Document:

Exhibit 10.48 

    

    MERGER AGREEMENT

    AMONG

    VESSEL BRAND, INC.,

    FLORA GROWTH CORP.,

    VESSEL ACQUISITION SUB, INC.

    AND

    THE SELLERS' REPRESENTATIVE

    Dated as of October 27, 2021

    

    

    
      
        

    

    TABLE OF CONTENTS

    
      	

            	 Page
	
              ARTICLE 1

            	 
	
              DEFINITIONS

            	 
	
              Section 1.1  Definitions.

            	
              2

            
	
              Section 1.2  Interpretation.

            	
              12

            
	
              Section 1.3  Currency.

            	
              12

            
	
              ARTICLE 2

            	 
	
              THE MERGER

            	 
	
              Section 2.1  Initial Purchase Transaction

            	
              12

            
	
              Section 2.2  Merger of Vessel into Acquisition Sub.

            	
              13

            
	
              Section 2.3  Effective Time of the Merger.

            	
              13

            
	
              Section 2.4  Effect of the Merger

            	
              13

            
	
              Section 2.5  Charter and By-Laws, Officers and Directors of Surviving Corporation

            	
              13

            
	
              Section 2.6  Effect of the Merger on the Shares and the Capital Stock of Acquisition Sub

            	
              14

            
	
              Section 2.7  Tax Consequences of the Merger.

            	
              14

            
	
              Section 2.8  Tax Election for Canadian Shareholders

            	
              15

            
	
              Section 2.9  Mechanism of Payment of Merger Consideration and Delivery of Certificates.

            	
              15

            
	
              Section 2.10  Treatment of Vessel Options

            	
              18

            
	
              Section 2.11  Dissenting Shares.

            	
              18

            
	
              Section 2.12  Withholding.

            	
              19

            
	
              Section 2.13  Certain Securities Law Matters.

            	
              19

            
	
              ARTICLE 3

            	 
	
              CLOSING

            	 
	
              Section 3.1  Closing Date.

            	
              20

            
	
              Section 3.2  Flora's Closing Date Deliveries.

            	
              20

            
	
              Section 3.3  Vessel's Closing Date Deliveries.

            	
              20

            
	
              ARTICLE 4

            	 
	
              REPRESENTATIONS AND WARRANTIES OF VESSEL

            	 
	
              Section 4.1  Organization; Capital Structure; Power and Authority.

            	
              22

            
	
              Section 4.2  Authority; No Conflicts.

            	
              23

            
	
              Section 4.3  Financial Statements.

            	
              24

            
	
              Section 4.4  Operations Since Interim Balance Sheet Date.

            	
              24

            
	
              Section 4.5  Taxes.

            	
              24

            
	
              Section 4.6  Governmental Permits.

            	
              25

            
	
              Section 4.7  Real Property.

            	
              25

            
	
              Section 4.8  Intellectual Property.

            	
              25

            
	
              Section 4.9  Title to Property.

            	
              27

            
	
              Section 4.10  No Violation, Litigation or Regulatory Action.

            	
              27

            
	
              Section 4.11  Contracts.

            	
              28

            
	
              Section 4.12  Status of Contracts.

            	
              29

            

      

      

      
        
          

      

      	
               

            	 
	
              Section 4.13  Employee Benefits.

            	
              29

            
	
              Section 4.14  Employee Relations and Agreements.

            	
              33

            
	
              Section 4.15  Environmental Matters.

            	 
	
              Section 4.16  No Undisclosed Liabilities.

            	
              34

            
	
              Section 4.17  Working Capital.

            	
              34

            
	
              Section 4.18  Condition of Assets.

            	
              35

            
	
              Section 4.19  Customers and Suppliers.

            	
              35

            
	
              Section 4.20  Insurance.

            	
              35

            
	
              Section 4.21  Related Party Transactions.

            	
              35

            
	
              Section 4.22  No Brokers.

            	
              35

            
	
              ARTICLE 5

            	 
	
              REPRESENTATIONS AND WARRANTIES OF FLORA

            	 
	
              Section 5.1  Organization of Flora.

            	
              36

            
	
              Section 5.2  Authority of Flora; Conflicts.

            	
              36

            
	
              Section 5.3  No Violation, Litigation or Regulatory Action.

            	
              37

            
	
              Section 5.4  Flora Financial Statements.

            	
              37

            
	
              Section 5.5  Absence of Certain Changes.

            	
              38

            
	
              Section 5.6  Securities Laws Matters.

            	
              38

            
	
              Section 5.7  Financial Ability.

            	
              39

            
	
              Section 5.8  No Brokers.

            	
              39

            
	
              Section 5.9  Flora Shares.

            	
              39

            
	
              Section 5.10  Acknowledgement and Representations by Flora.

            	
              39

            
	
              ARTICLE 6

            	 
	
              ACTION PRIOR TO THE CLOSING DATE

            	 
	
              Section 6.1  Access to Information.

            	
              39

            
	
              Section 6.2  Notification.

            	
              39

            
	
              Section 6.3  Consents of Third Parties.

            	
              40

            
	
              Section 6.4  Operations Prior to the Closing Date.

            	
              41

            
	
              Section 6.5  Exclusive Dealing.

            	
              43

            
	
              ARTICLE 7

            	 
	
              ADDITIONAL AGREEMENTS

            	 
	
              Section 7.1  Tax Matters.

            	
              43

            
	
              Section 7.2  Contact with Customers and Suppliers.

            	
              45

            
	
              Section 7.3  Appointment of the Sellers' Representative.

            	
              45

            
	
              Section 7.4  Brokers.

            	
              47

            
	
              Section 7.5  Appointment of Nominee to Flora's Board of Directors.

            	
              47

            
	
              Section 7.6  Indemnities and Directors' and Officers' Insurance

            	
              48

            
	
              Section 7.7  Information Statement

            	
              48

            
	
              Section 7.8  Section 280G.

            	
              48

            
	
              ARTICLE 8

            	 
	
              CONDITIONS PRECEDENT TO OBLIGATIONS OF FLORA

            	 
	
              Section 8.1  No Misrepresentation or Breach of Covenants and Warranties.

            	
              49

            

      

      

      
        
          

      

      	
               

            	 
	
              Section 8.2  No Material Adverse Effect.

            	
              50

            
	
              Section 8.3  No Restraint.

            	
              50

            
	
              Section 8.4  Governmental Approvals.

            	
              50

            
	
              Section 8.5  Vessel Shareholder Consent.

            	
              50

            
	
              Section 8.6  Third Party Consents.

            	
              50

            
	
              Section 8.7  Restrictive Covenant Agreements.

            	
              50

            
	
              Section 8.8  Employment Agreements.

            	
              50

            
	
              Section 8.9  Working Capital.

            	
              50

            
	
              Section 8.10  Other Deliverables.

            	
              51

            
	
              ARTICLE 9

            	 
	
              CONDITIONS PRECEDENT TO OBLIGATIONS OF VESSEL

            	 
	
              Section 9.1  No Misrepresentation or Breach of Covenants and Warranties.

            	
              51

            
	
              Section 9.2  No Material Adverse Effect.

            	
              51

            
	
              Section 9.3  No Restraint.

            	
              51

            
	
              Section 9.4  Governmental Approvals.

            	
              51

            
	
              Section 9.5  Other Deliverables.

            	
              52

            
	
              ARTICLE 10

            	 
	
              TERMINATION

            	 
	
              Section 10.1  Termination.

            	
              52

            
	
              Section 10.2  Notice of Termination.

            	
              53

            
	
              Section 10.3  Effect of Termination.

            	
              53

            
	
              Section 10.4  Flora Damages.

            	
              53

            
	
              Section 10.5  Vessel Damages.

            	
              53

            
	
              Section 10.6  Injunctive Relief and Remedies.

            	
              54

            
	
              ARTICLE 11

            	 
	
              GENERAL PROVISIONS

            	 
	
              Section 11.1  Survival of Representations, Warranties and Covenants.

            	
              54

            
	
              Section 11.2  No Public Announcement.

            	
              54

            
	
              Section 11.3  Notices.

            	
              55

            
	
              Section 11.4  Successors and Assigns; No Third Party Rights.

            	
              56

            
	
              Section 11.5  Entire Agreement; Amendments.

            	
              56

            
	
              Section 11.6  Interpretation.

            	
              56

            
	
              Section 11.7  Waivers.

            	
              57

            
	
              Section 11.8  Expenses.

            	
              57

            
	
              Section 11.9  Partial Invalidity.

            	
              57

            
	
              Section 11.10  Execution in Counterparts.

            	
              58

            
	
              Section 11.11  Further Assurances. 

            	
              58

            
	
              Section 11.12  Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

            	
              58

            
	
              Section 11.13  Specific Performance.

            	
              59

            

      

      

    

    
      
        

    

    MERGER AGREEMENT

    MERGER AGREEMENT, dated as of October 27, 2021 (the "Agreement"), among Vessel Brand, Inc., a Delaware corporation,
      ("Vessel"), Flora Growth Corp., an Ontario corporation ("Flora"), Vessel Acquisition Sub, Inc., a Delaware corporation and
      wholly-owned subsidiary of Flora ("Acquisition Sub"), and James Choe, as representative of the Sellers for certain purposes described herein (the "Sellers' Representative").

    PRELIMINARY STATEMENT:

    WHEREAS, persons listed in Schedule 1.1 (the "Vessel Shareholders") are the owners of all of the issued and
      outstanding shares of common stock, $0.001 par value per share (the "Shares") of Vessel;

    WHEREAS, Vessel is engaged in business in the cannabis consumer technology segment, with a portfolio of proprietary brands and products;

    WHEREAS, Vessel and Flora intend that Flora acquire all of the Shares owned by the Canadian Shareholders (as defined herein) upon and subject to the terms
      and conditions set forth in this Agreement by means of a purchase and sale of such Shares (the "Initial Purchase Transaction");

    WHEREAS, immediately after giving effect to the Initial Purchase Transaction, Flora, Vessel and Acquisition Sub intend to effect a proposed merger of
      Acquisition Sub with and into Vessel, with Acquisition Sub as the surviving corporation, in accordance with, and subject to, the terms and conditions of this Agreement, the Certificate of Merger and the DGCL, whereby, among other things, all the
      issued and outstanding Shares of Vessel as of immediately prior to the Effective Time (excluding the Shares subject to the Initial Purchase Transaction) will be converted into the right to receive cash and stock in the manner set forth in Article 2
      of this Agreement, subject to the terms and conditions of this Agreement;

    WHEREAS, the board of directors of Vessel has unanimously (i) adopted, approved and declared advisable this Agreement, each other Transaction Document to
      which Vessel is or is to be a party, the Merger and the other transactions contemplated by this Agreement, (ii) determined that the Merger and the other transactions contemplated by this Agreement are advisable, fair to and in the best interests of
      Vessel and the Vessel Shareholders, (iii) resolved to recommend, and recommended to the Vessel Shareholders, the approval and adoption of this Agreement, the Merger, each other Transaction Document to which Vessel is or is to be a party and the other
      transactions contemplated by this Agreement and (iv) directed that this Agreement, the Merger, the other Transaction Documents to which Vessel is a party and the other transactions contemplated by this Agreement be submitted to the Vessel
      Shareholders for approval and adoption;

    WHEREAS, the sole stockholder of Acquisition Sub has adopted, approved and declared advisable this Agreement, each other Transaction Document to which
      Acquisition Sub is or is to be a party, the Merger and the other transactions contemplated by this Agreement;

    
      
        

    

    
    

    

    WHEREAS, for U.S. federal income tax purposes, it is intended that the Initial Purchase Transaction and the Merger shall, together, qualify as a
      reorganization within the meaning of Section 368(a)(2)(D) of the Code;

    WHEREAS, it is a condition and inducement to the obligations of Flora and Acquisition Sub to consummate the Merger and the other transactions contemplated by
      this Agreement that within 48 hours following the execution and delivery of this Agreement, the Requisite Supporting Shareholders will execute and deliver in accordance with Section 228 of the DGCL, a written consent in the form attached as Exhibit A
      (the "Vessel Shareholder Consent") approving this Agreement, the Merger, the other Transaction Documents to which Vessel is a party, and the other transactions contemplated by this Agreement in accordance with
      the DGCL, Vessel's Organizational Documents, the Shareholders Agreement and any other applicable agreements between Vessel, on the one hand, and any Vessel Shareholder, on the other hand;

    WHEREAS, at the Closing, and as an inducement to Flora's willingness to enter into this Agreement, the Management Parties, each of whom will receive
      substantial benefit from the consummation of the transactions contemplated by this Agreement, shall have entered into restrictive covenant agreements in form and substance reasonably satisfactory to Flora, Vessel and each of the Management Parties
      (each, a "Restrictive Covenant Agreement"), pursuant to which such Persons shall have agreed to, among other things, make certain representations, warranties, and covenants for the benefit of Flora; and

    WHEREAS, at the Closing, and as an inducement to Flora's willingness to enter into this Agreement, Vessel and the employees of Vessel identified on Schedule
        1.3 hereto (the "Key Employees") shall have entered into employment, confidentiality and work product assignment agreements in form and substance reasonably satisfactory to Flora, Vessel and each of the
      Key Employees (the "Employment Agreements").

    NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, it is hereby agreed among the parties hereto as follows:

     

      ARTICLE 1
      

      

      DEFINITIONS

     

      

    
      	
              Section 1.1

            	
              Definitions.

            

    

    In this Agreement, the following terms have the meanings specified or referred to in this Section 1.1 and shall be equally applicable to both the singular and plural forms.

    "Action" has the meaning specified in Section 4.10(c).

    "Affiliate" means, with respect to any Person, any other Person which directly or indirectly controls, is controlled by or is under common
      control with such Person.  For the purposes of this definition, "control", when used with respect to any specified Person, means having, directly or indirectly, (a) the power to direct or cause the direction of the management and policies of that
      Person, whether through (i) a majority of the voting power of such Person, (ii) the ability to elect a majority of the members of the board of directors or other governing body of such Person, or (iii) Contract or otherwise, or (b) the ownership of
      more than fifty percent (50%) of the Equity Interests of such Person; and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

    
      2

      
        

    

    "Agreement" has the meaning specified in the Preamble.

    "Benefit Plans" has the meaning specified in Section 4.13(a).

    "Business Agreements" has the meaning specified in Section 4.12.

    "Business Day" means a day other than a Saturday, Sunday or public holiday in New York when banks in New York City are open for business.

    "Business Intellectual Property" has the meaning specified in Section 4.8(a).

    "Canadian Lock-Up Shareholder" means each of Rick McHardy and Mark Zivot.

    "Canadian Shareholder" means any Vessel Shareholder that is not a non-resident of Canada for purposes of the ITA or, in the case of a
      Vessel Shareholder that is a partnership, is a "Canadian partnership" for purposes of the ITA.

    "Capital Budget" means Vessel's forecast for capital expenditures as disclosed on Schedule 1.1(a).

    "Cash Merger Consideration" has the meaning specified in Section 2.9(a).

    "Certificate" means a certificate evidencing Shares.

    "Closing" means the closing of the Merger.

    "Closing Date" has the meaning specified in Section 3.1.

    "COBRA" has the meaning specified in Section 4.13(i).

    "Code" means the Internal Revenue Code of 1986, as amended.

    "Competition Laws" means the Sherman Act of 1890, the Clayton Antitrust Act of 1914, the HSR Act, the Federal Trade Commission Act of
      1914, and all other federal, state or foreign statutes, rules, regulations, orders, decrees, administrative and judicial doctrines and other Requirements of Law, including any antitrust, competition or trade regulation Requirements of Law, that are
      designed or intended to (i) prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening competition through merger or acquisition or (ii) regulate the business or operations of the combined
      company.

    "Consideration Allocation Spreadsheet" has the meaning specified in Section 2.9(c).

    "Copyrights" means registrations and applications to register United States and foreign copyrights.

    
      3

      
        

    

    

    

    "Corporate Rights" has the meaning specified in Section 2.4.

