Document:

Exhibit 4.4

 

REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT is made as of the 29th day of June, 2021 by
and by and among Glass House Brands Inc., a British Columbia corporation f/k/a Mercer Park Brand Acquisition Corp. (the “Company”)
and the parties listed on Schedule B hereto. Any capitalized term used but not defined herein will have the meaning ascribed to
such term in the Merger Agreement (as defined below).

 

WHEREAS,
the Company and GH Group, Inc., a Delaware corporation (“GH”) are party to that certain Agreement and Plan
of Merger dated as of April 8, 2021 (as amended, the “Merger Agreement”), pursuant to which, on the Closing
Date, the Company will indirectly acquire GH;

 

WHEREAS,
pursuant to the Merger Agreement, the Holders (as defined below) will, on the closing of the transactions contemplated therein, hold certain
subordinate, restricted or limited voting shares (“Subordinate Shares”), or certain warrants or exchangeable shares
(collectively, “Rights”) representing rights to acquire Subordinate Shares; and

 

WHEREAS,
in connection with the transactions contemplated by the Merger Agreement, the Company and the Holders desire to enter into this Agreement,
pursuant to which the Company shall grant the Holders certain registration rights, as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

ARTICLE 1

INTERPRETATION AND GENERAL MATTERS

 

Section 1.1            Definitions

 

In this Agreement, the following terms have the following
meanings:

 

		(a)	“Additional Demand Notice” has the meaning ascribed thereto in Section 2.1(b);

 

		(b)	“Additional Demanding Holder” has the meaning ascribed thereto in Section 2.1(b);

 

		(c)	“Affiliates” means, with respect to any specified Person, any other Person which directly
or indirectly through one or more intermediaries controls, is controlled by, or is under common control with such specified Person;

 

		(d)	“Agreement”, “this Agreement”, “the Agreement”,
 “hereof”, “herein”, “hereto”, “hereby”, “hereunder” and
similar expressions mean this Agreement, including all of its schedules and all instruments supplementing, amending or confirming this
Agreement; and all references to “Articles” or “Sections” refer to the specified Article or Section of
this Agreement;

 

		(e)	“bought deal” means a public offering of securities as described in the definition
of “bought deal agreement” in Section 7.1 of National Instrument 44-101 – Short Form Prospectus Distributions;

 

    

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		(f)	“Business Day” means any day, other than a Saturday, a Sunday or a civic or statutory
holiday in the Province of Ontario;

 

		(g)	“Company” has the meaning specified in the preamble;

 

		(h)	“Company Initiated Distribution”
has the meaning ascribed thereto in Section 2.3(a)(i);

 

		(i)	“controlled” means: (i) in
the case of a company or other body corporate wherever or however incorporated: (A) securities entitled to vote in the election
of directors carrying in the aggregate at least a majority of the votes for the election of directors and representing in the aggregate
at least a majority of the participating (equity) securities are held, other than by way of security only, directly or indirectly, by
or solely for the benefit of the other Person or Persons; and (B) the votes carried in the aggregate by such securities are entitled,
if exercised, to elect a majority of the board of directors of such company or other body corporate; or (ii) in the case of a Person
that is not a company or other body corporate, at least a majority of the participating (equity) and voting interests of such Person
are held, directly or indirectly, by or solely for the benefit of the other Person or Persons; and “controls”, “controlling”
and “under common control with” shall be interpreted accordingly;

 

		(j)	“Demand Notice” has the meaning ascribed thereto in Section 2.1(a);

 

		(k)	“Demand Registration” has the meaning ascribed thereto in Section 2.1(a);

 

		(l)	“Demanding Holder” has the meaning ascribed thereto in Section 2.1(a);

 

		(m)	“Distribution” means a distribution of Subordinate Shares (or of securities exercisable
or exchangeable for, or convertible into, Subordinate Shares) to the public by way of a Prospectus under Securities Laws in one or more
jurisdictions in Canada, excluding any distribution of Subordinate Shares relating to (a) employee benefit plans, equity incentive
plans or dividend reinvestment plans, or (b) an
acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses;

 

		(n)	“Holders” means, collectively, the Principal Holders and the Other Holders, and “Holder”
means any one of them;

 

		(o)	“Indemnified Party” has the meaning ascribed thereto in Section 3.4;

 

		(p)	“Indemnifying Party” has the meaning ascribed thereto in Section 3.4;

 

		(q)	“Long-Form Demand Registration” has the meaning ascribed thereto in Section 2.1(a);

 

		(r)	“Long-Form Prospectus” means a long form prospectus prepared in accordance with
the requirements of Securities Laws for a public offering of securities in Canada;

 

		(s)	“Minimum Price” has the meaning ascribed thereto in Section 2.3(a);

 

		(t)	“Other Holder” means those Persons listed as “Other Holders” on the signature
pages hereto and any Person that becomes a Party to this Agreement as an Other Holder pursuant to Section 6.6;

 

    

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		(u)	“Participating Holders” means, collectively, the Demanding Holder, if any, and the
Piggy-Back Holders, as applicable;

 

		(v)	“Parties” means, collectively, the Company and the Holders, and “Party”
means any one of them;

 

		(w)	“Person” means any individual, partnership, corporation, company, association, trust,
joint venture or limited liability company;

 

		(x)	“Piggy-Back Holder” has the meaning ascribed thereto in Section 2.2;

 

		(y)	“Piggy-Back Notice” has the meaning ascribed thereto in Section 2.2;

 

		(z)	“Piggy-Back Registration” has the meaning ascribed thereto in Section 2.2;

 

		(aa)	“Principal Holders” means those Persons listed as “Principal Holders” on
the signature pages hereto and any Person that becomes a Party to this Agreement as a Principal Holder pursuant to Section 6.6
from time to time;

 

		(bb)	“Prospectus” means a Long-Form Prospectus or a Short-Form Prospectus;

 

		(cc)	“Registrable Securities” means (a) any Subordinate Shares held by any Holder including
any Subordinate Shares issuable or issued upon the exercise of any Rights held by any Holder; (b) any Subordinate Shares issuable
upon the exercise, conversion or exchange of any of the Company’s or any affiliate’s securities, in each case, to the extent
exercisable, convertible or exchangeable, held by any Holder, and (c) all Subordinate Shares directly or indirectly issued or issuable
with respect to the securities referred to in paragraphs (a) - (b) above by way of share dividend or share split or in connection
with a combination of shares, recapitalization, merger, consolidation or other reorganization;

 

		(dd)	“Securities Act” means the Securities Act (Ontario), and any successor to such
statute, as it may, from time to time, be amended and in effect;

 

		(ee)	“Securities Laws” means, collectively, the applicable securities laws of each of the
provinces and territories of Canada and the respective regulations, instruments and rules made under those securities laws together
with all applicable orders and rulings of the securities commissions or regulatory authorities of Canada and of each of the provinces
and territories of Canada and the applicable rules and requirements of any stock exchange on which the Company has its securities
listed or has applied to list its securities;

 

		(ff)	“Securities Regulators” means, collectively, the securities commissions or other securities
regulatory authorities in each of the provinces or territories of Canada;

 

		(gg)	“Shares” means the Subordinate Shares and any other shares in the share capital of
the Company, other than the multiple voting Shares in the capital of the Company;

 

		(hh)	“Short-Form Demand Registration” has the meaning ascribed thereto in Section 2.1(a);

 

		(ii)	“Short-Form Prospectus” means a short form prospectus prepared in accordance with
the requirements of Securities Laws for a public offering of securities in Canada;

 

    

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		(jj)	“Subordinate Shares” has the meaning ascribed thereto in the recitals;

 

		(kk)	“Tax Act” means the Income Tax Act (Canada), and the regulations thereunder,
as each may be amended from time to time, and any successor legislation thereto;

 

		(ll)	“underwriter” and all terms which are derivatives thereof shall be deemed to include
 “best efforts agent” and all terms which are derivatives thereof, as appropriate;

 

		(mm)	 “Underwriters’ Cutback” has the meaning ascribed thereto in Section 2.3(a);
and

 

		(nn)	“Valid Business Reason” has the meaning ascribed thereto in Section 2.1(d)(i).

 

Section 1.2            Time of the Essence

 

Time shall be of the essence
of each provision of this Agreement. Any extension, waiver or variation of any provision of this Agreement shall not be deemed to affect
this provision and there shall be no implied waiver of this provision.

 

Section 1.3            Calculation of Time

 

Unless otherwise specified,
time periods within or following which any act is to be done pursuant to this Agreement shall be calculated by excluding the day on which
the period commences and including the day on which the period ends.

 

Section 1.4            Business Days

 

Whenever any action to be
taken pursuant to this Agreement would otherwise be required to be taken on a day that is not a Business Day, such action shall be taken
on the first Business Day following such day.

 

Section 1.5            Headings

 

The descriptive headings preceding
Articles and Sections of this Agreement are inserted solely for convenience of reference and are not intended as complete or accurate
descriptions of the content of such Articles or Sections. The division of this Agreement into Articles and Sections shall not affect the
interpretation of this Agreement.

 

Section 1.6            Plurals and Gender

 

Any reference in this Agreement
to gender includes all genders (including neuter) and words denoting the singular number only shall include the plural and vice versa.

 

Section 1.7            Currency

 

All references in this Agreement
to “dollars” or “$” are expressed in Canadian currency, unless otherwise specifically indicated.

 

Section 1.8            Statutory References

 

Any reference in this Agreement
to a statute shall mean such statute as it is in force as at the date of this Agreement (together with all regulations promulgated thereunder),
as the same may be amended, reenacted, consolidated or replaced from time to time, and any successor statute thereto, unless otherwise
stated.

 

    

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Section 1.9            Rules of Construction

 

The Parties to this Agreement
waive the application of any law or rule of construction providing that ambiguities in any agreement or other document shall be construed
against the Party drafting such agreement or other document.

 

Section 1.10          Other References

 

The expressions “include,”
 “includes” and “including”, as used in this Agreement, shall be deemed to be followed by “without limitation”,
whether or not they are in fact followed by such words or words of like import.

 

ARTICLE 2

REGISTRATION RIGHTS

 

Section 2.1            Demand Registration Rights

 

		(a)	At any time and from time to time from and after the expiration of any lock-up to which a Principal Holder
is subject, any Principal Holder (the “Demanding Holder”) may, subject to the limitations of this Article 2, request
the Company to prepare and to file with respect to all or any portion of the Registrable Securities held by such Demanding Holder (a “Long-Form Demand
Registration”) a Long-Form Prospectus under applicable Securities Laws and take such other steps as may be necessary to
facilitate a secondary offering in Canada by giving written notice of such Long-Form Demand Registration to the Company and the other
Principal Holders (if applicable) (the “Demand Notice”). At any time the Company is eligible to use a Short-Form Prospectus,
a Demanding Holder may use its right to make a Demand Notice under this Section 2.1(a) to request the Company to prepare and
to file with respect to all or any portion of the Registrable Securities held by such Demanding Holder a Short-Form Prospectus (a
 “Short-Form Demand Registration” and, together with a Long-Form Demand Registration, a “Demand Registration”)
under applicable Securities Laws and take such other steps as may be necessary to facilitate a secondary offering in Canada.

 

		(b)	If a Principal Holder who is not a Demanding Holder pursuant to an issued Demand Notice wishes to participate
with the Demanding Holder in the Demand Registration (an “Additional Demanding Holder”), then such Additional Demanding
Holder shall notify the Demanding Holder and the Company, in writing, of such intention (the “Additional Demand Notice”)
within five (5) Business Days of receipt of the Demand Notice (provided that if such Distribution is to be effected as a bought deal,
such Additional Demanding Holder shall respond consistent with the time periods typical for transactions of that nature). The Additional
Demand Notice shall state the number of Registerable Securities that the Additional Demanding Holder wishes to sell in the Demand Registration,
and for the purposes hereof, the Additional Demanding Holder, together with the initial Demanding Holder, shall be deemed to be the “Demanding
Holder” and an Additional Demand Notice, together with the initial Demand Notice shall be deemed to be the “Demand Notice”
given at the time of such Additional Demand Notice.

 

		(c)	The Company shall, subject to the limitations of this Article 2 and applicable Securities Laws, use
commercially reasonable efforts to as expeditiously as reasonably practicable, but in any event no more than 45 days after the Company’s
receipt of the Demand Notice, prepare and file a preliminary Prospectus under applicable Securities Laws and promptly thereafter take
such other steps as may be necessary in order to effect the Distribution in Canada of all or any portion (as may be reduced pursuant to
Section 2.3) of the Registrable Securities of the Demanding Holder requested to be included in such
Demand Registration. The Parties shall cooperate in a timely manner in connection with any such Distribution and the procedures in Schedule
 “A” shall apply to such Distribution.

