Document:

EX-10.3

 Exhibit 10.3 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of October 12, 2022, is entered into by
and among Sientra, Inc., a Delaware corporation (the “Company”), and Deerfield Partners, L.P. (the “Lender”). Capitalized terms used and not otherwise defined herein have the meanings given to them in the Facility Agreement (as
defined below). 
 WHEREAS: 
 A. The Company and the
Lender are parties to that certain Registration Rights Agreement, dated as of March 11, 2020 (the “Existing Registration Rights Agreement”) pursuant to which, the Company filed with the United States Securities and Exchange Commission
(“SEC”) a Registration Statement (File No. 333-237636) on Form S-3, which registered the resale of an aggregate of 14,634,147 shares of Common Stock and
was declared effective by the SEC as of May 7, 2020 (the “Existing Registration Statement”). For the avoidance of doubt, the Existing Registration Statement and prospectus included therein constitute a Registration Statement and
Prospectus (each as defined in this Agreement), respectively, under this Agreement. 
 B. In connection with the Amended and Restated Facility Agreement, of
even date herewith (the “Facility Agreement”), by and among the Company, the other Loan Parties (as defined therein), the lenders party thereto from time to time (the “Lenders”), and Deerfield Partners, L.P. (“Deerfield
Partners”), as agent for itself and the Lenders the Company has agreed, upon the terms and subject to the conditions contained therein, to amend and restate $50,000,000 aggregate principal amount of the Original Loan Convertible Notes (after
giving effect to the transactions contemplated by the Exchange Agreement) and to execute and deliver to the Lenders $23,000,000 aggregate principal amount of the Disbursement Date Convertible Notes, which, in each case, are convertible into shares
of the Company’s common stock (the “Common Stock”), and may issue to the Lenders warrants to purchase Common Stock upon the prepayment of the Obligations (or a portion thereof) in accordance with the Facility Agreement; 

C. Contemporaneously with the execution and delivery of the Facility Agreement, Deerfield Partners and the Company are entering into the Exchange Agreement,
pursuant to which the Company is issuing to Deerfield Partners shares of Common Stock and Pre-Funded Warrants (as defined in the Exchange Agreement) in exchange for $10,000,000 aggregate principal amount of
the Original Loan Convertible Notes; and 
 D. To induce the Lenders to execute and deliver the Facility Agreement and the Exchange Agreement, the Company
has agreed to amend and restated the Existing Registration Rights Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the premises
and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and the Lender hereby agree as follows: 

 1. DEFINITIONS. 

a. As used in this Agreement, the following terms shall have the following meanings: 

(i) “Additional Filing Deadline” means, with respect to any Registration Statements that may be required pursuant to Section 2(a)(ii), (A) the
first date or time that such Registrable Securities may then be included in a Registration Statement if such Registration Statement is required because the SEC shall have notified the Company in writing that certain Registrable Securities were not
eligible for inclusion on a previously filed Registration Statement, or (B) if such additional Registration Statement is required for a reason other than as described in (A) above, the twentieth (20th) day following the date on which the
Company first knows, or reasonably should have known, that such additional Registration Statement is required. 
 (ii) “Additional Registration
Deadline” means, with respect to any additional Registration Statement(s) required pursuant to Section 2(a)(ii), the thirtieth (30th) day following (A) the first date or time that such Registrable Securities may then be included in a
Registration Statement if such Registration Statement is required because the SEC shall have notified the Company in writing that certain Registrable Securities were not eligible for inclusion on a previously filed Registration Statement, or
(B) if such additional Registration Statement is required for a reason other than as described in (A) above, the fortieth (40th) day following the date on which the Company first knows, or reasonably should have known, that such additional
Registration Statement(s) is required. 
 (iii) “Investor” means the Lender and any transferee or assignee who agrees to become bound by the
provisions of this Agreement in accordance with Section 10 hereof. 
 (iv) “Exchange Act” means the Securities Exchange Act of 1934, as
amended, together with the rules and regulations promulgated thereunder, and any successor statute. 
 (v) “FINRA” means the Financial Industry
Regulatory Authority (or successor thereto). 
 (vi) “Filing Deadline,” for the Registration Statement required pursuant to Section 2(a)(i),
means the date that is fifteen (15) calendar days following the Issuance Date, and, for each Registration Statement required pursuant to Section 2(a)(ii) means the Additional Filing Deadline. 

(vii) “Issuance Date” means October 12, 2022. 

(viii) “Person” means and includes any natural person, partnership, joint venture, corporation, trust, limited liability company, limited company,
joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or any other entity. 
 (ix)
“Prospectus” means (i) any prospectus (preliminary or final) included in any Registration Statement (including the Existing Registration Statement), as may be amended or supplemented by any prospectus supplement with respect to the
terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to such prospectus, including post-effective amendments, and all material incorporated by reference
in such prospectus, and (ii) any “free writing prospectus” as defined in 

 
Rule 405 under the Securities Act (or any successor rule thereto) relating to any offering of Registrable Securities pursuant to a Registration Statement. 

(x) “Register,” “Registered,” and “Registration” refer to a registration effected by preparing and filing a Registration
Statement or Statements in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act and the declaration or ordering of effectiveness of such Registration Statement by the United States Securities and Exchange Commission
(the “SEC”). 
 (xi) “Registrable Securities,” means (a) any shares of Common Stock (the “Conversion Shares”) issued or
issuable upon conversion or exchange of, or otherwise pursuant to or in respect of, the Convertible Notes (without giving effect to any limitations on conversion set forth in the Convertible Notes), (b) the shares of Common Stock issued or issuable
pursuant to the Exchange Agreement, (c) any shares of Common Stock (the “Warrant Shares”) issued or issuable upon exercise or exchange of, or otherwise pursuant to or in respect of, the Warrants (including, for the avoidance of doubt,
any Warrants that would be issuable upon the payment, prepayment repayment or redemption of the principal amount of the Convertible Notes), without giving effect to any limitations on exercise set forth in the Warrants, and assuming the exercise
thereof for cash, (d) any additional shares of Common Stock issuable in connection with any anti-dilution provisions in the Convertible Notes or the Warrants (c) any other shares of Common Stock issuable pursuant to the terms of the
Convertible Notes, the Warrants, the Facility Agreement, the Exchange Agreement or this Agreement, and (d) any securities issued or issuable upon any stock split, dividend, distribution, recapitalization, reorganization, reclassification or
similar event with respect to any of the foregoing. 
 (xii) “Registration Deadline” shall mean, for purposes of the Registration Statement
required pursuant to Section 2(a)(i), the earlier of (i) the date that is seventy-five (75) days after the date that the applicable Registration Statement is actually filed or (ii) the date that is seventy-five (75) days
after the applicable Filing Deadline and, with respect to any Registration Statement required pursuant to Section 2(a)(ii), the Additional Registration Deadline. 

(xiii) “Registration Statement(s)” means any registration statement(s) of the Company filed under the Securities Act that covers the resale of any of
the Registrable Securities pursuant to the provisions of this Agreement (including the Existing Registration Statement), all amendments and supplements to such Registration Statement, including post-effective amendments, and all exhibits to, and all
material incorporated by reference in, such Registration Statement. 
 (xiv) “Rule 415” means Rule 415 under the Securities Act or any successor
rule providing for the offering of securities on a continuous basis. 
 (xv) “Warrants” means the Warrants (for the avoidance of doubt, as defined
in the Facility Agreement) and the Pre-Funded Warrants (as defined in the Exchange Agreement). 
 2.
REGISTRATION. 
 a. MANDATORY REGISTRATION. (i) Following the Issuance Date, the Company shall prepare, and, as soon as practicable and in
any event on or prior to the applicable Filing Deadline, file with the SEC a Registration Statement (the “Mandatory Registration Statement”) on Form S-3 (or, if Form
S-3 is not then available, on such form of Registration Statement as is 

 
then available to effect a Registration of the Registrable Securities, subject to the consent of the Investors, which consent shall not be unreasonably withheld) covering the resale of all of the
Registrable Securities, which Registration Statement, to the extent allowable under the Securities Act and the rules and regulations promulgated thereunder (including Rule 416), shall state that such Registration Statement also covers such
indeterminate number of additional shares of Common Stock as may become issuable pursuant to the Convertible Notes, the Warrants, the Conversion Shares or the Warrant Shares to prevent dilution resulting from stock splits, stock dividends, stock
issuances or similar transactions. The number of shares of Common Stock initially included in such Registration Statement shall be no less than 68,580,865 shares of Common Stock, subject to adjustment for any Stock Event. Each Registration Statement
(and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided to (and shall be subject to the approval, which shall not be unreasonably withheld or delayed, of) the Investors and their
counsel prior to its filing or other submission. 
 (ii) If for any reason, despite the Company’s use of its reasonable best efforts to include all of
the Registrable Securities in the Registration Statement filed pursuant to Section 2 (a)(i) above (and subject to Section 3(q) below), the SEC does not permit all of the Registrable Securities to be included in, or for any other reason any
Registrable Securities are not then included in, such Registration Statement, then the Company shall prepare, and, as soon as practicable but in no event later than the Additional Filing Deadline, file with the SEC an additional Registration
Statement covering the resale of all Registrable Securities not already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. 

(iii) Subject to any SEC comments, any Registration Statement pursuant to this Section 2(a) shall include a “plan of distribution” approved by
the holders of a majority-in-interest of the Registrable Securities to be included in such Registration Statement. No Investor shall be named as an
“underwriter” in the Registration Statement without the Investor’s prior written consent; provided that, notwithstanding any other provision in this Agreement, if despite the Company’s compliance with Section3(p), the SEC or the
Securities Act requires such Investor(s) to be named as an “underwriter” in the Registration Statement and such Investor(s) withhold written consent to be so named, the Company’s failure to fulfill its obligations under this
Section2(a) as a result thereof shall not constitute a violation of this Agreement. 
 (iv) Unless the SEC does not so permit or otherwise directed by the
Investors, each Registration Statement filed pursuant to this Section 2(a) shall include a combined prospectus for the resale of the Registrable Securities registered by such Registration Statement, the Existing Registration Statement and any
other Registration Statement previously filed hereunder, and shall be deemed a post-effective amendment to the Existing Registration Statement or, other previously filed Registration Statement in accordance with Rule 429 under the Securities Act.

 (v) The Company hereby acknowledges and agrees that the shares of Common Stock covered by the Existing Registration Statement consist of Conversion Shares
that continue to be issuable upon conversion of the Original Loan Convertible Notes, as amended as of the date hereof, that remain outstanding after the date hereof (such shares, collectively, the “Previously Registered Shares”). Without
limiting any of the Company’s obligations hereunder or under the Existing 

 
Registration Rights Agreement, the Company hereby agrees to take such actions as shall be necessary (including filing a supplement to the prospectus included in the Existing Registration
Statement within two Business days after the date hereof to reflect the amendments to the Notes upon conversion which the Previously Registered Shares are issuable) to keep the Existing Registration Statement continuously effective and available for
the resale of all of the Previously Registered Shares in accordance with the plan of distribution set forth therein. 
 b. PIGGY-BACK REGISTRATIONS.
If at any time prior to the expiration of the Registration Period (as hereinafter defined) the Company shall determine (i) to file with the SEC a registration statement under the Securities Act relating to an offering for its own account or
for the account of any other holder of its equity securities (other than securities being registered on Form S-4 or Form S-8 or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans), and/or (ii) otherwise to effect an underwritten offering
of any securities of the Company of a type included in a then effective Registration Statement, the Company shall send to each Investor written notice of such determination, and if within fifteen (15) days after the effective date of such
notice the Investor shall so request in writing, the Company shall include in such Registration Statement and/or include in such underwritten offering, as applicable, all or any part of such Investor’s Registrable Securities that the Investor
requests to be registered and/or included in the underwritten offering, as applicable, except that if in connection with any underwritten offering for the account of the Company, the managing underwriter(s) thereof shall impose a limitation on the
number of Registrable Securities which may be included in such offering because, in such underwriter(s)’ reasonable judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company
shall be obligated to include in such underwritten offering only such limited portion of the Registrable Securities with respect to which the Investor has requested inclusion hereunder as the underwriter(s) shall permit; 

provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding
securities to be sold for the accounts of any holders of the Company’s equity securities which are not entitled by contract to inclusion of such securities in an underwritten offering or are not entitled to pro rata inclusion with the
Registrable Securities; and 
 provided, further, however, that, after giving effect to the immediately preceding proviso, any exclusion of
Registrable Securities shall be made pro rata with holders of other securities having the contractual right to include such securities in such underwritten offering other than holders of securities entitled to inclusion of their securities in such
underwritten offering by reason of demand registration rights. No right to registration of Registrable Securities under this Section 2(b) shall be construed to limit any Registration required under Section 2(a) hereof. If an
Investor’s Registrable Securities are included in an underwritten offering pursuant to this Section 2(b), then such Investor shall, unless otherwise agreed by the Company, offer and sell such Registrable Securities in such underwritten
offering using the same underwriter or underwriters and, subject to the provisions of this Agreement, on the same terms and conditions as other shares of Common Stock included in such underwritten offering. Notwithstanding anything to the contrary
set forth herein, the rights of the Investors pursuant to this Section 2(b) shall only be available in the case of an underwritten offering or in the event the Company fails to timely file, 

 
obtain effectiveness or maintain effectiveness of any Registration Statement to be filed pursuant to Section 2(a) in accordance with the terms of this Agreement. 

