Document:

EX-10.11

   

  Exhibit 10.11

  SUPPLEMENTAL WARRANT AGREEMENT 

  THIS AGREEMENT made as of the 14th day of March, 2022. 

   

  		
	AMONG:
	MIND MEDICINE (MINDMED) INC.,

	 
	a company incorporated under the laws of British Columbia, Canada.

	 
	 

	 
	(the “Company”)

	 
	 

	 
	 

	AND:
	ODYSSEY TRUST COMPANY ,

	 
	a trust company incorporated under the laws of Alberta and registered to carry on

	 
	business in the Province of Alberta and BC

	 
	 

	 
	(“Resigning Warrant Agent”)

	 
	 

	AND:
	COMPUTERSHARE TRUST COMPANY OF CANADA,

	 
	a trust company existing under the Trust and Loan Companies Act (Canada).

	 
	 

	 
	(“Computershare”)

   

  WHEREAS by Warrant Agreements made on (i) May 26, 2020, (ii) October 30, 2020, (iii) December 11, 2020 and (iv) January 7, 2021 between the Company and Resigning Warrant Agent, as warrant agent, (which agreements and any and all agreement heretofore supplemental thereto are herein collectively referred to as the “Warrant Agreements”), provision was made for the issue of warrants, subject to the terms and conditions contained in the Warrant Agreements; 

  AND WHEREAS Resigning Warrant Agent agreed to transfer to Computershare the appointment as warrant agent  under the Warrant Agreements, subject to the agreement of the Company; 

  AND WHEREAS to give effect to the foregoing, Resigning Warrant Agent desires, in accordance with the terms of the Warrant Agreements, to resign as warrant agent thereunder and to be discharged from the rights, powers, duties and obligations thereof, and to transfer to Computershare all of Resigning Warrant Agent`s rights, powers, duties and obligations under the Warrant Agreements;  

  AND WHEREAS the Company is prepared to accept such resignation and to appoint Computershare as the successor warrant agent, and Computershare is prepared to accept such appointment; 

  AND WHEREAS in order to complete the transfer of the Warrant Agreements, the updated forms of warrant certificates are attached hereto as Exhibits A-D; 

  AND WHEREAS the parties wish to execute this Agreement for the purpose of providing for the resignation of Resigning Warrant Agent as warrant agent and for its replacement by Computershare, such resignation and replacement to take effect as of March 14th , 2022 (the  “Transfer Date”);

   

  

   

  NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties covenant and agree as follows: 

  1. Resigning Warrant Agent hereby resigns as warrant agent under, and is hereby discharged from the rights, powers, duties and obligations of the warrant agent, the Warrant Agreements, effective as of the Transfer Date.  The Company hereby accepts such resignation, waiving any required period of notice that may be set forth in the Warrant Agreements.   

  2. The Company hereby appoints Computershare as successor warrant agent under the Warrant Agreements in the place and stead of Resigning Warrant Agent and with like effect as if originally named as warrant agent under the Warrant Agreements, effective as of the Transfer Date and Computershare hereby accepts such appointment.  The Company hereby agrees that Resigning Warrant Agent shall not be responsible for any liabilities that may arise pursuant to Computershare’s administration of the warrant agency after the Transfer Date.   

  3. Resigning Transfer Agent hereby transfers and assigns to Computershare, upon the trusts expressed in the Warrant Agreements, all of, rights, powers, duties and obligations of Resigning Warrant Agent under the Warrant Agreements, effective as of the Transfer Date.   

  4. Computershare hereby represents that it meets all of the qualifications required for a new warrant agent under the Warrant Agreements. 

  5. Notwithstanding any of the foregoing, the resignation, discharge, appointment, transfers, assignments and other agreements provided for herein will not be effective unless this Agreement has been executed by all of the parties hereto, whether upon the original instrument, by facsimile or in counterparts, or any combination thereof, and unless all preconditions to such resignation, discharge, appointment, transfers, assignments and other agreements as may be set forth in the Warrant Agreements have been fulfilled. 

  6. Any provision in the Warrant Agreements specifying the address of the warrant agent is hereby amended to record the address as: 

   

  			
	 
	Computershare Trust Company of Canada

	 
	3rd floor -510 Burrard Street, Vancouver, B.C. V6C 3B9

	 
	 
	 

	 
	Attention:
	General Manager, Corporate Trust

	 
	Email:
	XXXXXXXXXXXXXXX

  7. Each party hereto agrees to execute and deliver all such documents and instruments and do such other acts as may be necessary or advisable to give effect to the terms hereof. 

  8. This Agreement is supplemental to the Warrant Agreements and shall be read in conjunction therewith.  Except only insofar as the same may be inconsistent with the express provisions of this Agreement, all of the provisions of the Warrant Agreements shall apply to and shall have effect in the same manner as if they and the provisions of this Agreement were contained in one instrument.  The form of warrant to be certified by Computershare from and after the Transfer Date shall be amended, stamped or legended to identify Computershare as the successor warrant agent but the validity of any warrant certified prior to the Transfer Date shall not be affected by the appointment of Computershare as successor warrant agent. 

  9. The forms of warrant certificates under the Warrant Agreements shall be amended to reflect the transfer of the Warrant Agreements from the Resigning Warrant Agent to Computershare. Computershare shall manage the warrants under Warrant Agreements utilizing the amended forms attached hereto as Exhibits A-D.  

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  10. Computershare as successor warrant agent hereby accepts the rights, powers, duties and  obligations in the Warrant Agreements declared and provided and agrees to perform the same upon the terms and conditions herein and in the Warrant Agreements set forth. 

  11. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their successors and permitted assigns. 

  12. This Agreement shall be governed by the laws of the Province of British Columbia and the laws of Canada applicable therein. 

  In witness whereof this Agreement has been duly executed by the parties hereto as of the date first above written. 

   

  				
	 MIND MEDICINE (MINDMED) INC. 
	 

	 
	 
	 
	 

	 
	 
	 

	Per:
	 
	 

	 
	 
	 
	 

	 
	 
	 

	Per:
	 
	 

   

  				
	ODYSSEY TRUST COMPANY
	 

	 
	 
	 
	 

	 
	 
	 

	Per:
	 
	 

	 
	 
	 
	 

	 
	 
	 

	Per:
	 
	 

   

  				
	COMPUTERSHARE TRUST COMPANY OF CANADA
	 

	 
	 
	 
	 

	 
	 
	 

	Per:
	 
	 

	 
	 
	 
	 

	 
	 
	 

	Per:
	 
	 

   

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  EXHIBIT A 

  FORM OF WARRANT CERTIFICATE UNDER WARRANT AGTEEMENT CONCLUDED ON MAY 26, 2020 

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  WARRANTS TO PURCHASE SUBORDINATE VOTING SHARES OF MIND MEDICINE (MINDMED) INC.

  (a company existing pursuant to the provincial laws of British Columbia) 

  [Certificates representing Warrants required to bear the legend set forth in Section 2.20(2) of the Warrant Indenture also include the following legend: 

  “THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIESACT OF 1933, AS AMENDED (THE "U.S. SECURITIESACT") OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 144A UNDER THE U.S. SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER AFTER PROVIDING A LEGAL OPINION SATISFACTORY TO THE ISSUER, OR (E) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION AFTER PROVIDING A LEGAL OPINION REASONABLY SATISFACTORY TO THE ISSUER. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

  THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.”] 

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  CUSIP No. 60255C117

  ISIN No. CA60255C1178

   

  			
	Warrant
	 
	Representing • Warrants to purchase

	Certificate
	 
	Subordinate Voting Shares (subject to

	Number:
	 
	adjustment and acceleration as provided

	2020-•
	 
	for in the Warrant Indenture (as defined

	 
	 
	below))

   

   

  THIS CERTIFIES that, for value received, the registered holder hereof, • (the “holder”) is entitled at any time at or before the Expiry Time (as defined below) to acquire, subject to adjustment in certain events, the number of subordinate voting shares (“Subordinate Voting Shares”) of Mind Medicine (MindMed) Inc. (“the Company”) specified above, as presently constituted, by surrendering to COMPUTERSHARE TRUST COMPANY OF CANADA (the “Warrant Agent”) at its principal office in Vancouver, British Columbia, this Warrant Certificate with the duly completed and executed Exercise Form endorsed on the back of this Warrant Certificate, and accompanied by payment of $0.79 per Subordinate Voting Share (the “Warrant Exercise Price”) by certified cheque, bank draft money order in lawful money of Canada payable to, or to the order of, the Company at par at the above-mentioned office of the Warrant Agent. The holder of this Warrant Certificate may purchase less than the number of Subordinate Voting Shares which he is entitled to purchase on the exercise of the Warrants represented by this Warrant Certificate, in which event a new Warrant Certificate representing the Warrants not then exercised will be issued to the holder.

  The Warrants evidenced under this Warrant Certificate are exercisable on or before 5:00 p.m.(Toronto time) (the “Expiry Time”) on May 26, 2022 (the “Expiry Date”), subject to acceleration as described below. After the Expiry Time, Warrants evidenced hereby shall be deemed to be void and of no further force or effect. In the event that the volume weighted average closing price of the Subordinate Voting Shares on the Neo Exchange Inc. (or such other exchange on which the Subordinate Voting Shares may trade) is at a price equal to or greater than $1.13 (subject to adjustment in accordance with the terms of the Warrant Indenture) for a period of ten (10) consecutive trading days after the date hereof, the Company may accelerate the Expiry Date of the Warrants by giving not less than 30 days' written notice to the Warrantholders (the "Acceleration Notice"), and in such case, the Warrants will expire on the date that is not less than 30 days from the date the Acceleration Notice is provided to the Warrantholders pursuant to a written notice to Warrantholders in accordance with the terms of the Warrant Indenture. Concurrent with the delivery of the Acceleration Notice to the Warrantholders, the Company shall also provide the Acceleration Notice to the Warrant Agent pursuant to terms of the Warrant Indenture and issue a news release announcing the exercise of the Acceleration Right (as such term is defined in the Warrant Indenture). The receipt of the Acceleration Notice by the Warrant Agent and issuance of the news release announcing the Acceleration Right will not impact the timing of the exercise of the Acceleration Right by the Company. 

  This Warrant Certificate represents Warrants of the Company issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments supplemental or ancillary thereto is herein reffered to as the "Warrant Indenture") dated as of May 26, 2020, between the Company and the Warrant Agent, as may be amended from time to time, which contains particulars of the rights of the holders of the Warrants and the Company and of the Warrant Agent in respect thereof and the terms and conditions upon which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder of this Warrant Certificate by acceptance hereof assents. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Warrant Indenture. A copy of the Warrant Indenture can be requested by contacting the Warrant Agent. In the event of any conflict between the provisions contained in this Warrant 

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  Certificate and the provisions of the Warrant Indenture, the provisions of the Warrant Indenture shall prevail. 

  Upon acceptance hereof, the holder hereof hereby expressly waives the right to receive any fractional Subordinate Voting Shares upon the exercise hereof in full or in part and further waives the right to receive any cash or other consideration in lieu thereof. The Warrants represented by this Warrant Certificate shall be deemed to have been surrendered, and payment by certified cheque, bank draft or money order shall be deemed to have been made only upon personal delivery thereof or, if sent by post or other means of transmission, upon actual receipt thereof by the Warrant Agent at its office in the City of Vancouver, British Columbia. 

  Upon due exercise of the Warrants represented by this Warrant Certificate and payment of the Warrant Exercise Price, the Company shall cause to be issued to the person(s) in whose name(s) the Subordinate Voting Shares have been so subscribed for, the number of Subordinate Voting Shares to be issued to such person(s) (provided that if the Subordinate Voting Shares are to be issued to a person other than the registered holder of this Warrant Certificate, the holder's signature on the Exercise Form herein shall be guaranteed by a Schedule I Canadian chartered bank or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program), and the holder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing the Subordinate Voting Shares unless or until the holder shall have paid the Company or the Warrant Agent the amount of such tax (or shall have satisfied the Company that such tax has been paid or that no tax is due), and such person(s) shall become a holder in respect of such Subordinate Voting Shares with effect from the date of such exercise, and upon due surrender of this Warrant Certificate, the Transfer Agent shall issue a certificate(s) representing such Subordinate Voting Shares to be issued within five (5) Business Days after the exercise of the Warrants (or portion thereof) represented hereby. 