 

    

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		(d)	The Company shall not be obliged to effect a Demand Registration:

 

		(i)	in the event the Board of Directors of the Company reasonably determines in its good faith judgment that
either (A) the effect of the filing of a Prospectus would materially interfere with the ability of the Company to consummate a pending
or proposed material financing, acquisition, corporate reorganization, merger or other material transaction involving the Company or would
have a material adverse effect on the business of the Company, or (B) there
exists at the time material non-public information relating to the Company the disclosure of which would be detrimental to the Company
(each of (A) and (B) being a “Valid Business Reason”), then in either case, the Company’s obligations
under this Section 2.1 will be deferred for a period of not more than 90 days from the date of receipt of the Demand Notice; provided,
however, that (i) the Company may not invoke its right to defer its obligations under this Section 2.1 more than twice in any
consecutive 12-month period, (ii) the Company shall give written notice to the Demanding Holder (x) of its determination to
postpone filing of the Prospectus and, subject to compliance by the Company with applicable Securities Laws, of the facts giving rise
to the Valid Business Reason and (y) of the time at which it determines the Valid Business Reason to no longer exist, and (iii) the
Company shall not qualify any securities offered by the Company for its own account during such period;

 

		(ii)	in the case of a Long-Form Demand Registration, if the anticipated net aggregate offering price of
the Registrable Securities to be qualified in connection with such Long-Form Demand Registration, including the value of any Subordinate
Shares which may be included in the Distribution pursuant to Section 2.2, is less than US $15 million;

 

		(iii)	in the case of a Short-Form Demand Registration, if the anticipated net aggregate offering price
of the Registrable Securities to be qualified in connection with such Short-Form Demand Registration, including the value of any
Subordinate Shares which may be included in the Distribution pursuant to Section 2.2, is less than US$10 million;

 

		(iv)	for a Long-Form Prospectus if the Company is eligible to file a Short-Form Prospectus and the
Company elects to file a Short-Form Prospectus for the applicable Registrable Securities instead; or

 

		(v)	within 120 days of the date on which a receipt was issued for a Prospectus for securities of the Company
in connection with a Demand Registration.

 

		(e)	A Demand Notice shall:

 

		(i)	specify the number of Registrable Securities that such Demanding Holder intends to offer and sell;

 

		(ii)	express the intention of such Demanding Holder to offer or cause the offering of such Registrable Securities;

 

    

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		(iii)	describe the nature or methods of the proposed offer and sale thereof and the provinces and/or territories
of Canada in which such offer shall be made; and

 

		(iv)	contain the undertaking of such Demanding Holder to provide all such information regarding its holdings
and the proposed manner of distribution thereof as may be required in order to permit the Company to comply with all Securities Laws.

 

		(f)	In the case of a public offering initiated pursuant to this Section 2.1 that is expected to involve
an underwriter, the Demanding Holder shall have the right, in consultation with the Company, to select the managing underwriter or underwriters
to effect the Distribution in connection with such Demand Registration, provided, however, that such selection shall also be satisfactory
to the Company, acting reasonably. The Company shall have the right to retain counsel of its choice to assist it in fulfilling its obligations
under this Article 2.

 

		(g)	The Company shall be entitled to include Subordinate Shares which are not Registrable Securities in any
Demand Registration if the managing underwriter or underwriters, acting reasonably, are of the view that to do so would facilitate the
Distribution. Notwithstanding the foregoing, if the managing underwriter or underwriters shall impose a limitation on the number or kind
of securities which may be included in any such Distribution because, in its reasonable judgment, the inclusion of securities requested
to be included in such offering exceeds the number of securities which can be sold in an orderly manner in such offering at no less than
the Minimum Price, then the Demanding Holder shall be obligated to include in such Distribution such portion of the Subordinate Shares
that have been requested to be included in such Distribution as is determined in good faith by such managing underwriter or underwriters
in the priority provided in Section 2.3(a)(ii).

 

		(h)	In the case of an underwritten Demand Registration, the Demanding Holder and its representatives may participate
in the negotiation of the terms of any underwriting agreement. Such participation in, and the Company’s completion of, the underwritten
Demand Registration is conditional upon each of the Demanding Holder and the Company agreeing that the terms of any underwriting agreement
are satisfactory to it, in its reasonable discretion.

 

Section 2.2            Piggy-Back Registration Rights

 

If, at any time and from time
to time from and after the date hereof, the Company proposes to make a Distribution for its own account, the Company will, at that time,
promptly give each of the Holders written notice (the “Piggy-Back Notice”) of the proposed Distribution, which notice
shall be given not less than fifteen (15) days before the anticipated filing date of the preliminary Prospectus (provided that if such
Distribution is to be effected as a bought deal, the Company shall provide written notice consistent with the time periods typical for
transactions of that nature). Upon the written request of a Holder to the Company given within ten (10) days after receipt of the
Piggy-Back Notice (provided that if such Distribution is to be effected as a bought deal, the Holder shall respond consistent with the
time periods typical for transactions of that nature) that the Holder (a “Piggy-Back Holder”) wishes to include a specified
number of the Registrable Securities in the Distribution, the Company will use reasonable commercial efforts to cause the Registrable
Securities requested to be qualified by such Piggy-Back Holder to be included in the Distribution on the same terms and conditions as
any similar securities of the Company (subject to Section 2.3) (a “Piggy-Back Registration”), and the procedures
in Schedule “A” shall apply. Notwithstanding the foregoing, a Holder shall not be permitted to exercise the rights set forth
in this Section 2.2 with respect to Registrable Securities subject to an unexpired lock-up.

 

    

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Section 2.3            Underwriters’ Cutback

 

		(a)	If, in connection with a Demand Registration or a Piggy-Back Registration, the managing underwriter or
underwriters shall impose a limitation on the number or kind of securities which may be included in any such Distribution because, in
its reasonable judgment, the inclusion of securities requested to be included in such offering exceeds the number of securities which
can be sold in an orderly manner in such offering within a price range reasonably acceptable to the Demanding Holder (in the case of a
Demand Registration) or the Company (in the case of a Piggy-Back Registration), as applicable (such price, the “Minimum Price,”
and such limitation, an “Underwriters’ Cutback”), then the Company shall be obligated to include in such Distribution
such securities as is determined in good faith by such managing underwriter or underwriters in the following priority:

 

		(i)	in the case of a Distribution which was initiated by the Company and not any securityholder (a “Company
Initiated Distribution”):

 

		(A)	first, such securities offered by the Company for its own account;

 

		(B)	second, if there are any additional securities that may be underwritten at no less than the Minimum Price
after allowing for the inclusion of all of the securities required under (A) above, such Registrable Securities requested to be qualified
by the applicable Principal Holders, if any, pro rata based on the number of Registrable Securities requested to be included in such registration
by such Holders; and

 

		(C)	third, if there are any additional securities that may be underwritten at no less than the Minimum Price
after allowing for the inclusion of all of the securities required under (A) and (B) above, such Registrable Securities requested
to be qualified by the applicable Piggy-Back Holders, if any, pro rata based on the number of Registrable Securities requested to be included
in such registration by such Piggy-Back Holders;

 

provided that if any Registrable Securities
requested to be qualified by the Participating Holders are not otherwise included in such Distribution, such Registrable Securities that
are not so included shall be included, to the fullest extent possible and in the priority described in paragraphs (A) to (C) above
between the Participating Holders, in an over-allotment option which shall be granted to the underwriters in connection with such Distribution
for such amount of Subordinate Shares requested to be qualified by the Participating Holders that were not otherwise included in such
Distribution, up to an aggregate maximum number as is equal to 15% of the securities referred to in Section 2.3(a)(i)(A), Section 2.3(a)(i)(B),
and Section 2.3(a)(i)(C), in aggregate, for all Participating Holders; and

 

		(ii)	in the case of a Distribution other than a Company Initiated Distribution:

 

		(A)	first, such Registrable Securities requested to be qualified by the Demanding Holders, pro rata among
such Demanding Holders, based on the number of Registrable Securities requested to be included in such registration by such Demanding
Holders; and

 

    

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		(B)	second, if there are any additional Subordinate Shares that may be underwritten at no less than the Minimum
Price after allowing for the inclusion of all of the Registrable Securities required under (A) above, such Subordinate Shares offered
by the Company for its own account.

 

Section 2.4            Withdrawal of Registrable Securities

 

		(a)	Each Participating Holder will have the right to withdraw its request for inclusion of its Registrable
Securities in any Demand Registration or Piggy-Back Registration pursuant to Section 2.1 or Section 2.2 by giving written notice
to the Company of its request to withdraw; provided, however, that:

 

		(i)	such request must be made in writing prior to the execution of the enforceable bought deal letter or underwriting
agreement with respect to such Distribution; and

 

		(ii)	such withdrawal will be irrevocable and, after making such withdrawal, such Participating Holder will
no longer have any right to include its Registrable Securities in the Distribution pertaining to which such withdrawal was made.

 

		(b)	Provided that a Participating Holder withdraws all of its Registrable Securities from a Demand Registration
or a Piggy-Back Registration in accordance with Section 2.4(a) prior to the filing of a preliminary Prospectus, such Participating
Holder shall be deemed to not have participated in or requested such Demand Registration or a Piggy-Back Registration, as applicable.

 

Section 2.5            Expenses

 

All reasonable expenses incurred
by the Company and the Participating Holders in connection with a Demand Registration pursuant to Section 2.1 or a Piggy-Back Registration
pursuant to Section 2.2, including: (i) Securities Regulators, Canadian stock exchange registration listing and filing fees
relating to the Registrable Securities; (ii) fees and expenses of compliance with Securities Laws; (iii) printing and copying
expenses; (iv) messenger and delivery expenses; (v) expenses incurred in connection with any road show and marketing activities;
(vi) fees and disbursements of all independent public accountants (including the expenses of any audit and/or “comfort”
letter) and fees and expenses of any other counsel and special experts retained by the Company; (vii) translation expenses; (viii) any
other fees and disbursements of underwriters customarily paid by issuers or sellers of securities; (ix) underwriters’ discounts
and commissions attributable to the securities being sold by the Company for its own account; and (x) fees and disbursements of one
independent counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration, not
to exceed US$75,000, shall be borne by the Company, but excluding underwriters’ discounts and commissions, if any, attributable
to the Registrable Securities being sold by the Holders, fees and disbursements of independent counsel to any Participating Holder, if
any, in excess of the limitation set forth above, and applicable transfer taxes, if any, which shall be borne by the Participating Holders.

 

ARTICLE 3

DUE DILIGENCE; INDEMNIFICATION

 

Section 3.1            Preparation; Reasonable Investigation

 

In connection with the
preparation and filing of any Prospectus in connection with a Demand Registration or Piggy-Back Registration as herein contemplated,
the Company will give the Participating Holders, the underwriter or underwriters of such Distribution, if any, and their respective
counsel, auditors and other representatives, the opportunity to fully participate in the preparation of such documents and each
amendment thereof or supplement thereto, and shall insert therein such material furnished to the Company in writing, which in the
reasonable judgment of the Company and its counsel should be included, and will give each of them such reasonable and customary
access to the Company’s books and records and such reasonable and customary opportunity to discuss the business of the Company
with its officers and auditors, and to conduct all reasonable and customary due diligence which the Participating Holders and the
underwriters or underwriter, if any, and their respective counsel may reasonably require in order to conduct a reasonable
investigation in order to enable such underwriters to execute any certificate required to be executed by them in Canada for
inclusion in such documents, provided that the Participating Holders and the underwriters agree to maintain the confidentiality of
such information.

 

    

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Section 3.2            Indemnification by the Company

 

		(a)	In connection with any Demand Registration and/or Piggy-Back Registration, the Company will indemnify
and hold harmless each Participating Holder and each of their respective directors, officers, employees and agents, shareholders, limited
partners and underwriters, from and against any loss (excluding loss of profits), liability, claim, damage and expense whatsoever (including
reasonable legal fees and expenses), including any amounts paid in settlement of any investigation, order, litigation, proceeding or claim,
joint or several, incurred, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained
in any Prospectus, or any amendment or supplement thereto, including all documents incorporated therein by reference, or any omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading or as incurred, arising out of or based upon any failure to comply with applicable
Securities Laws (other than any failure to comply with applicable Securities Laws by such Participating Holder or underwriter); provided
that the Company shall not be liable under this Section 3.2(a) for any settlement of any action effected without its written
consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided further that the indemnity provided for in
this Section 3.2(a), in respect of a given Participating Holder shall not apply to any loss, liability, claim, damage or expense
to the extent incurred, arising out of or based upon any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with written information furnished to the Company by such Participating Holder or underwriter stating
that such information is being provided for use in the Prospectus. Any amounts advanced by the Company to an Indemnified Party pursuant
to this Section 3.2(a) as a result of such losses will be returned to the Company if it is finally determined by a court in
a judgment not subject to appeal or final review that such Indemnified Party was not entitled to indemnification by the Company.

