Document:

Exhibit 10.13

 

 

Service
agreement

 

Dated:
24 January 2022

 

Canmart Limited

(Company)

 

Akanda Corp.

(Akanda)

 

Trevor Scott

(Executive)

 

     

     

    

 

Contents

 

	1	Interpretation	1
	 	 	 
	2	Employment	5
	 	 	 
	3	Conditions to employment	6
	 	 	 
	4	Fundamental terms and warranties	6
	 	 	 
	5	Duties	7
	 	 	 
	6	Place of work	8
	 	 	 
	7	Hours of work	8
	 	 	 
	8	Salary	8
	 	 	 
	9	Pension	9
	 	 	 
	10	Expenses	9
	 	 	 
	11	Incentive payments& bonus	9
	 	 	 
	12	Shares	10
	 	 	 
	13	Other benefits and paid leave	11
	 	 	 
	14	Training	12
	 	 	 
	15	Holidays	12
	 	 	 
	16	Incapacity	13
	 	 	 
	17	Outside interests	14
	 	 	 
	18	Confidential information	15
	 	 	 
	19	Intellectual property	16
	 	 	 
	20	Payment in lieu of notice	17
	 	 	 
	21	Termination without notice	18
	 	 	 
	22	Garden leave	19
	 	 	 
	23	Obligations upon termination	20
	 	 	 
	24	Post-termination restrictions	21
	 	 	 
	25	Disciplinary and grievance procedures	23
	 	 	 
	26	Change of Control	24
	 	 	 
	27	Data protection	24
	 	 	 
	28	Collective agreements	25
	 	 	 
	29	Notices	25
	 	 	 
	30	General	25
	 	 	 
	31	Entire agreement	25

 

     

     

    

 

	32	Counterparts	26
	 	 	 
	33	Third party rights	26
	 	 	 
	34	Governing law	26
	 	 	 
	35	Jurisdiction	26

 

     

     

    

 

This agreement is dated 24 January 2022.

 

Between

 

		(1)	Canmart Ltd a company incorporated and registered in England and Wales with registered company
number 11741517 and whose registered office is at Units 1a/1b Learoyd Road, New Romney, Kent TN28 8XU (the Company);

 

		(2)	Akanda Corp. a company incorporated and registered in Ontario, Canada with a registered company number
002854618 and whose registered office is 77 King Street West, Suite 400 Toronto-Dominion Centre Toronto, ON M5K 0A1 Canada; and

 

		(3)	Trevor Scott (the Executive).

 

It is agreed:

 

		1	Interpretation

 

		1.1	In this agreement the following terms and expressions shall have the following meanings:

 

Akanda
means Akanda Corporation, Registration number 002854618, Province of Ontario

 

Appointment
means the employment of the Executive by the Company on the terms of this agreement.

 

Board
means the board of directors of the Company and any committees duly constituted by the board.

 

Capacity
means as agent, consultant, director, the holder of any office, employee, worker, owner, partner, Shareholder or in any other capacity.

 

Cash
Shell Company means Akanda or any undertaking (including a special purpose acquisition company) (a) which is listed/quoted
or becomes listed/quoted on a Recognised Investment Exchange and (b) of which the Company is or becomes a wholly-owned subsidiary,
but excluding for the avoidance of doubt Halo Labs Inc.

 

Control
means in relation to a body corporate, the power of a person to secure that the affairs of the body corporate are conducted in accordance
with the wishes of that person:

 

		(a)	by means of the holding of shares, or the possession of voting power, in or in relation to that or any
other body corporate; or

 

		(b)	as a result of any powers conferred by the articles of association or any other document regulating that
or any other body corporate.

 

Change
of Control occurs if a person (whether alone or together with any person acting in concert with that person) who controls any
body corporate ceases to do so or if another person acquires Control of it.

 

Commencement
Date means 1 July 2021.

 

Competitor
means a business concern which is, or intends to be, in competition with any Restricted Business.

 

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Confidential
Information means information of a confidential nature (in any form) concerning the business, affairs and/or finances of
the Company or any Group Company or their respective customers, clients, suppliers, agents, distributors, investors and shareholders
which the Executive receives, obtains, creates or develops at any time by reason of or in connection with the Executive's service
with the Company or any Group Company (whether or not marked as confidential). This includes: trade secrets; technical information,
data, research and development; customer, client and supplier lists, contact details of customers, clients and suppliers and
individuals within those organisations; inventions and patent applications in the course of preparation and all other Intellectual
Property Rights; financial projections, target details and accounts; details of funding and resource allocation; fee levels, pricing
policies, commissions and commission charges; budgets, forecasts, reports, records and corporate and business plans; planned or
potential products and services; marketing and advertising plans, requirements and materials, marketing surveys and research
reports; market share and pricing statistics; disputes (whether existing, threatened or prior), settlement discussions and terms;
details of employees, workers, officers and consultants including their roles and responsibilities, remuneration, benefits and
organisational structures, legally privileged material; computer software and passwords.

 

Copies
means copies or records of any Confidential Information in whatever form (including in written, oral, visual or electronic form or on
any magnetic or optical disk or memory and wherever located) including extracts, analysis, studies, plans, compilations or any other way
of representing or recording and recalling information which contains, reflects or is derived or generated from Confidential Information.

 

Executive
Equity has the meaning given to it in Clause 12.

 

Executive
Equity Rights means the rights to be granted to the Executive as set out and materially on the terms described in Schedule
1.

 

Garden
Leave means any period during which the Company has exercised its rights under Clause 22.

 

Group
Company means any company which is from time to time a subsidiary or holding company of the Company and any subsidiary of any
holding company of the Company (and references to the Group shall be construed accordingly), including but not limited to Akanda.
The words "subsidiary" and "holding company" have the meanings given to them in section 1159 of the Companies Act
2006 and a person shall be treated, for the purposes only of the membership requirement contained in subsections 1159(1)(b) and (c) of
that Act, as a member of another company even if its shares in that other company are registered in the name of: (i) another person
(or its nominee), whether by way of security or in connection with the taking of security, or (ii) a nominee.

 

Halo
means Halo Labs, Inc. a company incorporated in Canada whose registered office is 77 King Street West, Suite 400, Toronto-Dominion
Centre, Toronto, Ontario, Canada.

 

Holiday
Year means 1 January to 31 December or such other period as the Company notifies the Executive in writing.

 

Incapacity
means any sickness, injury or other incapacity or medical disorder or condition which prevents the Executive from carrying out his duties.

 

    	26 January 2022	Page 2

     

    

 

Intellectual
Property Rights means patents, rights to Inventions, copyright and related rights, trade marks, trade names and domain names,
rights in get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software,
database rights, topography rights, rights in confidential information (including know-how and trade secrets) and any other intellectual
property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals
or extensions of, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the
future in any part of the world.

 

Invention
means any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration, and
whether or not recorded in any medium.

 

Investor means
any person, firm, company or other entity who or which is an investor in the Company or any Group Company at the Termination Date or
who or which invested in the Company or any Group Company at any time in the 12 months immediately preceding the Termination Date or
with whom or which the Company or any Group Company had negotiations or meaningful discussions regarding possible investment in the
Company or any Group Company at any time in the 12 months immediately preceding the Termination Date and with whom or which the
Executive had material contact or material involvement in the course of the Appointment.

 

Lender
means any person, firm, company or other entity who or which is a lender of funds to the Company or any Group Company at the Termination
Date or who or which lent funds to the Company or any Group Company at any time in the 12 months immediately preceding the Termination
Date or with whom or which the Company or any Group Company had negotiations or meaningful discussions regarding possible lending to the
Company or any Group Company at any time in the 12 months immediately preceding the Termination Date and with whom or which the Executive
had material contact or material involvement in the course of the Appointment.

 

Listing
means the admission, approved by the Board, of the entire issued share capital of the Company or a Cash Shell Company, or securities representing
those shares (including without limitation depositary interests, American depositary receipts, American depositary shares and/or other
instruments) on a Recognised Investment Exchange.

 

Long
Stop Date means the date falling 12 months from the date of this agreement.

 

Personal
Data means personal data about or relating to the Executive including his name, date of birth, home address, telephone number,
driver's licence number, passport number, family information (such as marital status and dependant details), emergency contact information,
education and training details (such as qualifications and professional expertise), employment details (such as employment status, employee
type, performance and evaluation information, work phone number and email, intranet user log in and department and supervisor details),
financial information (such as compensation, benefits, bank account information and pensions information) and hiring information (such
as CV, prior employment history and personal references).

 

Policies
and Procedures means the policies and procedures of the Company applicable to employees and officers of the Company as amended
from time to time.

 

Prospective
Customer means any firm, company or person who, during the 12 months before the Termination Date, was in negotiations with
the Company or any Group Company about becoming a customer of the Company or any Group Company with whom the Executive had contact or
material involvement or, in respect of the exercise of his duties or responsibilities, about whom he became aware or informed to a material
extent in the course of the Appointment.

 

    	26 January 2022	Page 3

     

    

 

Recognised
Investment Exchange means NASDAQ, the New York Stock Exchange, the Official List of the United Kingdom Listing Authority, the
AIM Market operated by the London Stock Exchange Group Plc, the Toronto Stock Exchange, the NEO Exchange or the TSX Venture Exchange or
any other recognised investment exchange (as defined in section 285 of the Financial Services and Markets Act 2000).