  Neither the Warrants represented by this Warrant Certificate nor the Subordinate Voting Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. The Warrants represented by this Warrant Certificate may not be exercised within the United States or by, or for the account or benefit of, a U.S. person or a person within the United States unless registered under the U.S. Securities Act and any applicable state securities laws or unless an exemption from such registration is available. Certificates representing Subordinate Voting Shares issued in the United States or to, or for the account or benefit of, U.S. persons will bear a legend restricting the transfer and exercise of such securities under applicable United States federal and state securities laws. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act. 

  The holder acknowledges that the Warrants represented by this Warrant Certificate and the Subordinate Voting Shares issuable upon exercise hereof may be offered, sold or otherwise transferred only in compliance with all applicable securities laws. 

  No transfer of any Warrant will be valid unless entered on the register of transfers, upon surrender to the Warrant Agent of the Warrant Certificate evidencing such Warrant, duly endorsed by, or accompanied by a transfer form or other written instrument of transfer in form satisfactory to the Warrant Agent executed by the registered holder or his executors, administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent. Subject to the provisions of the Warrant Indenture and upon compliance with the reasonable requirements of the Warrant Agent, Warrant Certificates may be exchanged for Warrants Certificates entitling the holder thereof to acquire an equal aggregate number of Subordinate Voting Shares subject to adjustment as provided for in the Warrant Indenture. The Company and the Warrant Agent may treat the registered holder of this Warrant Certificate for all purposes as the absolute owner hereof. The holding of 

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  the Warrants represented by this Warrant Certificate shall not constitute the holder hereof a holder of Subordinate Voting Shares nor entitle him to any right or interest in respect thereof except as herein and in the Warrant Indenture expressly provided. 

  The Warrant Indenture provides for adjustment in the number of Subordinate Voting Shares to be delivered upon exercise of the right of purchase hereby granted and to the Warrant Exercise Price in certain events therein set forth. 

  The Warrant Indenture contains provisions making binding upon all holders of Warrants outstanding thereunder resolutions passed at meetings of such holders held in accordance with such provisions and instruments in writing signed by the Warrantholders entitled to acquire upon the exercise of the Warrants a specified percentage of the Subordinate Voting Shares. 

  The Warrants and the Warrant Indenture shall be governed by and performed, construed and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Time shall be of the essence hereof and of the Warrant Indenture. 

  The Company may from time to time at any time prior to the Expiry Time purchase any of the Warrants by private agreement or otherwise. 

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

  All dollar amounts herein are expressed in the lawful money of Canada. 

  [Signature page follows] 

   

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  IN WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this day of , 20 . 

  MIND MEDICINE (MINDMED) INC.

  			
	 
	By:
	 

	 
	Authorized Signing Officer
	 

   

  Countersigned this ___ day of __, __20   

  COMPUTERSHARE TRUST COMPANY OF CANADA

  			
	 
	By:
	 

	 
	Authorized Signing Officer 
	 

   

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  EXERCISE FORM 

   

  		
	TO:
	Mind Medicine (MindMed) Inc.

	 
	 

	AND TO:
	Computershare Trust Company of Canada

	 
	510 Burrard Street, 3rd Floor

	 
	Vancouver, BC V6C 3B9

   

  The undersigned holder of the within Warrants hereby irrevocably exercises the right of such holder to be issued and hereby subscribes forSubordinate Voting Shares of Mind Medicine (MindMed) Inc. (the “Company”) at the Warrant Exercise Price referred to in the attached Warrant Certificate on the terms and conditions set forth in such certificate and the Warrant Indenture and encloses herewith a certified cheque, bank draft or money order payable at par in the City of Vancouver in the Province of British Columbia to the order of the Company in payment in full of the subscription price of the Subordinate Voting Shares hereby subscribed for. 

  Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the warrant indenture between the Company and Odyssey Trust Company dated May 26, 2020 as amended by the Supplemental Warrant Agreement between the Company, Odyssey Trust Company and Computershare dated March 14th, 2022. 

  (Please check the ONE box applicable): 

   

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	☐
	1. The undersigned certifies that it (i) is not in the United States and is not “U.S. person”, within the meaning of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), (ii) is not exercising this Warrant for the account or benefit of any U.S. Person or person in the United States, (iii) did not execute or deliver this Exercise Form within the United States and (iv) has in all other aspects complied with the terms of Regulation S under the U.S. Securities Act. 

	 
	 

	☐
	2. The undersigned certifies that it is the Original U.S. Purchaser and (i) purchased the Warrants as a part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, a Qualified Institutional Buyer both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the  holder or any beneficial purchaser, as the case may be, to the Company in such holder’s QIB Letter remain true and correct on the Exercise Date. 

	 
	 

	☐
	3. The undersigned certifies that it is the Original U.S. Purchaser and (i) purchased the Warrants as a part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, an Accredited Investor both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Company in such holder’s Accredited Investor Letter remain true and correct on the Exercise Date. 

	 
	 

	☐
	4. The undersigned is delivering a written opinion of United States legal counsel or evidence reasonably satisfactory to the Company to the effect that the Warrant and the Subordinate Voting Shares to be delivered upon exercise hereof have been registered under the U.S. Securities Act or are exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. 

  The undersigned holder understands that unless Box 1 or Box 2 above is checked, the certificate representing the underlying Subordinate Voting Shares will be issued in definitive physical certificated form and bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available, in the form set out in the Warrant Indenture. “U.S. person” and “United States” are as defined under Regulation S under the U.S. Securities Act. 

  The undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject to restrictions on resale under applicable securities legislation. The undersigned hereby further acknowledges that the Company will rely upon our confirmations, acknowledgements and agreements set forth herein, and we agree to notify the Company promptly in writing if any of its representations or warranties herein ceases to be accurate or complete. 

  It is understood that the Company may require evidence to verify the foregoing representations. 

  The undersigned hereby directs that the said Subordinate Voting Shares be issued as follows: 

   

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	NAME(S) IN FULL
 
	ADDRESS(ES)
 
	NUMBER OF SUBORDINATE VOTING
SHARES

	 
	 
	 

	 
	 
	 

	 
	 
	 

   

  Please print full name in which certificates representing the Subordinate Voting Shares are to be issued. If any Subordinate Voting Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Transfer Form must be duly executed. 

  Once completed and executed, this Exercise Form must be mailed or delivered to COMPUTERSHARE TRUST COMPANY OF CANADA. 

   

  					
	DATED this   
	 
	day of ,
	.
	 

	 
	 

	 
	)
	 

	 
	)
	 

	Witness
	)
	(Signature of Warrantholder, to be the same as

	 
	 
	)
	appears on the face of this Warrant Certificate)

	 
	)
	 

	 
	)
	 

	 
	)
	Name of Registered Warrantholder

   

  [ ] Please check this box if the securities are to be delivered at the office where these Warrants are surrendered, failing which the securities will be mailed. 

  NOTES:

  1.Certificates will not be registered or delivered to an address in the United States unless Box 2, Box 3 or Box 4 above is checked. 

  2.If Box 4 above is checked, holders are encouraged to contact the Company in advance to determine that the legal opinion or evidence tendered in connection with exercise will be satisfactory in form and substance to the Company. 

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  TRANSFER FORM

  TO: Mind Medicine (MindMed) Inc. 

   

   

  			
	AND TO:
	 
	Computershare Trust Company of Canada 
510 Burrard Street, 3rd Floor 
Vancouver, BC V6C 3B9 

   

  FOR VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto 

  	
	 

	 

	(Trasferee)  

	 

	 

	(Address) 

	 

	 

	(Social Insurance Number) 

  ___________of the Warrants registered in the name of the undersigned transferor represented by the Warrant Certificate. 

  In the case of a Warrant Certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked): 

   

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	☐
	 
	(A) the transfer is being made only to the Company; or 

	 
	 
	 
	 

	 
	☐
	 
	(B) the transfer is being made outside the United States in accordance with Regulation S under the United States  Securities Act of 1933, as amended (the “US Securities Act”, and in compliance with any regulations and the holder has provided herewith the Declaration for Removal of legend attached as Schedule “B” to the Warrant indenture; or

	 
	 
	 
	 

	 
	☐
	 
	(C) the transfer is being made pursuant to the exemption from the registration requirements of the U.S. Securities Act provided by (i) Rule 144 or (ii) Rule 144A thereunder, and in either case in accordance with applicable state securities laws; or

	 
	 
	 
	 

	 
	☐
	 
	(D) the transfer is being made within the United States or to, or for the account or benefit of, U.S. persons, in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect. 

   

  In the case of a transfer in accordance with (C)(i) or (D) above, the Company and the Warrant Agent shall first have received an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company, to such effect. In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of a U.S. person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect. 

  “United Sates” and “U.S. Person” are as defines by Regulation S under the U.S Securities Act.

  DATED this _________ day of ___________.

   

  					
	SPACE FOR GUARANTEES OF SIGNATURES
	)
	 
	 

	(BELOW)
	 
	 
	 
	 

	 
	 
	)
	 
	 

	 
	 
	)
	 
	Signature of Transferor

	 
	 
	)
	 
	 

	 
	 
	)
	 
	 

	Guarantor's Signature/Stamp
	 
	)
	 
	Name of Transferor

	 
	 
	)
	 
	 

   

   

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  REASON FOR TRANSFER - For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below). 

   

  							
	 
	 
	 
	 
	 
	 
	 

   

  					
	Date of Event (Date of gift, death or sale):
	 
	Value per Warrant on the date of event:
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

   

  NOTES:

  1.The signature to this transfer must correspond with the name as recorded on the Warrants in every particular without alteration or enlargement or any change whatever. The signature of the person executing this transfer must be guaranteed by a Schedule I Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program. 

  2.Warrants shall only be transferable in accordance with the warrant indenture between Mind Medicine (MindMed) Inc. and Odyssey Trust Company dated May 26, 2020 as amended by the Supplemental Warrant Agreement between the Company, Odyssey Trust Company and Computershare dated March 14th, 2022 ( “the Warrant Indenture” )applicable laws and the rules and policies of any applicable stock exchange. Without limiting the foregoing, if the Warrant Certificate bears a legend restricting the transfer of the Warrants except pursuant to an exemption from registration under the U.S. Securities Act, and applicable state securities laws, this Transfer Form must be accompanied by a properly completed and executed declaration for removal of legend in the form attached as Schedule “B” to the Warrant Indenture

  CERTAIN REQUIREMENTS RELATING TO TRANSFERS - READ CAREFULLY

  The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards): 

  •Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words “Medallion Guaranteed”, with the correct prefix covering the face value of the certificate. 

  •Canada: A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words “Signature Guaranteed”, sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate 

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  holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a “Signature & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature Guaranteed” Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.

  •Outside North America: For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed. 

  OR

  The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTED”,“MEDALLION GUARANTED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a “SIGNATURE & AUTHORITY TO SIGN GUARANTEE” Stamp affixed to the form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia bank or TD Canada trust or a “MEDALLION GUARANTED” stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate. 

  REASON FOR TRANSFER - FOR US RESIDENTS ONLY

  Consistent with US IRS regulations, COMPUTERSHARE TRUST COMPANY OF CANADA is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place). 

  SCHEDULE “B” 

  FORM OF DECLARATION FOR REMOVAL OF LEGEND 

  TO: Mind Medicine (MindMed) Inc. 

   

  		
	AND TO:
	Computershare Trust Company of Canada

	 
	510 Burrard Street, 3rd Floor

	 
	Vancouver, BC V6C 3B9 

   

  The undersigned (a) acknowledges that the sale of the securities of Mind Medicine (MindMed) Inc. (The “Company”) to which this declaration relates is being made in reliance on Rule 904 of  Regulation S (“Regulation S”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and (b) certifies that (1) it is not an affiliate of the Company (as defined in Rule 405 under the U.S. Securities Act), (2) the offer of such securities was not made to a person in the United States and either (A) at the time 

  16

  

   

  the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (B) the transaction was executed on or through the facilities of the Canadian Securities Exchange and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of  such securities, (4) the is bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities, and (6) the sale was not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S. 

