Document:

Exhibit 10.13(j)

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR THE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES
MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S.
SECURITIES ACT; (C) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S (INCLUDING RULE 905 THEREOF) UNDER THE U.S. SECURITIES ACT;
(D) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (RULE 144 THEREUNDER, IF AVAILABLE AND
IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS; OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (D) OR (E), THE SELLER FURNISHED TO THE COMPANY AN OPINION
OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT.

 

THE PRESENCE OF THIS LEGEND MAY IMPAIR THE
ABILITY OF THE HOLDER HEREOF TO EFFECT “GOOD DELIVERY” OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE.

 

MEDMEN ENTERPRISES INC.

MM CAN USA, INC.

FOURTH AMENDED AND RESTATED 

SENIOR SECURED CONVERTIBLE NOTE

Date: August 17, 2021

 

RECITALS:

 

WHEREAS, MEDMEN ENTERPRISES
INC., a corporation incorporated under the laws of the Province of British Columbia (the “Company”), and MM
CAN USA, INC., a California corporation (the “U.S. Borrower” and, with the Company, collectively, the “Borrowers”,
and each a “Borrower”), issued senior secured convertible notes which as of the date hereof evidence an aggregate principal
amount equal to the aggregate principal amounts set forth in Appendix B hereto, as increased pursuant to the terms of the Operative Documents,
to [●], a [●], and its successors and permitted assigns (the “Holder” or “Purchaser”);

 

AND WHEREAS, in connection
with that certain Fourth Amended and Restated Securities Purchase Agreement, dated August 17, 2021 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Securities Purchase Agreement”) among the Holders
party thereto, the Borrowers, the other Credit Parties party thereto and the Collateral Agent, the Borrowers and Holder desire to amend
and restate, supersede and replace the Notes issued prior to the date hereof in their entirety pursuant to the terms and conditions set
forth in this amended and restated senior secured convertible note (as amended, restated, supplemented or otherwise modified from time
to time, this “Note”);

AND WHEREAS, therefore, this
Note evidences the principal amount of the Obligations of the Borrowers to the Holder and all interest and fees accrued thereon;

 

NOW, THEREFORE, the parties
hereby amend, restate, supersede and replace the Note(s) issued to Holder prior to the date hereof as follows:

Article
1

principal and interest

 

1.1 Promise to Pay

 

FOR VALUE RECEIVED, the Borrowers, jointly and
severally, each hereby acknowledges itself indebted to and promises to pay to the order of the Holder on the earlier of (the “Maturity
Date”) (a) the seven (7) year anniversary of the Fourth Restatement Closing Date and (b) such earlier date as the Principal
Amount (as hereinafter defined) may become payable in accordance with the provisions of this Note, the principal amount of $[●]
in lawful money of the United States (together with all Interest accrued and paid in kind under Section 3.3, collectively, the
“Principal Amount”) and to accrue interest (“Interest”) on the Principal Amount outstanding from
time to time at the Applicable Interest Rate (as hereinafter defined) until the Principal Amount of the Note is repaid in full in accordance
with its terms.

 

     

     

    

 

The Borrowers shall pay Interest in accordance
with Section 3.3. Any Obligations (as defined in the Securities Purchase Agreement) arising out of this Note, including without
limitation the Principal Amount and the Interest, shall be referred to herein as the “Obligations”. The Holder acknowledges
that this Note is one of a series of notes of substantially similar terms and conditions (collectively, the “Notes”)
issued by the Borrowers to the Holder and other holders (such holders with the Holder, collectively, the “Holders”)
under the terms of the Securities Purchase Agreement.

 

Article
2

interpretation and general provisions

 

2.1 Interpretation

 

Capitalized terms used herein without definition
shall have the meaning ascribed thereto in the Securities Purchase Agreement providing for, inter alia, the issuance of this Note
by the Borrowers.

 

2.2 Plurality and Gender

 

Words importing the singular number only shall
include the plural and vice versa and words importing the masculine gender shall include the feminine and neuter genders and vice versa
and words importing Persons shall include firms and corporations and vice versa.

 

2.3 Headings, etc.

 

The division of this Note into Articles, Sections,
subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or
interpretation of this Note.

2.4 Day Not a Business Day

 

In the event that any day on or before which any
action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken at or before the requisite
time on the next succeeding day that is a Business Day.

 

2.5 Currency

 

Any reference in this Note to “Dollars”,
“dollars” or the sign “$” shall be deemed to be a reference to lawful money of the United States.

 

Article
3

PAYMENT OF PRINCIPAL AND INTEREST

 

3.1 The Obligations shall be due and payable without
deduction or withholding for taxes of any kind or nature, except to the extent required by applicable law, immediately on the earlier
of:

 

	 	(a)	the Maturity Date; and

 

	 	(b)	as and to the extent provided in Article IX of the Securities Purchase Agreement, upon the occurrence and continuance of an Event of Default (as hereinafter defined).

 

    2

     

    

 

3.2 Benchmark Replacement Setting. Notwithstanding
anything to the contrary herein or in any other Operative Document:

 

	 	 	(a)	Replacing LIBOR. On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12- month LIBOR tenor settings. On the earlier of (i) the date that all Available Tenors of LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Operative Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Note or any other Operative Document. With respect to any Benchmark Replacement, all interest payments will be payable on a monthly basis.

 

	 	(b)	Replacing Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Operative Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Holders without any amendment to, or further action or consent of any other party to, this Note or any other Operative Document so long as the Collateral Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Holders comprising the Majority Holders.
	 	 	 
	 	(c)	Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement, the Collateral Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Operative Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Note (other than the consent of the Borrowers in accordance with the definition of “Benchmark Replacement Conforming Changes”).

 

	 	(d)	Notices; Standards for Decisions and Determinations. The Collateral Agent will promptly notify the Company and the Holders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Collateral Agent and/or the Borrowers, as applicable, pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section.

 

	 	(e)	Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Collateral Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Collateral Agent and the Borrowers may modify the definition of “Interest Period” for any Benchmark setting at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Collateral Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

    3

     

    

 

3.3 Interest shall accrue at the Applicable Interest
Rate and shall be calculated on the basis of the actual days elapsed in the period for which such Interest is to accrue and on the basis
of a year of 360 days. Interest accrued to, but not including, each Interest Payment Date shall, in lieu of paying such Interest due in
cash, be added to the Principal Amount as of such Interest Payment Date, with such amount accruing Interest as part of the Principal Amount
of the Obligations and shall be payable in full on the Maturity Date if not otherwise paid prior to such date in accordance with the Securities
Purchase Agreement and this Note.

 

3.4 Notwithstanding anything herein or in the
Securities Purchase Agreement to the contrary, all payments under this Note will be pari passu with all payments under the other
Notes in respect of outstanding Obligations (as defined in the Securities Purchase Agreement) applied in accordance with Sections 7.23
and 9.2(a), as applicable, of the Securities Purchase Agreement; provided, that this clause (and such sections of the Securities
Purchase Agreement) shall not apply to any repayment, redemption or prepayment made in accordance with (a) Section 5.2(b) of any applicable
Note to a Specified Holder if repayment, redemption or prepayment to the Fourth Restatement Holders is not permitted at the time of such
repayment, redemption or prepayment pursuant to Section 5.2(a) or Section 5.2(c) of the Notes held by the Fourth Restatement Holders and
(b) Section 5.3 of any applicable Note, in which case any repayment, redemption or prepayment to the Holders that elect such repayment,
redemption or prepayment in accordance with Section 5.3 of any applicable Note shall be allocated among such electing Holders in accordance
with this Section 7.23

 

3.5 For purposes of this Note, the following terms
shall have the definitions set forth in this Section 3.5:

 

	 	(a)	“Applicable Interest Rate” means, as of any date, LIBOR plus six percent (6.0%) per annum.

 

	 	(b)	“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Note as of such date.

 

	 	(c)	“Benchmark” means, initially, LIBOR; provided that if a replacement of the Benchmark has occurred pursuant to Section 3.2, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof.

 

	 	(d)	“Benchmark Replacement” means, for any Available Tenor: (1) For purposes of clause (a) of this Section, the first alternative set forth below that can be determined by the Collateral Agent: (a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration, or (b) the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of LIBOR with a SOFR-based rate having approximately the same length as the interest payment period specified in clause (a) of this Section; and (2) For purposes of clause (b) of this Section, the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Collateral Agent and the Borrowers as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time; provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Note and the other Operative Documents.
	 	 	 

 

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	 	(e)	“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters) that the Collateral Agent and the Borrowers decide may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Collateral Agent in a manner substantially consistent with market practice (or, if the Collateral Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Collateral Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Collateral Agent decides is reasonably necessary in connection with the administration of this Note and the other Operative Documents).

 

	 	(f)	“Benchmark Transition Event” means, with respect to any then-current Benchmark other than LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.

 

	 	(g)	“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Collateral Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Collateral Agent decides that any such convention is not administratively feasible for the Collateral Agent, then the Collateral Agent may establish another convention in its reasonable discretion.

 

	 	(h)	“Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Holders, so long as the Collateral Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Holders, written notice of objection to such Early Opt-in Election from Holders comprising the Majority Holders.

 

	 	(i)	“Early Opt-in Election” means the occurrence of: (1) a notification by the Collateral Agent to (or the request by the Borrowers to the Collateral Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities for public companies in the retail industry sector and with similar credit profiles to the Company) at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and (2) the joint election by the Collateral Agent and the Borrowers to trigger a fallback from LIBOR and the provision by the Collateral Agent of written notice of such election to the Holders.
	 	 	 
	 	(j)	“Floor” means the benchmark rate floor, if any, provided in this Note initially (as of the execution of this Note, the modification, amendment or renewal of this Note or otherwise) with respect to LIBOR.

 

	 	(k)	“Interest Payment Date” means the last Business Day of each month, with the first Interest Payment Date after the Fourth Restatement Closing Date occurring on August 31, 2021.

 

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	 	(l)	“Interest Period” means, with respect to periods in which clause (ii) of the definition of LIBOR applies, the period beginning on the day after the applicable Interest Payment Date and ending on the next Interest Payment Date.