Each Investor acknowledges and agrees that, in the event the Company would be required by the terms of this Section 2 to provide notice to such Investor
of the filing of any Registration Statement in which any Registrable Securities of any Investor are eligible to be included, the Company shall provide such notice only to counsel to such Investor (which shall be Katten Muchin Rosenman LLP (Attn:
Mark D. Wood and Jonathan D. Weiner) or such other counsel as shall have been designated by such Investor), unless such Investor has given prior written instructions to the contrary to the Company. For the avoidance of doubt, nothing contained in
this Agreement shall limit, or be deemed a waiver of, the obligations of the Company under Section 5.18 of the Facility Agreement. 
 3.
OBLIGATIONS OF THE COMPANY. In connection with any registration of the Registrable Securities hereunder, the Company shall have the following obligations: 

a. The Company shall prepare promptly, and file with the SEC as soon as practicable after such registration obligation arises hereunder (but in no event later
than the applicable Filing Deadline), a Registration Statement with respect to the number of Registrable Securities provided in Section 2(a), as applicable, and thereafter use its reasonable best efforts to cause each such Registration
Statement relating to Registrable Securities to become effective as soon as possible after such filing, but in any event shall use its reasonable best efforts to cause each such Registration Statement relating to Registrable Securities to become
effective no later than the Registration Deadline, and shall thereafter use its reasonable best efforts to keep the Registration Statement current and effective pursuant to Rule 415 at all times after its effective date until such date as is the
earlier of (i) the date on which all of the Registrable Securities included in such Registration Statement have been sold pursuant to such Registration Statement or Rule 144 and (ii) the date on which all of the Registrable Securities
included in such Registration Statement (in the opinion of counsel to the Investors) may be immediately sold to the public without registration or restriction (including without limitation as to volume by each holder thereof), and without compliance
with any “current public information” requirement, pursuant to Rule 144 under the Securities Act, assuming, in the case of the Warrants, the exercise thereof for cash (the “Registration Period”), which Registration Statement
(including any amendments or supplements thereto and prospectuses contained therein), except for information provided in writing by an Investor pursuant to Section 4(a), shall not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein, or necessary to make the statements therein not misleading. In the event that Form S-3 is not available for the Registration of the resale of any Registrable
Securities hereunder (but, for the avoidance of doubt, without in any way affecting the Company’s obligation to register the resale of the Registrable Securities on such other form as is available, as provided in Section 2(a)), (i) the
Company shall undertake to file, within twenty (20) days of such time as such form is available for such Registration, a post-effective amendment to the Registration Statement then in effect, or otherwise file a Registration Statement on Form S-3, registering such Registrable Securities on Form S-3; provided that the Company shall maintain the effectiveness of the Registration Statement then in effect
until such time as a Registration Statement (or post-effective amendment) on Form S-3 covering such Registrable Securities has been declared effective by the SEC, and (ii) the Company shall provide that
any Registration Statement on 

 
Form S-1 filed hereunder shall incorporate documents by reference (including by way of forward incorporation by reference) to the maximum extent possible.
The Company shall use its reasonable best efforts to cause the Existing Registration Statement to remain current and continuously effective for the resale of the Registrable Securities covered thereby until such time as such Registrable Securities
may be sold pursuant to an effective Registration Statement filed pursuant to this Section 2(a) following the date hereof. 
 b. The Company shall
prepare and file with the SEC such amendments (including post-effective amendments) and supplements to each Registration Statement and the prospectus used in connection with each Registration Statement as may be necessary to keep each Registration
Statement current and effective at all times during the Registration Period, and, during the Registration Period, shall comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company
covered by each Registration Statement until such time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement.
In the event that on any Trading Day (as defined below) (the “Registration Trigger Date”) the number of shares available under the Registration Statements filed pursuant to this Agreement is insufficient to cover all of the Registrable
Securities, including all of the Registrable Securities issued or issuable upon exercise or conversion of, or otherwise pursuant to or in respect of, the Convertible Notes and the Warrants (including any additional shares of Common Stock issued in
connection with any anti-dilution provisions contained in the Convertible Notes or the Warrants), without giving effect to any limitations on the Investors’ ability to convert the Convertible Notes or exercise the Warrants (and assuming the
exercise thereof for cash), the Company shall amend the Registration Statements, or file a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover the total number of Registrable Securities so issued
or issuable (without giving effect to any limitations on exercise contained in the Convertible Notes or Warrants) as of the Registration Trigger Date as soon as practicable, but in any event within twenty (20) days after the Registration
Trigger Date. The Company shall use its reasonable best efforts to cause such amendment and/or new Registration Statement to become effective as soon as practicable following the filing thereof, but in any event the Company shall cause such
amendment and/or new Registration Statement to become effective within sixty (60) days of the Registration Trigger Date or as promptly as practicable in the event the Company is required to increase its authorized shares. “Trading
Day” shall mean any day on which the Common Stock is traded for any period on the NASDAQ Global Select Market (the “NasdaqGS”), or if not the NasdaqGS, the principal securities exchange or other securities market on which the Common
Stock is then being traded. 
 c. The Company shall furnish to each Investor and its legal counsel (i) promptly after the same is prepared and publicly
distributed, filed with the SEC or received by the Company, one copy of each Registration Statement and any amendment thereto, each preliminary prospectus and prospectus and each amendment or supplement thereto, and, in the case of a Registration
Statement referred to in Section 2(a), each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration
Statement (other than any portion of any thereof which contains information for which the Company has obtained confidential treatment, which contains information for which the Company has redacted in compliance with Regulation S-K 

 
Item 601(b)(10), which contains or reflects any material non-public information with respect to the Company or its securities or which relates to Company
matters that are in the reasonable judgment of the Company not relevant to the Investor’s interests with respect to the Registrable Securities), and (ii) such number of copies of a prospectus, including a preliminary prospectus, and all
amendments and supplements thereto and such other documents as an Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor; provided that the Company may determine in its reasonable
judgment to provide any such copies in electronic form only. The Company will promptly notify each of the Investors by electronic mail of the effectiveness of each Registration Statement or any post-effective amendment. The Company will promptly
respond to any and all comments received from the SEC as soon as practicable and, as soon as practicable, but in no event later than three (3) business days, following the resolution or clearance of all SEC comments or, if applicable, following
notification by the SEC that any such Registration Statement or any amendment thereto will not be subject to review, shall file a request for acceleration of effectiveness of such Registration Statement (to the extent required for such Registration
Statement or amendment to become effective, by declaration or ordering of effectiveness, of such Registration Statement or amendment by the SEC) to a time and date not later than two (2) business days after the submission of such request. No
later than the first business day after such Registration Statement becomes effective, the Company will file with the SEC the final prospectus included therein pursuant to Rule 424 (or successor thereto) under the Securities Act. 

d. The Company shall use its reasonable best efforts to (i) register and qualify, in any jurisdiction where registration and/or qualification is required,
the Registrable Securities covered by the Registration Statements under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investors shall reasonably request, (ii) prepare and file in those
jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be reasonably necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such
other actions as may be reasonably necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable
Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. 

e. As promptly as practicable after becoming aware of such event, the Company shall notify each Investor that holds Registrable Securities of the happening of
any event, of which the Company has knowledge, as a result of which the prospectus included in any Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, and promptly prepare a supplement or amendment to any Registration Statement to correct such untrue statement or omission, and deliver such number of copies of such supplement or
amendment to each Investor as such Investor may reasonably request. 
 f. The Company shall use its reasonable best efforts to prevent the issuance of any
stop order or other suspension of effectiveness of any Registration Statement, and, if such an order is issued, 

 
to obtain the withdrawal of such order at the earliest possible moment and to notify each Investor that holds Registrable Securities (and, in the event of an underwritten offering, the managing
underwriters) of the issuance of such order and the resolution thereof. 
 g. The Company shall permit a single firm of counsel designated by the Investors
(“Legal Counsel”) (which shall be Katten Muchin Rosenman LLP (Attn: Mark D. Wood and Jonathan D. Weiner unless the Lender otherwise determines) to review such Registration Statement and all amendments and supplements thereto (as well as
all requests for acceleration or effectiveness thereof), a reasonable period of time prior to their filing with the SEC (not less than five (5) business days but not more than eight (8) business days) and not file any documents in a form
to which Legal Counsel reasonably objects and will not request acceleration of such Registration Statement without prior notice to Legal Counsel. 
 h. The
Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the
disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other order from a court or governmental body
of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this or any other agreement. The Company agrees that it shall, upon learning that disclosure of such
information concerning any Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to such Investor prior to making such disclosure, and allow such Investor, at its expense, to
undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 
 i. The Company shall use its best efforts to
cause all the Registrable Securities covered by each Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable
Securities is then permitted under the rules of such exchange, and, to arrange for at least two market makers to register with FINRA as such with respect to such Registrable Securities. 

j. The Company shall provide a transfer agent and registrar, which may be a single entity, for the Registrable Securities not later than the effective date of
the initial Registration Statement. 
 k. The Company shall cooperate with each Investor that holds Registrable Securities being offered and the managing
underwriter or underwriters with respect to an applicable Registration Statement, if any, to facilitate the timely (i) preparation and delivery of certificates (not bearing any restrictive legends) representing Registrable Securities to be
offered pursuant to such Registration Statement, and enable such certificates to be registered in such names and in such denominations or amounts, as the case may be, or (ii) crediting of the Registrable Securities to be offered pursuant to a
Registration Statement to the applicable account (or accounts) with The Depository Trust Company through its Deposit/Withdrawal At Custodian (DWAC) system, in any such case as such Investor or the managing underwriter or underwriters, if any, may
reasonably request. Within three (3) business days after a Registration Statement which includes Registrable Securities becomes effective, the Company shall deliver, and shall cause legal counsel selected by the Company to deliver, to the
transfer agent for the Registrable Securities 

 
(with copies to each Investor) an appropriate instruction and an opinion of such counsel in the form required by the transfer agent in order to issue the Registrable Securities free of
restrictive legends. 
 l. At the reasonable request of an Investor, the Company shall prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to a Registration Statement and any prospectus used in connection with the Registration Statement as may be necessary in order to change the plan of distribution set forth in such Registration Statement.

 m. The Company shall not, and shall not agree to, allow the holders of any securities of the Company to include any of their securities (other than
Registrable Securities) in any Registration Statement filed pursuant to Section 2(a) hereof or any amendment or supplement thereto under Section 3(b) hereof without the consent of Investors holding a majority-in-interest of the then outstanding Registrable Securities. In addition, the Company shall not include any securities for its own account or the account of others in any Registration Statement filed
pursuant to Section 2(a) hereof or any amendment or supplement thereto filed pursuant to Section 3(b) hereof without the consent of Investors holding a
majority-in-interest of the then outstanding Registrable Securities. 
 n.
Reserved. 
 o. The Company shall comply with all applicable laws related to a Registration Statement and offering and sale of securities and all applicable
rules and regulations of governmental authorities in connection therewith (including the Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC). 

p. If required by the FINRA Corporate Financing Department, the Company shall promptly effect a filing with FINRA pursuant to FINRA Rule 5110 (or successor
thereto) with respect to the public offering contemplated by resales of securities under the Registration Statement (an “Issuer Filing”), and pay the filing fee required by such Issuer Filing. The Company shall use its best efforts to
pursue the Issuer Filing until FINRA issues a letter confirming that it does not object to the terms of the offering contemplated by the Registration Statement. 

q. If at any time the SEC advises the Company in writing that the offering of some or all of the Registrable Securities in a Registration Statement is not
eligible to be made on a delayed or continuous basis under the provisions of Rule 415, the Company shall use its reasonable best efforts to persuade the SEC that the offering contemplated by a Registration Statement is a bona fide secondary offering
and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the Investors is an “underwriter.” The Investors shall have the right to participate or have their respective counsel participate in any
meetings or discussions with the SEC regarding the SEC’s position and to comment or have their respective counsel comment on any written submission made to the SEC with respect thereto. No such written submission shall be made to the SEC to
which any Investor’s counsel reasonably objects. In the event that, despite the Company’s reasonable best efforts and compliance with the terms of this Section 3(q), the SEC refuses to alter its position, the Company shall remove from
the Registration Statement such portion of the Registrable Securities as the SEC requires in writing be removed therefrom. Any such cut-back imposed by the SEC as contemplated by this Section 3(q) shall
be imposed on 

 
a pro rata basis (based upon the Registrable Securities held by each of the Investors), to such portion of the Registrable Securities as the holders of a majority-in-interest of the Registrable Securities shall specify, unless otherwise required by the SEC. 
 r.
Notwithstanding anything to the contrary in Section 3(e), at any time after the effective date of the applicable Registration Statement, the Company may delay the disclosure of material
non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors of the Company and its counsel, in the best interest of the Company
and is not, in the opinion of counsel to the Company, otherwise required (a “Grace Period”); provided, that the Company shall (i) promptly notify the Investors in writing of the existence of material non-public information giving rise to a Grace Period (provided that in each notice the Company shall not disclose the content of such material non-public information to any
Investor unless otherwise requested in writing by such Investor) and the date on which the Grace Period will begin, and (ii) as soon as such date may be determined, promptly notify the Investors in writing of the date on which the Grace Period
ends; and, provided, further, that (A) no Grace Period shall exceed forty five (45) consecutive days, (B) during any three hundred sixty five (365) day period, such Grace Periods shall not exceed an aggregate of
seventy five (75) days, and (C) the first day of any Grace Period must be at least ten (10) business days after the last day of any prior Grace Period (each Grace Period that satisfies all of the requirements of this
Section 3(r) being referred to as an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the
notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in such notice. The provisions of Section 3(e)
hereof shall not be applicable during the period of any Allowable Grace Period, damages shall not accrue on any day during an Allowable Grace Period, and the unavailability of a Registration Statement for resales of the Registrable Securities on
any day during an Allowable Grace Period shall not constitute a “Registration Failure” (as defined in the Convertible Notes) or an “Event of Default” (as defined in the Warrants). Upon expiration of the Grace Period, the Company
shall again be bound by the first sentence of Section 3(e) with respect to the information giving rise thereto unless such material non-public information is no longer applicable.