 

		(b)	For greater certainty, the rights to indemnification provided in Section 3.2(a) may be exercised
by each Participating Holder individually and separately from the rights to indemnification of the other Participating Holders provided
in Section 3.2(a), and shall not be affected in any way by the exercise, non-exercise or waiver, in whole or in part, by any other
Participating Holder of such rights to indemnification.

 

Section 3.3            Indemnification by Participating Holders

 

In connection with any
Demand Registration and/or Piggy-Back Registration, each Participating Holder, on a several and individual (not joint or joint and
several) basis and with respect to itself only, will indemnify and hold harmless the Company and each of its directors, officers,
employees, agents and shareholders from and against any loss (excluding loss of profits), liability, claim, damage and expense
whatsoever (including reasonable legal fees and expenses), including any amounts paid in settlement of any investigation, order,
litigation, proceeding or claim, joint or several, as incurred, arising out of or based on any untrue statement or omission of a
material fact, or alleged untrue statement or omission of a material fact, made or required to be made in the Prospectus, as
applicable, included in reliance upon and in conformity with written information furnished to the Company by such Participating
Holder and relating solely to such Participating Holder, stating that such information is being provided for use in the Prospectus
or as incurred arising out of or based upon any failure to comply with applicable Securities Laws (other than any failure to comply
with applicable Securities Laws by the Company), including, for greater certainty, for any amounts paid pursuant to
Section 3.2; provided that such Participating Holder shall not be liable under this Section 3.3 for any settlement of any
action effected without its written consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided
further that the indemnity provided for in this Section 3.3 shall not apply to any loss, liability, claim, damage or expense to
the extent arising out of an untrue statement or omission or alleged untrue statement or omission contained in any Prospectus
relating to a Demand Registration and/or Piggy-Back Registration if the Company or any underwriter failed to send or deliver a copy
of the Prospectus to the Person asserting such losses, liabilities, claims, damages or expenses on or prior to the delivery of
written confirmation of any sale of securities covered thereby to such Person in any case where such Prospectus corrected such
untrue statement or omission. Any amounts advanced by a Participating Holder to an Indemnified Party pursuant to this
Section 3.3 as a result of such losses will be returned to such Participating Holder if it is finally determined by a court in
a judgment not subject to appeal or final review that such Indemnified Party was not entitled to indemnification by such
Participating Holder hereunder.

 

    

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Section 3.4            Defence
of the Action by the Indemnifying Parties

 

Each party entitled to indemnification
under this Article 3 (the “Indemnified Party”) will give notice to the party required to provide indemnification
(the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity
may be sought, but the omission to so notify the Indemnifying Party shall not relieve it from any liability which it may have to the Indemnified
Party pursuant to the provisions of this Article 3 except to the extent of the damage or prejudice suffered by such delay in notification.
The Indemnifying Party will assume the defence of such action, including the employment of counsel to be chosen by the Indemnifying Party
to the reasonable satisfaction of the Indemnified Party, and the payment of expenses. The Indemnified Party will have the right to employ
its own counsel in any such case, but the legal fees and expenses of such counsel will be at the expense of the Indemnified Party, unless
the employment of such counsel is authorized in writing by the Indemnifying Party in connection with the defence of such action, or the
Indemnifying Party shall not have employed counsel to take charge of the defence of such action or the Indemnified Party reasonably concludes,
based on the opinion of counsel, that there may be defences available to it or them which are different from or additional to those available
to the Indemnifying Party (in which case the Indemnifying Party shall not have the right to direct the defence of such action on behalf
of the Indemnified Party), in any of which events the reasonable fees and expenses will be borne by the Indemnifying Party, provided,
further, that in no event shall the Indemnifying Party be required to pay the expenses of more than one law firm as counsel for all Indemnified
Parties pursuant to this sentence. No Indemnifying Party, in the defence of any such claim or litigation, will, except with the consent
of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or
litigation.

 

    

    - 12 -

    

 

 

Section 3.5            Contribution

 

If the indemnification
provided for in Section 3.2 or Section 3.3 (as applicable) is unavailable to a party that would have been an Indemnified
Party under Section 3.2 or Section 3.3 (as applicable) in respect of any losses, liabilities, claims, damages and expenses
referred to herein, then each party that would have been an Indemnifying Party hereunder will, in lieu of indemnifying such
Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such losses, liabilities,
claims, damages and expenses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one
hand and such Indemnified Party on the other hand in connection with the statement or omission which resulted in such losses,
liabilities, claims, damages and expenses, as well as any other relevant equitable considerations. The relative fault will be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Indemnifying Party or such Indemnified Party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission; provided, however, that, in any such case, no Person guilty of misrepresentation within the meaning of applicable
Securities Laws will be entitled to contribution from any Person who was not guilty of misrepresentation. The amount paid or payable
by a party under this Section 3.5 as a result of the losses, liabilities, claims, damages and expenses referred to above shall
be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or
proceeding. The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 3.5 were determined by pro rata allocation or by any other method of allocation which does not take into account the
equitable considerations referred to above in this Section 3.5.

 

Section 3.6            Survival

 

The indemnification provided
for under this Agreement will survive the expiry of this Agreement and will remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party and will survive
any transfer of securities pursuant thereto.

 

Section 3.7            Holder is Agent

 

The Company hereby acknowledges
and agrees that, with respect to this Article 3, each Participating Holder is contracting on its own behalf and as agent for the
other Indemnified Parties related to it referred to in this Article 3.

 

Section 3.8            Company is Agent

 

The Holders hereby acknowledge
and agree that, with respect to this Article 3, the Company is contracting on its own behalf and as agent for the other Indemnified
Parties related to it referred to in this Article 3.

 

ARTICLE 4

AMENDMENTS

 

Section 4.1            Amendments, Modifications, etc.

 

This Agreement may not be
amended or modified except by an agreement in writing executed by the Company and all the Principal Holders.

 

ARTICLE 5

TERMINATION

 

Section 5.1            Term

 

This Agreement shall come
into force and effect on the date first written above and shall terminate on the earlier of:

 

    

    - 13 - 

    

 

		(a)	with respect to each Principal Holder, the date after the first continuous 90 day period during which
such Principal Holder beneficially owns, directly or indirectly, in aggregate, less than 10% of the voting rights
attached to all outstanding Shares and less than 10% of the outstanding Shares (it being understood that all Shares held by affiliates
of a Principal Holder shall be aggregated together for the purpose of calculating such 10% threshold);

 

		(b)	with respect to each Other Holder, the date following the closing of the third Distribution including
such Other Holder as a Piggy-Back Holder; and

 

		(c)	the date on which this Agreement is terminated by written agreement of the Company and the Principal Holders.

 

ARTICLE 6

GENERAL

 

Section 6.1            Severability

 

If any term or other provision
of this Agreement is invalid, illegal or incapable of being enforced by any rule or law, or public policy, all other conditions and
provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated by this Agreement is not affected in any manner materially adverse to any Party. Upon any determination that any term or
other provision is invalid, illegal or incapable of being enforced, the Parties will negotiate in good faith to modify this Agreement
so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated
by this Agreement are fulfilled to the fullest extent possible.

 

Section 6.2            Obligations of the Holders not Joint

 

Except as otherwise provided
in Section 6.6, the obligations of the Holders pursuant to this Agreement are several, and not joint or joint and several, and, no
Holder shall be liable to the Company or to any other party for the failure of any other Holder to comply with its covenants and obligations
under this Agreement.

 

Section 6.3            Public Filing

 

The Parties hereby consent
to the public filing of this Agreement if any Party is required to do so by law or by applicable regulations or policies of any regulatory
agency of competent jurisdiction or any stock exchange.

 

Section 6.4            Adjustments

 

All references to Registrable
Securities and Subordinate Shares contained herein shall be adjusted to take into account any share consolidations, share divisions, share
reclassifications, mergers, amalgamations, arrangements, reorganizations or similar events occurring after the date hereof.

 

Section 6.5            Further Assurances

 

Each Party shall provide such
further documents or instruments required by any other Party as may be reasonably necessary or desirable to effect the purpose of this
Agreement and carry out its provisions.

 

    

    - 14 - 

    

 

Section 6.6            Assignment and Enurement

 

Neither this Agreement
nor any benefits or duties accruing under this Agreement shall be transferred, directly or indirectly, by any Party without the
prior written consent of a majority-in-interest of the Registrable Securities held by the other Parties, except that any Holder
shall be entitled to assign this Agreement or the benefits or duties accruing hereunder to any affiliate thereof without the prior
consent of any other Parties, provided that in each case the assignor shall remain liable for the performance under this Agreement
of its assignees and of any subsequent direct or indirect assignees thereof. Subject to the foregoing, this Agreement shall enure to
the benefit of and be binding upon the Parties and their respective successors and permitted assigns. Any affiliate to whom rights
under this Agreement are transferred will (x) as a condition to such transfer, deliver to the other Parties a written
instrument by which such transferee agrees to be bound by the obligations imposed upon Holders under this Agreement to the same
extent as if such transferee were a Holder under this Agreement and (y) be deemed to be a Holder hereunder. If the assignor is
a Principal Holder, the assignee shall be a Principal Holder, and if the assignor is an Other Holder, the assignee shall be an Other
Holder.

 

Section 6.7            Entire
Agreement

 

This Agreement constitutes
the entire agreement between the Parties with respect to the matters herein and supersedes all prior agreements, understandings, negotiations
and discussions relating to the subject matter hereof. There are no other covenants, agreements, representations, warranties, conditions,
whether direct or collateral, express or implied, that form part of or affect this Agreement except as otherwise provided in this Agreement.

 

Section 6.8            Waiver

 

Except as otherwise expressly
set out herein, no waiver of any provision of this Agreement shall be binding unless it is in writing. No indulgence or forbearance by
a Party shall constitute a waiver of such Party’s right to insist on performance in full and in a timely manner of all covenants
in this Agreement. Waiver of any provision shall not be deemed to waive the same provision thereafter, or any other provision of this
Agreement, at any other time.

 

Section 6.9            Notices

 

All notices, requests, demands
or other communications required or permitted to be given by one Party to another under this Agreement shall be given in writing and delivered
by personal delivery or delivery by recognized commercial courier or by e-mail addressed as follows:

 

(a)            if
to the Company:

 

3645 Long Beach Boulevard

Long Beach, California 90807

Attention:               Kyle
D. Kazan, CEO, and Jamin Horn, General Counsel

E-mail:                    [Redacted]

 

With a copy, which shall not constitute notice to:

 

Venable LLP

2049 Century Park East, Suite 2300

Los Angeles, CA 90067

Attention:               Matthew
Portnoff

E-mail:                    [Redacted]

 

    

    - 15 - 

    

 

(b)           and
if to a Holder, to its email address set forth on the signature pages hereto; or at such other address of which the addressee may
from time to time may notify the addressor. Any notice delivered by personal delivery or by courier to the Party to whom it is addressed
as provided above shall be deemed to have been given and received on the day it is so delivered at such address. If such day is not a
Business Day, or if the notice is received after 4:00 p.m. (addressee’s local time), then the notice shall be deemed to have
been given and received on the next Business Day. Any notice transmitted by e-mail shall be deemed to have been given and received at
the time of receipt. If such day is not a Business Day, or if the transmission of e-mail is received after 4:00 p.m. (addressee’s
local time), then the notice shall be deemed to have been given and received on the next Business Day.

 

Section 6.10          Counterparts; Email and Electronic Signatures

 

This Agreement may be signed
in one or more counterparts, each of which once signed shall be deemed to be an original. All such counterparts together shall constitute
one and the same instrument. Notwithstanding the date of execution of any counterpart, each counterpart shall be deemed to bear the effective
date first written above. This Agreement, any and all agreements and instruments executed and delivered in accordance herewith, along
with any amendments hereto or thereto, to the extent signed and delivered by means of a scanned email or internet transmission copy or
other means of electronic transmission, shall be treated in all manner and respects and for all purposes as an original signature, agreement
or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered
in person.

 

Section 6.11          Governing Law and Jurisdiction for Disputes

 

This Agreement shall be governed
by and construed in accordance with the laws of the Province of Ontario (without giving effect to any conflict of laws principles thereunder)
and the federal laws of Canada applicable therein.

