Document:

Exhibit

EXHIBIT 10.67

Execution Version

1011778 B.C. Unlimited Liability Company
NEW RED FINANCE, INC.
$750,000,000
3.875% First Lien Senior Secured Notes due 2028
Purchase Agreement
September 6, 2019
Morgan Stanley & Co. LLC
as Representative of the
several Initial Purchasers listed
in Schedule 1 hereto

c/o Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036
Ladies and Gentlemen:
1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the “Company”), and New Red Finance, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (the “Co-Issuer” and, together with the Company, the “Issuers” and each, individually, an “Issuer”), propose, subject to the terms and conditions stated herein, to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”), for whom you are acting as representative (the “Representative”), $750,000,000 aggregate principal amount of their 3.875% First Lien Senior Secured Notes due 2028 (the “Securities”).  The Securities will be issued pursuant to an Indenture to be dated as of the Closing Date (as defined in Section 2 hereof) (the “Indenture”) among the Issuers, certain subsidiaries of the Issuers listed on Schedule 2 hereto (the “Guarantors”) and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”), and will be guaranteed on a senior secured first priority basis by each of the Guarantors (the “Guarantees”).
The Securities and the Guarantees will be secured by a first-priority lien (which will be pari passu in right of payment and security with the obligations in respect of the Amended Credit Agreement (as defined below) and the Existing First Lien Notes (as defined below)), subject to certain Permitted Liens (as defined below), on substantially all of the tangible and intangible assets of the Issuers and the Guarantors, now owned or hereafter acquired by either of the Issuers or any Guarantor, that secure borrowings under the Amended Credit Agreement on a pari passu first-priority basis, subject to certain exceptions described in the Time of Sale Information and the Offering Memorandum (each as defined below) (the “Collateral”).  The Collateral shall be described in (a) with respect to fee-owned real property that constitutes Collateral, the mortgages, debentures, hypothecs, deeds of trust or deeds to secure debt (collectively, the “Mortgages”) pursuant to the terms of Schedule 3 hereto, (b) with respect to personal property that constitutes Collateral, that certain U.S. security agreement, dated as of the Closing Date (as defined below) (as amended, supplemented or otherwise modified from time to time, the “U.S. Security Agreement”), by and among the Co-Issuer, the Guarantors party thereto and the Collateral Agent, and that certain Canadian security agreement, dated as of the Closing Date (as amended, supplemented or otherwise modified from time to time, the “Canadian Security Agreement” and, together with the U.S. Security Agreement, the “Security 

Agreements”), by and among the Company, the Guarantors party thereto and the Collateral Agent, and (c) with respect to the grants of security interest in registrations and/or applications for trademarks, patents and copyrights (and exclusive licenses in any of the foregoing), in the Intellectual Property Security Agreements (as defined below), granting a first-priority security interest in the Collateral, subject to Permitted Liens, for the benefit of the Collateral Agent, the Trustee and each holder of the Securities and the successors and assigns of the foregoing (collectively, the “Secured Parties”).  The term “Collateral Documents” as used herein shall mean the Mortgages, the Security Agreements, the Intellectual Property Security Agreements and the Intercreditor Agreements (as defined below).   
The rights of the holders of the Securities with respect to the Collateral shall be further governed by:
(i)    that certain Intercreditor Agreement, dated as of December 12, 2014, between Wilmington Trust, National Association, as collateral agent for the holders of the Issuers’ $2,250,000,000 6.00% Second Lien Senior Secured Notes due 2022 (the “2022 Second Lien Notes”), and the Credit Facilities Agent (as defined below), as supplemented by (v) that certain Joinder No. 1, dated as of May 22, 2015, between the Credit Facilities Agent, as First Priority Designated Agent (as defined therein), and Wilmington Trust, National Association, as trustee and collateral agent (the “2022 First Lien Notes Collateral Agent”), for the holders of the Issuers’ $1,250,000,000 4.625% First Lien Senior Secured Notes due 2022 (the “2022 First Lien Notes”), (w) that certain Joinder No. 2, dated as of May 17, 2017, between the Credit Facilities Agent, as First Priority Designated Agent (as defined therein), and Wilmington Trust, National Association, as collateral agent (the “2024 First Lien Notes Collateral Agent”), for the holders of the Issuers’ $1,500,000,000 aggregate principal amount of 4.250% First Lien Senior Secured Notes due 2024 (the “2024 First Lien Notes” and, together with the 2022 First Lien Notes, the “Existing First Lien Notes”), (x) that certain Joinder No. 3, dated as of August 28, 2017, between the Credit Facilities Agent, as First Priority Designated Agent (as defined therein), and Wilmington Trust, National Association, as collateral agent for the holders of the Issuers’ $1,300,000,000 aggregate principal amount of 5.000% Second Lien Senior Secured Notes due 2025 (the “2025 Second Lien Notes”), (y) that certain Joinder No. 4, dated as of October 4, 2017, between the Credit Facilities Agent, as First Priority Designated Agent (as defined therein), and Wilmington Trust, National Association, as collateral agent for the holders of the Issuers’ $1,500,000,000 aggregate principal amount of 5.000% Second Lien Senior Secured Notes due 2025 (the “Additional 2025 Notes” and, together with the 2022 Second Lien Notes and the 2025 Second Lien Notes, the “Second Lien Notes”) and (z) that certain Joinder No. 5 (the “First Lien-Second Lien Intercreditor Agreement Joinder No. 5”), to be dated as of the Closing Date, between the Credit Facilities Agent, as First Priority Designated Agent (as defined therein), and the Collateral Agent (collectively, the “First Lien-Second Lien Intercreditor Agreement”), 
(ii)    that certain Intercreditor Agreement, dated as of May 22, 2015, between the 2022 First Lien Notes Collateral Agent and the Credit Facilities Agent and acknowledged by the Issuers and the Guarantors (the “Existing First Lien Intercreditor Agreement”), as supplemented by (y) that certain Joinder No. 1, dated as of May 17, 2017, by the 2024 First Lien Notes Collateral Agent and acknowledged by the Credit Facilities Agent, as Applicable Authorized Representative (as defined therein), the Issuers and the Guarantors (the “First Lien Intercreditor Agreement Joinder No. 1”) and (z) that certain Joinder No. 2 to be dated as of the Closing Date by the Collateral Agent and acknowledged by the Credit Facilities Agent, as Applicable Authorized Representative (as defined therein), the Issuers and the Guarantors (the “First Lien Intercreditor Agreement Joinder No. 2” and, together with the Existing First Lien Intercreditor Agreement and the First Lien Intercreditor Agreement Joinder No. 1, the “First Lien Intercreditor Agreement”), and
(iii)    that certain Third Amended and Restated Intercreditor Agreement to be dated as of the Closing Date, among the Collateral Agent, the 2022 First Lien Notes Collateral Agent, the 2024 First Lien Notes Collateral Agent, the Credit Facilities Agent, The TDL Group Corp. (as successor in interest to Tim Hortons Inc.) (“TDL”) and BNY Trust Company of Canada, in its capacity as collateral agent (the “Existing THI Notes Agent”) for the holders under that certain Trust Indenture, dated as of June 1, 2010 (as amended, modified or supplemented to the date hereof, the “Existing THI Notes Indenture”), governing the 4.52% Senior Unsecured Notes, Series 2, due December 1, 2023 (the “Existing THI Notes”) of TDL (the “THI 

Notes Intercreditor Agreement” and together with the First Lien Intercreditor Agreement, the “Intercreditor Agreements”).
As described in the Time of Sale Information and the Offering Memorandum under the caption “Use of proceeds,” the Issuers expect to use the net proceeds of the offering of the Securities, together with borrowings under the Credit Agreement and cash on hand, to redeem the 2022 First Lien Notes (the “Refinancing”) and to pay related fees and expenses.  On the Closing Date, the Issuers are expected to make certain amendments to the Credit Agreement, dated as of October 27, 2014, as amended on May 22, 2015, February 17, 2017, March 27, 2017, May 17, 2017, October 13, 2017 and October 2, 2018, by and among 1013421 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia, the Issuers, as the borrowers thereunder, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (the “Credit Facilities Agent”), and each other party from time to time party thereto (the “Credit Agreement” and, as so amended on or prior to the Closing Date, the “Amended Credit Agreement” and, together with any other documents, agreements or instruments delivered in connection therewith, collectively, the “Credit Facilities Documentation”).  The issuance and sale of the Securities and the use of proceeds therefrom as described above and the execution and delivery of this Agreement, the Indenture (including each Guarantee set forth therein), the Securities, the Collateral Documents and the Credit Facilities Documentation (such documents, collectively, the “Transaction Documents”) in each case including the transactions contemplated thereby, are herein collectively referred to as the “Transactions”.
The Securities will be sold to the Initial Purchasers who may resell all or a portion of the Securities to purchasers (“Subsequent Purchasers”) without being registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom and without the filing of a prospectus with any securities commission or other securities regulatory authority in any province or territory of Canada under the applicable securities laws of each of the provinces and territories of Canada and the respective regulations and rules made thereunder together with all applicable published policy statements, notices, blanket orders and rulings of each such jurisdiction’s securities regulatory authorities (collectively, the “Canadian Securities Laws”). A portion of the Securities may be offered and sold in the provinces of British Columbia, Alberta, Ontario and Quebec (collectively, the “Offering Provinces”) on a private placement basis to “accredited investors”, as defined in National Instrument 45-106 - Prospectus Exemptions (“NI 45-106”) or, in Ontario, as defined in Section 73.3(1) of the Securities Act (Ontario) (except, in each case, for the criteria set out in paragraph (j), (k) or (l) of such definition in NI 45-106) that are also “permitted clients”, as defined in Section 1.1 of National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”), in reliance upon the “accredited investor” exemption from the prospectus requirements of the applicable Canadian Securities Laws provided for in section 2.3 of NI 45-106 or, in Ontario, subsection 73.3(2) of the Securities Act (Ontario) (such offer and sale, the “Canadian Private Placement”). The Issuers and the Guarantors have prepared a preliminary offering memorandum dated September 6, 2019 (the “Preliminary Offering Memorandum”) and will prepare an offering memorandum dated the date hereof (the “Offering Memorandum”) setting forth information concerning the Issuers, the Guarantors (including each of their respective subsidiaries), the Securities and the Guarantees.  Copies of the Preliminary Offering Memorandum have been, and copies of the Offering Memorandum will be, delivered by the Issuers to the Initial Purchasers pursuant to the terms of this Purchase Agreement (this “Agreement”).  The Issuers hereby jointly and severally represent that they have authorized the use of the Preliminary Offering Memorandum, the other Time of Sale Information (as defined below) and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement.  Capitalized terms used but not defined herein shall have the meanings given to such terms in the Time of Sale Information.  References herein to the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein and any reference to “amend,” “amendment” or “supplement” with respect to the Preliminary Offering Memorandum or the Offering Memorandum shall be deemed to refer to and include any documents filed after such date and incorporated by reference therein.
At or prior to the time when sales of the Securities were first made (the “Time of Sale”), the Issuers shall have prepared the following information (collectively, the “Time of Sale Information”):  the Preliminary Offering Memorandum, as supplemented and amended by the written communications listed on Annex A hereto.

Each of the Issuers and the Guarantors hereby jointly and severally agrees with the several Initial Purchasers concerning the purchase and resale of the Securities, as follows:
1.Purchase and Resale of the Securities.  (a)  On the basis of the representations, warranties and agreements set forth herein, the Issuers jointly agree to issue and sell the Securities to the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Issuers the respective principal amount of the Securities set forth opposite such Initial Purchaser’s name in Schedule 1 hereto at a price equal to 99.20% of the principal amount thereof plus accrued interest, if any, from September 24, 2019 to the Closing Date.  The Issuers will not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein.

(b)    The Issuers understand that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Time of Sale Information.  Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:
(i)it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation D”); 

(ii)neither it nor any person engaged by it has solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and

(iii)neither it nor any person engaged by it has solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as part of their initial offering except:

(A)to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; or

(B)in accordance with the restrictions set forth in Annex C hereto.

(c)    Each Initial Purchaser acknowledges and agrees that the Issuers and, for purposes of the “no registration” opinions (and equivalent exempt distribution opinions in respect of the Canadian Private Placement) to be delivered to the Initial Purchasers pursuant to Section 6(f)(i) and Section 6(f)(ii) and Section 6(g), counsel for the Issuers and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above (including Annex C hereto) and Section 5, and each Initial Purchaser hereby consents to such reliance.
(d)    Each Issuer and each of the Guarantors acknowledge and agree that the Initial Purchasers may offer and sell Securities to or through any affiliate of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser; provided that such offers and sales shall be made in accordance with the provisions of this Agreement (including Annex C hereto).
(e)    The Issuers and the Guarantors acknowledge and agree that each Initial Purchaser is acting solely in the capacity of an arm’s-length contractual counterparty to the Issuers and the Guarantors with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or fiduciary to, or agent of, the Issuers, the Guarantors or any other person.  Additionally, neither the Representative nor any other Initial Purchaser is advising the Issuers, the Guarantors or any other person 

as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.  The Issuers and the Guarantors shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and neither the Representative nor any other Initial Purchaser shall have any responsibility or liability to the Issuers or the Guarantors with respect thereto.  Any review by the Representative or any Initial Purchaser of the Issuers, the Guarantors, any other person and the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Representative or such Initial Purchaser, as the case may be, and shall not be on behalf of the Issuers, the Guarantors or any other person.  The Issuers and the Guarantors agree that they will not claim that the Initial Purchasers, or any of them, have rendered services of any nature, or owe a fiduciary or similar duty to the Issuers or the Guarantors, in connection with the purchase and sale of the Securities pursuant to this Agreement or the process leading thereto.
2.Payment and Delivery.  (a)  Payment for and delivery of the Securities will be made at the offices of Cahill Gordon & Reindel llp at 10:00 a.m., New York City time, on September 24, 2019, or at such other time or place on the same or such other date as the Representative and the Issuers may agree upon in writing not later than the fifth business day thereafter.  The time and date of such payment and delivery is referred to herein as the “Closing Date.”

(b)    Payment for the Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Issuers to the Representative against delivery to the nominee of The Depository Trust Company (“DTC”), for the account of the Initial Purchasers, of one or more global notes representing the Securities (collectively, the “Global Note”), with any transfer and other stamp, excise or similar taxes payable in connection with the sale of the Securities duly paid by the Issuers.  The Global Note will be made available for inspection by the Representative not later than 1:00 p.m., New York City time, on the business day prior to the Closing Date.
3.Representations and Warranties of the Issuers and the Guarantors.  Each of the Issuers and the Guarantors hereby jointly and severally represents and warrants to each Initial Purchaser that:

(a)Preliminary Offering Memorandum, Time of Sale Information and Offering Memorandum.  The Preliminary Offering Memorandum, as of its date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering Memorandum, at the time first used by the Initial Purchasers to confirm sales of the Securities and as of the Closing Date, will not, contain any Misrepresentation; provided that the Issuers and the Guarantors make no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Issuers or the Guarantors in writing by or on behalf of such Initial Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum.  For the purposes of this Agreement, “Misrepresentation” means an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(b)Additional Written Communications.  Neither the Issuers nor the Guarantors (including their respective agents and representatives, other than the Initial Purchasers in their capacity as such) have prepared, used, authorized or approved, nor will they prepare, use, authorize or approve, any written communication that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by an Issuer, the Guarantors or their respective agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below), an “Issuer Written Communication”) other than (i) the Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information, and (iv) any electronic road show or other written communications, in each case used in accordance with Section 4(c) hereof.  Each such Issuer Written Communication, when taken together with the Time of Sale Information, did not, and at the Closing Date will not, contain any Misrepresentation; provided that the Issuers and the Guarantors make no representation and warranty with 

respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Issuers or the Guarantors in writing by or on behalf of such Initial Purchaser through the Representative expressly for use in any Issuer Written Communication.

(c)Incorporated Documents. The documents incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, when filed with the Securities and Exchange Commission (the “Commission”), conformed or will conform, as the case may be, in all material respects to the requirements of the Exchange Act, and the rules and regulations of the Commission thereunder, and did not and will not contain any Misrepresentation.

(d)Financial Statements.  The consolidated financial statements and the related notes thereto of Restaurant Brands International Inc. (“Parent”) and its subsidiaries and Restaurant Brands International Limited Partnership (the “Partnership”) and its subsidiaries included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum present fairly in all material respects the consolidated financial position of Parent and its subsidiaries and the Partnership and its subsidiaries, respectively, as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; and such financial statements have been prepared in conformity with U.S. generally accepted accounting principles, applied on a consistent basis throughout the periods covered thereby (except with respect to FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers and ASC Topic 842, Leases); the other financial information included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum has been derived from the accounting records of Parent and its subsidiaries and the Partnership and its subsidiaries, as applicable, and present fairly in all material respects the information shown thereby.  The interactive data in eXtensible Business Reporting Language incorporated by reference in each of the Time of Sale Information and the Offering Memorandum fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto.

(e)No Material Adverse Change.  Since the date of the most recent financial statements of Parent and its subsidiaries included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum except as disclosed in such financial statements, (i) other than as described in the Time of Sale Information and the Offering Memorandum, there has not been any change in the capital stock or long-term debt of the Company, the Co-Issuer or any of their respective subsidiaries, or any dividend or distribution of any kind, other than internal cash distributions, declared, set aside for payment, paid or made by either Issuer, Parent or the Partnership on any class of capital stock, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, assets, management, financial position or results of operations of the Issuers and their respective subsidiaries taken as a whole; (ii) none of the Company, the Co-Issuer nor any of their respective subsidiaries has entered into any transaction or agreement that is material to the Issuers and their respective subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Issuers and their respective subsidiaries taken as a whole; and (iii) none of the Company, the Co-Issuer nor any of their respective subsidiaries has sustained any loss or interference with its business that is material to the Company, the Co-Issuer or any of their respective subsidiaries taken as a whole and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in respect of clauses (i), (ii) and (iii) above as otherwise disclosed in each of the Time of Sale Information and the Offering Memorandum.

(f)Organization and Good Standing.  The Issuers and each of their respective subsidiaries have been duly organized or formed and are validly existing and in good standing (if such designation exists in the jurisdiction of organization or formation for such entity) under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing (if such designation exists in the jurisdiction of organization or formation for such entity) in each jurisdiction in which their 

respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified, in good standing (if such designation exists in the jurisdiction of organization or formation for such entity) or have such power or authority would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the business, assets, properties, financial position or results of operations of the Issuers and their respective subsidiaries, taken as a whole, or on the performance by the Issuers and the Guarantors of their respective obligations under this Agreement, the Securities and the Guarantees (a “Material Adverse Effect”).  

(g)Capitalization.  At June 30, 2019, on a consolidated basis, after giving pro forma effect to the Transactions, Parent would have had the capitalization as set forth in each of the Time of Sale Information and the Offering Memorandum under the heading “Capitalization” and all the outstanding shares of capital stock or other equity interests of Parent and each subsidiary of Parent, have been duly and validly authorized and issued, are fully paid and non-assessable (except, in the case of any foreign subsidiary, for directors’ qualifying shares) and, with respect to the subsidiaries, are owned directly or indirectly by Parent free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party, except in each case pursuant to (i) the Credit Agreement, (ii) the Amended Credit Agreement, (iii) the documentation governing the Existing First Lien Notes, (iv) the documentation governing the Second Lien Notes, (v) the documentation governing the Existing THI Notes or (vi) as disclosed in the Time of Sale Information and the Offering Memorandum.

