vegas, NV  89119

 

Attorneys for Respondents

 

 

 

 

 

IN THE SUPREME COURT OF THE STATE OF NEVADA

 

 

 

		
	
GALAXY GAMING, INC., A NEVADA CORPORATION

 

Appellant,

 

and

 

ROBERT B. SAUCIER, AN INDIVIDUAL,

 

Respondent.

 
	
Case No. 82081

 

 

 

 

STIPULATED REQUEST FOR STAY OF SUPREME COURT PROCEEDINGS

 

Appellant Galaxy Gaming, Inc. and Respondent Robert B. Saucier, by and through their respective counsel of record, jointly stipulate and ask this Court to stay further proceedings of this appeal for the following reasons:

1)On June 14, 2021, following the submission of Appellant's Reply brief on June 11, 2021, the Court referred this to appeal to screening.

2)Since then, the parties have engaged in settlement negotiations and have now reached a resolution that will resolve this and other litigation.  The terms of that settlement will take time to implement, but the parties reasonably expect that the final implementation should occur by approximately December 31, 2021.

3)Accordingly, the parties jointly request that this Court stay the appeal while they pursue implementation of the settlement.  A stay will advance the 

 

 

interests of justice, facilitate the resolution of this and other lawsuits, and avoid the further expenditure of legal resources.

4)The parties therefore request that this action be stayed.  The parties further agree to provide a status report to this Court by no later than January 7, 2022 regarding settlement implementation. 

DATED this ___ day of October, 2021.

		
	
PISANELLI BICE PLLC

 

By: 

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300 

Las Vegas, Nevada   89101

 

Attorneys for Appellant
	
GARMAN TURNER GORDON LLP

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348 

7251 Amigo Street, Suite 210

Las Vegas, NV  89119

 

Attorneys for Respondent

 

 

 

 

 

IN THE SUPREME COURT OF THE STATE OF NEVADA

 

		
	
TRIANGULUM PARTERS, LLC, A NEW MEXICO LIMITED LIABILITY COMPANY,

 

Appellant/Cross-Respondent,

v.

 

GALAXY GAMING, INC., A NEVADA CORPORATION; MARK LIPPARELLI; JANICE DESROSIERS, AS EXECUTOR OF THE ESTATE OF NORMAN DESROSIERS; WILLIAM A ZENDER; AND BRYAN W. WATERS,

 

Respondents/Cross-Appellants,

 

and

 

ROBERT B. SAUCIER, AN INDIVIDUAL,

 

Cross-Respondent.

 
	
Case No. 82828

 

 

 

 

 

 

 

STIPULATED REQUEST FOR STAY OF SUPREME COURT PROCEEDINGS

 

 

Appellant/Cross-Respondent Triangulum Partners, LLC, Respondents/ Cross‐Appellants Galaxy Gaming, Inc., Mark Lipparelli, Janice Desrosiers, as Executor of the Estate of Norman Desrosiers, William Zender, and Bryan Waters (collectively "Respondents/Cross-Appellants") and Cross-Respondent Robert B. Saucier, by and through their respective counsel of record, jointly stipulate and ask this Court to stay further proceedings of this appeal for the following reasons:

1)On September 7, 2021, this Court entered an Order to Show Cause and Regarding Caption regarding a potential jurisdictional defect related to the challenged order.  The parties' responses are currently due on October 7, 2021.

 

 

2)Since the entrance of the Order to Show Cause, the parties have engaged in settlement negotiations and have now reached a resolution that will resolve this and other litigation.  The terms of that settlement will take time to implement, but the parties reasonably expect that the final implementation should occur by approximately December 31, 2021.

3)Accordingly, the parties jointly request that this Court stay the appeal while they pursue implementation of the settlement.  A stay will advance the interests of justice, facilitate the resolution of this and other lawsuits, and avoid the further expenditure of legal resources.

4)The parties therefore request that this action be stayed.  The parties further agree to provide a status report to this Court by no later than January 7, 2022 regarding settlement implementation. 

DATED this ___ day of October, 2021.

		
	
PISANELLI BICE PLLC

 

By: 

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300 

Las Vegas, Nevada   89101

 

Attorneys for Respondents/

Cross-Appellants
	
GARMAN TURNER GORDON LLP

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348 

7251 Amigo Street, Suite 210

Las Vegas, NV  89119

 

Attorneys for Appellant/

Cross-Respondents

 

 

 

 

 

 

IN THE SUPREME COURT OF THE STATE OF NEVADA

 

 

 

		
	
ROBERT B. SAUCIER, AN INDIVIDUAL, 

 

Appellant,

 

and

 

GALAXY GAMING, INC., A NEVADA CORPORATION,

 

Respondent.

 
	
Case No. 82399

 

 

 

 

STIPULATED REQUEST FOR STAY OF SUPREME COURT PROCEEDINGS

 

Appellant Robert B. Saucier and Respondent Galaxy Gaming, Inc., by and through their respective counsel of record, jointly stipulate and ask this Court to stay further proceedings of this appeal for the following reasons:

1)On September 2, 2021, the Court referred this to appeal to screening.

2)The parties have engaged in settlement negotiations and have now reached a resolution that will resolve this and other litigation.  The terms of that settlement will take time to implement, but the parties reasonably expect that the final implementation should occur by approximately December 31, 2021.

3)Accordingly, the parties jointly request that this Court stay the appeal while they pursue implementation of the settlement.  A stay will advance the interests of justice, facilitate the resolution of this and other lawsuits, and avoid the further expenditure of legal resources.

 

 

4)The parties therefore request that this action be stayed.  The parties further agree to provide a status report to this Court by no later than January 7, 2022 regarding settlement implementation. 

DATED this ___ day of October, 2021.

		
	
PISANELLI BICE PLLC

 

By: 

James J. Pisanelli, Esq., #4027

Debra L. Spinelli, Esq., #9695

Jordan T. Smith, Esq., #12097

Emily A. Buchwald, Esq., #13442

400 South 7th Street, Suite 300 

Las Vegas, Nevada   89101

 

Attorneys for Respondent
	
GARMAN TURNER GORDON LLP

 

By: 

Erika Pike Turner, Esq., #6454

Dylan T. Ciciliano, Esq., #12348 

7251 Amigo Street, Suite 210

Las Vegas, NV  89119

 

Attorneys for Appellant

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