Document:

EXHIBIT 10.12

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between EBS Enterprises, LLC (“EBS Enterprises”),
a Delaware limited liability company and Mr. Dennis Dean (“Executive”), and shall be effective immediately following
the time, and subject to, AirSculpt Technologies, Inc.’s (“AirSculpt” and together with EBS Enterprises,
 “Company”) registration statement on Form S-1 related to its initial public offering being declared effective
(the “IPO”) by the Securities and Exchange Commission (the “Effective Date”).

 

WITNESSETH:

 

WHEREAS,
Executive and EBS Enterprises previously entered into an Employment Agreement effective as of June 1, 2021 (the “Prior
Agreement”);

 

WHEREAS,
in connection with AirSculpt’s IPO it is anticipated that EBS Enterprises will become a wholly-owned subsidiary of AirSculpt;

 

WHEREAS,
in connection with, and subject to the occurrence of, the IPO, Executive and Company desire to amend and restate the Prior
Agreement;

 

WHEREAS,
Company desires to continue to employ Executive as Chief Financial Officer of Company in accordance with the terms and conditions
of this Agreement; and

 

WHEREAS,
Executive desires to continue to serve as Chief Financial Officer of Company in accordance with the terms and conditions of
this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations hereinafter set forth, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

1.            Employment
and Acceptance. During the Term (as defined in Section 3 below), Company shall employ Executive, and Executive shall continue
to serve Company, subject to the terms of this Agreement. If, for any reason, an IPO does not occur prior to January 1, 2022, then
this Agreement will not be effective and will be null and void, and the Prior Agreement will be reinstated with full force and effect.

 

2.            Title;
Duties and Obligations; Location.

 

2.1            Title.
Company shall employ Executive to render services to Company. Executive shall serve in the capacity of Chief Financial Officer of Company.

 

     

     

    

 

2.2            Best
Efforts/Duties. The duties and responsibilities of Executive shall include such duties and responsibilities as assigned by the Chief
Executive Officer and Company’s Board of Directors (the “Board”) from time to time consistent with the position
of Chief Financial Officer. Executive shall perform faithfully and diligently all such duties assigned to Executive. Company reserves
the right to modify Executive’s position and duties at any time in its sole and absolute discretion; provided, that such
position and the duties assigned are consistent with the position of a Chief Financial Officer or higher level of authority or prestige.
In Executive’s capacity as Chief Financial Officer of Company, Executive shall report to, and be subject to the lawful direction
of, the Chief Executive Officer. Executive will expend Executive’s best efforts on behalf of Company, and will abide by all policies
of Company applicable to Company’s executives generally and all decisions made by the Board, all in accordance with applicable federal,
state and local laws, regulations or ordinances. Executive will act in the best interest of Company at all times in carrying out his duties
and responsibilities under this Agreement. Except as permitted under subsections 2.5 (i) and(ii) below, Executive shall devote
Executive’s full business time and efforts to the performance, to the best of his ability, experience and talent, of Executive’s
assigned duties for Company.

 

2.3            Other
Positions. In addition to serving in the capacity of Chief Financial Officer of Company, Executive shall also serve in such other
executive-level positions or capacities as may, from time to time, be reasonably requested by the Board, including, without limitation
(subject to election, appointment, re-election or re-appointment, as applicable) as an officer of any of Company’s subsidiaries
and/or affiliates, in each case, for no additional compensation.

 

2.4            Compliance
with Company Policies. Subject to Section 6 hereof, during the Term, Executive shall be in conformance and comply with
all Company written or established policies, rules and regulations governing the conduct of its employees, now in effect, or as subsequently
adopted or amended.

 

2.5            Time
Commitment. During the Term, Executive shall use his best efforts to promote the interests of Company (and, to the extent he serves
one or more subsidiaries and/or affiliates pursuant to Section 2.3 hereof, its applicable subsidiaries or affiliates) and,
except as provided in subsections (i) and (ii) below, shall devote all of his business time to the performance of his duties
for Company (and, to the extent he serves one or more subsidiaries or affiliates pursuant to Section 2.3 hereof, its applicable
subsidiaries or affiliates) and, shall not, directly or indirectly, render any services to any other person or organization, whether for
compensation or otherwise, except with the Board’s prior written consent (which shall not be unreasonably withheld; provided,
that nothing in this Agreement shall prevent Executive from (i) participating in charitable, civic, educational, professional, community
or industry non-profit associations and organizations and (ii) managing Executive’s passive personal investments, so long as
such activities described in clauses (i) through (ii) do not, individually or in the aggregate, materially interfere or conflict
with Executive’s duties hereunder, create a business or fiduciary conflict (in each case, as determined by the Board). Notwithstanding
the foregoing, the Board will review the activities in clauses (i) through (ii) of the preceding sentence on an ongoing basis
and reserves the right to prohibit any such activities that it determines in good faith materially interfere with performance of Executive’s
duties hereunder, and will provide Executive with written notice of such determination. If the Board so prohibits such activities, Executive
will be given a commercially reasonable period of time to extract himself from such activities, during which time he will not be considered
in breach of this Agreement.