   

  					
	Dated:
	 
	 
	By:
	 

	 
	 
	 
	Name:
	 

	 
	 
	 
	Title:
	 

   

  Affirmation by Seller’s Broker-Dealer (required for sales in accordance with Section (b)(2)(B) above) 

  We have read the foregoing representations of our customer                   (the “Seller”) dated                   , with regard to our sale, for such Seller’s account, of the securities of the Company described therein, and on behalf of ourselves we certify and affirm that (A) we have no knowledge that the transaction had been prearranged with a buyer in the United States, (B) the transaction was executed on or through the facilities of designated offshore securities market, (C) neither we, nor any person acting on our behalf, engaged in any directed selling efforts in connection with the offer and sale of such securities, and (D) no selling concession, fee or other remuneration is being paid to us in connection with this offer and sale other than the usual and customary broker’s commission that would be received by a person executing such transaction as agent. Terms used herein have the meanings given to them by Regulation S. 

   

  		
	Name of Firm

	 

	By:
	 

	 
	 

	 
	Authorized officer

	 
	 

	 
	Date:

   

  17

  

   

  EXHIBIT B 

  FORM OF WARRANT CERTIFICATE UNDER WARRANT AGTEEMENT CONCLUDED ON OCTOBER 30, 2020 

   

  18

  

   

  WARRANTS TO PURCHASE SUBORDINATE VOTING SHARES OF MIND MEDICINE (MINDMED) INC. 

  (a company existing pursuant to the provincial laws of British Columbia) 

  [Certificates representing Warrants required to bear the legend set forth in Section 2.20(2) of the Warrant Indenture also include the following legend: 

  “THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 144A UNDER THE U.S. SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER AFTER PROVIDING A LEGAL OPINION SATISFACTORY TO THE ISSUER, OR (E) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION AFTER PROVIDING A LEGAL OPINION REASONABLY SATISFACTORY TO THE ISSUER. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. 

   

  THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.”]

  19

  

   

  CUSIP No. 60255C125 

   ISIN No. CA60255C1251 

   

  			
	Warrant
	 
	Representing • Warrants to purchase Subordinate Voting Shares (subject to adjustment as provided for in the Warrant Indenture (as defined below))

	Certificate
	 

	Number: 2020-
	 

	•
	 

   

   

   

  THIS CERTIFIES that, for value received, the registered holder hereof, • (the “holder”) is entitled at any time at or before the Expiry Time (as defined below) to acquire, subject to adjustment in certain events, the number of Subordinate Voting Shares  (“Subordinate Voting Shares”) of  Mind Medicine (MindMed) Inc. (the “Company”) specified above, as presently constituted, by surrendering to COMPUTERSHARE TRUST COMPANY OF CANADA (the “Warrant Agent”) at its principal office in Vancouver, British Columbia, this Warrant Certificate with the duly completed and executed Exercise Form endorsed on the back of this Warrant Certificate, and accompanied by payment of $1.40 per Subordinate Voting Share (the “Warrant Exercise Price”) by certified cheque, bank draft or money order in lawful money of Canada payable to, or to the order of, the Company at par at the above-mentioned office of the Warrant Agent. The holder of this Warrant Certificate may purchase less than the number of Subordinate Voting Shares which he is entitled to purchase on the exercise of the Warrants represented by this Warrant Certificate, in which event a new Warrant Certificate representing the Warrants not then exercised will be issued to the holder. 

   

  The Warrants evidenced under this Warrant Certificate are exercisable on or before 5:00 p.m. (Toronto Time) (the “Expiry Time”) on October 30, 2023 (the “Expiry Date”). After the Expiry Time, Warrants evidenced hereby shall be deemed to be void and of no further force or effect.  

   

  This Warrant Certificate represents Warrants of the Company issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”) dated as of October 30, 2020, between the Company and the Warrant Agent, as may be amended from time to time, which contains particulars of the rights of the holders of the Warrants and the Company and of the Warrant Agent in respect thereof and the terms and conditions upon which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder of this Warrant Certificate by acceptance hereof assents. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Warrant Indenture. A copy of the Warrant Indenture can be requested by contacting the Warrant Agent. In the event of any conflict between the provisions contained in this Warrant Certificate and the provisions of the Warrant Indenture, the provisions of the Warrant Indenture shall prevail. 

   

  Upon acceptance hereof, the holder hereof hereby expressly waives the right to receive any fractional Subordinate Voting Shares upon the exercise hereof in full or in part and further waives the right to receive any cash or other consideration in lieu thereof. The Warrants represented by this Warrant Certificate shall be deemed to have been surrendered, and payment by certified cheque, bank draft or money order shall be deemed to have been made only upon personal delivery thereof or, if sent by post or other means of transmission, upon actual receipt thereof by the Warrant Agent at its office in the City of Vancouver, British Columbia. 

   

  20

  

   

  Upon due exercise of the Warrants represented by this Warrant Certificate and payment of the Warrant Exercise Price, the Company shall cause to be issued to the person(s) in whose name(s) the Subordinate Voting Shares have been so subscribed for, the number of Subordinate Voting Shares to be issued to such person(s) (provided that if the Subordinate Voting Shares are to be issued to a person other than the registered holder of this Warrant Certificate, the holder's signature on the Exercise Form herein shall be guaranteed by a Schedule I Canadian chartered bank or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program), and the holder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing the Subordinate Voting Shares unless or until the holder shall have paid the Company or the Warrant Agent the amount of such tax (or shall have satisfied the Company that such tax has been paid or that no tax is due), and such person(s) shall become a holder in respect of such Subordinate Voting Shares with effect from the date of such exercise, and upon due surrender of this Warrant Certificate, the Transfer Agent shall issue a certificate(s) representing such Subordinate Voting Shares to be issued within five (5) Business Days after the exercise of the Warrants (or portion thereof) represented hereby. 

   

  Neither the Warrants represented by this Warrant Certificate nor the Subordinate Voting Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. The Warrants represented by this Warrant Certificate may not be exercised within the United States or by, or for the account or benefit of, a U.S. person or a person within the United States unless registered under the U.S. Securities Act and any applicable state securities laws or unless an exemption from such registration is available. Certificates representing Subordinate Voting Shares issued in the United States or to, or for the account or benefit of, U.S. persons will bear a legend restricting the transfer and exercise of such securities under applicable United States federal and state securities laws. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.

    

  The holder acknowledges that the Warrants represented by this Warrant Certificate and the Subordinate Voting Shares issuable upon exercise hereof may be offered, sold or otherwise transferred only in compliance with all applicable securities laws. 

  No transfer of any Warrant will be valid unless entered on the register of transfers, upon surrender to the Warrant Agent of the Warrant Certificate evidencing such Warrant, duly endorsed by, or accompanied by a transfer form or other written instrument of transfer in form satisfactory to the Warrant Agent executed by the registered holder or his executors, administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent. Subject to the provisions of the Warrant Indenture and upon compliance with the reasonable requirements of the Warrant Agent, Warrant Certificates may be exchanged for Warrants Certificates entitling the holder thereof to acquire an equal aggregate number of Subordinate Voting Shares subject to adjustment as provided for in the Warrant Indenture. The Company and the Warrant Agent may treat the registered holder of this Warrant Certificate for all purposes as the absolute owner hereof. The holding of the Warrants represented by this Warrant Certificate shall not constitute the holder hereof a holder of Subordinate Voting Shares nor entitle him to any right or interest in respect thereof except as herein and in the Warrant Indenture expressly provided. 

  The Warrant Indenture provides for adjustment in the number of Subordinate Voting Shares to be delivered upon exercise of the right of purchase hereby granted and to the Warrant Exercise Price in certain events therein set forth. 

  The Warrant Indenture contains provisions making binding upon all holders of Warrants outstanding thereunder resolutions passed at meetings of such holders held in accordance with such 

  21

  

   

  provisions and instruments in writing signed by the Warrantholders entitled to acquire upon the exercise of the Warrants a specified percentage of the Subordinate Voting Shares. 

  The Warrants and the Warrant Indenture shall be governed by and performed, construed and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Time shall be of the essence hereof and of the Warrant Indenture. 

  The Company may from time to time at any time prior to the Expiry Time purchase any of the Warrants by private agreement or otherwise. 

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

  All dollar amounts herein are expressed in the lawful money of Canada. 

  [Signature page follows] 

   

  22

  

   

  IN WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this______day of__, 20___. 

  MIND MEDICINE (MINDMED) INC. 

  By:________________________________

  Authorized Signing Officer 

  Countersigned this____day of__, 20____   

  COMPUTERSHARE TRUST COMPANY OF CANADA 

  By:________________________________

  Authorized Signing Officer 

   

  23

  

   

  EXERCISE FORM 

  			
	TO:
	 
	Mind Medicine (MindMed) Inc.

	 
	 
	 

	AND TO:
	 
	Computershare Trust Company of Canada 

	 
	 
	510 Burrard Street, 3rd Floor

	 
	 
	Vancouver, BC V6C 3B9 

   

  The undersigned holder of the within Warrants hereby irrevocably exercises the right of such holder to be issued and hereby subscribes for Subordinate Voting Shares of Mind Medicine (MindMed) Inc. (the "Company") at the Warrant Exercise Price referred to in the attached Warrant Certificate on the terms and conditions set forth in such certificate and the Warrant Indenture and encloses herewith a certified cheque, bank draft or money order payable at par in the City of Vancouver, in the Province of British Columbia to the order of the Company in payment in full of the subscription price of the Subordinate Voting Shares hereby subscribed for. 

  Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the warrant indenture between the Company and Odyssey Trust Company dated October 30, 2020 as amended by the Supplemental Warrant Agreement between the Company, Odyssey Trust Company and Computershare dated March 14th, 2022. 

  (Please check the ONE box applicable):

   

  		
	☐
	1. The undersigned certifies that it (i) is not in the United States and is not a "U.S. person" within the meaning of Regulation S under the United States Securities Act of 1933, as amended (the U.S. Securities Act"), (ii) is not exercising this Warrant for the account or benefit of any U.S. Person or person in the United States, (iii) did not execute or deliver this Exercise Form within the United States and (iv) has in all other aspects complied with the terms of Regulation S under the U.S. Securities Act.  

	 
	 

	☐
	2. The undersigned certifies that it is the Original U.S. Purchaser and (i) purchased the Warrants as a part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, a Qualified Institutional Buyer both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Company in such holder's QIB Letter remain true and correct on the Exercise Date.

   

  24

  

   

  		
	 
	 

	☐
	3. The undersigned certifies that it is the Original U.S. Purchaser and (i) purchased the Warrants as a part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, an Accredited Investor both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Company in such holder's Accredited Investor Letter remain true and correct on the Exercise Date.

	 
	 

	☐
	4. The undersigned is delivering a written opinion of United States legal counsel or evidence reasonably satisfactory to the Company to the effect that the Warrant and the Subordinate Voting Shares to be delivered upon exercise hereof have been registered under the U.S. Securities Act or are exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.  

   

  The undersigned holder understands that unless Box 1 or Box 2 above is checked, the certificate representing the underlying Subordinate Voting Shares will be issued in definitive physical certificated form and bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available, in the form set out in the Warrant Indenture. "U.S. person" and "United States" are as defined under Regulation S under the U.S. Securities Act. 

  The undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject to restrictions on resale under applicable securities legislation. The undersigned hereby further acknowledges that the Company will rely upon its confirmations, acknowledgements and agreements set forth herein, and it agrees to notify the Company promptly in writing if any of its representations or warranties herein ceases to be accurate or complete. 

  It is understood that the Company may require evidence to verify the foregoing representations. 

  The undersigned hereby directs that the said Subordinate Voting Shares be issued as follows: 

   

  			
	NAME(S) IN FULL
	ADDRESS(ES)
	NUMBER OF SUBORDINATE VOTING SHARES

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

   

  Please print full name in which certificates representing the Subordinate Voting Shares are to be issued. If any Subordinate Voting Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Transfer Form must be duly executed. 

  Once completed and executed, this Exercise Form must be mailed or delivered to COMPUTERSHARE TRUST COMPANY OF CANADA. 

  25

  

   

   

  							
	DATED this
	 
	 
	 
	day of ,
	 
	 

    . 