    "Court Order" means any judgment, order, injunction, writ, award or decree of any foreign, federal, state, provincial, territorial, local
      or other court, tribunal or other Governmental Body and any award in any arbitration proceeding.

    "DGCL" means the Delaware General Corporation Law, as amended.

    "Disclosure Schedules" or "Schedules" means the disclosure schedules delivered by Vessel to Flora
      and which form a part of this Agreement.

    "EDGAR" means the Electronic Data Gathering, Analysis, and Retrieval system of the SEC.

    "Election Form" has the meaning specified in Section 2.9(b).

    "Employees" has the meaning specified in Section 4.13(a).

    "Employment Agreements" has the meaning specified in the Recitals.

    "Encumbrance" means any lien, hypothecation, claim, charge, security interest, mortgage, deed of trust, pledge, easement, conditional sale
      or other title retention agreement, defect in title or other restrictions of a similar kind.

    "End Date" has the meaning specified in Section 10.1(d).

    "Environmental Laws" means all Requirements of Law now in effect regulating, relating to, or imposing liability concerning any Hazardous
      Material or relating to pollution or protection of the environment, or human health or safety related to exposure to Hazardous Materials.

    "Equity Interests" of any Person means, as applicable (i) any and all of its shares of capital stock, membership interests or other equity
      interests or share capital, (ii) any warrants, Contracts or other rights or options directly or indirectly to subscribe for or to purchase any capital stock, membership interests or other equity interests or share capital of such Person, (iii) all
      securities or instruments, directly or indirectly, exchangeable for or convertible or exercisable into, any of the foregoing or with any profit participation features with respect to such Person, or (iv) any share appreciation rights, phantom share
      rights or other similar rights with respect to such Person or its business.

    "ERISA" means the Employee Retirement Income Security Act of 1974, as amended.

    "ERISA Affiliate" of Vessel shall mean any entity (whether or not incorporated) that, together with Vessel, is required to be treated as a
      single employer under Section 414(b), (c), (m) or (o) of the Code.

    "Excess Cash Amount" has the meaning specified in Section 2.9(a).

    
      4

      
        

    

    

    

    "Exercise Amount" means the total exercise price that would have been payable by a holder of a Vessel Option on exercise of such Vessel
      Option.

    "Expenses" means any and all reasonable out-of-pocket expenses actually incurred in connection with defending or asserting any claim,
      action, suit or proceeding incident to any matter indemnified against hereunder (including court filing fees, court costs, arbitration fees or costs, witness fees and reasonable fees and disbursements of legal counsel, expert witnesses, accountants
      and other professionals).

    "Financial Statements" has the meaning specified in Section 4.3.

    "Flora" has the meaning specified in the first paragraph of this Agreement.

    "Flora Audited Financial Statements" means the audited consolidated financial statements of Flora as at December 31, 2020 and 2019 and for
      the periods presented therein, including the notes thereto and the auditor's report thereon included in the 424(b)(4) prospectus filed with the SEC on May 12, 2021.

    "Flora Financial Statements" means the Flora Audited Financial Statements and Flora Unaudited Financial Statements.

    "Flora Public Record" means all documents filed by or on behalf of Flora on EDGAR since October 10, 2019 and prior to the date hereof that
      are publicly available on the date hereof.

    "Flora Shares" means shares of Flora's common stock, no par value per share.

    "Flora Unaudited Financial Statements" means the unaudited condensed consolidated interim consolidated financial statements of Flora as at
      June 30, 2021 and for the three and six months ended June 30, 2021, including the notes thereto, filed with the SEC on the Report of Foreign Private Issuer on Form 6-K on September 17, 2021.

     "GAAP" means United States generally accepted accounting principles, consistently in line with past practice and applied by Vessel on a
      consolidated basis (to the extent in accordance with United States generally accepted accounting principles), in effect for the financial statement to which it refers.

    "Governmental Body" means any domestic or foreign, national, supra-national (including the European Union), federal, state, provincial,
      territorial, county, local or other governmental or quasi-governmental authority, or regulatory or administrative body, including any court, arbitrator, tribunal or stock exchange.

    "Governmental Permits" has the meaning specified in Section 4.6.

    "Hazardous Materials" means those materials or substances included within any definition of "hazardous substances," "special waste,"
      "hazardous waste," "extremely hazardous substance," "hazardous materials," or "toxic substances," under any Environmental Law.

    
      5

      
        

    

    

    

    "IFRS" has the meaning specified in Section 5.4.

    "ITA" means the Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), as amended, including the
      regulations promulgated thereunder, as amended from time to time.

    "Income Tax" means any Tax imposed upon or measured by net income or gross income (excluding any Tax based solely on gross receipts)
      pursuant to any applicable law.

    "Income Tax Return" means any Tax Return required to be filed with respect to Income Taxes.

    "Indebtedness" means, as of any date, without duplication, outstanding principal amount of, accrued and unpaid interest on and other
      payment obligations (including any prepayment penalties and premiums, make-whole payments, breakage costs and similar amounts) arising under any obligations of Vessel in respect of (i) indebtedness for borrowed money or indebtedness issued in
      substitution or exchange for borrowed money, (ii) deferred purchase price of property (including Equity Interests) or services (other than trade payables, operating leases, accrued expenses arising in the ordinary course of business), including all
      earn-outs, conditional sale agreements or title retention agreements (other than customary, ordinary course title retention agreements with suppliers), (iii) any unfunded or required capital contribution obligations under any joint venture or similar
      Contract or unfunded or underfunded obligations with respect to Retirement Defined Benefit Arrangements, (iv) indebtedness evidenced by any note, bond, debenture or other debt security or secured by Encumbrances, (v) leases that would be capitalized
      in accordance with GAAP, (vi) obligations under any interest rate, currency or other hedging agreements, and (vii) all obligations of another Person referred to in clauses (i) through (vi) above that is, directly or indirectly, guaranteed or secured
      in any manner by Vessel, in each case, excluding any undrawn letters of credit (but including letters of credit, bankers' acceptances and similar facilities to the extent drawn upon by the counterparty thereto).

    "Information Statement" has the meaning specified in Section 7.7.

    "Initial Purchase Transaction" has the meaning specified in the Recitals.

    "Intellectual Property" means all intellectual property of any type, existing anywhere in the
      world, including any or all of the following:  (i) Registered Intellectual Property, including all goodwill associated with Trademarks, (ii) inventions and discoveries (whether or not patented), (iii) works of authorship and other copyrightable
      materials, (iv) unregistered trademarks, service marks, trade names, service names, brand names, slogans, trade dress, logos, corporate names, and any other indicia of source, origin or ownership, in each case together with all translations,
      adaptations, derivations, and combinations thereof and including all goodwill associated therewith, (v) Know-how, (vi) Software, and (vii) any similar, corresponding or equivalent rights to any of the foregoing anywhere in the world.

    "Interim Balance Sheet" has the meaning specified in Section 4.3.

    
      6

      
        

    

    

    

    "IRS" has the meaning specified in Section 4.13(d).

    "Key Employees" has the meaning specified in the Recitals.

    "Know-how" means any and all technical, business and commercial information, anywhere in the
      world, including: Software, technical data, designs, drawings, specifications, ideas, concepts, research and development or technical data, know-how, product information, techniques, formulae (including Software product compilation processes),
      processes implemented or followed for the provision of consulting services, customer and supplier lists and particulars, pricing or cost information, business and marketing plans and proposals, advertising and promotional materials, project reports
      and testing procedures, instruction and training manuals, market forecasts; together with all embodiments thereof (in whatever form or medium).

    "Knowledge of Vessel Management" means, as to a particular matter, the current actual knowledge (subject to reasonable inquiry) of the
      following persons: James Choe, Garrett Potter and Jessie Casner.

    "Leased Real Property" has the meaning specified in Section 4.7(a).

    "Letter of Transmittal" means the letter of transmittal to be executed and delivered by each Vessel Shareholder (including persons who
      become Vessel Shareholders upon the exercise of Vessel Options) in substantially the form attached as Exhibit B hereto (with such changes as Flora and Sellers' Representative may mutually agree in writing).

    "Lock-Up Agreement" has the meaning specified in Section 3.2(c)(ii).

    "Major Customers" has the meaning specified in Section 4.19.

    "Major Suppliers" has the meaning specified in Section 4.19.

    "Management Parties" means each of James Choe, Jason Choe and Jessie Casner.

    "Material Adverse Effect" means any condition, occurrence, effect or change that, individually or in the aggregate with others, (a) has
      been, or would reasonably be expected to be, materially adverse to the business, financial condition, or results of operations of a party, but shall exclude any effect resulting or arising from: (i) any change in interest rates or general economic
      conditions in the industries or markets in which a party operates or affecting United States or foreign economies in general; (ii) any change in financial, banking or securities markets (including any disruption thereof and any decline in the price
      of any security or any market index); (iii) any change that is generally applicable to the industries or markets in which such party operates including, without limitation, changes as a result of, or relating to, the COVID‐19 pandemic; (iv) the entry
      into or announcement of this Agreement and/or the consummation of the transactions contemplated hereby; (v) any changes in the trading price or trading volumes of the securities of Flora; (vi)  any action taken by the other party or any of its
      Affiliates; (vii) any omission to act or action taken with the consent of the other party (including, without limitation, those omissions to act or 

    

    
      7

      
        

    

    

    

    actions taken which are permitted by this Agreement); (viii) any change in GAAP; (ix) changes in any laws, rules, regulations, orders, or other binding directives issued by any
      Governmental Body; (x) any action taken by a party hereto in accordance with this Agreement; (xi) any existing event or occurrence or circumstance with respect to which the other party has knowledge as of the date hereof that is set forth in the
      Disclosure Schedules (other than any change or development with respect thereto after the date hereof); and (xii) any adverse change in or effect on the business of such party that is cured by the Closing, or (b) would prevent, materially delay or
      materially impede the performance by such party of its obligations under this Agreement or the consummation of the transactions contemplated hereby.

    "Merger" has the meaning specified in Section 2.1.

    "Merger Consideration" has the meaning specified in 2.9(a).

    "Merger Documents" means this Agreement and the Certificate of Merger.

    "Nasdaq" means the Nasdaq Global Select Market.

    "New Fact" has the meaning specified in Section 6.2.

    "Organizational Documents" means, with respect to any Person that is not an individual, as applicable, (i) the certificate or articles of
      incorporation or formation or equivalent organization documents of such Person, (ii) the memorandum and articles of association of such corporation), bylaws, the limited liability company agreement or operating agreement, partnership agreement or
      equivalent organization documents of such Person, (iii) any stockholders, equity-holders, voting, transfer, or similar Contracts, and (iv) any amendment to any of the foregoing.

    "Owned Intellectual Property" has the meaning specified in Section 4.8(a).

    "Patent Rights" means United States and foreign patents, patent applications, and statutory
      invention registrations, including provisional and non-provisional applications, design patents, industrial design registrations and pending applications therefor, continuations, continuations-in-part, extensions, divisions, revisions, reissues and
      extensions, re-examinations, and other patents issued in connection with post-grant proceedings.

    "Per Share Cash Merger Consideration" means the portion of the Cash Merger Consideration allocated to each Share in accordance with the
      Vessel Organizational Document and the Consideration Allocation Spreadsheet.

    "Per Share Stock Merger Consideration" means the portion of the Stock Merger Consideration allocated to each Share in accordance with the
      Vessel Organizational Document and the Consideration Allocation Spreadsheet, rounded down to the nearest whole share.

    

    
      8

      
        

    

    

    

    "Permitted Encumbrances" means (i) liens for Taxes and other governmental charges and assessments that are not yet due and payable or that
      are being contested in good faith by appropriate proceedings, in each case for which adequate reserves have been established in accordance with GAAP; (ii) liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other
      like liens arising in the ordinary course of business for sums not yet due and payable; (iii) Encumbrances identified on the Schedules to this Agreement; (iv) Encumbrances and restrictions on real property (including easements, covenants, conditions,
      rights of way and similar restrictions of record) that do not materially interfere with the present uses of such real property; (v) liens granted to any lender at the Closing in connection with any financing by Flora of the transactions contemplated
      hereby; (vi) zoning, building codes and other land use laws regulating the use or occupancy of the Leased Real Property or the activities conducted thereon which are imposed by any Governmental Body having jurisdiction over such Leased Real Property
      which are not violated by the current use or occupancy of such property or the operation of the businesses of Vessel; (vii) matters that affect title to real property that would be disclosed by an accurate survey or inspection of the Leased Real
      Property; and (viii) other Encumbrances or imperfections on real or tangible personal property which are not material in amount and do not materially detract from the value of or materially impair the existing use of the property affected by such
      Encumbrance, imperfection or such other matter, agreement or exception.

    "Person" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
      trust, unincorporated organization or Governmental Body in any jurisdiction.

    "Pre-Closing Period" means any taxable period ending on or prior to the Closing Date.

    "Qualified Plans" has the meaning specified in Section 4.13(g).

    "Registered Intellectual Property" means Copyrights, Patent Rights, and Trademarks.

    "Representatives" means, with respect to any Person, the agents, auditors, accountants, advisors, bankers and other representatives of
      such Person.

    "Requisite Supporting Shareholders" means Vessel Shareholders owning not less than 60% of the Shares.

    "Requisite Vessel Shareholders" means Vessel Shareholders representing the holders of a majority of the outstanding Shares, voting
      together as a single class.

    "Requirements of Law" means any domestic, foreign, federal, state, provincial, territorial, county and local laws (including common law),
      statutes, regulations, rules, codes or ordinances enacted, adopted, issued or promulgated by any Governmental Body, or any Court Order.

    "Restrictive Covenant Agreement" has the meaning specified in the Recitals.

    "Retirement Defined Benefit Arrangements" means Benefit Plans that are defined benefit plans as defined under GAAP and includes any
      pensions, lump sums payable on retirement and/or earlier termination of employment, retirement bridge payments, post-retirement medical benefits (OPEB).

    
      9

      
        

    

    

    

    "SEC" means the United States Securities and Exchange Commission.

    "Sellers" meaning the Vessel Shareholders and the holders of Vessel Options.

    "Management Parties" has the meaning specified in the Recitals.

    "Sellers' Representative" has the meaning specified in the Preamble.

    "Securities Act" means the Securities Act of 1933, as amended (together with the rules and
      regulations promulgated thereunder).

    "Shareholders Agreement" means that certain Voting and Shareholders Agreement, dated March 29, 2019, by and among Vessel, 421 Ventures
      LLC, Zivot Capital Inc., and Richard McHardy.

    "Shares" has the meaning specified in the Recitals.

    "Stock Merger Consideration" has the meaning specified in Section 2.9(a).

    "Straddle Period" means any taxable year or period on or beginning before and ending after the Closing Date.

    "Software" means any and all (i) computer programs, including any and all software implementations
      of algorithms, models and methodologies, whether in source code or object code, (ii) databases and compilations, including any and all data and collections of data, whether machine readable or otherwise, (iii) descriptions, flow charts and other work
      product used to design, plan, organize and develop any of the foregoing, screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons, and (iv) all documentation including user manuals and other training
      documentation related to any of the foregoing.

    "Tax" means any federal, state, provincial, territorial, local or foreign (or any subdivision of any of the foregoing) income, profits,
      gross receipts, property, sales, goods and services, harmonized sales, retail sales, use, license, excise, corporate, franchise, employment (including national, state and local insurance contributions), payroll, unemployment, social security,
      Canadian pension plan, employment insurance, disability, withholding, alternative or add-on minimum, ad valorem, value added, business, transfer, excise, windfall profit, severance, estimated,  production, or stamp tax and any other tax, custom,
      duty, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or penalty, addition to tax or additional amount imposed by any taxing or other competent authority of any Governmental Body.

    "Tax Return" means any return, report or statement filed or required to be filed in any jurisdiction with respect to any Tax (including
      any attached schedules), including any information return, claim for refund, amended return or declaration of estimated Tax and any supporting documentation required in connection therewith.