 

	 	(m)	“LIBOR” means the greater of (i) 2.5% and (ii) for any Interest Period, the rate equal to the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other Person that takes over the administration of such rate), as published by Reuters (or any other commercially available source providing quotations of such rate as designated by the Holder from time to time) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided, that in no event shall such rate be less than zero or exceed four percent (4.0%); and provided further, that if a rate determined under clause (ii) is not available at such time for such Interest Period, the parties will work in good faith to agree upon an alternative floating rate.

 

	 	(n)	“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

 

	 	(o)	“SOFR” means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time).

 

	 	(p)	“Term SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

Article
4

CONVERSION

 

4.1 Optional Conversion Right

 

The Holder has the right (the “Optional
Conversion Right”), from time to time, at any time on or prior to 5:00 p.m. (Toronto time) on the earlier of the Business Day
immediately preceding (i) the Maturity Date and (ii) the date fixed for redemption of this Note in accordance with terms hereof, to convert
all or any portion of the outstanding Principal Amount plus, at the Holder’s option, all accrued and unpaid Interest (other than
Interest paid in kind on and after the Fourth Restatement Closing Date) with respect to such Principal Amount and any unpaid fees, into
Class B Subordinate Voting Shares of the Company (the “Shares”), at a price equal to the price per Share set forth
on Appendix B corresponding to the portion of the Principal Amount being converted; and, with respect to Interest paid in kind on and
after the Fourth Restatement Closing Date for each installment of Interest paid on an Interest Payment Date, at a price equal to the higher
of (i) the per Share volume-weighted average price of the Shares on the Canadian Securities
Exchange (or, if not listed on the Canadian Securities Exchange, such other recognized stock exchange or quotation system on which the
Shares are listed for trading) for the period from the scheduled open of trading until the scheduled
close of trading of the primary trading session over the thirty (30) consecutive trading days prior to and including the relevant Interest
Payment Date, determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours,
and (ii) the price per share determined using the lowest discounted price available pursuant to the pricing policies of the Canadian Securities
Exchange or otherwise permitted by the Canadian Securities Exchange (each such price per Share, being a “Conversion Price”,
and the amount of such Notes to be converted (the “Converted Portion”)).

 

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4.2 Exercise of Optional Conversion Right

 

The Optional Conversion Right may be exercised
by the Purchaser by completing and signing a notice of conversion in a form reasonably acceptable to the Company and the Purchaser (the
“Optional Conversion Notice”) and delivering the Optional Conversion Notice and this Note to the Borrowers. The Optional
Conversion Notice shall provide that the Optional Conversion Right is being exercised, shall specify the amount and the Converted Portion(s)
being converted, the applicable Conversion Price(s) with respect to such Converted Portion(s), and the date (the “Optional Conversion
Issue Date”) on which Shares are to be issued upon the exercise of the Optional Conversion Right (such date to be no earlier
than five (5) Business Days and no later than ten (10) Business Days after the day on which the Optional Conversion Notice is delivered
to the Borrowers). The conversion shall be deemed to have been effected immediately prior to the close of business on the Optional Conversion
Issue Date and the Shares issuable upon conversion shall be deemed to be issued as fully paid and non-assessable at such time. Within
ten (10) Business Days after the Optional Conversion Issue Date, a certificate or other evidence of ownership for the required number
of Shares shall be issued to the Purchaser. If less than all of the Principal Amount of this Note is the subject of the Optional Conversion
Right, then within ten (10) Business Days after the Optional Conversion Issue Date, the Borrowers shall deliver to the Purchaser a replacement
Note in the form hereof in the principal amount of the unconverted principal balance hereof and any unconverted portion of any accrued
and unpaid Interest and fees (and with Appendix B having been updated for all changes (including prior updates made in Schedule 1.1(d)
that were not included in Appendix B prior to such replacement Note being issued)), and this Note shall be cancelled. If the Optional
Conversion Right is being exercised in respect of the entire Principal Amount of this Note (and, if applicable, all accrued and unpaid
Interest and fees), this Note shall be cancelled.

 

4.3 [Reserved.]

 

4.4 [Reserved.] 

4.5 Other Adjustments of Conversion Price

 

Each Conversion Price in effect at any date shall
be subject to adjustment from time to time as follows:

 

	 	(a)	If and whenever at any time prior to the Maturity Date, the Company shall:

 

	 	(i)	subdivide or redivide the outstanding Shares into a greater number of Shares;

 

	 	(ii)	reduce, combine or consolidate the outstanding Shares into a smaller number of Shares;

 

	 	(iii)	issue Shares (or securities convertible into or exchangeable for Shares) to the holders of all or substantially all of the outstanding Shares by way of stock dividend; or

 

	 	(iv)	make a distribution on its outstanding Shares payable in Shares or securities exchangeable for or convertible into Shares,

 

each Conversion Price in effect on the
effective date of such subdivision, redivision, reduction, combination or consolidation or on the record date for such issue of Shares
(or securities convertible into or exchangeable for Shares) by way of a stock dividend or other distribution, as the case may be, shall,
in the case of the events referred to in Sections 4.5(a)(i), (iii) and (iv) above, be decreased in proportion to
the increase in the number of outstanding Shares resulting from such subdivision, redivision or dividend (including, in the case where
securities convertible into or exchangeable for Shares are issued, the number of Shares that would have been outstanding had such securities
been converted into or exchanged for Shares on such effective or record date) or shall, in the case of the events referred to in Section
4.5(a)(ii) above, be increased in proportion to the decrease in the number of outstanding Shares resulting from such reduction, combination
or consolidation on such effective or record date. Such adjustment shall be made successively whenever any event referred to in this Section
4.5(a) shall occur. Any such issue of Shares (or securities convertible into or exchangeable for Shares) by way of a stock dividend
or other distribution shall be deemed to have been made on the record date for the stock dividend or other distribution for the purpose
of calculating the number of outstanding Shares under Sections 4.5(b) and (g); to the extent that any such securities are
not converted into or exchanged for Shares prior to the expiration of the conversion or exchange right, each Conversion Price shall be
readjusted effective as at the date of such expiration to the respective Conversion Price which would then be in effect based upon the
number of Shares actually issued on the exercise of such conversion or exchange right.

 

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	 	(b)	If and whenever at any time prior to the Maturity Date, the Company shall fix a record date for the issuance of rights, options or warrants to all or substantially all the holders of its outstanding Shares entitling them, for a period expiring not more than forty-five (45) days after such date of issue (such period from the record date to the date of expiry being referred to in this Section 4.5(b) as the “Rights Period”), to subscribe for or purchase Shares (or securities convertible into or exchangeable for Shares) (such subscription price per Share (inclusive of any cost of acquisition of securities exchangeable for or convertible into Shares in addition to any direct cost of Shares) being referred to in this Section 4.5(b) as the “Per Share Cost”), the Borrowers shall give written notice to the Purchaser with respect thereto (any of such events herein referred to as a “Rights Offering”), and the Purchaser shall have fifteen (15) days after receipt of such notice (but prior to the Maturity Date or the date fixed for redemption of this Note) to elect to convert any or all of the Principal Amount of this Note into Shares at the applicable Conversion Prices and otherwise on terms and conditions set out in this Note. If the Purchaser validly elects to convert any or all of the Principal Amount of this Note, such conversion shall occur immediately prior to the record date for the issuance of such rights, options or warrants. If the Purchaser elects not to convert any of the Principal Amount of this Note, there shall continue to be an adjustment to each Conversion Price as a result of the issuance of such rights, options or warrants, in the manner hereinafter provided. Each Conversion Price will be adjusted effective immediately after the end of the Rights Period to a price determined by multiplying such Conversion Price in effect immediately prior to the end of the Rights Period by a fraction:

 

	 	(i)	the numerator of which is the aggregate of:

 

	 	(A)	the number of Shares outstanding as of the record date for the Rights Offering; and

 

	 	(B)	the number determined by dividing the product of the Per Share Cost and:

 

	 	1.	where the event giving rise to the application of this Section 4.5(b) was the issue of rights, options or warrants to the holders of Shares under which such holders are entitled to subscribe for or purchase additional Shares, the number of Shares so subscribed for or purchased during the Rights Period, or

 

	 	2.	where the event giving rise to the application of this Section 4.5(b) was the issue of rights, options or warrants to the holders of Shares under which such holders are entitled to subscribe for or purchase securities exchangeable for or convertible into Shares, the number of Shares for which those securities so subscribed for or purchased during the Rights Period could have been exchanged or into which they could have been converted during the Rights Period,

 

by the trading price of the Shares on
the Canadian Securities Exchange (or such other recognized stock exchange or quotation on which the Shares are listed for trading) (the
“Current Market Price”) as of the record date for the Rights Offering; and

 

	 	(ii)	the denominator of which is:

 

	 	(A)	in the case described in subparagraph 4.5(b)(i)(B)(1), the number of Shares outstanding, or

 

	 	(B)	in the case described in subparagraph 4.5(b)(i)(B)(2), the number of Shares that would be outstanding if all the Shares described in subparagraph 4.5(b)(i)(B)(2) had been issued,

 

as at the end of the
Rights Period.

 

	 	(c)	Any Shares owned by or held for the account of the Company or any subsidiary (as defined in the Securities Act (British Columbia)) of the Company will be deemed not to be outstanding for the purpose of any such computation.

 

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	 	(d)	If by the terms of the rights, options or warrants referred to in Section 4.5(b), there is more than one purchase, conversion or exchange price per Share, the aggregate price of the total number of additional Shares offered for subscription or purchase, or the aggregate conversion or exchange price of the convertible securities so offered, will be calculated for purposes of the adjustment on the basis of:

 

(1) the lowest purchase, conversion or
exchange price per Share, as the case may be, if such price is applicable to all Shares which are subject to the rights, options or warrants,
and

 

(2) the average purchase, conversion or
exchange price per Share, as the case may be, if the applicable price is determined by reference to the number of Shares acquired.

 

	 	(e)	To the extent that any adjustment in any Conversion Price occurs pursuant to Section 4.5(b) as a result of the fixing by the Company of a record date for the distribution of rights, options or warrants referred to in Section 4.5(b), such Conversion Price will be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the Conversion Price which would then be in effect based upon the number of Shares actually issued and remaining issuable after such expiration, and will be further readjusted in such manner upon expiration of any further such right.

 

	 	(f)	[Intentionally Omitted].