 4. OBLIGATIONS OF THE INVESTOR. In connection with the registration of the Registrable Securities, each Investor shall have the following
obligations: 
 a. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect
to the Registrable Securities of an Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as
shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least five (5) business days prior to the
first anticipated filing date of a Registration Statement, the Company shall notify each Investor of the information the Company requires from such Investor. Any such information shall not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein, or necessary to make the statements therein not misleading. An Investor must provide such information to the Company at 

 
least two (2) business days prior to the first anticipated filing date of such Registration Statement if such Investor elects to have any Registrable Securities included in the Registration
Statement. 
 b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of the Investor’s Registrable
Securities from such Registration Statement. 
 c. In the event of an underwritten offering pursuant to Section 2(b) in which any Registrable Securities
of any Investor are to be included, such Investor agrees to enter into and perform the Investor’s obligations under an underwriting agreement, in usual and customary form, including customary indemnification and contribution obligations (as
applicable to selling security holders generally), with the managing underwriter of such offering and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Investor Registrable Securities;
provided, however, that no Investor included in any underwritten offering (under any section hereof) shall be required to make any representations or warranties to the Company or the underwriters other than representations and warranties regarding
such Investor, such Investor’s ownership of its Registrable Securities to be sold in the offering, such Investor’s authority to enter into the underwriting agreement and such Investor’s intended method of distribution, or to undertake
any indemnification or contribution obligations to the Company or the underwriters or other investment banks with respect thereto, except as provided in Section 7. 

d. Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(e) or 3(f),
such Investor will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented or amended prospectus
contemplated by Section 3(e) or 3(f); provided, however, that the foregoing shall not prohibit, or require the Investor to discontinue the settlement of, any sale of Registrable Securities with respect to which an Investor has entered into a
contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind described in Section 3(e) or 3(f). 

5. REGISTRATION FAILURE. In the event of a Registration Failure (as defined in the Convertible Notes) or an Event of Default (as defined in the
Warrants), the Investors shall be entitled to damages and such other rights as set forth in the Convertible Notes and Warrants and, subject to any applicable cure periods, all payments and remedies provided under the Facility Agreement upon the
occurrence of an Event of Default (within the meaning of the Facility Agreement) and an Event of Default (within the meaning of the Warrants). 
 6.
EXPENSES OF REGISTRATION. All reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualification fees, printers and accounting fees, and the fees and disbursements of counsel for the Company shall be borne by the Company. The Company shall also reimburse the Investors for the reasonable fees and
disbursements of Legal Counsel in the aggregate amount up to $25,000 per registration in connection with each registration pursuant to Section 2 or 3 of this Agreement. 

 7. INDEMNIFICATION. In the event any Registrable Securities are included in a Registration
Statement under this Agreement: 
 a. The Company will indemnify, hold harmless and defend (i) each Investor, (ii) the directors, officers,
partners, managers, members, employees, agents of each Investor, and each Person who controls any Investor within the meaning of the Securities Act or the Exchange Act, if any, (iii) any underwriter (as defined in the Securities Act) for each
Investor in connection with an underwritten offering pursuant to Section 2(b) hereof, and (iv) the directors, officers, partners, employees and each Person who controls any such underwriter within the meaning of the Securities Act or the
Exchange Act, if any (each, an “Indemnified Person”), against any joint or several losses, claims, damages, liabilities or expenses (collectively, together with actions, proceedings or inquiries by any regulatory or self-regulatory
organization, whether commenced or threatened, in respect thereof, “Claims”) to which any of them may become subject insofar as such Claims arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a
material fact in any Registration Statement, or any amendment or supplement thereto, or any filing made under state securities laws as required hereby, or the omission or alleged omission to state therein a material fact required to be stated or
necessary to make the statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, or any amendment or supplement thereto, or the omission or alleged omission to state
therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, any other law, including any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities (the matters in the foregoing clauses (i) through (iii) being,
collectively, “Violations”). The Company shall reimburse the Indemnified Person, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees and other reasonable expenses incurred by them in connection
with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 7(a) shall not apply to a Claim arising out of or based upon a Violation to the
extent that such Violation occurs in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Indemnified Person expressly for use in connection with the preparation of such Registration Statement
or any such amendment thereof or supplement thereto, or (B) to any amounts paid in settlement of any Claim effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by any of the Investors pursuant to Section 10. 

b. Promptly after receipt by an Indemnified Person under this Section 7 of notice of the commencement of any action (including any governmental action),
such Indemnified Person shall, if a Claim in respect thereof is to be made against the Company under this Section 7, deliver to the Company a written notice of the commencement thereof, and the Company shall have the right to participate in,
and, to the extent the Company so desires, to assume control of the defense thereof with counsel mutually satisfactory to the Company and the Indemnified Person, as the case may be; 

 provided, however, that an Indemnified Person shall have the right to retain its own counsel
with the reasonable fees and expenses to be paid by the Company, if, in the reasonable opinion of counsel for such Indemnified Person, the representation by such counsel of the Indemnified Person and the Company would be inappropriate due to actual
or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Company shall pay for only one separate legal counsel for the Indemnified Persons, and such legal counsel shall
be selected by the Investors. The failure to deliver written notice to the Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability to the Indemnified Person under this Section 7,
except to the extent that the Company is actually prejudiced by such failure in its ability to defend such action, and shall not relieve the Company of any liability to the Indemnified Person otherwise than pursuant to this Section 7. The
Company shall not, without the prior written consent of the Indemnified Persons, consent to entry of any judgment or enter into any settlement or other compromise with respect to any Claim in respect of which indemnification or contribution may be
or has been sought hereunder (whether or not any such Indemnified Party is an actual or potential party to such action or claim) which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnified
Persons of a full release from all liability with respect to such Claim or which includes any admission as to fault, culpability or failure to act on the part of any Indemnified Person. The indemnification required by this Section 7 shall be
made by periodic payments of the amount thereof during the course of the investigation or defense, as any expense, loss, damage or liability is incurred. 

c. Each Investor will indemnify, hold harmless and defend (i) the Company, and (ii) the directors, officers, partners, managers, members, employees,
or agents of the Company, if any (each, a “Company Indemnified Person”), against any Claims to which any of them may become subject insofar as such Claims arise out of or are based upon any violation or alleged violation by the Company of
the Securities Act, the Exchange Act, any other law, including any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities, which occurs due to the inclusion by the Company in a
Registration Statement of false or misleading information about an Investor, where such information was furnished in writing to the Company by or on behalf of such Investor expressly for the purpose of inclusion in such Registration Statement.
Notwithstanding anything herein to the contrary, the indemnity agreement contained in this Section 7(c) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the
Investors, which consent shall not be unreasonably withheld or delayed; and provided, further, however, that an Investor shall be liable under this Section 7(c) for only that amount of a Claim as does not exceed the net amount of proceeds
received by such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. 
 d. Promptly after receipt by a
Company Indemnified Person under this Section 7 of notice of the commencement of any action (including any governmental action), such Company Indemnified Person shall, if a Claim in respect thereof is to be made against any Investor under this
Section 7, deliver to such Investor a written notice of the commencement thereof, and such Investor shall have the right to participate in, and, to the extent such Investor so desires, to assume control of the defense thereof with counsel
mutually satisfactory to such Investor and such Company Indemnified Person. 

 8. CONTRIBUTION. If for any reason the indemnification provided for in Section 7(a) or
7(c) (as applicable) is unavailable to an Indemnified Person or Company Indemnified Person (as applicable) or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount
paid or payable by the Indemnified Person or Company Indemnified Person (as applicable) as a result of the Claim in such proportion as is appropriate to reflect the relative fault of the Indemnified Person or Company Indemnified Person (as
applicable) and the indemnifying party (provided that the relative fault of any Company Indemnified Person shall be deemed to include the fault of all other Company Indemnified Persons), as well as any other relevant equitable considerations. No
Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation. In no event shall the contribution
obligation of an Investor be greater in amount than the net amount of proceeds received by such Investor as a result of the sale of Registrable Securities giving rise to such contribution obligation pursuant to the applicable Registration Statement
(net of the aggregate amount of any damages or other amounts such Investor has otherwise been required to pay (pursuant to Section 7(c) or otherwise) by reason of such Investor’s untrue or alleged untrue statement or omission or alleged
omission). 
 9. REPORTS UNDER THE 1934 ACT. With a view to making available to the Investors the benefits of Rule 144 promulgated under the
Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration, the Company agrees to: 

a. make and keep public information available, as those terms are understood and defined in Rule 144; 

b. file with the SEC in a timely manner (without giving effect to any extensions pursuant to Rule 12b-25 under the
Exchange Act) all reports and other documents required of the Company under the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of
Rule 144; and 
 c. so long as any of the Investors owns Registrable Securities, promptly upon request, furnish to such Investor (i) a written
statement by the Company that it has complied with the reporting requirements of the Exchange Act as required for applicable provisions of Rule 144, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company and (iii) such other information as may be reasonably requested to permit such Investor to sell such Registrable Securities pursuant to Rule 144 without registration. 

10. ASSIGNMENT OF REGISTRATION RIGHTS. The rights under this Agreement shall be automatically assignable by each Investor to any transferee of
all or any portion of the Registrable Securities if: (i) such Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such
assignment, (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and (b) the securities with respect to which such
registration rights are being transferred or assigned, and (iii) at or before the time the Company receives the written 

 
notice contemplated in clause (ii) of this sentence, the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein as applicable to the
Investors. In the event that the Company receives written notice from an Investor that it has transferred all or any portion of its Registrable Securities pursuant to this Section, the Company shall have up to ten (10) days to file any
amendments or supplements necessary to keep a Registration Statement current and effective pursuant to Rule 415, and the commencement date of any Registration Failure (as defined in the Convertible Notes) or Event of Default (as defined in the
Convertible Notes) under the Convertible Notes caused thereby will be extended by ten (10) days. Each Investor shall at all times comply with the restrictions on transfer set forth in Section 13 of the Convertible Notes (to the extent
applicable to such Investor), which provisions are hereby incorporated by reference and made a part hereof. 
 11. AMENDMENT OF REGISTRATION
RIGHTS. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with written consent of the Company and the holders of a
majority in interest of then-outstanding Registrable Securities. Any amendment or waiver effected in accordance with this Section 11 shall be binding upon each of the Investors and the Company. 

12. MISCELLANEOUS. 
 a. A Person is deemed to hold, and be
a holder of, shares of Common Stock or other Registrable Securities whenever such Person owns of record or beneficially through a “street name” holder such shares of Common Stock or other Registrable Securities (or the Convertible Notes,
Warrants or other securities upon exercise, conversion or exchange of which such Registrable Securities are directly or indirectly issuable, without giving effect to any limitations on exercise, conversion or exchange of the Convertible Notes,
Warrants or other securities), and solely for purposes hereof, Registrable Securities shall be deemed outstanding to the extent they are directly or indirectly issuable upon exercise, conversion or exchange of the Convertible Notes, Warrants or
other outstanding securities, without giving effect to any limits on exercise, conversion or exchange of the Convertible Notes, Warrants or other securities and, in the case of the Warrants, assuming the exercise thereof for cash. If the Company
receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such
Registrable Securities (or the Convertible Notes, Warrants or other securities upon exercise, conversion or exchange of which such Registrable Securities are directly or indirectly issuable). 

b. Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return receipt requested) or delivered
personally or by courier (including a recognized overnight delivery service) or by electronic mail and shall be effective five days after being placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered personally or
by courier (including a recognized overnight delivery service) or by electronic mail, in each case addressed to a party. The addresses for such communications shall be: 

If to the Company: 

 Sientra, Inc. 