(h)Due Authorization.  Each of the Issuers and the Guarantors has, had or will (as of the date on which it executed and delivered such document or will execute and deliver such document) full right, power and authority to execute and deliver, in each case, to the extent a party thereto, this Agreement and each of the other Transaction Documents, and to perform their respective obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the Transaction Documents and the consummation of the transactions contemplated thereby has been or will be duly and validly taken on or prior to the Closing Date.

(i)The Indenture.  The Indenture has been or prior to the Closing Date will be duly authorized by the Issuers and each of the Guarantors and, when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Issuers and each of the Guarantors enforceable against the Issuers and each of the Guarantors in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, fraudulent conveyance, reorganization, moratorium, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles (whether considered in a proceeding in equity or law) relating to enforceability (collectively, the “Enforceability Exceptions”).

(j)The Securities and the Guarantees.  The Securities have been or prior to the Closing Date will be duly authorized by each Issuer and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, the Securities will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of each Issuer enforceable against each Issuer in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.  The Guarantees have been duly authorized by each of the Guarantors and, when the Securities have been duly executed, authenticated, issued and delivered by the Issuers as provided in the Indenture and paid for as provided herein, the Guarantees will be valid and legally binding obligations of each of the Guarantors, enforceable against each of the Guarantors in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.

(k)Purchase Agreement.  This Agreement has been duly authorized, executed and delivered by the Issuers and each of the Guarantors.

(l)Collateral Documents.  Each of the Collateral Documents has been or prior to the Closing Date will be duly authorized by each Issuer and each of the Guarantors, to the extent a party thereto, and on the Closing Date, each of the Collateral Documents will be duly executed and delivered in accordance with its terms by each Issuer and each of the Guarantors, to the extent a party thereto, and, when duly executed and delivered in accordance with its terms by each of the parties thereto, each of the Collateral Documents will constitute a valid and legally binding agreement of each Issuer and each of the Guarantors, to the extent a party thereto, enforceable against each Issuer and each of the Guarantors, to the extent a party thereto, in accordance with its terms, subject to the Enforceability Exceptions. 

(m)Collateral Documents, Financing Statements and Collateral.  

(i)    Upon execution and delivery, the Mortgages will be effective to grant a legal, valid and enforceable mortgage lien, charge and security interest on all of the mortgagor’s right, title and interest in the real property (including fixtures) that constitutes Collateral (each, a “Mortgaged Property” and, collectively, the “Mortgaged Properties”).  When the Mortgages are duly recorded or registered in the proper recording or Land Registry offices or appropriate public records and the mortgage recording fees and taxes in respect thereof are paid and compliance is otherwise had with the formal requirements of state, provincial or local law, applicable to the recording or registration of real estate mortgages generally, each such Mortgage shall constitute a validly perfected and enforceable first-priority lien, charge and security interest in the related Mortgaged Property constituting Collateral for the benefit of the Collateral Agent, the Trustee and the holders of the Securities, subject only to Permitted Liens (as defined below) or liens and encumbrances expressly set forth as an exception to the policies of title insurance, if any, obtained to insure the lien of each Mortgage with respect to each of the Mortgaged Properties (such encumbrances and exceptions, the “Permitted Exceptions”), and to the Enforceability Exceptions;
(ii)    Upon execution and delivery, the Security Agreements will be effective to grant a legal, valid and enforceable security interest in all of the grantor’s right, title and interest in the Collateral (other than the Mortgaged Properties) (the “Personal Property Collateral”) to the Collateral Agent for the benefit of the Secured Parties to secure the obligations under the Indenture and the Securities;
(iii)    Upon due and timely filing and/or recording of the financing statements and the short form intellectual property security agreements (the “Intellectual Property Security Agreements”), as applicable, with respect to the Personal Property Collateral, the security interests granted by the Security Agreements will constitute valid, perfected first-priority liens and security interests in the Personal Property Collateral, to the extent such security interests can be perfected by the filing and/or recording, as applicable, of financing statements and the Intellectual Property Security Agreements in favor of the Collateral Agent for the benefit of the Secured Parties, and such security interests will be enforceable in accordance with the terms contained therein against all creditors of any grantor and subject only to liens expressly permitted to be incurred or exist on the Collateral under the Indenture (which, for the avoidance of doubt, includes, without limitation, liens granted under the TH Facility) or Permitted Exceptions, and to the Enforceability Exceptions (“Permitted Liens”); and
(iv)    The Issuers and their respective subsidiaries collectively own, have rights in or have the power and authority to collaterally assign rights in the Collateral, free and clear of any liens other than the Permitted Exceptions and the Permitted Liens.
(n)Descriptions of the Transaction Documents.  Each of the Transaction Documents conforms in all material respects to the description thereof contained in each of the Time of Sale Information and the Offering Memorandum (to the extent described therein).

(o)No Violation or Default.  None of the Issuers nor any of their respective subsidiaries is (i) in violation of its articles, charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Issuers or any of their respective subsidiaries is a party or by which the Issuers or any of their respective subsidiaries is bound or to which any of the property or assets of the Issuers or any of their respective subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(p)No Conflicts.  The execution, delivery and performance by each Issuer and each of the Guarantors of each of the Transaction Documents to which each is a party (including but not limited to, the issuance and sale of the Securities (including the Guarantees)), and compliance by each Issuer and each of the Guarantors with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Issuers or any of their respective subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Issuers or any of their respective subsidiaries is a party or by which the Issuers or any of their respective subsidiaries is bound or to which any of the property or assets of the Issuers or any of their respective subsidiaries is subject (other than any lien, charge or encumbrance created or imposed pursuant to the Transaction Documents), (ii) result in any violation of the provisions of the articles, charter or by-laws or similar organizational documents of the Issuers or any of their respective subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(q)No Consents Required.  No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by each Issuer and each of the Guarantors of each of the Transaction Documents to which each is a party, the issuance and sale of the Securities (including the Guarantees) and compliance by each Issuer and each of the Guarantors with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents, except for such consents, approvals, authorizations, orders and registrations or qualifications (A) as may be required (i) under applicable state securities laws and Canadian Securities Laws in connection with the purchase and resale of the Securities by the Initial Purchasers, (ii) with respect to perfection of security interests on the Collateral as required under the Transaction Documents and (iii) that if not obtained or made would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or (B) as have been obtained or made prior to the Closing Date.

(r)Legal Proceedings.  Except as described in each of the Time of Sale Information and the Offering Memorandum, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Issuers or any of their respective subsidiaries is or may be a party or to which any property of the Issuers or any of their respective subsidiaries is or may be the subject that, individually or in the aggregate, if determined adversely to the Issuers or any of their respective subsidiaries, could reasonably be expected to have a Material Adverse Effect, and no order, ruling or determination having the effect of suspending the sale or ceasing the trading of any securities of either Issuer or any of the Guarantors has been issued or made by any court, securities regulatory authority or stock exchange or any other regulatory authority and is continuing in effect; and no such investigations, 

actions, suits or proceedings are, to the knowledge of each Issuer and each of the Guarantors, threatened or contemplated by any governmental or regulatory authority or by others.  

(s)Independent Auditors.  KPMG LLP (“KPMG”), who has certified certain financial statements of Parent and its subsidiaries and the Partnership and its subsidiaries, is an independent registered public accounting firm with respect to Parent and its subsidiaries and the Partnership and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act.  

(t)Title to Real and Personal Property.  The Issuers and their respective subsidiaries have good and marketable title (in the case of real property in fee simple) to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the Issuers and their respective subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except for those that (i) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (ii) are created pursuant to the Transaction Documents or (iii) are created pursuant to the documentation governing the Existing First Lien Notes, the Second Lien Notes, the Existing THI Notes or the Amended and restated credit agreement, made as of May 24, 2019 (the “TH Facility”), between The TDL Group Corp./Groupe TDL Corporation, Bank of Montreal, as Administrative Agent, and the Lenders referred to therein, as amended, modified, supplemented or replaced from time to time.

(u)Intellectual Property.  Except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, the Issuers and their respective subsidiaries own or possess adequate rights to use all material patents, trademarks, service marks, trade names, trademark registrations, service mark registrations and other indicia of origin, copyrights, works of authorship, all applications and registrations for the foregoing, domain names and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) necessary for the conduct of their respective businesses as currently conducted, free of liens (other than liens created pursuant to the Transaction Documents and the documentation governing the Existing First Lien Notes, the Second Lien Notes or the Existing THI Notes); to the knowledge of the Issuers and the Guarantors, the conduct of their respective businesses does not infringe or otherwise violate any such rights of others (except for such infringements or other violations as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect); to the knowledge of each Issuer and each of the Guarantors, no third party violates or infringes the intellectual property owned by the Issuers or any of their respective subsidiaries except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and none of the Issuers or their respective subsidiaries have received any written notice of any claim of infringement or other violation of any such rights of others that, if determined in a manner adverse to the Issuers or their respective subsidiaries, would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(v)No Undisclosed Relationships.  No relationship, direct or indirect, exists between or among the Issuers and any of their respective subsidiaries, on the one hand, and the directors, officers, stockholders or other affiliates of the Issuers or any of their respective subsidiaries, on the other, that is required by the Securities Act to be described in a registration statement to be filed with the Commission and that is not so described in each of the Time of Sale Information and the Offering Memorandum.

(w)Investment Company Act.  None of the Issuers nor any of the Guarantors is, and after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in each of the Time of Sale Information and the Offering Memorandum, none of them will be required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

(x)Taxes.

(A)The Issuers and each of their respective subsidiaries have paid all federal, provincial, state, local and foreign taxes (including any related interest, penalties and additions to tax) due and payable by them (including in their capacity as withholding agent) and have filed all tax returns required to be filed (taking into account any validly-obtained extension of the time within which to file) except for (i) items being contested in good faith and by appropriate proceedings for which adequate reserves for taxes have been established in accordance with generally accepted accounting principles or (ii) where failure to pay or file, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; and except as otherwise disclosed in each of the Time of Sale Information and the Offering Memorandum, there is no tax audit, assessment, deficiency or other claim that has been, or could reasonably be expected to be, asserted against either Issuer or any of their respective subsidiaries or any of their respective properties or assets, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

(B)Except to the extent that any such payments are made in respect of services physically performed in Canada, no withholding tax imposed under the Income Tax Act (Canada) (the “Canadian Tax Act”) will be payable in respect of any payments under this Agreement to an Initial Purchaser other than withholding tax imposed as a result of the Initial Purchaser (i) carrying on business in Canada for the purposes of the Canadian Tax Act; (ii) not dealing at arm’s-length with each of the Issuers for the purposes of the Canadian Tax Act and (iii) being a “specified shareholder” of the Company or not dealing at arm’s length with a “specified shareholder” of the Company (as defined in the Canadian Tax Act). 

(y)Licenses and Permits.  The Issuers and their respective subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, provincial, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in each of the Time of Sale Information and the Offering Memorandum, except where the failure to possess or make the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and none of the Issuers nor any of their respective subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course, except where such modification or failure to renew, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

(z)No Labor Disputes.  No labor disturbance by or dispute with employees of either Issuer or any of their respective subsidiaries exists or, to the knowledge of the Issuers and each of the Guarantors, is contemplated or threatened, and none of the Issuers nor any Guarantor is aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of the Issuers’ or any of their respective subsidiaries’ principal suppliers, contractors or customers, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(aa)Compliance with Environmental Laws.  (i) The Issuers and their respective subsidiaries (x) are, and were during the applicable statute of limitations, in compliance with any and all applicable federal, provincial, state, local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”), (y) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses as currently conducted, and (z) have not received written notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event or condition that 

would reasonably be expected to result in any such notice, that would with respect to subclause (x), (y) or (z) of this clause (i), individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, and (ii) there are no costs or liabilities associated with Environmental Laws of or relating to the Issuers or their respective subsidiaries, except in the case of each of (i) and (ii) above, for any such failure to comply, or failure to receive required permits, licenses or approvals, written notice, or cost or liability, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iii) (x) there are no proceedings that are pending, or that are to the Issuers’ or the Guarantors’ knowledge contemplated, against the Issuers or any of their respective subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed, (y) none of the Issuers nor any of the Guarantors has knowledge of any issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and (z) none of the Issuers and their respective subsidiaries anticipates material capital expenditures relating to any Environmental Laws that would, individually or in the aggregate reasonably be expected to have a Material Adverse Effect.

(ab)Compliance with ERISA.  (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Issuers or any member of their respective “Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”) has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no failure to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, whether or not waived, has occurred or is reasonably expected to occur; (iv) except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (v) except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, each pension plan within the meaning of Section 3(2) of ERISA that is maintained outside the jurisdiction of the United States satisfies the minimum funding requirements to the extent required by applicable law; (vi) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; and (vii) none of the Issuers nor any member of their respective Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the PBGC, in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan,” within the meaning of Section 4001(a)(3) of ERISA), and except for where failure to comply with any of the clauses (i) through (vii) of this paragraph would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

(ac)Disclosure Controls.  Each of Parent and its subsidiaries and the Partnership and its subsidiaries maintain a system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by Parent or the Partnership, as the case may be, in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to Parent’s or the Partnership’s, as the case may be, management as appropriate to allow timely decisions regarding required disclosure.  Each of Parent and its subsidiaries and the Partnership and its subsidiaries has carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act.

(ad)Accounting Controls.  Each of Parent and its subsidiaries and the Partnership and its subsidiaries maintains systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act and in NI 52-109) that comply with the requirements of the Exchange Act and Canadian Securities Laws and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  Each of Parent and its subsidiaries and the Partnership and its subsidiaries maintains internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) interactive data in eXtensible Business Reporting Language incorporated by reference in each of the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum is prepared in accordance with the Commission's rules and guidelines applicable thereto.  There are no material weaknesses in each of Parent’s and its subsidiaries’ and the Partnership’s and its subsidiaries’ internal controls.

(ae)Insurance.  The Issuers and their respective subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as the Issuers and their respective subsidiaries believe are adequate to protect their respective businesses; and none of the Issuers or any of their respective subsidiaries has (i) received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(af)No Unlawful Payments.  None of either Issuer or any of their respective subsidiaries, nor any director, officer or employee of either Issuer or any of their respective subsidiaries nor, to the knowledge of either Issuer or any of the Guarantors, any agent, affiliate or other person associated with or acting on behalf of either Issuer or any of their respective subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, the Corruption of Foreign Public Officials Act (Canada) or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption law of any other relevant jurisdiction; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Issuers and their respective subsidiaries have instituted, maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

(ag)Compliance with Money Laundering Laws.  The operations of the Issuers and their respective subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the Proceeds of Crime (Money Laundering) and Terrorist 

Financing Act (Canada), the money laundering statutes of all jurisdictions where each Issuer or any of their respective subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving either Issuer or any of their respective subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of either Issuer or any of the Guarantors, threatened.

(ah)Compliance with Sanctions Laws.  None of the Issuers nor any of their respective subsidiaries, directors, officers or employees, nor, to the knowledge of the Issuers or any of the Guarantors, any agent, affiliate or other person associated with or acting on behalf of the Issuers or any of their respective subsidiaries is currently the subject or the target of any comprehensive sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person”), the Government of Canada, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”), nor is any Issuer or any of their respective subsidiaries located, organized or resident in a country or territory that is the subject or target of comprehensive Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea and Syria (each, a “Sanctioned Country”); and the Issuers will not, to the extent required to comply with the Sanctions, directly or knowingly, indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of comprehensive Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country unless otherwise authorized by law or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, initial purchaser, advisor, investor or otherwise) of comprehensive Sanctions. 

(ai)Solvency.  On and immediately after the consummation of the Transactions, the Issuers and the Guarantors on a consolidated basis (after giving effect to the issuance of the Securities, the Transactions and the other transactions related thereto as described in each of the Time of Sale Information and the Offering Memorandum) will be Solvent.  As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of the Issuers and the Guarantors is not less than the total amount required to pay the liabilities of the Issuers and the Guarantors on their combined total existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii) the Issuers and the Guarantors are able to realize upon their assets and pay their debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business; (iii) assuming consummation of the issuance of the Securities as contemplated by this Agreement and the use of proceeds therefrom as described in the Time of Sale Information and the Offering Memorandum, the Issuers and the Guarantors are not incurring debts or liabilities beyond their ability to pay as such debts and liabilities mature; (iv) the Issuers and the Guarantors are not engaged in any business or transaction, and do not propose to engage in any business or transaction, for which their property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which the Issuers and their respective subsidiaries are engaged; and (v) the Issuers and the Guarantors are not defendants in any civil action that would result in a judgment that the Issuers and the Guarantors are or would become unable to satisfy.

(aj)No Restrictions on Subsidiaries.  On the Closing Date and assuming consummation of the Transactions, no subsidiary of the Issuers will be prohibited, directly or indirectly, under any agreement or other instrument to which it is as of the Closing Date (assuming consummation of the Transactions) a party or will be subject, from paying any dividends to the Issuers, from making any other distribution on such subsidiary’s capital stock or similar ownership interests, from repaying to the Issuers any loans or advances to such subsidiary from the Issuers or such other subsidiary or from transferring any of such subsidiary’s 

properties or assets to the Issuers or any other subsidiary of the Issuers, except (i) to the extent such restriction or prohibition would constitute a Permitted Lien under and as defined in the Indenture, the other Transaction Documents, or the documentation governing the Existing First Lien Notes, the Second Lien Notes, the Existing THI Notes or the TH Facility or (ii) as disclosed in the Time of Sale Information and the Offering Memorandum or as created under the Transaction Documents, or the documentation governing the Existing First Lien Notes, the Second Lien Notes, the Existing THI Notes or the TH Facility. 

(ak)No Broker’s Fees.  None of either Issuer nor any of their respective subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Securities.

(al)Rule 144A Eligibility.  On the Closing Date, the Securities will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering Memorandum and the Offering Memorandum, as of its respective date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act.

(am)No Integration.  None of the Issuers, the Guarantors nor any of their respective affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act.

(an)No General Solicitation or Directed Selling Efforts.  None of the Issuers, the Guarantors nor any of their respective affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engaged in any directed selling efforts within the meaning of Regulation S under the Securities Act (“Regulation S”), and all such persons have complied with the offering restrictions requirement of Regulation S.

(ao)Securities Law Exemptions.  Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 1(b) (including Annex C hereto) and Section 5 and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers to Subsequent Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities under the Securities Act nor to file a prospectus under Canadian Securities Laws to qualify the distribution of the Securities or to qualify the Indenture under the Trust Indenture Act of 1939, as amended.

(ap)No Stabilization.  None of the Issuers nor any of the Guarantors has taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.

(aq)Margin Rules.  Neither the issuance, sale and delivery of the Securities, nor the consummation of the Transactions or the application of the proceeds thereof by the Issuers as described in each of the Time of Sale Information and the Offering Memorandum will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

(ar)Forward-Looking Statements.  No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained or incorporated by reference in any of the Time of Sale Information or the Offering Memorandum has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.
(as)Statistical and Market Data.  Nothing has come to the attention of either Issuer or any Guarantor that has caused such entity to believe that the statistical and market-related data included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum is not based on or derived from sources that are reliable and accurate in all material respects.