   

  			
	 
	)
	 

	 
	)
	 

	Witness
	)
	(Signature of Warrantholder, to be the same as

	 
	)
	appears on the face of this Warrant Certificate)

	 
	)
	 

	 
	)
	 

	 
	)
	Name of Registered Warrantholder

   

  [ ] Please check this box if the securities are to be delivered at the office where these Warrants are surrendered, failing which the securities will be mailed. 

  NOTES: 

  3.Certificates will not be registered or delivered to an address in the United States unless Box 2, Box 3 or Box 4 above is checked. 

  4.If Box 4 above is checked, holders are encouraged to contact the Company in advance to determine that the legal opinion or evidence tendered in connection with exercise will be satisfactory in form and substance to the Company. 

   

  TRANSFER FORM 

  TO: Mind Medicine (MindMed) Inc. 

  		
	AND TO:
	Computershare Trust Company of Canada 

	 
	510 Burrard Street, 3rd Floor 

	 
	Vancouver, BC V6C 3B9 

   
FOR VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto 

  _______________________________________________________________________________ (Trasferee)  _______________________________________________________________________________ (Address) _______________________________________________________________________________ (Social Insurance Number) 

                             of the Warrants registered in the name of the undersigned transferor represented by the Warrant Certificate. 

  In the case of a Warrant Certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked): 

  (a)the transfer is being made only to the Company; or 

  26

  

   

  (b)the transfer is being made outside the United States in accordance with Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and in compliance with any applicable local securities laws and regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule "B" to the Warrant Indenture; or 

  (c)the transfer is being made pursuant to the exemption from the registration requirements of the U.S. Securities Act provided by (i) Rule 144 or (ii) Rule 144A thereunder, and in either case in accordance with applicable state securities laws; or 

  (d)the transfer is being made within the United States or to, or for the account or benefit of, U.S. persons, in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect. 

  In the case of a transfer in accordance with (C)(i) or (D) above, the Company and the Warrant Agent shall first have received an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company, to such effect. In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of a U.S. person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect. 

  
"United States" and "U.S. Person" are as defined by Regulation S under the U.S. Securities Act.

  DATED this             day of,                             ,              . 

   

  			
	SPACE FOR GUARANTEES OF SIGNATURES
	)
	 

	(BELOW)
	 
	 

	 
	)
	 

	 
	)
	Signature of Transferor

	 
	)
	 

	 
	)
	 

	Guarantor's Signature/Stamp
	)
	Name of Transferor

	 
	)
	 

   

  REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation        receiving the securities is a US resident). Please select only one (see instructions below). 

  27

  

   

  								
	☐
	Gift
	☐
	Estate
	☐
	Private Sale
	☐
	Other (or no change in ownership)

   

  		
	Date of Event (Date of gift, death or sale):
	Value per Warrant on the date of event:

     

                                 

                               ☐CAD OR USD☐

   

  NOTES: 

  3.The signature to this transfer must correspond with the name as recorded on the Warrants in every particular without alteration or enlargement or any change whatever. The signature of the person executing this transfer must be guaranteed by a Schedule I Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program. 

  4.Warrants shall only be transferable in accordance with the warrant indenture between Mind Medicine (MindMed) Inc. and Odyssey Trust Company dated October 30, 2020 as amended by the Supplemental Warrant Agreement between the Company, Odyssey Trust Company and Computershare dated March 14th, 2022 (the "Warrant Indenture") applicable laws and the rules and policies of any applicable stock exchange. Without limiting the foregoing, if the Warrant Certificate bears a legend restricting the transfer of the Warrants except pursuant to an exemption from registration under the U.S. Securities Act, and applicable state securities laws, this Transfer Form must be accompanied by a properly completed and executed declaration for removal of legend in the form attached as Schedule "B" to the Warrant Indenture. 

  CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY 

  The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards): 

  •Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate. 

  •Canada: A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words "Signature Guaranteed", sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to 

  28

  

   

  accompany the transfer, unless there is a "Signature & Authority to Sign Guarantee" Stamp affixed to the transfer (as opposed to a "Signature Guaranteed" Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate. 

  •Outside North America: For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed. 

   

  OR 

  The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION  GUARANTEED" OR "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE & AUTHORITY TO SIGN GURANTEE" Stamp affixed to the form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GURANTEED" Stamp affixed to the form of Transfer, with the correct prefix covering the face value of the certificate. 

  REASON FOR TRANSFER – FOR US RESIDENTS ONLY 

  Consistent with US IRS regulations, COMPUTERSHARE TRUST COMPANY OF CANADA is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place). 

   

  SCHEDULE "B"

  FORM OF DECLARATION FOR REMOVAL OF LEGEND 

  TO: Mind Medicine (MindMed) Inc. 

   

  		
	AND TO:
	Computershare Trust Company of Canada 

	 
	510 Burrard Street, 3rd Floor

	 
	Vancouver, BC V6C 3B9

   

  The undersigned (a) acknowledges that the sale of the securities of Mind Medicine (MindMed) Inc. (the “Company”) to which this declaration relates is being made in reliance on Rule 904 of Regulation S (“Regulation S”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and (b) certifies that (1) it is not an affiliate of the Company (as defined in Rule 405 under the U.S. Securities Act), (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (B) the transaction was 

  29

  

   

  executed on or through the facilities of the Canadian Securities Exchange and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities, and (6) the sale was not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S. 

   

  						
	Dated:
	 
	 
	By:
	 
	 

	 
	 
	 
	Name:
	 
	 

	 
	 
	 
	Title:
	 
	 

   

  Affirmation By Seller’s Broker-Dealer (required for sales in accordance with Section (b)(2)(B) above) 

  We have read the foregoing representations of our customer ________________(the “Seller”) dated ________________, with regard to our sale, for such Seller’s account, of the securities of the Company described therein, and on behalf of ourselves we certify and affirm that (A) we have no knowledge that the transaction had been prearranged with a buyer in the United States, (B) the transaction was executed on or through the facilities of designated offshore securities market, (C) neither we, nor any person acting on our behalf, engaged in any directed selling efforts in connection with the offer and sale of such securities, and (D) no selling concession, fee or other remuneration is being paid to us in connection with this offer and sale other than the usual and customary broker’s commission that would be received by a person executing such transaction as agent. Terms used herein have the meanings given to them by Regulation S. 

   

  			
	Name of Firm 

	By:
	 
	 

	 
	 
	Authorized officer 

	 
	 
	Date:

   

  EXHIBIT C

  FORM OF WARRANT CERTIFICATE UNDER WARRANT AGTEEMENT

  CONCLUDED ON DECEMBER 11, 2021 

  30

  

   

  WARRANTS TO PURCHASE SUBORDINATE VOTING SHARES OF MIND

  MEDICINE (MINDMED) INC.

  (a company existing pursuant to the provincial laws of British Columbia)

  [Certificates representing Warrants required to bear the legend set forth in Section 2.20(2) of the Warrant Indenture also include the following legend:

  “THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 144A UNDER THE U.S. SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER AFTER PROVIDING A LEGAL OPINION SATISFACTORY TO THE ISSUER, OR (E) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION AFTER PROVIDING A LEGAL OPINION REASONABLY SATISFACTORY TO THE ISSUER. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

  THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.”]

  31

  

   

  CUSIP No. 60255C133

   ISIN No. CA60255C1335

   

  		
	Warrant
Certificate
Number:
2020-•
	Representing • Warrants to purchase Subordinate Voting Shares (subject to adjustment and acceleration as provided for in the Warrant Indenture (as defined below))

   

  THIS CERTIFIES that, for value received, the registered holder hereof, • (the “holder”) is entitled at any time at or before the Expiry Time (as defined below) to acquire, subject to adjustment in certain events, the number of Subordinate Voting Shares (“Subordinate Voting Shares”) of Mind Medicine (MindMed) Inc. (the “Company”) specified above, as presently constituted, by surrendering to COMPUTERSHARE TRUST COMPANY OF CANADA (the “Warrant Agent”) at its principal office in Vancouver, British Columbia this Warrant Certificate with the duly completed and executed Exercise Form endorsed on the back of this Warrant Certificate, and accompanied by payment of $1.40 per Subordinate Voting Share (the “Warrant Exercise Price”) by certified cheque, bank draft or money order in lawful money of Canada payable to, or to the order of, the Company at par at the above-mentioned office of the Warrant Agent. The holder of this Warrant Certificate may purchase less than the number of Subordinate Voting Shares which he is entitled to purchase on the exercise of the Warrants represented by this Warrant Certificate, in which event a new Warrant Certificate representing the Warrants not then exercised will be issued to the holder.

  The Warrants evidenced under this Warrant Certificate are exercisable on or before 5:00 p.m. (Toronto time) (the “Expiry Time”) on December 11, 2023 (the “Expiry Date”), subject to acceleration as described below. After the Expiry Time, Warrants evidenced hereby shall be deemed to be void and of no further force or effect. In the event that the volume weighted average trading closing price of the Subordinate Voting Shares on the Neo Exchange Inc. (or such other exchange on which the Subordinate Voting Shares may trade) is at a price greater than $4.00 (subject to adjustment in accordance with the terms of the Warrant Indenture) for the preceding ten (10) consecutive trading days after the date hereof, the Company may accelerate the Expiry Date of the Warrants by giving written notice to the Warrantholders (the “Acceleration Notice”), and in such case, the Warrants will expire on the date that is at least 30 days from the date of the Acceleration Notice is provided to the Warrantholders pursuant to a written notice to Warrantholders in accordance with the terms of the Warrant Indenture. Concurrent with the delivery of the Acceleration Notice to the Warrantholders, the Company shall also provide the Acceleration Notice to the Warrant Agent pursuant to terms of the Warrant Indenture and issue a news release announcing the exercise of the Acceleration Right (as such term is defined in the Warrant Indenture). The receipt of the Acceleration Notice by the Warrant Agent and issuance of the news release announcing the Acceleration Right will not impact the timing of the exercise of the Acceleration Right by the Company.

  This Warrant Certificate represents Warrants of the Company issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”) dated as of December 11, 2020, between the Company and the Warrant Agent, as may be amended from time to time, which contains particulars of the rights of the holders of the Warrants and the Company and of the Warrant Agent in respect thereof and the terms and conditions upon which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder of this Warrant 

  32

  

   

  Certificate by acceptance hereof assents. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Warrant Indenture. A copy of the Warrant Indenture can be requested by contacting the Warrant Agent. In the event of any conflict between the provisions contained in this Warrant Certificate and the provisions of the Warrant Indenture, the provisions of the Warrant Indenture shall prevail.

  Upon acceptance hereof, the holder hereof hereby expressly waives the right to receive any fractional Subordinate Voting Shares upon the exercise hereof in full or in part and further waives the right to receive any cash or other consideration in lieu thereof. The Warrants represented by this Warrant Certificate shall be deemed to have been surrendered, and payment by certified cheque, bank draft or money order shall be deemed to have been made only upon personal delivery thereof or, if sent by post or other means of transmission, upon actual receipt thereof by the Warrant Agent at its office in the City of Vancouver, British Columbia.

  Upon due exercise of the Warrants represented by this Warrant Certificate and payment of the Warrant Exercise Price, the Company shall cause to be issued to the person(s) in whose name(s) the Subordinate Voting Shares have been so subscribed for, the number of Subordinate Voting Shares to be issued to such person(s) (provided that if the Subordinate Voting Shares are to be issued to such person(s) (provided that if the Subordinate Voting Shares are to be issued to a person other than the registered holder of this Warrant Certificate, the holder’s signature on the Exercise Form herein shall be guaranteed by a Schedule I Canadian chartered bank or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program), and the holder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing the Subordinate Voting Shares unless or until the holder shall have paid the Company or the Warrant Agent the amount of such tax (or shall have satisfied the Company that such tax has been paid or that no tax is due), and such person(s) shall become a holder in respect of such Subordinate Voting Shares with effect from the date of such exercise, and upon due surrender of this Warrant Certificate, the Transfer Agent shall issue a certificate(s) representing such Subordinate Voting Shares to be issued within five (5) Business Days after the exercise of the Warrants (or portion thereof) represented hereby.