 

Regulatory
Requirements means all legal and regulatory obligations, codes of practice and recommendations and similar which apply to the
Executive, the Company or any Group Company, including:

 

		(a)	in relation to transactions in securities, related party transactions and inside information (including
any share dealing policy of the Company);

 

		(b)	pursuant to the Financial Services and Markets Act 2000 and the Criminal Justice Act 1993; and

 

		(c)	any other laws, rules and regulations of, or applicable to companies admitted to, a Recognised Investment
Exchange on which the Company (or a Cash Shell Company) is Listed,

 

Restricted
Business means those parts of the business of the Company and any Group Company with which the Executive was involved to a
material extent in the 12 months before the Termination Date.

 

Restricted
Customer means any firm, company or person who, during the 12 months before the Termination Date, was a customer of or in the
habit of dealing with the Company or any Group Company with whom the Executive had contact or material involvement or, in respect of the
exercise of his duties or responsibilities, about whom he became aware or informed to a material extent in the course of the Appointment.

 

Restricted
Person means anyone employed or engaged by the Company or any Group Company with whom the Executive dealt in the 12 months
before the Termination Date in the course of the Appointment.

 

Restricted
Supplier means any person, firm or company which at any time during the 12 months prior to the Termination Date was a supplier
of any goods, products or services (other than utilities and goods or services supplied for administrative purposes) to the Company or
any Group Company and with whom or which the Executive had personal dealings during that period other than in a de minimis way and where
such entities remain suppliers of the Company and/or the Group Company at or immediately before the Termination Date.

 

Shareholder
means holding an investment by way of shares or other securities of over 5% of the total issued share capital of any company, other than
a Cash Shell Company, whether or not it is listed or dealt in on a recognised stock exchange.

 

Termination
Date means the date on which the Executive's employment with the Company terminates however caused.

 

		1.2	The headings in this agreement are inserted for convenience only and shall not affect its construction.

 

    	26 January 2022	Page 4

     

    

 

		1.3	A reference to a particular law is a reference to it as it is in force for the time being taking account
of any amendment, extension or re-enactment and includes any subordinate legislation for the time being in force made under it.

 

		1.4	Unless the context otherwise requires:

 

		1.4.1	a reference to one gender shall include a reference to the other genders; and

 

		1.4.2	words in the singular include the plural and, in the plural, include the singular.

 

		1.5	References to a "person" include any individual, company, any other body corporate, partnership
or unincorporated association (whether or not having separate legal personality).

 

		1.6	The words "including", "include", "in particular", "for example"
and words of similar effect shall not limit the general effect of the words that precede them.

 

		2	Employment

 

		2.1	The Executive agrees to be employed by the Company and shall serve Akanda as its Chief Financial Officer
subject to the terms and conditions of this agreement. It is envisaged that the Company will be subject to a reverse takeover by Akanda
and there will be a Listing of Akanda. Accordingly, the terms of this agreement may require amendments to comply with any applicable Regulatory
Requirements and if so, the Executive will be paid a cash sum equivalent to any amounts (including benefits) that he is entitled to under
this agreement that are not included in the amended agreement.

 

		2.2	The Executive's employment will commence on the Commencement Date and shall continue, subject to the remaining
terms of this agreement, until terminated by either party giving the other not less than 6 months prior written notice, save that the
Company can only give notice after 18 months following the Commencement Date (except that this
limitation shall not apply in respect of termination rights under Clause 21.1(a), (c) or (g)). If the Company does give notice sooner,
the amount of Basic Salary and contractual benefits that the Executive would otherwise have been entitled to up to the first day on which
termination could have been effective in accordance with this clause will be paid to the Executive as a lump sum within 28 days of the
Termination Date. For the avoidance of doubt, nothing in this Clause 2.2 shall prevent or limit the Company's right to terminate this
agreement without notice and without payment for any Basic Salary and contractual benefits for any reason that falls within Clause 21.1(a),
(c) or (g).

 

		2.3	No period of employment with the Company or any other employer counts towards the period of continuous
employment between the Executive and the Company which therefore will begin on the Commencement Date. Past service with any Group Company
will count towards any employment or service measurement period in respect of any leave benefit, Executive Equity and employee share ownership
incentive award that is issued under an approved employee share ownership plan .

 

		2.4	The parties acknowledge and agree that the Company intends to pursue a Listing, either directly or via
a Cash Shell Company, and that as part of that process the Company's advisers (including its brokers) may require certain terms of this
Agreement to be varied, amended or deleted. The parties agree that they will act reasonably in agreeing any such variations, amendments
or deletions and the Executive agrees that (without limitation) the following provisions, amendments or variations, if required or reasonably
requested by the Company (on the advice of its brokers) pursuant to such Listing, will be acceptable:

 

    	26 January 2022	Page 5

     

    

 

		(a)	any lock-in and/or orderly market restrictions on market-standard terms (where, in respect of the length
of any such restriction, "market-standard" means no longer than two years in respect of each of any lock-in and any orderly
market restriction);

 

		(b)	the Executive ceasing to be entitled to any or all of the Executive Equity Rights; and

 

		(c)	a vesting, or reverse vesting, period of up to four years and otherwise on market-standard terms,

 

and the Executive agrees that he will
take all action reasonably necessary to give effect to any such amendments, variations or deletions. For the avoidance of doubt, under
no circumstances shall the Executive be required to surrender or otherwise lose the ownership of whole or any part of the Executive Equity
pursuant to this Clause 2.4.

 

		3	Conditions to employment

 

		3.1	The Company shall take appropriate professional advice as to the best way in which to achieve the proposed
Listing of the business operated or proposed to be operated by it. If, following such advice, the Board decides that it would be in the
best interests of the Company and its members as a whole to achieve a Listing via a Cash Shall Company then, before the Long Stop Date,
the Company will:

 

		(a)	establish or acquire or be acquired by a Cash Shell Company;

 

		(b)	in respect thereof and subject always to Clause 2.4, grant the Executive the Executive Equity; and

 

		(c)	at the Executive’s election and in his sole discretion, transfer his engagement as Chief Financial
Officer to the Cash Shell Company or any other Group Company, For the avoidance of doubt, and upon such a transfer, any benefits, leave
entitlements, equity awards, compensation, salary or employment related benefit accruing to the Executive under this Agreement shall similarly
be transferred to the Cash Shell Company or any other Group Company.

 

(together, the Conditions Subsequent).

 

		3.2	In the event that the Conditions Subsequent have not been satisfied by the Long Stop Date and such non-satisfaction
is predominantly or primarily the result of either or both of (a) some action or inaction by or on behalf of Halo and/or (b) another
factor or factors beyond the reasonable control of the Executive, the parties shall, in good faith, use reasonable endeavours to grant
equity interests in Halo (or the Company if it is directly subject to a Listing) to the Executive that give the Executive an approximately
equivalent monetary valuation as would have been held by him in a Cash Shell Company that held the businesses of Cannahealth, Canmart
and Bophelo only, pursuant to the terms of this Agreement.

 

		4	Fundamental terms and warranties

 

		4.1	The Executive represents and warrants to the Company that (in each case as a fundamental term of this
agreement):

 

		(a)	the Executive is, to the best of his knowledge, not subject to any restrictions which prevent the Executive
from holding office as a director;

 

    	26 January 2022	Page 6

     

    

 

		(b)	by entering into this agreement or fully performing any of the Executive's obligations under it, the Executive
will not be in breach of any court order or any express or implied terms of any contract or other obligation binding on the Executive;
and

 

		(c)	the Executive has not used or disclosed to the Company or any Group Company any confidential information
belonging to any previous employer or any other person.

 

		4.2	Notwithstanding (and without prejudice to) any other provision of this agreement, the Company may terminate
this agreement summarily if the Executive is in breach of any of the terms and/or warranties in this Clause 4.

 

		5	Duties

 

		5.1	The Executive acknowledges that he will be a fiduciary in a position of seniority and trust.

 

		5.2	At all times during the course of employment the Executive will:

 

		(a)	faithfully and diligently serve Akanda, the Company and the Group, and exercise such powers and perform
such duties as may from time to time be assigned to the Executive by Akanda or the Board or perform such other duties as the Company may
reasonably require;

 

		(b)	devote the whole of the Executive's working time, attention and abilities to the business and affairs
of Akanda, the Company and the Group;

 

		(c)	comply with all reasonable directions of and regulations made by Akanda, the Company and the Board;

 

		(d)	promptly make such reports to Akanda and the Board in connection with the affairs of Akanda, the Company
and of any Group Company on such matters and at such times as are reasonably required, and otherwise keep Akanda and the Board fully informed
of all matters relating to the business and affairs of Akanda, the Company and the Group;

 

		(e)	immediately upon becoming aware, report:

 

		(i)	any wrongdoing (including the Executive's own wrongdoing) whether committed, contemplated or discussed
by any person employed or engaged by Akanda, the Company or any Group Company irrespective of whether this would or may involve self-incrimination;

 

		(ii)	any plans or proposals or discussions by any person employed or engaged by Akanda, as a senior
                                                              executive or as a senior member of management of the Company or any Group Company to leave the employment or engagement of the
                                                              Company or Group Company, whether alone or in concert
with any other person and whether to join a competitor or any other business; and

 

		(iii)	any misuse of Confidential Information by any person (including the Executive) irrespective of whether
this would or may involve self-incrimination;

 

		(f)	use all reasonable endeavours to promote, protect, develop and extend the business of Akanda, the Company
and Group Companies;

 

		(g)	comply with all Policies and Procedures;

 

    	26 January 2022	Page 7

     

    

 

		(h)	comply with all Regulatory Requirements and promptly provide Akanda, the Company with all information
that it requires or may require to comply with the Regulatory Requirements; and

 

		(i)	not:

 

		(i)	offer, promise or provide any bribe, inducement or reward to any third party in order to gain any commercial,
contractual, regulatory or personal advantage;

 

		(ii)	receive or accept any bribe, inducement or reward from any third party in order to gain any commercial,
contractual, regulatory or personal advantage; or

 

		(iii)	receive any gifts, goods, service, rebates or commission from any third party other than in accordance
with Akanda or Company policy from time to time in force.