 

	 	(g)	If and whenever at any time prior to the Maturity Date, the Company shall fix a record date for the making of a distribution to all or substantially all the holders of its outstanding Shares of (i) shares of any class other than Shares (or other than securities convertible into or exchangeable for Shares), or (ii) rights, options or warrants (other than rights, options or warrants referred to in Section 4.5(b)), or (iii) evidences of its indebtedness, or (iv) assets (in each case, other than dividends paid in the ordinary course) then, in each such case, the Borrowers shall give written notice to the Purchaser with respect thereto, and the Purchaser shall have fifteen (15) days after receipt of such notice to elect to convert any or all of the Principal Amount of this Note into Shares at the then applicable Conversion Prices and otherwise on terms and conditions set out in this Note. If the Purchaser elects to convert any or all of the Principal Amount of this Note, such conversion shall occur immediately prior to the record date for the making of such distribution. If the Purchaser elects not to convert any of the Principal Amount of this Note, there shall continue to be an adjustment to each Conversion Price as a result of the making of such distribution (herein referred to as a “Special Distribution”), determined in the manner hereafter set out in Section 4.5(h). In this Section 4.5(g) the term “dividends paid in the ordinary course” shall include the value of any securities or other property or assets distributed in lieu of cash dividends paid in the ordinary course at the option of shareholders.
	 	 	 
	 	(h)	In circumstances described in Section 4.5(g), each Conversion Price will be adjusted effective immediately after such record date to a price determined by multiplying such Conversion Price in effect on such record date by a fraction:

 

(1) the numerator of which is:

 

(A) the product of the number of Shares
outstanding on such record date and the Current Market Price of the Shares on such record date; less

(B) the aggregate fair market value
(as determined by action by the directors of the Company, acting reasonably) to the holders of the Shares of such securities or property
or other assets so issued or distributed in the Special Distribution; and

 

(2) the denominator of which is the number
of Shares outstanding on such record date multiplied by the Current Market Price of the Shares on such record date.

 

Any Shares owned by or held for the account
of the Company or any subsidiary (as defined in the Securities Act (British Columbia)) of the Company will be deemed not to be
outstanding for the purpose of any such computation.

 

    9

     

    

 

	 	(i)	[Intentionally Omitted].

 

	 	(j)	In the case of any reclassification of, or other change in, the outstanding Shares (other than a change referred to in Section 4.5(a), Section 4.5(b), or Section 4.5(g) or hereof), each Conversion Price shall be adjusted in such manner, if any, and at such time, as the Board of Directors of the Company determines to be appropriate on a basis consistent with the intent of this Section 4.5; provided that if at any time a dispute arises with respect to adjustments provided for in this Section 4.5(j), such dispute will be conclusively determined by the auditors of the Borrowers or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by action by the directors of the Company, acting reasonably, and any such determination will be binding on the Borrowers and the Purchaser.

 

	 	(k)	The Borrowers will provide such auditors or accountants with access to all necessary records of the Borrowers. If and whenever at any time after the date hereof there is a reclassification or redesignation of the Shares outstanding at any time or change of the Shares into other shares or into other securities (other than as set out in Section 4.5(a), (b), (g) or (i)), or a consolidation, amalgamation or merger of the Company with or into any other corporation or other entity (other than a consolidation, amalgamation or merger which does not result in any reclassification or redesignation of the outstanding Shares or a change of the Shares into other shares and other than as set forth in Section 4.5(a) or a transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another corporation or other entity (any of such events being called a “Capital Reorganization”), the Purchaser, upon the exercising of the Optional Conversion Right, after the effective date of such Capital Reorganization, will be entitled to receive in lieu of the number of Shares to which the Purchaser was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property, if any, which the Purchaser would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the Purchaser had been the registered holder of the number of Shares to which such Purchaser was theretofore entitled upon exercise of the Optional Conversion Right. If determined appropriate by action of the directors of the Company, appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Section 4.5 with respect to the rights and interests thereafter of the Purchaser to the end that the provisions set forth in this Section 4.5 will thereafter correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property thereafter deliverable upon the exercise of the Optional Conversion Right. Any such adjustment must be made by and set forth in an amendment to this Note approved by action by the directors of the Company, acting reasonably, and will for all purposes be conclusively deemed to be an appropriate adjustment.
	 	 	 
	 	(l)	In any case in which this Section 4.5 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Company may defer, until the occurrence of such event, issuing to the Purchaser before the occurrence of such event, the additional Shares issuable upon such conversion by reason of the adjustment required by such event before giving effect to such adjustment; provided, however, that the Borrowers shall deliver to the Purchaser an appropriate instrument evidencing the Purchaser’s right to receive such additional Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Shares declared in favour of holders of record of Shares on and after the Issue Date or such later date as the Purchaser would, but for the provisions of this Section 4.5(l), have become the holder of such additional Shares pursuant to this Section 4.5.

 

	 	(m)	The adjustments provided for in this Section 4.5 are cumulative and shall apply to successive subdivisions, redivisions, reductions, combinations, consolidations, distributions, issues or other event resulting in any adjustment under the provisions of this Section, provided that, notwithstanding any other provision of this Section, no adjustment of any Conversion Price shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in such Conversion Price then in effect; provided, however, that any adjustments which by reason of this Section 4.5(m) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.

 

    10

     

    

 

No Conversion Price adjustment will be made to
the extent that the Company makes an equivalent distribution to holders of Notes in respect of such Notes. No adjustment to any Conversion
Price will be made for distributions or dividends on Shares issuable upon conversion of Notes that have been surrendered for conversion,
provided that holders converting their Notes shall be entitled to receive, in addition to the applicable number of Shares, accrued and
unpaid interest payable in cash from, and including, the most recent interest payment date to, but excluding, the date of conversion.

 

4.6 Legend; Transfer Restrictions

 

	 	(a)	[Reserved].

 

	 	(b)	The Note and the Shares to be issued upon conversion of this Note have not been and the Note will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.

 

	 	(c)	Any Shares issued upon conversion of Note in the United States, or to or for the account or benefit of a U.S. person or a person in the United States, will be “restricted securities”, as defined in Rule 144(a)(3) under the U.S. Securities Act. The certificates or DRS statements representing such Shares, as well as all certificates or DRS statements issued in exchange or in substitution therefor, until such time as is no longer required under the applicable requirements of the U.S. Securities Act, or applicable state securities laws, will bear, on the face of such certificate or DRS statement, the following legends:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR
THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE
COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE
WITH REGULATION S (INCLUDING RULE 905 THEREOF) UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER
THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR
(D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN
THE CASE OF PARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT.

THE PRESENCE OF THIS LEGEND MAY
IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT “GOOD DELIVERY” OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK
EXCHANGE.”

 

provided, that, if the Shares are being
sold other than to the Company, the legends may be removed by delivery to the registrar and transfer agent and the Company of an opinion
of counsel of recognized standing in form and substance reasonably satisfactory to the Company that such legends are no longer required
under applicable requirements of the U.S. Securities Act or state securities laws.

 

    11

     

    

 

	 	(d)	Notwithstanding any provision to the contrary contained herein, no Shares will be issued pursuant to the conversion of any Note if the issuance of such securities would constitute a violation of the securities laws of any applicable jurisdiction, and the certificates or DRS statements evidencing the Shares thereby issued may bear such legend as may, in the opinion of legal counsel to the Company, be necessary in order to avoid a violation of any securities laws of any applicable jurisdiction or to comply with the requirements of any stock exchange on which the Shares of the Company are listed, provided that, at any time, in the opinion of legal counsel to the Company, such legends are no longer necessary in order to avoid a violation of any such laws, or the holder of any such legended certificate or DRS statement, at that holder’s expense, provides the Company with evidence reasonably satisfactory in form and substance to the Company (which may include an opinion of legal counsel of recognized standing in form and substance reasonably satisfactory to the Company) to the effect that such holder is entitled to sell or otherwise transfer such Shares in a transaction in which such legends are not required, such legended certificate or DRS statement may thereafter be surrendered to the Company in exchange for a certificate or DRS statement which does not bear such legend. Notwithstanding any provision to the contrary herein, no Shares will be issued pursuant to the conversion of any Note if the issuance of such securities would be in contravention of Section 11.22 (Cannabis Law Limitations) of the Securities Purchase Agreement.

 

Article
5

PREPAYMENT

 

5.1 No Early Redemption or Prepayment

 

Except pursuant to Sections 5.2 and 5.3,
the Borrowers shall not be permitted to redeem or repay the Note prior to the Maturity Date without the prior written consent of the Collateral
Agent and the Holders holding more than fifty percent (50%) of the aggregate unpaid principal amount outstanding under the Notes.

 

5.2 Voluntary Prepayment 

 

	 	(a)	With respect to the repayment or redemption of any Note held by a Fourth Restatement Holder, prior to the occurrence of a Triggering Event (as defined in the Securities Purchase Agreement), the Borrowers shall not repay, in whole or in part, any portion of the Principal Amount prior to the Maturity Date without the prior written consent of the Collateral Agent.

 

	 	(b)	With respect to the repayment or redemption of any Note held by a Holder that is not a Fourth Restatement Holder (a “Specified Holder”), the Borrowers shall not repay, in whole or in part, any portion of the Principal Amount prior to the date that is the earlier of the date (i) that is the third (3rd) anniversary of the Fourth Restatement Closing Date and (ii) that is ninety (90) days following the transfer of this Note to a Specified Holder (the period from the Fourth Restatement Closing Date to such date is the “No-Call Period”).

 

	 	(c)	Subject to the rest of this Section 5.2, after the Triggering Date or the No-Call Period, as applicable, from time to time the Borrowers may prepay, in whole or in part, the then outstanding Principal Amount of this Note together with accrued and unpaid Interest and fees, provided that (i) the Company has notified the applicable Holders in writing at least six (6) months prior to the proposed prepayment date (unless the applicable Holder is a Specified Holder, in which case such six (6) month period shall be reduced to 30 days) and (ii) unless the applicable Holder is a Specified Holder (in which case, repayment shall be at par), the Borrowers pay the Applicable Premium at the time of such prepayment. For purposes of this Note, “Applicable Premium” means three percent (3%) of the Principal Amount being repaid. Each notice of prepayment shall include the proposed prepayment date and the Principal Amount, interest and fees (if any) and Applicable Premium (if any) to be paid on such prepayment date. Such prepayment will be paid by wire transfer of immediately available funds to the account designated by the Holder.