    
      10

      
        

    

    

    

    "Trademarks" means registrations and applications to register United States and foreign trademarks, service marks, trade names, service
      names, brand names, slogans, trade dress, logos, corporate names, and any other indicia of source, origin or ownership, and domain name registrations, in each case together with all translations, adaptations, derivations, and combinations thereof,
      and renewals of the foregoing, and all goodwill associated therewith.

    "Transaction Costs" means all costs and expenses incurred by Vessel in connection with the transactions contemplated by this Agreement,
      including (i) legal, accounting, audit, engineering, financial advisory, printing fees, fees to obtain required regulatory approvals and consents and all other administrative or professional fees, costs and expenses of third parties incurred by
      Vessel, (ii) the employer's share of any payroll, unemployment and/or employment Taxes attributable related to the consideration payable in respect of Vessel Options, (iii) transaction bonuses, change in control payments, and similar payments payable
      by Vessel in connection with the Merger, including the employer's share of any payroll, unemployment and/or employment Taxes attributable to such amounts, and (iii) the fees and expenses of the "run off" directors' and officers' liability insurance
      pursuant to Section 7.6(b), all of which estimated costs and expenses are disclosed in the Disclosure Schedules.

    "Transaction Documents" means this Agreement, the Restrictive Covenant Agreements, the Employment Agreements, the Letters of Transmittal,
      the Vessel Exercise and Cancellation Agreement and each of the other agreements, certificates, documents and instruments contemplated hereby and thereby, including all Schedules, Annexes and Exhibits hereto and thereto.

    "Transfer Taxes" has the meaning specified in Section 7.1(c).

    "U.S. Lock-Up Shareholder" means James Choe.

    "Updated Schedules" has the meaning specified in Section 6.2.

    "Working Capital" means, as of the relevant date, the net working capital of Vessel which is calculated as the difference between cash,
      cash equivalents, accounts receivable, prepaid expenses and deposits, inventory and other current assets less accounts payable, accrued liabilities, tax liabilities and any and all other short-term liabilities, in each case with respect to each of
      the foregoing liabilities, inclusive of any and all accrued liabilities, excluding the mark-to-market value of financial instruments, calculated in accordance with GAAP, and, for greater certainty, excluding the Transaction Costs.

    "Vessel" has the meaning specified in the first paragraph of this Agreement.

    "Vessel Exercise and Cancellation Agreements" means agreements, in form satisfactory to each of Vessel and Flora, acting reasonably, to be
      entered into between Vessel and the holders of Vessel Options whereby each holder of Vessel Options agrees to exercise and/or cancel such Vessel Options in accordance with Section 2.10.

    
      11

      
        

    

    

    

    "Vessel Option Plan" means the Vessel Brand, Inc. Stock Option Plan.

    "Vessel Options" means options to purchase Shares.

    "Vessel Shareholder Consent" has the meaning specified in the Recitals.

    "Vessel Shareholder Approval" means the approval of the holders owning a number of Shares sufficient to approve, authorize and adopt this
      Agreement, the Merger, the other Transaction Documents to which Vessel is a party and the other transactions contemplated hereby and thereby, and to consummate the Merger and the other transactions contemplated hereby and thereby, as required under
      applicable Law (including the DGCL), the Organizational Documents of Vessel, the Shareholders Agreements and any applicable agreements between Vessel, on the one hand, and any Vessel Shareholder, on the other hand.

    "Vessel Shareholders" has the meaning specified in the Recitals.

    
      	
              Section 1.2

            	
              Interpretation.

            

    

    The Schedules and Exhibits referred to herein shall be construed with and as an integral part of this Agreement to the same extent as if they were set forth verbatim herein.  Titles to Articles and
      headings of Sections are inserted for convenience of reference only and shall not be deemed a part of or to affect the meaning or interpretation of this Agreement.

    
      	
              Section 1.3

            	
              Currency.

            

    

    All sums of money which are referred to in this Agreement are expressed in lawful money of the United States.

     

      ARTICLE 2
      

      

      THE MERGER

    

    

    
      	
              Section 2.1

            	
              Initial Purchase Transaction

            

    

    Subject to the terms and conditions of this Agreement, on the Closing Date and immediately prior to the Effective Time, Flora shall purchase the Shares held by Canadian Shareholders, and each of
      the Canadian Shareholders shall sell its Shares to Flora, for a purchase price for each such Share equal to (i) an amount in cash, without any interest thereon, equal to the Per Share Cash Merger Consideration, or (ii) the Per Share Stock Merger
      Consideration, in each case, upon the terms and subject to the conditions set forth in this Agreement and as set forth in the Consideration Allocation Spreadsheet.

    
      12

      
        

    

    

    

    
      	
              Section 2.2

            	
              Merger of Vessel into Acquisition Sub.

            

    

    In accordance with the Merger Documents and the DGCL, and immediately after giving effect to the Initial Purchase Transaction, Vessel shall be merged with and into the Acquisition Sub, and the
      separate existence of Vessel shall cease (the "Merger"). At and after the Effective Time, the Acquisition Sub shall continue as the surviving corporation in the Merger (the "Surviving
        Corporation") and a wholly owned subsidiary of Flora.

    
      	
              Section 2.3

            	
              Effective Time of the Merger.

            

    

    The Merger shall become effective upon the filing by the Acquisition Sub and Vessel of the Certificate of Merger with the Delaware Secretary of State. The time at which the Merger becomes effective
      is called the "Effective Time."  The Acquisition Sub and Vessel shall file the Certificate of Merger on the Closing Date.

    
      	
              Section 2.4

            	
              Effect of the Merger

            

    

    At the Effective Time, the effect of the Merger shall be as provided in the applicable provisions of the DGCL.  Without limiting the generality of the foregoing, and subject thereto, except as
      specifically set forth in the Merger Documents, at the Effective Time, the identity, existence, corporate organization, purposes, powers, objects, franchises, privileges, rights, immunities, restrictions, debts, liabilities and duties (collectively,
      the "Corporate Rights") of the Acquisition Sub shall continue in effect and be unimpaired by the Merger, and the Corporate Rights of Vessel shall be merged with and into the Acquisition Sub, which shall, as the
      Surviving Corporation, be fully vested with the Corporate Rights.  At the Effective Time, the separate existence and corporate organization of Vessel shall cease.

    
      	
              Section 2.5

            	
              Charter and By-Laws, Officers and Directors of Surviving Corporation

            

    

    At the Effective Time, by virtue of the Merger and without any additional action on the part of the Acquisition Sub or Vessel:

    
      	
              (a)

            	
              The certificate of incorporation of the Acquisition Sub (the "Charter") shall be amended and restated as a result of the Merger at the Effective
                Time to read in full substantially as set forth in Schedule 2.5(a), and, as so amended and restated, shall continue in effect as the Charter of the Surviving Corporation, unless and until altered, amended or repealed as provided by
                the DGCL.

            

    

    
      	
              (b)

            	
              The Acquisition Sub's by-laws, as in effect at the Effective Time, shall be the by-laws of the Surviving Corporation (the "By-Laws") until altered,
                amended or repealed as provided in the By-Laws or as provided by the DGCL.

            

    

    
      	
              (c)

            	
              From and after the Effective Time, the officers and directors of the Acquisition Sub immediately before the Effective Time shall be the officers and directors of the Surviving Corporation
                until the earlier of their resignation or removal or until their successors are duly elected and qualified in accordance with the Charter, By-Laws and the DGCL.

            

    

    
      13

      
        

    

    

    

    
      	
              Section 2.6

            	
              Effect of the Merger on the Shares and the Capital Stock of Acquisition Sub

            

    

    
      	
              (a)

            	
              At the Effective Time, by virtue of the Merger and without any action on the part of Acquisition Sub, Vessel or the Vessel Shareholders, subject to Section 2.9,  each Share issued and
                outstanding immediately before the Effective Time (excluding any Shares subject to the Initial Purchase Transaction) shall be converted into and represent only the right to receive (i) an amount in cash, without any interest thereon, equal
                to the Per Share Cash Merger Consideration, or (ii) the Per Share Stock Merger Consideration, in each case, upon the terms and subject to the conditions set forth in this Agreement and as set forth in the Consideration Allocation
                Spreadsheet.

            

    

    
      	
              (b)

            	
              All Shares, when converted pursuant to this Section 2.6, shall no longer be outstanding and shall automatically be canceled and retired, and each former holder of Shares shall cease to
                have any rights with respect thereto, except the right to receive the consideration provided for in this Section 2.6.

            

    

    
      	
              (c)

            	
              The entire capital stock of Acquisition Sub issued and outstanding immediately prior to the Effective Time shall, by virtue of the Merger and without any action on the part of the holder
                thereof, be converted into and exchanged for one share of the common stock of the Surviving Corporation.

            

    

    
      	
              (d)

            	
              Each Share issued immediately prior to the Effective Time (excluding any Shares subject to the Initial Purchase Transaction) and held by Vessel as treasury stock shall, by virtue of the
                Merger and without any action on the part of the holder thereof, be automatically canceled and shall cease to exist, and no consideration shall be delivered in exchange therefor.

            

    

    
      	
              (e)

            	
              No certificates or book-entry representing fractional shares of Flora Shares shall be issued in connection with the Initial Purchase Transaction or upon the conversion of the Shares
                pursuant to (a)Section 2.6(a) and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a holder of shares of Flora Shares.  In respect of any fractional Flora Shares otherwise issuable to
                Canadian Shareholders in connection with the Initial Purchase Transaction, the aggregate number of Flora Shares to be received by any Canadian Shareholder pursuant to the Initial Purchase Transaction shall be rounded down to the nearest
                whole number, without any payment of other consideration on account thereof.

            

    

    
      	
              Section 2.7

            	
              Tax Consequences of the Merger.

            

    

    For U.S. federal income Tax purposes, the parties intend for the Initial Purchase Transaction together with Merger (together, the "Reorganization") to
      constitute a "reorganization" within the meaning of Section 368(a) of the Code, and that this Agreement shall be, and is hereby, adopted as a "plan of reorganization" within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a). 
      Each of Flora, Acquisition Sub and Vessel agree to use their commercially reasonable efforts to cause the Reorganization to so qualify and will not take any actions which could reasonably be expected to prevent the Reorganization from qualifying, as
      a reorganization 

    

    
      14

      
        

    

    

    

    under Section 368(a)(1)(A) and 368(a)(2)(D) of the Code, with Flora, Acquisition Sub, and Vessel each being a "party to the reorganization" in which gain or loss is only recognized to any party or
      the Vessel Shareholders to the extent of cash received. Further, the parties agree to report the Reorganization for U.S. federal income Tax purposes as a reorganization within the meaning of Section 368(a) of the Code (including by attaching the
      statement described in Treasury Regulations Section 1.368-3(a) on or with its return for the taxable year of the Merger), unless prohibited by Applicable Law.

    
      	
              Section 2.8

            	
              Tax Election for Canadian Shareholders

            

    

    A Canadian Shareholder, who receives Flora Shares pursuant to Section 2.1 as consideration for the disposition of such Canadian Shareholder's Shares and is eligible to make an election pursuant to
      section 85 of the ITA (and any analogous provision of applicable provincial income tax law) may request that Flora make a joint income tax election pursuant to section 85 of the ITA (and any analogous provision of applicable provincial income tax
      law) with respect to such disposition of such Shares for consideration that includes such Flora Shares, by providing two signed copies of the necessary joint election form to Flora within ninety (90) days of the Effective Date, in the prescribed
      form, duly completed including with the details of the Shares disposed of by such Canadian Shareholder and the applicable agreed amount (within the prescribed limits pursuant to the ITA) for the purposes of such joint election.  Flora shall, within
      thirty (30) days of receiving the completed form, sign and return such form to the Canadian Shareholder for filing by such holder with the Canada Revenue Agency (and any applicable provincial tax authority).  None of Vessel nor Flora shall be
      responsible for the proper completion and filing of any joint election form, and except for the obligation to sign and return the duly completed joint election forms which are received within ninety (90) days of the Effective Date, for any taxes,
      interest or penalties arising as a result of any failure of a Canadian Holder to properly or timely complete and file any such joint election in the form and manner prescribed by the ITA (or any analogous provision of applicable provincial law).  For
      purposes of any such joint election pursuant to section 85 of the ITA, the parties hereto agree that the fair market value of the Flora Shares shall be the Flora Share Price.

    
      	
              Section 2.9

            	
              Mechanism of Payment of Merger Consideration and Delivery of Certificates.

            

    

    
      	
              (a)

            	
              The aggregate merger consideration (the "Merger Consideration") shall consist of: (i) EIGHT MILLION U.S. DOLLARS ($8,000,000) in cash (the "Cash Merger Consideration") and (ii) 4,557,318 Flora Shares (the "Stock Merger Consideration"), which includes the consideration to be issued in connection with the
                Initial Purchase Transaction.

            

    

    
      	
              (b)

            	
              Promptly following the date hereof, the Sellers' Representative shall distribute to each Vessel Shareholder and holder of Vessel Options an election form ("Election Form"). Each Election Form will permit the Vessel Shareholder and holder of Vessel Options to (i) elect to receive the Per Share Stock Merger Consideration with respect to any number of such holder's Shares
                specified in the Election Form (rounded down to the nearest whole share), (ii) elect to receive the Per Share Cash Merger Consideration with respect to any number of such holder's Shares specified in the Election Form (rounded down to the
                nearest whole share), or (iii) indicate that such holder makes no election as to such holder's Shares. Any election

            

    

    
      15

      
        

    

    

    

    
      	
              (c)

            	
              will have been properly made only if Vessel has actually received a properly completed Election Form no later than eight (8) Business Days after the date hereof (the "Election Deadline"). A submitted Election Form may be revoked or changed by written notice to Vessel only if such revocation or change is actually received by Vessel by the Election Deadline.  Subject to
                this Section 2.9, Shares as to which a holder does not submit a properly completed Election Form by the Election Deadline will receive the Per Share Stock Merger Consideration. The Sellers' Representative will make all determinations as to
                when any election, modification or revocation has been received and whether any such election, modification or revocation has been properly made.

            

    

    
      	
              (i)

            	
              Notwithstanding any other provision contained in this Agreement, (A) the aggregate amount of cash that Vessel Shareholders and holder of Vessel Options shall have a right to receive
                pursuant to this Agreement shall be an amount equal to the Cash Merger Consideration, and (B) the aggregate amount of Flora Shares that Vessel Shareholders and holder of Vessel Options shall have a right to receive pursuant to this
                Agreement Section 2.6(a) shall be an amount equal to the Stock Merger Consideration.

            

    

    
      	
              (ii)

            	
              If the aggregate number of Shares with respect to which Flora Shares elections are made pursuant to Section 2.9(b) multiplied by the Per Share Stock Merger Consideration would exceed the
                Stock Merger Consideration, or the aggregate number of Shares with respect to which cash elections are made pursuant to Section 2.9(b) multiplied by the Per Share Cash Merger Consideration would exceed the Cash Merger Consideration, then
                the Sellers' Representative shall make any adjustments to the allocation of the type of Merger Consideration among the Vessel Shareholders  and holder of Vessel Options such that the aggregate Merger Consideration will be equal to and
                comprised of the Cash Merger Consideration and the Stock Merger Consideration.

            

    

    
      	
              (d)

            	
              Vessel and the Sellers' Representative shall prepare and deliver to Flora no later than eight (8) Business Days after the date hereof, a spreadsheet (the "Consideration
                  Allocation Spreadsheet") in a form reasonably acceptable to Flora, which spreadsheet shall be certified by an officer of Vessel, dated as of the Closing Date and set forth all of the following information: (i) as of the Closing
                Date and immediately prior to the Closing a true and complete list of the record and beneficial holders of issued and outstanding Shares, number of Shares held and the respective certificate numbers thereof, and such holders' respective
                addresses, email addresses, and taxpayer identification numbers and (ii) the following amounts, calculated in accordance with, applicable Law, Vessel's Organizational Documents and all other contractual requirements on the part of Vessel as
                of immediately prior to the Closing:  (1) the Per Share Cash Merger Consideration, (2) the Per Share Stock Merger Consideration, (3) the amounts of Merger Consideration to be paid or issued to each Vessel Shareholder in respect of their
                Shares at the Closing pursuant to the Merger or pursuant to the Initial

            

    

    
      16

      
        

    

    

    

    
      	
              (e)

            	
              Purchase Transaction, and (4) any other information requested by Flora's transfer agent.