 

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2.6            Location.
Executive’s services shall be performed principally in Nashville, Tennessee. However, from time to time, Executive may be required
by his job responsibilities to travel on Company business, and Executive agrees to do so.

 

3.            Term.
The employment relationship pursuant to this Agreement shall commence on the Effective Date and continue until terminated in accordance
with Section 7 below (such period of the employment relationship shall be referred to herein as the “Term”).
For avoidance of doubt, Executive’s employment shall be “at-will” and may be terminated by either party at any time
in accordance with the terms of this Agreement.

 

4.            Compensation.
For the services rendered by Executive in any capacity under this Agreement during the Term (including, without limitation, serving as
an officer, director or member of any committee of the Board and any service for one or more subsidiaries or affiliates pursuant to Section 2.3
hereof), Executive shall be compensated as follows (subject, in each case, to the provisions of Section 4 below):

 

4.1            Base
Salary. As compensation for Executive’s performance of Executive’s duties hereunder, beginning as of the Effective Date,
Company shall pay to Executive a salary at the annualized rate of $500,000, payable in substantially equal installments in accordance
with Company’s normal payroll practices as in effect from time to time. The salary may be reviewed annually by the Board or a committee
thereof and may be increased, but not decreased, unless such decrease is agreed to by Executive. As used herein Executive’s “Salary”
shall be his salary as in effect from time to time after any such adjustments. Company shall deduct from each such installment all amounts
required to be deducted or withheld under applicable law or under any employee benefit plan or program in which Executive participates.

 

4.2            Annual
Bonus. In addition to the Salary, Executive shall be eligible for an annual target cash performance bonus of 75% of Executive’s
Salary (the “Bonus”) for each fiscal year during the Term (beginning in fiscal year 2021), based upon achievement of
individual and/or Company performance criteria, as determined annually by the Board in its sole and absolute discretion. Any Bonus for
a fiscal year to the extent earned, shall be paid in a lump sum at a time established by the Board but no later than March 15 of
the calendar year immediately following the last day of the fiscal year to which the Bonus relates. Subject to Section 7.2(ii) below,
Executive must be actively employed with Company at the time of such payment in order to receive the Bonus for that immediately preceding
fiscal year.

 

4.3            IPO
Cash Bonus. In connection with, and subject to the occurrence of, the IPO, Executive shall be eligible to receive a one-time lump
sum cash payment in the amount of $1,800,000 upon the successful completion of the IPO (the “IPO Cash Bonus”). The
IPO cash bonus shall be paid as soon as reasonably practicable following the IPO and no later than March 15 of the calendar year
immediately following the last day of the calendar year in which the successful completion of the IPO occurs. Executive must be actively
employed with Company through the occurrence of the IPO in order to receive the IPO Cash Bonus.

 

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4.4            Initial
Equity Award. As soon as reasonably practicable after the Effective Date, Executive will be granted an equity award in respect of
the number of shares of common stock equal to 1.75% of the common stock of AirSculpt outstanding upon effectiveness of AirSculpt’s
registration statement on Form S-1 related to the IPO (the “Initial Equity Award”), excluding the underwriter’s
overallotment. The Initial Equity Award shall consist of 50% restricted stock units and 50% performance-based restricted stock units;
which awards shall be substantially consistent with the forms of award agreement attached as Exhibit B and Exhibit C
hereto. All equity grants are subject to the approval of the Board.

 

4.5            Annual
Equity Awards. Executive will be eligible to participate in the Company’s annual equity grant program. Executive’s first
annual equity grant will be awarded in the first quarter of calendar year 2022 (the “Annual Equity Award”). The Annual
Equity Award may be granted in any form allowed under the Company’s 2021 Equity Incentive Plan with vesting terms and conditions
as set forth by the Board in its sole and absolute discretion. Each Annual Equity Award shall be subject to the terms and conditions of
the applicable grant agreement. All equity grants are subject to the approval of the Board.

 

5.            Benefits.

 

5.1          Customary
Benefits. Executive will be eligible for all customary and usual retirement and welfare benefits (excluding, for the avoidance of
doubt, bonus plans not expressly referred to in this Agreement and severance plans/programs/policies, if any) generally available to executives
of Company, subject to the terms and conditions of such benefit plans. Company reserves the right to change or eliminate benefits on a
prospective basis, at any time and from time to time.

 

5.2            Paid
Time Off. Executive shall be entitled to paid vacation, holidays, personal days and sick leave in accordance with the policies, programs
and practices of Company in effect from time to time, but in no event less than four (4) weeks per calendar year (pro-rated for any
partial years). Such vacation shall be taken at such intervals as shall be appropriate and consistent with the proper performance of Executive’s
duties hereunder.