420 South Fairview Avenue, Suite 200 
 Santa Barbara, CA 93117

 Email: oliver.bennett@sientra.com 
 Attn: Oliver Bennett,
Esq. 
 With copy to: 
 DLA Piper LLP (US) 

4365 Executive Dr., Suite 1100 
 San Diego, CA 92121 

Email: michael.kagnoff@dlapiper.com 
 Attn: Michael Kagnoff, Esq.

 If to an Investor: 
 c/o Deerfield Management Company, L.P.

 345 Park Avenue South, 12th Floor 
 New York, New York 10010

 E-mail: legalnotice@deerfield.com 

With a copy to: 
 Katten Muchin Rosenman LLP 

525 W. Monroe Street 
 Chicago, IL 60661 

E-mail: mark.wood@katten.com and jonathan.weiner@katten.com 

Attn: Mark D. Wood and Jonathan D. Weiner 
 Each party shall
provide notice to the other party of any change in address. 
 c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or
delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. 
 d. Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof that would result
in the application of the substantive laws of any other jurisdiction. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York, borough of Manhattan. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an
inconvenient venue for such proceeding. 

 
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. The parties hereby waive all rights to a trial by jury. If either party shall commence an action or proceeding to enforce any
provision of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and
prosecution of such action or proceeding. 
 e. This Agreement, the Convertible Notes, the Warrants, the Exchange Agreement and the Facility Agreement
(including all schedules and exhibits thereto) constitute the entire agreement among the parties hereto with respect to the subject matter hereof. This Agreement, the Convertible Notes, the Warrants, the Exchange Agreement and the Facility Agreement
(including all schedules and exhibits thereto) supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof. 

f. Subject to the requirements of Section 10 hereof, this Agreement shall inure to the benefit of and be binding upon the successors and assigns of each
of the parties hereto, and the provisions of Sections 7 and 8 hereof shall inure to the benefit of, and be enforceable by, each Indemnified Person and Company Indemnified Person (as applicable). 

g. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

h. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same
agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by electronic transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement. 

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

j. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Investors by vitiating the intent and purpose
of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for breach of its obligations hereunder will be inadequate and agrees, in the event of a breach or threatened breach by the Company of any of the
provisions hereunder, that the Investors shall be entitled, in addition to all other available remedies in law or in equity, to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically
the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required. 

 k. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. 
 l. In the event that any provision of this Agreement is
invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any
provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof. 
 m.
In the event an Investor shall sell or otherwise transfer any of such holder’s Registrable Securities, each transferee shall be allocated a pro rata portion of the number of Registrable Securities included in a Registration Statement for such
transferor. 
 n. There shall be no oral modifications or amendments to this Agreement. This Agreement may be modified or amended only in writing. 

o. The Company shall not grant any Person any registration rights with respect to shares of Common Stock or any other securities of the Company other than
registration rights that will not adversely affect the rights of the Investors hereunder (including by limiting in any way the number of Registrable Securities that could be included in any Registration Statement pursuant to Rule 415) and shall not
otherwise enter into any agreement that is inconsistent with the rights granted to the Investors hereunder. 
 p. The obligations of each Investor hereunder
are several and not joint with the obligations of any other Investor, and no provision of this Agreement is intended to confer any obligations on any Investor
vis-à-vis any other Investor. Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein. 

q. Unless the context otherwise requires, (i) all references to Sections, Schedules or Exhibits are to Sections, Schedules or Exhibits contained in or
attached to this Agreement, (ii) words in the singular or plural include the singular and plural, and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter, and (ii) the use
of the word “including” in this Agreement shall be by way of example rather than limitation. 
 [Remainder of page left
intentionally blank] 
 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned Investors and the Company have caused this Registration
Rights Agreement to be duly executed as of the date first written above. 
  

			
	BORROWER:
	
	 SIENTRA, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Andrew Schmidt

		 	Name: Andrew Schmidt
		 	Title: CFO

 IN WITNESS WHEREOF, the undersigned Investors and the Company have caused this Registration
Rights Agreement to be duly executed as of the date first written above. 
  

									
	INVESTOR:
	
	DEERFIELD PARTNERS, L.P.
			
		 	By:	 	Deerfield Mgmt, L.P.,
		 		 	its General Partner
				
	    	 		 	By:	 	J.E. Flynn Capital, LLC,
		 		 		 	its General Partner
					
		 		 		 	By:	 	 /s/ David J. Clark

		 		 		 		 	Name: David J. Clark
		 		 		 		 	Title: Authorized SignatoryExhibit 10.1

 

PURCHASE AND SALE AGREEMENT

AND JOINT ESCROW INSTRUCTIONS

 

between

 

NEAL BRADLEY STARR,

an unmarried man

 

as the Seller 

 

and

 

ZP RE HOLDINGS, LLC,

an Arizona limited liability company

 

as the Buyer

 

     

     

    

 

PURCHASE AND SALE AGREEMENT

AND JOINT ESCROW INSTRUCTIONS

 

THIS PURCHASE AND SALE AGREEMENT
AND JOINT ESCROW INSTRUCTIONS (this “Agreement”) is entered into as of the Effective Date between Seller and Buyer
for the purpose of setting forth the agreement of the Parties and instructing Escrow Agent, with respect to the transaction contemplated
by this Agreement.

 

NOW, THEREFORE, for
and in consideration of the foregoing premises, and the mutual undertakings set forth below, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows:

 

TERMS OF THE AGREEMENT

 

Section 1.
Definitions. The following capitalized terms not otherwise defined in this Agreement shall have the following meanings, including
the singular and plural forms, in this Agreement as set forth in this Section 1.

 

1.1
“Assignment of Intangibles” shall mean the Assignment of Contracts and Intangibles in the form of Exhibit
D attached to this Agreement.

 

1.2
“Bill of Sale” shall mean the Bill of Sale in the form of Exhibit E attached to this Agreement.

 

1.3
“Business Day” shall mean any day other than: (i) a Saturday or a Sunday; and (ii) a day on which federally
insured depository institutions in Phoenix, Arizona are authorized or obligated by law, regulation, governmental decree or executive order
to be closed.

 

1.4
“Buyer” shall mean ZP RE HOLDINGS, LLC, an Arizona limited liability company, or its assignee.

 

1.5
“Carryback” means the portion of the Purchase Price equal to One Million Two Hundred Thousand and No/100 Dollars
($1,200,000.00).

 

1.6
“Closing” shall mean the date and time at which all of the following occur: (i) all of Buyer’s Conditions
are satisfied or waived in writing by Buyer, (ii) Escrow Agent is irrevocably committed to issue the Owner’s Title Policy,
and (iii) the Deed conveying fee simple title to the Property to Buyer has been recorded in the Official Records.

 

1.7
“Closing Date” shall be the date scheduled for the Closing, which date shall be as provided for in Section 10
of this Agreement.

 

1.8
“County” shall mean the County of Pima, State of Arizona.

 

1.9
“Day.” shall mean any day including a Business Day and a day that is not a Business Day.

 

1.10
“Deed” shall mean the Special Warranty Deed in the form attached hereto as Exhibit F.

 

    2

     

    

 

1.11
“Due Diligence Review Materials” shall mean the reports, documents and materials listed on Exhibit A
attached to this Agreement to the extent same exist and are in Seller’s actual physical possession or control.

 

1.12
“Earnest Money Deposit” shall mean the Initial Earnest Money Deposit, together with any and all interest and
dividends earned thereon.

 

1.13
“Effective Date” shall have the meaning set forth in Section 3 of this Agreement.

 

1.14
“Escrow” shall mean the escrow established with Escrow Agent in accordance with this Agreement.

 

1.15
“Escrow Agent” shall mean Thomas Title & Escrow Agency, Bryan Selna, bselna@thomastitle.com, (480) 429-4314.

 

1.16
“Event of Default” shall mean, (a) with respect to Seller, the failure of Seller to perform any obligation under
this Agreement which failure shall continue for a period of five (5) Business Days after written notice from Buyer to Seller specifying
such failure has been given and is effective in accordance with Section 16 of this Agreement, and (b) with respect to Buyer, the failure
of Buyer to perform any obligation under this Agreement which failure shall continue for a period of five (5) Business Days after written
notice from Seller to Buyer specifying such failure has been given and is effective in accordance with Section 16 of this Agreement.

 

1.17
“Hazardous Materials” shall mean (i) hazardous wastes, hazardous materials, hazardous substances, hazardous
constituents, toxic substances or related materials, whether solids, liquids or gases, including but not limited to substances defined
as “Hazardous Wastes,” “Hazardous Materials,” “Hazardous Substances,” “Toxic Substances,”
“Pollutants,” “Contaminants,” “Radioactive Materials,” or other similar designations in, or otherwise
subject to regulation under, The Toxic Substance Control Act, 15 U.S.C. § 2601 et seq.; The Hazardous Materials Transportation Act,
49 U.S.C. § 1802; The Resource Conservation And Recovery Act, 42 U.S.C. § 9601, et seq.; The Clean Water Act, 33 U.S.C. § 1251
et seq.; The Safe Drinking Water Act, 42 U.S.C. § 300F et seq.; The Clean Air Act, 42 U.S.C. § 7401 Et Seq.; and in any
permits, licenses, approvals, plans, rules, regulations or ordinances adopted, or other criteria and guidelines promulgated pursuant to
the preceding laws or other federal, state or local laws, regulations, rules or ordinance now or hereafter in effect relating to environmental
matters (collectively, the “Environmental Laws”); and (ii) any other substances, constituents or wastes subject
to any applicable federal, state or local law, regulation or ordinance, including any environmental law, now or hereafter in effect, including
but not limited to petroleum, refined petroleum products, waste oil, waste aviation or motor vehicle fuel, asbestos, lead in water, paint
or elsewhere, radon, polychlorinated biphenyls, microbial materials, and formaldehyde.

 

1.18  “Initial
Earnest Money Deposit” shall mean the Initial Earnest Money Deposit in the amount of Twenty Five Thousand Dollars ($25,000),
to be deposited by Buyer in the Escrow in accordance with the provisions of Section 4.1 of this Agreement, together with any and all interest
and dividends earned thereon.

 

1.19
“Inspection Period” shall mean and refer to the period of time commencing on the Effective Date and ending at
11:59 p.m. pacific standard time on the date that is thirty (30) days after said date.

 

    3

     

    

 

1.20  “Intangible
Property” shall mean all of Seller’s right, title and interest, if any, in and to any and all assignable (without
cost to Seller) entitlements and intangible personal property in connection with or arising out of the ownership of the Property, including,
without limitation, all transferrable approvals, licenses, permits and certificates of occupancy for the Property and trade names, websites,
phone numbers, email addresses and logos relating thereto and used exclusively in connection therewith.

 

1.21
“Land” shall mean the real property situated in the County, which is described on Schedule 1.21 attached
hereto. with the address of 3008 N Stone Ave, Tucson, AZ 85705.

 

1.22
“Non-Permitted Exceptions” shall have the meaning set forth in Section 5.2 of this Agreement.

 

1.23
“Official Records” shall mean the official real property records of the County.

 

1.24
“Operating Expenses” shall mean the expenses incurred with respect to the operation of the Property, including
but not limited to utility costs (including sewer, water, electricity, gas, telephone and cable).

 

1.25
“Owner’s Title Policy” shall mean the owner’s title insurance policy to be issued as provided in
Section 8.2 of this Agreement.

 

1.26
“Parties” shall mean Seller, Buyer, and where applicable, Escrow Agent, as the parties to this Agreement.

 

1.27
“Permitted Exceptions” shall have the meaning set forth in Section 5.2 of this Agreement.

 

1.28
“Personal Property” shall mean all equipment, tools, machinery, materials, furniture, furnishings, supplies
and other tangible personal property owned by Seller and listed on Schedule 1.28 (as the same may be updated due to replacements,
etc. in the ordinary course of business prior to the Closing) and located on and used solely in connection with the ownership, management
or operation of Property as of the Closing.

 

1.29
“Property” shall mean the Land and the Property Improvements, together with all of Seller’s right, title
and interest in and to: (i) all strips and gores of land adjoining, adjacent and contiguous to the Land; (ii) all easements, rights of
ingress and egress, rights of way, and rights under any covenants, conditions and/or restrictions appurtenant to the Land or affecting
any portion thereof; (iii) any and all mineral, water, and irrigation rights running with or pertaining to the Land; (iv) all rights and
interests appurtenant thereto; (v) all Rental Agreements; (vi) all licenses, permits and entitlements relating to or benefitting the Land
or Property Improvements; and (vii) all plats, plans, reports, specifications, maps, drawings and other renderings relating to or benefitting
the Land or Property Improvements.

 

1.30
“Property Improvements” shall mean the improvements and all fixtures constructed, installed and located on the
Land as of the Effective Date.

 

1.31
“Purchase Price” shall mean the consideration to be paid for the Property in the amount of One Million Five
Hundred Thousand and No/100 Dollars ($1,500,000.00).

 

1.32
“Seller” shall mean NEAL BRADLEY STARR, an unmarried man.