  Neither the Warrants represented by this Warrant Certificate nor the Subordinate Voting Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. The Warrants represented by this Warrant Certificate may not be exercised within the United States or by, or for the account or benefit of, a U.S. person or a person within the United States unless registered under the U.S. Securities Act and any applicable state securities laws or unless an exemption from such registration is available. Certificates representing Subordinate Voting Shares issued in the United States or to, or for the account or benefit of, U.S. persons will bear a legend restricting the transfer and exercise of such securities under applicable United States federal and state securities laws. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.

  The holder acknowledges that the Warrants represented by this Warrant Certificate and the Subordinate Voting Shares issuable upon exercise hereof may be offered, sold or otherwise transferred only in compliance with all applicable securities laws.

  No transfer of any Warrant will be valid unless entered on the register of transfers, upon surrender to the Warrant Agent of the Warrant Certificate evidencing such Warrant, duly endorsed by, or accompanied by a transfer form or other written instrument of transfer in form satisfactory to the Warrant Agent executed by the registered holder or his executors, administrators or other legal representatives or 

  33

  

   

  his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent. Subject to the provisions of the Warrant Indenture and upon compliance with the reasonable requirements of the Warrant Agent, Warrant Certificates may be exchanged for Warrants Certificates entitling the holder thereof to acquire an equal aggregate number of Subordinate Voting Shares subject to adjustment as provided for in the Warrant Indenture. The Company and the Warrant Agent may treat the registered holder of this Warrant Certificate for all purposes as the absolute owner hereof. The holding of the Warrants represented by this Warrant Certificate shall not constitute the holder hereof a holder of Subordinate Voting Shares nor entitle him to any right or interest in respect thereof except as herein and in the Warrant Indenture expressly provided.

  The Warrant Indenture provides for adjustment in the number of Subordinate Voting Shares to be delivered upon exercise of the right of purchase hereby granted and to the Warrant Exercise Price in certain events therein set forth.

  The Warrant Indenture contains provisions making binding upon all holders of Warrants outstanding thereunder resolutions passed at meetings of such holders held in accordance with such provisions and instruments in writing signed by the Warrantholders entitled to acquire upon the exercise of the Warrants a specified percentage of the Subordinate Voting Shares.

  The Warrants and the Warrant Indenture shall be governed by and performed, construed and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Time shall be of the essence hereof and of the Warrant Indenture.

  The Company may from time to time at any time prior to the Expiry Time purchase any of the Warrants by private agreement or otherwise.

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

  All dollar amounts herein are expressed in the lawful money of Canada.

  [Signature page follows]

  34

  

   

  IN WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this_____ day of __, 20___ .

  MIND MEDICINE (MINDMED) INC.

   

  		
	By:
	 

	Authorized Signing Officer

   

  Countersigned this day___ of_ , 20____

  COMPUTERSHARE TRUST COMPANY OF CANADA

   

  		
	By:
	 

	Authorized Signing Officer

   

  35

  

   

  EXERCISE FORM 

   

  		
	TO:
	Mind Medicine (MindMed) Inc.

	AND TO:
	Computershare Trust Company of Canada

	 
	510 Burrard Street, 3rd Floor

	 
	Vancouver, BC V6C 3B9

   

  The undersigned holder of the within Warrants hereby irrevocably exercises the right of such holder to be issued and hereby subscribes forSubordinate Voting Shares of Mind Medicine (MindMed) Inc. (the “Company”) at the Warrant Exercise Price referred to in the attached Warrant Certificate on the terms and conditions set forth in such certificate and the Warrant Indenture and encloses herewith a certified cheque, bank draft or money order payable at par in the City of Vancouver, in the Province of British Columbia to the order of the Company in payment in full of the subscription price of the Subordinate Voting Shares hereby subscribed for. 

  Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the warrant indenture between the Company and Odyssey Trust Company dated December 11, 2020 as amended by the Supplemental Warrant Agreement between the Company, Odyssey Trust Company and Computershare dated March 14th , 2022. 

  (Please check the ONE box applicable): 

   

  36

  

   

  		
	☐
	1. The undersigned certifies that it (i) is not in the United States and is not a “U.S. person”, within the meaning of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), (ii) is not exercising this Warrant for the account or benefit of any U.S. Person or person in the United States, (iii) did not execute or deliver this Exercise Form within the United States and (iv) has in all other aspects complied with the terms of Regulation S under the U.S. Securities Act

	 
	 

	☐
	2. The undersigned certifies that it is the Original U.S. Purchaser and (i) purchased the Warrants as a part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, a Qualified Institutional Buyer both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Company in such holder’s QIB Letter remain true and correct on the Exercise Date. 

	 
	 

	☐
	3. The undersigned certifies that it is the Original U.S. Purchaser and (i) purchased the Warrants as a part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, an Accredited Investor both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Company in such holder’s Accredited Investor Letter remain true and correct on the Exercise Date. 

	 
	 

	☐
	4. The undersigned is delivering a written opinion of United States legal counsel or evidence reasonably satisfactory to the Company to the effect that the Warrant and the Subordinate Voting Shares to be delivered upon exercise hereof have been registered under the U.S. Securities Act or are exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

   

  The undersigned holder understands that unless Box 1 or Box 2 above is checked, the certificate representing the underlying Subordinate Voting Shares will be issued in definitive physical certificated form and bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available, in the form set out in the Warrant Indenture. “U.S. person” and “United States” are as defined under Regulation S under the U.S. Securities Act.

  The undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject to restrictions on resale under applicable securities legislation. The undersigned hereby further acknowledges that the Company will rely upon its confirmations, acknowledgements and agreements set forth herein, and it agrees to notify the Company promptly in writing if any of its representations or warranties herein ceases to be accurate or complete. 

  It is understood that the Company may require evidence to verify the foregoing representations. 

  The undersigned hereby directs that the said Subordinate Voting Shares be issued as follows: 

  37

  

   

   

  			
	NAME(S) IN FULL
	ADDRESS(ES)
	NUMBER OF SUBORDINATE VOTING SHARES

	 
	 
	 

	 
	 
	 

	 
	 
	 

   

  Please print full name in which certificates representing the Subordinate Voting Shares are to be issued. If any Subordinate Voting Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Transfer Form must be duly executed. 

  Once completed and executed, this Exercise Form must be mailed or delivered to COMPUTERSHARE TRUST COMPANY OF CANADA. 

  DATED this__________day of___,______ . 

   

  			
	 
	)
	 

	 
	)
	 

	Witness
	)
	(Signature of Warrantholder, to be the same as 

	 
	)
	appears on the face of this Warrant Certificate)

	 
	)
	 

	 
	)
	 

	 
	)
	Name of Registered Warrantholder

   

  [ ] Please check this box if the securities are to be delivered at the office where these Warrants are surrendered, failing which the securities will be mailed. 

  NOTES: 

  5.Certificates will not be registered or delivered to an address in the United States unless Box 2, Box 3 or Box 4 above is checked. 

  6.If Box 4 above is checked, holders are encouraged to contact the Company in advance to determine that the legal opinion or evidence tendered in connection with exercise will be satisfactory in form and substance to the Company. 

  38

  

   

  TRANSFER FORM 

  TO: Mind Medicine (MindMed) Inc. 

   

  		
	AND TO:
	Computershare Trust Company of Canada

	 
	510 Burrard Street, 3rd Floor

	 
	Vancouver, BC V6C 3B9

   

  FOR VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto 

   

   

  	
	(Trasferee)

	 
 

	(Address)

	 
 

	(Social Insurance Number)

   

                                  of the Warrants registered in the name of the undersigned transferor represented by the Warrant Certificate. 

  In the case of a Warrant Certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked): 

   

  				
	 
	☐
	 
	(A) the transfer is being made only to the Company; or 

	 
	 
	 
	 

	 
	☐
	 
	(B) the transfer is being made outside the United States in accordance with Regulation S under the United States  Securities Act of 1933, as amended (the “US Securities Act”, and in compliance with any regulations and the holder has provided herewith the Declaration for Removal of legend attached as Schedule “B” to the Warrant indenture; or

	 
	 
	 
	 

	 
	☐
	 
	(C) the transfer is being made pursuant to the exemption from the registration requirements of the U.S. Securities Act provided by (i) Rule 144 or (ii) Rule 144A thereunder, and in either case in accordance with applicable state securities laws; or

	 
	 
	 
	 

	 
	☐
	 
	(D) the transfer is being made within the United States or to, or for the account or benefit of, U.S. persons, in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect. 

   

  39

  

   

  In the case of a transfer in accordance with (C)(i) or (D) above, the Company and the Warrant Agent shall first have received an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company, to such effect. In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of a U.S. person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect. 

  “United States” and “U.S. Person” are as defined by Regulation S under the U.S. Securities Act

  DATED this                 day of,                              

   

  			
	SPACE FOR GUARANTEES OF SIGNATURES
	)
	 

	(BELOW)
	 
	 

	 
	)
	 

	 
	)
	Signature of Transferor

	 
	)
	 

	 
	)
	 

	Guarantor's Signature/Stamp
	)
	Name of Transferor

	 
	)
	 

   

  REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below). 

   

  								
	☐
	Gift
	☐
	Estate
	☐
	Private Sale
	☐
	Other (or no change in ownership)

   

  			
	Date of Event (Date of gift, death or sale):
	Value per Warrant on the date of event:
	 

	 
	 
	 

	 
	 
	☐ CAD OR USD  ☐

  NOTES: 

  5.The signature to this transfer must correspond with the name as recorded on the Warrants in every particular without alteration or enlargement or any change whatever. The signature of  the person executing this transfer must be guaranteed by a Schedule I Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program. 

  6.Warrants shall only be transferable in accordance with the warrant indenture between Mind Medicine (MindMed) Inc. and Odyssey Trust Company dated December 11, 2020 as amended by the Supplemental Warrant Agreement between the Company, Odyssey Trust Company and Computershare dated March 14th, 2022 (the “Warrant Indenture”) applicable laws and the rules and policies of any applicable stock exchange. Without limiting the foregoing, if the Warrant Certificate bears a legend restricting the transfer of the Warrants except pursuant to an exemption from registration under the U.S. Securities Act, and applicable state securities laws, this Transfer Form 

  40

  

   

  must be accompanied by a properly completed and executed declaration for removal of legend in the form attached as Schedule "B" to the Warrant Indenture. 

  CERTAIN REQUIREMENTS RELATING TO TRANSFERS — READ CAREFULLY 

  The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on  this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards): 

  •Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words “Medallion Guaranteed”, with the correct prefix covering the face value of the certificate. 

  •Canada: A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words “Signature Guaranteed”, sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a “Signature & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature Guaranteed” Stamp) obtained from an authorized officer of the Royal Bank of Canada. Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate. 

  •Outside North America: For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed. 

  OR 

  The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”,“MEDALLION GUARANTEED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a “SIGNATURE & AUTHORITY TO SIGN GUARANTEE” stamp affixed to the from of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a 

  41

  

   

  “MEDALLION GUARANTEED” stamp affixed to the form of transfer, with the correct prefix covering the face value of the certificate. 

  REASON FOR TRANSFER – FOR US RESIDENTS ONLY 

  Consistent with US IRS regulations, COMPUTERSHARE TRUST COMPANY OF CANADA is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place). 

  42

  

   

  SCHEDULE “B” 

  FORM OF DECLARATION FOR REMOVAL OF LEGEND 

  TO: Mind Medicine (MindMed) Inc. 

   

  		
	AND TO:
	Computershare Trust Company of Canada 

	 
	510 Burrard Street, 3rd Floor

	 
	Vancouver, BC V6C 3B9

   

  The undersigned (a) acknowledges that the sale of the securities of Mind Medicine (MindMed) Inc. (the “Company”) to which this declaration relates is being made in reliance on Rule 904 of Regulation S (“Regulation S”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and (b) certifies that (1) it is not an affiliate of the Company(as defined in Rule 405 under the U.S. Securities Act), (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (B) the transaction was executed on or through the facilities of the Canadian Securities Exchange and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities, and (6) the sale was not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S. 