            

    

    
      	
              (f)

            	
              From and after the Effective Time, upon a Vessel Shareholder's delivery to the Sellers' Representative of a Letter of Transmittal and Certificate(s) (if applicable) representing
                (immediately prior to the Effective Time) the Shares held by such Vessel Shareholder set forth in such Letter of Transmittal, such Vessel Shareholder shall be entitled to receive from the Sellers' Representative within five (5) Business
                Days after such delivery and in exchange therefor, the portion of the Cash Merger Consideration (in cash by check or wire transfer in immediately available funds in accordance with the wire instructions provided by such Vessel Shareholder)
                and the Stock Merger Consideration that such Vessel Shareholder has the right to receive with respect to the Shares formerly represented by such Certificate (for each such Share, the Per Share Cash Merger Consideration and the Per Share
                Stock Merger Consideration, as set forth on the Consideration Allocation Spreadsheet), and the Certificate so surrendered shall forthwith be canceled.  No interest or dividends will be paid or accrued on the consideration payable upon the
                surrender or transfer of any Certificate.  If the consideration provided for herein is to be delivered in the name of a person other than the person in whose name the Certificate was surrendered, it shall be a condition of such delivery
                that the Certificate so surrendered shall be properly endorsed or otherwise in proper form for transfer accompanied by evidence that any applicable stock transfer Taxes have been paid or are not yet payable.  Until surrendered in accordance
                with the provisions of this Section 2.9(d), each Certificate (other than those representing Dissenting Shares or Shares to be canceled pursuant to Section 2.6(d)) shall represent, for all purposes after the Effective Time, only the right to
                receive an amount in cash equal to the portion of the Merger Consideration payable in respect thereof pursuant to Section 2.6(a) in respect of the Shares formerly evidenced by such Certificate, without any interest or dividends thereon. 
                The Sellers' Representative shall be solely responsible for the allocation and the delivery of the Merger Consideration among the Vessel Shareholders as set forth in the Consideration Allocation Spreadsheet as contemplated by this Agreement
                and in accordance with the Vessel Organizational Documents, and Flora shall have no responsibility or liability in respect thereof or for any errors or omissions by the Sellers' Representative in connection therewith.  The Sellers'
                Representative shall promptly deliver to Flora all Certificates and Letters of Transmittal received by the Sellers' Representative in accordance with this Section 2.9(d) and shall provide Flora such evidence as may be requested by Flora as
                to the distribution of amounts to Vessel Shareholders as contemplated hereby.

            

    

    
      	
              (g)

            	
              In the event any Certificate shall have been lost, stolen or destroyed, upon the making of a lost stock certificate affidavit (in form and substance, including with respect to indemnities
                and/or bonds, reasonably acceptable to the Surviving Corporation) of that fact by the Person (who shall be the record owner of such Certificate) claiming such Certificate to be lost, stolen or destroyed, the Sellers' Representative will pay
                such Person in accordance with this Article 2, in exchange for such lost, stolen or destroyed Certificate, the applicable portion of the Merger

            

    

    
      17

      
        

    

    

    

    
      	
              (h)

            	
              Consideration attributable to such Certificate as and when required to be paid pursuant to this Agreement.

            

    

    
      	
              Section 2.10

            	
              Treatment of Vessel Options

            

    

    
      	
              (a)

            	
              The holders, date of issuance, date of expiry, strike price and number of the Vessel Options outstanding as at the date hereof, as well as whether such holder received the Vessel Option
                in the capacity of an employee or contractor, are correctly and accurately disclosed in Schedule 2.10(a).

            

    

    
      	
              (b)

            	
              Within five (5) Business Days after the date hereof, the board of directors of Vessel shall approve, and Vessel shall obtain from each holder of Vessel Options, Vessel Exercise and
                Cancellation Agreements providing for the exercise (for cash or on a cashless basis) or cancellation (for no consideration) of all outstanding Vessel Options effective immediately before the Closing and conditional upon the subsequent
                consummation of the transactions contemplated by this Agreement.

            

    

    
      	
              (c)

            	
              Any exercise or cancellation of Vessel Options shall be subject to any applicable withholding requirements and any payments made in respect of the exercise and/or cancellation of Vessel
                Options shall be made net of any withholdings or deductions required or permitted by applicable Tax laws and administrative policy of the Canada Revenue Agency or other applicable Law in such manner as may be determined by Vessel.

            

    

    
      	
              (d)

            	
              Vessel shall adopt any resolutions, provide any required notices and otherwise take such reasonable efforts to (i) effect the treatment of Vessel Options set forth in this Section 2.10
                such that each Vessel Option remaining unexercised and outstanding immediately prior to the Effective Time shall, by virtue of the Merger and the other transactions contemplated by this Agreement, and without any further action on the part
                of the holder thereof or Vessel, be cancelled and no longer be outstanding without payment of any consideration therefor except as provided in this Section 2.10 and (ii)  terminate the Vessel Option Plan, effective as of immediately prior
                to the Effective Time.

            

    

    
      	
              Section 2.11

            	
              Dissenting Shares.

            

    

    
      	
              (a)

            	
              Notwithstanding any provision of this Agreement to the contrary, Shares that are issued and outstanding immediately prior to the time that is immediately prior to the Effective Time (and,
                for greater certainty, prior to giving effect to the Initial Purchase Transaction) and that are held by the Vessel Shareholders who did not vote in favor of the Merger and the adoption of this Agreement or consent thereto in writing and
                with respect to which appraisal rights shall have been duly and properly demanded and perfected in accordance with Section 262 of the DGCL and not effectively withdrawn or forfeited before the Effective Time (collectively, the "Dissenting Shares") shall not be converted into, or represent the right to receive, any portion of the Merger Consideration payable pursuant to the terms of this Agreement or, in the case of any such
                Shares held by Canadian Shareholders, shall not be subject to the Initial Purchase Transaction.

            

    

    
      18

      
        

    

    

    

    
      	
              (b)

            	
              Such Vessel Shareholders shall be entitled to receive payment of the appraised value of such Shares held by them in accordance with the provisions of such Section 262 (but only after the
                value therefor shall have been agreed upon or finally determined pursuant to such provisions). Notwithstanding the foregoing, any Dissenting Shares held by any holder of Dissenting Shares who shall have failed to perfect or who effectively
                shall have withdrawn or lost their rights to appraisal of such shares under such Section 262 shall thereupon be deemed to have been converted into, and to have become exchangeable for, as of the Effective Time, the right to receive any
                portion of the Merger Consideration payable pursuant to the terms of this Agreement, without any interest thereon, upon surrender, in the manner provided herein, of the Certificate or Certificates that formerly evidenced such shares or the
                execution and delivery of a lost stock certificate affidavit to Vessel as set forth in Section 2.9(e).  From and after the Effective Time, no Vessel Shareholder who has demanded appraisal rights shall be entitled to vote his, her or its
                Shares for any purpose or to receive payment of dividends or other distributions on his, her or its shares.

            

    

    
      	
              (c)

            	
              Vessel shall provide Flora prompt written notice of any demands received by Vessel for appraisal of Shares, any withdrawal of any such demand and any other demand, notice or instrument
                delivered to Vessel prior to the Effective Time pursuant to the DGCL that relates to such demand, and Flora shall have the opportunity and right to direct all negotiations and proceedings with respect to such demands. Except with the prior
                written consent of Flora, Vessel shall not make any payment with respect to, or settle or offer to settle, any such demands.

            

    

    
      	
              Section 2.12

            	
              Withholding.

            

    

    Notwithstanding any provision of this Agreement to the contrary, Flora, Vessel, the Surviving Corporation, or any of their respective Affiliates, shall be entitled to deduct and withhold from any
      consideration otherwise payable under the terms of this Agreement such amounts as it is permitted to deduct and withhold pursuant to any provision of law, including those related to or regarding Taxes.  To the
      extent that amounts are so withheld under any provision of this Agreement, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the recipients in respect of which such deduction and withholding was made.

    
      	
              Section 2.13

            	
              Certain Securities Law Matters.

            

    

    Vessel and Seller’s Representative acknowledge and agree that any Stock Merger Consideration issuable hereunder will not be registered under the Securities Act, in reliance on one or more
      exemptions from registration under the Securities Act, including pursuant to Regulation D (if a Vessel Shareholder or holder of Vessel Options is in the United States) or Rule 903 of Regulation S under the Securities Act (if a Vessel Shareholder or
      holder of Vessel Options is outside the United States), and that Flora’s reliance on such exemptions is predicated on the representations, warranties, covenants and agreements of each Vessel Shareholder contained in the Letters of Transmittal
      delivered in connection with Section 2.9 hereof and of each holder of Vessel Options in the Exercise and Cancellation Agreements delivered in connection with Section 2.10 hereof.

    
      19

      
        

    

    

    

     

      ARTICLE 3
      

      

      CLOSING

    
      	
              Section 3.1

            	
              Closing Date.

            

    

    The Closing shall be consummated on November 10, 2021 or such other date and time agreed upon by Flora and Vessel, but in no event later than the second Business Day after the conditions set forth
      in Article 8 and Article 9 have been satisfied or waived (where permissible), by electronic means.  The date on which the Closing is actually held is referred to herein as the "Closing Date."

    
      	
              Section 3.2

            	
              Flora's Closing Date Deliveries.

            

    

    Subject to fulfillment or waiver (where permissible) of the conditions set forth in Article 8, at the Closing, Flora shall deliver or cause to be delivered:

    
      	
              (a)

            	
              to the Sellers’ Representative or, at the discretion of Vessel, the paying agent, which shall be Flora or an entity designated by Flora, in either case for further distribution among the
                Vessel Shareholders, in accordance with the terms of this Agreement and the Consideration Allocation Spreadsheet, an amount equal to the Cash Merger Consideration;

            

    

    
      	
              (b)

            	
              to Flora's transfer agent, instructions to issue shares of Flora Shares, represented by book-entry shares, equal to the Stock Merger Consideration;

            

    

    
      	
              (c)

            	
              to the Sellers' Representative,

            

    

    
      	
              (i)

            	
              the certificate contemplated by Section 9.1(c), duly executed by an authorized officer of Flora; and

            

    

    
      	
              (ii)

            	
              lock-up agreements, in form and substance reasonably satisfactory to Flora and the Sellers' Representative (the "Lock-Up Agreements") with:

            

    

    
      	
              (A)

            	
              each of the Canadian Lock-Up Shareholders, duly executed by Flora, pursuant to which the Stock Merger Consideration issuable to the Canadian Lock-Up Shareholders shall be subject to a
                restricted period, of which 20% shall be released on the day that is 40 days following the Closing Date and the remaining 80% shall be released on the day that is 6 months following the Closing Date; and

            

    

    
      	
              (B)

            	
              the U.S. Lock-Up Shareholder, duly executed by Flora, pursuant to which the Stock Merger Consideration issuable to the U.S. Lock-Up Shareholder shall be subject to a restricted period and
                shall be released on the day that is 6 months following the Closing Date.

            

    

    
      	
              Section 3.3

            	
              Vessel's Closing Date Deliveries.

            

    

    Subject to fulfillment or waiver (where permissible) of the conditions set forth in Article 9, at the Closing Vessel shall deliver to Flora all of the following:

    
      20

      
        

    

    

    

    
      	
              (a)

            	
              copy of the Certificate of Incorporation of Vessel, certified as of a recent date by the Secretary of State of the State of Delaware;

            

    

    
      	
              (b)

            	
              certificate of good standing of Vessel, issued as of a recent date by the Secretary of State of the State of Delaware;

            

    

    
      	
              (c)

            	
              certificate of an officer of Vessel dated the Closing Date, in form and substance reasonably satisfactory to Flora, as to (i) no amendments to Vessel's Certificate of Incorporation since
                the date of the documents delivered pursuant to clause (a); (ii) attaching a copy of Vessel's Bylaws; (iii) attaching a copy of the resolutions of Vessel's Board of Directors authorizing the execution and performance of this
                Agreement and the transactions contemplated hereby and thereby; and (iv) attaching incumbency and the signatures of the officers executing this Agreement;

            

    

    
      	
              (d)

            	
              the certificate contemplated by Section 8.1(c), duly executed by an authorized officer of Vessel and the Sellers' Representative;

            

    

    
      	
              (e)

            	
              the written resignations and mutual releases of the members of the board of directors of Vessel to take effect upon the Closing;

            

    

    
      	
              (f)

            	
              a certificate pursuant to Treas. Reg. § 1.897-2(h) and Treas. Reg. § 1.1445-2(c)(3)(i), in a form reasonably satisfactory to Parent dated not more than thirty (30) days prior to the
                Closing Date and signed by Vessel to the effect that Vessel is not, nor has it been within five (5) years of the date of the certification, a "United States real property holding corporation" as defined in Section 897 of the Code, as well
                as proof of mailing a copy of such certificate to the IRS within thirty (30) days prior to the Closing Date;

            

    

    
      	
              (g)

            	
              the Lock-Up Agreements, duly executed by each of the Canadian Lock-Up Shareholders and U.S. Lock-Up Shareholders;

            

    

    
      	
              (h)

            	
              the Certificate of Merger, duly executed by Vessel;

            

    

    
      	
              (i)

            	
              the Consideration Allocation Spreadsheet in compliance with Section 5.10;

            

    

    
      	
              (j)

            	
              Vessel Exercise and Cancellation Agreements, duly executed by each holder of Vessel Options;

            

    

    
      	
              (k)

            	
              evidence of the payment of all Indebtedness of the Vessel (including executed payoff letters from each appropriate lender in form and substance satisfactory to Flora, and comparable
                evidence of full satisfaction from other applicable third parties) and the written release and terminations of all Liens (other than Permitted Liens), including recordable releases, effective as of the Closing, relating to the assets of
                Vessel, executed by the holder of or parties to each such Lien, in form and substance satisfactory to Flora, along with an undertaking to return any collateral in the possession of the holders of such Indebtedness; and

            

    

    
      	
              (l)

            	
              evidence of the payment of all Transaction Costs.

            

    

    
      21

      
        

    

    

    

     

      ARTICLE 4
      

      

      REPRESENTATIONS AND WARRANTIES OF VESSEL

    As an inducement to Flora to enter into this Agreement and to consummate the transactions contemplated hereby, Vessel represents and warrants to Flora, as of the date of this Agreement and as of
      the Closing Date as follows:

    
      	
              Section 4.1

            	
              Organization; Capital Structure; Power and Authority.

            

    

    
      	
              (a)

            	
              Vessel has been duly incorporated and is validly existing and in good standing under the laws of the State of Delaware.  Vessel is duly qualified to transact business and is in good
                standing in each jurisdiction where the character of its properties owned or held under lease or the nature of its activities makes such qualification necessary, except where the failure to be so qualified or in good standing would not have
                a Material Adverse Effect on Vessel.  Vessel has all requisite corporate power and authority to own or lease and operate its assets and to carry on its business.

            

    

    
      	
              (b)

            	
              Vessel does not own any Equity Interest in any other Person.

            

    

    
      	
              (c)

            	
              The authorized capital stock of Vessel consists of 35,000,000 shares of common stock, $0.001 par value per share, of which 25,301,440 are issued and outstanding and constitute the
                Shares.  All of the Shares are duly and validly issued and outstanding, fully paid and nonassessable, were issued and granted in compliance with all applicable Requirements of Law and the Organizational Documents of Vessel, and are owned,
                beneficially and of record, by the Vessel Shareholders listed on Schedule 1.1 in the respective amounts indicated thereon.  Except for the Vessel Options as set forth on Schedule 2.8 there are no other outstanding Equity
                Interests of Vessel.  No Equity Interests of Vessel have been issued in violation of preemptive or similar rights.  Except for this Agreement, or as set forth in Schedule 2.8, there are no agreements, arrangements,
                options, warrants, puts, calls, rights or commitments of any character relating to the issuance, sale, purchase, repurchase, redemption, conversion, exchange, registration, voting or transfer of any Equity Interests of Vessel.  All Vessel
                Options have been documented with the grant forms provided to Vessel without material deviation from the form.  The terms of the Vessel Option Plan and the applicable agreements for each Vessel Option permit (or will, prior to the Closing
                Date, be amended to permit) the cancellation and, if applicable, cashing out and termination of Vessel Options as provided in this Agreement.