 

    4

     

    

 

1.33
“Third-Party Contracts” shall mean the contracts or agreements to which Seller is a party relating to the operation
and maintenance of the Property that are listed on Exhibit C attached to this Agreement and, to the extent assignable, all warranties
and license agreements relating to the Property.

 

1.34
“Title Commitment” shall mean a current commitment for an extended coverage owner’s ALTA policy of title
insurance from Escrow Agent covering the Property.

 

Section 2.
Sale of the Property. At the Closing, Seller shall sell the Property to Buyer, and Buyer shall purchase the Property from Seller,
for the Purchase Price and on and subject to the terms and conditions herein set forth.

 

Section 3.
Establishment of the Escrow. The Escrow shall be established with Escrow Agent as of the Effective Date. Buyer and Seller shall
execute and deliver this Agreement (or their respective counterpart signatures) to Escrow Agent and the date all of such signatures are
delivered to Escrow Agent shall be the “Effective Date”. Escrow Agent shall sign the acceptance of this Agreement where
provided and indicate the date of such delivery (and designate the same as the Effective Date), and deliver one (1) executed copy hereof
to Seller and Buyer.

 

Section 4.
Earnest Money Deposit; Payment of the Purchase Price.

 

4.1
Deposit of the Earnest Money Deposit. Within three (3) Business Days of Buyer’s receipt of written notice from Escrow
Agent of the Effective Date, Buyer shall deliver to Escrow Agent at the address shown for Escrow Agent in Section 16 of this Agreement,
the Initial Earnest Money Deposit by wire transfer or by certified or bank check payable to the order of Escrow Agent. If Buyer defaults
in making the Initial Earnest Money Deposit on or prior to the required date, and such failure remains uncured two (2) Business Days following
Buyer’s receipt of written notice of such failure, then upon notice by either party delivered to Escrow Agent and the other party
prior to such failure being cured, this Agreement shall immediately terminate, and thereafter neither party shall have any further obligations
or liabilities hereunder other than obligations or liabilities that expressly survive the termination of this Agreement.

 

4.2
Interest on Deposits. All cash or immediately available funds deposited by Buyer pursuant to Section 4 of this Agreement
shall, at Buyer’s direction, be invested by Escrow Agent in a money market account, subject to immediate withdrawal without penalty,
at a federally insured bank approved by Buyer. All earnings on such invested funds shall belong to Buyer, and Escrow Agent shall remit
such interest to Buyer at such time as such the Earnest Money is disbursed. If the Closing occurs, the amount thereof shall be paid to
Seller and credited towards the payment of the Purchase Price and shall be applied as a reduction in the amount of the cash due at the
Closing.

 

4.3
Credit for the Earnest Money Deposit. A credit shall be given to Buyer against the Purchase Price in the amount of the Earnest
Money Deposit and interest accrued thereon.

 

4.4
Seller Financing. A credit shall be given to Buyer against the Purchase Price in the amount of the Carryback.

 

4.5
Cash Due at the Closing. Buyer shall pay the Purchase Price, less the credits for the Earnest Money Deposit, the Carryback,
and plus or minus Buyer’s share of all amounts prorated hereunder, in immediately available funds, estimated to be Three Hundred
Thousand and No/100 Dollars ($300,000) to Seller on the Closing Date, less the portion of the Earnest Money Deposit released to the Seller.

 

    5

     

    

 

Section 5.
Title Commitment, Investigation, the Non-Refundability or Refundability of the Earnest Money Deposit; and the Assumption or Termination
of the Third-Party Contracts.

 

5.1
Title Commitment and Underlying Documents; Survey. As soon as reasonably possible following the Effective Date, Escrow Agent
shall deliver or cause to be delivered to Buyer the Title Commitment; and true, complete and legible copies, to the extent available,
of all documents referred to in the Title Commitment and all other documents relating to or encumbering the Property. Buyer, at its sole
cost and expense, shall be entitled to obtain an ALTA survey and Seller, shall reasonably cooperate and assist Buyer in such efforts.

 

5.2
Title Review. Buyer may, at any time on or before the expiration of the Inspection Period (the “Title Review Period”),
give written notice of Buyer’s objection, in Buyer’s sole and absolute discretion, as to any liens and encumbrances encumbering
the Property or any other matters affecting the title to the Property, to Seller and Escrow Agent (the “Title Objection”).
All liens, encumbrances or other matters to which Buyer so objects shall be deemed to be “Non-Permitted Exceptions.”
If no Title Objection is given prior to the expiration of the Title Review Period, all matters reflected by the Title Commitment as exceptions
shall be deemed to be “Permitted Exceptions”; provided that Buyer shall not be required to object to monetary liens
or encumbrances (including any deed of trust, mortgage or similar instrument evidencing indebtedness) securing indebtedeness of Seller,
installment land contracts to which Seller is a party, mechanics’ liens, materialmen’s liens or other professional service
liens arising out of any work done by or on behalf of Seller, tax liens against Seller and/or judgment liens against Seller or delinquent
real property taxes and assessments (collectively, “Monetary Encumbrances”), and the parties agree that (i) Monetary
Encumbrances are Non-Permitted Exceptions, and (ii) Seller shall release the Monetary Encumbrances at Seller’s sole cost and expense
no later than Closing (and Seller shall use the proceeds of the sale contemplated hereby to do so). Seller may elect to cure or remove
any Non-Permitted Exceptions at Seller’s cost by giving Buyer and Escrow Agent notice of such election within three (3) Business
Days following the date notice of the Title Objection was given, but, except for Monetary Encumbrances, shall be under no obligation to
do so. If Seller gives such a notice electing to cure or remove each Non-Permitted Exception on or before the third (3rd) Business Day
following the date notice of the Title Objection was given, then Seller shall be deemed to have covenanted to Buyer to remove each Non-Permitted
Exception on or prior to the Closing Date. If Seller fails to give such a notice electing to cure or remove each Non-Permitted Exception
on or before the third (3rd) Business Day following the date notice of the Title Objection was given, then Seller shall be deemed to have
elected to refuse to cure such Non-Permitted Exceptions. If Seller elects or is deemed to have elected not to cure such Non-Permitted
Exceptions, Buyer shall, in Buyer’s sole and absolute discretion, have the option, which must be exercised within three (3) Business
Days after Seller’s notice of the election not to cure such Non-Permitted Exceptions has been given or deemed given (or if such
option is not exercised within said three (3) Business Day period, Buyer shall be deemed to have elected option (ii) below), to (i) waive
Buyer’s objections and purchase the Property as otherwise contemplated in this Agreement, notwithstanding such Non-Permitted Exceptions,
in which event the Non-Permitted Exceptions shall be deemed to be Permitted Exceptions; provided, however, that Seller shall
remain obligated to remove all Monetary Encumbrances affecting or purporting to affect the Property or any portion thereof prior to the
Closing, and Seller agrees that no such Monetary Encumbrances shall be deemed to be Permitted Exceptions regardless of whether they are
listed on any Title Objection, or (ii) terminate this Agreement by written notice to Seller and Escrow Agent, whereupon the Earnest
Money Deposit (less the Released Amount [defined below]) shall be returned immediately to Buyer and any and all rights and obligations
of Buyer and Seller hereunder shall terminate (other than any such obligations which, by their express terms, survive any termination
of this Agreement). If Seller elects to cure such Non-Permitted Exceptions and thereafter fails or refuses to cure said Non-Permitted
Exceptions, it shall be deemed to be an Event of Default by Seller and Buyer shall have the right to proceed with its rights and remedies
in Section 14.2. If, prior to Closing, Escrow Agent issues a supplemental or amended Title Commitment showing additional title exceptions
or requirements that were not shown on the most recent Title Commitment delivered to Buyer during the Title Review Period (an “Amended
Title Commitment”), Buyer shall have five (5) Business Days from the date of receipt of the Amended Title Commitment in which
to provide Seller with a Title Objection notice for any objections Purchaser may have to any such additional title exceptions, whereupon
the same review and response periods above shall apply.

 

    6

     

    

 

5.3
Property Investigation. Seller shall afford Buyer and Buyer’s representatives a continuing right to investigate the
Property and conduct such inspections, studies, surveying, testing, design of improvements and other actions as Buyer deems, in its sole
and absolute discretion, reasonable or necessary on the Property, commencing on the Effective Date and on the expiration of the Inspection
Period unless the Inspection Period is extended in writing by the Parties. Buyer may disclose any Due Diligence Review Materials and other
information it receives from Seller to third parties with a bona fide need to know, including, without limitation, any potential lenders,
any potential investors and Buyer’s agents, consultants, auditors, investors and attorneys, and as required by applicable law, subpoena
or in connection with any litigation. If Buyer determines, in Buyer’s sole and absolute discretion, that the Property is not suitable
for Buyer’s purchase and use for any reason or no reason, Buyer may, at any time prior to the expiration of the Inspection Period,
elect by giving written notice to Seller and Escrow Agent of Buyer’s election to terminate this Agreement, whereupon the Earnest
Money Deposit (less the Released Amount [defined below]) shall be returned immediately to Buyer and any and all rights and obligations
of Buyer and Seller hereunder shall terminate (other than any such obligations which, by their express terms, survive any termination
of this Agreement). Notwithstanding the foregoing, in the event Buyer determines in its sole discretion that the Property is unsuitable
for Buyer based on a curable, physical condition of the Property, Buyer agrees to give Seller written notice of such condition and a reasonable
period not to exceed ten (10) days to cure such condition. Seller’s failure to elect by written notice to Buyer that it will cure
such condition within the 10-day period shall be deemed Seller’s refusal to cure. The Inspection Period shall be extended through
the date that is five (5) Business Days after the date Seller elects to cure or not to cure the condition, or after Seller cures the objected
to physical condition of the Property (not to exceed fifteen (15) days, after which period Buyer shall have the option to approve or disapprove
the Property in its sole discretion, however Seller’s curing of any curable, physical condition of the Property to Buyer’s
reasonable satisfaction shall reinstate this Agreement and Buyer’s obligation to go forward with the purchase of the Property. The
failure of Buyer to give written notice waiving its right to terminate the Agreement in accordance with this Section 5.3 by the end of
the Inspection Period, as extended if applicable, shall be deemed an election by Buyer to terminate this Agreement, whereupon the Earnest
Money Deposit (less the Released Amount [defined below]) shall be returned immediately to Buyer and any and all rights and obligations
of Buyer and Seller hereunder shall terminate (other than any such obligations which, by their express terms, survive any termination
of this Agreement). The provisions of this Section 5.3 shall survive the Closing or earlier termination of this Agreement. If Buyer or
its agents perform any invasive or destructive testing or investigations at the Property, and Closing does not occur, Buyer shall restore
the Property to its pre-testing condition to the extent any damage was caused by Buyer or its agents. Buyer shall exonerate, indemnify,
defend and hold Seller harmless from and against, and reimburse Seller for, any and all obligations, claims, demands, causes of action,
liabilities, losses, damages, judgments, penalties, costs and expenses (including, without limitation, court costs and reasonable attorneys’
fees and expenses) which may be imposed upon, asserted against or incurred or paid by Seller, or for which Seller may become obligated
or liable, by reason of, on account of or in connection with the performance of any of Buyer’s inspections and testing on the Property
by Buyer or its agents.

 

5.4
Due Diligence Review Materials. Within five (5) days after the Effective Date, Seller shall make available to Buyer for
inspection, copies (which may be digital or electronic copies) of all the Due Diligence Review Materials to the extent the same are in
the possession or control of Seller.

 

    7

     

    

 

5.5
Refundability of the Earnest Money Deposit. Except for the Released Amount, the Earnest Money Deposit shall remain fully
refundable to Buyer as provided in this Agreement until the expiration of the Inspection Period. The Earnest Money Deposit shall become
non-refundable upon the expiration of the Inspection Period if Buyer fails to terminate this Agreement prior to the expiration of the
Inspection Period. Notwithstanding the foregoing, the Earnest Money Deposit shall be refundable after the expiration of the Inspection
Period upon, or if Escrow fails to close due to, an Event of Default by Seller or, except for the Released Amount, the failure of a Buyer
condition to close Escrow as set forth herein.

 

5.6
Released Earnest Money Deposit. On the date that is five (5) days after the Effective Date, and every thirty (30) days thereafter
until the earlier of the Closing or Buyer’s termination of this Agreement or written notice stating a Buyer condition of Closing
is not satisfied, Escrow Agent is instructed to release Five Thousand and No/100 Dollars ($5,000.00) of the Initial Earnest Money Deposit
from the escrow to Seller (such amount, as and when released, the “Released Amount”). The Released Amount shall be
non-refundable to Buyer unless there is a Seller Event of Default or breach of any of Seller’s representations or warranties given
in this Agreement. Buyer shall replenish the Earnest Money Deposit once the initial Earnest Money Deposit is reduced to zero by depositing
Five Thousand and No/100 Dollars ($5,000.00) with the Escrow Agent each month as and when required to release such amount pursuant to
this Section 5.6.