 

		5.3	The Executive agrees and accepts that:

 

		(a)	the Policies and Procedures do not form part of this agreement or the terms of the Executive's employment
and the Company may amend the Policies and Procedures at any time; and

 

		(b)	a breach of the Regulatory Requirements may lead to civil or criminal liability for the Executive, action
being taken against the Executive by any relevant regulatory authority and/or disciplinary action by the Company up to and including summary
dismissal if the Executive's conduct falls within the categories in Clause 21.1.

 

		6	Place of work

 

		6.1	The normal place of work of the Executive is South Africa (or such other place as agreed by the parties)
or any other place as the Company may reasonably require for the proper performance and exercise of the Executive's duties.

 

		6.2	The Executive will be required to travel in appropriate circumstances on the business of the Company and
the Group (to the United Kingdom, Malta and/or abroad).

 

		7	Hours of work

 

		7.1	The Executive's normal hours of work are from 8.30am to 5:30pm Monday to Friday, inclusive of one hour
for lunch daily, and such additional hours as may be necessary for the proper performance of the Executive's duties. The Executive is
not entitled to any further remuneration for additional hours outside normal office hours.

 

		7.2	The parties agree that the nature of the Executive's position is such that the Executive's working time
cannot be measured and, accordingly, the Executive's employment falls within the scope of regulation 20 of the Working Time Regulations
1998.

 

		8	Salary

 

		8.1	The Executive will be paid an annual salary of £250,000 (Basic Salary) subject to applicable
deductions as required by any local laws applicable to the Company including for tax and social security.

 

    	26 January 2022	Page 8

     

    

 

		8.2	The Basic Salary will be paid in equal monthly instalments (or pro rata where the Executive is only employed
during part of a month) in arrears to the Executive's nominated bank account in the United Kingdom, or any other bank account in any location
designated by the Executive in his sole discretion . For convenience, payment will usually be slightly in advance of the end of the calendar
month to which the payment relates.

 

		8.3	The Executive authorises the Company to deduct (and retain) from the Basic Salary, or any other sum due
to the Executive at any time, any sum due to the Company or any Group Company from the Executive.

 

		9	Pension

 

The Company will comply with the employer
pension duties in accordance with Part 1 of the Pension Act 2008.

 

		10	Expenses

 

Subject to any Company policy in operation
from time to time and to production of VAT receipts or other appropriate evidence to the reasonable satisfaction of the Company, the Company
will reimburse (or procure the reimbursement of) all reasonable expenses wholly, properly and necessarily incurred by the Executive in
the performance of the Executive's duties.

 

		11	Incentive payments & bonus

 

		11.1	Subject to Clause 11.7, on a Listing, the Executive shall be entitled to receive an incentive payment
of £150,000, which shall be paid on or around the payroll in the subsequent month following the Listing.

 

		11.2	Subject to Clause 11.7, on completion of the Listing , the Executive shall be entitled to receive an incentive
payment of £150,000, which shall be paid on or around the payroll in the month following receipt by the Company of the Qualifying
Equity Finance.

 

		11.3	The Executive is entitled to participate in the Company's bonus scheme with an annual bonus opportunity
of:

 

		(a)	up to 100% of Basic Salary based on meeting achievable KPIs as determined by the Board using its reasonable
discretion on or around the beginning of each financial year; and

 

		(b)	an additional bonus opportunity based on achievable stretch targets which is to be determined by the Board
using its reasonable discretion.

 

		11.4	The Board may award any such bonus in cash, equity or such other instrument or arrangement with the Company
undertaking that it will act reasonably in making any such award in a way which is tax efficient and cost effective for the Executive.

 

		11.5	Any bonus made pursuant to Clause 11.3 may, at the Board's absolute discretion, be reduced pro rata by
reference to any period for which the Executive has been absent from work for any reason during the period to which the bonus relates.

 

		11.6	Other than as provided in this clause, the Executive will not be entitled to compensation for loss of
bonus (whether pursuant to this Clause 11 or otherwise) on termination of employment. Payment of a bonus in one year will not entitle
the Executive to a bonus in any other year. Should the Executive’s employment be terminated for any reason other than as set out
in clause 21.1 of this Agreement, then the Executive shall be entitled to a partial bonus determined on a pro-rata basis with reference
to the number of months of service provided in the current financial year or bonus measurement period

 

    	26 January 2022	Page 9

     

    

 

		11.7	Payment of any incentive payment or bonus under this Clause 11 will be conditional on:

 

		(a)	notice not having been served by the Executive;

 

		(b)	the Executive not being the subject of a disciplinary investigation which could result in the Executive's
dismissal for gross misconduct (in which case payment of any incentive or bonus will be postponed pending the final outcome of that disciplinary
procedure save where the procedure results in dismissal in which case no incentive or bonus shall be payable); and/or

 

		(c)	the Executive not having committed a repudiatory breach of this agreement;

 

in each case, as at the payment date.

 

		11.8	If any payment or other obligation under this agreement or any related benefit or remuneration plan does
not comply with any applicable Regulatory Requirement, the Company may, by mutual agreement with the Executive, amend the terms of the
payment or other obligation (including by reducing, revoking, cancelling or recovering any payment or award) to make it compliant.

 

		11.9	Any payments under this Clause 11 will be subject to applicable deductions for tax and National Insurance
(excluding employer National Insurance contributions) and will not be pensionable.

 

		12	Shares

 

		12.1	The Company shall procure that the Executive is granted, through an employee share ownership scheme or
otherwise, an award of an equity interest in the Cash Shell Company (which could be a subscription/award of shares/award of restricted
share units or share options, depending on the taxation implications for both the Company and the Executive, with the Company undertaking
that it will act reasonably in procuring the offer of an incentive structure at its own cost which is tax efficient and cost effective
for the Executive provided there are no adverse consequences for the Company or the Cash Shell Company) (the Executive Equity).

 

		12.2	The Executive Equity is intended to represent 500,000 common shares in the issued share capital of the
Cash Shell Company before the Cash Shell Company acquires the Company or any other company or business, and/or issues equity to participants
in a placing or public offering to occur on or around the date of Listing, when, pursuant to each of such events, the percentage equity
interest held by the Executive will be diluted in accordance with the terms of such transactions.

 

		12.3	Subject always to Clause 2.4, the Executive Equity will be subject to monthly vesting (or reverse vesting
if shares are awarded) over a three year period, with a one year vesting cliff (33.3% vesting 12 months after date of grant of the award),
and will be subject to customary good leaver, intermediate leaver and bad leaver conditions.

 

		12.4	In the event that there is a
Change of Control of the Company or Cash Shell Company (other than as part of the fundraising on or around the date of Listing or an internal
re-organisation) after the date falling 12 months after the date of the
grant of Executive Equity and before the end of the three year vesting period (or such other period as required in accordance with
Clause 2.4), and the Executive is an employee of the Company (or the Cash Shell Company as the case may be) at such time, it is agreed
that vesting of the Executive Equity will automatically be accelerated immediately prior to such Change of Control.

 

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		12.5	The Executive's participation in the Executive Equity shall be determined by the applicable rules (or
other documents) of the scheme to be implemented.

 

In the event a Cash Shell Company does not acquire
Control of the Company, the Company and the Executive will both act in good faith to agree an alternative incentive arrangement to that
referred to in Clause 12.1 above and, if applicable, Clause 3.2.

 

		13	Other benefits and paid leave

 

		13.1	The Company will endeavour to put in place a private medical insurance scheme as soon as reasonably practicable
after the Commencement Date. The Executive, his spouse and dependents shall be entitled to participate in such scheme.

 

		13.2	The Executive's rights and entitlements and the Company's obligations to pay premiums for the private
medical insurance scheme shall be subject always to:

 

		(a)	the rules and terms of such scheme from time to time in force;

 

		(b)	the Company's absolute discretion to change scheme and/or scheme provider and/or to discontinue providing
the benefit at any time;

 

		(c)	the Executive satisfying any underwriting or other requirements of the relevant scheme provider; and

 

		(d)	the Executive co-operating with the Company and the relevant scheme provider when making any claim.

 

		13.3	The Executive agrees that:

 

		(a)	the Company shall have no obligation to pursue any claim for benefits on behalf of the Executive or the
Executive's spouse or dependants or any other beneficiaries or potential beneficiaries if it is not accepted by the scheme provider;

 

		(b)	the Company will have no liability to the Executive or the Executive's spouse or dependants for failure
or refusal by the scheme provider for whatever reason to pay benefits or for cessation of benefits on the termination of the Executive's
employment and the Company is entitled to terminate the Executive's employment notwithstanding the fact that the Executive may lose entitlement
to benefits under these arrangements as a result;

 

		(c)	The Executive is not contractually entitled to any benefit he receives which is not expressly referred
to in this agreement (whether payment of insurance scheme premiums or otherwise).