   

  						
	Dated:
	 
	 
	By:
	 
	 

	 
	 
	 
	Name:
	 
	 

	 
	 
	 
	Title:
	 
	 

   

  Affirmation By Seller’s Broker-Dealer (required for sales in accordance with Section (b)(2)(B) above) 

  We have read the foregoing representations of our customer ________________(the “Seller”) dated ________________, with regard to our sale, for such Seller’s account, of the securities of the Company described therein, and on behalf of ourselves we certify and affirm that (A) we have no knowledge that the transaction had been prearranged with a buyer in the United States, (B) the transaction was executed on or through the facilities of designated offshore securities market, (C) neither we, nor any person acting on our behalf, engaged in any directed selling efforts in connection with the offer and sale of such securities, and (D) no selling concession, fee or other remuneration is being paid to us in connection with this offer and sale other than the usual and customary broker’s commission that would be received by a person executing such transaction as agent. Terms used herein have the meanings given to them by Regulation S. 

   

  43

  

   

  		
	Name of Firm

	 
	 

	By:
	 

	 
	 

	 
	Authorized officer

	 
	 

	 
	Date:

   

  44

  

   

  EXHIBIT D 

  FORM OF WARRANT CERTIFICATE UNDER WARRANT AGTEEMENT CONCLUDED ON JANUARY 7, 2021 

  45

  

   

  WARRANTS TO PURCHASE SUBORDINATE VOTING SHARES OF MIND MEDICINE (MINDMED) INC.

  (a company existing pursuant to the provincial laws of British Columbia)

  [Certificates representing Warrants required to bear the legend set forth in Section 2.20(2) of the Warrant Indenture also include the following legend: 

  “THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITES ACT OF 1993. AS AMENDED (THE “U.S. SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 144A UNDER THE U.S. SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER AFTER PROVIDING A LEGAL OPINION SATISFACTORY TO THE ISSUER, OR (E) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION AFTER PROVIDING A LEGAL OPINION REASONABLY SATISFACTORY TO THE ISSUER. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. 

  THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE “UNITED STATE” AND “U.S. PERSON” ARE AS DEFINED BY REGULATIONS UNDER THE U.S. SECURITIES ACT.”]

  46

  

   

   

  		
	 
	CUSIP No. 60255C141 
 ISIN No. CA60255C1418

	Warrant
	 
Representing • Warrants to purchase

	Certificate
	Subordinate Voting Shares (subject to

	Number:
	adjustment and acceleration as provided

	2021-•
	for in the Warrant Indenture (as defined   below))

   

  THIS CERTIFIES that, for the value received, the registered holder hereof, • (the “holder”)  is entitled at any time at or before the Expiry Time (as defined below) to acquire, subject to adjustment in certain events, the number of Subordinate Voting Shares (“Subordinate Voting Shares”) of Mind Medicine (MindMed) Inc. (the “Company”) specified above, as presently constituted by surrendering to COMPUTERSHARE TRUST COMPANY OF CANADA (the “Warrant Agent”) at its principal office in Vancouver. British Columbia this Warrant Certificate with the duly completed and executed Exercise Form endorsed on the back of this Warrant Certificate and accompanied by payment of $5.75 per Subordinate Voting Share (the “Warrant Exercise Price”) by certified cheque, bank draft or  money order in lawful money of Canada payable to, or to the order of, the Company at par at the above-mentioned office of the Warrant Agent. The holder of this Warrant Certificate may purchase less than the number of Subordinate Voting Shares which he is entitled to purchase on the exercise of the Warrants represented by this Warrant Certificate, in which event a new Warrant Certificate representing the Warrants not then exercised will be issued to the holder. 

  The Warrants evidenced under this Warrant Certificate are exercisable on or before 5:00 p.m. (Toronto time) (the “Expiry time”) on January 7, 2024(the “Expiry date”) subject to accelerations as described below. After the Expiry Time, Warrants evidenced hereby shall be deemed to be void and of no further force or effect. In the event that the volume weighted average trading closing price of the Subordinate Voting Shares on the Neo Exchange Inc. (or such other exchange on which the Subordinate Voting Shares may trade) is at a price greater than $9.00 (subject to adjustment in accordance with the terms of the Warrant Indenture) for the preceding five (5) consecutive trading days after the date hereof, the Company may accelerate the Expiry Date of the Warrants by giving written notice to the Warrantholders (the “Acceleration Notice”), and such case, the Warrants will expire on the date that is at least 30 days from the date of the Acceleration Notice is provided to the Warrantholders pursuant to a written notice to Warrantholders in accordance with the terms of the Warrant Indenture. Concurrent with the delivery of the Acceleration Notice to the Warrantholders, the Company shall also provide the Acceleration Notice to the Warrant Agent pursuant to terms of the Warrant Indenture and issue a news release announcing the exercise of the Acceleration Right (as such term is defined in the Warrant Indenture). The receipt of the Acceleration Notice by the Warrant Agent and issuance of the news release announcing the Acceleration Right will not impact the timing of the exercise of the Acceleration Right by the Company. 

  This Warrant Certificate represents Warrants of the Company issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments supplemental or ancillary thereto is herein referred “Warrant Indenture”) dated as of January 7, 2021 between the Company and the Warrant Agent, as may be amended from time to time, which contains particulars of the rights of the holders of the Warrants and the Company and of the Warrant Agent in respect thereof and the terms and conditions upon which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder of this Warrant Certificate by acceptance hereof assents. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Warrant Indenture. A copy of the Warrant Indenture can be requested by contacting the Warrant Agent. In the event of any conflict between the provisions contained in this Warrant 

  47

  

   

  Certificate and the provisions of the Warrant Indenture, the provisions of the Warrant Indenture shall prevail. 

  Upon acceptance hereof, the holder hereof hereby expressly waives the right to receive any fractional Subordinate Voting Shares upon the exercise hereof in full or in part and further waives the right to receive any cash or other consideration in lieu thereof. The Warrants represented by this Warrant Certificate shall be deemed to have been surrendered, and payment by certified cheque, bank draft or money order shall be deemed to have been made only upon personal delivery thereof or, if sent by post or other means of transmission, upon actual receipt thereof by the Warrant Agent at its office in the City of Vancouver, British Columbia. 

  Upon due exercise of the Warrants represented by this Warrant Certificate and payment of the Warrant Exercise Price, the Company shall cause to be issued to the person(s) in whose name(s) the Subordinate Voting Shares have been so subscribed for, the number of Subordinate Voting Shares to be issued to such person(s) (provided that if the Subordinate Voting Shares are to be issued to a person other than the registered holder of this Warrant Certificate, the holder’s signature on the Exercise Form herein shall be guaranteed by a Schedule I Canadian chartered bank or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program), and the holder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing the Subordinate Voting Shares unless or until the holder shall have paid the Company or the Warrant Agent the amount of such tax (or shall have satisfied the Company that such tax has been paid or that no tax is due), and such person(s) shall become a holder in respect of such Subordinate Voting Shares with effect from the date of such exercise, and upon due surrender of this Warrant Certificate, the Transfer Agent shall issue a certificate(s) representing such Subordinate Voting Shares to be issued within five (5) Business Days after the exercise of the Warrants (or portion thereof) represented hereby. 

  Neither the Warrants represented by this Warrant Certificate nor the Subordinate Voting Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of 1993, as amended (the “U.S. Securities Act”) or any state securities laws. The Warrants represented by this Warrant Certificate may not be exercised within the United States or by, or for the account or benefit of, a U.S. person or a person within the United States unless registered under the U.S. Securities Act and any applicable state securities laws or unless an exemption from such registration is available. Certificates representing Subordinate Voting Shares issued in the United States or to, or for the account or benefit of, U.S. persons will bear a legend restricting the transfer and exercise of such securities under applicable United State federal and state securities laws. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act. 

  The holder acknowledges that the Warrants represented by this Warrant Certificate and the Subordinate Voting Shares issuable upon exercise hereof may be offered, sold or otherwise transferred only in compliance with all applicable securities laws. 

  No transfer of any Warrant will be valid unless entered on the register of transfers, upon surrender to the Warrant Agent of the Warrant Certificate evidencing such Warrant, duly endorsed by, or accompanied by a transfer form or other written instrument of transfer in form satisfactory to the Warrant Agent executed by the registered holder or his executors, administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent. Subject to the provisions of the Warrant Indenture and upon compliance with the reasonable requirements of the Warrant Agent, Warrant Certificates may be exchanged for Warrants Certificates entitling the holder thereof to acquire an equal aggregate number of Subordinate Voting Shares subject to adjustment as provided for in the Warrant Indenture. The Company and the Warrant Agent may treat the 

  48

  

   

  registered holder of this Warrant Certificate for all purposes as the absolute owner hereof. The holding of the Warrants represented by this Warrant Certificate shall not constitute the holder hereof a holder of Subordinate Voting Shares nor entitle him to any right or interest in respect thereof except as herein and in the Warrant Indenture expressly provided. 

  The Warrant Indenture provides for adjustment in the number of Subordinate Voting Shares to be delivered upon exercise of the right of purchase hereby granted and to the Warrant Exercise Price in certain events therein set forth. 

  The Warrant Indenture contains provisions making binding upon all holders of Warrants outstanding thereunder resolutions passed at meetings of such holders held in accordance with such provisions and instruments in writing signed by the Warrantholders entitled to acquire upon the exercise of the Warrants a specified percentage of the Subordinate Voting Shares. 

  The Warrants and the Warrant Indenture shall be governed by and performed, construed and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Time shall be of the essence hereof and of the Warrant Indenture. 

  The Company may from time to time at any time prior to the Expiry Time purchase any of the Warrants by private agreement or otherwise. 

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

  All dollar amounts herein are expressed in the lawful money of Canada. 

  [Signature page follows] 

  49

  

   

  IN WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this                ,day of     , 20     

   

  				
	 
	 
	 
	MIND MEDICINE (MINDMED) INC.

	 
	 
	By:
	 

	 
	 
	Authorized Signing Officer 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	Countersigned this _______day of ______, 20 ______

	 
	 
	 
	 

	 
	 
	 
	 

	 
	COMPUTERSHARE TRUST COMPANY OF CANADA

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	Authorized Signing Officer 

   

  50

  

   

  EXERCISE FORM 

   

  			
	To:
	 
	Mind Medicine (MindMed) Inc.

	AND TO:
	 
	Computershare Trust Company of Canada  510 Burrard Street, 3rd Floor Vancouver,  BC V6C 3B9

   

   

  The undersigned holder of the within Warrants hereby irrevocably exercises the right of such holder to be issued and hereby subscribes forSubordinate Voting Shares of Mind Medicine (MindMed) Inc. (the “Company”) at the Warrant Exercise Price referred to in the attached Warrant Certificate on the terms and conditions set forth in such certificate and the Warrant Indenture and encloses herewith a certified cheque, bank draft or money order payable at par in the City of Vancouver in the Province of British Columbia to the order of the Company in payment in full of the subscription price of the Subordinate Voting Shares hereby subscribed for. 

  Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the warrant indenture between the Company and Odyssey Trust Company dated May 26, 2020 as amended by the Supplemental Warrant Agreement between the Company, Odyssey Trust Company and Computershare dated March 14th , 2022. 

  (Please check the ONE box applicable): 

   

  51

  

   

  		
	􀀀
	 1. The undersigned certifies that it (i) is not in the United States and is not a “U.S. person”, within the meaning of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), (ii) is not exercising this Warrant for the account or benefit of any U.S. Person or person in the United States, (iii) did not execute or deliver this Exercise Form within the United States and (iv) has in all other aspects complied with the terms of Regulation S under the U.S. Securities Act. 

	􀀀
	 2. The undersigned certifies that it is the Original U.S. Purchaser and (i) purchased the Warrants as a part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, a Qualified Institutional Buyer both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Company in such holder's QIB Letter remain true and correct on the Exercise Date. 

	􀀀
	 3. The undersigned certifies that it is the Original U.S. Purchaser and (i) purchased the Warrants as a part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, an Accredited Investor both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Company in such holder's Accredited Investor Letter remain true and correct on the Exercise Date. 

	􀀀
	4. The undersigned is delivering a written opinion of United States legal counsel or evidence reasonably satisfactory to the Company to the effect that the Warrant and the Subordinate Voting Shares to be delivered upon exercise hereof have been registered under the U.S. Securities Act or are exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. 

   

  The undersigned holder understands that unless Box 1 or Box 2 above is checked, the certificate representing the underlying Subordinate Voting Shares will be issued in definitive physical certificated form and bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available, in the form set out in the Warrant Indenture. “U.S. person” and “United States” are as defined under Regulation S under the U.S. Securities Act. 