 

6.           Business
Expenses. Company shall reimburse Executive during the Term, for all reasonable out-of-pocket business expenses incurred by Executive
in the performance of his duties hereunder consistent with level and the manner Executive has historically received such reimbursement
and otherwise in accordance with the Company’s expense reimbursement policies as in effect from time to time, provided, that
in the event of a conflict between Executive’s historic business reimbursement practices and the Company’s reimbursement policies,
the historic business reimbursement practices shall govern. In order to receive such reimbursement, Executive shall furnish to Company
documentary evidence of each such expense in the form required to comply with Company’s policies.

 

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7.            Termination
of Executive’s Employment.

 

7.1            Termination
for Cause by Company. Although Company anticipates a mutually rewarding employment relationship with Executive, Company may terminate
Executive’s employment immediately at any time for Cause. For purposes of this Agreement, “Cause” is defined
as: (i) fraud, embezzlement or other misappropriation by Executive of funds or property of Company or any of its subsidiaries or
affiliates (collectively, the “Company Group,” and each, a “Company Group Member”) or any Persons
or professionals for which Company or its subsidiaries or affiliates provides business, management, administrative, marketing or other
support services, including but not limited to any corporation, limited liability company, partnership or association that is party to
a management services agreement or similar agreement with Company or any of Company’s subsidiaries or affiliates for the rendering
of certain management services and other related services by Company or any of Company’s subsidiaries or affiliates (each, a “Managed
Practice” and collectively, “Managed Practices”); (ii) conviction of, or plea of nolo contender to,
a felony or crime involving moral turpitude; (iii) any gross misconduct by Executive that is injurious, directly or indirectly,
in any material respect to any Company Group Member or any Managed Practice; (iv) Executive’s failure to perform, or breach
of, in any material respect, any of his obligations under this Agreement or any other agreement or contract between Executive and any
Company Group Member; (v) Executive’s use of alcohol or controlled substances that impairs his ability to perform his duties
and responsibilities with respect to any Company Group Member or Managed Practices in any material respect; (vi) Executive challenging
the legality, validity or enforceability of any of the Managed Practice documents; or (vii) Executive’s failure to give timely
notice of his resignation under Section 7.4.

 

In the event Executive’s
employment is terminated in accordance with this Section 7.1, Company shall pay the following amounts to Executive within
the time period required by applicable law:

 

(i)            any
accrued but unpaid Salary (as determined pursuant to Section 4.1 hereof) for services rendered prior to the date of Executive’s
termination of employment (the “Termination Date”), which accrued but unpaid Salary shall be paid on or before the
time required by law;

 

(ii)            payment
for any accrued but unused paid time off;

 

(iii)            expenses
reimbursable under Section 6 hereof incurred prior to the Termination Date but not yet reimbursed, which reimbursable (but
not yet reimbursed) expenses, if any, shall (subject to Executive’s timely submission of invoices) be paid on or before the time
required by law; and

 

(iv)            vested
entitlements under any other Company benefit plan or program (with the exception of those, if any, relating to severance) that Executive
is otherwise entitled to receive under such plan, program, policy or practice on the Termination Date, in each case, in accordance with
(and subject to the terms, conditions and limitations set forth in) such plan, program, policy, or practice.

 

The amounts described in clauses (i) through
(iv) above shall be referred to herein as the “Accrued Obligations.” All other Company obligations to Executive
pursuant to this Agreement will become automatically terminated and completely extinguished.

 

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7.2          Termination
Without Cause by Company/Termination by Executive For Good Reason. Company may terminate Executive’s employment under this Agreement
without Cause at any time upon written notice to Executive, or Executive may resign with Good Reason subject to the notification requirements
and the Cure Period (as defined below), in each case as set forth below. In the event of such termination, Executive will receive:

 

(i)            The
Accrued Obligations and any Bonus earned in respect of a prior completed year that has not yet been paid; and

 

(ii)           Subject
to Section 7.6, a payment in the aggregate amount equal to the sum of one-and-a-half (1.5) multiplied by the sum of
(x) Executive’s annual Salary (at the rate as of the Termination Date) plus (y) Executive’s target Bonus,
payable (less applicable withholdings and deductions) in a lump sum on the next regular pay date of Company following the date that the
Release becomes effective and is no longer subject to revocation, in accordance with Company’s then-current payroll practices, but
in no event later than March 15 of the calendar year immediately following the calendar year in which the Termination Date occurs.
The payment referred to in this clause (ii), is referred to as the “Severance Payment.”

 

For purposes of this Agreement, “Good
Reason” is defined as any one or more of the following without Executive’s prior written consent:

 

(a)            a
material reduction of Executive’s title, authority, duties or responsibilities with Company;

 

(b)            a
material reduction in Executive’s Salary;

 

(c)            relocation
of Executive’s principal place of work to a place more than thirty-five (35) miles outside of Nashville, Tennessee, unless such
relocation is otherwise agreed to in writing by Executive; or

 

(d)            a
material breach by the Company of this Agreement.