 

    	26 January 2022	Page 11

     

    

 

		13.4	The Executive may be eligible to take the following types of paid leave, subject to any statutory eligibility
requirements or conditions and the Company's rules applicable to each type of leave in force from time to time:

 

		(a)	statutory paternity leave;

 

		(b)	family responsibility leave;

 

		(c)	statutory adoption leave;

 

		(d)	shared parental leave; and

 

		(e)	parental bereavement leave.

 

		14	Training

 

In addition to general training the
Company provides during the Executive's induction and throughout his employment, the Company will specify certain mandatory training modules
from time to time. These cover matters that are essential for working for the Company, or for the Executive's role.  The subject
matter will vary from time to time and the Company will update the Executive on the requirements.  Details of the current compliance
training that is mandatory for all employees are available on the intranet. The Company acknowledges that the Executive may hold one or
more professional designations that require mandatory continuing professional development. The Executive shall be entitled to undertake
at least 40 hours of continuing professional development training at the expense of the Company.

 

		15	Holidays

 

		15.1	The Executive will be entitled to 30 days' paid holiday in each Holiday Year in addition to the usual
public holidays in the Republic of South Africa. The first 28 days of holiday (including any public holidays) taken in any Holiday
Year will be the Executive's statutory holiday for the purpose of both the Working Time Regulations 1998 and Clause 15.6 below.

 

		15.2	If the Executive's employment commences or terminates part way through a Holiday Year, the entitlement
of the Executive during that Holiday Year shall be calculated on a pro rata basis rounded up to the nearest half day.

 

		15.3	Holidays shall be taken at such time or times as shall be approved in advance by the Company. The Company
may require the Executive to take holiday on particular dates.

 

		15.4	The Executive will be entitled to carry over up to 5 days' holiday at the end of each Holiday Year provided
that the Executive uses that holiday by 31 March in the following Holiday Year (all other holiday remaining at the end of the Holiday
Year will lapse). Any carried over holiday not used by that date will lapse.

 

		15.5	The Executive shall have no entitlement to any payment in lieu of accrued but untaken holiday except on
termination of the Executive's employment. Subject to Clause 15.6, the amount of any payment in lieu will be 1/260th of the Executive’s
Basic Salary for each untaken day of holiday entitlement for the Holiday Year in which termination takes place.

 

		15.6	If:

 

		(a)	the Company has terminated or would have been entitled to terminate the Executive's employment under Clause 21;
or

 

		(b)	the Executive terminates in breach of this agreement,

 

    	26 January 2022	Page 12

     

    

 

any payment due under Clause 15.5
will be limited to the statutory entitlement of the Executive under the Working Time Regulations 1998 (and any holiday (including public
holidays) taken shall be deemed first to have been taken in satisfaction of that statutory entitlement as set out in Clause 15.1).

 

		15.7	If on termination of the Executive's employment the Executive has taken in excess of his accrued holiday
entitlement, the Company shall be entitled to recover from the Executive, by way of deduction from any payments due to the Executive or
otherwise, one day's pay calculated at 1/260th of the Basic Salary of the Executive for each excess day.

 

		15.8	If either party has served notice to terminate the Executive's employment, the Company may require the
Executive to take any accrued but unused holiday entitlement during the notice period. Any accrued but unused holiday entitlement shall
be deemed to be taken during any period of Garden Leave.

 

		15.9	During any continuous period of absence due to Incapacity of one month or more the Executive shall not
accrue holiday under this contract and the entitlement of the Executive under Clause 15.1 for the Holiday Year(s) in which such absence takes
place shall be reduced pro rata save that it shall not fall below the entitlement of the Executive under the Working Time Regulations
1998.

 

		16	Incapacity

 

		16.1	If the Executive is absent from work due to Incapacity, the Executive shall notify the Company of the
reason for the absence as soon as possible on the first day of absence.

 

		16.2	Immediately following the Executive's return to work after a period of absence due to Incapacity of seven
days or less the Executive must complete a self-certification form. For periods of absence of more than seven consecutive days the Executive
must produce a doctor's fit note verifying that the absence is due to Incapacity.

 

		16.3	Subject to complying with the Company’s absence requirements above and to the remaining provisions
of this Clause 16, the Executive shall be entitled to receive full Basic Salary and contractual benefits during any periods of absence
due to Incapacity up to a maximum of 12 weeks in aggregate in any rolling 52-week period. Any such payments shall be inclusive of any
statutory sick pay. The Executive's qualifying days for statutory sick pay purposes are Monday to Friday.

 

		16.4	The Executive agrees to consent to medical examinations (at the Company's expense) by a doctor or clinic
nominated by the Company should the Company so require. The Executive agrees that any report produced in connection with any such examination
may be disclosed to the Company and the Company may discuss the contents of the report with the relevant doctor.

 

		16.5	If the Incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory
duty on the part of a third party in respect of which damages are or may be recoverable, the Executive shall immediately notify the Company
of that fact and of any claim, settlement or judgment made or awarded in connection with it and provide all relevant particulars that
the Company may reasonably require. The Executive shall, if required by the Company, co-operate in any related legal proceedings and refund
to the Company that part of any damages or compensation recovered by the Executive relating to the loss of earnings for the period of
the Incapacity as the Company may reasonably determine less any costs borne by the Executive in connection with the recovery of such damages
or compensation, provided that the amount to be refunded to the Company shall not exceed the total amount paid to the Executive by the
Company in respect of the period of Incapacity.

 

    	26 January 2022	Page 13

     

    

 

		16.6	The Company is entitled to terminate the Executive's employment under the terms of this agreement notwithstanding
that any such termination would or might cause the Executive to forfeit any entitlement to sick pay or other benefits.

 

		16.7	The payment of the Executive's Basic Salary and other contractual benefits during absence due to Incapacity
is conditional on:

 

		(a)	notice not having been served by either party;

 

		(b)	the Executive not being the subject of a disciplinary investigation which could result in the Executive's
dismissal for gross misconduct; and

 

		(c)	the Executive not being under a performance improvement plan.

 

		17	Outside interests

 

		17.1	Subject to Clause 17.2, the Executive shall not at any time during employment (including during any
period of notice) save for any existing arrangements as disclosed in Schedule 2 of this Agreement :

 

		(a)	be directly or indirectly engaged, concerned or have any financial interest in any Capacity in any other
business, trade, profession or occupation (or the setting up of any business, trade, profession or occupation) other than that
of the Company and the Group, whether paid or unpaid; or

 

		(b)	hold any directorship (or other office) of any company other than that of the Company and any Group Company,
whether paid or unpaid.

 

		17.2	Notwithstanding Clause 17.1, the Executive:

 

		(a)	save for any existing arrangements as disclosed in Schedule 2 of this Agreement, may hold an investment
by way of shares or other securities of not more than 5% of the total issued share capital of any company (whether or not it is listed
or dealt in on a recognised stock exchange) provided that such company does not carry on (or propose to carry on) any business similar
to or competitive with any business for the time being carried on by the Company or any Group Company;

 

		(b)	has disclosed to the Company the external interests and activities listed in schedule 2 including the
Executive's Capacity with regard to each such interest and activity. The Company consents to the Executive continuing these activities
on the strict condition that it reserves the right to require (at any time) the Executive to cease any or all of such interests or activities
to the extent that, in the opinion of the Company, they interfere, may be likely to interfere or could be perceived to interfere with
the discharge of the Executive's obligations to the Company or Group or create or may be likely to create a conflict of interest or perceived
conflict of interest; and

 

		(c)	may engage in external interests and activities provided that such companies do not carry on (or propose
to carry on) any business similar to or competitive with any business for the time being carried on by the Company or any Group Company
and such interests or activities do not interfere with the Executive's performance of his duties for the Company, and any board level
appointments shall require prior written approval of the governance committee of the Company, not to be unreasonably withheld, and subject
to being permitted by the rules of any applicable regulatory framework.

 

    	26 January 2022	Page 14

     

    

 

 

	17.3	Without prejudice to the Executive's obligations above, the Executive must promptly disclose to the Company
any matter relating to the Executive's spouse, civil partner, partner, children, parents or other immediate family and/or any entity whose
affairs the Executive or any such person controls which may (or may be perceived to) interfere, conflict or compete with the proper performance
of the obligations of the Executive under this agreement.

 

	18	Confidential information

 

	18.1	Without prejudice to the Executive's common law duties, the Executive shall not (except in the proper
course of the Executive's duties, as authorised or required by law or as authorised in advance by the Company), either during the Executive's
employment or at any time after termination of employment (howsoever arising):

 

		(a)	use any Confidential Information;

 

		(b)	make or use any Copies; or

 

		(c)	disclose any Confidential Information to any person whatsoever.

 

	18.2	The Executive shall be responsible for protecting the confidentiality of the Confidential Information
and shall:

 

		(a)	use best endeavours to prevent the use or communication of any Confidential Information by any person
(except in the proper course of that person’s duties, as required by law or as authorised in advance by the Company); and

 

		(b)	inform the Company immediately upon becoming aware, or suspecting, that any unauthorised person knows,
has access to, has been provided with or has used any Confidential Information.