            

    

    
      	
              (d)

            	
              The payment of the Merger Consideration to the Seller complies with, and the Consideration Allocation Spreadsheet shall be prepared in accordance with, applicable Law, Vessel's
                Organizational Documents and all other contractual requirements on the part of Vessel.  The Consideration Allocation Spreadsheet, when prepared, will accurately set forth the information required to be reflected therein pursuant to
                Section 2.9(c).

            

    

    
      22

      
        

    

    

    

    
      	
              Section 4.2

            	
              Authority; No Conflicts.

            

    

    
      	
              (a)

            	
              Vessel has the corporate power and authority to execute, deliver and to perform this Agreement.  The execution, delivery and performance of this Agreement has been duly authorized and
                approved by all necessary corporate action, subject to receipt of the Vessel Shareholder Approval.  This Agreement has been duly authorized, executed and delivered by Vessel and is (assuming the valid authorization, execution and delivery
                of this Agreement by Flora) the legal, valid and binding obligation of Vessel enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and similar laws of general application relating to or
                affecting creditors' rights and to general equity principles.  The affirmative vote of the Requisite Vessel Shareholders is the only vote, consent, approval or other corporate action of the holders of the Shares, including any other
                security of Vessel, necessary to obtain the Vessel Shareholder Approval.

            

    

    
      	
              (b)

            	
              Subject to receipt of the Vessel Shareholder Approval and except as set forth in Schedule 4.2, neither the execution and delivery by Vessel of this Agreement and the consummation
                by Vessel of any of the transactions contemplated hereby, nor the compliance by Vessel with, or fulfillment by Vessel of, the terms, conditions and provisions hereof or thereof will:

            

    

    
      	
              (i)

            	
              conflict with, result in a violation or breach of the terms, conditions or provisions of, or constitute a default, an event of default or an event creating rights of acceleration,
                termination or cancellation or a loss of rights under, or result in the creation or imposition of any Encumbrance upon any of the Shares or any of the assets of Vessel, under (1) the Organizational Documents of Vessel, (2) any note,
                instrument, mortgage, lease, franchise, financial obligation or other Contract to which Vessel is a party or by which Vessel is bound, (3) any Court Order to which Vessel is a party or by which Vessel is bound or (4) any material
                Requirements of Law affecting Vessel, other than, in the case of clause (2), (3) or (4) above, any such violations, breaches, defaults, rights, loss of rights or Encumbrances that, individually or in the aggregate,
                would not have a Material Adverse Effect on Vessel or would not prevent the consummation of any of the transactions contemplated hereby, or

            

    

    
      	
              (ii)

            	
              require approval, consent, authorization or act of, or the making by Vessel of any material declaration, filing or registration with, any Person, except for (A) compliance with and
                filings under the Competition Laws (if applicable); (B) approvals, notices, authorizations or consents with respect to Contracts that do not relate to the development, transfer of ownership or in-licensing of any Intellectual Property
                material to any Product for which Vessel has software support obligations under a Contract as of the Closing Date (other than "commercially available off-the-shelf" licenses).

            

    

    
      23

      
        

    

    

    

    
      	
              Section 4.3

            	
              Financial Statements.

            

    

    Schedule 4.3 contains true and complete copies of the following financial statements (collectively the "Financial Statements"): (i) the unaudited
      balance sheet, statement of income and statement of cash flows of Vessel for the fiscal years ended December 31, 2020 and 2019 and (ii) the unaudited, balance sheet, statement of income and statement of cash flows of Vessel for the eight months ended
      August 31, 2021 (the "Interim Balance Sheet").  Except as set forth in Schedule 4.3 in all material respects, the Financial Statements (x) have been prepared based on the books and records of Vessel,
      (y) have been prepared in conformity with GAAP, and (z) present fairly in accordance with GAAP the consolidated financial position, results of operations and cash flow of Vessel, as of their respective dates and for the respective periods covered
      thereby.

    
      	
              Section 4.4

            	
              Operations Since Interim Balance Sheet Date.

            

    

    Except as set forth in Schedule 4.4, from August 31, 2021 to the date of this Agreement, there have been no changes in the assets, results of operations or financial condition of Vessel
      which have had a Material Adverse Effect on Vessel.  Except as set forth in Schedule 4.4, since June 30, 2021 to the date of this Agreement Vessel has conducted its businesses in the ordinary course.  Without limiting the generality of the
      foregoing, since August 31, 2021 to the date of this Agreement, except as set forth in Schedule 4.4, Vessel has not:

    
      	
              (a)

            	
              sold, leased (as lessor), transferred or otherwise disposed of, or mortgaged or pledged, or imposed or suffered to be imposed any Encumbrance on, any of the assets reflected on the
                Interim Balance Sheet or any assets acquired by Vessel after the Interim Balance Sheet Date, except for inventory and non-material amounts of personal property sold or otherwise disposed of in the ordinary course of business and except for
                Permitted Encumbrances;

            

    

    
      	
              (b)

            	
              cancelled any debts owed to or claims held by it (including the settlement of any claims or litigation) other than (i) in the ordinary course of business or (ii) with respect to any loans
                made to employees of Vessel; or

            

    

    
      	
              (c)

            	
              created, incurred or assumed, or agreed to create, incur or assume, any indebtedness for borrowed money or entered into, as lessee, any capitalized lease obligations (as defined in FASB Accounting Standards Codification 840-Leases).

            

    

    
      	
              Section 4.5

            	
              Taxes.

            

    

    Except as set forth in Schedule 4.5, (i) all material Tax Returns required to have been filed by or on behalf of Vessel before the date hereof have been properly filed, and each such Tax
      Return is true, complete and accurate in all material respects; (ii) all income Taxes and all other material Taxes required to be paid by Vessel have been timely paid; (iii) Vessel has not waived or extended in writing any statute of limitations in
      respect of Taxes of Vessel which waiver is currently in effect; (iv) no audit, investigation or other action with respect to Taxes of Vessel is currently pending or the subject of written notification received by Vessel; (v) Vessel has not been a
      party to a tax sharing agreement; (vi) Vessel has properly withheld and paid over all Taxes required to have been withheld and paid over in connection with any amounts paid or owing to any employee, independent contractor, or other third party, and
      has complied with all 

    

    
      24

      
        

    

    

    

    documentation and information reporting requirements in connection therewith; Section 4.6 there are no Encumbrances for Taxes upon any assets of Vessel other than Permitted Encumbrances; and
      Section 4.7  the Surviving Corporation will not be required to include any material item of income in, or exclude any material item of deduction from, taxable income with respect to any Tax period (or portion thereof) beginning after the Closing Date
      as a result of any installment sale or open transaction occurring on or prior to the Closing, any change of method of accounting made prior to the Closing or any prepaid amount received or deferred revenue accrued on or prior to the Closing.

    
      	
              Section 4.8

            	
              Governmental Permits.

            

    

    Except as set forth in Schedule 4.6, Vessel (a) owns, holds and possesses all licenses, franchises, permits, privileges, immunities, approvals and all other authorizations from a
      Governmental Body that are necessary to own, lease and operate its properties and entitle it to conduct its business substantially as conducted (herein collectively called "Governmental Permits"), except for
      those Governmental Permits as to which the failure to so own, hold or possess would not have a Material Adverse Effect on Vessel, and each such Governmental Permit is in full force and effect, and (b) is in compliance with all Governmental Permits,
      other than such non-compliance that would not have a Material Adverse Effect on Vessel.

    
      	
              Section 4.9

            	
              Real Property.

            

    

    
      	
              (a)

            	
              Vessel does not own any real property.  Schedule 4.7(a) sets forth a complete and accurate list of each lease or similar agreement under which Vessel is lessee of, or holds or
                operates, any real property owned by any third Person (the "Leased Real Property").

            

    

    
      	
              (b)

            	
              As of the date of this Agreement, to the Knowledge of Vessel Management, neither the whole nor any part of any Leased Real Property is subject to any pending Action for condemnation or
                other taking by any Governmental Body, and, to the Knowledge of Vessel Management, no such condemnation or other taking is threatened.

            

    

    
      	
              Section 4.10

            	
              Intellectual Property.

            

    

    
      	
              (a)

            	
              Schedule 4.8(a) contains a true, complete and accurate list of all Registered Intellectual Property, material unregistered
                trademarks, service marks or trade dress, and social media accounts owned by Vessel, together with a general description of all material Know-how owned by Vessel (all Intellectual Property listed or required to be listed on Schedule 4.8(a)
                together with all other Intellectual Property that Vessel owns or purports to own, the "Owned Intellectual Property").  Schedule 4.8(a) also includes, in respect of each item of
                Registered Intellectual Property, as applicable, the patent number, registration number, registration date, filing date, registration or patent date, and status.  Vessel solely owns all right, title and interest in and to all Owned
                Intellectual Property, free and clear of all Encumbrances (other than Permitted Encumbrances), all Owned Intellectual Property is subsisting, valid and enforceable, and, in respect of any Owned Intellectual Property that is a pending
                application for Registered Intellectual Property, Vessel has not misrepresented or failed to disclose anymaterial facts or circumstances, or otherwise engaged in any conduct in respect of any such pending application that would adversely
                affect its validity or enforceability if and when such application is registered or issued.  Vessel has the right to use all Intellectual Property used in, held for use or necessary to conduct its business as currently conducted (the "Business Intellectual Property"), in the manner in which such Business Intellectual Property is currently used or intended to be used in the conduct of its business, which rights will survive the
                consummation of the transactions contemplated by this Agreement. 

              

            

    

    
      25

      
        

    

    

    

    
      	
              (b)

            	
              Vessel employs commercially reasonable practices to protect, maintain and defend the Owned Intellectual Property, including paying application, examination, registration, issue, renewal,
                and maintenance fees that have become due, and including exercising reasonable care to maintain the confidentiality of Know-How included in Owned Intellectual Property and to protect the confidential information and trade secrets of others
                provided to Vessel in confidence.  No Owned Intellectual Property is or has been subject to any Court Order that restricts, impairs, or otherwise imposes any obligation with respect to the validity, enforceability, disclosure, use,
                enforcement, prosecution, maintenance, transfer, licensing, or other exploitation of, or that otherwise relates to or affects, any Owned Intellectual Property.  No government funding or university or college facilities were used in the
                development of any part of the Owned Intellectual Property.

            

    

    
      	
              (c)

            	
              Schedule 4.8(c) lists all Contracts by which Vessel (i)(A) licensed any Person under any Owned Intellectual Property or sublicensed any Person under any Business
                Intellectual Property owned by another Person, (B) is licensed under any Intellectual Property owned by another Person, other than Contracts for off the shelf Software licensed on generally available commercial terms for a total annual cost
                to Vessel, including any maintenance and support costs, of less than $10,000, (C) procured the development of any Intellectual Property, or (D) settled any dispute or released or was released from any claim pertaining to any Intellectual
                Property, or granted or was the beneficiary of a covenant not to sue or other restrictive covenant or agreement with respect to Intellectual Property, or (ii) is obligated or committed, or has obtained an obligation or commitment from any
                Person, to enter into a Contract pertaining to any of the categories set forth in subpart (i).

            

    

    
      	
              (d)

            	
              None of (i) Vessel (including, without limitation, directly, as a contributory infringer, through inducement, or otherwise), (ii) the products sold, offered for sale or currently under
                development by Vessel, or the development, manufacture or use of any such products, or (iii) the operation of the business of Vessel, has infringed, misappropriated, or otherwise violated, nor does, nor will, infringe, misappropriate, or
                otherwise violate, any Intellectual Property of any Person.  There is not and has not been any infringement, misappropriation or other violation by any Person of any Owned Intellectual Property or any unauthorized use or disclosure of any
                Know-How or other material confidential information included in Owned Intellectual Property.

            

    

    
      26

      
        

    

    

    

    
      	
              (e)

            	
              There are no pending Actions, no written threats of Actions (including by an offer to license as a means of avoiding infringement), and, to the  Knowledge of Vessel Management, no
                threats of Actions against Vessel for which no written notice has been given to Vessel, (i) by any Person against Vessel relating to alleged infringement, misappropriation or other violation by Vessel of any Intellectual Property rights of
                any third party, challenging Vessel's ownership of or the validity or enforceability of any Owned Intellectual Property, or challenging Vessel's right to use any Business Intellectual Property or (ii) asserted by Vessel against any Person
                relating to any Owned Intellectual Property, and no such Actions has been pending or threatened within the last six (6) years.  Except as set forth on Schedule 4.8(e), no Registered Intellectual Property included in the Owned
                Intellectual Property is now or has been involved in any opposition, invalidation, cancellation, inter partes review, or other similar proceeding, no such action has been threatened, and no Registered Intellectual Property owned by Vessel
                at any time within the last six (6) years has been abandoned, cancelled, or otherwise permitted to expire as a result of or in connection with any such action.

            

    

    
      	
              (f)

            	
              Each current and former employee of Vessel that has participated in the development, conception, authorship or creation of any the products sold, offered for sale or currently under
                development by Vessel or any Intellectual Property used or held for use or exploitation by Vessel has assigned or is under a legal obligation to presently assign ownership of rights in such product or Intellectual Property to Vessel.  Each
                independent consultant or contractor of Vessel that has participated in the development, conception, authorship or creation of any such product or Intellectual Property for Vessel has assigned ownership of all right, title, and interest in
                and to any Owned Intellectual Property to Vessel and, with respect to any other such Intellectual Property, has granted Vessel a license to use such Intellectual Property in the manner in which Vessel currently uses and intends to use such
                Intellectual Property in the conduct of its business.  No such current or former employee, independent consultant or contractor is in breach of any of the provisions of any such Contract that relate to Intellectual Property.

            

    

    
      	
              (g)

            	
              Vessel does not use or employ in the conduct of its business as currently conducted or currently or proposed to be conducted any Intellectual Property developed for or provided to a
                client or customer of Vessel that Vessel has assigned or is obligated to assign to such client or customer, other than as permitted by Vessel's valid, binding and written agreement with such client or customer.

            

    

    
      	
              Section 4.11

            	
              Title to Property.

            

    

    Except for assets disposed of in the ordinary course of business, Vessel has good title to each item of equipment and other tangible personal property reflected on the Interim Balance Sheet as
      owned by Vessel, free and clear of all Encumbrances, except for Permitted Encumbrances.

    
      	
              Section 4.12

            	
              No Violation, Litigation or Regulatory Action.

            

    

    Except as set forth in Schedule 4.10:

    
      27

      
        

    

    

    

    
      	
              (a)

            	
              to the Knowledge of Vessel Management, other than in respect of United States federal laws applicable to cannabis, Vessel has complied with all applicable Requirements of Law and Court
                Orders, other than those instances of non-compliance which would not have a Material Adverse Effect on Vessel;

            

    

    
      	
              (b)

            	
              Vessel is not subject to any outstanding Court Order with respect to which Vessel is subject to any material restrictions or otherwise has any material obligations or liabilities, other
                than Court Orders of general applicability;

            

    

    
      	
              (c)

            	
              there are no actions, lawsuits, claims, suits, proceedings or investigations by or before any Governmental Body, mediator or arbitrator (each, an "Action")
                pending or, to the Knowledge of Vessel Management, threatened by or against Vessel that if determined adversely to Vessel would have a Material Adverse Effect on Vessel; and

            

    

    
      	
              (d)

            	
              there is no Action pending or, to the Knowledge of Vessel Management, threatened that questions the legality of the transactions contemplated by this Agreement.

            

    

    
      	
              Section 4.13

            	
              Contracts.