(at)Sarbanes-Oxley Act.  To the extent applicable, there is and has been no failure on the part of Parent or any of its subsidiaries or the Partnership or any of its subsidiaries or any of their respective directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications.

(au)Cybersecurity.  Except as disclosed in the Time of Sale Information and the Offering Memorandum, to the knowledge of the Issuers, the Issuers’ and their respective subsidiaries’ information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, “IT Systems”) are reasonably believed by the Issuers to be adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Issuers and their respective subsidiaries as currently conducted, and, to the Issuers’ knowledge, are free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants.  Except as disclosed in the Time of Sale Information and the Offering Memorandum, to the knowledge of the Issuers, the Issuers and their respective subsidiaries have used reasonable efforts to establish, implement and maintain commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all material IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (“Personal Data”)) used in connection with their businesses, and except as disclosed in the Time of Sale Information and the Offering Memorandum, to the knowledge of the Issuers, there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor are there any known incidents under internal review or investigation relating to the same.   Except as disclosed in the Time of Sale Information and the Offering Memorandum, to the knowledge of the Issuers, the Issuers and their respective subsidiaries are presently in compliance in all material respects with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.  

4.Further Agreements of the Issuers and the Guarantors.  Each of the Issuers and each Guarantor hereby jointly and severally, covenants and agrees with each Initial Purchaser that:

(a)Delivery of Copies.  The Issuers will deliver, without charge, to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments and supplements thereto) as the Representative may reasonably request.

(b)Offering Memorandum, Amendments or Supplements.  Before finalizing the Offering Memorandum or making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or filing with the Commission any document that will be incorporated by reference therein, the Issuers will furnish to the Representative and counsel for the Initial Purchasers a copy of the proposed Offering Memorandum or such amendment or supplement or document to be incorporated by reference therein for review, and will not distribute any such proposed Offering 

Memorandum, amendment or supplement or file any such document with the Commission to which the Representative reasonably objects.

(c)Additional Written Communications.  Before using, authorizing, approving or referring to any Issuer Written Communication (other than those listed on Annex A), the Issuers will furnish to the Representative and counsel for the Initial Purchasers a copy of such written communication for review and will not use, authorize, approve or refer to any such written communication to which the Representative reasonably objects.

(d)Notice to the Representative.  The Issuers will advise the Representative promptly, and confirm such advice in writing, (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or the initiation or threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities by the Initial Purchasers as a result of which any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum as then amended or supplemented would include any Misrepresentation when such Time of Sale Information, Issuer Written Communication or the Offering Memorandum is delivered to a purchaser; and (iii) of the receipt by any Issuer of any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and each of the Issuers will use its reasonable best efforts to prevent the issuance of any such order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will use reasonable best efforts to obtain as soon as possible the withdrawal thereof.

(e)Time of Sale Information.  If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which any of the Time of Sale Information as then amended or supplemented would include any Misrepresentation or (ii) it is necessary to amend or supplement any of the Time of Sale Information to comply with law, the Issuers will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to any of the Time of Sale Information (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented (including such documents to be incorporated by reference therein) will not contain any Misrepresentation or so that any of the Time of Sale Information will comply with law.

(f)Ongoing Compliance of the Offering Memorandum.  If at any time prior to the completion of the initial offering of the Securities (i) any event shall occur or condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any Misrepresentation when the Offering Memorandum is delivered to a purchaser or (ii) it is necessary to amend or supplement the Offering Memorandum to comply with law, the Issuers will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Offering Memorandum as may be necessary so that the statements in the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein) as so amended or supplemented (including such document to be incorporated by reference therein) will not contain any Misrepresentation when the Offering Memorandum is delivered to a purchaser or so that the Offering Memorandum will comply with law.

(g)Blue Sky Compliance.  The Issuers will qualify the Securities for offer and sale under the securities or “blue sky” laws of such jurisdictions as the Representative shall reasonably request (or, in the case of any offer and sale of the Securities in the Offering Provinces, rely on applicable exemptions from the prospectus requirements of applicable Canadian Securities Laws for purposes of the Canadian Private Placement) and will continue such qualifications in effect so long as required for the offering and resale to 

Subsequent Purchasers of the Securities; provided that none of the Issuers or any of the Guarantors shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction, (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject or (iv) file, or obtain a receipt for, a prospectus with and from any Canadian securities regulator to qualify such offer, sale or delivery of the Securities under any Canadian Securities Laws.

(h)Clear Market.  During the period from the date hereof through and including the date that is 60 days after the Closing Date, each Issuer and each of the Guarantors will not, without the prior written consent of the Representative, offer, sell, contract to sell, pledge or otherwise dispose of any debt securities issued or guaranteed by either Issuer or any of the Guarantors and having a term of more than one year (other than the Securities).

(i)Use of Proceeds.  The Issuers will apply the net proceeds from the sale of the Securities in the manner described in each of the Time of Sale Information and the Offering Memorandum under the heading “Use of proceeds.”

(j)Supplying Information.  While the Securities remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, each Issuer and each of the Guarantors will, during any period in which the Issuers are not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities and prospective purchasers of the Securities designated by such holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

(k)DTC.  The Issuers will assist the Initial Purchasers in arranging for the Securities to be eligible for clearance and settlement through DTC.

(l)No Resales by the Issuers, Parent and the Partnership.  Until the first anniversary of the Closing Date, each of the Issuers will not, and will not permit Parent, the Partnership or any of the Issuers’ respective controlled affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by an Issuer or any of their respective affiliates and (i) resold in a transaction registered under the Securities Act or (ii) resold in a transaction exempt from registration under the Securities Act, provided that any Notes transferred under this clause (ii) must bear the restrictive legend set forth in the Offering Memorandum for at least one year following such resale.

(m)No Integration.  None of the Issuers nor any of their respective affiliates (as defined in Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act.

(n)No General Solicitation or Directed Selling Efforts.  None of the Issuers nor any of their respective affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will (i) solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engage in any directed selling efforts within the meaning of Regulation S, and all such persons will comply with the offering restrictions requirement of Regulation S.

(o)No Stabilization.  None of the Issuers nor any of the Guarantors will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.

(p)Perfection of Security Interests.  The Issuers and each Guarantor (i) shall complete on or prior to the Closing Date all filings and other similar actions required in connection with the perfection of first-priority security interests in the Collateral as and to the extent contemplated by the Indenture and the Collateral Documents and (ii) shall take all actions necessary to maintain such security interests and to perfect security interests in any Collateral acquired after the Closing Date, in each case as and to the extent contemplated by the Indenture and the Collateral Documents; provided that the Issuers and the Guarantors may deliver, furnish and/or cause to be furnished all of the obligations set forth on Schedule 3 hereto within the time periods set forth therein.

5.Certain Agreements of the Initial Purchasers.  Each Initial Purchaser hereby severally and not jointly represents and agrees that it has not and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and the Offering Memorandum, (ii) a written communication that contains either (a) no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (b) “issuer information” that was included (including through incorporation by reference) in the Time of Sale Information or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared by the Issuers pursuant to Section 4(c) above (including any electronic road show), (iv) any written communication prepared by such Initial Purchaser and approved by the Issuers in advance in writing or (v) any written communication that only contains the terms of the Securities and/or other information that was included (including through incorporation by reference) or will be included in the Time of Sale Information or the Offering Memorandum.

6.Conditions of Initial Purchasers’ Obligations.  The obligation of each Initial Purchaser to purchase Securities on the Closing Date as provided herein is subject to the performance by each Issuer and each of the Guarantors of their respective covenants and other obligations hereunder and to the following additional conditions:

(a)Representations and Warranties.  The representations and warranties of the Issuers and the Guarantors contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of the Issuers, the Guarantors and their respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date.

(b)No Downgrade.  Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by any Issuer, Parent, the Partnership or any of their respective subsidiaries by any “nationally recognized statistical rating organization,” as such term is defined by the Commission for purposes of Section 3(a)(62) of the Exchange Act; and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by any Issuer, Parent, the Partnership or any of their respective subsidiaries (other than an announcement with positive implications of a possible upgrading).

(c)No Material Adverse Change.  No event or condition described in Section 3(e) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto) and the Offering Memorandum (excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum.

(d)Officer’s Certificate.  The Representative shall have received on and as of the Closing Date a certificate of an executive officer of the Company and of each Guarantor who has specific knowledge of the Company’s or such Guarantor’s financial matters and is satisfactory to the Representative (i) confirming 

that such officer has carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such officer, the representations set forth in Sections 3(a), 3(b) and 3(d) hereof are true and correct, (ii) confirming that the other representations and warranties of the Issuers and the Guarantors in this Agreement are true and correct and that the Issuers and the Guarantors have complied in all material respects with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date and (iii) to the effect set forth in paragraphs (b) and (c) above.

(e)Comfort Letters.  On the date of this Agreement and on the Closing Date, KPMG shall have furnished to the Representative, at the request of Parent and the Partnership, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum; provided that the letter delivered on the Closing Date shall use a “cut-off” date no more than three business days prior to the Closing Date.

(f)Opinion and 10b-5 Statement of Counsel for the Issuers and the Guarantors.  (i) Kirkland & Ellis LLP, U.S. counsel for the Issuers and the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinions and 10b-5 statement, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers, (ii) Stikeman Elliott LLP, Canadian counsel for the Issuers and the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinions, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers and (iii) Greenberg Traurig, P.A., Florida counsel for the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers.

(g)Opinion and 10b-5 Statement of Counsel for the Initial Purchasers.  The Representative shall have received on and as of the Closing Date (x) an opinion and 10b-5 statement of Cahill Gordon & Reindel llp, counsel for the Initial Purchasers, and (y) an opinion of Blake, Cassels & Graydon LLP, Canadian counsel for the Initial Purchasers, in each case with respect to such matters as the Representative may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters.

(h)No Legal Impediment to Issuance.  No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, provincial, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities or the issuance of the Guarantees; and no injunction or order of any federal, provincial, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or the issuance of the Guarantees.

(i)Good Standing.  The Representative shall have received on and as of the Closing Date satisfactory evidence of the existence or good standing of each Issuer and each of the Guarantors in their respective jurisdictions of organization and their good standing in such other jurisdictions as the Representative may reasonably request, in each case in writing or any standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions.

(j)Indenture and Securities.  The Indenture shall have been duly executed and delivered by a duly authorized officer of each of the Issuers, each of the Guarantors, the Trustee and the Collateral Agent, and the Securities shall have been duly executed and delivered by a duly authorized officer of each Issuer and duly authenticated by the Trustee.

(k)DTC.  The Securities shall be eligible for clearance and settlement through DTC.

(l)Collateral Documents.  On the Closing Date, the Initial Purchasers shall have received a counterpart of each Collateral Document (other than the Mortgages and the First Lien Intercreditor Agreement),  and First Lien Intercreditor Agreement Joinder No. 2, that shall have been executed and delivered by the applicable parties thereto and each of such documents shall be in full force and effect in accordance with their terms.

(m)Security Filings.  On the Closing Date, except as otherwise contemplated by the Collateral Documents (other than the Mortgages and as otherwise permitted by Schedule 3 hereto), each document (including any Uniform Commercial Code financing statement or equivalent filing in the provinces of British Columbia, Ontario and Quebec) required by the Collateral Documents (other than the Mortgages), or under law or reasonably requested by the Representative, in each case, to be filed, registered or recorded, or delivered for filing on or prior to the Closing Date, including filings in the U.S. Patent and Trademark Office and the U.S. Copyright Office in order to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a perfected first-priority lien (subject to Permitted Liens) and security interest in the Collateral that can be perfected by the making of such filings, registrations or recordations, prior and superior to the right of any other person (other than Permitted Liens), shall be executed and in proper form for filing, registration or recordation.  All Canadian intellectual property security agreements required to be filed pursuant to the Canadian Security Agreement shall be executed and in proper form for filing, registration or recordation and the Initial Purchasers shall have received counterparts thereof on the Closing Date.

(n)Refinancing.  The Issuer (or its direct or indirect parent) has delivered notice of redemption to the existing noteholders of the 2022 First Lien Notes in accordance with the terms of the indenture governing the 2022 First Lien Notes.  

(o)Additional Documents.  On or prior to the Closing Date, the Issuers and the Guarantors shall have furnished to the Representative such further certificates and documents as the Representative may reasonably request.

All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers.
7.Indemnification and Contribution.  (a)  Indemnification of the Initial Purchasers.  Each of the Issuers and each of the Guarantors jointly and severally agrees to indemnify and hold harmless each Initial Purchaser, its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, any Misrepresentation or alleged Misrepresentation contained in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto) or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, a Misrepresentation or alleged Misrepresentation made in reliance upon and in conformity with any information relating to any Initial Purchaser furnished to the Issuers in writing by such Initial Purchaser through the Representative expressly for use therein.

(b)    Indemnification of the Issuers and the Guarantors.  Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless each Issuer, each of the Guarantors, their respective directors and officers and each person who controls each Issuer or any of the Guarantors within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) 

above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Initial Purchaser furnished to the Issuers in writing by such Initial Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto), it being understood and agreed that the only such information consists of the following: the fourth paragraph, the third and fourth sentence of the seventh paragraph and the ninth paragraph, in each case, found under the heading “Plan of distribution.”
(c)    Notice and Procedures.  If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified Person”) shall promptly notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above.  If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such proceeding and shall pay the reasonable fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred.  In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and the Indemnified Person shall have reasonably concluded that representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.  It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred.  Any such separate firm for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by Morgan Stanley & Co. LLC and any such separate firm for the Issuers, the Guarantors, their respective directors and officers and any control persons of the Issuers and the Guarantors shall be designated in writing by the Issuers.  The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment.  No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.
(d)    Contribution.  If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or 

liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuers and the Guarantors on the one hand and the Initial Purchasers on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Issuers and the Guarantors on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.  The relative benefits received by the Issuers and the Guarantors on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Issuers from the sale of the Securities and the total discounts and commissions received by the Initial Purchasers in connection therewith, as provided in this Agreement, bear to the aggregate offering price of the Securities.  The relative fault of the Issuers and the Guarantors on the one hand and the Initial Purchasers on the other shall be determined by reference to, among other things, whether the Misrepresentation or alleged Misrepresentation relates to information supplied by any Issuer or any Guarantor or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  For the avoidance of doubt, until the Issuers, the Guarantors or their respective directors, officers and control persons are entitled to indemnification from the Initial Purchasers under Section 7(b) above, they are not entitled to contribution under this Section 7(d).
(e)    Limitation on Liability.  The Issuers, the Guarantors and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above.  The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim.  Notwithstanding the provisions of this Section 7, in no event shall an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.  The Initial Purchasers’ obligations to contribute pursuant to this Section 7 are several in proportion to their respective purchase obligations hereunder and not joint.
(f)    Non-Exclusive Remedies.  The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.
8.Termination.  This Agreement may be terminated in the absolute discretion of the Representative, by notice to the Issuers, if after the execution and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange or the over-the-counter market; (ii) trading of any securities issued or guaranteed by Parent, the Partnership, any Issuer or any of the Guarantors shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representative is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery, of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum.

9.Defaulting Initial Purchaser.  (a)  If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Issuers on the terms contained in this Agreement.  If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Issuers shall be entitled to a 

further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms.  If other persons become obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Issuers may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Issuers or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Offering Memorandum or in any other document or arrangement, and the Issuers agree to promptly prepare any amendment or supplement to the Time of Sale Information or the Offering Memorandum that effects any such changes.  As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase.

(b)    If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Issuers as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Issuers shall have the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder) of the Securities of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made.
(c)    If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Issuers as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Issuers shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers.  Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of the Issuers or the Guarantors, except that each Issuer and each of the Guarantors will continue to be jointly and severally liable for the payment of expenses as set forth in Section 10 hereof and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect.
(d)    Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Issuers, the Guarantors or any non-defaulting Initial Purchaser for damages caused by its default.
10.Payment of Expenses.  (a)  Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, each Issuer and each of the Guarantors jointly and severally agrees to pay or cause to be paid all costs and expenses incident to the performance of their respective obligations hereunder (including any goods and services, harmonized sales, sales, transfer, stamp, excise and other similar taxes payable in connection therewith), including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction Documents; (iv) the fees and expenses of the Issuers’ and the Guarantors’ counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the Securities under the laws of such jurisdictions as the Representative may designate and the preparation, printing and distribution of a “blue sky” memorandum (including the related fees and expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee, the Collateral Agent and any paying agent (including related fees and expenses of any counsel to such parties); (viii) all expenses and fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; (ix) all expenses incurred by the Issuers in connection with any “road show” presentation to potential investors; and (x) the fees and expenses incurred in connection with creating, documenting and perfecting the security interests in the Collateral as contemplated by the Collateral Documents (including the reasonable related fees and expenses of counsel for the Initial Purchasers for all periods prior to and after the Closing Date).

(b)    If (i) this Agreement is terminated pursuant to Section 8, (ii) the Issuers for any reason fail to tender the Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this Agreement, each Issuer and each of the Guarantors jointly and severally agrees to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Initial Purchasers in connection with this Agreement and the offering contemplated hereby.
11.Persons Entitled to Benefit of Agreement.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and any controlling persons referred to herein, and the affiliates, officers and directors of each Initial Purchaser referred to in Section 7 hereof.  Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein.  No purchaser of Securities from any Initial Purchaser shall be deemed to be a successor merely by reason of such purchase.

12.Survival.  The respective indemnities, rights of contribution, representations, warranties and agreements of the Issuers, the Guarantors and the Initial Purchasers contained in this Agreement or made by or on behalf of the Issuers, the Guarantors or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any subsequent disposition by the Initial Purchasers of the Securities, any termination of this Agreement or any investigation made by or on behalf of the Issuers, the Guarantors or the Initial Purchasers.

13.Certain Defined Terms.  For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on which banks are permitted or required to be closed in New York City; (c) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act; (d) the term “Exchange Act” means the Securities Exchange Act of 1934, as amended; and (e) the term “written communication” has the meaning set forth in Rule 405 under the Securities Act.

14.Compliance with USA Patriot Act.  In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Issuers and the Guarantors, which information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients.

15.Recognition of the U.S. Special Resolution Regimes.  (a)  In the event that any Initial Purchaser that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

(b)    In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate (as defined below) of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.
(c)    For purposes of this Section 15, (i) the term “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (ii) “Covered Entity” means any of the following: (x) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (y) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b), or a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (iii) “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 

47.2 or 382.1, as applicable; and (iv) “U.S. Special Resolution Regime” means each of (x) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (y) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
16.Miscellaneous.  (a)  Authority of the Representative.  Any action by the Initial Purchasers hereunder may be taken by Morgan Stanley & Co. LLC on behalf of the Initial Purchasers, and any such action taken by Morgan Stanley & Co. LLC shall be binding upon the Initial Purchasers.