 

 

    12

     

    

 

5.3 Change of Control

 

	 	(a)	The Borrowers shall give written notice to the Purchaser of any Change of Control at least thirty (30) days or, if the Borrowers become aware that a Change of Control may occur in less than thirty (30) days, as soon as reasonably possible prior to the effective date of any such Change of Control (the “Change of Control Notice”) and another written notice on or as soon as reasonably practicable after the effective date of such Change of Control (the “Change of Control Closing Notice”).

 

	 	(b)	After receipt of a Change of Control Notice, the Holder shall, in its sole discretion, have the right to require the Borrowers to prepay all Obligations then outstanding under this Note, plus five percent (5%) of the Principal Amount being repaid unless the Note is redeemed or repaid prior to the effective date of the Change of Control. The Holder may require such prepayment to be completed concurrently with the closing of the Change of Control. Alternatively, the Holder may, in its sole discretion, elect to convert all or any portion of the Obligations hereunder in accordance with Section 4.1, in which case any such portion converted will, for certainty, not be subject to repayment or any premium thereon.

 

Article
6

SECURITY

 

6.1 The Obligations under this Note and all other
Obligations under the Operative Documents shall be secured by the Security Documents, for the benefit of the Holders which shall rank
pari passu between and among the Holders as and to the extent provided in the Securities Purchase Agreement.

 

Article
7

EVENTS
OF DEFAULT

 

7.1 The occurrence of an “Event of Default”
under the Securities Purchase Agreement shall constitute an event of default (“Event of Default”) hereunder.

 

7.2 Upon and during the continuation of an Event
of Default, the Interest Rate shall increase by three percent (3%) per annum, and the Holder shall be entitled to all of the rights and
remedies set forth in the Securities Purchase Agreement and available to it under applicable law.

Article
8

TAX
TREATMENT

8.1 Tax Treatment 

 

For United States federal income tax purposes,
the parties agree to treat the Notes as convertible debt instruments that are excepted from the contingent payment debt instrument rules
of Treas. Reg. § 1.1275-4. The parties shall file all federal income tax returns and reports in a consistent manner unless otherwise
required pursuant to a final “determination” within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended.

 

Article
9

GENERAL
MATTERS

 

9.1 Amalgamation

 

The Borrowers acknowledge that if, to the extent
permitted under the Securities Purchase Agreement, either Borrower amalgamates or merges with any other Person (or any other circumstance
or transaction occurs in which there is a “Successor Company” as defined in Section 8.4 of the Securities Purchase Agreement)
(a) the term “Company” or “U.S. Borrower”, where used herein shall extend to and include the applicable
Successor Company, and (b) the term, “Obligations”, where used herein shall extend to and include the Obligations of
the Borrowers and the Successor Company.

 

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9.2 No Modification or Waiver

 

This Note may be modified, varied or amended at
any time only by the written agreement of the parties hereto; provided, however, no modification, variation, waiver or amendment
of any provision of this Note shall be made without the prior written consent of the Majority Holders (as defined in the Securities Purchase
Agreement). The Holder shall not, by any act, delay, omission or otherwise, be deemed to have expressly or impliedly waived any of its
rights, powers and/or remedies unless such waiver shall be in writing and executed by an authorized officer of the Holder. Any such waiver
shall be enforceable only to the extent specifically set forth therein. A waiver by the Holder of any right, power and/or remedy on any
one occasion shall not be construed as a bar to or waiver of any such right, power and/or remedy which the Holder would otherwise have
on any future occasion, whether similar in kind or otherwise.

 

9.3 Entire Agreement

 

This Note together with the Securities Purchase
Agreement and the other Operative Documents constitute the entire agreement between the parties and supersedes all prior agreements, understandings,
negotiations and discussions, whether oral or written, of the parties with respect to the subject matter hereof. There are no other agreements
between the parties in connection with the subject matter hereof except as specifically set forth or referred to herein or therein.

 

9.4 Notice to the Company and the Holder

 

Any notice to be given to the Borrowers or the
Holder shall be in writing and shall be deemed to be validly given if such notice is delivered in accordance with Section 11.6 of the
Securities Purchase Agreement.

9.5 Replacement of Note

 

If this Note shall become mutilated or be lost,
stolen or destroyed and in the absence of notice that the Note has been acquired by a bona fide purchaser, the Borrowers shall
issue a new Note upon surrender and cancellation of the mutilated Note, or, in the event that a Note is lost, stolen or destroyed, in
lieu of and in substitution for the same, and the substituted Note shall be in the form hereof and the Holder shall be entitled to benefits
hereof. In case of loss, theft or destruction, the Holder shall furnish to the Borrowers such evidence of such loss, theft or destruction
as shall be satisfactory to the Borrowers in their discretion acting reasonably together with an indemnity in form and substance mutually
acceptable to the Borrowers and the Holder, each acting reasonably. The applicant shall pay reasonable expenses incidental to the issuance
of any such new Note.

 

9.6 Successors and Assigns

 

This Note shall inure to the benefit of the Holder
and its successors and its permitted assigns and shall be binding upon the Borrowers and each of their successors and permitted assigns.

 

9.7 Assignment

 

No Party may assign its rights or benefits under
this Note except that the Holder may assign all or any portion of its rights and benefits under this Note to any Person or Persons who
may purchase all or part of this Note, subject to compliance with applicable securities laws and the Securities Purchase Agreement.

 

9.8 Registered Obligations

 

The Borrowers shall keep a “register”
in accordance with Section 11.3 of the Securities Purchase Agreement.

 

9.9 Invalidity of Provisions

 

Each of the provisions contained in this Note
is distinct and severable and a declaration of invalidity or unenforceability of any such provision by a court of competent jurisdiction
shall not affect the validity or enforceability of any other provision hereof or thereof.

 

    14

     

    

 

9.10 Governing Law

 

THIS NOTE AND EACH OTHER TRANSACTION AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS
OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

9.11 Maximum Rate of Interest

 

Notwithstanding any other provisions of this Note,
if the amount of any interest, premium, fees or other monies or any rate of interest required to be paid under this Note or any other
document entered into in connection with this Note would, but for this provision, contravene any applicable Law, then such amount or rate
of interest shall be reduced to such maximum amount as would not contravene such provisions; and to the extent that any excess has been
charged or received the Holder shall apply such excess against the outstanding Obligations and refund to the Borrowers any further excess
amount.

 

9.12 Time of Essence

 

Time shall be of the essence of this Note and
a forbearance by the Holder of the strict application of this provision shall not operate as a continuing or subsequent forbearance.

 

9.13 Waiver

 

Each Borrower hereby waives presentment, notice
of dishonor, protest and notice of protest. No failure or delay by the Holder in exercising any right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any right exclude other further exercise thereof or the exercise of any other right.

 

9.14 Waiver of Trial by Jury

 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
PARTY TO THIS NOTE HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING HEREUNDER
OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY TRANSACTION
AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT
OR TORT OR OTHERWISE; AND EACH PARTY TO THIS NOTE HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL
BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS NOTE MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS ‎SECTION
9.14 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

9.15 Obligations Joint and Several

 

All obligations of the Borrowers under this Note
are joint and several.

 

9.16 Amendment and Restatement 

 

This Note amends and restates, supersedes and
replaces all Notes previously issued to the Holder by the Borrowers under the Securities Purchase Agreement or the Existing Agreement
(as defined in the Securities Purchase Agreement) (the “Previously Issued Notes”); provided, however, that the execution
and delivery by the undersigned of this Note shall not, in any manner or circumstance, be deemed to be a payment of, a novation of or
to have terminated, extinguished or discharged any of the undersigned’s obligations evidenced by the Previously Issued Notes, all
of which obligations shall continue under and shall hereinafter be evidenced and governed by this Note.

 

[Signature Page Follows]

 

    15

     

    

 

IN WITNESS WHEREOF, each Borrower has caused
this Note to be executed by its duly authorized officer as of the date first written above.

 

	 	MEDMEN ENTERPRISES INC.
	 	 
	 	Per:	 	 
	 	Name:

Title:	 
	 	 	 
	 	MM CAN USA, INC.
	 	 
	 	Per:	                                        	 
	 	Name:

Title:	 

 

    16

     

    

 

ACCEPTED AND AGREED as of the date first
written above by:

[●]

By: [●]

Its: [●]

By:

Name:

Its:

 

    17

     

    

 

Appendix
A

Reserved

 

    18

     

    

 

Appendix
B

 

PRINCIPAL AMOUNTS; CONVERSION PRICES; RESTRICTIONS
ON CONVERSION 

 

Advances Made and Fees Paid on or prior to
November 27, 2019 (the “July 2, 2020 Existing Notes”):

 

[NTD: AMOUNTS TO BE COMPLETED FOR EACH HOLDER]

 

	Tranche	Date of Issuance	Initial Principal Amount	Fully Accreted Principal Amount as of the Fourth Restatement Closing Date	Conversion Price for 28% of Fully Accreted Principal Amount1	Conversion Price for 15% of Fully Accreted Principal Amount1	Conversion Price for 52% of Fully Accreted Principal Amount1	Conversion Price for 5% of Fully Accreted Principal Amount1
	1-A	4/23/19	 	 	$0.1700 	$0.1529 	$0.3400 	$0.1529 
	1-B	5/22/19	 	 	$0.1700 	$0.1529 	$0.3400 	$0.1529 
	2	7/12/19	 	 	$0.1700 	$0.1529 	$0.3400 	$0.1529 
	Amendment Fee	10/29/19	 	 	$0.1700 	$0.1529 	$0.3400 	$0.1529 
	3	11/27/19	 	 	$0.1700 	$0.1529 	$0.3400 	$0.1529 
	Total principal amounts for 

Existing Notes:	 	 	 	 	 	 

 

The aggregate July 2, 2020 Existing Notes Principal
evidenced by this Note is $__________.