 

5.7
Assumption or Termination of the Third-Party Contracts. Within five (5) days after the Effective Date, Seller shall make
available to Buyer for inspection, copies (which may be digital or electronic copies) of all the Third-Party Contracts. Prior to the expiration
of the Inspection Period, Buyer shall give written notice to Seller of Buyer’s election to assume any or all the Third-Party Contracts
(the “Assumption Notice”). The failure of Buyer to give the Assumption Notice by the end of the Inspection Period shall
be deemed an election by Buyer not to assume any of the Third-Party Contracts. Seller shall cause those Third-Party Contracts Buyer elects
or is deemed to have elected not to assume to be terminated effective as of the Closing Date and shall pay all fee and penalties related
to such termination. Seller shall defend, indemnify, and hold harmless Buyer from and against all claims, losses, damages, liabilities,
demands, fees, penalties, and all court costs, attorneys’ fees, and other costs or expenses arising therefrom, arising from or related
to the termination of any Third-Party Contracts. Buyer shall, pursuant to the Assignment of Lease, assume the Third-Party Contracts that
are listed in the Assumption Notice as being assumed. This Section 5.7 survives the Closing or earlier termination of this Agreement.

 

Section 6.
Seller’s Representations and Warranties. All of Seller’s representations and warranties shall survive the Closing.
Seller represents and warrants to, and covenants with, Buyer as of the Effective Date and as of the Closing Date as set forth below.

 

6.1
Due Organization and No Violation or Default. Seller is an individual over the age of 18 with the full right, power, mental
capacity and authority to enter into this Agreement and perform his obligations herein. Seller is unmarried. The transactions contemplated
by this Agreement and the execution and delivery by Seller of all documents required herein to be executed and delivered by Seller, and
Seller’s performance hereunder, have been duly authorized by Seller, and no further consents of any other person, entity, public
body or court are required in connection with the execution and delivery of this Agreement. The execution and delivery of this Agreement
and any other document required herein by Seller and the consummation of the transactions contemplated hereby and thereby by Seller will
not result in any violation of, or default under, any term or provision of any agreement, instrument, mortgage, loan, or similar documents
to which Seller is a party or by which Seller is bound.

 

6.2
Enforceability. This Agreement, when executed and delivered by Seller and Buyer, will constitute the valid and binding agreement
of Seller, enforceable against Seller in accordance with its terms.

 

    8

     

    

 

6.3
No Litigation. There is no litigation, investigation or proceeding pending, or to the knowledge of Seller, contemplated
or threatened against Seller or the Property which would materially impair or materially adversely affect the Property or Seller’s
ability to perform Seller’s obligations under this Agreement or under any contract, instrument or document related hereto.

 

6.4
Foreign Person. Seller is not a “foreign person” as such term is defined under §1445 of the Internal Revenue
Code of 1986, as amended.

 

6.5
Rental Agreements. There are no leases, occupancy agreements or rights of possession applicable to or affecting the Property.
There are no arrangements, agreements, understandings, options, contracts or rights of first refusal affecting or relating to the Property
in any way.

 

6.6
Third-Party Contracts. There are no contracts or agreements to which Seller is a party relating to the operation or maintenance
of the Property other than those that are listed on Exhibit C attached to this Agreement.

 

6.7
Compliance with Laws. The Property is in compliance in all material respects with all applicable law, ordinance, rule or
regulation, including without limitation, Environmental Laws.

 

6.8
Condemnation, Zoning Change or Special Assessment. There are no condemnation or eminent domain proceedings pending or, to
Sellers knowledge, threatened or contemplated against the Property or any part thereof. There are no special assessments or zoning changes
presently affecting the Property or contemplated or threatened against the Property.

 

6.9
Permitted Use. The Property is fully entitled and approved by applicable governmental entities for use as a retail cannabis
dispensary in accordance with the laws of the State of Arizona.

 

    9

     

    

 

6.10 Operations.
From the date hereof until the Closing, Seller shall (a) operate the Property in the same manner as the Property has historically
been operated; (b) maintain the Property in the same manner as the Property has historically been maintained; (c) maintain all
policies of insurance now existing on the Property; (d) not cause any new liability, encumbrance or obligation to be recorded or
imposed upon all or any part of the Property; (e) pay when due all payments on any encumbrances presently affecting the Property
and any and all taxes, assessments, and levies with respect to the Property through the Closing, and (f) not enter into any Third Party
Contract or other agreement relating to the Property having a term that would extend past the Closing Date without Buyer’s prior
written consent, not to be unreasonably withheld.

 

6.11 Hazardous
Materials. (a) There are no Hazardous Materials located in, on, under or about the Property in violation of Environmental Laws,
(b) the Property is not in violation of any applicable Environmental Law and is not subject to any pending or threatened investigation
or inquiry by any Governmental Authority and is not subject to any remedial action or obligations under any Environmental Law, (c) Seller
has not violated any Environmental Law during its ownership of the Property, (d) Seller has received no written notice of any material
violation of any Environmental Laws relating to the presence of Hazardous Materials on the Property or release or presence of Hazardous
Materials on, under or about the Property that has not been cured prior to the date hereof, and (e) Seller has not, and to Seller’s
knowledge no one else has, used, generated, manufactured, stored, treated, or disposed on the Property any Hazardous Materials in violation
of Environmental Laws. Seller has not conducted and has no knowledge that others have conducted any activity on the Property that could
result in the presence of Hazardous Substances in violation of Environmental Laws. There are no underground storage tanks under the Property
and, to Seller’s knowledge, adjacent to the Property. Seller has no reason to believe and does not believe that any Hazardous Materials
have seeped or flowed onto or into the Property from other sites or from the Property onto or into any other sites.

 

6.12 Due
Diligence Review Materials. All Due Diligence Review Materials are true, correct and complete copies of such documents in Seller’s
possession or control. Seller has not knowingly omitted or knowingly failed to disclose any information or material facts related to the
Seller or to the Property that would cause the due diligence information concerning the Seller or the Property to be incorrect or misleading.

 

6.13 Title.
Seller has good and marketable title to the Property.

 

6.14 Bankruptcy.
Seller has not: (i) commenced a voluntary case, or had entered against it a petition, for relief under the federal bankruptcy code or
any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other relief for
debtors; (ii) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator or similar
official in any federal, state or foreign judicial or non-judicial proceedings, to hold, administer and/or liquidate all or substantially
all of its property; or (iii) made an assignment for the benefit of creditors.

 

6.15 OFAC.
Seller and, to Seller’s knowledge, each person or entity owning an interest in Seller is (i) not currently identified on the Specially
Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”)
and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, (ii) not a person
or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or
other prohibition of United States law, regulation, or Executive Order of the President of the United States, and (iii) not an Embargoed
Person (as hereinafter defined). To Seller’s knowledge, none of the funds or other assets of Seller constitute property of, or are
beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), and to Seller’s knowledge, no Embargoed
Person has any interest of any nature whatsoever in Seller (whether directly or indirectly). The term “Embargoed Person”
means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders
regulations promulgated thereunder.

 

    10

     

    

 

6.16 Patriot
Act. Seller has not violated any applicable provisions of the USA PATRIOT Act of 2001, Pub. L. No. 107-56.

 

The representations and warranties
made by Seller in this Agreement will survive the Closing for a period of twelve (12) months.

 

Seller’s representations
and warranties set forth in this Agreement shall be true and correct as of the Effective Date and shall remain true and correct as of
the Closing Date. If, during the period between the Effective Date and the Closing, Seller learns that any of its representations and
warranties contained herein are untrue in any material respect, Seller shall give written notice thereof to Buyer as soon as possible.
If Seller notifies Buyer of the foregoing, or if Buyer learns in its investigations of the Property that Seller’s representations
and warranties are untrue in any material respect, then Buyer shall have the right to choose between one of the following options:

 

(a) If Seller notifies Buyer
in writing of the matter at least five (5) Business Days before the expiration of the Inspection Period or if Buyer discovers the matter
at least five (5) Business Days before the expiration of the Inspection Period, then Buyer shall have the option to either (i) terminate
this Agreement by notice to Seller and Escrow Agent given before the expiration of the Inspection Period in which event Escrow Agent shall
return the Earnest Money Deposit to Buyer Seller shall return the Released Amount to Buyer, and all rights and obligations under this
Agreement shall terminate excepting those rights and obligations that specifically survive termination, or (ii) waive any objection with
regard to the disclosed or discovered matter (Buyer’s failure to terminate this Agreement by the expiration of the Inspection Period
shall be deemed a waiver of Buyer’s right to terminate the Agreement as a result of such disclosed or discovered matter); or

 

(b) If Seller notifies Buyer
in writing of the matter within five (5) Business Days before the expiration of the Inspection Period or after the expiration of the Inspection
Period and before the Closing or if Buyer discovers the matter within five (5) Business Days before the expiration of the Inspection Period
or after the expiration of the Inspection Period and before the Closing, and such matter is not resolved by Seller to Buyer’s satisfaction
within five (5) Business Days after notice thereof to or from Seller, then Buyer shall have the option to either (i) terminate this Agreement
by notice to Seller and Escrow Agent given within five (5) Business Days after expiration of the foregoing cure period granted to Seller,
in which event Escrow Agent shall return the Earnest Money Deposit to Buyer, Seller shall return the Released Amount to Buyer and all
rights and obligations under this Agreement shall terminate excepting those rights and obligations that specifically survive termination,
or (ii) waive any objection with regard to the disclosed matter, in which event this Agreement shall continue in effect and Buyer shall
have no further termination or other rights with regard to the matter (Buyer’s failure to terminate this Agreement by the expiration
of the Inspection Period shall be deemed a waiver of Buyer’s right to terminate the Agreement as a result of such disclosed or discovered
matter).

 

    11

     

    

 

Section 7.
Buyer’s Representations and Warranties. All of Buyer’s representations and warranties shall survive the Closing.
Buyer represents and warrants to, and covenants with, Seller as of the Effective Date and as of the Closing Date as set forth below.

 

7.1
Due Organization and No Violation or Default. Buyer is a duly organized, validly existing limited liability company, and
is in good standing under the laws of the state of its formation and is authorized to transact business in Arizona. The execution and
delivery of this Agreement and any other document required herein by Buyer and the consummation of the transactions contemplated hereby
and thereby by Buyer will not result in any violation of, or default under, any term or provision of any agreement, instrument, mortgage,
loan, or similar documents to which Buyer is a party or by which Buyer is bound.

 

7.2
Enforceability. This Agreement, when executed and delivered by Seller and Buyer, will constitute the valid and binding agreement
of Buyer, enforceable against Buyer in accordance with its terms.

 

7.3
No Litigation. There is no litigation, investigation or proceeding pending or contemplated or threatened against Buyer which
would materially impair or materially adversely affect Buyer’s ability to perform Buyer’s obligations under this Agreement
or under any contract, instrument or document related hereto.

 

7.4
OFAC. Buyer and, to Buyer’s knowledge, each person or entity owning an interest in Buyer is (i) not currently identified
on the Specially Designated Nationals and Blocked Persons List maintained by the OFAC and/or on any other similar list maintained by OFAC
pursuant to any authorizing statute, executive order or regulation, (ii) not a person or entity with whom a citizen of the United States
is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation,
or Executive Order of the President of the United States, and (iii) not an Embargoed Person (as hereinafter defined). To Buyer’s
knowledge, none of the funds or other assets of Buyer constitute property of, or are beneficially owned, directly or indirectly, by any
Embargoed Person (as hereinafter defined), and to Buyer’s knowledge, no Embargoed Person has any interest of any nature whatsoever
in Buyer (whether directly or indirectly).

 

Section 8.
Buyer’s Conditions to Closing. The obligation of Buyer to close hereunder shall be subject to the timely satisfaction
of the following conditions unless waived by Buyer in Buyer’s sole and absolute discretion:

 

8.1
Representations and Warranties True at Closing; No Default. The representations and warranties made by Seller in this Agreement
shall be true in all material respects as of the Closing Date with the same effect as though such representations and warranties had been
made or given at the Closing and Seller shall have performed and complied in all respects with Seller’s obligations under this Agreement
which are to be performed or complied with by Seller prior to or at the Closing, including without limitation, depositing in Escrow the
documents required to be deposited by Seller hereunder, and no Event of Default by Seller shall have occurred and be continuing.

 

8.2
Owner’s Title Policy. Buyer shall have received from Escrow Agent an unconditional commitment to issue to Buyer, an
ALTA extended coverage owner’s title policy in Escrow Agent’s standard form as approved by Buyer, insuring Buyer as the fee
owner of the Property subject only to the Permitted Exceptions, in the total amount of the Purchase Price, which Owner’s Title Policy
shall include extended coverage and/or such endorsements as Buyer may request, provided that Buyer shall be solely responsible for the
additional cost and expense of such extended coverage and endorsements in excess of the premium for a standard coverage policy and the
inability to secure same shall not be a condition to the obligation of Buyer to close unless reflected in a pro forma title policy issued
by Escrow Agent to Buyer before the end of the Inspection Period. Seller shall be responsible for the cost of the issuance of the said
standard coverage portion of the Owner’s Title Policy.