 

Notwithstanding the foregoing, Good Reason shall
not exist unless Executive notifies Company in writing of the existence of the applicable condition specified above not later than thirty
(30) days after the initial existence of the condition, and Company fails to remedy such condition within fifteen (15) days after receipt
of such notice (the “Cure Period”); provided, however, that if Company cannot remedy such condition within
such fifteen (15) day period for reasons outside of Company’s reasonable control, as determined by the Board in its sole and absolute
discretion, the Cure Period shall be extended to provide an additional period to remedy such condition, which extension shall not in any
case exceed fifteen (15) calendar days. In the event Company fails to remedy the condition constituting Good Reason during the applicable
Cure Period (after giving effect to any extension of the Cure Period), Executive’s resignation for Good Reason must occur, if at
all, within thirty (30) calendar days following the expiration of the Cure Period.

 

7.3            Termination
of Employment due to Executive’s death or Disability. Executive’s employment under this Agreement shall terminate automatically
upon Executive’s death. Company may terminate Executive’s employment under this Agreement due to Executive’s Disability
(as defined below). In the event of such termination, Executive (or Executive’s estate, as the case may be) will be entitled to
receive, the Accrued Obligations, and any Bonus earned in respect of a prior completed year that has not yet been paid, and no other amount,
except as required by applicable law.

 

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All other Company obligations to Executive pursuant to this Agreement
will be automatically terminated and completely extinguished. For purposes of this Agreement “Disability” means Executive’s
physical or mental illness, injury or infirmity which prevents Executive from performing Executive’s material duties for a period
of (A) one-hundred and eighty (180) consecutive calendar days or (B) an aggregate of ninety (90) calendar days out of any consecutive
six (6) month period.

 

7.4            Voluntary
Resignation by Executive Without Good Reason. Executive may voluntarily resign Executive’s position with Company without Good
Reason at any time, upon sixty (60) days’ advance written notice. The effectiveness of any such voluntary resignation may be accelerated
by Company in its sole and absolute discretion. In the event of such termination or resignation, Executive will be entitled to the Accrued
Obligations and no other amount, except as required by applicable law.

 

7.5            Removal
from any Boards and Positions. If Executive’s employment is terminated for any reason, Executive shall automatically, without
further action, notice or deed, be deemed to resign from any position with any Company Group Member, including, but not limited to, as
an officer of any Company Group Member.

 

7.6            Release.
In order to receive the Severance Payments, Executive must timely execute (and not revoke) a separation agreement and general release
(the “Release”) in substantially the form attached hereto as Exhibit A within sixty (60) days following
the Termination Date, and Executive must not revoke such Release. Notwithstanding anything to the contrary contained in this Agreement,
(i) Company’s obligations to provide the Severance Payments will immediately cease if Executive is in breach of the Covenant
Agreement in any material respect and fails to cure such breach (if curable) within fifteen (15) days after receipt of notice of such
breach from the Company, and (ii) in the event that Executive fails to timely cure such breach of the Covenant Agreement, then upon
demand by Company, Executive shall immediately repay to Company the amount of any Severance Payments previously paid.

 

8.            Non-contravention.
Executive hereby represents to Company that the execution and delivery of this Agreement by Executive and Company and the performance
by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, or be prevented, interfered
with or hindered by, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound,
and further that Executive is not subject to any limitation on his activities on behalf of the Company Group Member as a result of agreements
into which Executive has entered.

 

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9.            General
Provisions.

 

9.1            Successors
and Assigns. The rights and obligations of Company under this Agreement shall inure to the benefit of and shall be binding upon the
successors and assigns of Company. Executive shall not be entitled to assign any of Executive’s rights or obligations under this
Agreement.

 

9.2            Waiver.
Any provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by the party against whom the waiver
is to be effective. No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege, and no waiver in any one instance shall be effective with respect to any other instance or create a course of dealing.

 

9.3            Attorneys’
Fees. Company and Executive shall bear their own costs, fees and expenses in connection with the negotiation, preparation and execution
of this Agreement.

 

9.4            Key-Man
Insurance. Upon Company’s request, Executive shall cooperate (including, without limitation, taking any required physical examinations)
in all respects in obtaining a key-man life and/or long-term disability insurance policy with respect to Executive in which Company (or
any subsidiary or affiliate) is named as the beneficiary.

 

9.5            Legal
Counsel. Executive acknowledges and warrants that (i) he has been advised that Executive’s interests may be different from
Company’s interests, (ii) he has been afforded a reasonable opportunity to review this Agreement, to understand its terms and
to discuss it with an attorney and/or financial advisor of his choice and (iii) he knowingly and voluntarily entered into this Agreement.
Company and Executive shall each bear their own costs and expenses in connection with the negotiation and execution of this Agreement.

 

9.6            Severability.
In the event any provision of this Agreement is found to be unenforceable by a court of competent jurisdiction, such provision shall be
deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall
receive the benefits contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment
of such court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall
not be affected thereby.