 

1 As
of the Fourth Restatement Closing Date, and subject to change under Section 4.5 of this Note.

 

[Remainder of page intentionally left blank]

 

    19

     

    

 

Advances Made and Fees Paid After November
27, 2019:

[NTD: AMOUNTS TO BE COMPLETED FOR EACH HOLDER]

 

	Tranche	Date of Issuance	Initial Principal Amount	Conversion

Price3	Restatement Fee Allocated to Principal Amount 	Total Initial Principal Amount	Fully Accreted Principal Amount as of Fourth Restatement Closing Date
	4	3/27/20	 	$0.1529 	 	 	 
	Incremental Advance 1	4/24/20	 	$0.1529 	 	 	 
	2020 Amendment Fee	7/2/20	 	$0.2845 	 	 	 
	Incremental Advance 2	9/14/20	 	$0.1529 	 	 	 
	Third Restatement Advance	1/11/ 21	 	$0.1608 	 	 	 
	Total principal amount for 

the foregoing, as of the Fourth Restatement Closing Date:	 	 	 	 	 

 

Fully Accreted Principal Amount as of the Fourth
Restatement Closing Date: $[●]

 

1 Conversion
Prices are subject to standard adjustments under Section 4.5 of this Note.

 

To the extent there is any conflict between this
Appendix B and Schedule 1.1(d) to the Securities Purchase Agreement, Schedule 1.1(d) shall control.

 

    20Exhibit 10.33(b)

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR
U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, UNLESS
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN COMPLIANCE
WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED THAT THE HOLDER HAS, PRIOR TO SUCH TRANSFER,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY.

 

[UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 18, 2021. [Note: to be included if subscriber is subject to Canadian
law]

 

THE WARRANTS REPRESENTED BY THIS CERTIFICATE WILL
BE VOID AND OF NO VALUE UNLESS EXERCISED BY 5:00 P.M. (PACIFIC TIME), ON AUGUST 17 2026, OR SUCH EARLIER DATE AS PROVIDED HEREIN, AFTER
WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT.

 

WARRANT CERTIFICATE

MEDMEN ENTERPRISES INC.

 

	
    WARRANT CERTIFICATE

    August 17, 2021
	[●] WARRANTS (each a “Warrant”) entitling the holder to acquire, subject to adjustment, one Class B subordinate voting share of MedMen Enterprises Inc. at a price of US$0.288 (a “Share”) for each Warrant represented hereby.

 

THIS CERTIFIES THAT,
for value received, [●], a Delaware corporation (hereinafter referred to as the “Holder”), is entitled,
at any time prior to the Expiry Time, to purchase, at the Exercise Price, one Share in the capital stock of MedMen Enterprises Inc. (the
“Company”) for each Warrant evidenced hereby, by surrendering to the Company at its office at 10115 Jefferson Boulevard,
Culver City, CA 90232, this Warrant Certificate, together with a Subscription Form, duly completed and executed, and cash or a certified
cheque, money order, bank draft or wire of immediately available funds in lawful money of the United States payable to or to the order
of the Company for the amount equal to the Exercise Price per Share multiplied by the number of Shares subscribed for, on and subject
to the terms and conditions set forth below.

 

Nothing contained herein shall confer any right
upon the Holder to subscribe for or purchase any shares of the Company at any time after the Expiry Time, and from and after the Expiry
Time this Warrant Certificate and the Warrants represented hereby, and all rights hereunder shall be void and of no value.

 

		1.	Definitions

 

In this Warrant Certificate, including the preamble,
unless there is something in the subject matter or context inconsistent therewith, the following expressions shall have the following
meanings namely:

 

		(a)	“Affiliate” has the meaning ascribed to such term under the Securities Act (Ontario);

 

		(b)	“Business Day” means a day which is not a Saturday, Sunday, or a civic or statutory holiday in the City of Los Angeles, California;

 

		(c)	“Shares” means Class B subordinate voting shares of the Company as such shares were constituted on the date hereof, as the same may be reorganized, reclassified or redesignated pursuant to any of the events set out in Section 13 hereof;

 

		(d)	“Company” means MedMen Enterprises Inc., a corporation formed under the laws of the Province of British Columbia and its successors and assigns;

 

     

     

    

 

		(e)	“Current Market Price” at any date, means the weighted average of the sale prices per Share at which the Shares have traded on the Canadian Securities Exchange, or, if the Shares in respect of which a determination of Current Market Price is being made are not listed thereon, on such stock exchange on which such shares are listed as may be selected for such purpose by the directors, or, if the Shares are not listed on any stock exchange, then on the over-the-counter market, for 30 consecutive trading days ending before such date, or in the event that at any date the Shares are not listed on any exchange or on the over-the-counter market, the Current Market Price shall be as determined by the directors or such firm of independent chartered accountants as may be selected by the directors acting reasonably and in good faith in their sole discretion; for these purposes, the weighted average price for any period shall be determined by dividing the aggregate sale prices of all Shares sold during such period by the total number of Shares sold during such period;

 

 

		(f)	“Equity Shares” means the Shares and any shares of any other class or series of the Company which may from time to time be authorized for issue if by their terms such shares confer on the holders hereof the right to participate in the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding up of the Company beyond a fixed sum or a fixed sum plus accrued dividends;

 

		(g)	“Exercise Price” means US$0.288 in per Share;

 

		(h)	“Expiry Time” means 5:00 pm (Los Angeles time)] on August 17, 2026;

 

		(i)	“Holder” means the registered holder of this Warrant Certificate;

 

		(j)	“person” means an individual, corporation, partnership, unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator, or other legal representative, or any group or combination thereof;

 

		(k)	“Subscription Form” means the form of subscription annexed hereto as Schedule “A”;

 

		(l)	“this Warrant Certificate”, “herein”, “hereby”, “hereof”, “hereto”, “hereunder” and similar expressions mean or refer to this Warrant Certificate and any deed or instrument supplemental or ancillary thereto and any schedules hereto or thereto and not to any particular article, section, subsection, clause, subclause or other portion hereof; and

 

		(m)	“Warrant” or “Warrants” means the right to acquire Shares evidenced hereby.

 

		2.	Expiry Time

 

After the Expiry Time, all rights under any Warrants
evidenced hereby, in respect of which the right of subscription and purchase herein provided for shall not theretofore have been exercised,
shall wholly cease and terminate and such Warrants and this Warrant Certificate shall be void and of no value or effect.

 

		3.	Exercise Procedure

 

Except as otherwise provided
for below in this Section 3, the right to purchase Shares conferred by a Warrant may be exercised by the Holder surrendering this Warrant
Certificate, together with a duly completed and executed Subscription Form. The Holder shall either (a) deliver with the Subscription
Form a certified cheque, bank draft or wire transfer for the aggregate Exercise Price payable to, or to the order of, the Company, at
the address as set out on this Warrant Certificate or such other address as the Company may from time to time in writing direct, or (b)
elect to dispose to the Company that part of this Warrant having a value equal to the aggregate Exercise Price payable by the Holder and
to receive Shares then issuable upon exercise of the remaining part of this Warrant, such that, without payment of any cash consideration
or other immediately available funds, the Holder shall exercise the remaining portion of the Warrants in exchange for the number of Shares
as computed using the following formula:

 

X = [Y (A-B)] / A

 

Where: X = the
number of Shares to be issued to the Holder.

Y = the number of Shares issuable to
the Holder upon a cash exercise of the applicable number of Warrants duly surrendered for exercise.

A = the Current Market Price of one Share
on the effective date that this Warrant Certificate, along with all associated documentation required pursuant to this Warrant Certificate,
are duly surrendered to the Company for exercise.

B = the per Share Exercise Price (as
adjusted in accordance with this Warrant Certificate as of the date of such calculation).

 

Any reference to the payment of the Exercise Price
herein is deemed to include delivery of Warrants for cashless exercise as set forth in this Section 3.

 

This Warrant Certificate is exchangeable, upon
the surrender hereof by the Holder, for new warrant certificates of like tenor, and bearing the same legends representing, in the aggregate,
the right to subscribe for the number of Shares which may be subscribed for hereunder.

  

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		4.	Right to Distributions

 

Subject to applicable laws and the rights of any
shares of the Company ranking in preference to the Shares, the Holder hereof shall be entitled to receive ratably with the holders of
Shares, any dividends declared on the Shares or any other distributions made to the holders of Shares (the “Share Distribution”),
on the basis as if the Warrants had been exercised for Shares at the Exercise Price in effect for the Warrants as of the record date for
the determination of the holders of Shares entitled to receive the Share Distribution.

 

		5.	Entitlement to Certificate

 

Upon such delivery and payment as aforesaid, the
Company shall cause to be issued to the Holder hereof the Shares subscribed for not exceeding those which such Holder is entitled to purchase
pursuant to this Warrant Certificate and the Holder hereof shall become a shareholder of the Company in respect of such Shares with effect
from the date of such delivery and payment and shall be entitled to delivery of confirmation of the registration of such Shares and the
Company shall cause such confirmation to be mailed to the Holder hereof at the address or addresses specified in such subscription within
five (5) Business Days of such delivery and payment.

 

		6.	Register of Warrantholders and Transfer of Warrants

 

The Company shall cause a register to be kept
in which shall be entered the names and addresses of all holders of the Warrants and the number of Warrants held by them.

 

The Company may treat the registered holder of
any Warrant Certificate as the absolute owner of the Warrants represented thereby for all purposes, and the Company shall not be affected
by any notice or knowledge to the contrary except where the Company is required to take notice by statute or by order of a court of competent
jurisdiction.

 

Subject to the terms hereof and the terms set
forth in the Transfer Form attached as Schedule “B” hereto, this Warrant may be transferred to: (i) an Affiliate of
the Holder; or (ii) any other person; provided that no proposed transfer to a person that is not an Affiliate of the Holder will be permitted
(A) without the prior written consent of the Company, which consent will not be unreasonably withheld, conditioned or delayed unless the
Company determines, in its sole discretion, that the proposed transferee is, or is reasonably expected to become, a competitor of the
Company. In addition to the foregoing, no transfer of this Warrant shall be effective unless this Warrant Certificate is accompanied by
a duly executed Transfer Form or other instrument of transfer in such form as the Company may from time to time prescribe, together with
such evidence of the genuineness of each endorsement, execution and authorization and of other matters as may reasonably be required by
the Company. Notwithstanding anything else contained herein, no transfer of this Warrant shall be made if in the opinion of counsel to
the Company such transfer would result in the violation of any applicable securities laws.