 

Each Party, by its execution
hereof, (a) hereby irrevocably submits to the exclusive jurisdictions of the Ontario courts situated in the City of Toronto for the
purpose of any action, claim, cause of action or suit (in contract, delict or otherwise), inquiry, proceeding or investigation arising
out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable
law, and agrees not to assert by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally
to the jurisdiction of the above-named court, that its property is exempt or immune from attachment or execution, that any such proceeding
brought in the above- named court is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or
by such court and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, delict or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof
or thereof other than before the above-named court nor to make any motion or take any other action seeking or intending to cause the transfer
or removal of any such action, claim, cause of action or suit (in contract, delict or otherwise), inquiry, proceeding or investigation
to any court other than the above-named court whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing,
to the extent that any Party is or becomes a party in any litigation in connection with which it may assert indemnification rights set
forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding
the foregoing, any Party may commence and maintain an action to enforce a judgment of the above-named court in any court of competent
jurisdiction. Each Party hereby consents to service of process in any such proceeding in any manner permitted by the laws of Ontario,
and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 6.9
is reasonably calculated to give actual notice. Any Party that commences an action hereunder in the above-named court shall not be required
to post any bond in connection therewith.

 

    

    - 16 - 

    

 

Section 6.12          Consent

 

Where a provision of this
Agreement requires an approval or consent by a Party and written notification of such approval or consent is not delivered within the
applicable time in accordance with this Agreement, then the Party whose consent or approval is required shall be conclusively deemed to
have withheld its approval or consent, except as otherwise provided herein.

 

Section 6.13          Third Party Beneficiaries

 

The terms and provisions of
this Agreement are intended solely for the benefit of the Parties and their respective successors and permitted assigns, and, except as
set forth in Section 3.7 and Section 3.8, it is not the intention of the Parties to confer any third party beneficiary rights
and this Agreement does not confer any such rights upon any third party (including any holders of securities of the Company) that are
not party to this Agreement.

 

Section 6.14          Remedies

 

Each Party agrees that an
award of monetary damages would not be an adequate remedy for any loss incurred by reason of any breach of this Agreement and that, in
the event of any breach or threatened breach of this Agreement by a Party, the Company or the Holder, as the case may be, will be entitled,
without the posting of bond, to equitable relief, including injunctive relief and specific performance. Such remedies shall not be the
exclusive remedies for any breach or threatened breach of this Agreement but will be in addition to all other remedies available at law
or in equity.

 

Section 6.15          Authority

 

Each Party represents and
warrants to and agrees with each other Party that the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby have been duly authorized on behalf of such Party and do not violate any agreement or other instrument applicable
to such Party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a
partnership among any of the Parties, or to constitute any of such Parties members of a joint venture or other association.

 

[Remainder of this page intentionally left blank]

 

    

    

    

 

IN WITNESS WHEREOF
the Parties have caused this Agreement to be duly executed as of the date first written above.

 

	 	GLASS HOUSE
    BRANDS INC.
	 	 
	 	By:	(signed) “Kyle Kazan”
	 	 	Name:  Kyle Kazan
	 	 	Title:  Chief Executive
    Officer
	 	 
	 	PRINCIPAL HOLDERS
	 	 
	 	(signed by the Principal
    Holders)
	 	 
	 	OTHER HOLDERS
	 	 
	 	(signed by the Other
    Holders)

 

    

    

    

 

SCHEDULE “A”

REGISTRATION PROCEDURES

 

1.1.          Registration
Procedures

 

In connection with the Company’s
Demand Registration and Piggy-Back Registration obligations pursuant to the Agreement, the Company will use commercially reasonable efforts
in accordance with the Agreement to effect the qualification for the offer and sale or other disposition or Distribution of Registrable
Securities of the Participating Holders in one or more Canadian jurisdictions as directed by such Participating Holders, and in pursuance
thereof the Company will as expeditiously as possible:

 

		(i)	but in any event within 60 days after the Company’s receipt of the Demand Notice, prepare and file
in the English language and, if required and desirable in the sole discretion of the Company, French language, with the applicable Securities
Regulators a preliminary Prospectus and, promptly thereafter, a final Prospectus under and in compliance with the applicable Securities
Laws, relating to the applicable Demand Registration or Piggy-Back Registration, including all exhibits, financial statements and such
other related documents required by the Securities Regulators to be filed therewith, and use its commercially reasonable efforts to cause
such Prospectus to be receipted; and the Company will furnish to the Participating Holders and the managing underwriters or underwriters,
if any, copies of such preliminary Prospectus and final Prospectus and any amendments or supplements in the form filed with the Securities
Regulators, promptly after the filing of such preliminary Prospectus and final Prospectus, amendments or supplements;

 

		(ii)	prepare and file with the Securities Regulators such amendments and supplements to the preliminary Prospectus
and final Prospectus as may be necessary to complete the Distribution of all such Registrable Securities and as required under the Securities
Act or under any provisions of Securities Laws applicable to the Demand Registration or Piggy-Back Registration effective and in compliance
with such Securities Laws until the earliest of (i) the date on which all Registrable Securities and other securities covered by
the Demand Registration or Piggy-Back Registration have been disposed of or such securities have been withdrawn and (ii) the date
on which all Registrable Securities and other securities covered by the Demand Registration or Piggy-Back Registration have ceased to
be Registrable Securities;

 

		(iii)	notify the Participating Holders and the managing underwriter or underwriters, if any, and (if requested)
confirm such advice in writing, as soon as practicable after notice thereof is received by the Company (i) when the preliminary Prospectus
and final Prospectus or any amendment thereto has been filed or been receipted, and furnish to the Participating Holders and managing
underwriters or underwriters, if any, with copies thereof, (ii) of any request by the Securities Regulators for amendments to the
preliminary Prospectus or the final Prospectus or for additional information, (iii) of the issuance by the Securities Regulators
of any stop order or cease trade order relating to the Prospectus or any order preventing or suspending the use of any preliminary Prospectus
or final Prospectus or the initiation or threatening of any proceedings for such purposes, and (iv) of the receipt by the Company
of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose;

 

    A - 1

    

    

 

		(iv)	promptly notify the Participating Holders and the managing underwriter or underwriters, if any, when the
Company becomes aware of the happening of any event as a result of which the Prospectus
contains any untrue statement of a material fact or omits to state a material fact necessary to make the statement therein (in the case
of the Prospectus in light of the circumstances under which they were made) when such Prospectus was delivered not misleading, fails to
constitute full, true and plain disclosure of all material facts regarding the Registrable Securities when such Prospectus was delivered
or if for any other reason it will be necessary during such time period to amend or supplement the preliminary Prospectus or the final
Prospectus in order to comply with Securities Laws and, in either case as promptly as practicable, prepare and file with the Securities
Regulators, and furnish to the Participating Holders and the managing underwriters or underwriters, if any, a supplement or amendment
to such preliminary Prospectus or final Prospectus which will correct such statement or omission or effect such compliance;

 

		(v)	use commercially reasonable efforts to obtain the withdrawal of any stop order, cease trade order or other
order against the Company or affecting the securities of the Company suspending the use of any Prospectus or suspending the qualification
of any Registrable Securities covered by the Prospectus, or the initiation or the threatening of any proceedings for such purposes;

 

		(vi)	furnish to the Participating Holders and each managing underwriter or underwriters, if any, without charge,
one executed copy and as many conformed copies as they may reasonably request, of the Prospectus, including financial statements and schedules
and all documents incorporated therein by reference, and provide the Participating Holders and their respective counsel with a reasonable
opportunity to review and provide comments to the Company on the Prospectus;

 

		(vii)	deliver to the Participating Holders, such Participating Holders’ legal counsel and the underwriters,
if any, without charge, as many commercial copies of the preliminary Prospectus and the final Prospectus and any amendment or supplement
thereto as such Persons may reasonably request (it being understood that the Company consents to the use of the preliminary Prospectus
and the final Prospectus or any amendment or supplement thereto by each of the Participating Holders and the underwriters, if any, in
connection with the offering and sale of the Registrable Securities covered by the preliminary Prospectus and the final Prospectus or
any amendment or supplement thereto) and such other documents as the Participating Holders may reasonably request in order to facilitate
the disposition of the Registrable Securities by such Person;

 

		(viii)	on or prior to the date on which a receipt is issued for the Prospectus by the applicable Securities Regulators,
use commercially reasonable efforts to qualify, and cooperate with the Participating Holders, the managing underwriter or underwriters,
if any, and their respective counsel in connection with the qualification of, such Registrable Securities for offer and sale under the
Securities Laws of each province and/or territory of Canada, as applicable, as any such Person or underwriter reasonably requests in writing
provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified
or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so subject;

 

		(ix)	in connection with any underwritten offering enter into customary agreements, including an underwriting
agreement with the underwriter or underwriters, such agreements to contain such representations and warranties by the Company and such
other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions and indemnification
provisions and/or agreements substantially consistent with Article 3 of the Agreement, but in any event, which agreements will contain provisions for the indemnification
by the underwriter or underwriters in favour
of the Company with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Prospectus included
in reliance upon and in conformity with written information furnished to the Company by any underwriter in writing;

 

    A - 2

    

    

 

		(x)	as promptly as practicable after filing with the Securities Regulators any document which is incorporated
by reference into the Prospectus, provide copies of such document to the Participating Holders and their respective counsel and to the
managing underwriters or underwriters, if any;

 

		(xi)	file, and to not withdraw, a notice declaring its intention to be qualified to file a short form prospectus
as soon as permitted by applicable Securities Laws;

 

		(xii)	use its commercially reasonable efforts to obtain a customary legal opinion, in the form and substance
as is customarily given by external company counsel in securities offerings, addressed to the Participating Holders and the underwriters,
if any, and such other Persons as the underwriting agreement may reasonably specify, and a customary “comfort letter” from
the Company’s auditor and/or the auditors of any financial statements included or incorporated by reference in a Prospectus;

 

		(xiii)	furnish to the Participating Holders and the managing underwriter or underwriters, if any, and such other
Persons as the Participating Holders may reasonably specify, such corporate certificates, satisfactory to the Participating Holders acting
reasonably, as are customarily furnished in securities offerings, and, in each case, covering substantially the same matters as are customarily
covered in such documents in the relevant jurisdictions and such other matters as the Participating Holders may reasonably request;

 

		(xiv)	provide and cause to be maintained a transfer agent and registrar for such Subordinate Shares not later
than the date a receipt is issued for the final Prospectus by the applicable Securities Regulators and use its best efforts to cause all
Subordinate Shares covered by the Prospectus to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;

 

		(xv)	participate in such marketing efforts as the Participating Holders or managing underwriter or underwriters,
if any, determine are reasonably necessary, such as “roadshows”, institutional investor meetings and similar events; and

 

		(xvi)	take such other actions and execute and deliver such other documents as may be reasonably necessary to
give full effect to the rights of each Participating Holder under the Agreement.

 

 1.2.         Participating Holder’s Obligations

 

The Company may require
the Participating Holders to furnish to the Company such information regarding the Distribution of such Registrable Securities and
such other information relating to the Participating Holders and their respective beneficial ownership of Subordinate Shares as the
Company may from time to time reasonably request in writing in order to comply with applicable Securities Laws in each jurisdiction
in which a Demand Registration or Piggy-Back Registration is to be effected. The Participating Holders agree to furnish such
information to the Company and to cooperate with the Company as necessary to enable the Company to comply with the provisions of the
Agreement and applicable Securities Laws. The Participating Holders will promptly notify the Company when a Participating Holder
becomes aware of the happening of any event (insofar as it relates to such Participating Holder or information provided by such
Participating Holder in writing for inclusion in the applicable Prospectus) as a result of which the Prospectus contains any untrue
statement of a material fact or omits to state a material fact necessary to make the statement therein (in the case of the
Prospectus in light of the circumstances under which they were made) when such Prospectus was delivered not misleading or, if for
any other reason it will be necessary during such time period to amend or supplement the preliminary Prospectus or the final
Prospectus in order to comply with Securities Laws.

 

    A - 3

    

    

 

Each Participating Holder,
if requested by the underwriter or underwriters of such Distribution, if any, agrees to become bound by and to execute and deliver a lock-up
agreement restricting such Holder’s right, for a period of time not to exceed 120 days, to (a) offer, sell, issue, contract
to sell, pledge or otherwise dispose of any Shares owned directly or indirectly, or under its control or direction, rights to purchase
Shares, or any securities convertible into or exercisable or exchangeable for Shares, (b) make any short sale, engage in any hedging
transaction, or otherwise enter into any swap, hedge or any other agreement that transfers to another, in whole or in part, any of the
economic consequences of ownership of Shares, whether any such transaction is to be settled by delivery of the Shares, other securities,
cash or otherwise, or (c) agree or publicly announce any intention to do any of the foregoing. Notwithstanding the foregoing, such
lock-up agreement shall not apply to (i) dispositions pursuant to a bona fide third party take-over bid made to all or substantially
all of the shareholders of the Company or similar merger or acquisition transaction provided that in the event that the take-over bid
or merger or acquisition transaction is not completed, any Shares held by the Holder shall remain subject to the restrictions contained
in the applicable lock-up agreement; or (ii) any Registrable Securities sold pursuant to a prospectus for such Distribution.