            

    

    Except as set forth in Schedule 4.11, Vessel is not a party to or bound by:

    
      	
              (a)

            	
              any Contract for the purchase or sale of real property;

            

    

    
      	
              (b)

            	
              any Contract for the purchase or sale by Vessel of products, supplies, services, assets (tangible or otherwise) or equipment which Vessel reasonably anticipates will involve the payment
                of more than $100,000 per each Contract-year;

            

    

    
      	
              (c)

            	
              any loan agreements, promissory notes, indentures, bonds, security agreements, guarantees or obligations for borrowed money or other instruments involving Indebtedness;

            

    

    
      	
              (d)

            	
              any Contract for capital expenditures or the acquisition of fixed assets in excess of $100,000;

            

    

    
      	
              (e)

            	
              any Contract that contains potential indemnification or similar obligations or liabilities in excess of $100,000 that was not entered in the ordinary course of business consistent with
                past practice;

            

    

    
      	
              (f)

            	
              any Contract with any Major Customer or Major Supplier (including with respect to Major Suppliers any agreement in excess of $100,000 whether or
                not such Contract is written);

            

    

    
      	
              (g)

            	
              any Contract relating to an acquisition or disposition of any Person or any material portion of its assets, under which Vessel has any material outstanding obligations;

            

    

    
      	
              (h)

            	
              any joint venture or other similar Contract or arrangement;

            

    

    
      28

      
        

    

    

    

    
      	
              (i)

            	
              any Contract containing any covenant or provision restricting, limiting or prohibiting Vessel or its Affiliates from engaging in any line or type of business, or geographic area (except
                for such agreements which would not apply upon and after Closing);

            

    

    
      	
              (j)

            	
              any consulting or employment Contract that provides for annual compensation exceeding $75,000 per year;

            

    

    
      	
              (k)

            	
              any Contract settling Actions;

            

    

    
      	
              (l)

            	
              any Specified Contract containing any direct or indirect "change of control" or similar provision that may be implicated by the transactions contemplated by this Agreement;

            

    

    
      	
              (m)

            	
              any Contract that grants any "most favored nation", requirements, right of first refusal or offer or similar right or that limits or purports to limit the ability of Vessel to own,
                operate, sell, transfer, pledge or dispose of any material amount of assets;

            

    

    
      	
              (n)

            	
              any material Contract with any Governmental Body.

            

    

    For purposes hereof when the term "Specified" is used in reference to a contract or agreement in this Schedule 4.11, such contract or agreement shall mean a contract or agreement involving
      a payment of more than $100,000 per Contract year.

    
      	
              Section 4.14

            	
              Status of Contracts.

            

    

    
      	
              (a)

            	
              Except as set forth in Schedule 4.12, each of the leases, contracts, licenses and other Contracts listed in Schedule  4.7(a), Schedule 4.8, Schedule 4.11
                and Schedule 4.21 (collectively, the "Business Agreements") is, and after giving effect to the transactions contemplated by this Agreement will be, (i) valid and binding on Vessel and, to the
                Knowledge of Vessel Management, the counterparties thereto, and in full force and effect, and (ii) neither Vessel, nor to the Knowledge of Vessel Management, any other party, is in material default under or in breach of any Business
                Agreement, in each case, except to the extent it would have no Material Adverse Effect on Vessel.

            

    

    
      	
              (b)

            	
              Vessel has made available to Flora a correct and complete copy of each Business Agreement (including all extensions, amendments and other modifications thereto).

            

    

    
      	
              Section 4.15

            	
              Employee Benefits.

            

    

    
      	
              (a)

            	
              Schedule 4.13(a) lists all employee agreements and benefit plans and programs to which Vessel is a party, contributes, sponsors, has entered into or has any liability for the
                benefit of their employees, both domestic and foreign ("Employees") and former employees or other service providers (or any dependents or beneficiaries thereof) as of the date hereof, including
                plans, programs, agreements, arrangements or schemes for employment, consulting, pension, retirement, profit sharing, savings, bonus, deferred or incentive compensation, change-in-control, retention, stock options, compensatory equity or
                equity-linked awards, retiree health, hospitalization, medical, life or disability insurance, sick leave, vacation and paid holiday pay, severance pay, or other compensation or benefits in any form (all such plans, programs, agreements,
                arrangements and schemes, whether or not included on such Schedule, "Benefit Plans"), except that Schedule 4.13(a) does not list the employment and consulting agreements that will be
                provided to Flora in accordance with the last sentence of this Section 4.13(a).

            

    

    
      29

      
        

    

    

    

    

    
      	
              (b)

            	
              With respect to each Benefit Plan sponsored by Vessel, Flora has been provided with a true and complete copy, as applicable, of (i) the plan document (including any amendments thereto) or
                a written summary document of all material terms of any such Benefit Plan that is not in writing, (ii) the most recent summary plan description and any other notice or description provided to employees (as well as any modifications or
                amendments thereto), (iii) the three most recent copies of such Benefit Plan's actuarial valuations, trustee reports and audited financial statements, (iv) any applicable trust agreements, (v) the three most recent annual reports, with
                accompanying schedules and attachments, filed with respect to such Benefit Plan required to make such a filing, (vi) the most recently received determination letter, if any, issued by the Internal Revenue Service and each currently pending
                application for a determination letter with respect to any Benefit Plan that is intended to qualify under Section 401(a) of the Code, (vii) all material records, notices and filings concerning Internal Revenue Service ("IRS") or Department of Labor audits or investigations within the past three (3) years, and  (viii) the last three years non-discrimination testing for any Benefit Plan intended to qualify under
                Section 401(a) of the Code and all corrective actions taken with respect to such testing.

            

    

    
      	
              (c)

            	
              Vessel has maintained, operated, administered and performed all obligations under the Benefit Plans in compliance with the terms of such Benefit Plans and all applicable laws, including
                the applicable requirements of ERISA and the Code, in all material respects.  With respect to each Benefit Plan within the past three (3) years, (i) no breaches of fiduciary duty or other failures to act or comply in connection with the
                administration or investment of the assets of such Benefit Plan have occurred, (ii) no lien has been imposed under the Code, ERISA or any other applicable law, and (iii) no prohibited transactions (within the meaning of Section 406 of ERISA
                or Section 4975 of the Code) have occurred.  Vessel has not made any filing in respect of any Benefit Plan under the Employee Plans Compliance Resolution System or the Department of Labor Delinquent Filer Program.  No Benefit Plan, and
                neither Vessel nor any Benefit Plan fiduciary with respect to any Benefit Plan, in any case, is the subject of an audit or investigation by the IRS, the Department of Labor, the Pension Benefit Guaranty Corporation or any other Governmental
                Body, nor is any such audit or investigation pending or, to the Knowledge of Vessel Management, threatened.

            

    

    
      30

      
        

    

    

    

    
      	
              (d)

            	
              Schedule 4.13(d) identifies each of the Benefit Plans that is intended to meet the requirements of Section 401(a) of the Code ("Qualified Plans"). 
                Each Qualified Plan has received a favorable determination letter from the IRS, all IRS qualification determination letters remain in effect and have not been revoked and, to the Knowledge of Vessel Management, there are no facts or
                circumstances that would be reasonably likely to adversely affect the qualified status of any such Qualified Plan.  Each trust established in connection with any Qualified Plan which is intended to be exempt from federal income taxation
                under Section 501(a) of the Code is so exempt, and no fact or event has occurred that would reasonably be expected to adversely affect the exempt status of any such trust.

            

    

    
      	
              (e)

            	
              Except as set forth on Schedule 4.13(e), no Benefit Plan is, and neither Vessel nor any of its ERISA Affiliates contributes to, or has any liability or obligation, whether fixed
                or contingent, with respect to (i) Retirement Defined Benefit Arrangement, (ii) any multiemployer plan (within the meaning of Section 3(37) of ERISA), (iii) any single employer plan or other pension plan that is subject to Title IV of ERISA
                or Section 302 of ERISA or Section 412 of the Code, (iv) any "multiple employer plan" (within the meaning of Section 413(c) of the Code), or (v) any multiple employer welfare arrangement (within the meaning of Section 3(40) of ERISA).

            

    

    
      	
              (f)

            	
              Vessel has made, in all material respects, full and timely payment of, or have accrued pending full and timely payment of, all amounts (including all payments, benefits, contributions and
                premiums related to each Benefit Plan) which are required under the terms of each Benefit Plan and in accordance with applicable law.  Except as disclosed in Schedule 4.13(f), Vessel has no material unfunded liabilities with respect
                to any Benefit Plan.  For purposes of this Section 4.13(f), unfunded liabilities shall not include earned but unpaid vacation entitlements or other fringe benefits payable in the ordinary course of business.

            

    

    
      	
              (g)

            	
              Except as set forth in Schedule 4.13(g), other than routine claims for benefits, there are no actions, audits, investigations, suits, or claims pending or, to the Knowledge of
                Vessel Management, threatened (i) against any of the Benefit Plans or any administrator or fiduciary thereof or against the assets of any of the Benefit Plans, or (ii) by or on behalf of any of the Benefit Plans.  No event has occurred, and
                there exists no condition or set of circumstances in connection with any of the Benefit Plans as to which Vessel could, directly or indirectly, be subject to any liability under ERISA, the Code or any other applicable law, except liability
                for benefits claims and funding obligations payable in the ordinary course of business, consistent with past practice.

            

    

    
      	
              (h)

            	
              Except as set forth in Schedule 4.13(h) neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, either alone or in
                combination with another event (whether contingent or otherwise) will (i) entitle any current or former employee, consultant, director or other service provider of Vessel to any payment; (ii) increase the amount of compensation or benefits
                due to any such employee, former employee, consultant, director or other service provider; or (i) accelerate the funding, time of vesting or payment of any compensation, equity award or other right or benefit.

            

    

    
      31

      
        

    

    

    

    

    
      	
              (i)

            	
              With respect Benefit Plan that is a "welfare plan" within the meaning of Section 3(2) of ERISA, (i) each such Benefit Plan for which contributions are claimed as deductions under any
                provision of the Code is in compliance with all applicable laws and requirements pertaining to such deduction and (ii) any such Benefit Plan that is a "group health plan" (within the meaning of the Code) complies in all material respects
                and has been operated in compliance in all material respects with the applicable requirements of Part 6 of Subtitle B of Title I of ERISA ("COBRA") and the Patient Protection and Affordable
                Care Act of 2010, as amended, and the regulations and guidance thereunder.  None of the Benefits Plans provides health, accident, disability, life or other welfare benefits to any current or former employees, directors, consultants or
                retirees of Vessel (or any spouse, beneficiary or dependent of the foregoing) beyond the termination of employment or other service of such employee, director, consultant or retiree, other than health continuation coverage pursuant to
                COBRA.

            

    

    
      	
              (j)

            	
              Except as set forth on Schedule 4.13(a), the obligations of all Benefit Plans that provide health, welfare or similar insurance are fully insured by bona fide third-party
                insurers.  No Benefit Plan is (i) a voluntary employee benefit association under Section 501(a)(9) of the Code, (ii) maintained through a human resources and benefits outsourcing entity, professional employer organization, or other similar
                vendor or provider, or (iii) maintained or entered into by any Affiliate of Vessel.

            

    

    
      	
              (k)

            	
              Except as set forth in Schedule 4.13(k), all undisputed consulting, actuarial, trusteeship, accounting, investment and other fees, charges and expenses of whatever nature with
                respect to Benefit Plans for which an account or invoice has been delivered have been paid in the ordinary course of business.

            

    

    
      	
              (l)

            	
              There are no actions, audits, investigations, suits or claims pending or, to the Knowledge of Vessel Management, threatened in relation to the provision of immigration or tax assistance
                by Vessel for or on behalf of any employee.

            

    

    
      	
              (m)

            	
              Each Benefit Plan which is a "nonqualified deferred compensation" plan within the meaning of Section 409A of the Code has been operated and administered in compliance with Section 409A of
                the Code, and has been in material documentary compliance with Section 409A of the Code.  No compensation has been or would reasonably be expected to be includable in the gross income of any "service provider" (within the meaning of Section
                409A of the Code) of Vessel as a result of the operation of Section 409A of the Code.  No award (and no agreement or promise by Vessel to make an award) under any Benefit Plan that provides for the granting of equity, equity-based rights,
                equity derivatives or options to purchase equity (including, for the avoidance of doubt, Vessel Options) has been backdated or has been granted with a purchase price that is less than the fair market value of such equity as of the
                applicable grant date.

            

    

    
      32

      
        

    

    

    

    
      	
              (n)

            	
              Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, either alone or in combination with another event (whether contingent
                or otherwise) will result in any "parachute payment" under Section 280G of the Code (or any corresponding provision of federal, state, provincial, territorial, local, or foreign Tax law).

            

    

    
      	
              (o)

            	
              There is no contract, agreement, plan or arrangement to which Vessel is a party which requires Vessel to pay a Tax gross-up, equalization or reimbursement payment to any Person, including
                without limitation, with respect to any Tax-related payments under Section 409A of the Code or Section 280G of the Code.

            

    

    
      	
              Section 4.16

            	
              Employee Relations and Agreements.

            

    

    
      	
              (a)

            	
              Schedule 4.14(a) sets forth a true and complete listing, as of the date hereof, of the names, titles, annual base salary or hourly wage rate, as applicable, date of
                hire, bonus opportunity, accrued vacation and paid-time-off, principal work location (including country), status as a full-time or part-time employee, status as a regular, contract or temporary employee, and leave status of all employees of
                Vessel whose annual compensation is in excess of $50,000.  Vessel shall update such Schedule to be current as of a date that is no earlier than ten (10) days prior to the Closing Date and no later than the Closing Date and shall provide
                such updated schedule to Flora no later than the Closing Date.

            

    

    
      	
              (b)

            	
              Schedule 4.14(b) contains a list of all independent contractors, consultants, agents or agency employees currently engaged by Vessel at a rate that is likely to exceed $75,000,
                along with the position, date of retention and rate of remuneration for each such Person.  Vessel has properly classified all of its service providers as either employees or independent contractors and as exempt or non-exempt for all
                purposes and has made all appropriate filings in connection with services provided by, and compensation paid to, such service providers.  Each such independent contractor, consultant, agent or agency employee has entered into customary
                covenants regarding confidentiality, non-competition and assignment of intellectual property in such Person's agreement with Vessel.

            

    

    
      	
              (c)

            	
              Vessel is in compliance, in all material respects, with all applicable federal, state and local laws, rules and regulations (domestic and foreign) respecting employment, employment
                practices, pay equity, discrimination in employment, wrongful discharge, collective bargaining, fair labor standards, occupational health and safety, terms and conditions of employment of employees, former employees and prospective
                employees, wages and hours and any other labor and employment related matters, in each case, with respect to employees, and has withheld all amounts required by law or by agreement to be withheld from the wages, salaries and other payments
                to employees.  Vessel is not a party to, or otherwise bound by, any consent decree with, or citation from, any Governmental Body relating to employees or employment practices.

            

    

    
      	
              (d)

            	
              Except as set forth in Schedule 4.14(f), there are no pending Actions against Vessel and, to the Knowledge of Vessel Management, there are no Actions threatened against Vessel, in
                any case, with respect to any of its current or former employees or otherwise pertaining to the employment of labor, including, without limitation, those relating to the payment of wages (including salary or overtime pay), hours, collective
                bargaining, employment discrimination, sexual harassment, workers' compensation, and the payment or withholding of taxes.

            

    

    
      33

      
        

    

    
      	
              Section 4.17

            	
              Environmental Matters.

            

    

    
      	
              (a)

            	
              Except as set forth in Schedule 4.15, and except as would not reasonably be expected to result in a Material Adverse Effect on Vessel:

            

    

    
      	
              (i)

            	
              to the Knowledge of Vessel Management, Vessel (A) possesses all Governmental Permits currently required under Environmental Laws to conduct its business, and (B) is in compliance with the
                terms and conditions of such Governmental Permits;

            

    

    
      	
              (ii)

            	
              to the Knowledge of Vessel Management, Vessel is in compliance with all applicable Environmental Laws;

            

    

    
      	
              (iii)

            	
              to the Knowledge of Vessel Management, there are no Actions pending against, and there is no Court Order outstanding against, Vessel under any Environmental Law; and

            

    

    
      	
              (iv)

            	
              to the Knowledge of Vessel Management, Vessel has not released Hazardous Materials at any Leased Real Property under conditions that would reasonably be expected to result in liability
                of Vessel under any Environmental Law.