 

	18.3	All Confidential Information and Copies are and shall remain at all times the property of the Company
and on termination of the Executive's employment (or at the request of the Company at any time during employment), the Executive shall:

 

		(a)	hand over all Copies to such person as is nominated by the Company;

 

		(b)	irretrievably delete any Confidential Information (including any Copies) stored on any magnetic or optical
disk or memory, including personal computer networks, personal email accounts or personal accounts on websites, and all matter derived
from such sources which is in the Executive's possession or under the Executive's control; and

 

		(c)	on the request of the Company, provide a signed statement that the Executive has complied fully with all
obligations under this Clause 18.3 together with such evidence of compliance as the Company may reasonably request .

 

	18.4	Clause 18 shall not apply to any Confidential Information which the Executive can demonstrate:

 

		(a)	is already in the public domain at the time of disclosure;

 

		(b)	is identifiable without requiring significant expenditure of time, skill or money; and

 

		(c)	came into the public domain other than by reason of or as a direct or indirect result of the disclosure
by the Executive of any Confidential Information.

 

    	26 January 2022	Page 15

     

    

 

	18.5	Nothing in this Clause 18 shall prevent the Executive from:

 

		(a)	making a protected disclosure within the meaning of Part 4A of the Employment Rights Act 1996 (this
includes protected disclosures made about matters previously disclosed to another recipient);

 

		(b)	making a disclosure to a regulator regarding any misconduct, wrongdoing or serious breach of a Regulatory
Requirement;

 

		(c)	reporting a criminal offence to the police or a law enforcement agency; or

 

		(d)	co-operating with the police or a law enforcement agency regarding any criminal investigation or prosecution
or with a regulator regarding any investigation by that regulator.

 

	19	Intellectual property

 

	19.1	All Intellectual Property Rights made, discovered, originated, produced or developed by the Executive
during the course of employment with the Company (whether or not during working hours or using the premises or resources of the Company
or the Group) shall immediately be disclosed in writing to the Company by the Executive and shall automatically, on creation, vest absolutely
in the Company or such Group Company as the Company may nominate for that purpose to the fullest extent permitted by law.

 

	19.2	The Executive:

 

		(a)	acknowledges for the purposes of section 39 of the Patents Act 1977 that because of the nature of the
Executive's duties, and the particular responsibilities arising from those duties, the Executive has, and at all times during employment
will have, a special obligation to further the interests of the business of the Company and the Group;

 

		(b)	undertakes to promptly, whenever requested by the Company, and in any event upon the termination of employment,
deliver up to the Company all such Intellectual Property Rights and all related correspondence, documents, papers and records and all
copies of any such Intellectual Property Rights in the Executive's possession or control;

 

		(c)	undertakes to hold upon trust for the benefit of the Company (or its nominee) all Intellectual Property
Rights in respect of all Intellectual Property Rights made, originated or developed by the Executive during employment by the Company
(whether or not during working hours or using the premises or resources of the Company or the Group) to the extent that they do no vest
automatically in the Company, until the same are vested absolutely in the Company (or its nominee);

 

		(d)	assigns absolutely with full title guarantee by way of present assignment of present and future rights,
all Intellectual Property Rights made, originated or developed by the Executive in the course of employment (whether or not during working
hours or using the premises or resources of the Company or the Group);

 

		(e)	acknowledges that, other than as required by law, no further remuneration or compensation other than that
set out in this agreement is or may become due to the Executive in respect of the performance of the Executive's obligations under this
Clause 19;

 

    	26 January 2022	Page 16

     

    

 

		(f)	undertakes, at the reasonable expense of the Company, to execute all such documents, make such applications,
give such assistance and do all such acts and things as may in the opinion of the Company be necessary or desirable to vest, register
or obtain any Intellectual Property in the name of the Company (or its nominee), and otherwise to protect and maintain any Intellectual
Property Rights made, originated or developed by the Executive and all related Intellectual Property Rights;

 

		(g)	waives any moral rights (as provided for by Chapter IV of the Copyright Designs & Patents Act
1988 (the 1988 Act) or any similar provisions of law in any jurisdiction) in any Intellectual Property Rights created, made, originated,
developed or produced by the Executive in the course of employment (whether or not during working hours or using the premises or resources
of the Company or the Group) and agrees to grant all necessary consents and further agrees not to institute, support, maintain or permit
any action or claim to the effect that any treatment, exploitation or use of such Intellectual Property Rights infringes the Executive's
moral rights, including the right to be identified, the right of integrity and the right against false attribution provided for in the
1988 Act;

 

		(h)	will not, except in the proper performance of the Executive's duties, disclose any Intellectual Property
Rights (or any related correspondence, documents, papers and records and copies) belonging to the Company (or its nominee) without the
prior written consent of the Company; and

 

		(i)	will give all necessary assistance to the Company (or its nominee) to enable the Company (or its nominee)
to enforce its Intellectual Property Rights against third parties and/or to defend claims for infringement of third party Intellectual
Property Rights.

 

	19.3	The Executive irrevocably appoints the Company to be the Executive's attorney in the Executive's name
and on the Executive's behalf to execute and/or sign all such instruments, and/or do all such things and generally to use the Executive's
name for the purpose of giving to the Company (or its nominee) the full benefit of the provisions of this Clause 19. With respect
to any third party, a certificate in writing signed by any director of the Company or the company secretary of the Company that any instrument
or act falls within the authority conferred by this Clause 19.3 shall be conclusive evidence that such is the case.

 

	20	Payment in lieu of notice

 

	20.1	Notwithstanding any other provision of this agreement, the Company may, in its sole and absolute discretion,
terminate the Executive's employment under this agreement summarily by giving the Executive written notice that it is exercising its discretion
under this Clause 20.1. In such circumstances the Company shall pay the Executive his Basic Salary and contractual benefits in lieu
of the notice period referred to in Clause 2.2 or any unexpired part of it. Payment will be made subject to such deductions as are
required by law, including for tax and national insurance. The Company's right to make a payment under this Clause 20.1 does not
give the Executive any right to demand such payment.

 

	20.2	The Executive shall not be entitled to any payment in lieu of notice if the Company would otherwise have
been entitled to terminate the Executive's employment without notice in accordance with Clause 21 and the Company shall be entitled
to recover from the Executive any payment in lieu of notice already made.

 

    	26 January 2022	Page 17

     

    

 

	21	Termination without notice

 

	21.1	The Company may terminate the Executive's employment with immediate effect without notice (and with no
liability to make any further payment to the Executive) if the Executive:

 

		(a)	is disqualified from acting as a director;

 

		(b)	commits, in the reasonable opinion of the Board, an act of gross misconduct;

 

		(c)	commits, in the reasonable opinion of the Board, any serious or repeated breach or failure to observe
of any of the provisions of this agreement or the Policies and Procedures or the Regulatory Requirements or any anti-bribery and corruption
policies and the Executive has previously been given written notice of such and a reasonable opportunity to improve or comply as the case
may be;

 

		(d)	refuses to comply with any reasonable and lawful direction of the Board;

 

		(e)	is declared bankrupt or makes any arrangement with or for the benefit of his creditors or has a county
court administration order made against the Executive under the County Court Act 1984;

 

		(f)	is convicted of any criminal offence (other than an offence under any road traffic legislation in the
United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed);

 

		(g)	is guilty of fraud or dishonesty or acts in any manner which, in the reasonable opinion of the Board,
brings or is likely to bring the Executive, the Company or any Group Company into disrepute or is materially adverse to the interests
of the Company or any Group Company (in each case whether or not in the course of employment); or

 

		(h)	ceases to hold any qualification, approval, registration or authorisation required for the proper performance
of the Executive's duties.

 

	21.2	The rights of the Company under Clause 21.1 are without prejudice to any other rights that it may
have at law to terminate the Executive's employment or to accept any breach of this agreement by the Executive as having brought the agreement
to an end. Any delay by the Company in exercising any right to terminate shall not constitute a waiver of that right.

 

	21.3	If the Executive's employment is terminated at any time by reason of any reconstruction or amalgamation
of the Company or any Group Company, whether by winding up or otherwise, and the Executive is offered employment with any concern or undertaking
involved in or resulting from the reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable
to any material extent than the terms of this agreement, the Executive shall have no claim against the Company, any Group Company or the
undertaking arising out of or in connection with such termination.

 

	21.4	This Clause 21.4 applies if the Executive subscribes for or is awarded shares in the Company or any
Group Company or participates in any share option, restricted share, restricted share unit, long term incentive, carried interest or co-invest,
or any other form of profit sharing, incentive, bonus or equity plan or arrangement (each an Incentive) or may do so. Upon termination
of the Executive's employment (whether lawful or unlawful), the Executive's rights (if any) in respect of each Incentive shall be solely
determined by the applicable rules or other documents governing each Incentive and the Executive hereby irrevocably waives any other
claims or rights in respect of the loss of any rights or benefits under or in respect of any Incentive granted or not yet granted to the
Executive (including any loss relating to the lapse of, or the Executive's ineligibility to exercise, any share options, the value of
any shares, the operation of any compulsory transfer provisions or the operation of any vesting criteria).

 

    	26 January 2022	Page 18

     

    

 

	22	Garden leave

 

	22.1	Following service of notice to terminate the Executive's employment by either party, or if the Executive
purports to terminate his employment in breach of contract and/or without serving the period of notice required by Clause 2.2, the
Company may in its absolute discretion place the Executive on garden leave for the whole or part of the Executive's notice period (Garden
Leave).