 

9.7            Interpretation;
Construction. The headings set forth in this Agreement and the division of this Agreement into sections and subsections are for convenience
only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing Company, but
Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has reviewed and revised
this Agreement and had it reviewed by legal counsel and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

 

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9.8            Governing
Law; Jurisdiction. Any and all actions or controversies arising out of this Agreement, Executive’s employment by Company or
the termination thereof, including, without limitation, breach of contract and tort claims, shall be construed and enforced in accordance
with the internal laws of the State of Florida, without regard to any choice of law or conflicting provision or rule (whether of
the State of Florida or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of Florida to be applied.
Any and all actions arising out of this Agreement or Executive’s employment by Company or the termination thereof shall be brought
and heard in the state and federal courts located in the Florida, and the parties hereto hereby irrevocably submit to the exclusive jurisdiction
of any such courts. COMPANY AND EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT
OR ANY AND ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE SPECIFICALLY
WITH RESPECT TO THIS WAIVER.

 

9.9            Remedies
Cumulative. All remedies provided in this Agreement are cumulative and in addition to all other remedies which may be available at
law or in equity.

 

9.10            Notices.
Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, faxed, or sent
by nationally recognized overnight courier service (with next business day delivery requested), or sent by electronic mail, provided,
that the submission by electronic mail is promptly confirmed by telephone confirmation thereof or followed by one of the other foregoing
permitted means of notice. Any such notice or communication shall be deemed given and effective, in the case of personal delivery, upon
receipt by the other party, in the case of faxed or notice by email, upon transmission of the fax or email, in the case of a courier service,
upon the next business day, after dispatch of the notice or communication. Any such notice or communication shall be addressed as follows:

 

If to Company, to:

 

AirSculpt Technologies, Inc.

400 Alton Road, Unit TH-103M

Miami
Beach, FL 33129

Email: [__________]

Attn:  Aaron Rollins, M.D.

 

with a copy to:

 

McDermott
Will & Emery LLP

500 North Capital Street, NW

Washington, DC 20001-1531

Email:  tconaghan@mwe.com

Attn:  Thomas Conaghan

 

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If to Executive, to him at the offices
of Company with a copy to him at his home address as set forth in the records of Company.

 

9.11            Survival.
Notwithstanding anything herein to the contrary, each provision of this Agreement shall survive the termination of this Agreement for
any reason or Executive’s ceasing to provide services to Company to the extent necessary to give effect to its terms, including,
without limitation, Sections 8, 9, 10, 11, 12, and 13 of this Agreement.

 

9.12            Counterparts.
This Agreement may be executed in any number of counterparts and each such duplicate counterpart shall constitute an original, any one
of which may be introduced in evidence or used for any other purpose without the production of its duplicate counterpart. Moreover, notwithstanding
that any of the parties did not execute the same counterpart, each counterpart shall be deemed for all purposes to be an original, and
all such counterparts shall constitute one and the same instrument, binding on all of the parties hereto.

 

9.13            Defend
Trade Secrets Act. Executive acknowledges receipt of the following notice under the Defend Trade Secrets Act: An individual will not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes
such disclosure in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and
such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure
was made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal.

 

9.14            Preserved
Rights. This Agreement is not intended to, and shall not, in any way prohibit, limit or otherwise interfere with Executive’s
protected rights under federal, state or local law to, without notice to Company: (i) communicate or file a charge with a government
regulator, (ii) participate in an investigation or proceeding conducted by a government regulator, or (iii) receive an award
paid by a government regulator for providing information.

 

9.15            Cooperation.
Subject to Section 9.14, during the Term and thereafter, in the event that any proceeding is commenced by any governmental
authority or other person in connection with the business of Company, Executive agrees to cooperate with Company to defend against such
proceeding and, if an injunction or other order is issued in any such proceeding, to cooperate with Company in its efforts to have such
injunction or other order lifted. If such cooperation is following the end of the Term, then the Company shall reimburse Executive for
all reasonable documented out-of-pocket expenses incurred in connection with such cooperation and the Company agrees that such cooperation
will not unreasonably interfere with Executive’s duties to a subsequent employer.

 

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10.            No
Other Contracts. Executive represents and warrants to the Company Group Members that neither the execution and delivery of this Agreement
by Executive nor the performance of Executive’s obligations hereunder, shall constitute a default under or a breach of any other
agreement or contract to which Executive is a party or by which Executive is bound, nor shall the execution and delivery of this Agreement
by Executive nor the performance of Executive’s duties and obligations hereunder give rise to any claim or charge against either
Executive or any Company Group Member based upon any other contract, or agreement to which Executive is a party or by which Executive
is bound. Executive shall indemnify and hold harmless each Company Group Member against any and all claims that execution and delivery
of this Agreement by Executive or Executive’s performance of his obligations hereunder constitutes a default under or a breach
of any other agreement or contract to which Executive is a party or by which Executive is bound.

 

11.            Code
Section 409A Compliance.

 

11.1            This
Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986 as amended,
and any regulations and Treasury guidance promulgated thereunder (collectively, “Section 409A of the Code”).

 

11.2            Company
and Executive agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary
to ensure compliance with the provisions of Section 409A of the Code.

 

11.3            The
preceding provisions, however, shall not be construed as a guarantee by Company of any particular tax effect to Executive under this Agreement.
No Company Group Member shall be liable to Executive for any payment made under this Agreement which is determined to result in an additional
tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as
an amount includible in gross income under Section 409A of the Code.