            

    

    
      	
              (b)

            	
              This Section 4.15 contains the sole representations and warranties made by Vessel Management with respect to Environmental Laws, Hazardous Materials, or any other environmental matter.

            

    

    
      	
              Section 4.18

            	
              No Undisclosed Liabilities.

            

    

    Except as set forth in Schedule 4.16 or reflected in the Interim Balance Sheet, to the Knowledge of Vessel Management Vessel has no liabilities (other than liabilities that would not,
      individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Vessel), except for liabilities (i) reserved against or disclosed in the Financial Statements or the notes thereto, (ii) incurred in the ordinary course of
      business since the Interim Balance Sheet Date consistent in amount and kind with past practice or (iii) disclosed in this Agreement or any of the Disclosure Schedules.

    
      	
              Section 4.19

            	
              Working Capital.

            

    

    Vessel's Working Capital is not less than $1.0 million as of the date of this Agreement.

    
      34

      
        

    

    

    

    
      	
              Section 4.20

            	
              Condition of Assets.

            

    

    Except as set forth in Schedule 4.18, the equipment and other tangible personal property of Vessel necessary to operate the business and the buildings and structures located on any Leased
      Real Property are in all material respects in adequate condition to operate the business of Vessel as it has been conducted (subject to normal wear and tear and required repairs that would not have a Material Adverse Effect on Vessel).

    
      	
              Section 4.21

            	
              Customers and Suppliers.

            

    

    Schedule 4.19 sets forth a complete list, as of the date hereof, of names and addresses of the five largest customers of Vessel (collectively, the "Major
        Customers") and the five largest suppliers of Vessel  (collectively, the "Major Suppliers"), measured in each case by dollar volume of purchases or sales during the twelve months ended June 30, 2021,
      and the dollar amount of purchases or sales which each such Major Customer or Major Supplier represented during the twelve months ended June 30, 2021.  Except as set forth in Schedule 4.19, no Major Supplier or Major Customer has, during the
      last twelve (12) months through the date hereof, materially decreased, or materially changed the terms of, or, to the Knowledge of Vessel Management, threatened to cease, materially decrease or materially change the terms of, its provision of
      services, purchases or receipt of supplies to or from Vessel.

    
      	
              Section 4.22

            	
              Insurance.

            

    

    Vessel currently maintains policies of general liability and property, workers' compensation and other forms of insurance, as applicable, in such amounts and against such risks and losses, and
      including such levels of self-insured retention, as are required and shall use reasonable efforts to keep such insurance or comparable insurance in full force and effect through the Closing Date.

    
      	
              Section 4.23

            	
              Related Party Transactions.

            

    

    Except as set forth in Schedule 4.21(a) and except for compensation, benefits received in the ordinary course of business by employees, directors or consultants of Vessel, there are no
      material agreements or Contracts between Vessel and any Person who is or was an officer, director, equity holder or Affiliate of Vessel or any Affiliate or any member of the "immediate family" (as such term is defined in Item 404 of Regulation S-K
      promulgated under the Securities Act) of any of the foregoing or any entity of which any of the foregoing is an Affiliate (each such Contract and any Contract or obligation listed on Schedule 4.21(b), an "Affiliate
          Agreement"), and no such Person has any material interest in any asset, right or property of or used by Vessel.  Schedule 4.21(b) lists all material Contracts or other binding arrangements providing compensation, benefits,
      advances, loans or other payments made or to be made to any of the foregoing Persons that are in effect or that were in effect during the past year, to the extent not listed on Schedule 4.21(a).

    
      	
              Section 4.24

            	
              No Brokers.

            

    

    Except as set forth in Schedule 4.22, neither Vessel nor any Person acting on Vessel's behalf has incurred, paid or become obligated to pay any fee or commission to any broker, finder or
      intermediary for or on account of the transactions contemplated by this Agreement.

    
      35

      
        

    

    

    

     

      ARTICLE 5
      

      

      REPRESENTATIONS AND WARRANTIES OF FLORA

    As an inducement to Vessel to enter into this Agreement and to consummate the transactions contemplated hereby, Flora represents and warrants to Vessel, as of the date of this Agreement and as of
      the Closing Date, as follows:

    
      	
              Section 5.1

            	
              Organization of Flora.

            

    

    
      	
              (a)

            	
              Flora is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.  Flora is duly qualified to transact business and is in
                good standing in each jurisdiction where the character of its properties owned or held under lease or the nature of its activities makes such qualification necessary, except where the failure to be so qualified or in good standing would not
                have a Material Adverse Effect on Flora.  Flora has all requisite power and authority to own or lease and operate its assets and to carry on its businesses.

            

    

    
      	
              (b)

            	
              The authorized capital of Flora consists of an unlimited number of Flora Shares.  As September 24, 2021, there were (i) 45,428,485 Flora Shares issued and outstanding, (ii) options
                providing for the issuance of 4,458,881 Flora Shares upon the exercise thereof; (iii) warrants providing for the issuance of 6,488,000 Flora Shares upon the exercise thereof.  Other than as disclosed in the Flora Public Record, Flora has no
                other outstanding agreement, subscription, warrant, option, right or commitment or other right or privilege (whether by law, pre-emptive or contractual), nor has it granted any right or privilege capable of becoming an agreement,
                subscription, warrant, option, right or commitment, obligating it to issue or sell any Flora Shares or other securities, including any security or obligation of any kind convertible into or exchangeable or exercisable for any Flora Shares
                or other security other than any rights, agreements, arrangements or commitments which would not have a Material Adverse Effect on Flora.  Flora Shares are listed for trading on the Nasdaq Global Market and, except for such listing and
                trading, no securities of Flora are listed or quoted for trading on any other stock or securities exchange or market or registered under any securities laws.

            

    

    
      	
              Section 5.2

            	
              Authority of Flora; Conflicts.

            

    

    
      	
              (i)

            	
              Flora has the power and authority to execute, deliver and perform this Agreement.  The execution, delivery and performance of this Agreement has been duly authorized and approved by
                Flora's Board of Directors and does not require any further authorization or consent of Flora or its stockholders.  This Agreement has been duly authorized, executed and delivered by Flora and
                (assuming the valid authorization, execution and delivery of this Agreement by Vessel and the Sellers' Representative) is the legal, valid and binding agreement of Flora enforceable in accordance with its terms, in each case subject to
                bankruptcy, insolvency, reorganization,

            

    

    
      36

      
        

    

    

    

    
      	
              (ii)

            	
              moratorium and similar laws of general application relating to or affecting creditors' rights and to general equity principles.

            

    

    
      	
              (iii)

            	
              Neither the execution and delivery of this Agreement by Flora or the consummation by Flora of any of the transactions contemplated hereby nor compliance by Flora with or fulfillment of
                the terms, conditions and provisions hereof will  (with or without notice or lapse of time or both), assuming the receipt of all necessary consents and approvals and the filing of all necessary documents as described in Section 5.2(ii)(B):

            

    

    
      	
              (A)

            	
              conflict with, result in a violation or breach of the terms, conditions or provisions of, or constitute a default, an event of default or an event creating rights of acceleration,
                termination or cancellation or a loss of rights under (1) the Organization Document of Flora, (2) any note, instrument, mortgage, lease, franchise, financial obligation or other contract or agreement to which Flora is a party or any of its
                properties is subject or by which Flora is bound, (3) any Court Order to which Flora is a party or by which it is bound or (4) any material Requirements of Law applicable to or affecting Flora, other than, in the case of clauses (2),
                (3) or (4) above, any such violations, breaches, defaults, rights or loss of rights that, individually or in the aggregate, would not materially impair the ability of Flora to perform its obligations hereunder or prevent the
                consummation of any of the transactions contemplated hereby, or

            

    

    
      	
              (B)

            	
              require approval, consent, authorization or act of, or the making by Flora of any material declaration, filing or registration with, any Person, except for compliance with and filings
                under the Competition Laws (as applicable).

            

    

    
      	
              Section 5.3

            	
              No Violation, Litigation or Regulatory Action.

            

    

    Except as set forth in the Flora Public Record:

    
      	
              (a)

            	
              there are no Actions pending or, to the knowledge of Flora, threatened against Flora which are reasonably expected to materially impair the ability of Flora to perform its obligations
                hereunder or prevent the consummation of any of the transactions contemplated hereby; and

            

    

    
      	
              (b)

            	
              there is no Action pending or, to the knowledge of Flora, threatened that questions the legality of the transactions contemplated by this Agreement.

            

    

    
      	
              Section 5.4

            	
               Flora Financial Statements.

            

    

    The Flora Financial Statements have been, and all financial statements of Flora which are publicly disseminated by Flora in respect of any subsequent periods prior to the Effective Date will be,
      prepared in accordance with International Financial Reporting Standards as 

    
      37

      
        

    

    

    

    issued by the International Accounting Standards Board ("IFRS") (except as may be indicated in the notes thereto and subject, in the case of the Flora
      Unaudited Financial Statements, to normal and recurring year-end adjustments that, would not be reasonably likely to have a Material Adverse Effect on Flora) applied on a basis consistent with those of previous periods and in accordance with
      applicable Laws in all material respects.  Flora Financial Statements, together with the related management's discussion and analysis of financial condition and results of operations in the case of the Flora Audited Financial Statements, present
      fairly, in all material respects,  the consolidated financial condition of Flora and its subsidiaries, on a consolidated basis, as at the respective dates thereof and the consolidated results of operations changes in shareholders' equity and cash
      flows of Flora for the periods covered thereby.  Flora does not intend to correct or restate, nor, to the knowledge of Flora is there any basis for any correction or restatement of, any aspect of any of Flora Financial Statements (other than any
      corrections or restatement required as a result of changes in IFRS that have retroactive application).

    
      	
              Section 5.5

            	
              Absence of Certain Changes.

            

    

    Since June 30, 2021, except as disclosed in the Flora Public Record:

    
      	
              (a)

            	
              Flora and its subsidiaries have conducted their respective businesses only in the ordinary course of business and consistent with past practice, except for the transactions contemplated
                hereby; and

            

    

    
      	
              (b)

            	
              there has not been any event, occurrence, development or state of circumstances or facts that has had or would be reasonably expected to require the filing of a material change report
                under applicable securities laws or have a Material Adverse Effect.

            

    

    
      	
              Section 5.6

            	
              Securities Laws Matters.

            

    

    Flora has filed in a timely manner all documents that Flora was required to file with the SEC pursuant to Section 12(b) of the Securities Act. As of their respective filing dates, all documents
      filed by Flora with the SEC (the "SEC Documents") complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder. None of the
      SEC Documents as of their respective dates contained any untrue statement of material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which
      they were made, not misleading.  None of the SEC Documents is the subject of ongoing SEC review or outstanding SEC investigation and there are no outstanding or unresolved comments received from the SEC with respect to any of the Flora SEC
      Documents.  Flora Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed on the Nasdaq Global Market. Flora is in compliance with all applicable listing and corporate governance rules of the Nasdaq Global Market and has
      taken no action designed to, or likely to have the effect of, terminating the registration of Flora Shares under the Securities Act or delisting the Shares from the Nasdaq Global Market, nor has Flora received any notification that the SEC or the
      Nasdaq Global Market is contemplating terminating such registration or listing.  Flora is not registered and is not required to be registered as an "investment company" under the United States Investment Company Act of 1940.

    
      38

      
        

    

    

    

    
      	
              Section 5.7

            	
              Financial Ability.

            

    

    At the Closing Flora will have sufficient funds available to consummate the transactions contemplated hereby, including to pay the Cash Merger Consideration and all related fees and expenses for
      which Flora will be responsible.

    
      	
              Section 5.8

            	
              No Brokers.

            

    

    Except as set forth in Schedule 5.8, neither Flora nor any Person acting on its behalf has paid or become obligated to pay any fee or commission to any broker, finder or intermediary for or
      on account of the transactions contemplated by this Agreement.

    
      	
              Section 5.9

            	
              Flora Shares.

            

    

    All shares of the Stock Merger Consideration will be, when issued, duly authorized, validly issued, fully paid, and non-assessable, and not subject to any pre-emptive rights.

    
      	
              Section 5.10

            	
              Acknowledgement and Representations by Flora.

            

    

    Without limiting and subject to Vessel's representations, warranties, covenants and agreements contained in this Agreement, (x) Flora acknowledges and agrees that it has conducted its own
      independent review and analysis of, and, based thereon, has formed an independent judgment concerning, the business, assets, condition, operations and prospects of Vessel, and to Flora's knowledge, it has been furnished with or given full access to
      such information about Vessel and its business and operations as Flora has requested, and (y) in entering into this Agreement, Flora has relied solely upon its own investigation and analysis and the representations, warranties, covenants and
      agreements of Vessel set forth in this Agreement.

     

      ARTICLE 6
      

      

      ACTION PRIOR TO THE CLOSING DATE

    The respective parties hereto covenant and agree to take the following actions between the date hereof and the Closing Date:

    
      	
              Section 6.1

            	
              Access to Information.

            

    

    Vessel shall afford to the officers, employees and authorized representatives of Flora (including independent public accountants and attorneys) reasonable access during normal business hours, upon
      reasonable advance notice, to the offices, properties, employees and business and financial records of Vessel to the extent Flora shall reasonably deem necessary or desirable and shall furnish to Flora or its authorized representatives such
      additional information concerning Vessel as shall be reasonably requested; provided, however, that Vessel shall not be required to violate any obligation of confidentiality to which Vessel is subject or to waive any privilege which it may possess in
      discharging its obligations pursuant to this Section 6.1.

    
      	
              Section 6.2

            	
              Notification.

            

    

    From the date hereof until the Closing, Vessel shall disclose to Flora in writing any material variances from its representations and 

    

    
      39

      
        

    

    

    

    warranties contained in Article 4 and promptly upon discovery thereof; such disclosures, solely to the extent made in order to disclose matters that first occurred after the date of this Agreement
      (other than as a result of a breach of any covenant or agreement in this Agreement (including Section 6.4) by Vessel) ("New Facts"), if delivered to Flora at least ten (10) Business Days prior to
      the Closing Date, shall amend and supplement the Disclosure Schedules in the form of "Updated Schedules" delivered to Flora.  The disclosure of New Facts by Vessel pursuant to this Section 6.2, solely
      to the extent Updated Schedules with respect to such New Facts have been delivered to Flora at least ten (10) Business Days prior to the Closing Date, shall be deemed to modify each and every one of the representations and warranties of Vessel under
      this Agreement as of the Closing Date and in no event will Vessel have any liability to Flora based upon, arising out of or otherwise in respect of any New Fact pursuant to this Agreement; provided, however, that if the New Fact that
      is included in the Updated Schedules causes any of the representations or warranties of Vessel made hereunder not to be true and correct (disregarding the effect of the Updated Schedules), Flora shall have the right to terminate this Agreement
      (exercisable at any time by providing written notice to Vessel to that effect, notwithstanding anything to the contrary in Article 10).

    
      	
              Section 6.3

            	
              Consents of Third Parties.

            

    

    
      	
              (a)

            	
              Vessel and Flora will act diligently and reasonably in attempting to secure, before the Closing Date, the consent, approval or waiver, in form and substance reasonably satisfactory to the
                other party, required to be obtained from any party (other than a Governmental Body) to consummate the transactions contemplated by this Agreement as set forth on Schedule 6.3(a); provided, however, that such action shall not
                include any requirement of Flora, Vessel or any of their respective Affiliates to expend money, commence or participate in any litigation or offer or grant any accommodation (financial or otherwise) to any third party.  Without limiting the
                foregoing and subject to the proviso in the preceding sentence, (i) with respect to any Leased Real Property that pursuant to the terms of its lease a notice to (but not the consent or approval of) the landlord is required in connection
                with the consummation of the transactions contemplated by this Agreement, Vessel shall give such notice (in form and substance reasonably satisfactory to Flora) prior to the Closing Date, and (ii) with respect to any Leased Real Property
                that pursuant to the terms of its lease the consent or approval of the landlord is required in connection with the consummation of the transactions contemplated by this Agreement, Vessel shall use reasonable efforts to obtain such consent
                or approval (in form and substance reasonably satisfactory to Flora) prior to the Closing Date, provided that neither Vessel, nor any of its Affiliates shall be required to expend money, commence or participate in any litigation or offer or
                grant any accommodation (financial or otherwise) to obtain such consents.