  The undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject to restrictions on resale under applicable securities legislation. The undersigned hereby further acknowledges that the Company will rely upon its confirmations, acknowledgements and agreements set forth herein, and we agrees to notify the Company promptly in writing if any of its representations or warranties herein ceases to be accurate or complete. 

  It is understood that the Company may require evidence to verify the foregoing representations. 

  52

  

   

  The undersigned hereby directs that the said Subordinate Voting Shares be issued as follows: 

   

  			
	NAME(S) IN FULL
	ADDRESS(ES)
	NUMBER OF SUBORDINATE VOTING SHARES

	 
	 
	 

	 
	 
	 

	 
	 
	 

   

  Please print full name in which certificates representing the Subordinate Voting Shares are to be issued. If any Subordinate Voting Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Transfer Form must be duly executed. 

  Once completed and executed, this Exercise Form must be mailed or delivered to COMPUTERSHARE TRUST COMPANY OF CANADA. 

  DATED this               day of   ,            . 

   

   

  						
	 
	 
	 
	 
	 
	 

	 
	 
	 
	)
	 
	 

	 
	 
	 
	)
	 

	    Witness
	 
	 
	)
	(Signature of Warrantholder, to be the same as appears on the face of this Warrant Certificate)

	 
	 
	 
	)
	 
	 

	 
	 
	 
	)
	 
	 

	 
	 
	 
	)
	 

	 
	 
	 
	)
	Name of Registered Warrantholder

   

   

  [     ]           Please check this box if the securities are to be delivered at the office where these Warrants are surrendered, failing which the securities will be mailed. 

  NOTES: 

  7.Certificates will not be registered or delivered to an address in the United States unless Box 2, Box 3 or Box 4 above is checked. 

  8.If Box 4 above is checked, holders are encouraged to contact the Company in advance to determine that the legal opinion or evidence tendered in connection with exercise will be satisfactory in form and substance to the Company. 

  53

  

   

  TRANSFER FORM

  	
	TO: Mind Medicine (MindMed) Inc. 

   

  		
	AND TO: 
	Computershare Trust Company of Canada

	 
	510 Burrard Street, 3rd Floor  

	 
	Vancouver, BC V6C 3B9 

   

  FOR VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto

  	
	 

	(Trasferee)

	 

	(Address)

	 

	(Social Insurance Number)

   

  __________________of the Warrants registered in the name of the undersigned transferor represented by the Warrant Certificate.

  In the case of a Warrant Certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked):

  			
	 
	☐
	(a)the transfer is being made only to the Company; or 

	 
	  
	 

	 
	☐
	(b)the transfer is being made outside the United States in accordance with Regulation S under the United States Securities Act of 1933, as amended (the "U.S Securities Act"), and in compliance with any applicable local securities laws and regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule “B” to the Warrant Indenture; or

	 
	 
	 

	 
	☐
	(c)the transfer is being made pursuant to the exemption from the registration requirements of the U.S. Securities Act provided by (i) Rule 144 or (ii) Rule 144A thereunder, and in either case in accordance with applicable state securities laws; or 

	 
	 
	 

	 
	☐
	(d)the transfer is being made within the United States or to, or for the account or benefit of, U.S. persons, in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect.

   

  54

  

   

  In the case of a transfer in accordance with (C)(i) or (D) above, the Company and the Warrant Agent shall first have received an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company, to such effect. In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of a U.S. person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect. 

  “United States” and “U.S. Person” are as defined by Regulation S under the U.S. Securities Act.

  DATED this        day of,          ,         . 

   

  			
	SPACE FOR GUARANTEES OF SIGNATURES
	)
	 

	(BELOW)
	 
	 

	 
	)
	 

	 
	)
	Signature of Transferor

	 
	)
	 

	 
	)
	 

	Guarantor's Signature/Stamp
	)
	Name of Transferor

	 
	)
	 

   

  REASON FOR TRANSFER ± For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below). 

   

  								
	☐
	Gift
	☐
	Estate 
	☐
	Private Sale
	☐
	Other (or no change 

	 
	 
	 
	 
	 
	 
	 
	in ownership)

   

  		
	Date of Event (Date of gift, death or sale):
	Value per Warrant on the date of event:

   

  			
	 
	 
	☐ CAD OR USD ☐

   

  NOTES:

  7.The signature to this transfer must correspond with the name as recorded on the Warrants in every particular without alteration or enlargement or any change whatever. The signature of the person executing this transfer must be guaranteed by a Schedule I Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program. 

  8.Warrants shall only be transferable in accordance with the warrant indenture between Mind Medicine (MindMed) Inc. and Odyssey Trust Company dated January 7, 2021 as amended by the Supplemental 

  55

  

   

  Warrant Agreement between the Company, Odyssey Trust Company and Computershare dated March 14th, 2022 (the “Warrant Indenture”) applicable laws and the rules and policies of any applicable stock exchange. Without limiting the foregoing, if the Warrant Certificate bears a legend restricting the transfer of the Warrants except pursuant to an exemption from registration under the U.S. Securities Act, and applicable state securities laws, this Transfer Form must be accompanied by a properly completed and executed declaration for removal of legend in the form attached as Schedule “B” to the Warrant Indenture.

  CERTAIN REQUIREMENTS RELATING TO TRANSFERS ± READ CAREFULLY

  The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on  this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards): 

  •Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP).Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words “Medallion Guaranteed”, with the prefix covering the face value of the certificate. 

  •Canada: A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words “Signature Guaranteed”, sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of  incumbency, are also required to accompany the transfer, unless there is a “Signature & Authority to sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature Guaranteed” Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate. 

  •Outside North America: For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed. 

  56

  

   

  OR

  The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”, “MEDALLION GUARANTEED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a “SIGNATURE & AUTHORITY TO SIGN GUARANTEE” Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a “MEDALLION GUARANTEED” Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate. 

  REASON FOR TRANSFER - FOR US RESIDENTS ONLY

  Consistent with US IRS regulations, COMPUTERSHARE TRUST COMPANY OF CANADA is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place).

  57

  

   

  SCHEDULE “B”

  FORM OF DECLARATION FOR REMOVAL OF LEGEND 

   

  				
	TO: Mind Medicine (MindMed) Inc.

	 
	 
	 
	 

	AND TO:
	Computershare Trust Company of Canada

	 
	510 Burrard Street, 3rd Floor

	 
	Vancouver, BC V6C 3B9

   

  The undersigned (a) acknowledges that the sale of the securities of Mind Medicine (MindMed) Inc. (the “Company”) to which this declaration relates is being made in reliance on Rule 904 of Regulation S (“Regulation S”) under the United States Securities act of 1933, as amended (the “U.S. Securities Act”) and (b) certifies that (1) it is not an affiliate of the Company (as defined in Rule 405 under the U.S. Securities Act), (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (B) the transaction was executed on or through the facilities of the Canadian Securities Exchange and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of  such securities, (4) the sale is bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities, and (6) the sale was not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S. 

   

  						
	Dated:
	 
	 
	By:
	 
	 

	 
	 
	 
	Name:

	 
	 
	 
	Title:

   

  Affirmation By Seller's Broker-Dealer (required for sales in accordance with Section (b)(2)(B) above) 

  We have read the foregoing representations of our customer ______________(the “seller”) dated ______________, with regard to our sale, for such Seller's account, of the securities of the Company described therein, and on behalf of ourselves we certify and affirm that (A) we have no knowledge that the transaction had been prearranged with a buyer in the United States, (B) the transaction was executed on or through the facilities of designated offshore securities market, (C) neither we, nor any person acting on our behalf, engaged in any directed selling efforts in connection with the offer and sale of such securities, and (D) no selling concession, fee or other remuneration is being paid to us in connection with this offer and sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent. Terms used herein have the meanings given to them by Regulation S. 

   

  58

  

   

  				
	Name of Firm
	 
	 

	 
	 
	 
	 

	By:
	 
	 
	 

	 
	 
	 
	 

	 
	Authorized officer
	 
	 

	 
	 
	 
	 

	 
	Date:
	 
	 

   

  59exhibit1015b3

      Exhibit 10.15(b)3  1  47222436.1  TRANSITION AGREEMENT    This Transition Agreement (“Agreement”) is entered into by and between Oglethorpe  Power Corporation (an Electric Membership Corporation) (the “Company”) and Michael W.  Price (the “Employee”) (each a “Party,” collectively, the “Parties”).    WHEREAS, the Employee is currently employed by the Company as Executive Vice  President and Chief Operating Officer; and    WHEREAS, the Parties have entered into an Employment Agreement, effective as of  September 26, 2018 (the “Employment Agreement”); and    WHEREAS, the Employee has indicated his desire to retire and voluntarily resign  pursuant to Section 4(c) of the Employment Agreement; and    WHEREAS, the Company desires to retain the Employee beyond the 60-day notice  period set forth in Section 4(c) of the Employment Agreement, ensure a smooth transition to the  new Chief Operating Officer, and obtain certain post-employment agreements from the  Employee;    NOW THEREFORE, in consideration of the mutual covenants and promises each Party  has made to the other as set forth in this Agreement, the Parties agree as follows:    1. Continued Employment through Separation Date.  a. The Employee agrees that if he remains actively employed in good standing by  the Company as the Chief Operating Officer, or such other role as the Company  in its sole discretion determines, and performs the transition duties set forth in  Section (l)(b) below through a date selected by the Company, which shall be no  earlier than February 15, 2022, and no later than May 31, 2022 (the “Separation  Date”), the Employee will be eligible for the payments set forth in Section 2  below, subject to the terms of this Agreement. The Company will provide the  Employee with written notice of the Employee’s specific Separation Date at least  two weeks in advance. From the date of this Agreement through the Separation  Date, provided that the Employee remains employed by the Company, the  Employee will continue to be paid the Employee’s regular salary and performance  pay per Company policy, and will continue to receive the employee benefits set  forth in the Employment Agreement.  b. The Employee will continue to be subject to the terms of the Employment  Agreement, including the requirement that Employee performs his duties as Chief  Operating Officer, or such other officer-level role as the Company determines,  through the Separation Date. The Employee specifically acknowledges and agrees  that these duties will include assisting the Company in its search for a new Chief  Operating Officer, transitioning his duties and responsibilities to the new Chief  Operating Officer, and training the new Chief Operating Officer. In the event the  Company changes the Employee’s role, the Company agrees that it will not  

 

      2  47222436.1  change the Employee’s base salary, performance pay opportunity, or benefits.  c. As of the Separation Date, the Employee shall cease to be an employee of the  Company and shall cease to be entitled to any further compensation, monies or  other benefits from the Company, including coverage under any benefit plans or  programs sponsored by the Company as of the Separation Date, except as  otherwise expressly provided under the terms of a Company benefit plan, as  expressly provided herein, or as otherwise required by law. Effective as of the  Separation Date, the Employment Agreement shall terminate. The Parties agree  that the execution of this Agreement shall serve as written notice under Section  1(a) of the Employment Agreement not to renew the Employment Agreement for  any additional terms.  2. Separation Pay.  a. Subject to the Employee’s continued employment and performance of the  transition duties set forth in Section 1(b) of this Agreement through the Separation  Date, and further subject to the Employee’s execution and non-revocation of a  Release, to be provided in advance of the Separation Date. The Employee will be  eligible to receive each of the following payments and benefits-:  i. Separation Pay. The Company will pay the Employee an amount equal to  one million, thirty- six thousand dollars ($1,036,000), which is two times  the Employee’s current base salary, less normal tax withholdings and  other deductions (“Separation Pay”).  ii. Medical Allowance. The Company will pay an amount equal to  Employee’s cost for medical and dental continuation coverage pursuant to  COBRA for one year at the coverage type and level in effect as of the date  of the Separation Date, equal to thirty-seven thousand, four hundred forty- three dollars ($37,443), less normal tax withholding and other deductions  (“Medical Allowance”).  b. The Separation Pay and Medical Allowance will be paid in one lump sum, within  thirty (30) days of the Employee’s separation from service, as defined in Internal  Revenue Code Section 409A. Payment of the Separation Pay and Medical  Allowance is contingent upon the Employee’s execution of a release of claims  against the Company and all of its agents, representatives, and affiliates, in such  form as is reasonably acceptable to the Company (the “Release”), within twenty- one (21) days of the date such Release is provided to Employee (which shall be  no later than three (3) days after the Employee’s separation from service) and the  expiration of all legally required revocation periods that could limit any such  Release. If the period during which the Employee may sign and not revoke such  Release prior to receiving payment spans two calendar years, any applicable  payment will be made in the second calendar year regardless of when such  Release is signed or any revocation period expires. In the event that the Employee  does not execute the Release, revokes the Release in accordance with its terms, or  