 

11.4            For
purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right
to a series of separate payments.

 

11.5            With
respect to any reimbursement of expenses or any provision of in-kind benefits to Executive specified under this Agreement, such reimbursement
of expenses or provision of in-kind benefits shall be subject to the following conditions: (ii) the expenses eligible for reimbursement
or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount
of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangements providing for the reimbursement
of expenses referred to in Section 105(b) of the Code; (ii) the reimbursement of an eligible expense shall be made no later
than the end of the year following the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.

 

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11.6            Notwithstanding
anything in this Agreement to the contrary, if a payment obligation arises on account of Executive’s separation from service while
Executive is a “specified employee” as described in Section 409A of the Code and the Treasury Regulations thereunder
and as determined by Company in accordance with its procedures, by which determination Executive is bound, any payment of “deferred
compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury
Regulation Sections 1.409A-1(b)(3) through (b)(12)) shall be made on the first (1st) business day of the seventh (7th)
month following the date of Executive’s separation from service, or, if earlier, within fifteen (15) days after the appointment
of the personal representative or executor of Executive’s estate following Executive’s death.

 

12.            Section 280G
of the Code. In the event that it is determined that any payments or benefits provided under this Agreement, together with any payments
or benefits to be provided under any other plan, program, arrangement or agreement, would constitute parachute payments within the meaning
of Section 280G of the Internal Revenue Code of 1986 as amended, and any regulations and Treasury guidance promulgated thereunder
(collectively, “Section 280G of the Code”) and would, but for this Section 12 be subject to the excise
tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law
or any interest or penalties with respect to such taxes (the “Excise Tax”), then the amounts of any such payments or
benefits under this Agreement and such other arrangements shall be either (a) paid in full or (b) reduced to the minimum extent
necessary to ensure that no portion of the payments or benefits is subject to the Excise Tax, whichever of the foregoing (a) or (b) results
in the Executive’s receipt on an after-tax basis of the greatest amount of payments and benefits after taking into account the applicable
federal, state, local and foreign income, employment and excise taxes (including the Excise Tax). Company shall cooperate in good faith
with the Executive in making such determination, including but not limited to providing the Executive with an estimate of any parachute
payments as soon as reasonably practicable prior to an event constituting a change in the ownership or effective control of Company or
in the ownership of a substantial portion of the assets of Company (within the meaning of Section 280G(b)(2)(A) of the Code).
Any such reduction pursuant to this Section 12 shall be made in a manner that results in the greatest economic benefit for
the Executive and is consistent with the requirements of Section 409A of the Code. Any determination required under this Section 12
shall be made in writing in good faith by a nationally recognized public accounting firm selected by Company and paid for by Company.
Company and the Executive shall provide the accounting firm with such information and documents as the accounting firm may reasonably
request in order to make a determination under this Section 12.

 

13.            Entire
Agreement; Modification. This Agreement and the Covenants Agreement constitute the entire agreement between the parties relating to
Executive’s employment by (or service to) Company or any of its subsidiaries and/or affiliates and supersede all prior or simultaneous
representations, discussions, negotiations, and agreements, whether written or oral. This Agreement may be amended or modified only with
the written consent of Executive and Company. No oral amendment or modification will be effective under any circumstances whatsoever.

 

THE PARTIES
TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES
HAVE EXECUTED THIS AGREEMENT ON THE DATES FIRST ABOVE WRITTEN.

 

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left blank.]

 

    -12- 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on October 5, 2021.

 

	 	COMPANY
	 	 
	 	EBS Enterprises, LLC
	 	 
	 	 
	 	By:	/s/ Daniel Sollof
	 	 	Name: Daniel Sollof
	 	 	Title: Authorized Signatory
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	/s/ Dennis Dean
	 	Mr. Dennis Deanghmp_ex101.htm

EXHIBIT 10.1
  
 SECURITIES PURCHASE AGREEMENT
  
 This SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of October 5, 2021, by and between Good Hemp Inc., a Nevada corporation, with its address at 20311 Chartwell Drive, Suite 1469, Cornelius, North Carolina 28031 (the “Company”), and Jefferson Street Capital LLC, a New Jersey limited liability company with an address at 720 Monroe Street, Suite C401B, Hoboken, New Jersey 07030 (including its successors and assigns, the “Buyer”)
  
 WHEREAS:
  