 

		7.	Partial Exercise

 

The Holder may subscribe for and purchase a number
of Shares less than the number the Holder is entitled to purchase pursuant to this Warrant Certificate. In the event of any such subscription
and purchase prior to the Expiry Time, the Holder shall in addition be entitled to receive, without charge, a new Warrant Certificate
in respect of the balance of the Shares of which he was entitled to purchase pursuant to this Warrant Certificate and which were then
not purchased.

 

		8.	No Fractional Shares

 

Notwithstanding any adjustments provided for in
Section 13 hereof or otherwise, the Company shall not be required upon the exercise of any Warrants, to issue fractional Shares in satisfaction
of its obligations hereunder. Where a fractional Share would, but for this Section 8, have been issued upon exercise of a Warrant, in
lieu thereof, there shall be paid to the Holder an amount equal (rounded to the nearest US$0.01) to the product obtained by multiplying
such fractional share interest by the Current Market Price at the date of due exercise of this Warrant, accompanied by a subscription
form and the Exercise Price in the manner provided in Section 3, which payment shall be made within five (5) Business Days of such delivery
and payment.

 

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		9.	Not a Shareholder

 

Except as provided for herein, nothing in this
Warrant Certificate or in the holding of the Warrants evidenced hereby shall be construed as conferring upon the Holder any right or interest
whatsoever as a shareholder of the Company.

 

		10.	No Obligation to Purchase

 

Nothing herein contained or done pursuant hereto
shall obligate the Holder to purchase or pay for or the Company to issue any shares except those shares in respect of which the Holder
shall have exercised its right to purchase hereunder in the manner provided herein.

 

		11.	Ranking of Warrants

 

All warrants issued concurrent herewith shall
rank pari passu, notwithstanding the actual date of the issue thereof.

 

		12.	Covenants

 

		(a)	The Company covenants and agrees that:

 

	 	(i)	so long as any Warrants evidenced hereby remain outstanding, it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Shares to satisfy the right of purchase herein provided for should the Holder determine to exercise its rights in respect of all the Shares for the time being called for by such outstanding Warrants; and

 

	 	(ii)	all Shares which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Shares may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable Shares and the holders thereof shall not be liable to the Company or to its creditors in respect thereof.

 

		(b)	The Company shall make all requisite filings under the Securities Act (Ontario) and the regulations made thereunder including those necessary to remain a reporting issuer not in default of any requirement of such act and regulations.

 

	(c)	The Company shall use all reasonable efforts to preserve and maintain its corporate existence. (c
	 	 
	(d)	The Company shall will use commercially reasonable efforts to maintain the listing of the Shares on the Canadian Securities Exchange or another national stock exchange until the Expiry Time.

 

		13.	Adjustment to Exercise Price

 

The Exercise Price in effect at any time is subject
to adjustment from time to time in the events and in the manner provided as follows:

 

		(a)	If and whenever at any time after the date hereof the Company:

 

	 	(i)	issues Shares or securities exchangeable for or convertible into Shares to all or substantially all the holders of the Shares as a stock dividend; or
	 	(ii)	makes a distribution on its outstanding Shares payable in Shares or securities exchangeable for or convertible into Shares; or

 

	 	(iii)	subdivides its outstanding Shares into a greater number of shares; or

 

	 	(iv)	consolidates its outstanding Shares into a smaller number of shares;

 

(any of such events being called a “Share
Reorganization”), then the Exercise Price will be adjusted effective immediately after the effective date or record date for
the happening of a Share Reorganization, as the case may be, at which the holders of Shares are determined for the purpose of the Share
Reorganization by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the
numerator of which is the number of Shares outstanding on such effective date or record date before giving effect to such Share Reorganization
and the denominator of which is the number of Shares outstanding immediately after giving effect to such Share Reorganization (including,
in the case where securities exchangeable for or convertible into Shares are distributed, the number of Shares that would have been outstanding
had all such securities been exchanged for or converted into Shares on such effective date or record date).

 

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		(b)	If and whenever at any time after the date hereof the Company fixes a record date for the issue of rights (excluding rights issued pursuant to a shareholder rights plan), options or warrants to the holders of all or substantially all of its outstanding Shares under which such holders are entitled to subscribe for or purchase Shares or securities exchangeable for or convertible into Shares, where:

 

	 	(i)	the right to subscribe for or purchase Shares, or the right to exchange securities for or convert securities into Shares, expires not more than 45 days after the date of such issue (the period from the record date to the date of expiry being herein in this Section 13 called the “Rights Period”), and

 

	 	(ii)	the cost per Share during the Rights Period (inclusive of any cost of acquisition of securities exchangeable for or convertible into Shares in addition to any direct cost of Shares) (herein in this Section 13 called the “Per Share Cost”) is less than 95% of the Current Market Price of the Shares on the record date,

 

(any of such events being called a “Rights
Offering”), then the Exercise Price will be adjusted effective immediately after the end of the Rights Period to a price determined
by multiplying the Exercise Price in effect immediately prior to the end of the Rights Period by a fraction:

 

	 	(A)	the numerator of which is the aggregate of:

 

	 	(1)	the number of Shares outstanding as of the record date for the Rights Offering; and

 

	 	(2)	a number determined by dividing the product of the Per Share Cost and:

 

	 	(I)	where the event giving rise to the application of this subsection 13(b) was the issue of rights, options or warrants to the holders of Shares under which such holders are entitled to subscribe for or purchase additional Shares, the number of Shares so subscribed for or purchased during the Rights Period, or

 

	 	(II)	where the event giving rise to the application of this subsection 13(b) was the issue of rights, options or warrants to the holders of Shares under which such holders are entitled to subscribe for or purchase securities exchangeable for or convertible into Shares, the number of Shares for which those securities so subscribed for or purchased during the Rights Period could have been exchanged or into which they could have been converted during the Rights Period,

 

by the Current Market Price of the Shares
as of the record date for the Rights Offering; and

 

	 	(B)	the denominator of which is:

 

	 	(1)	in the case described in subparagraph 13(b)(A)(2)(I), the number of Shares outstanding, or

 

	 	(2)	in the case described in subparagraph 13(b)(A)(2)(II), the number of Shares that would be outstanding if all the Shares described in subparagraph 13(b)(A)(2)(II) had been issued,

as at the end of the Rights Period.

 

Any Shares owned by or held for the
account of the Company or any subsidiary or affiliate (as defined in the Securities Act (Ontario)) of the Company will be deemed
not to be outstanding for the purpose of any such computation.

 

If by the terms of the rights, options
or warrants referred to in this Section 13, there is more than one purchase, conversion or exchange price per Share, the aggregate price
of the total number of additional Shares offered for subscription or purchase, or the aggregate conversion or exchange price of the convertible
securities so offered, will be calculated for purposes of the adjustment on the basis of:

 

	 	(I)	the lowest purchase, conversion or exchange price per Share, as the case may be, if such price is applicable to all Shares which are subject to the rights, options or warrants, and

 

    5

     

    

 

	 	(II)	the average purchase, conversion or exchange price per Share, as the case may be, if the applicable price is determined by reference to the number of Shares acquired.

 

To the extent that any adjustment in
the Exercise Price occurs pursuant to this Section 13 as a result of the fixing by the Company of a record date for the distribution of
rights, options or warrants referred to in this Section 13, the Exercise Price will be readjusted immediately after the expiration of
any relevant exchange, conversion or exercise right to the Exercise Price which would then be in effect based upon the number of Shares
actually issued and remaining issuable after such expiration, and will be further readjusted in such manner upon expiration of any further
such right.

 

If the Holder has exercised this Warrant
Certificate in accordance herewith during the period beginning immediately after the record date for a Rights Offering and ending on the
last day of the Rights Period therefor, the Holder will, in addition to the Shares to which it is otherwise entitled upon such exercise,
be entitled to that number of additional Shares equal to the result obtained when the Exercise Price in effect immediately prior to the
end of such Rights Offering pursuant to this subsection is multiplied by the number of Shares received upon the exercise of this Warrant
during such period, and the resulting product is divided by the Exercise Price as adjusted for such Rights Offering pursuant to this subsection;
provided that the provisions of Section 7 will be applicable to any fractional interest in a Share to which such Holder might otherwise
be entitled. Such additional Shares will be deemed to have been issued to the Holder immediately following the end of the Rights Period
and a certificate for such additional Shares will be delivered to such Holder within ten (10) Business Days following the end of the Rights
Period.

 

		(c)	If and whenever at any time after the date hereof the Company fixes a record date for the issue or the distribution to the holders of all or substantially all of the outstanding Shares of:

 

	 	(i)	shares of the Company of any class other than Shares;

 

	 	(ii)	rights, options or warrants to acquire shares or securities exchangeable for or convertible into Shares or property or other assets of the Company;
	 	 	 
	 	(iii)	evidence of indebtedness of the Company; or

 

	 	(iv)	any property or other assets of the Company,

 

and if such issuance or distribution
does not constitute (A) a Share Reorganization, (B) a Rights Offering or (C) the issue of rights, options or warrants to the holders of
all or substantially all of its outstanding Shares under which such holders are entitled to subscribe for or purchase Shares or securities
exchangeable for or convertible into Shares, where:

 

	 	(x)	the right to subscribe for or purchase Shares, or the right to exchange securities for or convert securities into Shares, expires not more than 45 days after the date of such issue, and

 

	 	(y)	the cost per Share during the Rights Period, inclusive of the Per Share Cost, is 95% or more than the Current Market Price of the Shares on the record date

 

(any of such non-excluded events being
called a “Special Distribution”), the Exercise Price will be adjusted effective immediately after such record date
to a price determined by multiplying the Exercise Price in effect on such record date by a fraction:

 

	 	(A)	the numerator of which is:

 

	 	(1)	the product of the number of Shares outstanding on such record date and the Current Market Price of the Shares on such record date; less

 

	 	(2)	the aggregate fair market value (as determined by action by the directors of the Company, subject, however, to the prior written consent of the TSX Venture Exchange, where required) to the holders of the Shares of such securities or property or other assets so issued or distributed in the Special Distribution; and

 

	 	(B)	the denominator of which is the number of Shares outstanding on such record date multiplied by the Current Market Price of the Shares on such record date.

 

Any Shares owned by or held for the
account of the Company or any subsidiary or affiliate (as defined in the Securities Act (Ontario)) of the Company will be deemed
not to be outstanding for the purpose of any such computation.