 

	22.2	During any period of Garden Leave the Company:

 

		(a)	shall be under no obligation to provide any work to the Executive and may revoke any powers he holds on
behalf of the Company or any Group Company;

 

		(b)	may exclude the Executive from any premises of the Company or any Group Company;

 

		(c)	may require the Executive not to contact or deal with (or attempt to contact or deal with) any officer,
employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser, investor or other business contact of the
Company or any Group Company;

 

		(d)	may require the Executive to resign as a director of the Company or any Group Company;

 

		(e)	may cease to provide the Executive with access to the Company and Group Company information systems;

 

		(f)	may appoint another person(s) to perform the Executive's responsibilities jointly with the Executive
or in the Executive's place; and/or

 

		(g)	may require the Executive to take any accrued holiday due to the Executive.

 

	22.3	During any period of Garden Leave the Executive:

 

		(a)	will continue to receive Basic Salary and all contractual benefits including the incentives in Clauses
11.1 and 11.2 in the usual way and subject to the terms of any benefit arrangement;

 

		(b)	will remain an employee of the Company and bound by the terms of this agreement (including his fiduciary
duties and duties of good faith and fidelity); and

 

		(c)	must ensure that the Board knows where the Executive will be and how the Executive can be contacted during
each working day (except during any periods taken as holiday in the usual way);

 

	22.4	The Executive agrees that he shall have no claim against the Company in respect of any action set out
in this Clause 22.

 

    	26 January 2022	Page 19

     

    

 

	23	Obligations upon termination

 

	23.1	On termination of the Executive's employment (however arising) or, if the Company so requires, at any
time following the service of notice by either party or purported notice of termination by the Executive, the Executive shall:

 

		(a)	resign immediately from any directorship held by him in or on behalf of the Company or any Group Company
and from any other offices he may hold as nominee or representative of the Company or any Group Company, save for any directorship held
by him in Bophelo Bioscience & Wellness Pty. Ltd ("Bophelo"), which shall continue subject to the articles of association
of Bophelo;

 

		(b)	immediately deliver to the Company all property of the Company or any Group Company or any of its or their
respective customers, clients, suppliers, investors and other business contacts (including documents, books, materials, records, correspondence,
papers and information on whatever media and wherever located relating to the business or affairs of the Company or any Group Company
or their respective customers, clients, investors, suppliers and other business contacts), which is in his possession or under his control
and he/ shall not retain any Copies;

 

		(c)	irretrievably delete any information relating to the business or affairs of the Company or any Group Company
stored on any magnetic or optical disk or memory, including personal computer networks, personal email accounts or personal accounts on
websites, and all matter derived from such sources which is in his possession or under his control;

 

		(d)	deliver to the Company on request any computer or other device in his possession or control to allow the
Company to remove all Confidential Information and any software of the Company; and

 

		(e)	on the request of the Company, provide a signed statement that he has complied fully with his obligations
under this Clause 23.1 together with such reasonable evidence of compliance as the Company may require.

 

	23.2	The Executive hereby irrevocably appoints the Company to be his attorney to appoint any director of the
Company as his attorney to execute such instrument or do any such thing and generally to use his name for the purpose of giving effect
to and providing to the Company or its nominee the full benefit of Clause 23.1(a).

 

	23.3	The obligations in Clause 23.1 shall not be affected by the fact that any document or device may
include the Executive's Personal Data. It shall be the Executive's responsibility to notify the Company of any Personal Data that may
exist so that the Company can make proper arrangements for its disposal.

 

	23.4	The Executive will, on the Company's reasonable request, co-operate with and assist the Company or any
Group Company in any internal investigation, administrative, regulatory, quasi-judicial proceedings or any threatened or actual litigation
concerning it or them. The Company will only make such a request where the Executive has in his possession or knowledge any facts or other
matters which the Company or any Group Company reasonably considers is relevant to such process or legal proceedings. This assistance
may include giving statements/affidavits, meeting with the Company or any Group Company's legal and other professional advisers, attending
any legal hearing and giving evidence. The Company or relevant Group Company will pay the Executive's reasonable expenses and loss of
income incurred in providing such assistance provided that the Executive notifies the Company or relevant Group Company of the amount
of any expenses or anticipated loss of income in advance.

 

    	26 January 2022	Page 20

     

    

 

	24	Post-termination restrictions

 

	24.1	In order to protect the Confidential Information and business connections of the Company and each Group
Company to which he has access as a result of the Appointment , the Executive covenants with the Company (for itself and as trustee and
agent for each Group Company) that he shall not:

 

	24.1.1	for 12 months after the Termination Date, solicit or endeavour to entice away from the Company or any
Group Company the business or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in
competition with any Restricted Business;

 

	24.1.2	for 12 months after the Termination Date in the course of any business concern which is in competition,
or intends to compete, with the Company or any Group Company, offer to employ or engage or otherwise endeavour to entice away from the
Company or any Group Company any Restricted Person who could damage the interests of the Company or any Group Company as a result of any
such employment, engagement or enticement;

 

	24.1.3	for 12 months after the Termination Date in the course of any business concern which is in competition,
or which intends to compete, with any Restricted Business, employ or engage or otherwise facilitate the employment or engagement of any
Restricted Person who could damage the interests of the Company or any Group Company as a result of that employment or engagement, whether
or not such person would be in breach of contract as a result of such employment or engagement;

 

	24.1.4	for six months after the Termination Date, be involved in any Capacity with any business concern which
is (or intends to be) in competition with any Restricted Business;

 

	24.1.5	for 12 months after the Termination Date, be involved with the provision of goods or services to (or otherwise
have any business dealings with) any Restricted Customer or Prospective Customer in the course of any business concern which is in competition
with any Restricted Business;

 

	24.1.6	for 12 months after the Termination Date damage (or attempt to do so) any relationship between the Company
or any Group Company and the Restricted Supplier; or

 

	24.1.7	at any time after the Termination Date, represent himself as connected with the Company or any Group Company
in any capacity, other than as a former employee, director or shareholder, or use any registered names or trading names associated with
the Company or any Group Company.

 

	24.1.8	at any time after the Termination Date, make any comments or statements of any nature that are derogatory
to or disparaging of, or have the effect of lowering the reputation of the Company or any Group Company or any of its or their directors,
officers, employees or agents; and/or take part in any conduct which may bring into disrepute the Company, any Group Company or any of
its or their directors, officers, employees or agents.

 

	24.2	None of the restrictions in Clause 24.1 shall prevent the Executive from:

 

    	26 January 2022	Page 21

     

    

 

	24.2.1	being engaged or concerned in any business concern insofar as the Executive's duties or work shall relate
solely to geographical areas where the business concern is not in competition with any Restricted Business; or

 

	24.2.2	being engaged or concerned in any business concern, provided that the Executive's duties or work shall
relate solely to services or activities of a kind with which the Executive was not concerned to a material extent in the 12 months before
the Termination Date.

 

	24.3	The restrictions imposed on the Executive by this Clause 24 apply to him acting:

 

	24.3.1	directly or indirectly; and

 

	24.3.2	on his own behalf or on behalf of, or in conjunction with, any firm, company or person.

 

	24.4	Subject to Clause 24.12, the Executive agrees that the Board may review the Prospective Customer, Restricted
Business, Restricted Customer, Restricted Person and Restricted Supplier definitions and revise, delete and amend these (to include but
not be limited to adding new customers, persons and suppliers or deleting or revising named customers, persons and suppliers) from time
to time.

 

	24.5	The periods for which the restrictions in Clause 24 apply shall be reduced by any period that the Executive
spends on Garden Leave immediately before the Termination Date.

 

	24.6	If the Executive receives an offer to be involved in a business concern in any Capacity during the Appointment,
or before the expiry of the last of the covenants in this Clause 24, the Executive shall give the person making the offer a copy of this
Clause 24 and shall tell the Company the identity of that person as soon as possible after accepting the offer.

 

	24.7	This Clause 24.7 applies if, at any time during the Executive's employment, two or more Restricted Persons
have left their employment, appointment or engagement with the Company and have subsequently performed work for a Competitor. Where this
clause applies, the Executive will not, at any time during the six months following the last date on which any of those Restricted Persons
were employed or engaged by the Company, be employed or engaged in any way by the Competitor if the Executive would perform work for or
on behalf of the Competitor that is competitive with the Restricted Business.

 

	24.8	The Executive has had the opportunity to take legal advice on the restrictions in this Clause 24.

 

	24.9	Each of the restrictions in this Clause 24 is intended to be separate and severable. If any of the restrictions
shall be held to be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as
may be necessary to make it valid or effective.

 

	24.10	If the Executive's employment is transferred to any firm, company, person or entity other than a Group
Company (the "New Employer") pursuant to the Transfer of Undertakings (Protection of Employment) Regulations 2006, the Executive
will, if required, enter into an agreement with the New Employer containing post-termination restrictions corresponding to those restrictions
in this Clause 24, protecting the Confidential Information, trade secrets and business connections of the New Employer.

 

	24.11	The Executive will, at the request and expense of the Company, enter into a separate agreement with any
Group Company in which he agrees to be bound by restrictions corresponding to those restrictions in this Clause 24 (or such of those restrictions
as may be appropriate) in relation to that Group Company.