 A. The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “1933 Act”); and
  
 B. WHEREAS, subject to the terms and provisions hereinafter set forth and upon the terms and subject to the limitations and conditions set forth in the Note (as defined below), (i) Buyer desires to purchase, and the Company desires to sell and issue to Buyer, convertible promissory notes each in the form attached hereto as Exhibit A (the “First Note”) convertible into shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”)(the “First Closing”), and (ii) the Buyer desires to purchase and the Company desires to sell and issue to Buyer, one or more additional convertible promissory notes convertible into shares of Common Stock, each in the form attached hereto as Exhibit A (the “Additional Notes” and together with the First Note, the “Notes”) as may mutually be agreed in additional closings as set forth in Section 1(d) below (the “Additional Closings”) (each of the First Closing and the Additional Closings are sometimes hereinafter individually referred to as a “Closing” and collectively as the “Closings” and this Agreement any and all documents or instruments executed or to be executed by in connection with this Agreement, including the Notes and the Irrevocable Transfer Agent Instructions, together with all modifications, amendments, extensions, future advances, renewals, and substitutions thereof are sometimes hereinafter individually referred to as a “Transaction Document” and collectively as the “Transaction Documents”); and
  
 C. WHEREAS, the aggregate principal amount of Notes sold pursuant to this Agreement shall not exceed $550,000.00
  
 NOW THEREFORE, the Company and the Buyer hereby agree as follows:
  
 1. Purchase and Sale of Note.
  
 a. Purchase of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages hereto.
  
 	 
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 b. First Closing. The First Closing of the purchase and sale of the First Note in an aggregate principal amount of Two Hundred Seventy Five Thousand and No/100 United States Dollars (US$275,000.00) for an aggregate purchase price of Two Hundred Fifty Thousand and No/100 United States Dollars (US$250,000.00), and shall take place on the 5th day of October, 2021, subject to satisfaction of the conditions to the First Closing set forth in this Agreement (the “First Closing Date”). Subject to the satisfaction (or waiver) of the terms and conditions of this Agreement, in respect of the First Closing Date, Buyer shall purchase a First Note in the principal amount set forth on the signature page hereto for a purchase price set forth on the signature page hereto. Additional Closings of the purchase and sale of the Note shall be at such times and for such amounts as determined in accordance with Section 1(d) below, subject to satisfaction of the conditions to the Additional Closings set forth in this Agreement (the “Additional Closing Dates”, collectively, with the First Closing Date, referred to as the “Closing Dates”). The Closings shall occur on the respective Closing Dates through the use of overnight mails and subject to customary escrow instructions from Buyer and their respective counsel, or in such other manner as is mutually agreed to by the Company and the Buyer.
  
 c. Form of Payment. On the Closing Date, (i) the Buyer shall pay the purchase price for the Note to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and (ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.
  
 d. Additional Closings. At any time after the First Closing but prior to the maturity date of the Note issued in the First Closing, the Company may request that Buyer purchase additional Notes hereunder in Additional Closings by written notice to Buyer, and, subject to the conditions below, Buyer may purchase such additional Notes in such amounts and at such times as such Buyer and the Company may mutually agree, so long as no default or “Event of Default” (as such term is defined in any of the Transaction Documents) shall have occurred or be continuing under this Agreement or any other Transaction Documents, and no event shall have occurred that, with the passage of time, the giving of notice, or both, would constitute a default or an Event of Default hereunder or thereunder; and any additional purchase of Notes beyond the purchase of Notes at the First Closing shall have been approved by such Buyer participating in the Additional Closing, which approval may be given or withheld in such Buyer’s sole and absolute discretion.
  
 2. Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:
  
 a. Investment Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act.
  
 b. Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited Investor”).
  
 	 
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 c. Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the Securities.
  
 d. Information. The Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer.
  
 e. Legends. The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act; or may be sold pursuant to an applicable exemption from registration, the Conversion Shares may bear a restrictive legend in substantially the following form:
  
 	  
	 “THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.”
	  

  
 The legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from registration without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144, at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note; provided such opinion complies with the Irrevocable Transfer Agent Instructions (as defined herein).
  
 	 
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 f. Authorization; Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.
  
 3. Representations and Warranties of the Company. The Company represents and warrants to the Buyer that:
  
 a. Organization and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted. “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership interest.
  
 b. Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is the true and official representative with authority to sign this Agreement and the other documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.
  
 c. Capitalization. As of the First Closing, the authorized common stock of the Company consists of 150,000,000 authorized shares of Common Stock, $0.001 par value per share, of which 23,444,775 shares are issued and outstanding and 5,000,000 shares in the aggregate are reserved for issuance upon conversion of the Note. All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable.
  
 d. Issuance of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance with its terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.
  
 	 
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 e. No Conflicts. The execution, delivery and performance of this Agreement and the Note by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). The businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the Buyer owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity. “Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered into in connection herewith.
  
 f. SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”). Upon written request the Company will deliver to the Buyer true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates or if amended, as of the dates of the amendments, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective dates or if amended, as of the dates of the amendments, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). The Company is subject to the reporting requirements of the 1934 Act.
  
 	 
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 g. Absence of Certain Changes. Since June 30, 2020, except as set forth in the SEC Documents, there has been no material adverse change and no material adverse development in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting status of the Company or any of its Subsidiaries.
  
 h. Absence of Litigation. Except as set forth in the SEC Documents, there is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such, that could have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.
  
 i. No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval provisions applicable to the Company or its securities.
  
 j. No Brokers. Except for the Registered Broker Dealer Fee (as defined below) to Moody (as defined below) in connection with the transactions contemplated hereunder, the Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.
  
 k. No Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment Company”). The Company is not controlled by an Investment Company.
  
 l. Breach of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of default under Section 3.4 of the Note.
  