 

      3  47222436.1  otherwise violates the provisions of this Agreement, the Employee will not be  eligible to receive any Separation Pay or Medical Allowance not yet paid as of  such date.  c. The Employee acknowledges and agrees that the amounts set forth in this Section  2 are in lieu of any other compensation due or payable to the Employee in  connection with his termination of employment. The Employee further  acknowledges and agrees that the Employee is not otherwise entitled to this  consideration. The Employee specifically acknowledges that the execution of this  Agreement, the non-renewal of the Employment Agreement, the Company’s  search for and hire of a new Chief Operating Officer, any Company decision to  change or modify the Employee’s title or position between the date this  Agreement is signed and the Separation Date, the Company’s provision of a  written notice to the Employee specifying a Separation Date, and the Employee’s  termination of employment as of the Separation Date will not entitle the  Employee to any of the payments and benefits set forth in Section 4(b) of the  Employment Agreement. In the event that the Employee (i) does not remain  actively employed in good standing and perform the transition duties described in  Section l(b) of this Agreement through the Separation Date, or (ii) does not sign,  or revokes, this Agreement or the Release, the Employee shall not be entitled to  any portion of the Separation Pay or the Medical Allowance.  3. Restrictive Covenants.  a. Employee acknowledges that (i) the Company wishes to protect its legitimate  business interests, including but not limited to customer relationships, trade  secrets, confidential information, and other goodwill of the Company, (ii) the  Employee possesses specialized knowledge and training regarding the Company’s  operations, expertise, and contacts, and (iii) the consideration to be received by  him under this Agreement constitutes good, valuable, and sufficient consideration  for the agreements made in this Section 3.  b. Employee agrees that through Separation Date and for a period of four (4) years  following the Separation Date, the Employee shall not, on behalf of himself or for  others, directly or indirectly (whether as employee, officer, director, shareholder,  member, manager, consultant, investor, partner, sole proprietor, or otherwise),  enter into, conduct or carry on, or engage in, be employed by, perform services  for or obtain a financial interest in, any Restricted Business in the United States.  For purposes of this Agreement, “Restricted Business” means any business in the  electric energy industry. Notwithstanding the foregoing, the Employee shall not  be prohibited from the passive ownership of up to one percent (1%) of the  securities of any entity engaged in any Restricted Business, where the securities  of such entity are traded on a national securities exchange.  c. The Employee acknowledges and agrees that the services provided by the  Employee are of a special, unique and extraordinary nature, and that the  restrictions contained in this Section 3 are necessary to protect the goodwill and  

 

      4  47222436.1  other legitimate business interests of the Company. The Employee acknowledges  that all of the restrictions in this Section 3 are reasonable in all respects, including  duration, territory and scope of activity. The Employee agrees that the restrictions  contained in this Section 3 shall be construed as separate agreements independent  of any other provision of this Agreement or any other agreement between the  Employee and the Company. The Employee agrees that the existence of any claim  or cause of action by the Employee against the Company, whether predicated on  this Agreement or otherwise, shall not constitute a defense to the enforcement by  the Company of the covenants and restrictions in this Section 3.  d. The Employee agrees that the injury the Company will suffer in the event of the  breach by the Employee of this Section 3 will cause the Company irreparable  injury that cannot be adequately compensated by monetary damages alone.  Therefore, the Employee agrees that the Company, without limiting any other  legal or equitable remedies available to it, shall be entitled to obtain equitable  relief by injunction or otherwise from any court of competent jurisdiction,  including, without limitation, injunctive relief to prevent the Employee’s failure to  comply with the terms and conditions of this Section 3.  e. In the event that the Employee breaches the covenants set forth in this Section 3,  in addition to any injunctive relief, the Employee agrees that within ninety (90)  days of such breach, he will return to the Company any Separation Pay or  Medical Allowance that the Company has paid to the Employee.  4. Confidential Information. The Employee shall continue to be bound by the Company  Invention and Confidential Information Agreement, to the extent such agreement  contains provisions which survive the Employee’s termination of employment. In  addition, the Employee covenants and agrees that the Employee has not, and shall not,  use, disclose, or, to the extent within the Employee’s control, permit any person to obtain,  any Confidential Information of the Company and its affiliates, for so long as the  information remains confidential. “Confidential Information” means all processes,  techniques, formats, specifications, procedures, price structures, plans, methods of  operation, financial information and projections, and all other information relating to the  business of the Company and its affiliates which is not generally known to or voluntarily  disclosed to the public, whether in oral, written, electronic, graphic, or machine readable  form. Confidential Information shall also include any information that constitutes a trade  secret (as defined by the applicable law). The Employee agrees and acknowledges that  the Employee’s obligations under this Agreement are separate and distinct from any  obligations the Employee may have, and any rights the Company or any affiliate may  have, with respect to any “trade secrets,” which are governed by applicable state or  federal law.  Nothing in this Agreement prohibits the Employee from reporting to any governmental  authority information concerning possible violations of law or regulation, provided that  the Employee shall, to the extent permitted by applicable law, provide the Company with  prior notice of the contemplated disclosure of any Confidential Information or trade  secrets and cooperate with the Company (at the Company’s expense) in seeking a  

 

      5  47222436.1  protective order or other appropriate protection of such information. Provided the  Employee does so consistent with 18 U.S.C. § 1833, the Employee may disclose trade  secret information to a government official or to an attorney for the purposes of obtaining  legal advice or use it in certain court proceedings under seal without fear of prosecution  or liability.    5. Return of Property. By signing this Agreement, the Employee represents that, unless  otherwise authorized by the Company, the Employee shall return all Company property,  including identification cards or badges, access codes or devices, keys, laptops,  computers, telephones, mobile phones, hand-held electronic devices, credit cards,  electronically stored documents or files, physical files and any other Company property  previously in the Employee’s possession by the Separation Date.  6. Non-Disparagement. The Employee agrees that the Employee will not make or cause to  be made any statements that disparage or damage the reputation of the Company or its  affiliates (or any of their officers, directors or employees), including but not limited to  making such statements to the media, public interest groups, publishing companies,  and/or through internet posting. The Employee also agrees that the Employee will not  encourage or incite other current or former employees of the Company or its affiliates to  disparage or damage the reputation of the Company or any of its affiliates (or any of their  officers, directors or employees). The Employee further represents that the Employee has  not made any comments prohibited by the terms of this Section before the date the  Employee signs this Agreement. Nothing in this Section prohibits the Employee’s  cooperation in any investigation by any government agency or as required to testify by  law. Internal communications among the parties during Employee’s employment  conducted in the ordinary course of business shall not be considered a violation of this  Section.  7. Confidentiality of Agreement. As a material condition to this Agreement, prior to the date  on which this Agreement is filed with the U.S. Securities and Exchange Commission  (“SEC”), Employee agrees not to disclose the terms of this Agreement, without the  Company’s prior written permission, to anyone other than an immediate family member  or an attorney, accountant or other professional advisor who agrees in advance to honor  this confidentiality requirement. Employee further understands that, so long as the  Company files voluntary or required reports with the SEC, the Company is not prohibited  from disclosing the terms of this Agreement. This Agreement also does not prohibit  Employee from disclosing the terms of this Agreement to the extent necessary to enforce  this Agreement or disclosures to the extent legally required by a subpoena or court order,  provided that the Company is notified in writing of such a disclosure obligation within  five (5) days after it arises. In the event that Employee violates the confidentiality  obligations of this Section, the Company reserves the right to cancel this Agreement.  8. Reimbursement of Costs. The Employee agrees that, if the Employee is found by a court  of law to have violated the terms of this Agreement, the Employee will reimburse the  Company for any attorney fees, costs, or other damages arising from the Employee’s  breach of this Agreement. The Employee’s obligation to reimburse the Company under  this Section 8 shall not apply in the event the Employee breaches this Agreement as a  

 

      6  47222436.1  result of an absence from employment that would be covered under a Company short- term disability policy or plan, regardless of whether the Employee has exceeded the  maximum coverage period under such plan.  9. Governing Law and Forum. This Agreement will be governed and construed and  enforced in accordance with the laws of the State of Georgia without regard to its  conflicts of law rules. The Employee hereby submits to the jurisdiction and venue of the  federal and state courts located in Georgia for resolution of any and all claims, causes of  action or disputes arising out of, related to or otherwise concerning this Agreement, and  Employee agrees to waive any claim relating to forum non conveniens.  10. Severability. Any term or prov1s1on of this Agreement that is determined to be invalid or  unenforceable by any court of competent jurisdiction in any jurisdiction shall, as to such  jurisdiction, be ineffective to the extent of such invalidity or unenforceability without  rendering invalid or unenforceable the remaining terms and provisions of this Agreement  or affecting the validity or enforceability of any of the terms or provisions of this  Agreement in any other jurisdiction, and such invalid or unenforceable provision shall be  modified by such court so that it is enforceable to the extent permitted by applicable law.  11. Counterparts. This Agreement may be executed in one or more counterparts, each of  which shall be deemed an original but all of which shall together be one and the same  agreement. The Parties agree that signatures transmitted by facsimile or electronic mail  will be deemed originals and that a facsimile, photocopy, or scanned image of this  Agreement, including without limitation counterparts and any signature(s) or other marks  thereon, shall be admissible in any legal, administrative, or other proceeding related to  this Agreement with the same weight and binding effect as an original.  12. Waiver: Amendments.  Any waiver by either Party of a breach of any provision of this  Agreement will not operate as, or be construed to be, a waiver of any other breach of  such provision of this Agreement. The failure of either Party to insist on strict adherence  to any term of this Agreement on one or more occasions will not be considered a waiver  or deprive either party of the right thereafter to insist on strict adherence to that term or  any other term of this Agreement. Neither this Agreement nor any part of it may be  waived, changed, or terminated orally. Any waiver, amendment or modification must be  in a writing signed by both the Employee and the Company.  13. Code Section 409A. Although the Company makes no guarantee with respect to the tax  or other treatment of payments or benefits under this Agreement and shall not be  responsible in any event with regard to this Agreement’s compliance with Section 409A,  payments under this Agreement are intended to be exempt from or comply with the  applicable requirements of Section 409A and will be limited, construed and interpreted in  a manner so as to comply therewith. If the Employee is a “specified employee” as defined  for purposes of Section 409A, then all payments that constitute deferred compensation  subject to Code Section 409A to be made to the Employee hereunder upon a separation  from service will be paid, or commence to be paid, on the earlier of the date which is six  (6) months after (i) the date that the Employee separates from service or (ii) the date of  death. Any references to the Employee’s “termination of employment” shall be  

 

      7  47222436.1  interpreted as a “separation from service,” as determined under Section 409A. Employee  agrees that the Company will not be liable for any taxes, penalties or interest imposed on  Employee under or as a result of Code Section 409A.  14. Entire Agreement: Construction: Binding Nature. This Agreement contains the entire  understanding of the Parties relating to the subject matter of this Agreement and  supersedes all other prior written or oral agreements, understandings or arrangements  between the Parties relating to the subject matter of this Agreement. The Parties  acknowledge that, in entering into this Agreement, they did not rely and have not relied  on any statements or representations of the other not contained in this Agreement. This  Agreement shall be binding upon and inure to the benefit of the Parties hereto and their  respective successors, assigns, heirs, executors or administrators, as the case may be.    [Signature Page Follows]    

 

      8  47222436.1  IN WITNESS WHEREOF, the Parties have executed this Transition Agreement.    AGREED TO AND ACCEPTED:      By Employee:        /s/ Michael W. Price   Michael W. Price    For Company:    By:     /s/ Michael L. Smith   Representative’s Signature      /s/ Michael L. Smith   Michael L. Smith, President & Chief Executive  Officer      DATE:

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