 

In addition, the Participating
Holders shall, if required under applicable Securities Laws, execute any certificate forming part of a preliminary Prospectus or a final
Prospectus to be filed with the applicable Securities Regulators.

 

In connection with any underwritten
offering in connection with a Demand Registration or a Piggy-Back Registration, the Participating Holder shall enter into customary agreements,
including an underwriting agreement with the underwriter or underwriters, such agreements to contain such representations and warranties
by the Participating Holder and such other terms and provisions as are customarily contained in underwriting agreements with respect to
secondary distributions and indemnification provisions and/or agreements substantially consistent with Article 3 of the Agreement,
but in any event, which agreements will contain provisions for the indemnification by the underwriter or underwriters in favour of the
Participating Holder with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Prospectus
included in reliance upon and in conformity with written information furnished to the Company by the underwriter in writing.

 

    A - 4Exhibit 4.5

 

Execution Version

 

EXCHANGE RIGHTS AGREEMENT

 

THIS EXCHANGE
RIGHTS AGREEMENT (the “Agreement”) is made on June 29, 2021

 

AMONG:

 

MERCER
PARK BRAND ACQUISITION CORP., a corporation organized under the laws of the Province of British Columbia (“Parent”)

 

and

 

MPB
ACQUISITION CORP., a corporation organized under the laws of the State of Nevada (“Exchangeco”)

 

and

 

KYLE
KAZAN, as the representative of the Class B Shareholders (the “Sellers’ Representative”)

 

WHEREAS,
pursuant to the terms of the Merger Agreement, dated April 8, 2021 as amended by Amendment No. 1 thereto, dated as of June 18,
2021, and as further amended by Amendment No. 2 thereto, dated as of June 28, 2021 (collectively, “Merger Agreement”),
among, inter alia, Parent, Exchangeco, Exchangeco’s wholly-owned merger subsidiary, GH Group, Inc. (“GH”),
certain of GH’s shareholders sufficient to authorize the underlying merger under the Delaware General Corporation Law, and Kyle
Kazan, as the GH shareholder representative, Exhangeco has become the owner of all of the issued and outstanding shares of GH Group, Inc.,
a Delaware corporation, in exchange for merger consideration made up of, in part, Class B voting exchangeable common shares of Exchangeco
(the “Class B Shares”) issued to the persons (the “Class B Shareholders”) listed on Schedule
A (the “Merger”);

 

WHEREAS, pursuant to the terms of the Merger Agreement, the Class B Shareholders have received Class B Shares on the date
hereof;

 

WHEREAS,
pursuant to the terms of and as a condition to closing of the Merger Agreement, the Parties have agreed to execute an exchange rights
agreement in the form of this Agreement; and

 

WHEREAS,
the parties intend the Merger to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal
Revenue Code of 1986, as amended (the “Code”), and that the Merger Agreement shall constitute a “plan of reorganization”
for purposes of Sections 354 and 361 of the Code.

 

    

     

    

 

NOW,
THEREFORE, in consideration of the premises and the respective covenants and agreements contained herein and in the Merger
Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties hereby
agree as follows:

 

ARTICLE 1

DEFINITIONS AND INTERPRETATION

 

		1.1.	Defined Terms. In this Agreement,
each term capitalized herein and not otherwise defined herein shall have the meaning ascribed thereto in the rights, privileges, restrictions
and conditions attaching to the Class B
Shares set forth in the articles of incorporation of Exchangeco (the “Class B Share Provisions”), unless something
in the subject matter or context is inconsistent therewith.

 

		1.2.	Definitions. In this Agreement,
the following terms shall have the following meanings:

 

“Affiliate” has the meaning
ascribed thereto in the Business Corporations Act (British Columbia), as amended, but the holders of Class B Shares that are
parties to this Agreement shall not be deemed to be Affiliates of Parent or Exchangeco.

 

“Agreement” has the meaning ascribed thereto in
the Recitals.

 

“Automatic Exchange Rights”
means the benefit to each Class B Shareholder of the obligation of Parent to effect the automatic exchange of Class B Shares
for the Class B Share Consideration (including Parent Subordinate Voting Shares) pursuant to Section 2.9.

 

“Class B Share Provisions” has the meaning
ascribed thereto in Section 1.1.

 

“Class B Shareholders”
means initially those Persons identified on Schedule A hereto, and after the date hereof, those Persons shown from time to time in the
register maintained by or on behalf of Exchangeco in respect of the Class B Shares as holders of Class B Shares.

 

“Class B Shareholders’ Put Right” has
the meaning ascribed thereto in Section 2.1.

 

“Class B Shares” has the meaning ascribed thereto
in the Recitals.

 

“Code” means the Internal Revenue Code of 1986,
as amended.

 

“Constating Documents” means the articles of incorporation
and by-laws of Exchangeco, as amended from time to time.

 

“Control Transaction” means any of the following:

 

		(1)	any person or group of persons acting jointly or in concert (within the meaning of Section 1.9 of
National Instrument 62-104 – Take-Over Bids and Issuer Bids) (“NI 62-104”) acquires, directly or indirectly,
control (as defined in NI 62-104) of Parent;

 

		(2)	the shareholders of Parent shall have approved a merger, consolidation, recapitalization or reorganization
of Parent, or, if shareholder approval is not sought or obtained, any such transaction shall have been consummated, in either case other than any such transaction which would result in at least 50% of the total voting power represented by the voting securities of the resulting entity outstanding immediately after such transaction being beneficially owned by holders of outstanding voting securities of Parent immediately prior to the transaction, with the voting power of each such continuing holder relative to
such other continuing holders being not altered substantially in the transaction; or

 

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		(3)	the shareholders of Parent shall approve an agreement for the sale or disposition by Parent of all or
substantially all of Parent’s consolidated assets, except for the transfer of assets to a subsidiary of Parent.

 

“Exchange” means Parent’s
purchase from a Class B Shareholder of all or any part of the Class B Shares held by such Class B Shareholder in exchange
for the Class B Share Consideration, all in accordance with the provisions of this Agreement and the Class B Share Provisions.

 

“Exchangeco” has the meaning ascribed thereto in
the Recitals.

 

“Exchanged Shares” has the meaning ascribed thereto
in Section 2.1.

 

“Insolvency Event” means the
institution by Exchangeco of any proceeding to be adjudicated a bankrupt or insolvent or to be liquidated, dissolved or wound-up, or the
consent of Exchangeco to the institution of bankruptcy, insolvency, liquidation, dissolution or winding up proceedings against it, or
the filing of a petition, answer or consent seeking liquidation, dissolution or winding up under any bankruptcy, insolvency or analogous
laws in any jurisdiction, and the failure by Exchangeco to contest in good faith any such proceedings instituted by any Person other than
Exchangeco commenced in respect of Exchangeco within 30 days of becoming aware thereof, or the consent by Exchangeco to the filing of
any such petition or to the appointment of a receiver, or the making by Exchangeco of a general assignment for the benefit of creditors,
or the admission in writing by Exchangeco of its inability to pay its debts generally as they become due, or Exchangeco not being permitted,
pursuant to solvency requirements of applicable law, to purchase any Retracted Shares pursuant to the Class B Share Provisions.

 

“Later Redemption Date” has the meaning ascribed
thereto in Section 4.1.

 

“Liquidation Call Purchase Price” has the meaning ascribed thereto in Section 3.1.

 

“Liquidation Call Right” has the meaning ascribed thereto in Section 3.1.

 

“Liquidation Event”
has the meaning ascribed thereto in Section 2.9(1).

 

“Liquidation Event Effective Date”
has the meaning ascribed thereto in Section 2.9(2).

 

“Liquidation Event Purchase Price” has the meaning ascribed
thereto in Section 2.9(2).

 

“Merger” has the meaning ascribed thereto in the Recitals.

 

“Notice of Exercise” has the meaning ascribed thereto
in Section 2.3(2).

 

“Officer’s Certificate”
means, with respect to Parent, Exchangeco or any Affiliate thereof, as the case may be, a certificate signed by any authorized officer
or director of Parent, Exchangeco or any Affiliate thereof, as the case may be.

 

    - 3 -

     

    

 

“Parent” has the meaning ascribed thereto in the
Recitals.

 

“Parent Call Notice” has the meaning ascribed thereto
in Section 5.2.

 

“Parent Subordinate Voting Shares”
means the subordinate voting shares of Parent and shall include, the Restricted Voting Shares (as defined in Parent’s articles,
as amended) and the Limited Voting Shares (as defined in Parent’s articles, as amended), and any such other securities into which
such shares may be converted or exchanged.

 

“Party” means a party to this Agreement and any
reference to a Party includes its successors and permitted assigns; and “Parties” means every Party.

 

“Merger Agreement” has the meaning ascribed thereto
in the Recitals.

 

“Redemption Call Event” means the receipt by Parent
of a Redemption Notice pursuant to Article 8 of the Class B Share Provisions.

 

“Redemption Call Right” has the meaning ascribed
thereto in Section 4.1.

 

“Redemption Call Purchase Price” has the meaning ascribed thereto in Section 4.1.

 

“Resident” means a resident of the United States for purposes of the Code.

 

“Retracted Shares” has
the meaning ascribed thereto in Section 2.5.

 

“Retraction Call Notice” has the meaning ascribed
thereto in Section 5.1.

 

“Retraction Call Purchase Price” has the meaning ascribed thereto in Section 5.1.

 

“Retraction Call Right” has the meaning ascribed thereto in Section 5.1.

 

		1.3.	Headings; Article and Section References.
The division of this Agreement into Articles, Sections and other portions and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of this Agreement. Unless otherwise indicated, all references to an “Article”
or “Section” followed by a number and/or a letter refer to the specified Article or Section of this Agreement. The
terms “this Agreement”, “hereof”, “herein” and “hereunder” and similar expressions refer
to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement or instrument supplementary
or ancillary hereto.

 

		1.4.	Number and Gender. Unless the context
requires otherwise, words importing the singular shall include the plural and vice versa and words importing gender shall include all
genders.

 

		1.5.	Business Days. If any date on which
any action is required to be taken under this Agreement is not a Business Day, then such action shall be required to be taken on the next
succeeding Business Day.

 

		1.6.	Payments. All payments to be made
hereunder will be made without interest and less any amounts on account of tax properly withheld in accordance with applicable law and
Section 13.3 of the Class B Share Provisions.

 

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		1.7.	Currency and Currency Conversion.
The provisions of the Class B Share Provisions respecting currency matters and currency conversion are incorporated by reference
into this Agreement.

 

ARTICLE 2

EXCHANGE RIGHT

 

		2.1.	Grant of Put Right. Subject to
Parent’s call rights under this Agreement, Parent hereby grants to each of the Class B Shareholders the right, exercisable
at any time and from time to time, to require Parent to purchase from such Class B Shareholder all or any part of the Class B
Shares held by such Class B Shareholder (the “Exchanged Shares”), all in accordance with the provisions of this
Agreement and the Class B Share Provisions (the “Class B Shareholders’ Put Right”).

 

		2.2.	Purchase Price.

 

		(1)	The purchase price payable by Parent for each Class B Share to be purchased by Parent upon the exercise
of the Class B Shareholders’ Put Right shall be an amount per Class B Share equal to the Class B Share Consideration
on the last Business Day prior to the consummation of such purchase.

 

		(2)	In connection with each exercise by a Class B Shareholder of the Class B Shareholders’
Put Right, Parent will provide to the Class B Shareholders exercising such rights an Officer’s Certificate setting forth the
calculation of the Class B Share Consideration.

 

		(3)	Payment of the Class B Share Consideration in respect of each Class B Share so purchased shall
be satisfied by Parent by (i) issuing to each holder of such Class B Share the number of Parent Subordinate Voting Shares for
which such Class B Share is exchangeable in accordance with Article 5 of the Class B Share Provisions (which shares shall
be fully paid and shall be free and clear of any lien, claims or encumbrance) and (ii) delivering to each holder of such Class B
Share the Additional Amount payable thereon, less any amounts withheld on account of tax in accordance Section 13.3 of the Class B
Share Provisions.