(b)    Notices.  All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication.  Notices to the Initial Purchasers shall be given to the Representative c/o Morgan Stanley & Co. LLC , 1585 Broadway, New York, New York 10036 (Attention: High Yield Syndicate Desk).  Notices to the Issuers and the Guarantors shall be given to them at 1011778 B.C. Unlimited Liability Company, c/o Restaurant Brands International, 130 King Street West, Suite 300, Toronto, Ontario, Canada M5X 1E1, Attention:  Jill Granat.  A copy of any notice sent to the Issuers shall also be sent to:  Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, (fax:  (212) 446-4900), Attn:  Joshua N. Korff and Michael Kim.
(c)    Governing Law.  This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York.
(d)    Waiver of Jury Trial.  The Issuers, the Guarantors and each of the Initial Purchasers hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
(e)    Consent to Jurisdiction.  The Issuers and each of the Guarantors hereby submit to the non-exclusive jurisdiction of any U.S. federal or state court located in the Borough of Manhattan, the City and County of New York in any action, suit or proceeding arising out of or relating to or based upon this Agreement or any of the transactions contemplated hereby, and the Issuers and each of the Guarantors irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding in any such court arising out of or relating to this Agreement or the transactions contemplated hereby and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding has been brought in an inconvenient forum.  The Company and each Guarantor domiciled in Canada hereby appoints the Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, NY 10036-8401, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein that may be instituted in any state or U.S. federal court in The City of New York and County of New York, by any Initial Purchaser, the directors, officers, employees, affiliates and agents of any Initial Purchaser, or by any person who controls any Initial Purchaser, and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding.  The Company and each Guarantor domiciled in Canada hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company and each Guarantor domiciled in Canada agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid.  Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company and each Guarantor domiciled in Canada.  
(f)    Waiver of Immunity.  To the extent that the Issuers or any Guarantor has or hereafter may acquire any immunity (sovereign or otherwise) from jurisdiction of any court of (i) Canada, or any political subdivision thereof, (ii) the United States or the State of New York, (iii) any jurisdiction in which it owns or leases property or assets or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution, set-off or otherwise) with respect to themselves or their respective property and assets or this Agreement, the Issuers and each Guarantor hereby irrevocably waive such immunity in respect of its obligations under this Agreement to the fullest extent permitted by applicable law.
(g)    Judgment Currency.  Each of the Issuers and each Guarantor jointly and severally agrees to indemnify each Initial Purchaser, its directors, officers, affiliates and each person, if any, who controls such Initial 

Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any loss incurred by such Initial Purchaser as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the “judgment currency”) other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the judgment currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by the indemnified person. The foregoing indemnity shall constitute a separate and independent obligation of each of the Issuers and each Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.
(h)    Counterparts.  This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.
(i)    Amendments or Waivers.  No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.
(j)    Headings.  The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.
[Remainder of page intentionally left blank]

If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.
1011778 B.C. UNLIMITED LIABILITY COMPANY
By: ___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Secretary 

NEW RED FINANCE, INC.
By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Assistant Secretary 

[Signature Page to Purchase Agreement]

BLUE HOLDCO 1, LLC
BLUE HOLDCO 2, LLC
BLUE HOLDCO 3, LLC
BLUE HOLDCO 440, LLC
TIM DONUT U.S. LIMITED, INC.
SBFD HOLDING CO.
TIM HORTONS USA INC.
TIM HORTONS (NEW ENGLAND), INC.
RESTAURANT BRANDS INTERNATIONAL
US SERVICES LLC
LLCXOX, LLC
ORANGE INTERMEDIATE, LLC
POPEYES LOUISIANA KITCHEN, INC.
PLK ENTERPRISES OF CANADA, INC.
By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Secretary 

BURGER KING WORLDWIDE, INC.
BURGER KING CAPITAL FINANCE, INC.
BURGER KING HOLDINGS, INC.
BURGER KING CORPORATION
BK ACQUISITION, INC.
BURGER KING INTERAMERICA, LLC
BK WHOPPER BAR, LLC

By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Assistant Secretary 

[Signature Page to Purchase Agreement]

ORANGE GROUP, INC.
By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Secretary 

[Signature Page to Purchase Agreement]

 
1014369 B.C. UNLIMITED LIABILITY COMPANY
1019334 B.C. UNLIMITED LIABILITY COMPANY
BURGER KING CANADA HOLDINGS 
INC./PLACEMENTS BURGER KING CANADA INC. 
GRANGE CASTLE HOLDINGS LIMITED 
GPAIR LIMITED 
THE TDL GROUP CORP./GROUPE TDL CORPORATION

By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Secretary 

[Signature Page to Purchase Agreement]

1024670 B.C. UNLIMITED LIABILITY COMPANY
1028539 B.C. UNLIMITED LIABILITY COMPANY
1029261 B.C. UNLIMITED LIABILITY COMPANY
1057837 B.C. UNLIMITED LIABILITY COMPANY
1057772 B.C. UNLIMITED LIABILITY COMPANY
1057639 B.C. UNLIMITED LIABILITY COMPANY
TDLDD HOLDINGS ULC
TDLRR HOLDINGS ULC
BK CANADA SERVICE ULC 
RESTAURANT BRANDS HOLDINGS CORPORATION
TIM HORTONS CANADIAN IP HOLDINGS CORPORATION

By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Secretary 

[Signature Page to Purchase Agreement]

1112090 B.C. UNLIMITED LIABILITY COMPANY
1112097 B.C. UNLIMITED LIABILITY COMPANY
1112100 B.C. UNLIMITED LIABILITY COMPANY
1112104 B.C. UNLIMITED LIABILITY COMPANY
1112106 B.C. UNLIMITED LIABILITY COMPANY

By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Secretary 

[Signature Page to Purchase Agreement]

BC12sub- ORANGE HOLDINGS ULC 
SBFD SUBCO ULC
LAX HOLDINGS ULC
ORANGE GROUP INTERNATIONAL, INC.
BLUE HOLDCO AKA8, LLC
BLUE HOLDCO AKA7, LLC
BCP-SUB, LLC
SBFD, LLC
SBFD BETA, LLC
RB TIMBIT HOLDINGA ULC
RB OCS HOLDINGS ULC
RB CRISPY CHICKEN HOLDING ULC
PBB HOLDINGA ULC
ZN1 HOLDINGS ULC
ZN2 HOLDINGS ULC
ZN3 HOLDINGS ULC
ZN4 HOLDINGS ULC
ZN5 HOLDINGS ULC
ZN6 HOLDINGS ULC
ZN7 HOLDINGS ULC
ZN8 HOLDINGS ULC
ZN9 HOLDINGS ULC
XN19TDL HOLDINGSA ULC
LLC-QZ, LLC
SOCIÉTÉ EN COMMANDITE TARTE 3/ PIE 3 LIMITED PARTNERSHIP
SOCIÉTÉ EN COMMANDITE TARTE 4/ PIE 4 LIMITED PARTNERSHIP
SOCIÉTÉ EN COMMANDITE P2019/P2019 LIMITED PARTNERSHIP

By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Secretary 

[Signature Page to Purchase Agreement]

LLC-K4, LLC
LLC-QQ
12-2019 HOLDINGS ULC
12ZZ HOLDINGS ULC
RBHZZ HOLDINGS ULC
SOCIÉTÉ EN COMMANDITE BC12/ BC12 LIMITED PARTNERSHIP
12KR HOLDINGS ULC
12KRR HOLDINGS ULC
KR1 HOLDINGS ULC
KR2 HOLDINGS ULC
KR3 HOLDINGS ULC
KR4 HOLDINGS ULC
KR5 HOLDINGS ULC
KR6 HOLDINGS ULC
KR7 HOLDINGS ULC
KR8 HOLDINGS ULC
KR9 HOLDINGS ULC
KR19TDL HOLDINGS ULC
SOCIÉTÉ EN COMMANDITE BC12P/ BC12P LIMITED PARTNERSHIP

By:___/s/ Jill Granat___________    
Name:    Jill Granat
Title:    Secretary 

[Signature Page to Purchase Agreement]

Accepted on the date first written above:  
MORGAN STANLEY & CO. LLC
For itself and on behalf of the several
Initial Purchasers listed in Schedule 1 hereto.
By:    /s/ Ethan Plater    
Name:    Ethan Plater
Title:    Authorized Signatory

[Signature Page to Purchase Agreement]

Schedule 1

	
			
	Initial Purchaser
	Principal Amount

	Morgan Stanley & Co. LLC 
	$
	93,750,000

	J.P. Morgan Securities LLC
	 
	65,625,000

	Wells Fargo Securities, LLC
	 
	65,625,000

	RBC Capital Markets, LLC
	 
	56,250,000

	Barclays Capital Inc. 
	 
	56,250,000

	BofA Securities, Inc.
	 
	39,843,750

	Rabo Securities USA, Inc.
	 
	39,843,750

	HSBC Securities (USA) Inc.
	 
	39,843,750

	MUFG Securities Americas Inc.
	 
	39,843,750

	BMO Capital Markets Corp.
	 
	39,843,750

	Goldman Sachs & Co. LLC
	 
	30,468,750

	Fifth Third Securities, Inc.
	 
	30,468,750

	BNP Paribas Securities Corp.
	 
	30,468,750

	Citigroup Global Markets Inc.
	 
	30,468,750

	Scotia Capital (USA) Inc.
	 
	30,468,750

	SunTrust Robinson Humphrey, Inc.
	 
	30,468,750

	Capital One Securities, Inc.
	 
	30,468,750

	Total
	$
	750,000,000

Schedule 2
Guarantors
		
	1.
	BK Whopper Bar, LLC, a Florida limited liability company

		
	2.
	BK Acquisition, Inc., a Delaware corporation

		
	3.
	Orange Intermediate, LLC, a Delaware limited liability company

		
	4.
	Orange Group, Inc., a Delaware corporation

		
	5.
	LLCxox, LLC, a Delaware limited liability company

		
	6.
	Blue Holdco 1, LLC, a Delaware limited liability company

		
	7.
	Blue Holdco 2, LLC, a Delaware limited liability company

		
	8.
	Blue Holdco 3, LLC, a Delaware limited liability company

		
	9.
	SBFD Holding Co., a Delaware corporation

		
	10.
	Tim Hortons USA Inc., a Florida corporation

		
	11.
	Tim Hortons (New England), Inc., a Delaware corporation 

		
	12.
	Burger King Worldwide, Inc., a Delaware corporation

		
	13.
	Burger King Capital Finance, Inc., a Delaware corporation

		
	14.
	Burger King Holdings, Inc., a Delaware corporation

		
	15.
	Blue Holdco 440, LLC, a Delaware limited liability company

		
	16.
	Tim Donut U.S. Limited, Inc., a Florida corporation

		
	17.
	Burger King Corporation, a Florida corporation

		
	18.
	Burger King Interamerica, LLC, a Florida limited liability company

		
	19.
	1014369 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	20.
	1019334 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	21.
	Grange Castle Holdings Limited, a Canada corporation

		
	22.
	GPAir Limited, an Ontario corporation

		
	23.
	The TDL Group Corp./Groupe TDL Corporation, a British Columbia limited company 

		
	24.
	Burger King Canada Holdings Inc./Placements Burger King Canada Inc., an Ontario corporation    

		
	25.
	1024670 B.C. Unlimited Liability Company, a British Columbia unlimited liability company 

		
	26.
	1028539 B.C. Unlimited Liability Company, a British Columbia unlimited liability company 

		
	27.
	1029261 B.C. Unlimited Liability Company, a British Columbia unlimited liability company 

		
	28.
	1057837 B.C. Unlimited Liability Company, a British Columbia unlimited liability company 

		
	29.
	1057772 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	30.
	1057639 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	31.
	TDLdd Holdings ULC, a British Columbia unlimited liability company

		
	32.
	TDLrr Holdings ULC, a British Columbia unlimited liability company

		
	33.
	BK Canada Service ULC, a British Columbia unlimited liability company

		
	34.
	Restaurant Brands Holdings Corporation, an Ontario corporation

		
	35.
	Tim Hortons Canadian IP Holdings Corporation, an Ontario corporation

		
	36.
	Restaurant Brands International US Services LLC, a Florida limited liability company

		
	37.
	PLK Enterprises of Canada, Inc., a British Columbia corporation

		
	38.
	Popeyes Louisiana Kitchen, Inc., a Minnesota corporation

		
	39.
	1112097 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	40.
	1112104 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	41.
	1112106 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	42.
	1112090 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	43.
	1112100 B.C. Unlimited Liability Company, a British Columbia unlimited liability company

		
	44.
	BC12sub- Orange Holdings ULC, a British Columbia unlimited liability company

		
	45.
	SBFD Subco ULC, a British Columbia unlimited liability company

		
	46.
	LAX Holdings ULC, a British Columbia unlimited liability company

		
	47.
	Orange Group International, Inc., an Ontario corporation    

		
	48.
	Blue Holdco aka8, llc, a Delaware limited liability company

		
	49.
	Blue Holdco aka7, llc, a Delaware limited liability company

		
	50.
	BCP-Sub, LLC, a Delaware limited liability company

		
	51.
	SBFD, LLC, a Delaware limited liability company

		
	52.
	SBFD Beta, LLC, a Delaware limited liability company

		
	53.
	RB Timbit Holdings ULC, a British Columbia unlimited liability company

		
	54.
	RB OCS Holdings ULC, a British Columbia unlimited liability company

		
	55.
	RB Crispy Chicken Holdings ULC, a British Columbia unlimited liability company

		
	56.
	PBB Holdings ULC, a British Columbia unlimited liability company

		
	57.
	ZN1 Holdings ULC, a British Columbia unlimited liability company

		
	58.
	ZN2 Holdings ULC, a British Columbia unlimited liability company

		
	59.
	ZN3 Holdings ULC, a British Columbia unlimited liability company

		
	60.
	ZN4 Holdings ULC, a British Columbia unlimited liability company

		
	61.
	ZN5 Holdings ULC, a British Columbia unlimited liability company

		
	62.
	ZN6 Holdings ULC, a British Columbia unlimited liability company

		
	63.
	ZN7 Holdings ULC, a British Columbia unlimited liability company

		
	64.
	ZN8 Holdings ULC, a British Columbia unlimited liability company

		
	65.
	ZN9 Holdings ULC, a British Columbia unlimited liability company

		
	66.
	ZN19TDL Holdings ULC, a British Columbia unlimited liability company

		
	67.
	LLC-QZ, LLC, a Delaware limited liability company

		
	68.
	Société en commandite Tarte 3/ Pie 3 Limited Partnership, a Quebec limited partnership

		
	69.
	Société en commandite Tarte 4/ Pie 4 Limited Partnership, a Quebec limited partnership

		
	70.
	Société en commandite P2019/P2019 Limited Partnership, a Quebec limited partnership

		
	71.
	LLC-K4, LLC, a Delaware limited liability company

		
	72.
	LLC-QQ, LLC, a Delaware limited liability company

		
	73.
	12-2019 Holdings ULC, a British Columbia unlimited liability company

		
	74.
	12zz Holdings ULC, a British Columbia unlimited liability company

		
	75.
	RBHzz Holdings ULC, a British Columbia unlimited liability company

		
	76.
	Société en commandite BC12/ BC12 Limited Partnership, a Quebec limited partnership

		
	77.
	12Kr Holdings ULC, a British Columbia unlimited liability company

		
	78.
	12Krr Holdings ULC, a British Columbia unlimited liability company

		
	79.
	KR1 Holdings ULC, a British Columbia unlimited liability company

		
	80.
	KR2 Holdings ULC, a British Columbia unlimited liability company

		
	81.
	KR3 Holdings ULC, a British Columbia unlimited liability company

		
	82.
	KR4 Holdings ULC, a British Columbia unlimited liability company

		
	83.
	KR5 Holdings ULC, a British Columbia unlimited liability company

		
	84.
	KR6 Holdings ULC, a British Columbia unlimited liability company

		
	85.
	KR7 Holdings ULC, a British Columbia unlimited liability company

		
	86.
	KR8 Holdings ULC, a British Columbia unlimited liability company

		
	87.
	KR9 Holdings ULC, a British Columbia unlimited liability company

		
	88.
	KR19TDL Holdings ULC, a British Columbia unlimited liability company

		
	89.
	Société en commandite BC12p/ BC12p Limited Partnership, a Quebec limited partnership

Schedule 3
Post-Closing Collateral Requirements
Within 90 days following the Closing Date, the Collateral Agent shall have received each of the following, in each case, in form and substance as shall be reasonably satisfactory to the Collateral Agent and its counsel:
(i)    with respect to each Mortgaged Property, a Mortgage granted by the registered and beneficial (if not the same) owner of the applicable Mortgaged Property in favor of the Collateral Agent for its benefit and for the benefit of the Secured Parties encumbering each such party’s fee interest in such Mortgaged Property, duly executed and acknowledged by such party in form for registration or recording in the appropriate recording or Land Registry office of the political subdivision where such Mortgaged Property is situated, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the registration, recording or filing thereof and such financing statements and other similar statements in respect of each such Mortgage, and any other instruments necessary to grant the interests purported to be granted by each such Mortgage (and to register or record such Mortgage in the appropriate recording or Land Registry offices) under the laws of any applicable jurisdiction, which Mortgage, financing statements and other instruments shall be in form and substance substantially similar to the mortgages, financing statements and other instruments delivered to the Credit Facilities Agent under the Senior Secured Credit Facilities and effective to create a valid and enforceable first-priority lien on such Mortgaged Property in favor of the Collateral Agent for the benefit of the Secured Parties, subject to no liens other than Permitted Liens, Permitted Exceptions, and the Enforceability Exceptions;
(ii)    with respect to each Mortgage encumbering any Mortgaged Property, a policy of title insurance (or irrevocable commitment to issue such a policy) insuring (or irrevocably committing to insure) the lien of such Mortgage as a valid and enforceable first-priority mortgage or mortgage deed lien, as applicable, on the real property and fixtures described therein, in favor of the Collateral Agent for the benefit of the Secured Parties, securing the obligations of the Issuers and the Guarantors under the Indenture, the Securities and the Collateral Documents, in an amount equal to the proportionate amount allocated to such Mortgaged Property in connection with the mortgagee’s policy of title insurance covering the mortgage lien securing the obligations under the Senior Secured Credit Facilities and which policy (or irrevocable commitment) shall (a) be issued by a title insurance company reasonably acceptable to the Collateral Agent (the “Title Company”), (b) be in form and substance substantially similar to the applicable mortgaged policy delivered to the Credit Facilities Agent under the Senior Secured Credit Facilities and (d) contain no defects, liens or encumbrances other than Permitted Liens, Permitted Exceptions, and the Enforceability Exceptions (individually, a “Mortgaged Policy,” and, collectively, “Mortgaged Policies”);
(iii)    with respect to each Mortgaged Property, (a) a survey of the Mortgaged Property certified by the surveyor (in a manner reasonably acceptable to the Collateral Agent) to the Collateral Agent and the Title Company or (b) an existing survey with an “affidavit of no change” satisfactory to the Title Company in order to obtain survey coverage under the applicable Mortgaged Policy, in each case, in form and substance substantially similar to the applicable survey delivered to the Credit Facilities Agent under the Senior Secured Credit Facilities;
(iv)    policies or certificates of insurance covering the Mortgaged Properties, and any other assets of the Issuers and the Guarantors as required by the Indenture and the Collateral Documents, which policies or certificates name the Collateral Agent, for the benefit of the Secured Parties, as additional insured and loss payee and mortgagee, as applicable and appropriate, and shall otherwise be in form and substance substantially similar to the policies or certificates of insurance delivered to the Credit Facilities Agent under the Senior Secured Credit Facilities;
(v)    such affidavits, certificates and instruments of indemnification and other items (including a so-called “gap” indemnification) as shall be reasonably required to induce the Title Company to issue the Mortgaged Policies with respect to each Mortgaged Property, provided that such affidavits, certificates and instruments of indemnification and other items shall be in form and substance substantially similar to those delivered to the Credit Facilities Agent under the Senior Secured Credit Facilities;

(vi)    checks or wire transfers to the Title Company in respect of amounts in payment of required recording cost and taxes due in respect of the execution, delivery or recording of the Mortgages, fixture filings and related documents, together with a check or wire transfer for the Title Company in payment of its premium, search and examination charges, applicable survey costs and any other amounts then due in connection with the issuance of the Mortgaged Policies;
(vii)    with respect to each Mortgaged Property, opinions, addressed to the Collateral Agent and the Trustee regarding the due execution and delivery and enforceability of each such Mortgage, the corporate formation, existence and good standing of the applicable mortgagor, and such other matters as may be reasonably requested by the Collateral Agent, each in form and substance reasonably satisfactory to the Collateral Agent, provided that such opinions shall be in form and substance substantially similar to the opinions delivered to the Credit Facilities Agent under the Senior Secured Credit Facilities; 
(viii)    such further information, certificates and documents evidencing or relating to the Collateral or required to effect the foregoing as the Collateral Agent may reasonably request including, without limitation, such information, certificates and documents substantially similar in form and substance to those delivered to the Credit Facilities Agent under the Senior Secured Credit Facilities.
Notwithstanding anything herein to the contrary, it is understood that, to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on the Closing Date (other than the pledge and perfection of the security interest in the equity interests of the Issuers and each of its direct wholly owned domestic restricted subsidiaries and other assets pursuant to which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code, the Personal Property Security Act (Ontario) or the equivalent legislation in any other jurisdiction of Canada in which the Collateral is situated) after your use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall be required to be delivered as soon as is reasonably practicable after the Closing Date.Annex A-1

ANNEX A
Additional Time of Sale Information
		
	1.
	Pricing term sheet containing the terms of the Securities, substantially in the form of Annex B.

ANNEX B
Pricing Term Sheet

1011778 B.C. Unlimited Liability Company and New Red Finance, Inc.
$750,000,000 3.875% First Lien Senior Secured Notes due 2028

Pricing term sheet dated September 6, 2019 to Preliminary Offering Memorandum dated September 6, 2019
(the “Preliminary Offering Memorandum”) of 1011778 B.C. Unlimited Liability Company and New Red
Finance, Inc. (the “Issuers”).