 

    	26 January 2022	Page 22

     

    

 

		24.12	No variation of this Clause 24 will be effective unless it is in writing and signed by the parties.

 

		24.13	The Executive covenants with the Company (for itself and as trustee and agent for each Group Company)
that he shall not for 12 months after the Termination Date:

 

		24.13.1	interfere or take such steps as may be likely to interfere with the continuance of investment or funding
to the Company (or the terms relating to such investment or funding) from any Investor or Lender; or

 

		24.13.2	seek to damage the relationship between any Investor or Lender and the Company.

 

		25	Disciplinary and grievance procedures

 

		25.1	The Executive is subject to the disciplinary and grievance procedures of the Company, copies of which
are available on the Company's intranet. These procedures do not form part of this agreement or the terms and conditions of the Executive's
employment.

 

		25.2	The Executive should refer:

 

		(a)	any appeal the Executive wishes to make against a disciplinary sanction/decision to a member of the Board
(or such other person as the Company may specify from time to time); or

 

		(b)	any grievance the Executive wishes to raise to a member of the Board (or such other person as the Company
may specify from time to time),

 

in accordance with the Company's disciplinary
and grievance procedures.

 

		25.3	The Company may suspend the Executive from any or all of his duties during any period in which the Company
is investigating any disciplinary matter involving the Executive or until the conclusion of any disciplinary procedure (including any
appeal). During any period of suspension:

 

		(a)	subject to Clause 11.5, the Executive will continue to receive Basic Salary and all contractual benefits
in the usual way;

 

		(b)	the Company may suspend the Executive's access to the Company's and Group's systems and internal communications;

 

		(c)	the Company may require the Executive to return temporarily any Company or Group IT equipment and communication
devices (including any smartphones, tablets, laptops and hard drives);

 

		(d)	the Executive shall remain an employee of the Company and bound by the terms of this agreement;

 

		(e)	the Executive shall ensure that the Company knows where he will be and how he can be contacted during
each working day (except during any periods taken as holiday in the usual way);

 

		(f)	the Company may exclude the Executive from his place of work or any other premises of the Company or any
Group Company; and

 

    	26 January 2022	Page 23

     

    

 

		(g)	the Company may require the Executive not to contact or deal with (or attempt to contact or deal with)
any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the
Company or any Group Company.

 

		26	Change of Control

 

		26.1	In the event that there is a Change of Control of the Company or the Cash Shell Company (other than as
part of the Listing, the fundraising on or around the date of Listing or an internal re-organisation) and, within 365 days of the Change
of Control, the Appointment is terminated by the Company (other than where the Company is entitled to terminate the Appointment without
notice or payment in lieu of notice in accordance with Clause 21.1) the Company shall, within one month of the date of the Termination
Date, pay or provide the Prescribed Sum to him as provided by this Clause.

 

		26.2	The Prescribed Sum shall be an amount equal to one year's Basic Salary in accordance with Clause
8.1 as adjusted in accordance with Clause 26.3.

 

		26.3	If the Company or the Cash Shell Company (as the case may be) terminates the Appointment by giving a period
of notice whether under Clause 2.2 or otherwise, or terminates the Appointment under Clause 20, the Prescribed Sum shall be reduced pro
rata by the number of complete months of service for which the Executive remains employed following notice being given to him or shall
be reduced by the amount paid to the Executive under Clause 20.

 

		26.4	The payment or provision of the Prescribed Sum shall be conditional upon and in consideration of:

 

		(a)	the Executive having complied with Clause 23; and

 

		(b)	the Executive having complied with and continuing to comply with his obligations relating to confidentiality
and intellectual property in Clauses 18 and 19 respectively.

 

		26.5	For the avoidance of doubt, the payment or provision of the Prescribed Sum shall not affect the Executive's
entitlement as at the Termination Date to any of the following:

 

		(a)	any accrued but unpaid Basic Salary;

 

		(b)	any payment in lieu of accrued but unused holiday; or

 

		(c)	the reimbursement of his expenses, provided that all claims for reimbursement are submitted within four
weeks of the Termination Date.

 

		26.6	To the extent that the Prescribed Sum is damages (which is not admitted), the parties agree that the terms
of this Clause 26 represent a genuine pre-estimate of the loss to the Executive that would arise on termination of the Appointment in
the circumstances described and does not constitute a penalty.

 

		27	Data protection

 

		27.1	The Company will collect and process Personal Data in accordance with the data privacy notice which is
annexed to this agreement and which is also available on the Company intranet. The Executive shall sign and date the privacy notice and
return it to the Company within five working days of the date of this agreement.

 

    	26 January 2022	Page 24

     

    

 

		27.2	The Executive shall comply with the Policies and Procedures in relation to privacy and data protection
when handling personal data in the course of employment including personal data relating to any employee, worker, contractor, customer,
client, supplier, agent or other contact of the Company or any Group Company.

 

		28	Collective agreements

 

There is no collective agreement applicable
to the Company or to the Executive's employment with the Company.

 

		29	Notices

 

		29.1	A notice given to a party under this agreement shall be in writing in the English language and signed
by or on behalf of the party giving it. It shall be delivered by hand or sent to the party at the address given in this agreement or as
otherwise notified in writing to the other party.

 

		29.2	Any such notice shall be deemed to have been received:

 

		(a)	if delivered by hand, at the time the notice is left at the address or given to the addressee;

 

		(b)	in the case of pre-paid first class UK post or other next working day delivery service, at 9.00 a.m. on
the second business day after posting or at the time recorded by the delivery service;

 

		(c)	in the case of email, at the time of transmission.

 

		29.3	A notice shall have effect from the earlier of its actual or deemed receipt by the addressee. For the
purpose of calculating deemed receipt:

 

		(a)	all references to time are to local time in the place of deemed receipt; and

 

		(b)	if deemed receipt would occur on a Saturday or Sunday or a public holiday when banks are not open for
business, deemed receipt is at 9.00 a.m. on the next business day.

 

		29.4	This Clause does not apply to the service of any proceedings or other documents in any legal action.

 

		30	General

 

		30.1	No variation of this agreement shall be effective unless it is in writing and signed by the parties (or
their authorised representatives).

 

		31	Entire agreement

 

This agreement contains the entire and
only agreement between the parties, and both parties acknowledge that, on entering into this agreement, they have not relied on any written
or oral representation or undertaking other than as expressly stated in this agreement, and that this agreement supersedes any previous
contract or arrangement between the parties.

 

    	26 January 2022	Page 25

     

    

 

		32	Counterparts

 

This agreement may be executed in any
number of counterparts, each of which, when executed, shall be an original, and all the counterparts together shall constitute one and
the same instrument.

 

		33	Third party rights

 

Except as expressly provided elsewhere
in this agreement, no person other than the Executive and the Company or any Group Company shall have any rights under the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this agreement.

 

		34	Governing law

 

This agreement and any dispute or claim
arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed
by and construed in accordance with the law of England and Wales.

 

		35	Jurisdiction

 

Each party irrevocably agrees that the
courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this
agreement or its subject matter or formation (including non-contractual disputes or claims).

 

    	26 January 2022	Page 26

     

    

 

	EXECUTED as a DEED by Trevor Scott	 
	 	 
	at	 
	 	 
	on 2022	 
	 	 
	before the following witness:	 
	 	 
	Witness Signature:	 
	 	 
	 	 
	 	 
	Full name:  	 
	 	 
	 	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 

 

	EXECUTED as a DEED for and on behalf of 

Akanda Corp.	 
	 	 
	at	 
	 	Director/Authorised Signatory
	on 2022 	 
	 	 
	before the following witness:	 
	 	
	Witness Signature:	 
	 	 
	 	 
	 	 
	Full name:	 
	 	 
	 	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 

 

	EXECUTED as a DEED for and on behalf of

 Canmart Ltd	 
	 	 
	at	 
	 	Director/Authorised Signatory
	on 2022	 
	 	 
	before the following witness:	 
	 	
	Witness Signature:	 
	 	 
	 	 
	 	 
	Full name:	
	 	 
	 	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    	26 January 2022	Page 27

     

    

 

Schedule 1

 

Executive Equity Rights

 

Not applicable

 

    	26 January 2022	Page 28

     

    

 

Schedule 2

 

Outside Interests

 

		1.	Director and shareholder of Bearingway Limited.

 

		2.	Director and shareholder of Mokwele Incorporated.

 

		3.	Advisor to Stallion Group.

 

    	26 January 2022	Page 29ex_329987.htm

Exhibit 10.1

 

AGREEMENT AND WAIVER 

 

This AGREEMENT AND WAIVER (this “Agreement”), dated as of January 28, 2022, is entered into by and among GreenBox POS, a Nevada corporation (the “Company”), and the investor signatory below (the “Holder”). Unless otherwise specified herein, capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Securities Purchase Agreement (as defined below).

 

RECITALS

 

A.         The Company and the Holder are parties to the Securities Purchase Agreement, dated as of November 5, 2021 (as may be amended, modified, restated or supplemented from time to time, the “Securities Purchase Agreement”), pursuant to which the Holder purchased from the Company a 8% Senior Convertible Notes Due 2023 (the “Original Note”), with such outstanding principal as of the date hereof as set forth on the signature page of the Holder attached hereto.