 

		2.3.	Exercise Instructions.

 

		(1)	Subject to the terms and conditions herein, a Class B Shareholder shall be entitled at any time and
from time to time, to exercise the Class B Shareholders’ Put Right with respect to all or any part of the Class B Shares
registered in the name of such Class B Shareholder on the books of Exchangeco.

 

    - 5 -

     

    

 

		(2)	To exercise the Class B Shareholders’ Put Right, the Class B Shareholder shall deliver
to Parent, in person or by certified or registered mail, at its principal executive office or at such other place in North America as
Parent may from time to time designate by written notice to
the Class B Shareholders, the certificates representing the Class B Shares which such Class B Shareholder desires Parent
to purchase (or a lost stock certificate affidavit in a form reasonably satisfactory to Exchangeco), duly endorsed in blank, and accompanied
by such other documents and instruments as may reasonably be required
to effect a transfer of Class B Shares under applicable law and the Constating Documents, together with (a) a duly completed
notice of exercise (the “Notice of Exercise”) of the Class B Shareholders’ Put Right, in the form attached
hereto as Schedule B, stating: (i) that the Class B Shareholder thereby exercises the Class B Shareholders’ Put Right,
as applicable, so as to require Parent to purchase from such Class B Shareholder the number of Class B Shares specified therein;
(ii) that such Class B Shareholder has good title to and owns all such Class B Shares to be acquired by Parent free and
clear of all liens, claims and encumbrances; (iii) that such Class B Shareholder is a Resident; (iv) the name(s) in
which the certificates representing Parent Subordinate Voting Shares issuable in connection with the exercise of the Class B Shareholders’
Put Right are to be issued; (v) the name(s) and address(es) of the persons to whom such certificates representing Parent Subordinate
Voting Shares should be delivered; and (vi) that it will provide Parent or any of its Affiliates with such representations or certificates
as are reasonably requested by Parent or any of its Affiliates in order to comply with the applicable securities legislation, and (b) payment
(or evidence of payment satisfactory to Parent) of the taxes, if any, payable as contemplated by Section 7.6.

 

		(3)	If only a part of the Class B Shares represented by any certificate or certificates delivered to
Parent are to be purchased by Parent or an Affiliate of Parent under the Class B Shareholders’ Put Right, then a new certificate
for the balance of such Class B Shares shall be issued to such Class B Shareholder by Exchangeco.

 

		2.4.	Delivery of Parent Subordinate Voting Shares;
Effect of Exercise. Promptly after receipt of the certificates representing the Class B Shares which the Class B
Shareholder desires Parent to purchase pursuant to the Class B Shareholders’ Put Right (or a lost stock certificate affidavit
in a form reasonably satisfactory to Exchangeco), together with such documents and instruments of transfer and a duly completed form of
Notice of Exercise of the Class B Shareholders’ Put Right, Parent shall deliver or cause to be delivered to the holder of such
Class B Shares (or to such other Persons, if any, properly designated by such Class B Shareholder), the Class B Share Consideration
deliverable in connection with the exercise of the Class B Shareholders’ Put Right. At the close of business on the second
Business Day after the receipt by Parent of the Notice of Exercise in respect of the Class B Shareholders’ Put Right as provided
in this Section 2.4, the closing of the transaction of purchase and sale contemplated hereby shall be deemed to have occurred, and
the holder of such Class B Shares shall be deemed to have transferred to Parent all of its right, title and interest in and to such
Class B Shares, and the Class B Shareholders’ Put Right and the Automatic Exchange Rights attaching thereto shall be extinguished,
and the Class B Shareholder shall cease to be a holder of such Class B Shares, and shall not be entitled to exercise any of
the rights of a holder in respect thereof, other than the right to receive its total Class B Share Consideration therefor, unless
such Class B Share Consideration is not delivered by Parent to such Class B Shareholder (or to such other Persons, if any, properly
designated by such Class B Shareholder), within five Business Days of the date of the Notice of Exercise, in which case the rights
of the Class B Shareholder shall remain unaffected until such Class B Share Consideration is so delivered and any check included
therein is delivered and paid. Concurrently with such Class B Shareholder ceasing to be a holder of Class B Shares, such Class B
Shareholder shall be considered and deemed for all purposes to be the holder of the Parent Subordinate Voting
Shares delivered to such Class B Shareholder pursuant to the Class B Shareholders’ Put Right.

 

    - 6 -

     

    

 

		2.5.	Exercise of Class B Shareholders’
Put Right Subsequent to Retraction. In the event that a Class B Shareholder has exercised its right under the Class B
Share Provisions to require Exchangeco to redeem any or all of the Class B Shares held by such Class B Shareholder (the “Retracted
Shares”) and is notified by Exchangeco pursuant to the Class B Share Provisions that Exchangeco is not permitted as a result
of solvency requirements or other provisions of applicable law to redeem all such Retracted Shares, and provided that Parent shall not
have exercised the Retraction Call Right with respect to the Retracted Shares and that the Class B Shareholder has not revoked the
Retraction Request delivered by the Class B Shareholder to Exchangeco pursuant to the Class B Share Provisions, the Retraction
Request will constitute and will be deemed to constitute notice from the Class B Shareholder to Parent to exercise the Class B
Shareholders’ Put Right with respect to those Retracted Shares which Exchangeco is unable to redeem. In any such event, Exchangeco
hereby agrees with the Class B Shareholder to immediately notify the Class B Shareholder of such prohibition against Exchangeco
redeeming all of the Retracted Shares and to immediately forward or cause to be forwarded to Parent all relevant materials delivered by
the Class B Shareholder to Exchangeco in connection with such proposed redemption of the Retracted Shares (including, without limitation,
a copy of the Retraction Request delivered pursuant to the Class B Share Provisions) and Parent will thereupon purchase such shares
in accordance with this Article 2.

 

		2.6.	Notice of Insolvency Event. As
soon as practicable but in no event later than 5 Business Days following the occurrence of an Insolvency Event or any event which with
the giving of notice or the passage of time or both would be an Insolvency Event, each of Parent and Exchangeco shall give written notice
thereof to each Class B Shareholder, which notice shall contain a brief statement of the right of the Class B Shareholders with
respect to the Class B Shareholders’ Put Right.

 

		2.7.	Call Rights. The Liquidation Call
Right, the Retraction Call Right and the Redemption Call Right are hereby acknowledged and confirmed by the Parties, and it is agreed
and acknowledged that such rights are granted as part of the consideration for the obligations of Parent and Exchangeco under this Agreement.

 

		2.8.	Grant of Automatic Exchange Rights.
Parent hereby grants the Automatic Exchange Rights to the Class B Shareholders.

 

		2.9.	Automatic Exchange on Liquidation of Parent.

 

		(1)	Parent will give each Class B Shareholder written notice of each of the following events (each a
 “Liquidation Event”) at the time set forth below:

 

		(a)	in the event of any determination by the board of directors of Parent to institute voluntary liquidation,
dissolution or winding-up proceedings with respect to Parent or to effect any other distribution of assets of Parent among its stockholders
for the purpose of winding up its affairs, at least 30 days prior to the proposed effective date of such liquidation, dissolution, winding-up
or other distribution; and

 

    - 7 -

     

    

		(b)	as soon as practicable but in no event later than 5 Business Days following the earlier of:

 

		(i)	receipt by Parent of notice of; and

 

		(ii)	Parent’s otherwise becoming aware of,

 

any threatened or instituted claim, suit,
petition or other proceedings with respect to the involuntary liquidation, dissolution or winding-up of Parent or to effect any other
distribution of assets of Parent among its stockholders for the purpose of winding up its affairs, in each case where Parent has failed
to contest in good faith any such proceeding commenced in respect of Parent within 30 days of becoming aware thereof.

 

Such notice shall include a brief description of the automatic
exchange of Class B Shares for Parent Subordinate Voting Shares provided for in Section 2.9(2).

 

	 	(2)	In
                                            order that the Class B Shareholders will be able to participate on a pro rata basis with
                                            the holders of Parent Subordinate Voting Shares in the distribution of assets of Parent in
                                            connection with a Liquidation Event, immediately prior to the effective date of a Liquidation
                                            Event (the "Liquidation Event Effective Date"), subject to each of the Liquidation
                                            Call Right and Class B Shareholders' Put Right (if applicable) not having been exercised,
                                            each of the then outstanding Class B Shares shall be automatically exchanged for Parent Subordinate
                                            Voting Shares and payment of the Additional Amount payable thereon. To effect such automatic
                                            exchange, Parent shall be deemed to have purchased each outstanding Class B Share held by
                                            Class B Shareholders on the Liquidation Event Effective Date, and each Class B Shareholder
                                            shall be deemed to have sold the Class B Shares held by it at such time to Parent, for an
                                            amount per share equal to the Class B Share Consideration applicable on the Business Day
                                            prior to the Liquidation Event Effective Date (collectively, the "Liquidation Event Purchase
                                            Price"). In connection with the Automatic Exchange Rights, Parent will provide to the
                                            Class B Shareholders an Officer's Certificate setting forth the calculation of the Class
                                            B Share Consideration. The purchase price for each Class B Share so purchased may only be
                                            satisfied by Parent delivering or causing to be delivered to a Class B Shareholder such number
                                            of Parent Subordinate Voting Shares and the Additional Amount determined in the manner set
                                            out in Section 2.2(3) (as if such Section were in respect of the Automatic Exchange Rights)
                                            in satisfaction of the Class B Share Consideration less any amounts on account of tax properly
                                            withheld in accordance with Section 13.3 of the Class B Share Provisions.

 

    - 8 -

     

    

 

	 	(3)	On the Liquidation Event Effective Date, the closing of the transaction of purchase and sale of Class B Shares contemplated under Section 2.9(2) shall be deemed to have occurred, and each Class B Shareholder shall be deemed to have transferred to Parent all of such Class B Shareholder's right, title and interest in and to such Class B Shares and the Class B Shareholders' Put Right and the Automatic Exchange Rights attaching thereto, except that each Class B Shareholder shall have the right to receive such holder's proportionate part of the total Liquidation Event Purchase Price payable to such Class B Shareholder by Parent (less any amounts on account of tax properly withheld in accordance with Section 13.3 of the Class B Share Provisions in respect of the specific Class B Shareholder) upon presentation and surrender by such Class B Shareholder of Class B Share certificates (or a lost stock certificate affidavit in a form reasonably satisfactory to Parent), duly endorsed in blank and accompanied by such instruments of transfer as Parent may reasonably require including, without limitation, a representation and warranty that the Class B Shareholder is a Resident. Concurrently with each such Class B Shareholder ceasing to be a Class B Shareholder, such Class B Shareholder shall be considered and deemed for all purposes to be the holder of the Parent Subordinate Voting Shares issued to it as the Class B Share Consideration pursuant to the automatic exchange of Class B Shares set forth in Section 2.9(2), and Parent shall promptly deliver or cause to be delivered to each such Class B Shareholder certificates representing the Parent Subordinate Voting Shares issued to the Class B Shareholder by Parent pursuant to such automatic exchange.

 

		2.10.	Parent Subordinate Voting Shares.

 

		(1)	Without limiting any other provision set forth herein, in the event Exchangeco becomes obligated to deliver
any Class B Share Consideration pursuant to the Class B Share Provisions (including, without limitation, pursuant to Section 5.1
thereof), Parent shall issue and deliver or cause to be delivered to each applicable Class B Shareholder (or to such other Persons,
if any, properly designated by such Class B Shareholder) such number of Parent Subordinate Voting Shares as are deliverable in connection
with such Class B Share Consideration in accordance with the applicable terms thereof.

 

		(2)	Parent shall at all times when the Class B Shares shall be outstanding, reserve and keep available
out of its authorized but unissued share capital, for the purpose of effecting the purchase or exchange of Class B Shares as set
forth in this Agreement and the Class B Share Provisions, such number of its duly authorized Parent Subordinate Voting Shares as
shall from time to time be sufficient to effect the purchase or exchange of all outstanding Class B Shares pursuant to the terms
of this Agreement and the Class B Share Provisions; and if at any time the number of authorized but unissued Parent Subordinate Voting
Shares shall not be sufficient to effect the purchase or exchange of all then outstanding Class B Shares pursuant to the terms of
this Agreement and the Class B Share Provisions, Parent shall take such corporate action as may be necessary to increase its authorized
but unissued Parent Subordinate Voting Shares to such number of shares as shall be sufficient for such purposes, including, without limitation,
engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to Parent’s articles, as amended.