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	(d)	If and whenever at any time after the date hereof there is a Share Reorganization, a Rights Offering, a Special Distribution, a reclassification or redesignation of the Shares outstanding at any time or change of the Shares into other shares or into other securities (other than a Share Reorganization), or a consolidation, amalgamation or merger of the Company with or into any other corporation or other entity (other than a consolidation, amalgamation or merger which does not result in any reclassification or redesignation of the outstanding Shares or a change of the Shares into other shares), or a transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another corporation or other entity (any of such events being called a “Capital Reorganization”), the Holder, upon exercising this Warrant Certificate after the effective date of such Capital Reorganization, will be entitled to receive in lieu of the number of Shares to which such Holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property which such Holder would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the Holder had been the registered holder of the number of Shares to which such Holder was theretofore entitled upon exercise of this Warrant Certificate. If determined appropriate by action of the directors of the Company, appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Section 13 with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in this Section 13 will thereafter correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property thereafter deliverable upon the exercise hereof. Any such adjustment must be made by and set forth in an amendment to this Warrant Certificate approved by action by the directors of the Company and will for all purposes be conclusively deemed to be an appropriate adjustment.
	 	 
	(e)	If at any time after the date hereof and prior to the Expiry Time any adjustment in the Exercise Price shall occur as a result of:

 

	 	(i)	an event referred to in subsection 13(a);

 

	 	(ii)	the fixing by the Company of a record date for an event referred to in subsection 13(b); or

 

	 	(iii)	the fixing by the Company of a record date for an event referred to in subsection 13(c) if such event constitutes the issue or distribution to the holders of all or substantially all of its outstanding Shares of (A) Equity Shares, or (B) securities exchangeable for or convertible into Equity Shares at an exchange or conversion price per Equity Share less than the Current Market Price on such record date or (C) rights, options or warrants to acquire Equity Shares at an exercise, exchange or conversion price per Equity Share less than the Current Market Price on such record date,

 

then, where required, the number of
Shares purchasable upon the subsequent exercise of this Warrant Certificate shall be simultaneously adjusted by multiplying the number
of Shares purchasable upon the exercise of this Warrant Certificate immediately prior to such adjustment by a fraction which shall be
the reciprocal of the fraction employed in the adjustment of the Exercise Price. To the extent any adjustment in subscription rights occurs
pursuant to this subsection 13(e) as a result of a distribution of exchangeable or convertible securities other than Equity Shares referred
to in subsection 13(a) or as a result of the fixing by the Company of a record date for the distribution of rights, options or warrants
referred to in subsection 13(b), the number of Shares purchasable upon exercise of this Warrant Certificate shall be readjusted immediately
after the expiration of any relevant exchange, conversion or exercise right to the number of Shares which would be purchasable based upon
the number of Shares actually issued and remaining issuable immediately after such expiration, and shall be further readjusted in such
manner upon expiration of any further such right. To the extent that any adjustment in subscription rights occurs pursuant to this subsection
13(e) as a result of the fixing by the Company of a record date for the distribution of exchangeable or convertible securities other than
Equity Shares or rights, options or warrants referred to in subsection 13(c), the number of Shares purchasable upon exercise of this Warrant
Certificate shall be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the number
which would be purchasable pursuant to this subsection 13(e) if the fair market value of such securities or such rights, options or warrants
had been determined for purposes of the adjustment pursuant to this subsection 13(e) on the basis of the number of Equity Shares issued
and remaining issuable immediately after such expiration, and shall be further readjusted in such manner upon expiration of any further
such right.

 

		14.	Rules Regarding Calculation of Adjustment of Exercise Price

 

		(a)	The adjustments provided for in Section 13 are cumulative and will, in the case of adjustments to the Exercise Price, be computed to the nearest one-tenth of one cent and will be made successively whenever an event referred to therein occurs, subject to the following subsections of this Section 14.

 

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		(b)	No adjustment in the Exercise Price is required to be made unless such adjustment would result in a change of at least 1% in the prevailing Exercise Price; provided, however, that any adjustments which, except for the provisions of this subsection, would otherwise have been required to be made, will be carried forward and taken into account in any subsequent adjustments.

 

		(c)	No adjustment in the Exercise Price will be made in respect of any event described in Section 13, other than the events referred to in clauses 13(a)(iii) and (iv), if the Holder is entitled to participate in such event on the same terms, mutatis mutandis, as if the Holder had exercised this Warrant Certificate prior to or on the effective date or record date of such event.

 

	(d)	No adjustment in the Exercise Price will be made under Section 13 in respect of the issue from time to time of Shares issuable from time to time as dividends paid in the ordinary course to holders of Shares who exercise an option or election to receive substantially equivalent dividends in Shares in lieu of receiving a cash dividend, and any such issue will be deemed not to be a Share Reorganization.
	 	 
	(e)	If at any time a dispute arises with respect to adjustments provided for in Section 13, such dispute will be conclusively determined by the auditors of the Company or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by action by the directors of the Company and any such determination, where required, will be binding upon the Company, the Holder and shareholders of the Company. The Company will provide such auditors or accountants with access to all necessary records of the Company.

 

		(f)	In case the Company after the date of issuance of this Warrant Certificate takes any action affecting the Shares, other than action described in Section 13, which in the opinion of the board of directors of the Company would materially affect the rights of the Holder, the Exercise Price will be adjusted in such manner, if any, and at such time, by action by the directors of the Company but subject in all cases to the prior written consent of the Canadian Securities Exchange, where required, and any necessary regulatory approval. Failure of the taking of action by the directors of the Company so as to provide for an adjustment on or prior to the effective date of any action by the Company affecting the Shares will be conclusive evidence that the board of directors of the Company has determined that it is equitable to make no adjustment in the circumstances.

 

		(g)	If the Company sets a record date to determine the holders of the Shares for the purpose of entitling them to receive any dividend or distribution or sets a record date to take any other action and, thereafter and before the distribution to such shareholders of any such dividend or distribution or the taking of any other action, decides not to implement its plan to pay or deliver such dividend or distribution or take such other action, then no adjustment in the Exercise Price will be required by reason of the setting of such record date.

 

		(h)	In the absence of a resolution of the directors of the Company fixing a record date for a Special Distribution or Rights Offering, the Company will be deemed to have fixed as the record date therefor the date on which the Special Distribution or Rights Offering is effected.

 

		(i)	As a condition precedent to the taking of any action which would require any adjustment to this Warrant Certificate, including the Exercise Price, the Company must take any corporate action which may be necessary in order that the Company have unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the shares or other securities which the Holder is entitled to receive on the full exercise thereof in accordance with the provisions hereof.

 

		(j)	The Company will from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 13, forthwith give notice to the Holder specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting Exercise Price.

 

	(k)	The Company covenants to and in favor of the Holder that so long as the Warrants represented by this Warrant Certificate remain outstanding, it will give notice to the Holder of its intention to fix a record date for any event referred to in subsections 13(a), (b) or (c) (other than the subdivision or consolidation of the Shares) which may give rise to an adjustment in the Exercise Price, and, in each case, such notice must specify the particulars of such event and the record date and the effective date for such event; provided that the Company is only required to specify in such notice such particulars of such event as have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than 14 days prior to each such applicable record date or effective date.

 

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		15.	Consolidation and Amalgamation

 

		(a)	The Company shall not enter into any transaction whereby all or substantially all of its undertaking, property and assets would become the property of any other corporation (herein called a “successor corporation”) whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise, unless prior to or contemporaneously with the consummation of such transaction the Company and the successor corporation shall have executed such instruments and done such things as, in the opinion of counsel to the Holder, are necessary or advisable to establish that upon the consummation of such transaction:

 

	 	(i)	the successor corporation will have assumed all the covenants and obligations of the Company under this Warrant Certificate, and

 

	 	(ii)	the Warrant will be a valid and binding obligation of the successor corporation entitling the Holder, as against the successor corporation, to all the rights of the Holder under this Warrant Certificate.

 

	(b)	Whenever the conditions of subsection 15(a) shall have been duly observed and performed the successor corporation shall possess, and from time to time may exercise, each and every right and power of the Company under this Warrant Certificate in the name of the Company or otherwise and any act or proceeding by any provision hereof required to be done or performed by any director or officer of the Company may be done and performed with like force and effect by the like directors or officers of the successor corporation.
	 	 
	(c)	The provisions of this Section 15 shall similarly apply to successive reorganizations, reconstructions, consolidations, amalgamations, mergers, transfers, sales or dispositions.

 

		16.	Representation and Warranty

 

The Company hereby represents
and warrants with and to the Holder that the Company is duly authorized and has the corporate and lawful power and authority to create
and issue the Warrants represented by this Warrant Certificate and the Shares issuable upon the exercise hereof and perform its obligations
hereunder and that this Warrant Certificate represents a valid, legal and binding obligation of the Company enforceable in accordance
with its terms.

 

		17.	If Share Transfer Books Closed

 

The Company shall not be required
to deliver confirmation of registration for Shares while the share transfer books of the Company are properly closed, prior to any meeting
of shareholders or for the payment of dividends or for any other purpose and in the event of the surrender of any Warrant in accordance
with the provisions hereof and the making of any subscription and payment for the Shares called for thereby during any such period delivery
of confirmation of registration for Shares may be postponed for not exceeding five (5) Business Days after the date of the re-opening
of said share transfer books. Provided, however, that any such postponement of delivery of confirmation of registration shall be without
prejudice to the right of the Holder, if the Holder has surrendered the same and made payment during such period, to receive such confirmation
of registration for the Shares called for after the share transfer books have been re-opened.

 

		18.	Protection of Shareholders, Officers and Directors

 

Subject as herein provided,
all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal proceedings. The Holder expressly
agrees and declares that the obligations under the Warrants evidenced hereby, are solely corporate obligations of the Company and that
no personal liability whatever shall attach to or be incurred by the shareholders, officers, or directors of the Company or any of them
in respect thereof

 

		19.	Lost Certificate

 

If this Warrant Certificate
evidencing the Warrants issued hereby becomes stolen, lost, mutilated or destroyed the Company may, on such terms, as it may in its discretion
reasonably impose, respectively issue and countersign a new warrant of like denomination, tenor and date, and bearing the same legends,
as the certificate so stolen, lost mutilated or destroyed.