 	 
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 4. COVENANTS.
  
 a. Best Efforts. The Company shall use its best efforts to satisfy timely each of the conditions described in Section 7 of this Agreement.
  
 b. Form D; Blue Sky Laws. The Company agrees to timely make any filings required by federal and state laws as a result of the closing of the transactions contemplated by this Agreement.
  
 c. Use of Proceeds. The Company shall use the proceeds for financing of inventory and general working capital purposes.
  
 d. Removed and Reserved.
  
 e. Corporate Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not sell all or substantially all of the Company’s assets, except with the prior written consent of the Buyer.
  
 f. Breach of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the Note.
  
 g. Failure to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.
  
 h. Trading Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions with respect to the common stock of the Company.
  
 i. Removed and Reserved.
  
 j. Original Issue Discount. The Company shall pay $25,000.00 to Buyer as an original issue discount (the “OID”). The OID has been included in the Principal Amount of the Note and as such the Principal Amount of the Note is $275,000.00.
  
 k. Issuance of Common Stock Purchase Warrant to Buyer. As additional consideration for the Buyer loaning the Purchase Price to the Company, the Company shall issue to the Buyer, or designees of the Buyer, a common stock purchase warrant to purchase 185,185 shares of Common Stock at an exercise price of $1.35 per share (subject to adjustment as set forth in the Warrant) expiring five years from the Issue Date (the “Warrant”). The Warrant shall be issued and delivered to Buyer on the Closing Date.
  
 	 
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 l. Registered Broker Dealer Fee. The Company shall pay Moody Capital Solutions, Inc., a registered broker dealer (“Moody”), a cash fee in the amount of $20,000.00 wired at closing from the proceeds funded by the Buyer (the “Registered Broker Dealer Fee”). The Registered Broker Dealer Fee is due to Moody in exchange for sourcing the transaction, diligence and compliance review on the transactions contemplated hereunder.
  
 m. Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates, registered in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time by the Buyer to the Company upon conversion of the Note in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”). In the event that the Company proposes to replace its transfer agent, the Company shall provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount as such term is defined in the Note) signed by the successor transfer agent to Company and the Company. Prior to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to an exemption from registration, all such certificates shall bear the restrictive legend specified in Section 2(e) of this Agreement. The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and this Agreement; and (iii) it will not fail to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and/or this Agreement. If the Buyer provides the Company and the Company’s transfer agent, at the cost of the Buyer, with an opinion of counsel in form, substance and scope customary for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933 Act, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified by the Buyer. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section, that the Buyer shall be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security being required.
  
 	 
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 5. Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:
  
 a. The Buyer shall have executed this Agreement and delivered the same to the Company.
  
 b. The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.
  
 c. The representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.
  
 d. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.
  
 6. Conditions to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Note at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:
  
 a. The Company shall have executed this Agreement and delivered the same to the Buyer.
  
 b. The Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) in accordance with Section 1(b) above.
  
 c. The Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Buyer, shall have been delivered to and acknowledged in writing by the Company’s Transfer Agent.
  
 d. The representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited to certificates with respect to the Board of Directors’ resolutions relating to the transactions contemplated hereby.
  
 	 
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 e. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.
  
 f. No event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act reporting obligations.
  
 g. The Conversion Shares shall have been authorized for quotation on an exchange or electronic quotation system and trading in the Common Stock on such exchange or electronic quotation system shall not have been suspended by the SEC or an exchange or electronic quotation system.
  
 h. The Buyer shall have received an officer’s certificate described in Section 3(d) above, and the Warrant dated as of the Closing Date.
  
 7. Governing Law; Miscellaneous.
  
 a. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement, the Note or any related document or agreement by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
  
 	 
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 b. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.
  
 c. Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of, this Agreement.
  
 d. Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof.
  
 e. Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.
  
 f. Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, e-mail, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be as set forth in the notice section of the Note. Each party shall provide notice to the other party of any change in address.
  
 g. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without the consent of the Company.
  
 	 
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 h. Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to indemnify and hold harmless the Buyer and all of its officers, directors, employees and agents for loss or damage arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.
  
 i. Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.
  
 j. No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.
  
 k. Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.
  
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 IN WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.
  
 	 GOOD HEMP INC.
	
	 	 	 
	By:	/s/ William Alessi	
	 Name:
	William Alessi	 
	 Title:
	Chief Executive Officer	 
	  
	  
	  

	 JEFFERSON STREET CAPITAL LLC
	  

	  
	  
	  

	 By:
	 /s/ Brian Goldberg
	  

	 Name:
	 Brian Goldberg
	  

	 Title:
	 Managing Member
	  

  
 Purchase Price: $250,000.00
 Principal Amount: $275,000.00
  
 [SIGNATURE PAGE TO PURCHASE AGREEMENT]
  
 	 
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