This pricing term sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum. The information in this pricing term sheet supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent it is inconsistent with the information in the Preliminary Offering Memorandum. Other information (including financial information) presented in the Preliminary Offering Memorandum is deemed to have changed to the extent affected by the changes described herein. Terms used and not defined herein have the meanings assigned in the Preliminary Offering Memorandum.

The notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction and are being offered only (1) to persons reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States in compliance with Regulation S under the Securities Act.

Change in Size of Offering

The aggregate principal amount of notes to be issued in the offering increased from $500,000,000 to $750,000,000 which reflects an increase of $250,000,000 from the aggregate principal amount of notes set forth on the cover page of the Preliminary Offering Memorandum. The net proceeds resulting from the increased amount will be used to repay certain outstanding indebtedness, and to pay related fees and expenses.

Terms Applicable to the Notes

	
		
	Issuers:
	1011778 B.C. Unlimited Liability Company and New Red Finance, Inc.

	 
	 

	Securities Description:
	3.875% First Lien Senior Secured Notes due 2028

	 
	 

	Distribution:
	144A/Regulation S without registration rights

	 
	 

	
		
	Aggregate Principal Amount:
	$750,000,000, which represents an increase of $250,000,000 from the offering size in the Preliminary Offering Memorandum

	 
	 

	Gross Proceeds:
	$750,000,000

	 
	 

	Maturity:
	January 15, 2028

	 
	 

	Coupon:
	3.875%

	 
	 

	Issue Price:
	100.000% plus accrued interest, if any, from September 24, 2019

	 
	 

	Yield to Maturity:
	3.875%

	 
	 

	Spread to Treasury:
	 +235 bps

	 
	 

	Benchmark:
	UST 2.75% due February 15, 2028

	 
	 

	Interest Payment Dates:
	March 15 and September 15, commencing March 15, 2020

	 
	 

	Equity Clawback:
	Up to 40% at 103.875% prior to September 15, 2022

	 
	 

	Optional Redemption:
	Make-whole call @ T+50 basis points prior to September 15, 2022 then on or after September 15 of the years set forth below:

Year                                                                Percentage
2022 .........................................................      101.938.%
2023 .........................................................      100.969.%
2024 and thereafter ..................................      100.000%

	 
	 

	Change of Control:
	Putable at 101% of principal plus accrued and unpaid interest

	 
	 

	Trade Date:
	September 6, 2019

	 
	 

	Settlement:
	We expect that the notes will be delivered to investors in bookentry form through The Depository Trust Company on or about September 24, 2019, which will be twelve (12) business days following the date of pricing of the notes (this settlement cycle is being referred to as “T + 12”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date hereof or on the next nine succeeding business days will be required to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to make such trades should consult their own advisors.

	 
	 

	CUSIP:
	144A: 68245X AH2
Reg S: C6900P AF6

	 
	 

	ISIN:
	144A: US68245XAH26
Reg S: USC6900PAF65

	 
	 

	Denominations/Multiple:
	2,000 x 1,000

	 
	 

	Ratings*:
	 Ba2 / BB

	 
	 

	
		
	Joint Booking-Running Managers:
	Morgan Stanley & Co. LLC
J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
RBC Capital Markets, LLC
Barclays Capital Inc.

	 
	 

	Co-Managers:
	BofA Securities, Inc.
Rabo Securities USA, Inc.
HSBC Securities (USA) Inc.
MUFG Securities Americas Inc.
BMO Capital Markets Corp.
Goldman Sachs & Co. LLC
Fifth Third Securities, Inc.
BNP Paribas Securities Corp.
Citigroup Global Markets Inc.
Scotia Capital (USA) Inc.
SunTrust Robinson Humphrey, Inc.
Capital One Securities, Inc.

	 
	 

	Changes to the Preliminary Offering
Memorandum:
	Clause (6) on page 160 of the Preliminary Offering Memorandum is hereby deleted and replaced in its entirety with “(6) [reserved].”

The second sentence under the heading titled “Use of Proceeds” is hereby deleted and replaced in its entirety with: “We expect to use the proceeds from the offering of the Notes, together with borrowings under the New Term Loan Facility and cash on hand, to redeem the Issuers’ 2022 First Lien Notes, to repay certain other outstanding indebtedness, and to pay related fees and expenses.”

	__________________
*A securities rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. Each rating is subject to revision or withdrawal at any time by the assigning rating organization.

This material is confidential and is for your information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of the notes or the offering. Please refer to the Preliminary Offering Memorandum for a complete description.

This communication is being distributed only to (1) persons reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States in compliance with Regulation S under the Securities Act.

This communication does not constitute an offer to sell the notes and is not a solicitation of an offer to buy the notes in any jurisdiction where the offer or sale is not permitted.

Any disclaimer or other notice that may appear below is not applicable to this communication and should be
disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent
by Bloomberg or another email system.

                    
                 
                     
            
                     
                    
                    
                     
                
                 
                    
                

                
                 
 
 
 
 
 
 

 
 

ANNEX C
Restrictions on Offers and Sales Outside the United States
In connection with offers and sales of Securities outside the United States:
(a)    Each Initial Purchaser acknowledges that the Securities have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act.  Each Initial Purchaser acknowledges that the distribution of the Securities is being made in the Offering Provinces on a private placement basis, exempt from the prospectus requirements of applicable Canadian Securities Laws, and that the Securities have not been and will not be qualified for distribution (or distribution to the public, as applicable) by prospectus under applicable Canadian Securities Laws.
(b)    Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:
(i)    Such Initial Purchaser has offered and sold the Securities, and will offer and sell the Securities, (A) as part of their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act.
(ii)    None of such Initial Purchaser or any of its affiliates or any other person acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and all such persons have complied and will comply with the offering restrictions requirement of Regulation S.
(iii)    At or prior to the confirmation of sale of any Securities sold in reliance on Regulation S, such Initial Purchaser will have sent to each distributor, dealer or other person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period a confirmation or notice to substantially the following effect:
“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering of the Securities and the date of original issuance of the Securities, except in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act.  Terms used above have the meanings given to them by Regulation S.”
(iv)    Such Initial Purchaser has not and will not enter into any contractual arrangement with any distributor with respect to the distribution of the Securities, except with its affiliates or with the prior written consent of the Issuers.
Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this Agreement have the meanings given to them by Regulation S.
(c)    Each Initial Purchaser acknowledges that no action has been or will be taken by the Issuers that would permit a public offering of the Securities, or possession or distribution of any of the Time of Sale Information, the Offering Memorandum, any Issuer Written Communication or any other offering or publicity material relating to the Securities, in any country or jurisdiction where action for that purpose is required.
(d)    Each Initial Purchaser and its respective affiliates severally agrees that it will offer and sell the Securities to Subsequent Purchasers in Canada in compliance with the requirements of applicable Canadian Securities Laws and only make offers and sales of the Securities in Canada in the Offering Provinces and in such a manner that the sale of the Securities will be exempt from the prospectus requirements of applicable Canadian 

Securities Laws. For greater certainty, each Initial Purchaser severally agrees that it has not made and will not make an offer of the Securities to any person or company in Canada other than a person or company that is both:
(i)    an “accredited investor” within the meaning of NI 45-106 or, in Ontario, as defined in Section 73.3(1) of the Securities Act (Ontario) (except, in each case, for the criteria set out in paragraph (j), (k) or (l) of such definition in NI 45-106) that is either purchasing the Securities as principal for its own account, or is deemed to be purchasing the Securities as principal for its own account in accordance with Canadian Securities Laws, and that is entitled under Canadian Securities Laws to purchase such Securities without the benefit of a prospectus qualified under such laws; and
(ii)    a “permitted client” as defined in section 1.1 of NI 31-103.  
(e)    Each Initial Purchaser, severally and not jointly, covenants and agrees that it will provide to the Issuers forthwith upon request all such information regarding each purchaser of Securities from it in Canada, including the paragraph number in the definition of “accredited investor” in Section 1.1 of NI 45-106 that applies to each purchaser, as the Issuer may reasonably request in good faith for the purpose of preparing and filing Schedule 1 to a report of exempt distribution on Form 45-106F1 (“Form 45-106F1”) and filed with all applicable Canadian securities regulators in connection with the issuance and sale of the Securities, provided it is acknowledged and agreed that the Initial Purchasers need not provide any information to the Issuers regarding whether any Canadian purchaser is an insider of the Issuers.
(f)    Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:
(i)    it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the United Kingdom Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the issue or sale of any Securities in circumstances in which Section 21(1) of the FSMA does not apply to the Issuers or the Guarantors; and
(ii)    it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom.
(g)    Each Initial Purchaser severally agrees that it has not offered, sold or otherwise made available to and will not offer, sell or otherwise make available the Notes to any retail investor in the European Economic Area. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive 2016/97/EU (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”).Exhibit 10.28

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of October 22, 2019, is entered into by and between
BIOXYTRAN, INC., a Nevada corporation, (the “Company”) and PEAK ONE OPPORTUNITY FUND, L.P., a Delaware limited partnership
(the “Buyer”).

 

WITNESSETH:

 

WHEREAS,
the Company and the Buyer are executing and delivering this Agreement in accordance with and in reliance upon the exemption from
securities registration afforded, inter alia, by Rule 506 under Regulation D (“Regulation D”) as promulgated
by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the
“1933 Act”), and/or Section 4(2) of the 1933 Act; and

 

WHEREAS,
the Buyer wishes to purchase from the Company, and the Company wishes to sell the Buyer, upon the terms and subject to the conditions
of this Agreement, securities consisting of the Company’s convertible debentures (the “Debentures”), each of
which are in the form of Exhibit A hereto, which will be convertible into shares of the Company’s common stock, par
value $0.001 per share (the “Common Stock”), in the aggregate principal amount of up to Four Hundred Seventy Thousand
and 00/100 Dollars ($470,000.00), for an aggregate Purchase Price of up to Four Hundred Twenty Three Thousand and 00/100 Dollars
($423,000.00), as well as that certain Warrant (as defined herein), all upon the terms and subject to the conditions of this Agreement,
the Debentures, and other related documents;

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.
DEFINITIONS; AGREEMENT TO PURCHASE.

 

a.
Certain Definitions. As used herein, each of the following terms has the meaning set forth below, unless the context otherwise
requires:

 

(i)
“Affiliate” means, with respect to a specific Person referred to in the relevant provision, another Person who or
which controls or is controlled by or is under common control with such specified Person.

 

(ii)
“Certificates” means certificates representing the Conversion Shares issuable hereunder, each duly executed on behalf
of the Company and issued hereunder.

 

(iii)
“Closing Date” means the date on which one of the three (3) Closings are held, which are the Signing Closing
Date, the Second Closing Date and the Third Closing Date.

 

(iv)
[Reserved]

 

     

     

    

 

(v)
“Commitment Fee” shall have the meaning ascribed to such term in Section 12(a).

 

(vi)
“Common Stock” shall have the meaning ascribed to such term in the Recitals.

 

(vii)
“Conversion Amount” shall mean the Conversion Amount as defined in the Debentures, provided, however that for
purposes of the foregoing calculation, the full indebtedness under the Debentures shall be deemed immediately convertible, notwithstanding
the 4.99% limitation on ownership set forth in the Debentures.

 

(viii)
“Conversion Price” means the Conversion Price as defined in the Debentures.

 

(ix)
“Conversion Shares” means the shares of Common Stock issuable upon conversion of the Debentures.

 

(x)
“DWAC Operational” means that the Common Stock is eligible for clearing through the Depository Trust Company (“DTC”)
via the DTC’s Deposit Withdrawal Agent Commission or “DWAC” system and active and in good standing for DWAC
issuance by the Transfer Agent (as defined herein).

 

(xi)
“Dollars” or “$” means United States Dollars.

 

(xii)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(xiii)
“Investments” means Peak One Investments, LLC, the general partner of the Buyer.

 

(xiv)
“Irrevocable Resolutions” has the meaning set forth in Section 8(i).

 

(xv)
“Market Price of the Common Stock” means (x) the closing bid price of the Common Stock for the period indicated in
the relevant provision hereof (unless a different relevant period is specified in the relevant provision), as reported by Bloomberg,
LP or, if not so reported, as reported on the OTCQB, OTCQX or OTC Pink or (y) if the Common Stock is listed on a stock exchange,
the closing price on such exchange, as reported by Bloomberg LP.

 

     

     

    

 

(xvi)
“Material Adverse Effect” means a material adverse effect on the business, operations or condition (financial or otherwise)
or results of operation of the Company and its Subsidiaries taken as a whole, in the reasonable commercial discretion of the Buyer,
irrespective of any finding of fault, magnitude of liability (or lack of financial liability). Without limiting the generality
of the foregoing, the occurrence of any of the following, in the reasonable commercial discretion of the Buyer, shall be considered
a Material Adverse Effect: (i) any final money, judgment, writ or warrant of attachment, or similar process (including an arbitral
determination) in excess of Fifty Thousand Dollars ($50,000) shall be entered or filed against the Company or any of its Subsidiaries
(including, in any event, products liability claims against the Company or its Subsidiaries), (ii) the suspension or withdrawal
of any governmental authority or permit pertaining to a material amount of the Company’s or any Subsidiary’s products
or services, (iii) the loss of any material insurance coverage (including, in any case, comprehensive general liability coverage,
products liability coverage or directors and officers coverage, in each case in effect at the time of execution and delivery of
this Agreement), (iv) an action by a regulatory agency or governmental body affecting the Common Stock (including, without limitation,
(1) the commencement of any regulatory investigation of which the Company is aware, the suspension of trading of the Common Stock
by the Financial Industry Regulation Authority (“FINRA”), the SEC, the OTC Bulletin Board (“OTCBB”) or
the OTC Markets Group, Inc., the failure of the Common Stock to be DTC eligible or the placing of the Common Stock on the DTC
“chill list” or (2) the engaging in any market manipulation or other unlawful or improper trading or other activity
by any Affiliate), (v) the Company’s independent registered accountants shall resign under circumstances where a disagreement
exists between the Company and its independent registered accountants, (vi) the Company shall fail to timely file any disclosure
document as required by applicable federal or state securities laws and regulations or by the rules and regulations of any exchange,
trading market or quotation system to which the Company or the Common Stock is subject, or (vii) the Chief Executive Officer of
the Company or any other key full-time officer or director of the Company, shall, for any reason (including, without limitation,
termination, resignation, retirement, death or disability) cease to act on behalf of the Company in the same role and to the same
extent as his or her involvement as of the date of execution and delivery of this Agreement.

 

(xvii)
“Person” means any living person or any entity, such as, but not necessarily limited to, a corporation, partnership
or trust.

 

(xviii)
“Purchase Price” means the price that the Buyer pays for the Debentures at each respective Closing, which are the
Signing Purchase Price, the Second Purchase Price and the Third Closing Price, as the case may be.

 

(xix)
“Registrable Securities” shall mean the Conversion Shares, and, to the extent applicable, and any other shares of
capital stock or other securities of the Company or any successor to the Company that are issued upon exchange of Conversion Shares
and/or such Restricted Stock.

 

(xx)
“Registration Statement” shall mean any registration statement filed or contemplated to be filed by the Company with
the SEC under the Securities Act.

 

(xxi)
“Restricted Stock” shall mean shares of Common Stock which are not freely trading shares when issued.

 

(xxii)
“Securities” means the Debentures, the Shares, Warrant, Shares of Common Stock issuable upon exercise of the Warrant.

 

(xxiii)
“Shares” means the Conversion Shares.

 

(xxiv)
“Second Closing Date” shall have the meaning ascribed to such term in Section 6(b).

 

     

     

    

 

(xxv)
“Second Debenture” means the second of the three (3) Debentures, in the principal amount of One Hundred Fifty Thousand
and 00/100 Dollars ($150,000.00), which is issued by the Company to the Buyer on the Second Closing Date.

 

(xxvi)
“Second Purchase Price” shall be One Hundred Thirty Five Thousand and 00/100 Dollars ($135,000.00)

 

(xxvii)
“Signing Closing Date” shall have the meaning ascribed to such term in Section 6(a).

 

(xxviii)
“Signing Debenture” means the first of the three (3) Debentures, in the principal amount of One Hundred Twenty Thousand
and 00/100 Dollars ($120,000.00), to be issued by the Company to the Buyer on the Signing Closing Date.

 

(xxix)
“Signing Purchase Price” shall be One Hundred Eight Thousand and 00/100 Dollars ($108,000.00).

 

(xxx)
“Subsidiary” shall have the meaning ascribed to such term in Section 3(b).

 

(xxxi)
“Third Closing Date” shall have the meaning ascribed to such term in Section 6(c).

 

(xxxii)
“Third Debenture” means the third of the three (3) Debentures, in the principal amount of Two Hundred Thousand and
00/100 Dollars ($200,000.00), which is issued by the Company to the Buyer on the Third Closing Date.