 

    12

     

    

 

8.3
Use Contingencies. At least one of the two following conditions to closing have been satisfied:

 

A. Buyer has
secured a tenant for the Property by signed lease agreement between Buyer and such tenant, which tenant (“Tenant”) owns or
controls a nonprofit medical marijuana license (so called “dual use” license).

 

B. State and
local law allow for the use of the Property by an entity owning or controlling a marijuana establishment license (so called “adult
use” license), regardless of whether Buyer has secured a tenant.

 

The satisfaction of
one of the two above contingencies shall, subject to the other terms and conditions of this Agreement, obligate Buyer to proceed with
the purchase of the Property and all of Buyer’s obligations set forth in this Agreement. The failure of only one of the two above
contingencies shall not be grounds to terminate this Agreement.

 

8.4
Carryback. Buyer and Seller have executed a promissory note, deed of trust, and other ancillary documents to evidence Seller’s
agreement to provide seller financing in the amount of the Carryback (such documents, the “Carryback Documents”). The
Carryback Documents shall generally include the following terms:

 

A. One
Million Two Hundred Thousand and No/100 Dollars ($1,200,000.00) promissory note by Buyer to Seller (the “Note”). The
Note will contain a ten-year term with monthly payments of Ten Thousand and No/100 Dollars ($10,000.00), comprised of Five Thousand and
No/100 ($5,000.00) to principal and Five Thousand and No/100 ($5,000.00) to interest. The Note will contain a payment schedule evidencing
monthly payments and the principal outstanding under the Note, as reduced in accordance with the above.

 

B. Buyer
may pre-pay the outstanding principal balance on the Note at any time without penalty or premium.

 

C. The
Note will be secured by a deed of trust on the Property; provided, however, the parties acknowledge that Buyer intends to redevelop the
Property and may secure debt financing to complete the development, and in the event the lender requires a first position deed of trust
on the Property to disburse the development financing, (i) Seller agrees to subordinate its deed of trust to second position, and (ii)
Buyer agrees to supplement Seller’s collateral for the Note using real property owned by Buyer’s affiliate, located at 1732
W. Commerce Point Place, Sahuarita (Green Valley), AZ 85614, or other suitable property. Seller’s position on any additional secured
property will be in first position, and the deed of trust on the Green Valley property, if applicable, shall provide that for the period
of time Seller holds the deed of trust on the Green Valley property, if at all, Buyer shall keep the Green Valley property free of additional
encumbrances and liens.

 

8.5
No Bankruptcy. No action or proceeding shall have been commenced by or against Seller under the federal bankruptcy code
or any state law for the relief of debtors or for the enforcement of the rights of creditors, and no attachment, execution, lien or levy
shall have attached to or been issued with respect to Seller’s interest in the Property or any portion thereof.

 

    13

     

    

 

8.6
Physical Condition. The physical condition of the Property shall be substantially the same on the Closing Date as on the
Effective Date, except as reasonable wear and tear and any damages due to any act of Buyer or Buyer’s agents.

 

If Buyer elects to close hereunder,
all conditions to Buyer’s obligations set forth above shall be deemed satisfied or waived. Buyer shall have the right, in Buyer’s
sole and absolute discretion, to waive any or all of such conditions. In the event of a failure of a condition to Closing for Buyer’s
benefit, Buyer may, without prejudice to any rights or remedies Buyer may have under this Agreement arising out of a Seller breach of
this Agreement, (i) terminate this Agreement by written notice to Seller and Escrow Agent, whereupon the Earnest Money Deposit (less the
Released Amount, except for the failure of conditions in Section 8.1, in which case the refund shall include the Released Amount) shall
be returned immediately to Buyer and any and all rights and obligations of Buyer and Seller hereunder shall terminate (other than any
such obligations which, by their express terms, survive any termination of this Agreement); or (ii) extend the Closing Date for a period
of up to fifteen (15) days in order to allow satisfaction of the unsatisfied Buyer’s closing condition. If Buyer elects to proceed under
sub-section (ii) above, and the unsatisfied Buyer’s closing condition is not satisfied as of the expiration of said extension, then Buyer
shall elect to proceed under either sub-section (i) above or waive the condition to closing and proceed to Closing. To the extent that
the failure of any applicable Buyer’s closing condition is caused by a Seller Event of Default, Buyer shall be entitled to pursue its
rights and remedies pursuant to the terms of Section 14.2.

 

Section 9.
Seller’s Conditions to Closing. The obligation of Seller to close hereunder shall be subject to the timely satisfaction
of the following conditions unless waived by Seller in Seller’s sole and absolute discretion:

 

9.1
Representations and Warranties True at Closing; No Default. The representations and warranties made by Buyer in this Agreement
shall be true in all material respects as of the Closing Date with the same effect as though such representations and warranties had been
made or given at the Closing and Buyer shall have performed and complied in all respects with Buyer’s obligations under this Agreement
which are to be performed or complied with by Buyer prior to or at the Closing, including without limitation, depositing into the Escrow
all funds and all documents required to be deposited by Buyer hereunder, and no Event of Default by Buyer shall have occurred and be continuing.

 

If Seller elects to close hereunder,
all conditions to Seller’s obligations set forth above shall be deemed satisfied or waived. Seller shall have the right, in Seller’s
sole and absolute discretion, to waive any or all of such conditions.

 

Section 10.
Closing. Subject to the conditions set forth in Sections 8 and 9 of this Agreement, the Closing in the offices of Escrow Agent,
on the date that is fifteen (15) days after the date of the expiration of the Inspection Period unless otherwise mutually agreed in writing
by Seller and Buyer. At the Closing, the following, which are mutually concurrent conditions, shall occur:

 

10.1 Buyer’s
Closing Obligations. Buyer, at Buyer’s expense, shall deliver or cause to be delivered to Escrow Agent the following on
or prior to the Closing Date, unless a different time period for delivery is designated below:

 

A.
the Purchase Price, less the credit for the total amount of the Earnest Money Deposit and the Carryback, and plus or minus Buyer’s
share of all amounts prorated hereunder, in immediately available funds;

 

B.
evidence reasonably satisfactory to Escrow Agent that the person executing the Closing documents on behalf of Buyer, has the full right,
power and authority to do so;

 

C. the Carryback
Documents, fully executed and acknowledged by Buyer where applicable;

 

D.
the Assignment of Intangibles;

 

E.
an Affidavit of Property Value fully executed and acknowledged by Buyer or Escrow Agent as Buyer’s agent; and

 

F.
such documents as are reasonably requested by Escrow Agent of Buyer in order to issue the Owner’s Title Policy.

 

10.2 Seller’s
Closing Obligations. Seller, at Seller’s expense, shall deliver or cause to be delivered to Escrow Agent the following on
or prior to the Closing Date, unless a different time period for delivery is designated below:

 

A.
evidence reasonably satisfactory to Escrow Agent that the person executing and delivering the Closing documents on behalf of Seller has
the full right, power and authority to do so;

 

B.
the original of the Deed, fully executed and acknowledged by Seller;

 

C.
the Carryback Documents, fully executed and acknowledged by Seller where applicable;

 

    14

     

    

 

D.
the Assignment of Intangibles;

 

E.
an Affidavit of Property Value fully executed and acknowledged by Seller or Escrow Agent as Seller’s agent;

 

F.
the original of a Non-Foreign Certification in the form utilized by Escrow Agent and meeting the requirements of Section 1445 of the Internal
Revenue Code of 1986, executed and sworn to by Seller, sufficient to permit Buyer not to withhold amounts from the Purchase Price to satisfy
Seller’s tax obligations;

 

G.
an original Bill of Sale executed by Seller;

 

H.
An Owner’s Affidavit in form and content required by Escrow Agent in order to issue the Owner’s Title Policy;

 

I.  
such documents as are reasonably required by Escrow Agent of Seller in order to issue the Owner’s Title Policy, including an owner’s
affidavit.

 

10.3 Prorations.
Real estate taxes, assessments, improvement districts or similar matters shall be prorated as of the Closing, based upon the latest available
information (with such pro-ration to be final). This section shall survive Closing.

 

10.4 Closing
Costs. The Parties shall share equally, the Escrow fee payable to Escrow Agent in respect of the conveyance and transfer of the
title to the Property by Seller to Buyer. All other fees, recording costs, charges or expenses incidental to the sale, transfer and assignment
of the Property to Buyer shall, except as otherwise herein expressly provided, be paid according to the then custom of real estate transactions
consummated in the County. Notwithstanding the foregoing, if this Agreement is terminated due to the default of a Party, the defaulting
Party shall be responsible for the payment of any escrow cancellation fees due upon any such termination.

 

Section 11.
Confidentiality Regarding Agreement. Seller and Buyer shall keep the terms of this Agreement strictly confidential provided
such information may be disclosed to third parties with a bona fide need to know, including, without limitation, any potential lenders,
any potential investors and Seller’s and Buyer’s agents, consultants, auditors, investors and attorneys, and as required by
applicable law, subpoena or in connection with any litigation.

 

Section 12.
Commissions. Each Party represents and warrants to the other Party that no brokerage, commission, finders, or other similar
fees relative to this Agreement or the sale of all or any portion of the Property are or will be due or payable by either Party except,
if and only if the Escrow closes, Seller agrees to pay a commission to Buyer’s real estate broker Zoned Properties Brokerage, LLC
equal to 3% of the Purchase Price per the terms of a separate agreement, with said commission payable from the proceeds Seller would realize
at Closing. Seller shall defend, indemnify, and hold harmless Buyer, and Buyer shall defend, indemnify, and hold harmless Seller, from
and against all claims by third parties for any brokerage, commission, finders, or other similar fees relative to this Agreement or the
sale of all or any portion of the Property, and all court costs, attorneys’ fees, and other costs or expenses arising therefrom,
and alleged to be due by authorization of the indemnifying Party.

 

Section 13.
Taking Before Closing. If, before the Closing, all or any material portion of the Property becomes subject to condemnation
or eminent domain proceedings, then Seller shall notify Buyer promptly thereof (after Seller becomes aware of such proceedings). Buyer
then shall have the right to terminate this Agreement by giving written notice to Seller within five (5) Business Days after such notice
respecting the taking has been given, whereupon the unreleased Earnest Money Deposit shall be returned immediately to Buyer and any and
all rights and obligations of Buyer and Seller hereunder shall terminate (other than any such obligations which, by their express terms,
survive any termination of this Agreement). If Buyer does not so terminate this Agreement, Buyer may elect to proceed with the Closing
(subject to the other provisions of this Agreement) by giving written notice thereof to Seller within five (5) Business Days after such
notice respecting the taking has been given, but Buyer shall be entitled to all condemnation awards payable as a result of such taking
and Seller shall assign to Buyer at the Closing, Seller’s rights to such proceeds or awards. If, within five (5) Business Days after
such notice respecting the taking has been given, Buyer notifies Seller of Buyer’s intent not to terminate this Agreement, or if
Buyer gives no notice within such period, then Buyer shall be deemed to have waived the right to terminate this Agreement. For purposes
of this paragraph, “material” means a portion of the Property in excess of ten (10%) of its square footage and/or a
portion of the Property that, when so taken, will adversely affect Buyer’s intended use of the Property.

 

    15

     

    

 

Section 14.
Remedies.

 

14.1 Seller’s
Remedies.

 

A. Pre-Closing.
If on or before the Closing an Event of Default with respect to Buyer occurs, Seller may, as Seller’s sole and exclusive remedy,
waive such breach and close the Escrow in accordance with the terms hereof or terminate this Agreement and receive the Earnest Money Deposit
as liquidated damages and as consideration for the acceptance of this Agreement and for taking the Property off the market, and not as
a penalty. Buyer and Seller acknowledge that it would be impractical and extremely difficult to estimate the actual damages which Seller
may suffer as a result of a default by Buyer, and therefore, Buyer and Seller agree that the Earnest Money Deposit is calculated as a
reasonable estimate of the amount of damages likely to be suffered by Seller under the circumstances existing at the time this Agreement
is entered into.

 

B. Post-Closing.
If, after the Closing or earlier termination of this Agreement, Buyer breaches any of Buyer’s post-Closing obligations or any other
of Buyer’s obligation which survive the termination or Closing and such breach or default is not cured by Buyer within five (5)
Business Days after receiving written notice from Seller, Seller’s exclusive remedy therefor shall be the right to recover from
Buyer the actual damages incurred by Seller with respect to curing the breach by Buyer; Seller hereby specifically waiving Seller’s
rights to any other remedies, including without limitation, the right to seek recovery of consequential damages, incidental damages, punitive
damages, speculative damages, special damages or lost profits. The foregoing limitation of remedies shall not apply to any of Buyer’s
restoration or indemnification obligations hereunder.