 

		20.	Governing Law

 

In all respects, including
all matters of construction, validity and performance, this agreement and all disputes, claims and proceedings in connection herewith
shall be governed by, and construed and enforced in accordance with, the internal laws of the state of California applicable to contracts
made and performed in that state (without regard to the choice of law or conflicts of law provisions thereof) and any applicable laws
of the United States of America. Each of the parties hereto hereby consents and agrees that the Superior Court of Los Angeles County,
California, or, at any party’s option, the United States District Court for the Central District of California, shall have exclusive
jurisdiction to hear and determine any claims or disputes among the parties hereto pertaining to this Agreement or to any matter arising
out of or related to this Agreement. Each party hereby expressly submits and consents in advance to such jurisdiction in any action or
suit commenced in any such court, and such persons hereby waive any objection which they may have based upon lack of personal jurisdiction,
improper venue or forum non conveniens and hereby consent to the granting of such legal or equitable relief as is deemed appropriate by
such court.

 

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		21.	Severability

 

If any one or more of the
provisions or parts thereof contained in this Warrant Certificate should be or become invalid, illegal or unenforceable in any respect
in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to
such jurisdiction, severable therefrom and:

 

	 	(i)	the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed; and

 

	 	(ii)	the invalidity, illegality or unenforceability of any provision or part thereof contained in this Warrant in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions of this Warrant Certificate in any other jurisdiction.

 

		22.	Headings

 

The headings of the articles,
sections, subsections and clauses of this Warrant Certificate have been inserted for convenience and reference only and do not define,
limit, alter or enlarge the meaning of any provision of this Warrant Certificate.

 

		23.	Numbering of Articles, etc.

 

Unless otherwise stated, a
reference herein to a numbered or lettered article, section, subsection, clause, subclause or schedule refers to the article, section,
subsection, clause, subclause or schedule bearing that number or letter in this Warrant Certificate.

 

		24.	Gender

 

Whenever used in this Warrant,
words importing the singular number only shall include the plural, and vice versa, and words importing the masculine gender shall include
the feminine gender.

 

		25.	Day not a Business Day

 

In the event that any day
on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken
on or before the requisite time on the next succeeding day that is a Business Day. If the payment of any amount is deferred for any period,
then such period shall be included for purposes of the computation of any interest payable hereunder.

 

		26.	Computation of Time Period

 

Except to the extent otherwise
provided herein, in the computation of a period of time from a specified date to a later specified date, the word “from” means
“from and including” and the words “to” and “until” each mean “to but excluding”.

 

		27.	Binding Effect

 

This Warrant Certificate and
all of its provisions shall enure to the benefit of the Holder and his heirs, executors, administrators, legal personal representatives,
permitted assigns and successors and shall be binding upon the Company and its successors and permitted assigns.

 

		28.	Notice

 

Any notice, document or communication
required or permitted by this Warrant Certificate to be given by a party hereto shall be in writing and is sufficiently given if delivered
personally, or if sent by prepaid registered mail, or if transmitted by any form of recorded telecommunication tested prior to transmission,
to such party addressed as follows:

 

	 	(i)	to the Holder, in the register to be maintained pursuant to Section 6 hereof; and

 

	 	(ii)	to the Company at:

MedMen Enterprises Inc.

10115 Jefferson Boulevard

Culver City, CA 90232

	 	Attention:	Reece Fulgham

	 	Email:	reece.fulgham@medmen.com

 

Notice so mailed shall be deemed to have been
given on the tenth (10th) Business Day after deposit in a post office or public letter
box. Neither party shall mail any notice, request or other communication hereunder during any period in which applicable postal workers
are on strike or if such strike is imminent and may reasonably be anticipated to affect the normal delivery of mail. Notice transmitted
by a form of recorded telecommunication or delivered personally shall be deemed given on the day of transmission or personal delivery,
as the case may be. Any party may from time to time notify the other in the manner provided herein of any change of address which thereafter,
until change by like notice, shall be the address of such party for all purposes hereof.

 

		29.	Time of Essence

 

Time shall be of the essence
hereof.

 

[The remainder of this page is intentionally
left blank.]

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This Warrant Certificate shall not be valid
for any purpose whatever unless and until it has been executed by the Company. 

 

IN WITNESS WHEREOF the Company has caused
this Warrant Certificate to be signed by its duly authorized officer August 17, 2021.

 

This certificate has been electronically
signed and is the only copy that will be issued by the Company. This certificate is deemed to be an original.

 

	 	MEDMEN ENTERPRISES INC. 
	 	 
	 	Per:	 
	 	 	Reece Fulgham, Chief Financial Officer
	 	 	 

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SCHEDULE “A”

SUBSCRIPTION FORM

		TO:	MEDMEN ENTERPRISES INC.

10115 Jefferson Boulevard

Culver City, CA 90232

 

The undersigned holder of
the within Warrant Certificate hereby irrevocably subscribes for Class B subordinate voting shares (“Shares”) of MEDMEN
ENTERPRISES INC. (the “Company”) pursuant to the within Warrant Certificate at the Exercise Price per share specified
in the said Warrant Certificate and encloses herewith cash or a certified cheque, money order or bank draft payable to the order of the
Company, or has arranged for wire transfer, in payment of the subscription price therefor, or has indicated that the undersigned holder
is electing net exercise under Section 3(b) of the Warrant Certificate. Capitalized terms used herein have the meanings set forth in the
within Warrant Certificate.

 

The undersigned hereby acknowledges that the following
legend will be placed on the confirmation of registration/certificates representing the Shares being acquired upon exercise of the Warrants:

 

“THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”)
OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, UNLESS
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN COMPLIANCE
WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED THAT THE HOLDER HAS, PRIOR TO SUCH TRANSFER,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY.”

 

[Note:
to be included if subscriber is subject to Canadian law]

 

[The undersigned hereby acknowledges that the
following legend will be placed on the confirmation of registration/certificates representing the Shares being acquired upon exercise
of the Warrants if the exercise is prior to December 18, 2021:

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 18, 2021.]

 

In connection with the exercise of the Warrant
and issuance of the Shares, the undersigned represents and warrants as follows:

 

	 	(a)	Purchase for Own Account. The undersigned is acquiring the Shares as principal for his, her or its own account and not with a view to or for distributing or reselling such Shares or any part thereof in violation of the U.S. Securities Act or any applicable state securities law, has no present intention of distributing any of such Shares in violation of the U.S. Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Shares in violation of the U.S. Securities Act or any applicable state securities law (this representation and warranty not limiting Holder’s right to sell such Warrant Shares pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws).

 

	 	(b)	Status. The undersigned is, either: (i) an “accredited investor” as defined in Rule 501(a) under the U.S. Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the U.S. Securities Act.

 

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	 	(c)	Experience. The undersigned, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment. The undersigned is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment

 

	 	(d)	Access to Information. The undersigned has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.
	 	 	 
	 	(e)	Restricted Securities. The undersigned understands and acknowledges that the Shares have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of the United States, and that the offer and sale of the Shares to it are being made in reliance upon the exemption from registration provided by Section 4(a)(2) of the U.S. Securities Act and similar exemptions under applicable state securities laws. Holder understands and acknowledges that the Shares will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, and agrees that if it decides to offer, sell, pledge or otherwise transfer any of the Securities, it will not offer, sell, pledge or otherwise transfer any of such securities, directly or indirectly, unless the transfer is unless pursuant to an effective registration statement under the U.S. Securities Act or pursuant to an available exemption from, or in compliance with an exemption from the registration requirements under the U.S. Securities Act provided that the undersigned has, prior to such transfer, furnished to the Company an opinion of counsel in a form satisfactory to the Company.
	 	 	 

Except as provided in the Subscription
Agreement between the Company and the Holder dated as of the date of the Warrant Certificate, the undersigned understands that the Company
is not obligated to file and has no present intention of filing with the U.S. Securities and Exchange Commission or with any state securities
administrator any registration statement in respect of resales of the Shares in the United States, and acknowledges that there are substantial
restrictions on the transferability of the Shares and that it may not be possible for the undersigned to readily liquidate his, her or
its investment in the case of an emergency at any time.

 

	 	(f)	Consent. The undersigned consents to the Company making a notation on its records or giving instructions to any transfer agent of the Shares in order to implement the restrictions on transfer set forth and described herein.

 

	 	(g)	General Solicitation. The undersigned is not purchasing the Shares as a result of any “directed selling efforts” (as defined in Regulation S) or any “general solicitation” or “general advertising” (as defined in Regulation D under the U.S. Securities Act), including any advertisement, article, notice or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of the undersigned, any other general solicitation or general advertisement.
	 	 	 

DATED this day of           , 20    .

	 	NAME:	 
	 	Signature: 	 
	 	Address:	 

 

		☐	Please check box if these share certificates are to be delivered at the office where this Warrant Certificate is surrendered, failing which the confirmation of registration for the Shares will be mailed to the subscriber at the address set out above.

 

If any Warrants represented by the within Warrant
Certificate are not being exercised, a new Warrant Certificate bearing the same legends as the within Warrant Certificate will be issued
and delivered with the confirmation of registration for the Shares.

    13

     

    

 

SCHEDULE “B”

TRANSFER FORM

 

For value received, the undersigned hereby sells,
transfers and assigns

 

unto __________________________________________________________________

	 	(please print name of transferee)
	of	_________________________________
	 	_________________________________
	 	_________________________________
	 	(please print address of transferee)

__________________________________________Warrants
represented

(please insert number of Warrants to be transferred)
by the within certificate.

 

DATED this ___ day of ________________, 20___.

 

 

	 	 
	 	NOTICE: THE SIGNATURE TO THIS TRANSFER MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER

  

	Signature guaranteed by:	 	 
	 	NOTICE: THE SIGNATURE OF THE TRANSFEROR SHOULD BE GUARANTEED BY A BANK, FINANCIAL INSTITUTION OR STOCK BROKER WHOSE SIGNATURE IS ACCEPTABLE TO THE COMPANY.	 

 

Warrants shall only be transferable in accordance
with applicable laws and the resale of Warrants and Shares issuable upon exercise of Warrants may be subject to restrictions under such
laws.

 

    14

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