 

(xxxiii)
“Third Purchase Price” shall be One Hundred Eighty Thousand and 00/100 Dollars ($180,000.00).

 

(xxxiv)
“Transaction Documents” means, collectively, this Agreement, the Debentures, the Transfer Agent Instruction Letter,
the Irrevocable Resolutions and the other agreements, documents and instruments contemplated hereby or thereby.

 

(xxxv)
“Transfer Agent” shall have the meaning ascribed to such term in Section 4(a).

 

(xxxvi)
“Transfer Agent Instruction Letter” shall have the meaning ascribed to such term in Section 5(a).

 

b.
Purchase and Sale of Debentures.

 

(i)
The Buyer agrees to purchase from the Company, and the Company agrees to sell to the Buyer, the Debentures and Warrant on the
terms and conditions set forth below in this Agreement and the other Transaction Documents. The Warrant shall be earned in full
as an inducement fee as of the Signing Closing Date.

 

     

     

    

 

(ii)
Subject to the terms and conditions of this Agreement and the other Transaction Documents, the Buyer will purchase the Debentures
and Warrant at certain closings (each, a “Closing”) to be held on certain respective Closing Dates.

 

c.
[Reserved]

 

(i)
[Reserved]

 

(ii)
[Reserved]

 

2.
BUYER’S REPRESENTATIONS, WARRANTIES, ETC.

 

The
Buyer represents and warrants to, and covenants and agrees with, the Company as follows:

 

a.
Investment Purpose. Without limiting the Buyer’s right to sell the Shares pursuant to a Registration Statement, Buyer
is purchasing the Debentures, and will be acquiring the Conversion Shares, for its own account for investment only and not with
a view towards the public sale or distribution thereof and not with a view to or for sale in connection with any distribution
thereof.

 

b.
Accredited Investor Status. Buyer is (i) an “accredited investor” as that term is defined in Rule 501 of the
General Rules and Regulations under the 1933 Act by reason of Rule 501(a)(3), (ii) experienced in making investments of the kind
described in this Agreement and the related documents, (iii) able, by reason of the business and financial experience of its officers
(if an entity) and professional advisors (who are not affiliated with or compensated in any way by the Company or any of its affiliates
or selling agents), to protect its own interests in connection with the transactions described in this Agreement, and the related
documents, and (iv) able to afford the entire loss of its investment in the Securities.

 

c.
Subsequent Offers and Sales. All subsequent offers and sales of the Securities by the Buyer shall be made pursuant to registration
of the Shares under the 1933 Act or pursuant to an exemption from registration and compliance with applicable states’ securities
laws.

 

d.
Reliance on Exemptions. Buyer understands that the Securities are being offered and sold to it in reliance on 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.

 

e.
Information. Buyer and its advisors have been furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and sale of the Securities which have been requested by the Buyer. Buyer and
its advisors have been afforded the opportunity to ask questions of the Company and have received complete and satisfactory answers
to any such inquiries. Without limiting the generality of the foregoing, Buyer has also had the opportunity to obtain and to review
the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and Quarterly Report on Form 10-Q
for the fiscal quarter ended June 30, 2019.

 

     

     

    

 

f.
Investment Risk. Buyer understands that its investment in the securities constitutes high risk investment, its investment
in the Securities involves a high degree of risk, including the risk of loss of the Buyer’s entire investment.

 

g.
Governmental Review. Buyer understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities.

 

h.
Organization; Authorization. Buyer is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization. This Agreement and the other Transaction Documents have been duly and validly authorized, executed and delivered
on behalf of the Buyer and create a valid and binding agreement of the Buyer enforceable in accordance with its terms, subject
as to enforceability to general principles of equity and to bankruptcy, insolvency, moratorium and other similar laws affecting
the enforcement of creditors’ rights generally.

 

i.
Residency. The state in which any offer to sell Securities hereunder was made to or accepted by the Buyer is the state
shown as the Buyer’s address contained herein, and Buyer is a resident of such state only.

 

3.
COMPANY REPRESENTATIONS AND WARRANTIES, ETC.

 

The
Company represents and warrants to the Buyer that:

 

a.
Concerning the Debentures and the Shares. There are no preemptive rights of any stockholder of the Company to acquire the
Debentures or the Shares, provided, however, that the Company has complied with any rights of first refusal that Auctus Fund,
LLC (“Auctus”) may have pursuant to the convertible promissory notes issued by the Company to Auctus prior to the
date of this Agreement.

 

b. Organization;
Subsidiaries; Reporting Company Status. Attached hereto as Schedule 3(b) is an organizational chart describing all
of the Company’s wholly-owned and majority-owned subsidiaries (the “Subsidiaries”) and other Affiliates,
including the relationships among the Company and such Subsidiaries, including as to each Subsidiary its jurisdiction of
organization and the percentage of ownership held by the Company, and the parent company of the Subsidiary, including the
percentage of ownership of the Company held by it. The Company and each Subsidiary is a corporation or other form of
businesses entity duly organized, validly existing and in good standing under the laws its respective jurisdiction of
organization, and each of them has the requisite corporate or other power to own its properties and to carry on its business
as now being conducted. The Company and each Subsidiary is duly qualified as a foreign corporation or other entity to do
business and is in good standing in each jurisdiction where the nature of the business conducted or property owned by it
makes such qualification necessary, other than those jurisdictions in which the failure to so qualify would not have a
Material Adverse Effect. The Common Stock is listed and traded on the OTCM (as defined below) (trading symbol: BIXT). The
Company has received no notice, either oral or written, from FINRA, the SEC, or any other organization, with respect to the
continued eligibility of the Common Stock for such listing, and the Company has maintained all requirements for the
continuation of such listing. The Company is an operating company in that, among other things (A) it primarily engages,
wholly or substantially, directly or indirectly through a majority owned Subsidiary or Subsidiaries, in the production or
sale, or the research or development, of a product or service other than the investment of capital, (B) it is not an
individual or sole proprietorship, (C) it is not an entity with no specific business plan or purpose and its business plan is
not to engage in a merger or acquisition with an unidentified company or companies or other entity or person, and (D) it
intends to use the proceeds from the sale of the Debentures solely for the operation of the Company’s business and uses
other than personal, family, or household purposes.

 

     

     

    

 

c.
Authorized Shares. Schedule 3(c) sets forth all capital stock and derivative securities of the Company that are
authorized for issuance and that are issued and outstanding. All issued and outstanding shares of Common Stock have been duly
authorized and validly issued and are fully paid and nonassessable. The Company has sufficient authorized and unissued shares
of Common Stock as may be necessary to effect the issuance of the Shares, assuming the prior issuance and exercise, exchange or
conversion, as the case may be, of all derivative securities authorized, as indicated in Schedule 3(c). The Shares have
been duly authorized and, when issued upon conversion of, or as interest on, the Debentures, the Shares will be duly and validly
issued, fully paid and non-assessable and will not subject the holder thereof to personal liability by reason of being such holder.
At all times, the Company shall keep available and reserved for issuance to the holders of the Debentures shares of Common Stock
duly authorized for issuance against the Debentures. As of the effective date of this Agreement, other than as reflected in the
SEC Documents (as defined in this Agreement) of the Company (i) there are no outstanding options, warrants, scrip, rights to subscribe
for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments or rights of any character
whatsoever relating to, or securities or rights convertible into or exchangeable for any shares of capital stock of the Company
or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional
shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no agreements or arrangements under which the
Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities under the 1933 Act and
(iii) there are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or in any agreement
providing rights to security holders) that will be triggered by the issuance of the Securities, Warrant, and/or Common Stock underlying
the Warrant.

 

d.
Authorization. This Agreement, the issuance of the Debentures (including without limitation the incurrence of indebtedness
thereunder), the issuance of the Conversion Shares under the Debentures, and the other transactions contemplated by the Transaction
Documents, have been duly, validly and irrevocably authorized by the Company, and this Agreement has been duly executed and delivered
by the Company. The Company’s board of directors, in the exercise of its fiduciary duties, has irrevocably approved the
entry into and performance of the Transaction Documents, including, without limitation the sale of the Debentures and the issuance
of Conversion Shares, based upon a reasonable inquiry concerning the Company’s financing objectives and financial situation.
Each of the Transaction Documents, when executed and delivered by the Company, are and will be, valid, legal and binding agreements
of the Company, enforceable in accordance with their respective terms, subject as to enforceability to general principles of equity
and to bankruptcy, insolvency, moratorium, and other similar laws affecting the enforcement of creditors’ rights generally.

 

     

     

    

 

e.
Non-contravention. The execution and delivery of the Transaction Documents, the issuance of the Securities and the consummation
by the Company of the other transactions contemplated by this Agreement and the Debentures (including without limitation the incurrence
of indebtedness thereunder) do not and will not conflict with or result in a breach by the Company of any of the terms or provisions
of, or constitute a default under (i) the articles of incorporation or by-laws of the Company, each as currently in effect, (ii)
any indenture, mortgage, deed of trust, or other material agreement or instrument to which the Company is a party or by which
it or any of its properties or assets are bound, including any listing agreement for the Common Stock, except as herein set forth
or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or the triggering
of any anti-dilution rights, rights of first refusal or first offer on the part of holders of the Company’s securities,
(iii) to its knowledge, any existing applicable law, rule, or regulation or any applicable decree, judgment, or order of any court,
United States federal or state regulatory body, administrative agency, or other governmental body having jurisdiction over the
Company or any of its properties or assets, or (iv) the Company’s listing agreement for its Common Stock (if applicable).

 

f.
Approvals. No authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization,
or stock exchange or market or the stockholders of the Company is required to be obtained by the Company for the entering into
and performing this Agreement and the other Transaction Documents (including without limitation the issuance and sale of the Securities
to the Buyer as contemplated by this Agreement) except such authorizations, approvals and consents that have been obtained, or
such authorizations, approvals and consents, the failure of which to obtain would not have a Material Adverse Effect.

 

g.
SEC Documents; Rule 144 Status. None of the SEC Documents contained, at the time they were filed, any untrue statement
of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements made
therein in light of the circumstances under which they were made, not misleading. 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 (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”). The Company is not aware of any event occurring on or prior
to the execution and delivery of this Agreement that would require the filing of, or with respect to which the Company intends
to file, a Form 8-K after such time. The Company satisfies the requirements of Rule 144(i)(2), and the Company shall continue
to satisfy all applicable requirements of Rule 144 (or any successor thereto) for so long as any Securities are outstanding and
not registered pursuant to an effective Registration Statement filed with the SEC.

 

     

     

    

  

h.
Absence of Certain Changes. Since June 30, 2019, when viewed from the perspective of the Company and its Subsidiaries taken
as a whole, there has been no material adverse change and no material adverse development in the business, properties, operations,
condition (financial or otherwise), or results of operations of the Company and its Subsidiaries (including, without limitation,
a change or development which constitutes, or with the passage of time is reasonably likely to become, a Material Adverse Effect),
except as disclosed in the SEC Documents. Since June 30, 2019, except as provided in the SEC Documents, the Company has not (i)
incurred or become subject to any material liabilities (absolute or contingent) except liabilities incurred in the ordinary course
of business consistent with past practices; (ii) discharged or satisfied any material lien or encumbrance or paid any material
obligation or liability (absolute or contingent), other than current liabilities paid in the ordinary course of business consistent
with past practices; (iii) declared or made any payment or distribution of cash or other property to stockholders with respect
to its capital stock, or purchased or redeemed, or made any agreements to purchase or redeem, any shares of its capital stock;
(iv) sold, assigned or transferred any other tangible assets, or canceled any debts or claims, except in the ordinary course of
business consistent with past practices; (v) suffered any substantial losses or waived any rights of material value, whether or
not in the ordinary course of business, or suffered the loss of any material amount of existing business; (vi) made any changes
in employee compensation, except in the ordinary course of business consistent with past practices; or (vii) experienced any material
problems with labor or management in connection with the terms and conditions of their employment.

 

i.
Full Disclosure. There is no fact known to the Company (other than general economic conditions known to the public generally
or as disclosed in the SEC Documents) that has not been disclosed in writing to the Buyer that (i) would reasonably be expected
to have a Material Adverse Effect, (ii) would reasonably be expected to materially and adversely affect the ability of the Company
to perform its obligations pursuant to the Transaction Documents, or (iii) would reasonably be expected to materially and adversely
affect the value of the rights granted to the Buyer in the Transaction Documents.

 

j.
Absence of Litigation. Except as described in the SEC Documents, there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board or body pending or, to the knowledge of the Company, threatened against or affecting the
Company, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect or which would adversely affect
the validity or enforceability of, or the authority or ability of the Company to perform its obligations under, any of the Transaction
Documents. The Company is not a party to or subject to the provisions of, any order, writ, injunction, judgment or decree of any
court or government agency or instrumentality which could reasonably be expected to have a Material Adverse Effect.

 

k.
Absence of Liens. The Company’s assets are not encumbered by any liens or mortgages except as described in the SEC
Documents.

 

l.
Absence of Events of Default. No event of default (or its equivalent term), as defined in the respective agreement, indenture,
mortgage, deed of trust or other instrument, to which the Company is a party, and no event which, with the giving of notice or
the passage of time or both, would become an event of default (or its equivalent term) (as so defined in such document), has occurred
and is continuing, which would have a Material Adverse Effect.

 

     

     

    

 

m.
No Undisclosed Liabilities or Events. The Company has no liabilities or obligations other than those disclosed in the SEC
Documents or those incurred in the ordinary course of the Company’s business since June 30, 2019, and which individually
or in the aggregate, do not or would not have a Material Adverse Effect. No event or circumstances has occurred or exists with
respect to the Company or its properties, business, condition (financial or otherwise), or results of operations, which, under
applicable law, rule or regulation, requires public disclosure or announcement prior to the date hereof by the Company but which
has not been so publicly announced or disclosed. There are no proposals currently under consideration or currently anticipated
to be under consideration by the Board of Directors or the executive officers of the Company which proposal would (x) change the
articles of incorporation, by-laws or any other charter document of the Company, each as currently in effect, with or without
shareholder approval, which change would reduce or otherwise adversely affect the rights and powers of the shareholders of the
Common Stock or (y) materially or substantially change the business, assets or capital of the Company.

 

n.
No Integrated Offering. Neither the Company nor any of its affiliates nor any Person acting on its or their behalf has,
directly or indirectly, at any time during the six month period immediately prior to the date of this Agreement made any offer
or sales of any security or solicited any offers to buy any security under circumstances that would eliminate the availability
of the exemption from registration under Rule 506 of Regulation D in connection with the offer and sale of the Securities as contemplated
hereby. Neither the Company nor any of its affiliates nor any Person acting on its or their behalf has, 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 Securities 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.

 

o.
Dilution. The number of Shares issuable upon conversion of the Debentures may increase substantially in certain circumstances,
including, but not necessarily limited to, the circumstance wherein the Market Price of the Common Stock declines prior to the
conversion of the Debentures. The Company’s executive officers and directors have studied and fully understand the nature
of the securities being sold hereby and recognize that they have a potential dilutive effect and further that the conversion of
the Debentures and/or sale of the Conversion Shares may have an adverse effect on the Market Price of the Common Stock. The Board
of Directors of the Company has concluded, in its good faith business judgment that such issuance is in the best interests of
the Company. The Company specifically acknowledges that its obligation to issue the Conversion Shares upon conversion of the Debentures
is binding upon the Company and enforceable regardless of the dilution such issuance may have on the ownership %s of other shareholders
of the Company.

 

     

     

    

 

p.
Regulatory Permits. The Company has all such permits, easements, consents, licenses, franchises and other governmental
and regulatory authorizations from all appropriate federal, state, local or other public authorities (“Permits”) as
are necessary to own and lease its properties and conduct its businesses in all material respects in the manner described in the
SEC Documents and as currently being conducted. All such Permits are in full force and effect and the Company has fulfilled and
performed all of its material obligations with respect to such Permits, and no event has occurred that allows, or after notice
or lapse of time would allow, revocation or termination thereof or will result in any other material impairment of the rights
of the holder of any such Permit, subject in each case to such qualification as may be disclosed in the SEC Documents. Such Permits
contain no restrictions that would materially impair the ability of the Company to conduct businesses in the manner consistent
with its past practices. The Company has not received notice or otherwise has knowledge of any proceeding or action relating to
the revocation or modification of any such Permit.

 

q.
Residency. The state in which any offer to sell Securities hereunder was made or accepted by the Seller is the state shown
as the Seller’s address contained herein, and Seller is a resident of such state only.

 

r.
Hazardous Materials. The Company is in compliance with all applicable Environmental Laws in all respects except where the
failure to comply does not have and could not reasonably be expected to have a Material Adverse Effect. For purposes of the foregoing:

 

“Environmental
Laws” means, collectively, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended,
the Superfund Amendments and Reauthorization Act of 1986, the Resource Conservation and Recovery Act, the Toxic Substances Control
Act, as amended, the Clean Air Act, as amended, the Clean Water Act, as amended, any other “Superfund” or “Superlien”
law or any other applicable federal, state or local statute, law, ordinance, code, rule, regulation, order or decree regulating,
relating to, or imposing liability or standards of conduct concerning, the environment or any Hazardous Material.

 

“Hazardous
Material” means and includes any hazardous, toxic or dangerous waste, substance or material, the generation, handling,
storage, disposal, treatment or emission of which is subject to any Environmental Law.

 

s.
Independent Public Accountants. The Company’s auditor is an independent registered public accounting firm with respect
to the Company, as required by the 1933 Act, the Exchange Act and the rules and regulations promulgated thereunder.

 

t.
Internal Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable
assurances that (1) transactions are executed in accordance with management’s general or specific authorization; (2) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain accountability for assets; (3) access to assets is permitted only in accordance with management’s general
or specific authorization; and (4) the recorded accountability for assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

 

     

     

    

 

u.
Brokers. No Person (other than the Buyer and its principals, employees and agents) is entitled to receive any consideration
from the Company or the Buyer arising from any finder’s agreement, brokerage agreement or other agreement to which the Company
is a party.

 

v.
DWAC Operational; DRS. The Company is currently and shall remain DWAC Operational and eligible for DRS

 

4.
CERTAIN COVENANTS AND ACKNOWLEDGMENTS.

 

a.
Transfer Restrictions. The parties acknowledge and agree that (1) the Debentures have not been registered under the provisions
of the 1933 Act and the Shares have not been registered under the 1933 Act, and may not be transferred unless (A) subsequently
registered thereunder or (B) the Securities to be sold or transferred may be sold or transferred pursuant to an exemption from
such registration; (2) any sale of the Securities made in reliance on Rule 144 promulgated under the 1933 Act (“Rule 144”)
may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of such Securities
under circumstances in which the seller, or the Person through whom the sale is made, may be deemed to be an underwriter, as that
term is used in the 1933 Act, may require compliance with some other exemption under the 1933 Act or the rules and regulations
of the SEC thereunder, (3) at the request of the Buyer, the Company shall, from time to time, within two (2) business days of
such request, at the sole cost and expense of the Company, either (i) deliver to its transfer agent and registrar for the Common
Stock (the “Transfer Agent”) a written letter instructing and authorizing the Transfer Agent to process transfers
of the Shares at such time as the Buyer has held the Securities for the minimum holding period permitted under Rule 144, subject
to the Buyer’s providing to the Transfer Agent certain customary representations contemporaneously with any requested transfer,
or (ii) at the Buyer’s option or if the Transfer Agent requires further confirmation of the availability of an exemption
from registration, furnish to the Buyer an opinion of the Company’s counsel in favor of the Buyer (and, at the request of
the Buyer, any agent of the Buyer, including but not limited to the Buyer’s broker or clearing firm) and the Transfer Agent,
reasonably satisfactory in form, scope and substance to the Buyer and the Transfer Agent, to the effect that a contemporaneously
requested transfer of shares does not require registration under the 1933 Act, pursuant to the 1933 Act, Rule 144 or other regulations
promulgated under the 1933 Act and (4) neither the Company nor any other Person is under any obligation to register the Securities
(other than pursuant to this Agreement) under the 1933 Act or to comply with the terms and conditions of any exemption thereunder.