 

14.2 Buyer’s
Remedies.

 

A. Pre-Closing.
If, on or before the Closing, an Event of Default occurs with respect to Seller, Buyer may as Buyer’s sole and exclusive remedy
either (i) terminate this Agreement by written notice to Seller and Escrow Agent, whereupon (a) the Earnest Money Deposit (including the
Released Amount) shall be immediately returned to Buyer, and (b) Seller shall reimburse Buyer for all out-of-pocket expenses incurred
by Buyer related to the Property and this transaction in an amount not to exceed $25,000; (ii) waive such default and consummate the transaction
contemplated hereby in accordance with the terms hereof; or (iii) pursue a suit for specific performance; provided, however, that any
such action must be filed and served within one hundred twenty (120) days of the alleged breach or the remedy of specific performance
shall be deemed waived, and further provided that if Seller shall have taken any action to convey the Property or otherwise prevent Buyer’s
ability to obtain specific performance, then Buyer may pursue any other legal or equitable remedy.

 

B. Post-Closing.
If, after the Closing, Seller breaches any of the terms or provisions of this Agreement which survive the Closing, or otherwise defaults
with respect to Seller’s post-Closing obligations arising out of this Agreement and such breach or default is not cured by Seller
within five (5) Business Days after receiving written notice from Buyer, Buyer’s exclusive remedy therefor shall be the right to
recover from Seller the actual damages incurred by Buyer with respect to curing the default of Seller; Buyer hereby specifically waiving
Buyer’s rights to any other remedies, including without limitation, the right to seek recovery of consequential damages, incidental
damages, punitive damages, speculative damages, special damages or lost profits. The foregoing limitation of remedies shall not apply
to any of Seller’s indemnification obligations hereunder.

 

Section 15.
Survival of Covenants, Agreements, Representations and Warranties. Except as otherwise may be limited by the specific terms
of this Agreement, all covenants, agreements, representations and warranties set forth in this Agreement shall survive the Closing for
a period of nine (9) months and shall not merge into any deed or other instrument executed or delivered in connection with the transaction
contemplated hereby.

 

    16

     

    

 

Section 16.
Notices. All notices or other communications required or provided to be sent by either Seller, Buyer or Escrow Agent shall
be in writing and shall be sent (i) by United States Postal Service, postage prepaid, certified, return receipt requested; or (ii) by
any nationally known next business day delivery service; or (iii) by courier; or (iv) by email transmission; or (v) in person. All notices
shall be deemed to have been given two Business Days following deposit in the United States Postal Service or upon delivery if sent by
next business day delivery service, courier, or personally delivered and upon confirmed transmission if sent via email. All notices shall
be addressed to the party at the address below:

 

	 	If to Seller, to:	11924 N. Meteor Place
	 	 	Oro Valley, Arizona 85737
	 	 	Email Address: bstarr01@msn.com
	 	 	 
	 	With copy to:	Brei Law Firm
	 	 	c/o Justin D. Castillo
	 	 	4574 N. 1st Ave., Ste. 150
	 	 	Tucson, Arizona 85718
	 	 	Email Address: justin@breilaw.com
	 	 	 
	 	If to Buyer, to:	c/o Zoned Properties, Inc.
	 	 	8360 E. Raintree Drive, Ste. 230
	 	 	Scottsdale, Arizona 85260
	 	 	Email: dan.gauthier@zonedproperties.com
	 	 	 
	 	If to Escrow Agent, to:	Thomas Title & Escrow Agency
	 	 	2930 E. Camelback Rd., Suite 200
	 	 	Phoenix, AZ 85016
	 	 	Attn: Bryan Selna
	 	 	Email: bselna@thomastitle.com

 

Seller, Buyer or Escrow Agent may change their
address for notice by giving three (3) Days prior written notice thereof to the other Parties.

 

Section 17.
No Third-Party Beneficiaries. This Agreement is for the sole benefit of Seller and Buyer, and no third party is intended to
be a beneficiary of this Agreement.

 

Section 18.
Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Arizona. The Parties
agree that the venue for any dispute arising from this Agreement shall be the court of appropriate jurisdiction in Maricopa County, Arizona.

 

    17

     

    

 

Section 19.
Entire Agreement. This Agreement, including all exhibits attached hereto, constitutes the entire agreement between Seller and
Buyer concerning the sale of the Property, and no modification hereof or subsequent agreement relative to the subject matter hereof shall
be binding on any Party unless reduced to writing and signed by the Party to be bound. All exhibits attached hereto are incorporated herein
by this reference for all purposes.

 

Section 20.
Rule of Construction; No Waiver. Buyer and Seller acknowledge that each Party has reviewed this Agreement and that the rule
of construction to the effect that any ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation
of this Agreement or any amendments hereto. No provision of this Agreement shall be deemed to have been waived by either Party unless
the waiver is in writing and signed by that Party. No custom or practice that may evolve between the Buyer and Seller during the term
of this Agreement shall be deemed or construed to waive or lessen the right of either of the parties hereto to insist upon strict compliance
of the terms of this Agreement.

 

Section 21.
Time. Time is of the essence in the performance of the respective obligations of Seller and Buyer contained in this Agreement.

 

Section 22.
Attorneys’ Fees. In the event of any action or proceeding at law or in equity between Buyer and Seller (including an
action or proceeding between Buyer and the trustee or debtor in possession while Seller is a debtor in a proceeding under the Bankruptcy
Code (Title 11 of the United States Code) and including an action or proceeding between Seller and the trustee or debtor in possession
while Buyer is a debtor in a proceeding under the Bankruptcy Code (Title 11 of the United States Code) or any successor statute to such
code and including in any appellate proceeding) to enforce or interpret any provision of this Agreement or to protect or establish any
right or remedy of either Buyer or Seller hereunder, the unsuccessful Party to such action or proceeding shall pay to the prevailing Party
all costs and expenses, including without limitation reasonable attorneys’ and paralegals’ fees and expenses (including without
limitation fees, costs and expenses of experts and consultants), incurred in such action or proceeding, or in connection with any appeal
related thereto, together with all costs of enforcement and/or collection of any judgment or other relief. If such prevailing Party shall
recover judgment in any such action, proceeding or appeal, such costs, expenses and attorneys’ and paralegals’ and others’
fees shall be included in and as a part of such judgment. All such costs and expenses incurred in enforcing a judgment shall be recoverable
separately from and in addition to such judgment. The right to recover attorneys fees, costs and expenses under this Section 22 shall
be in addition to, and subject to, any limitation of remedies set forth in this Agreement.

 

Section 23.
Not an Offer. The delivery by Buyer or Seller to the other of an unsigned copy of this Agreement is solely for the purpose
of review by the other, and neither the delivery nor any prior communications between the Parties, whether oral or written, will in any
way be construed as an offer by a Party, nor in any way imply that the Party is under any obligation to enter the transaction which is
the subject of this Agreement. The signing of this Agreement by either Party constitutes an offer which will not be deemed accepted by
other Party unless and until the other Party has signed this Agreement and delivered a duplicate original to other Party.

 

Section 24.
Counterparts; Electronic Signatures. This Agreement may be executed in any number of counterparts and by facsimile or .pdf
signature, each of which when executed and delivered shall be an original, but all such counterparts shall constitute one and the same
instrument.

 

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Section 25.
Assignment. Upon Buyer giving written notice to Seller no later than five (5) Business Days before the Closing Date, Buyer
shall have the right to assign Buyer’s rights under this Agreement (a) to any entity controlled by or under common control
with Buyer or in which Buyer or Buyer’s principal holds an equity interest, without the consent or approval of Seller, or (b) to
any other entity with the consent of Seller, such consent to not be unreasonably withheld or delayed. Buyer shall not be relieved of Buyer’s
obligations under this Agreement in the event of any such assignment.

 

Section 26.
Risk of Loss. All risk of loss or damage to the Property that may occur prior to Close of Escrow will be borne by Seller. In
the event of any loss or material damage prior to Close of Escrow, Buyer, at Buyer’s sole option and by written notice to Seller and Escrow
Agent, will be entitled to cancel this Agreement. Upon Buyer’s cancellation of this Agreement under the preceding sentence, the cancellation
will be immediate and neither Seller nor Buyer will have any further obligation or responsibility to the other to perform under the Agreement
and Escrow Agent will return promptly to Buyer all unreleased Earnest Money. If Buyer waives the right to cancel this Agreement because
of any loss or damage, and elects to close the Escrow, Seller, at Close of Escrow and as a condition precedent to closing, must either:
(i) pay Buyer (or direct Escrow Agent to credit Buyer against the Purchase Price for) the amount of any insurance proceeds actually received
or to be received by Seller plus the amount of any deductible under Seller’s insurance policy; or (ii) if no insurance proceeds
have been received by Seller, assign to Buyer by proper written instrument all rights or claims to the insurance proceeds and pay Buyer
(or direct Escrow Agent to credit Buyer against the Purchase Price for) the amount of any deductible under Seller’s insurance policy.
For purposes of this paragraph, the term “material” means a portion of the Property, the repair of which after damage
is estimated to cost at least 10% of the Purchase Price.

 

Section 27.
Tax Deferred Exchange. Seller and Buyer are advised to consult a professional tax advisor regarding the advisability of a tax-deferred
exchange pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended. Seller and Buyer agree to cooperate in a tax deferred
exchange provided the Closing is not delayed. All additional costs in connection with any such tax deferred exchange shall be borne solely
by the Party requesting the exchange. The non-requesting Party shall be indemnified and held harmless from any liability that may arise
from participation in the tax deferred exchange by the Party requesting the exchange.

 

Section 28.
IRS Real Estate Sales Reporting. Buyer and Seller hereby appoint Escrow Agent as, and Escrow Agent agrees to act as, “the
person responsible for closing” the transaction which is the subject of this Agreement pursuant to Federal Code Section 6045(e).
Escrow Agent shall prepare and file all informational returns, including without limitation, IRS Form 1099-S and shall otherwise comply
with the provisions of Federal Code Section 6045(e). Escrow Agent shall indemnify, protect, hold harmless and defend Seller, Buyer and
their respective attorneys for, from and against any and all claims, actions, costs, loss, liability or expense arising out of or in connection
with the failure of Escrow Agent to comply with the provisions of this Section.

 

    19

     

    

 

Section 29.
Indemnification.

 

29.1 Notwithstanding
anything herein contained, Buyer agrees to indemnify and save and hold Seller harmless, from, against, for and in respect of any and all
damages, losses, obligations, liabilities, liens, deficiencies, costs and expenses, including, without limitation, reasonable attorneys’
fees and other costs and expenses incident to any suit, action, investigation, claim or proceeding (collectively, “Losses”)
suffered, sustained, incurred or required to be paid by Seller by reason of (i) any liability arising after the Closing Date from the
operation and use of the Property as a marijuana dispensary, for whatever purpose, including but not limited to medicinal, recreational,
dual use, or adult use by Buyer, Buyer’s Tenant, or any representative, agent, or assignee of Buyer or Buyer’s Tenant; (ii)
any material failure by Buyer to observe or perform its covenants and agreements set forth in this Agreement ; (iii) any liability arising
after the Closing Date out of Buyer and/or Buyer’s Tenant’s failure to comply with any and all federal, state, or local laws,
including but not limited to municipal zoning ordinances or rules, and administrative rules regulating any license or permit necessary
to operate the Property as a marijuana dispensary for whatever purpose, including but not limited to medicinal, recreational, dual use,
or adult use by Buyer, Buyer’s Tenant, or any representative, agent, or assignee of Buyer or Buyer’s Tenant.

 

29.2 Notwithstanding
anything herein contained, Seller agrees to indemnify and save and hold Buyer and its members harmless, from, against, for and in respect
of any and all Losses suffered, sustained, incurred or required to be paid by Buyer by reason of (i) any liability arising from the operation
and use of the Property for whatever purpose by Seller or any tenant of the Property which occupied the Property or portion thereof prior
to the Closing; (ii) any material failure by Seller to observe or perform its covenants and agreements set forth in this Agreement; (iii)
any liability arising out of Seller’s or any tenant of the Property which occupied the Property or portion thereof prior to the
Closing failure to comply with any and all federal, state, or local laws, including but not limited to municipal zoning ordinances or
rules, and administrative rules regulating any license or permit necessary to operate the Property for whatever purpose.

 

SEE THE ATTACHED SIGNATURE
PAGE

 

    20

     

    

 

SIGNATURE PAGE ATTACHED TO

PURCHASE AND SALE AGREEMENT

AND JOINT ESCROW INSTRUCTIONS

 

	SELLER:	 
	 	 
	By:	/s/ Neal Bradley Starr	 
	 	Neal Bradley Starr	 

 

	 	 	 
	BUYER:	 
	 	 	 
	ZP RE HOLDINGS, LLC, 	 
	an Arizona limited liability company	 
	 	 	 
	By:	/s/ Bryan McLaren	 
	Name:  	Bryan McLaren	 
	Its:	Authorized person	 

 

ESCROW AGENT’S ACCEPTANCE AND AGREEMENT:

 

The undersigned Escrow Agent
hereby accepts the foregoing Agreement and agrees to act as the Escrow Agent under this Agreement in strict accordance with its terms
and to comply with the provisions of I.R.C. Section 6045 with respect thereto.

 

Thomas Title & Escrow Agency

 

	

By:

	/s/	 

 

Date of Acceptance and the Effective Date: ______________________

 

 

21

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