 

		(3)	Parent hereby represents, warrants and covenants that all Parent Subordinate Voting Shares issuable as
required under this Agreement have been duly authorized and reserved for issuance, and when issued, will be validly issued as fully paid
and non-assessable shares in the capital of Parent and shall be free and clear of any lien, claim or encumbrance other than restrictions
on transfer under applicable securities laws and pursuant to any agreements entered into by the Class B Shareholder (including lock-up agreements).

 

    - 9 -

     

    

 

		2.11.	Restricted Securities. The Class B
Shareholders acknowledge and agree that neither the Class B Shares nor the Parent Subordinate Voting Shares issuable in exchange
therefor have been registered under the US Securities Act of 1933 or under any U.S. state securities laws, and therefore, will be “restricted
securities” within the meaning of Rule 144(a)(3) of the US Securities Act of 1933 and may not be offered or sold in the
United States or to a U.S. Person except pursuant to a registration statement under the US Securities Act of 1933 or an exemption therefrom.

 

ARTICLE 3

LIQUIDATION CALL RIGHT

 

		3.1.	Liquidation Call Right. Subject
to the requirements of Section 3.2, Parent shall have the overriding right (the “Liquidation Call Right”), in
the event of and notwithstanding the proposed liquidation, dissolution or winding-up of Exchangeco and notwithstanding Article 6
of the Class B Share Provisions, to purchase from all, but not less than all, of the Class B Shareholders (other than any Class B
Shareholder which is an Affiliate of Parent) on the Liquidation Date all, but not less than all, of the Class B Shares held by each
such Class B Shareholder on payment by Parent to each such Class B Shareholder an amount per Class B Share equal to the
Class B Share Consideration applicable on the Business Day prior to the Liquidation Date (the “Liquidation Call Purchase
Price”). In the event of the exercise of the Liquidation Call Right by Parent, each Class B Shareholder (other than any
Class B Shareholder which is an Affiliate of Parent) shall be obligated to sell all the Class B Shares held by such Class B
Shareholder to Parent on the Liquidation Date on payment by Parent to the Class B Shareholder of the Liquidation Call Purchase Price,
less any amounts on account of tax properly withheld in accordance with Section 13.3 of the Class B Share Provisions, for each
such Class B Share, and Exchangeco shall have no obligation to pay the Liquidation Amount under Article 6 of the Class B
Share Provisions to the holders of such Class B Shares so purchased by Parent.

 

		3.2.	Notice of Exercise of Liquidation Call Right.
To exercise the Liquidation Call Right, Parent must notify the Class B Shareholders and Exchangeco of Parent’s intention to
exercise such right at least 30 days before the Liquidation Date in the case of a voluntary liquidation, dissolution or winding-up of
Exchangeco and at least five Business Days before the Liquidation Date in the case of an involuntary liquidation, dissolution or winding-up
of Exchangeco. If Parent duly exercises the Liquidation Call Right in accordance with Sections 3.1, 3.2 and 3.3, on the Liquidation Date,
Parent will purchase, and each Class B Shareholder (other than any Class B Shareholder which is an Affiliate of Parent) will
sell, all of the outstanding Class B Shares held by such Class B Shareholder for a price per Class B Share equal to the
Liquidation Call Purchase Price, which price shall be satisfied in the manner set forth in Section 3.3, and the Class B Shareholders
will not receive the Liquidation Amount under Article 6 of the Class B Share Provisions.

 

    - 10 -

     

    

 

		3.3.	Exercise of Liquidation Call Right.
For the purposes of completing the purchase of the Class B Shares pursuant to the exercise of the Liquidation Call Right, Parent
shall deliver or cause to be delivered to the Class B Shareholders the Liquidation Call Purchase Price for each Class B Share
held by such Class B Shareholder, on or before the Liquidation Date, upon presentation and surrender, by delivery in person
or by certified or registered mail, at the principal executive office of Parent, or at such other place in North America as Parent may
from time to time designate by written notice to the Class B Shareholders, of the certificates representing such Class B Shares
(or a lost stock certificate affidavit in a form reasonably satisfactory to Parent), together with such other documents and instruments
as may be reasonably required to effect a transfer of Class B Shares under applicable law and the Constating Documents, including
a representation and warranty by each holder of Class B Shares to be redeemed that such Class B Shareholder is a Resident. Payment
of the Liquidation Call Purchase Price shall be made by delivery to each Class B Shareholder (other than any Class B Shareholder
which is an Affiliate of Parent), at the address of the holder recorded in the register of shareholders of Exchangeco or if requested
by the Class B Shareholder by holding for pick-up by the holder at the principal executive office of Exchangeco, of the Class B
Share Consideration (satisfied in the manner set forth in Section 2.2(3)) less any amounts on account of tax properly withheld in
accordance with Section 13.3 of the Class B Share Provisions. Upon such payment of the total Liquidation Call Purchase Price
on the Liquidation Date, the Class B Shareholders (other than any Class B Shareholder which is an Affiliate of Parent) shall
thereafter be considered and deemed for all purposes to be the holders of Parent Subordinate Voting Shares delivered to them as part or
all of the Class B Share Consideration notwithstanding that the certificate or certificates (or a lost stock certificate affidavit
in a form reasonably satisfactory to Parent) representing such Class B Shares have not been delivered by the holder or holders thereof
to Parent.

 

ARTICLE 4

REDEMPTION CALL RIGHT

 

		4.1.	Redemption Call Right. Upon the
occurrence of a Redemption Call Event, Parent shall have the overriding right (the “Redemption Call Right”), notwithstanding
the proposed redemption of the Class B Shares by Exchangeco pursuant to Article 8 of the Class B Share Provisions, to purchase
from all but not less than all of the Class B Shareholders (other than any Class B Shareholder which is an Affiliate of Parent)
on the Redemption Date or, if the Class B Shares have not otherwise been redeemed or retracted by such date, any date following the
Redemption Date (the “Later Redemption Date”), all but not less than all of the Class B Shares held by each such
holder on payment by Parent to each Class B Shareholder an amount per Class B Share (the “Redemption Call Purchase
Price”) equal to the Class B Share Consideration on the last Business Day prior to the Redemption Date or the Later Redemption
Date, as applicable. In the event of the exercise of the Redemption Call Right by Parent, each Class B Shareholder shall be obligated
to sell all the Class B Shares held by the Class B Shareholder to Parent on the Redemption Date or the Later Redemption Date,
as applicable, on payment by Parent to the Class B Shareholder of the Redemption Call Purchase Price for each such Class B Share,
and Exchangeco shall have no obligation to redeem such Class B Shares so purchased by Parent.

 

    - 11 -

    

    

 

		4.2.	Notice of Exercise of Redemption Call Right.
To exercise the Redemption Call Right, Parent must notify (i) Exchangeco of Parent’s intention to exercise such right within
five Business Days of receiving the Redemption Notice from Exchangeco in accordance with Section 8.2(a) of the Class B Share Provisions
and (ii) the Class B Shareholders in accordance with Section 8.2(b) of the Class B Share Provisions as if references
to Exchangeco therein were to Parent. If
Parent exercises the Redemption Call Right then, on the Redemption Date or the Later Redemption Date, as applicable, Parent will purchase,
and each Class B Shareholder (other than any Class B Shareholder which is an Affiliate of Parent) will sell, all of the outstanding
Class B Shares held by such Class B Shareholder on the Redemption Date or the Later Redemption Date, as applicable, for a price
per Class B Share equal to the Redemption Call Purchase Price.

 

		4.3.	Exercise of Redemption Call Right.
For the purposes of completing the purchase of the Class B Shares pursuant to the exercise of the Redemption Call Right, Parent shall,
on or before the Redemption Date or the Later Redemption Date, as applicable, deliver or cause to be delivered to the holders of the
Class B Shares the Redemption Call Purchase Price for each Class B Share to be purchased, upon presentation and surrender at
the principal executive office of Parent of the certificates representing such Class B Shares (or a lost stock certificate affidavit
in a form reasonably satisfactory to Parent), together with such other documents and instruments as may be reasonably required to effect
a transfer of Class B Shares under applicable law and the Constating Documents, including a representation and warranty by each holder
of Class B Shares to be purchased that such Class B Shareholder is a Resident. Payment of the total Redemption Call Purchase
Price for such Class B Shares shall be made by delivery to each Class B Shareholder (other than any Class B Shareholder
which is an Affiliate of Parent), at the address of the holder recorded in the register of shareholders of Exchangeco or if requested
by the Class B Shareholder by holding for pick-up by the holder at the principal executive office of Exchangeco, of the Class B
Share Consideration (satisfied in the manner set forth in Section 2.2(3)) less any amounts on account of tax properly withheld in
accordance with Section 13.3 of the Class B Share Provisions. Provided that the total Redemption Call Purchase Price is delivered
or paid on the Redemption Date or the Later Redemption Date, as applicable, the Class B Shareholders (other than any Class B
Shareholder which is an Affiliate of Parent ) shall thereafter be considered and deemed for all purposes to be the holders of Parent Subordinate
Voting Shares delivered to them. If Parent does not exercise the Redemption Call Right in the manner described above, on the Redemption
Date or the Later Redemption Date, as applicable, the holders of the Class B Shares so redeemed by Exchangeco will be entitled to
receive in exchange therefor the Redemption Price otherwise payable by Exchangeco pursuant to Article 8 of the Class B Share
Provisions.

 

ARTICLE 5

RETRACTION CALL RIGHT

 

		5.1.	Retraction Call Right. Upon receipt
by Exchangeco of a Retraction Request, Exchangeco shall immediately notify Parent in writing thereof (a “Retraction Call Notice”)
and shall provide to Parent a copy of the Retraction Request. Upon receipt by Parent of a Retraction Call Notice, Parent shall have the
right (the “Retraction Call Right”), notwithstanding Article 7 of the Class B Share Provisions, to purchase
from each such Class B Shareholder that has delivered a Retraction Request on the Retraction Date all but not less than all of the
Class B Shares that are subject to the Retraction Request held by such holder on payment by Parent to each such Class B Shareholder
an amount per Class B Share (the “Retraction Call Purchase Price”) equal to the Class B Share Consideration
on the last Business Day prior to the Retraction Date.

 

    - 12 -

    

    

 

		5.2.	Notice of Exercise of Retraction Call Right.
In order to exercise the Retraction Call Right, Parent must notify in writing each of Exchangeco and the holder of Class B Shares
that has tendered a Retraction Request of Parent’s determination to exercise the Retraction Call Right (the “Parent Call
Notice”) within five Business Days of receiving a Retraction Call Notice. If Parent delivers the Parent Call Notice within such
five Business Day period, and provided that the Retraction Request is not withdrawn by the holder in the manner specified in Section 7.6
of the Class B Share Provisions, the Retraction Request shall thereupon be considered to be an offer by the holder to sell the Retracted
Shares to Parent in accordance with the Retraction Call Right. In such event, Exchangeco shall not redeem the Retracted Shares and Parent
shall purchase from such holder and such holder shall sell to Parent on the Retraction Date the Retracted Shares for a purchase price
per Class B Share equal to the Retraction Call Purchase Price. The closing of the purchase and sale of the Retracted Shares pursuant
to the Retraction Call Right shall be deemed to have occurred as at the close of business on the Retraction Date and, for greater certainty,
no redemption by Exchangeco of such Retracted Shares shall take place on the Retraction Date. In the event that Parent does not deliver
a Parent Call Notice within such five (5) Business Day period, and provided that the Retraction Request is not withdrawn by the holder
in the manner specified in Section 7.6 of the Class B Share Provisions, Exchangeco shall redeem the Retracted Shares on the
Retraction Date and in the manner otherwise contemplated in Article 7 of the Class B Share Provisions.

 

		5.3.	Exercise of Retraction Call Right.
For the purposes of completing the purchase of the Class B Shares pursuant to the exercise of the Retraction Call Right, Parent shall,
on or before the Retraction Date, deliver or cause to be delivered to the holders of the Class B Shares the Retraction Call Purchase
Price for each Class B Share to be purchased, upon presentation and surrender at the principal executive office of Exchangeco of
the certificates representing such Class B Shares (or a lost stock certificate affidavit in a form reasonably satisfactory to Exchangeco),
together with such other documents and instruments as may be reasonably required to effect a transfer of Class B Shares under applicable
law and the Constating Documents, including a representation and warranty by each holder of Class B Shares to be purchased that such
Class B Shareholder is a Resident. Payment of the total Retraction Call Purchase Price for such Class B Shares shall be made
by delivery to each Class B Shareholder, at the address of the holder recorded in the register of shareholders of Exchangeco or if
requested by the Class B Shareholder by holding for pick-up by the holder at the principal executive office of Exchangeco, of the
Class B Share Consideration (satisfied in the manner set forth in Section 2.2(3)) less any amounts on account of tax properly
withheld in accordance with Section 13.3 of the Class B Share Provisions. Provided that the total Retraction Call Purchase Price
is delivered or paid on the Retraction Date, each such Class B Shareholder shall thereafter be considered and deemed for all purposes
to be the holder of Parent Subordinate Voting Shares delivered to it.