 

b.
Restrictive Legend. The Buyer acknowledges and agrees that the Debentures, and, until such time as the Shares have been
registered under the 1933 Act as contemplated hereby and sold in accordance with an effective Registration Statement, certificates
and other instruments representing any of the Securities shall bear a restrictive legend in substantially the following form (and
a stop-transfer order may be placed against transfer of any such Securities):

 

THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF
WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

     

     

    

 

c.
Piggy-Back Registration Rights. From and after the Signing Closing Date and until eighteen (18) months after the Signing
Closing Date, if the Company contemplates making an offering of Common Stock (or other equity securities convertible into or exchangeable
for Common Stock) registered for sale under the Securities Act or proposes to file a Registration Statement covering any of its
securities, the Company shall at each such time give prompt written notice to Investments and Buyer of its intention to do so
and of the registration rights granted under this Agreement. Upon the written request of Investments and/or Buyer made within
thirty (30) days after the receipt of any such notice (which request shall specify the Registrable Securities intended to be disposed
of by Investments and/or Buyer and the intended method of disposition thereof), the Company shall, at its sole cost and expense,
use its best efforts to effect the registration of all Registrable Securities which the Company has been so requested to register
Investments and/or Buyer, to the extent requisite to permit the disposition (in accordance with the intended methods of disposition)
of the Registrable Securities by Investments and/or Buyer, by inclusion of such Registrable Securities in the Registration Statement
which covers the securities which the Company proposes to register; provided, that if the Company is unable to register the full
amount of Registrable Securities in an “at the market offering” under SEC rules and regulations due to the high percentage
of the Company’s Common Stock the Registrable Securities represents (giving effect to all other securities being registered
in the Registration Statement), then the Company may reduce, on a pro rata basis, the amount of Registrable Securities subject
to the Registration Statement to a lesser amount which equals the maximum number of Registrable Securities that the Company is
permitted to register in an “at the market offering”; and provided, further, that if, at any time after giving written
notice of its intention to register any Registrable Securities and prior to the effective date of the Registration Statement filed
in connection with such registration, the Company shall determine for any reason either not to register or to delay registration
of such Registrable Securities, the Company may, at its election, give written notice of such determination to Investments and/or
the Buyer and, thereupon, (i) in the case of a determination not to register, the Company shall be relieved of its obligation
to register any Registrable Securities in connection with such registration (but not from its obligation to pay the expenses of
registration in connection therewith), and (ii) in the case of a determination to delay registering such Registrable Securities,
shall be permitted to delay registering any Registrable Securities, for the same period as the delay in registering such other
securities. If Buyer shall have transferred all or part of its Registrable Securities, then for purposes of this Section, the
term “Buyer” shall reference Buyer and/or such transferee(s).

 

     

     

    

 

d.
Securities Filings. The Company undertakes and agrees to make all necessary filings (including, without limitation, a Form
D) in connection with the sale of the Securities to the Buyer required under any United States laws and regulations applicable
to the Company (including without limitation state “blue sky” laws), or by any domestic securities exchange or trading
market, and to provide a copy thereof to the Buyer promptly after such filing.

 

e.
Reporting Status; Public Trading Market; DTC Eligibility. So long as the Buyer and/or Investments beneficially own any
Securities, (i) the Company shall timely file, prior to or on the date when due, all reports that would be required to be filed
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act if the Company had securities registered under Section 12(b)
or 12(g) of the Exchange Act; (ii) the Company shall not be operated as, or report, to the SEC or any other Person, that the Company
is a “shell company” or indicate to the contrary to the SEC or any other Person; (iii) the Company shall take all
other action under its control necessary to ensure the availability of Rule 144 under the 1933 Act for the sale of Shares by the
Buyer at the earliest possible date; and (iv) the Company shall at all times while any Securities are outstanding maintain its
engagement of an independent registered public accounting firm. Except as otherwise set forth in Transaction Documents, the Company
shall take all action under its control necessary to obtain and to continue the listing and trading of its Common Stock (including,
without limitation, all Registrable Securities) on the OTC Markets, Inc., OTC Pink, OTCQB, OTCQX, Nasdaq Capital Markets, NYSE,
or any other exchange (the “Principal Market”) and will comply in all material respects with the Company’s reporting,
filing and other obligations under the by- laws or rules of the Financial Industry Regulatory Authority (“FINRA”).
If, so long as the Buyer and/or Investments beneficially own any of the Securities, the Company receives any written notice from
the Principal Market, FINRA, or the SEC with respect to either any alleged deficiency in the Company’s compliance with applicable
rules and regulations (including without limitation any comments from the SEC on any of the Company’s documents filed (or
the failure to have made any such filing) under the 1933 Act or the Exchange Act) (each, a “Regulatory Notice”), then
the Company shall promptly, and in any event within two (2) business days, provide copies of the Regulatory Notice to the Buyer,
and shall promptly, and in any event within five (5) business days of receipt of the Regulatory Notice (a “Regulatory Response”),
respond in writing to the Principal Market, FIRNA and/or SEC (as the case may be), setting forth the Company’s explanation
and/or response to the issues raised in the Regulatory Notice, with a view towards maintaining and/or regaining full compliance
with the applicable rules and regulations of the Principal Market, FIRNA and/or SEC and maintaining or regaining good standing
of the Company with the Principal Market, FINRA and/or SEC, as the case may be, the intent being to ensure that the Company maintain
its reporting company status with the SEC and that its Common Stock be and remain available for trading on the Principal Market.
Further, at all times while any Securities are outstanding, the Common Stock shall be DWAC Operational, and the Common Stock shall
not be subject to any DTC “chill” designation or similar restriction on the clearing of the Common Stock through DTC.
f. Use of Proceeds. The Company shall use the proceeds from the sale of the Debentures for working capital purposes only subject
to customary restrictions. Absent the prior written approval of a majority of the principal amount of the Debentures then outstanding,
the Company shall not use any portion of the proceeds of the sale of the Debentures to (i) repay any indebtedness or other obligation
of the Company incurred prior to the date of this Agreement outside the normal course of business, (ii) pay any dividends or redemption
amount on any of the Company’s equity or equity equivalents or (iii) pay deferred compensation or any compensation to any
of the directors or officers of the Company in excess of the rate or amount paid or accrued during the fiscal year ended December,
2018 (as base compensation and excluding any discretionary amounts), other than modest increases consistent with prior practice
that are approved by the Company’s Board of Directors.

 

     

     

    

 

g.
Available Shares. Commencing on the date of execution and delivery of this Agreement, the Company shall have and maintain
authorized and reserved for issuance, free from preemptive rights, that number of shares equal to Seven Hundred percent (700%)
of the number of shares of Common Stock (1) issuable based upon the conversion of the then-outstanding Debentures (including accrued
interest thereon) as may be required to satisfy the conversion rights of the Buyer pursuant to the terms and conditions of the
Debenture (without giving effect to the 4.99% limitation on ownership as set forth in the Debentures), provided, however that
for purposes of the foregoing calculation, the full indebtedness under the Debentures shall be deemed immediately convertible
and (2) issuable to the Buyer on future Closing Dates, based upon the lowest closing bid price per share of the Common Stock on
the date before the most recent Closing Date (as reported by Bloomberg LP) (collectively in the aggregate the “Required
Reserve Amount”). The Company shall monitor its compliance with the foregoing requirements on an ongoing basis. If at any
time the Company does not have available an amount of authorized and non-issued Shares required to be reserved pursuant to this
Section, then the Company shall, without notice or demand by the Buyer, call within thirty (30) days of such occurrence and hold
within sixty (60) days of such occurrence a special meeting of shareholders, for the sole purpose of increasing the number of
shares authorized. Management of the Company shall recommend to shareholders to vote in favor of increasing the number of Common
Stock authorized at the meeting. Members of the Company’s management shall also vote all of their own shares in favor of
increasing the number of Common Stock authorized at the meeting. If the increase in authorized shares is approved by the stockholders
at the meeting, the Company shall implement the increase in authorized shares within one (1) business day following approval at
such meeting. Alternatively, to the extent permitted by applicable law, in lieu of calling and holding a meeting as described
above, the Company may, within thirty (30) days of the date when the Company does not have available an amount of authorized and
non-issued Shares required to be reserved as described above, procure the written consent of stockholders to increase the number
of shares authorized, and provide the stockholders with notice thereof as may be required under applicable law (including without
limitation Section 14(c) of the Exchange Act and Regulation 14C thereunder). Upon obtaining stockholder approval as aforesaid,
the Company shall cause the appropriate increase in its authorized shares of Common Stock within one (1) business day (or as soon
thereafter as permitted by applicable law). Company’s failure to comply with these provisions will be an Event of Default
(as defined in the Debentures).

 

     

     

    

 

h. Reimbursement.
If (i) Buyer and/or Investments becomes a party defendant in any capacity in any action or proceeding brought by any
stockholder of the Company, in connection with or as a result of the consummation of the transactions contemplated by
the Transaction Documents, or if the Buyer and/or Investments is impleaded in any such action, proceeding or investigation by
any Person, or (ii) the Buyer and/or Investments, other than by reason of its own gross negligence, willful misconduct or
breach of law (as adjudicated by a court of law having proper jurisdiction and such adjudication is not subject to appeal),
becomes a party defendant in any capacity in any action or proceeding brought by the SEC against or involving the Company or
in connection with or as a result of the consummation of the transactions contemplated by the Transaction Documents, or if
the Buyer or Investments is impleaded in any such action, proceeding or investigation by any Person, then in any such case,
the Company shall promptly reimburse the Buyer and/or Investments for its or their reasonable legal and other expenses
(including the cost of any investigation and preparation) incurred in connection therewith. The reimbursement obligations of
the Company under this paragraph shall be in addition to any liability which the Company may otherwise have, shall extend
upon the same terms and conditions to any affiliates of the Buyer and/or Investments who are actually named in such action,
proceeding or investigation, and partners, directors, agents, employees and controlling Persons (if any), as the case may be,
of the Buyer, Investments and any such Affiliate, and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Company, the Buyer, Investments and any such Affiliate and any such
Person. Except as otherwise set forth in the Transaction Documents, the Company also agrees that neither any Buyer,
Investments nor any such Affiliate, partners, directors, agents, employees or controlling Persons shall have any liability to
the Company or any Person asserting claims on behalf of or in right of the Company in connection with or as a result of the
consummation of the Transaction Documents.

 

i.
The Company shall provide the Transfer Agent and/or the Buyer, Investments or their respective brokerage and/or clearing firm
with all relevant legal opinions and other documentation requested by the Buyer or Investments in connection with the issuance
of the Conversion Shares or the Restricted Stock, or the sale thereof, to confirm the share issuance(s) such that the Conversion
Shares and/or Restricted Stock may be deposited with the applicable brokerage and/or clearing firm.

 

j.
No Payments to Affiliates or Related Parties. So long as any of the Debentures remain outstanding, if the Debentures are
in default, the Company shall not, absent the prior written consent of the holders of all Debentures then outstanding, make any
payments to any of the Company’s or the Subsidiaries’ respective affiliates or related parties, including without
limitation payments or prepayments of principal or interest accrued on any indebtedness or obligation in favor of affiliates or
related parties. Notwithstanding anything to the contrary contained herein, the provisions of this Section 4(j) shall not apply
to payments to the Subsidiaries, or other businesses in which affiliates have an interest, made in the ordinary course of business
and consistent with past practice as disclosed in the SEC Documents.

 

k.
Notice of Material Adverse Effect. The Company shall notify the Buyer (and any subsequent holder of the Debentures), as
soon as practicable and in no event later than three (3) business days of the Company’s knowledge of any Material Adverse
Effect on the Company. For purposes of the foregoing, “knowledge” means the earlier of the Company’s actual
knowledge or the Company’s constructive knowledge upon due inquiry.

 

l.
Public Disclosure. Except to the extent required by applicable law, absent the Buyer’s prior written consent, the
Company shall not reference the name of the Buyer in any press release, securities disclosure, business plan, marketing or funding
proposal.

 

     

     

    

 

m.
Nature of Transaction; Savings Clause. It is the parties’ express understanding and agreement that the transactions contemplated
by the Transaction Documents constitute an investment and not a loan. If nonetheless such transactions are deemed to be a loan
(as adjudicated by a court of law having proper jurisdiction and such adjudication is not subject to appeal), the Company shall
not be obligated or required to pay interest at a rate that could subject Buyer to either civil or criminal liability as a result
of such rate exceeding the maximum rate that the Buyer is permitted to charge under applicable law, and the Company’s obligations
under the Transaction Documents shall not be void or voidable on the basis of the Buyer’s lack of any license or registration
as a lender with any governmental authority. It is expressly understood and agreed by the parties that neither the amounts payable
pursuant to Section 12, any redemption premium, remedy upon an Event of Default (as defined in the Debentures) or any Acceleration
Amount (as defined in the Debentures), original issue discount nor any investment returns of the Buyer on the sale of the Debentures
or the sale of any Conversion Shares (whether unrealized or realized) shall be construed as interest. If, by the terms of the
Debentures, any other Transaction Document or any other instrument, Company is at any time required or obligated to pay interest
at a rate exceeding such maximum rate, interest payable under the Debenture and/or such other Transaction Documents or other instrument
shall be computed (or recomputed) at such maximum rate, and the portion of all prior interest payments (if any) exceeding such
maximum shall be applied to payment of the outstanding principal of the Debentures.

 

n.
No Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the Securities Act or cause the offering
of the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

o.
Corporate Existence. The Company will, so long as the Buyer beneficially owns any of the Securities, maintain its corporate existence
and shall not sell all or substantially all of the Company’s assets.

 

     

     

    

 

5.
TRANSFER AGENT INSTRUCTIONS.

 

a.
Transfer Agent Instruction Letter. On or before the Signing Closing Date, the Company shall irrevocably instruct its Transfer
Agent in writing using the letter substantially in the form of Exhibit B annexed hereto, with only such modifications as
the Buyer agrees to, executed by the Company, the Buyer and the Transfer Agent (the “Transfer Agent Instruction Letter”),
to (i) reserve that number of shares of Common Stock as is required under Section 4(g) hereof, and (ii) issue Common Stock from
time to time upon conversion of the Debentures in such amounts as specified from time to time by the Buyer to the Transfer Agent
in a Notice of Conversion, in such denominations to be specified by the Buyer in connection with each conversion of the Debentures.
The Transfer Agent shall not be restricted from issuing shares from only the allotment reserved hereunder for the Conversion Amount
(as defined in the Debentures), but instead may, to the extent necessary to satisfy the amount of shares issuable upon conversion,
issue shares above and beyond the amount reserved on account of the Conversion Amount, without any additional instructions or
authorization from the Company, and the Company shall not provide the Transfer Agent with any instructions or documentation contrary
to the foregoing. As of the date of this Agreement, the Transfer Agent is Action Stock Transfer Corporation. The Company shall
at all times while any Debentures are outstanding engage a Transfer Agent which is a party to the Transfer Agent Instruction Letter.
If for any reason the Company’s Transfer Agent is not a signatory of the Transfer Agent Instruction Letter while any Debentures
or Restricted Stock are outstanding and held by the Buyer, then such Transfer Agent shall nonetheless be deemed bound by the Transfer
Agent Instruction Letter, and the Company shall neither (i) permit the Transfer Agent to disclaim, disregard or refuse to abide
by the Transfer Agent’s obligations, terms and agreements set forth in the Transfer Agent Instruction Letter, nor (ii) issue
any instructions to the Transfer Agent contrary to the obligations, terms and agreements set forth in the Transfer Agent Instruction
Letter . The Company shall not terminate the Transfer Agent or otherwise change Transfer Agents without at least fifteen (15)
days prior written notice to the Buyer and with the Buyer’s prior written consent to such change, which the Buyer may grant
or withhold in its sole discretion. The Company shall continuously monitor its compliance with the share reservation requirements
and, if and to the extent necessary to increase the number of reserved shares to remain and be at least the Required Reserve Amount
to account for any decrease in the Market Price of the Common Stock, the Company shall immediately (and in any event within one
(1) business day) notify the Transfer Agent in writing of the reservation of such additional shares, provided that in the
event that the number of shares reserved for conversion of the Debentures is less than the Required Reserve Amount, the Buyer
may also directly instruct the Transfer Agent to increase the reserved shares as necessary to satisfy the minimum reserved share
requirement, and the Transfer Agent shall act accordingly, provided, further, that the Company shall within one (1) business
day provide any written confirmation, assent or documentation thereof as the Transfer Agent may request to act upon a share increase
instruction delivered by the Buyer. The Company shall provide the Buyer with a copy of all written instructions to the Company’s
Transfer Agent with respect to the reservation of shares simultaneously with the issuance of such instructions to the Transfer
Agent. The Company covenants that no instruction other than such instructions referred to in this Section 5 and stop transfer
instructions to give effect to Section 4(a) hereof prior to registration and sale of the Conversion Shares under the 1933 Act
will be given by the Company to the Transfer Agent and that the Conversion Shares shall otherwise be freely transferable on the
books and records of the Company as and to the extent provided in this Agreement and applicable law. If the Buyer provides the
Company and/or the Transfer Agent with an opinion of counsel reasonably satisfactory to the Company that registration of a resale
by the Buyer of any of the Securities in accordance with clause (1)(B) of Section 4(a) of this Agreement is not required under
the 1933 Act, the Company shall (except as provided in clause (2) of Section 4(a) of this Agreement) permit the de-legending or
transfer of the Securities and, in the case of the Conversion Shares, instruct the Company’s Transfer Agent to issue one
or more certificates for Common Stock without legend in such name and in such denominations as specified by the Buyer.

 

b.
Conversion. (i) The Company shall permit the Buyer to exercise the right to convert the Debentures by faxing, emailing or delivering
overnight an executed and completed Notice of Conversion to the Company or the Transfer Agent. If so requested by the Buyer or
the Transfer Agent, the Company shall within one (1) business day respond with its endorsement so as to confirm the outstanding
principal amount of any Debenture submitted for conversion or shall reconcile any difference with the Buyer promptly after receiving
such Notice of Conversion.

 

     

     

    

 

(ii)
The term “Conversion Date” means, with respect to any conversion elected by the holder of the Debentures, the date
specified in the Notice of Conversion, provided the copy of the Notice of Conversion is given either via mail or facsimile to
or otherwise delivered to the Transfer Agent and/or the Company in accordance with the provisions hereof so that it is received
by the Transfer Agent and/or the Company on or before such specified date.