 

B.         The Company desires that (i) the Holder waive, in part, Section 3(e)(i)(1) of the Original Note such that the 90 Day Eligibility Date (as defined in the Original Note) shall be extended from February 3, 2022 until May 2, 2022 (the “Alternate Conversion Holder Partial Waiver”), and (ii) to acquire, for cancellation (the “Repurchase and Cancellation”), $6 million in aggregate principal amount of the Original Note (the “Repurchase Note”).

 

C.          The Holder is willing to sell the Repurchase Note to the Company and effect the Alternate Conversion Holder Partial Waiver if (i) the Company effects the Repurchase and Cancellation for a purchase price of $6,900,000 plus all accrued and unpaid interest on the Repurchase Note through the time of the consummation of the Repurchase and Cancellation (e.g., if paid on January 28, 2022, accrued and unpaid interest of $33,333.33, with an additional $1,333.33 per day thereafter) (the “Repurchase Price”), (ii) pursuant to Section 7(g) of the Original Note, the Company reduces the Conversion Price (as defined in the Original Note) of the Original Note from $15.00 to $12.00 (in each case, as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events) (the “Conversion Price Reduction”) and (iii) if at any time on or after February 7, 2022, the Common Stock of the Company trades $5 million or more on any Trading Day (each, an “Alternate Conversion Company Waiver Measuring Date”), the Company shall automatically be deemed to have waived (each, an “Alternate Conversion Company Partial Waiver”) any prohibition on Alternate Conversions (as defined in the Original Note) by the Holder for such period commencing on such Alternate Conversion Company Waiver Measuring Date and ending at 7:00 p.m. ET on the immediately following Trading Day; provided, that the aggregate Conversion Amounts (as defined in the Original Note) of all such Alternate Conversions in such period does not exceed the lesser of (x) 50% of the aggregate dollar amount of Common Stock traded on such Alternate Conversion Company Waiver Measuring Date or (y) $5 million in the aggregate during the period commencing on the date hereof through, but not including, May 2, 2022.

 

TERMS OF AGREEMENT

 

In consideration of the premises and further valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

 

 

 

1.    Repurchase. On the date hereof, the Company shall repurchase, and the Holder shall sell, the Repurchase Note for a cash payment on or prior to the date hereof by the Company to the Holder of the Repurchase Price, to be paid in U.S. dollars and immediately available funds in accordance with the wire instructions of the Holder attached hereto as Schedule I. On or prior to the date hereof, the Company shall have delivered to the Trustee, in its capacity as custodian for the Original Note, a replacement 8% Senior Convertible Notes Due 2023 with an aggregate principal amount as set forth on the signature page of the Holder attached hereto (the “Remaining Note”), representing such portion of the Original Note that was not repurchased by the Company in the Repurchase and Cancellation. Effective upon the Holder’s (or its designee’s) receipt of the Repurchase Price, the Repurchase Note shall automatically be cancelled and shall have no further force and effect. For the avoidance of doubt, the Repurchase Note shall not be entitled to a pro rata allocation of any reserved shares or other rights pursuant to the terms of the Original Note.

 

2.    Waivers. Effective as of the Waiver Effective Time, the Alternate Conversion Holder Partial Waiver and the Alternate Conversion Company Partial Waiver shall occur.

 

3.    Conversion Price Reduction. As of the date hereof, the Conversion Price Reduction shall occur.

 

4.    Representations and Warranties.

 

(a)         Company Bring Down. Except as set forth on Schedule 4(a) attached hereto, the Company hereby makes the representations and warranties to the Holder as set forth in Section 3 of the Securities Purchase Agreement (as amended hereby) as if such representations and warranties were made as of the date hereof and as of the Effective Time as set forth in their entirety in this Amendment, mutatis mutandis. Such representations and warranties to the transactions thereunder and the securities issued pursuant thereto are hereby deemed for purposes of this Agreement to be references to the transactions hereunder and the issuance of the securities pursuant hereto, references therein to “Closing Date” being deemed references to the Effective Time, and references to “the date hereof” being deemed references to the date of this Agreement.

 

(b)         Holder Bring Down. The Holder hereby makes the representations and warranties to the Company as set forth in the Securities Purchase Agreement (as amended hereby) as if such representations and warranties were made as of the date hereof and as of the Effective Time as set forth in their entirety in this Amendment, mutatis mutandis. Such representations and warranties to the transactions thereunder and the securities issued pursuant thereto are hereby deemed for purposes of this Agreement to be references to the transactions hereunder and the issuance of the securities pursuant hereto, references therein to “Closing Date” being deemed references to the Effective Time, and references to “the date hereof” being deemed references to the date of this Agreement. Holder has good and valid title to the Repurchase Note free and clear of any lien, mortgage, security interest, pledge, charge or encumbrance of any kind (other than with respect to a bona fide margin account in the ordinary course of business).

 

 

 

 

5.    Disclosure of Transaction. The Company shall, on or before 9:30 a.m., New York City Time, on or prior to the first business day after the date of this Agreement, file a Current Report on Form 8-K describing the terms of the transactions contemplated hereby in the form required by the 1934 Act and attaching this Agreement as exhibits to such filing (excluding schedules, the “8-K Filing”). From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided up to such time to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents. In addition, upon the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement with respect to the transactions contemplated hereby or as otherwise disclosed in the 8-K Filing, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any of the Holder or any of their affiliates, on the other hand, shall terminate. Neither the Company, its Subsidiaries nor the Holder shall issue any press releases or any other public statements with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of the Holder, to issue a press release or make such other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and contemporaneously therewith or (ii) as is required by applicable law and regulations (provided that in the case of clause (i) the Holder shall be consulted by the Company in connection with any such press release or other public disclosure prior to its release). Without the prior written consent of the Holder (which may be granted or withheld in the Holder’s sole discretion), except as required by applicable law, the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of the Holder in any filing, announcement, release or otherwise.

 

6.    Fees. The Company shall reimburse Kelley Drye & Warren, LLP (counsel to the lead Holder) in an aggregate non-accountable amount of $15,000 (the “Legal Fee Amount”) for costs and expenses incurred by it in connection with drafting and negotiation of this Agreement. Each party to this Agreement shall bear its own expenses in connection with the structuring, documentation, negotiation and closing of the transactions contemplated hereby, except as provided in the previous sentence and except that the Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, transfer agent fees, Depository Trust Company fees relating to or arising out of the transactions contemplated hereby.

 

7.    Most Favored Nation. The Company hereby represents and warrants as of the date hereof and covenants and agrees that none of the terms offered to any Person with respect to any amendment, modification, waiver or exchange of any warrant to purchase Common Stock (or other similar instrument), including, without limitation with respect to any consent, release, amendment, settlement, or waiver relating thereto (each an “Settlement Document”), is or will be more favorable to such Person (other than any reimbursement of legal fees) than those of the Holder and this Agreement. If, and whenever on or after the date hereof, the Company enters into a Settlement Document, then (i) the Company shall provide notice thereof to the Holder promptly following the occurrence thereof and (ii) the terms and conditions of this Agreement shall be, without any further action by the Holder or the Company, automatically amended and modified in an economically and legally equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may be) set forth in such Settlement Document, provided that upon written notice to the Company at any time the Holder may elect not to accept the benefit of any such amended or modified term or condition, in which event the term or condition contained in this Agreement shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification never occurred with respect to the Holder. The provisions of this Section 7 shall apply similarly and equally to each Settlement Document.

 

 

 

 

8.    Effective Time. Except as otherwise set forth in this Section 8, this Agreement shall be effective (the “Effective Time”) upon the later of (a) the time of due execution and delivery by the Company and the Holder of this Agreement, (b) the time of due execution and delivery to the Holder of the Stockholder Consent (as defined in the Securities Purchase Agreement) by the required stockholders of the Company in accordance with Section 4(z) of the Securities Purchase Agreement, (c) the time of payment of the Legal Fee Amount to Kelley Drye & Warren LLP (c) the time of payment by the Company to the Holder of the Repurchase Price. The Alternate Conversion Holder Partial Waiver and the Alternate Conversion Company Partial Waiver shall be effective (the “Waiver Effective Time”) upon the later of (a) the Effective Time and (b) the time of filing with the SEC of the information statement with respect to the Stockholder Consent as required in accordance with Section 4(z) of the Securities Purchase Agreement.

 

9.    Ratification. Except as otherwise expressly provided herein, the Transaction Documents, are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects.

 

10.    Miscellaneous. Section 9 of the Securities Purchase Agreement (as amended hereby) is hereby incorporated by reference herein, mutatis mutandis.

 

[Signature Page Follows]

 

 

 

 

 

IN WITNESS WHEREOF, the Holder and the Company have caused their respective signature page to this Agreement and Waiver to be duly executed as of the date first written above.

 

GREENBOX POS

 

By:                                                               

Name:

Title:

 

 

 

 

IN WITNESS WHEREOF, the Holder and the Company have caused their respective signature page to this Agreement and Waiver to be duly executed as of the date first written above.

 

INVESTOR

 

By:                                                               

Name:

Title:

 

 

 

Outstanding Principal Amount of Original Note

 

$100,000,000                                

 

Outstanding Principal Amount of Repurchase Note

 

$6,000,000                                    

 

Repurchase Price

 

$6,900,000 plus any accrued and unpaid interest on Repurchase Note                           

 

Outstanding Principal Amount of Remaining Note

 

$94,000,000

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