 

    - 13 -

    

    

 

ARTICLE 6

SHAREHOLDER PROTECTIVE RIGHTS

 

		6.1.	Parent Shareholder Rights. Each
Class B Shareholder acknowledges and agrees that unless and until its Class B Shares are exchanged for Parent Subordinate Voting
Shares pursuant to this Agreement or the Class B Share Provisions, it has no rights to vote at any meetings of shareholders of Parent
at which holders of Parent Subordinate Voting Shares are entitled to vote or with respect
to any written consents sought by Parent from its shareholders including the holders of Parent Subordinate Voting Shares, including those
matters which, under applicable law, require the holders of Parent Subordinate Voting Shares to vote on and/or approve as a separate class;
provided that this Section 6.1 shall not in any way limit or restrict the rights of such Class B Shareholder in its capacity
as a holder of Parent Subordinate Voting Shares or multiple voting shares of Parent.

 

		6.2.	Parent Shareholder Information.

 

		(1)	Parent, its Affiliates or its representatives shall promptly mail or cause to be mailed (or otherwise
communicate in the same manner as Parent utilizes in communications to holders of Parent Subordinate Voting Shares subject to applicable
regulatory requirements) to each of the Class B Shareholders copies of all mailings and communications that it sends to holders of
Parent Subordinate Voting Shares, such mailing or communication to commence on the same day as the mailing or notice (or other communication)
with respect thereto is commenced by Parent to the holders of Parent Subordinate Voting Shares.

 

		(2)	Any written materials distributed by Parent pursuant to this Section 6.2 shall be sent by mail (or
otherwise communicated in the same manner as Parent utilizes in communications to holders of Parent Subordinate Voting Shares subject
to applicable regulatory requirements) to each Class B Shareholder at its address as shown on the books of Exchangeco, such mailing
or communication to commence on the same day as the mailing or notice (or other communication) with respect thereto is commenced by Parent
to the holders of Parent Subordinate Voting shares.

 

		6.3.	Prohibition on Additional Shareholders.
Exchangeco shall not, without the approval of the Class B Shareholders in accordance with Section 11.2 of the Class B Share
Provisions, issue equity securities, nor securities convertible into or exchangeable for equity securities, of Exchangeco to any Person
other than (i) to the Class B Shareholders, or (ii) to Parent.

 

		6.4.	Certain Parent Covenants. Parent
hereby covenants in favor of Exchangeco and each Class B Shareholder, solely in Parent’s capacity as controlling stockholder
of Exchangeco, to do and cause Exchangeco to do all such things, take all necessary steps and pay such amounts as is necessary for Exchangeco
to comply with its obligations under the Class B Share Provisions, except to the extent otherwise approved by the Class B Shareholders
in accordance with Section 11.2 of the Class B Share Provisions. Without limiting the generality of the foregoing, Parent shall
not declare, pay or set aside any dividends or other distributions on Parent Subordinate Voting Shares unless Parent shall first pay and
contribute to Exchangeco cash or other property, as applicable, in such amount and of such type as shall be necessary for Exchangeco to
declare and pay to the Class B Shareholders the entire Corresponding Dividend with respect to such dividend or other distribution
on Parent Subordinate Voting Shares in accordance with Section 3.1 of the Class B Share Provisions.

 

    - 14 -

    

    

 

ARTICLE 7

GENERAL

 

		7.1.	Term. This Agreement shall come
into force and be effective as of the date hereof and shall terminate and be of no further
force and effect at such time as no Class B Shares (or securities or rights convertible into or exchangeable for or carrying rights
to acquire Class B Shares, including pursuant to the Merger Agreement) are held by any Person other than Parent or any of its Affiliates.

 

		7.2.	Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable,
the validity, legality or enforceability of the remainder of this Agreement shall not in any way be affected or impaired thereby and this
Agreement shall be carried out as nearly as possible in accordance with its original terms and conditions.

 

		7.3.	Amendments, Modifications. This
Agreement may not be amended or modified except by an agreement in writing executed by Parent and Exchangeco and approved by the Class B
Shareholders in accordance with Section 11.2 of the Class B Share Provisions. At all times upon the occurrence of any event
as a result of which either the Parent Subordinate Voting Shares or the Class B Shares or both are in any way to be changed (including,
without limitation, in any manner described in Article 12 of the Class B Share Provisions), this Agreement shall prior to or
simultaneously with the change be amended and modified as necessary in order that it will apply with full force and effect, mutatis mutandis,
to all new securities into which Parent Subordinate Voting Shares or Class B Shares or both are so to be changed, and provided that
such amendments and modifications do not adversely affect any economic or other attributes of the Class B Shares.

 

		7.4.	Meeting to Consider Amendments.
Exchangeco, at the request of Parent, shall call a meeting or meetings of the Class B Shareholders for the purpose of considering
any proposed amendment or modification requiring approval pursuant to Section 7.3. Any such meeting or meetings shall be called and
held in accordance with the Constating Documents, the Class B Share Provisions and all applicable laws.

 

		7.5.	Treatment of the Exchange. The
Parties acknowledge and agree that the Exchange should qualify as a “reorganization” under Section 368 of the Code. The
Parties agree to report the Exchange for all U.S. federal income tax purposes accordingly and each Party agrees to refrain from any action
that could cause the Exchange to not qualify as a “reorganization” under Section 368 of the Code. Notwithstanding the
foregoing, the Parties acknowledge and agree that the Class B Shareholders have relied upon the advice of their own tax advisors
and, subject to this Section 7.5, and except as may be set forth in the Merger Agreement or in any other agreement among the applicable
parties hereto, no Party has any liability to any other for the tax consequences of the Exchange, including, without limitation, the qualification
of the exchange under Section 368 of the Code.

 

		7.6.	Taxation. For purposes of this
Agreement, upon any sale of Class B Shares to Parent pursuant to the Class B Shareholders’ Put Right, the Liquidation
Call Right, the Redemption Call Right or the Retraction Call Right, the share certificate or certificates representing Parent Subordinate
Voting Shares to be delivered in connection with the payment of the total purchase price therefor shall be issued in the name of the Class B
Shareholder or in such names as such Class B Shareholder may otherwise direct in writing, without charge to the Class B Shareholder.
The Class B Shareholders acknowledge that Section 13.3 of the Class B Share Provisions gives Parent, Exchangeco and their
Affiliates rights of withholding in respect of applicable taxes which may be required to be deducted or withheld upon the payment of a dividend
or any other amounts payable to any Class B Shareholder, and that Section 13.3 of the Class B Share Provisions shall apply
in respect of any amount of tax required to be withheld from a payment to a Class B Shareholder hereunder.

 

    - 15 -

    

    

 

		7.7.	Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the Parties and their respective heirs, representatives, successors and permitted assigns.

 

		7.8.	Notices to Parties. Any notice,
request or other communication required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given
if delivered pursuant to the provisions of Section 10.2 of the Merger Agreement. Any party hereto may by notice so given change its
address for future notice hereunder.

 

		7.9.	Counterparts. This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed
to constitute one and the same instrument. The transmission by facsimile or pdf of a copy of the execution page hereof reflecting
the execution of this Agreement by any Party shall be effective to evidence that Party’s intention to be bound by this Agreement
and that Party’s agreement to the terms, provisions and conditions hereof, all without the necessity of having to produce an original
copy of such execution page.

 

		7.10.	Governing Law. Section 10.4
of the Merger Agreement regarding governing law, jurisdiction, and dispute resolution shall apply to this Agreement, mutatis mutandis.
THE PARTIES
EXPRESSLY WAIVE ANY RIGHT THEY MAY HAVE TO A JURY TRIAL TO THE EXTENT PERMITTED UNDER APPLICABLE LAW.

 

		7.11.	Undertaking of Parent. Parent hereby
acknowledges the provisions of this Agreement and, indirectly through its control of other entities (including Exchangeco), undertakes
to: (i) maintain the solvency of Exchangeco while any Class B Shares are held by Class B Shareholders, (ii) cause Exchangeco to take all actions necessary in order for it to comply with its obligations hereunder and under the Class B Share Provisions, and (iii) other than with respect to a Control Transaction or Liquidation Event, refrain from taking any actions without the approval of the Class B Shareholders in accordance with Section 11.2 of the Class B Share Provisions that would require a Class B Shareholder to exchange its Class B Shares.

 

 

 

		7.12.	No Duplication. Notwithstanding
any provisions in this Agreement and Exchangeco’s articles of incorporation, as amended, to the contrary, no Class B Shareholder
shall receive duplicate rights and privileges upon the occurrence of the same event. This prohibition on duplication applies with respect
to all dividends, distributions, rights offerings, stock splits, consolidations, recapitalization, reorganizations and any other right
or privilege applicable to them.

 

		7.13.	Breach. A breach by Exchangeco
of any of its obligations under this Agreement will not impact the rights and obligations of the other Parties to this Agreement.

 

		7.14.	Third Party Beneficiaries. Each
Class B Shareholder shall be an express third party beneficiary of this Agreement, and the Sellers’ Representative shall have
full power to enforce this Agreement on behalf of each such Class B Shareholder.

 

[Signature Pages Follow]

 

    - 16 -

    

    

 

IN
WITNESS WHEREOF the Parties have caused this Agreement to be duly executed as of the date first above written.

 

	 	PARENT:
	 	 
	 	Mercer Park Brand Acquisition Corp.
	 	 	 
	 	By:	(signed)
    “Louis Karger”
	 	 	Name: Louis Karger
	 	 	Title: Chief Executive Officer
	 	 	 
	 	EXCHANGECO:
	 	 
	 	MPB Acquisition Corp.
	 	 	 
	 	By:	(signed)
    “Louis Karger”
	 	 	Name: Louis Karger
	 	 	Title: Chief Executive Officer

 

	 	(signed)
    “Kyle Kazan”
	 	KYLE KAZAN, in his capacity as the Sellers’ Representative
	 	

    

    

    

 

SCHEDULE A

 

CLASS B SHAREHOLDERS

 

[Redacted – Personal Information.]

 

    

    

    

 

SCHEDULE B

 

NOTICE OF EXERCISE

 

	To:	Mercer Park Brand Acquisition Corp. (“Parent”)
	 	 
	And To:	MPB Acquisition Corp. (“Exchangeco”)
	 	 
	Re:	Class B Shares of Exchangeco

 

 

THE
UNDERSIGNED holder of Class B Shares in the capital of Exchangeco (the “Class B Shares”) hereby
exercises the Class B Shareholders’ Put Right so as to require Parent to purchase                                          [Fill
in Number] Class B Shares (the “Exchanged Shares”) registered in the name of the undersigned, subject to
the rights, privileges, restrictions and conditions attached to the Class B Shares (the “Class B Share Provisions”).
All capitalized words used in this notice have the respective meanings assigned thereto in the Class B Share Provisions. The undersigned
presents and surrenders with this notice of exercise a certificate or certificates representing the Exchanged Shares (or a lost stock
certificate affidavit with respect thereto). The undersigned hereby acknowledges that a failure to present and surrender to Parent
the certificate or certificates representing the Exchanged Shares (or a lost stock certificate affidavit in a form reasonably satisfactory
to Parent with respect thereto) shall invalidate this notice of exercise.

 

THE UNDERSIGNED
hereby represents and warrants that the undersigned:

 

		(a)	has good title to and owns all of the Exchanged Shares free and clear of all liens, claims and encumbrances;

 

		(b)	is a resident of the United States for purposes of the Code; and

 

		(c)	shall, if requested, provide Parent, and/or Exchangeco with such representations or certificates as are
reasonably requested by Parent in order to comply with applicable securities legislation.

 

DATED
this        day of                     ,
20  .

 

 

	(signed by holder of Exchanged Shares)	 
	 	 
	 	 
	(print name of holder)	 

 

    

    

    

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	(print the name and address in which the certificate representing Parent Subordinate Voting Shares is to be registered)	 	(print the name and address in which the certificate representing Class B Shares not forming part of the Exchanged Shares, if any, is to be registered)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	(print the address at which the certificate representing Parent Subordinate Voting Shares is to be delivered - if left blank, such certificate shall be held for pick-up by the holder at the principal executive office of Exchangeco)	 	(print the address at which the certificate representing Class B Shares not forming part of the Exchanged Shares, if any, is to be delivered - if left blank, such certificate shall be held for pick-up by the Class B Shareholder of the principal executive office of Exchangeco)

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