 

(iii)
The Company shall deliver (or will cause the Transfer Agent to deliver) the Conversion Shares issuable upon conversion as follows:
(1) if the Company is then DWAC Operational, via DWAC, (2) if the Common Stock is then eligible for the Depository Trust Company’s
Direct Registration System (“DRS”), if so requested by the Buyer, or (3) if the Company is not then DWAC Operational
or the Common Stock is not then eligible for DRS, in certificated form, to the Buyer at the address specified in the Notice of
Conversion (which may be the Buyer’s address for notices as contemplated by Section 10 hereof or a different address) via
express courier, in each case within two (2) business days (the “Delivery Date”) after (A) the business day on which
the Company or the Transfer Agent has received the Notice of Conversion (by facsimile, email or other delivery) or (B) the date
on which payment of interest and principal on the Debentures, which the Company has elected to pay by the issuance of Common Stock,
as contemplated by the Debentures, was due, as the case may be.

 

c.
Failure to Timely Issue Conversion Shares or De-Legended Shares. The Company’s failure to issue and deliver Conversion Shares
to the Buyer (either by DWAC, DRS or in certificated form, as required by Section 5(b)) on or before the Delivery Date shall be
considered an Event of Default, which shall entitle the Buyer to certain remedies set forth in the Debentures and provided by
applicable law. Similarly, the Company’s failure to issue and deliver Common Stock in unrestricted form without a restrictive
legend when required under the Transaction Documents and permissible under Rule 144 shall entitle the Buyer to damages for the
diminution in value (if any) of the relevant shares between the date delivery was due versus the date ultimately delivered in
unrestricted form. The Company acknowledges that its failure to timely honor a Notice of Conversion (or the occurrence of any
other Event of Default) shall cause definable financial hardship on the Buyer(s) and that the remedies set forth herein and in
the Debentures are reasonable and appropriate.

 

d.
Duties of Company; Authorization. The Company shall inform the Transfer Agent of the reservation of shares contemplated by Section
4(g) and this Section 5, and shall keep current in its payment obligations to the Transfer Agent such that the Transfer Agent
will continue to process share transfers and the initial issuance of shares of Common Stock upon the conversion of Debentures.
The Company hereby authorizes and agrees to authorize the Transfer Agent to correspond and otherwise communicate with the Buyer
or their representatives in connection with the foregoing and other matters related to the Common Stock. Further, the Company
hereby authorizes the Buyer or its representative to provide instructions to the Transfer Agent that are consistent with the foregoing
and instructs the Transfer Agent to honor any such instructions. Should the Company fail for any reason to keep current in its
payment obligations to the Transfer Agent, the Buyer and/or Investments may pay such amounts as are necessary to compensate the
Transfer Agent for performing its duties with respect to share reservation, issuance of Conversion Shares and/or de-legending
certificates representing Restricted Stock, and all amounts so paid shall be promptly reimbursed by the Company. If not so reimbursed
within thirty (30) days, such amounts shall, at the option of the Buyer and without prior notice to or consent of the Company,
be added to the principal amount due under the Debenture(s) held by the Buyer, whereupon interest will begin to accrue on such
amounts at the rate specified in the Debentures.

 

     

     

    

 

e.
Effect of Bankruptcy. The Buyer shall be entitled to exercise its conversion privilege with respect to the Debentures notwithstanding
the commencement of any case under 11 U.S.C. §101 et seq. (the “Bankruptcy Code”). In the event the Company
is a debtor under the Bankruptcy Code, the Company hereby waives, to the fullest extent permitted, any rights to relief it may
have under 11 U.S.C. §362 in respect of the Buyer’s conversion privilege. The Company hereby waives, to the fullest
extent permitted, any rights to relief it may have under 11 U.S.C. §362 in respect of the conversion of the Debentures. The
Company agrees, without cost or expense to the Buyer, to take or to consent to any and all action necessary to effectuate relief
under 11 U.S.C. §362.

 

6.
CLOSINGS.

 

a.
Signing Closing. Promptly upon the execution and delivery of this Agreement, the Signing Debenture, Warrant, and all conditions
in Sections 7 and 8 herein are met (the “Signing Closing Date”), (A) the Company shall deliver to the Buyer the following:
(i) the Signing Debenture and Warrant; (ii) the Transfer Agent Instruction Letter; (iii) duly executed counterparts of the Transaction
Documents; and (iv) an officer’s certificate of the Company confirming the accuracy of the Company’s representations
and warranties contained herein, and (B) the Buyer shall deliver to the Company the following: (i) the Signing Purchase Price
and (ii) duly executed counterparts of the Transaction Documents (as applicable). The Company shall immediately pay the fees due
under Section 12 of this Agreement upon receipt of the Signing Purchase Price if Buyer does not withhold such amounts from the
Signing Purchase Price pursuant to Section 12.

 

b.
Second Closing. At any time after sixty (60) days following the Signing Closing Date, subject to the mutual agreement of the Buyer
and the Company, for the “Second Closing Date” and subject to satisfaction of the conditions set forth in Sections
7 and 8, (A) the Company shall deliver to the Buyer the following: (i) the Second Debenture; (ii) an amendment to the Transfer
Agent Instruction Letter instructing the Transfer Agent to reserve that number of shares of Common Stock as is required under
Section 4(g) hereof, if necessary; and (iii) an officer’s certificate of the Company confirming, as of the Second Closing
Date, the accuracy of the Company’s representations and warranties contained herein and updating Schedules 3(b), 3(c)
and 3(k) as of the Second Closing Date, and (B) the Buyer shall deliver to the Company the Second Purchase Price.

 

c.
Third Closing. At any time after sixty (60) days following the Second Closing Date, subject to the mutual agreement of the Buyer
and the Company, for the “Third Closing Date” and subject to satisfaction of the conditions set forth in Sections
7 and 8, (A) the Company shall deliver to the Buyer the following: (i) the Third Debenture; (ii) an amendment to the Transfer
Agent Instruction Letter instructing the Transfer Agent to reserve that number of shares of Common Stock as is required under
Section 4(g) hereof, if necessary; and (iii) an officer’s certificate of the Company confirming, as of the Third Closing
Date, the accuracy of the Company’s representations and warranties contained herein and updating Schedules 3(b), 3(c)
and 3(k) as of the Third Closing Date, and (B) the Buyer shall deliver to the Company the Third Purchase Price.

 

     

     

    

 

d.
Location and Time of Closings. Each Closing shall be deemed to occur on the related Closing Date at the office of the Buyer’s
counsel and shall take place no later than 5:00 P.M., east coast time, on such day or such other time as is mutually agreed upon
by the Company and the Buyer.

 

7.
CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

 

The
Company’s obligation to sell the Debentures to the Buyer pursuant to this Agreement on each Closing Date is conditioned
upon:

 

a.
Purchase Price. Delivery to the Company of good funds as payment in full of the respective Purchase Price for the Debentures at
each Closing in accordance with this Agreement;

 

b.
Representations and Warranties; Covenants. The accuracy on the Closing Date of the representations and warranties of the Buyer
contained in this Agreement, each as if made on such date, and the performance by the Buyer on or before such date of all covenants
and agreements of the Buyer required to be performed on or before such date; and

 

c.
Laws and Regulations; Consents and Approvals. There shall not be in effect any law, rule or regulation prohibiting or restricting
the transactions contemplated hereby, or requiring any consent or approval which shall not have been obtained.

 

8.
CONDITIONS TO THE BUYER’S OBLIGATION TO PURCHASE.

 

The
Buyer’s obligation to purchase the Debentures at each Closing is conditioned upon:

 

a.
Transaction Documents. The execution and delivery of this Agreement by the Company;

 

b.
Debenture(s). Delivery by the Company to the Buyer of the Debentures to be purchased in accordance with this Agreement;

 

c.
Section 4(2) Exemption. The Debentures and the Conversion Shares shall be exempt from registration under the Securities Act of
1933 (as amended), pursuant to Section 4(2) thereof;

 

d.
DWAC Status. The Common Stock shall be DWAC Operational;

 

e.
Representations and Warranties; Covenants. The accuracy in all material respects on the Closing Date of the representations and
warranties of the Company contained in this Agreement, each as if made on such date, and the performance by the Company on or
before such date of all covenants and agreements of the Company required to be performed on or before such date;

 

     

     

    

 

f.
Good-faith Opinion. It should be Buyer’s reasonable belief that (i) no Event of Default under the terms of any outstanding
indebtedness of the Company shall have occurred or would likely occur with the passage of time and (ii) no material adverse change
in the financial condition or business operations of the Company shall have occurred;

 

g.
Legal Proceedings. There shall be no litigation, criminal or civil, regulatory impairment or other legal and/or administrative
proceedings challenging or seeking to limit the Company’s ability to issue the Securities or the Common Stock;

 

h.
[Reserved];

 

i.
Corporate Resolutions. Delivery by the Company to the Buyer a copy of resolutions of the Company’s board of directors, approving
and authorizing the execution, delivery and performance of the Transaction Documents and the transactions contemplated thereby
in the form attached hereto as Exhibit C (the “Irrevocable Resolutions”);

 

j.
Officer’s Certificate. Delivery by the Company to the Buyer of a certificate of the Chief Executive Officer of the Company
in the form attached hereto as Exhibit D;

 

k.
Search Results. Delivery by the Company to the Buyer of copies of UCC search reports, issued by the Secretary of State of the
state of incorporation of the Company and each Subsidiary, dated such a date as is reasonably acceptable to Buyer, listing all
effective financing statements which name the Company or Subsidiary (as applicable), under its present name and any previous names,
as debtor, together with copies of such financing statements;

 

l.
Certificate of Good Standing. Delivery by the Company to the Buyer of a copy of a certificate of good standing with respect to
the Company, issued by the Secretary of State of the state of incorporation of the Company, dated such a date as is reasonably
acceptable to Buyer, evidencing the good standing thereof;

 

m.
Laws and Regulations; Consents and Approvals. There shall not be in effect any law, rule or regulation prohibiting or restricting
the transactions contemplated hereby, or requiring any consent or approval which shall not have been obtained; and

 

n.
Adverse Changes. From and after the date hereof to and including each Closing Date, (i) the trading of the Common Stock shall
not have been suspended by the SEC, FINRA, or any other governmental or self-regulatory organization, and trading in securities
generally on the Principal Market shall not have been suspended or limited, nor shall minimum prices been established for securities
traded on the Principal Market; (ii) there shall not have occurred any outbreak or escalation of hostilities involving the United
States or any material adverse change in any financial market that in either case in the reasonable judgment of the Buyer makes
it impracticable or inadvisable to purchase the Debentures.

 

     

     

    

 

 

9.
GOVERNING LAW; MISCELLANEOUS.

 

a.
MANDATORY FORUM SELECTION. ANY DISPUTE ARISING UNDER, RELATING TO, OR IN CONNECTION WITH THE AGREEMENT OR RELATED TO ANY MATTER
WHICH IS THE SUBJECT OF OR INCIDENTAL TO THE AGREEMENT (WHETHER OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT) SHALL
BE SUBJECT TO THE EXCLUSIVE JURISDICTION AND VENUE OF THE STATE COURTS LOCATED IN MIAMI-DADE COUNTY, FLORIDA AND/OR FEDERAL COURTS
LOCATED IN MIAMI-DADE COUNTY, FLORIDA. THIS PROVISION IS INTENDED TO BE A “MANDATORY” FORUM SELECTION CLAUSE AND GOVERNED
BY AND INTERPRETED CONSISTENTLY WITH FLORIDA LAW.

 

b.
Governing Law. Except in the case of the Mandatory Forum Selection clause above, this Agreement shall be delivered and accepted
in and shall be deemed to be contracts made under and governed by the internal laws of the State of Nevada, and for all purposes
shall be construed in accordance with the laws of the State of Nevada, without giving effect to the choice of law provisions.
To the extent determined by the applicable court described above, the Company shall reimburse the Buyer for any reasonable legal
fees and disbursements incurred by the Buyer in enforcement of or protection of any of its rights under any of the Transaction
Documents.

 

c.
Waivers. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising
such right or remedy, shall not operate as a waiver thereof.

 

d.
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties hereto.

 

e.
Construction. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context
may require.

 

f.
Facsimiles; E-mails. A facsimile or email transmission of this signed Agreement or a Notice of Conversion under the Debentures
shall be legal and binding on all parties hereto. Such electronic signatures shall be the equivalent of original signatures.

 

g.
Counterparts. This Agreement may be signed in one or more counterparts, each of which shall be deemed an original.

 

h.
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement.

 

i.
Enforceability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Agreement or the validity or enforceability of this Agreement
in any other jurisdiction.

 

     

     

    

 

j.
Amendment. This Agreement may be amended only by the written consent of a majority in interest of the holders of the Debentures
and an instrument in writing signed by the

Company.

 

k.
Entire Agreement. This Agreement, together with the other Transaction Documents, supersedes all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof. l. No Strict Construction. This Agreement shall be construed
as if both Parties had equal say in its drafting, and thus shall not be construed against the drafter. m. 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.

 

10.
NOTICES.

 

Any
notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively
given on the earliest of:

 

a.
the date delivered, if delivered by personal delivery as against written receipt therefor or by facsimile or email transmission,

 

b.
the third (3rd) business day after deposit, postage prepaid, in the United States Postal Service by registered or certified
mail, or

 

c.
the first (1st) business day after deposit with a recognized courier service (e.g. FedEx, UPS, DHL, US Postal Service)
for delivery by next-day express courier, with delivery costs and fees prepaid,

 

in each case, addressed to each of the other parties
thereunto entitled at the following addresses (or at such other addresses as such party may designate by ten (10) days’
advance written notice similarly given to each of the other parties hereto):

 

 

	COMPANY:
    	Bioxytran,
    Inc.

233
Needham Street, Suite 300

Newton, MA 02464

Attention:
David Platt, Chief Executive Officer

Email: info@bioxytran.com

 

     

     

    

 

 

With
copies to (which shall not constitute notice):

_______________________________

_______________________________

_______________________________

Attention:
______________________

Email:
_________________________

 

	BUYER:	Peak
    One Opportunity Fund, L.P. 

333
South Hibiscus Drive

Miami
Beach, FL 33139

Attention:
Jason Goldstein

Email:
jgoldstein@peakoneinvestments.com

 

 

With
copies to (which shall not constitute notice):

Anthony
L.G., PLLC

625
N. Flagler Drive, Suite 600

West
Palm Beach, FL 33401

Attention:
Chad Friend, Esq., LL.M.

Email:
CFriend@AnthonyPLLC.com

 

11.
SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The Company’s representations and warranties herein shall survive for so long
as any Debentures are outstanding, and shall inure to the benefit of the Buyer, its successors and assigns.

 

12.
FEES; EXPENSES.

 

a.
Commitment Fee. A non-accountable fee (the “Commitment Fee”) of Five Thousand and 00/100 Dollars ($5,000.00) on the
Signing Closing Date (with respect to the Signing Debenture), shall be withheld from the purchase price of the Signing Debenture
to cover the Buyer’s accounting fees, legal fees, and other transactional costs incurred in connection with the transactions
contemplated by this Agreement. The Commitment Fee shall be paid on the Signing Closing Date if Buyer does not withhold such amounts
from the purchase price of the Signing Debenture pursuant to Section 12(b). In addition, at the time of Buyer’s funding
of the Signing Debenture, the Company shall issue to Investments as a commitment fee, a common stock purchase warrant to purchase
50,000 shares of the Company’s common stock pursuant to the terms of the Warrant (the “Warrant”).

 

b.
Disbursements. In furtherance of the foregoing, the Company hereby authorizes the Buyer to deduct the cash portion of the Commitment
Fee from the purchase price of the Signing Debenture and transmit same to the respective payee.

 

[Signature
Page Follows] 

     

     

    

IN
WITNESS WHEREOF, this Agreement has been duly executed by the Buyer and the Company as of the date first set forth above.

 

	 	COMPANY:
    
	 	 
	 	BIOXYTRAN,
    INC. 	 
	 	 	 	 
	 	By:	Name:
    David Platt 
	 	Title:	Chief
    Executive Officer 
	 	 	 	 
	 	BUYER:
    	 
	 	 	 
	 	PEAK
    ONE OPPORTUNITY FUND, L.P. 
	 	 
	 	By:	Peak
    One Investments, LLC, 
	 	 	General
    Partner 
	 	 	 	 
	 	 	By:	 
	 	 	Name:
    	Jason
    Goldstein
	 	 	Title:	Managing
    Member

 

[Signature
Page to Securities Purchase Agreement] 

     

     

    

SCHEDULE
3(b)

 

COMPANY
ORGANIZATION CHART

 

	Subsidiary
        / Affiliate

        Name
        and Relationship
	Jurisdiction
    of Incorporation	Percentage
    of Ownership
	n/a	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

 

SCHEDULE
3(c)

 

Note:
If not applicable, enter “n/a” or “zero” in Column 2.

 

COMPANY
CAPITALIZATION TABLE

 

COMMON
STOCK AND COMMON STOCK EQUIVALENTS

ISSUED,
OUTSTANDING AND RESERVED

 

	DESCRIPTION	AMOUNT
	Authorized
    Capital Stock	300,000,000
	Authorized
    Common Stock	0
	Issued
    Common Stock	300,000,000
	Outstanding
    Common Stock	85,319,673
	Treasury
    Stock	85,319,673
	Common
    Stock Previously Reserved	0
	*Authorized,
    but unissued	210,951,744
	 	 
	Authorized
    Preferred Stock	50,000,000
	Issued
    Preferred Stock	0
	 	 
	Reserved
    for Equity Incentive Plans	0
	Reserved
        for Convertible Debt (Included under

        *Authorized)
	210,435,068
	Reserved
        for Options and Warrants (516,666

        included
        in *Authorized)
	812,666
	Reserved
    for Other Purposes	 
	 	 
	TOTAL
        COMMON STOCK AND COMMON

        STOCK
        EQUIVALENTS OUTSTANDING
	296,567,417

IMAGE
OMITTED

     

     

    

EXHIBITS

 

	Exhibit
    A	FORM
    OF DEBENTURE
	Exhibit
    B	FORM
    OF TRANSFER AGENT INSTRUCTION LETTER
	Exhibit
    C	FORM
    OF RESOLUTIONS OF THE BOARD OF DIRECTORS
	Exhibit
    D	FORM
    OF OFFICER’S CERTIFICATE

     

     

    

EXHIBIT
A

FORM
OF DEBENTURE

(see
attached)

     

     

    

 

EXHIBIT
B

BIOXYTRAN,
INC.

 

IRREVOCABLE
TRANSFER AGENT INSTRUCTION LETTER

(see
attached)

     

     

    

EXHIBIT
C

 

IRREVOCABLE
CORPORATE RESOLUTIONS OF THE

BOARD
OF DIRECTORS OF

BIOXYTRAN,
INC.

(see
attached)

     

     

    

EXHIBIT
D

 

OFFICER'S
CERTIFICATE

(see
attached)

     

     

    

EXHIBIT
I

ARTICLES
OF INCORPORATION

(see
attached)

     

     

    

EXHIBIT
II

BYLAWS

(see
attached)

     

     

    

 

EXHIBIT
III

RESOLUTIONS
OF THE BOARD OF DIRECTORS

(see
attached)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}]]