            

    

    
      	
              (b)

            	
              Upon the terms and subject to the conditions set forth in this Agreement, Vessel and Flora agree to use commercially reasonable efforts to take, or cause to be taken, all actions, and to
                do, or cause to be done, all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement.

            

    

    
      40

      
        

    

    

    

    
      	
              Section 6.4

            	
              Operations Prior to the Closing Date.

            

    

    
      	
              (a)

            	
              Except as otherwise expressly contemplated by this Agreement or with the prior written consent of Flora (which consent shall not be unreasonably withheld or delayed), from the date hereof
                until the Closing, Vessel shall: (i) conduct its business in all material respects in the ordinary course of business consistent with past practices; and (ii) use its commercially reasonable efforts to preserve intact in all material
                respects the business organization, Intellectual Property (and rights with respect thereto), goodwill, and relationships with customers and suppliers with which it has significant business relationships.

            

    

    
      	
              (b)

            	
              From the date hereof until the Closing, except as (i) otherwise expressly contemplated by this Agreement, the Disclosure Schedules or the Capital Budget or (ii) consented to in writing by
                Flora, Vessel shall not:

            

    

    
      	
              (iii)

            	
              amend its Organizational Documents;

            

    

    
      	
              (iv)

            	
              other than pursuant to the Vessel Exercise and Cancellation Agreements, issue, transfer or sell any Equity Interests of Vessel;

            

    

    
      	
              (v)

            	
              declare, set aside, make or pay any dividends or other distributions with respect to any of its Equity Interest;

            

    

    
      	
              (vi)

            	
              adopt a plan of complete or partial liquidation, dissolution, merger, consolidation or recapitalization;

            

    

    
      	
              (vii)

            	
              commence, waive, settle or satisfy any material claim or Action;

            

    

    
      	
              (viii)

            	
              other than the Transaction Costs, incur Indebtedness in excess of $50,000 individually or $100,000 in the aggregate or make any loans, advances or capital contributions to, or
                investments in, any Person other than Vessel;

            

    

    
      	
              (ix)

            	
              except as required to comply with applicable Requirements of Law or the terms of any Benefit Plan disclosed on Schedule 4.13(a):

            

    

    
      	
              (A)

            	
              hire any employee, consultant or director, other than in ordinary course with annual compensation in excess of $50,000;

            

    

    
      	
              (B)

            	
              promise, increase or establish any compensation or benefits of, or pay or grant any bonus, severance pay, or equity-linked awards to, any current or former director, officer, employee or
                consultant of Vessel;

            

    

    
      	
              (C)

            	
              pay to any current or former director, officer, employee or consultant of Vessel any benefit not provided for under any Benefit Plan other than the payment of annual base salaries or
                hourly wages (as applicable) in the ordinary course of business consistent with past practice and applicable law;

            

    

    
      41

      
        

    

    

    

    
      	
              (D)

            	
              other than pursuant to the exercise of Vessel Options, grant any equity or equity-linked awards under any Benefit Plan (including the grant of stock options, stock appreciation rights,
                stock-based or stock-related awards, performance units, restricted stock units or restricted stock);

            

    

    
      	
              (E)

            	
              take any action to fund or in any other way secure the payment of compensation or benefits under any Benefit Plan;

            

    

    
      	
              (F)

            	
              accelerate the vesting or payment of any compensation or benefit (whether under any Benefit Plan or otherwise); or

            

    

    
      	
              (G)

            	
              enter into, adopt, amend, modify or terminate any Benefit Plan.

            

    

    
      	
              (x)

            	
              subject any of the properties or assets (whether tangible or intangible) Vessel to any Encumbrances, except for Permitted Encumbrances;

            

    

    
      	
              (xi)

            	
              sell, transfer, lease, license, pledge, abandon, fail to maintain or encumber any tangible or intangible assets of Vessel (including Intellectual Property), except (A) pursuant to a
                Business Agreement in existence as of the date of this Agreement, (B) Permitted Encumbrances, and (C) in the ordinary course of business consistent with past practice;

            

    

    
      	
              (xii)

            	
              enter into commitments for capital expenditures in excess of $50,000 individually or $100,000 in the aggregate;

            

    

    
      	
              (xiii)

            	
              enter into, or agree to enter into, any merger or consolidation with any Person;

            

    

    
      	
              (xiv)

            	
              (A) enter into any Contract that would be a Business Agreement if entered into prior to the date of this Agreement, other than any such Contracts entered into in the ordinary course of
                business consistent with past practice, or (B) modify, supplement, amend, terminate (except termination due to expiration of a Contract in accordance with its terms) or grant a waiver under any Business Agreement, other than (except in the
                case of an Affiliate Agreement) in the ordinary course of business;

            

    

    
      	
              (xv)

            	
              enter into any material joint venture, partnership or other similar commitment, without Flora's consent;

            

    

    
      	
              (xvi)

            	
              acquire any Person or any material portion of its assets;

            

    

    
      	
              (xvii)

            	
              make any change in any method of accounting or accounting practice or policy, except to the extent required by Requirements of Law or GAAP;

            

    

    
      	
              (xviii)

            	
              make or change any Tax election, settle or compromise any Tax claim, change any annual Tax accounting period or any method of Tax accounting, enter into any closing agreement relating to
                Taxes, or consent to any extension of a statute of limitations applicable to Taxes, except to the extent required to comply with applicable Requirements of Law;

            

    

    
      42

      
        

    

    

    

    

    
      	
              (xviiii)

            	
              (A) delay or cancel, other than in the ordinary course of business consistent with past practice, any of Vessel's (x) payment of accounts payable or any other liability to suppliers,
                vendors or others, (y) purchase of goods or services, or (z) the replacement of inoperable, worn out or obsolete assets with assets of comparable quality, or (B) accelerate the collections of accounts receivable or any other rights of
                Vessel, other than in the ordinary course of business consistent with past practice; or

            

    

    
      	
              (xx)

            	
              agree or commit or resolve to do any of the foregoing.

            

    

    
      	
              Section 6.5

            	
              Exclusive Dealing.

            

    

    During the period from the date of this Agreement through the Closing or the earlier termination of this Agreement pursuant to Section 10.1, Vessel shall not take any action to encourage,
      initiate or engage in discussions or negotiations with, or provide any information to, any Person (other than Flora and its Affiliates) concerning any purchase of the shares of capital stock of Vessel or any merger, sale of substantial assets or
      similar transaction involving Vessel (other than assets sold in the ordinary course of business).

     

      ARTICLE 7

        

      ADDITIONAL AGREEMENTS

    
      	
              Section 7.1

            	
              Tax Matters.

            

    

    
      	
              (a)

            	
              Tax Returns.

            

    

    
      	
              (i)

            	
              The Sellers' Representative shall prepare and timely file or cause to be prepared and timely filed when due (taking into account all extensions properly obtained) all Income Tax Returns
                required to be filed by or with respect to Vessel with respect to Pre-Closing Periods that are due after the Closing Date and the Sellers' Representative, on behalf of the Vessel Shareholders, shall timely remit, or cause to be remitted,
                any Taxes due in respect of such Tax Returns.  Flora shall timely prepare and file or cause to be timely prepared and filed when due (taking into account all extensions properly obtained) all other Tax Returns that are required to be filed
                by or with respect to Vessel after the Closing Date with respect to taxable periods (or portions thereof) ending on or before the Closing Date, and Flora shall remit, or cause to be remitted, any Taxes due in respect of such Tax Returns. 
                With respect to Tax Returns to be filed by the Sellers' Representative or Flora pursuant to the preceding sentences that relate to taxable years or periods ending on or before the Closing Date, to the extent permitted by applicable law,
                such Tax Returns shall be filed in a manner consistent with past practice and no position shall be taken, election made or method adopted that is inconsistent with positions taken, elections made or methods used in prior periods in filing
                such Tax Returns

            

    

    
      43

      
        

    

    

    

    
      	
              

              

            	
              (including any such position, election or method which would have the effect of (A) accelerating income to periods for which the Vessel Shareholders are liable or deferring deductions to
                periods for which Flora is liable or (B) deferring income to periods for which Flora is liable or accelerating deductions to periods for which the Vessel Shareholders are liable), except as required by Law or pursuant to the terms of this
                Agreement.  Income Tax Returns or other annual Tax Returns prepared by Flora or the Sellers' Representative pursuant to this Section 7.1(a)(i) shall be submitted to the Sellers' Representative (in the case of Flora prepared Tax Returns) and
                to Flora (in the case of the Sellers' Representative prepared Tax Returns) not later than twenty (20) days prior to the due date (including extensions) for filing such Tax Returns (or, if such due date is within thirty (30) days following
                the Closing Date, as promptly as practicable following the Closing Date) for review and approval by the other party prior to the due date, which approval may not be unreasonably withheld, conditioned or delayed.  The approval shall be
                deemed to have been granted if it is not explicitly withheld within fifteen (15) days of receipt of the draft Tax Return.  The Sellers' Representative, on behalf of the Vessel Shareholders, shall pay to Flora Taxes which are payable with
                any Tax Return to be filed by Flora pursuant to this Section 7.1(a) upon the written request of Flora, setting forth in reasonable detail the computation of the amount owed by the Vessel Shareholders, as the case may be, but in no event
                later than five (5) Business Days prior to the due date for paying such Taxes.

            

    

    
      	
              (ii)

            	
              For purposes of this Section 7.1(a), the portion of the Taxes that are allocable to the Vessel Shareholders with respect to the portion of
                a Straddle Period ending on the Closing Date shall (x) in the case of property, ad valorem and other Taxes imposed on a periodic basis, be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction the numerator
                of which is the number of days in the Tax period ending as of the Closing Date and the denominator of which is the number of days in the entire Tax period, and (y) in the case of any Tax based upon or related to income, gains, receipts,
                gross margins, employment, sales, use, or other Taxes imposed on a non-periodic basis reasonably allocable using a closing-of-the-books approach, be deemed equal to the amount that would be payable if the relevant Tax period ended as of the
                Closing Date pursuant to an interim closing-of-the-books.  Any credits relating to a Straddle Period shall be taken into account as though the relevant Tax period ended on the Closing Date.  All determinations necessary to give effect to
                the allocations described in this Section 7.1(a)(ii) shall be made in a manner consistent with the prior practice, except for changes required by Law or fact.

            

    

    
      	
              (b)

            	
              Assistance and Cooperation.  After the Closing Date, the Sellers' Representative and Flora shall (and shall cause their respective Affiliates to):

            

    

    
      44

      
        

    

    

    

    
      	
              (i)

            	
              assist the other party in preparing any Tax Returns which such other party is responsible for preparing and filing in accordance with Section 7.1(a);

            

    

    
      	
              (ii)

            	
              cooperate fully in preparing for any audits of, or disputes with taxing authorities regarding, any Tax Returns of Vessel;

            

    

    
      	
              (iii)

            	
              make available to the other and to any taxing authority as reasonably requested all information, records, and documents relating to Taxes of Vessel; and

            

    

    
      	
              (iv)

            	
              timely sign and deliver such certificates or forms as may be necessary or appropriate to establish an exemption from (or otherwise reduce), or file Tax Returns or other reports with
                respect to, Taxes described in Section 2.12 (Withholding) and Section 7.1(c) (Transfer Taxes).

            

    

    
      	
              (c)

            	
              Transfer Taxes.  All transfer, documentary, sales, use, stamp, registration and other similar Taxes and all conveyance fees, recording charges and other fees and charges (including any
                penalties and interest) incurred in connection with consummation of the transactions contemplated by this Agreement ("Transfer Taxes") shall be paid by the Sellers' Representative, on behalf of the
                Vessel Shareholders when due. The Sellers' Representative will, at the Vessel Shareholders' expense, file all necessary Tax Returns and other documentation with respect to all such Transfer Taxes, and if required by applicable law, Flora
                will, and will cause its Affiliates to, join in the execution of any such Tax Returns and other documentation.  Flora and the Sellers' Representative agree to use commercially reasonable efforts to obtain any certificate, including a resale
                certificate, or other document from any Governmental Body as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including, but not limited to, with respect to the transactions contemplated hereby).   

            

    

    
      	
              (d)

            	
              The parties hereto acknowledge and agree that the Shares are not "taxable Canadian property" within the meaning of the ITA.

            

    

    
      	
              Section 7.2

            	
              Contact with Customers and Suppliers.

            

    

    Flora hereby agrees that it is not authorized to and shall not (and shall not permit any of its employees, agents, representatives or Affiliates to) contact any non-management employee, franchisee,
      customer, supplier, distributor or other material business relation of Vessel prior to the Closing in connection with any matter relating to the transactions contemplated by this Agreement without the prior consent of Vessel.

    
      	
              Section 7.3

            	
              Appointment of the Sellers' Representative.

            

    

    
      	
              (a)

            	
              The Parties have appointed, and immediately upon, and pursuant to and by virtue of the execution of the Vessel Shareholder Consent by the Requisite Vessel Shareholders, and without the
                requirement of further action on the part of any Vessel Shareholder, each Seller shall be deemed to have consented to the appointment of James Choe as the "Sellers' Representative" to act as such Seller's true and lawful attorney-in-fact
                and agent and authorizes the Sellers' Representative acting for and on behalf of such Seller and in such Seller's name, place and stead, in any and all capacities to do and perform every act and thing required or permitted to be done in
                connection with this Agreement and the transactions contemplated by this Agreement, as fully to all intents and purposes as such Seller might or could do in person, including:

            

    

    
      45

      
        

    

    

    

    
      	
              (i)

            	
              to take any and all action on behalf of the Sellers from time to time as the Sellers' Representative may deem necessary or desirable to fulfill the interests and purposes of this
                Agreement (including this Section 7.3) and the consummation of the transactions contemplated hereby, and to engage agents and representatives (including accountants and legal counsel) to assist in connection therewith;

            

    

    
      	
              (ii)

            	
              to take any and all action on behalf of the Sellers from time to time as the Sellers' Representative may deem necessary or desirable to make or enter into any waiver, amendment,
                agreement, opinion, certificate or other document contemplated by this Agreement or otherwise related to this Agreement or the transactions contemplated hereby (including the consummation of the transactions contemplated by this Agreement);

            

    

    
      	
              (iii)

            	
              to deliver all notices required or permitted to be delivered by the Sellers; and

            

    

    
      	
              (iv)

            	
              to receive all notices required or permitted to be delivered to the Sellers.

            

    

    
      	
              (b)

            	
              Each of the Sellers grants unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing necessary or desirable to be done in connection
                with the matters described above, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that the Sellers' Representative may lawfully do or cause to be done by virtue
                hereof.  Each of the Sellers further acknowledges and agrees that, upon execution of this Agreement, with respect to any delivery by the Sellers' Representative of any waiver, amendment, agreement, opinion, certificate or other documents
                executed by the Sellers' Representative pursuant to this Section 7.3, such Seller shall be bound by such documents as fully as if such Seller had executed and delivered such documents.

            

    

    
      	
              (c)

            	
              The Sellers' Representative shall not have by reason of this Agreement a fiduciary relationship in respect of any Seller, (i) the Sellers' Representative shall not be liable to any Seller
                for any action taken or omitted by it or him hereunder or under any other document hereunder, or in connection therewith, except that the Sellers' Representative shall not be relieved of any liability imposed by law for gross negligence or
                willful misconduct, (ii) the Sellers' Representative shall not be liable to any Seller for any apportionment or distribution of payments made by it in good faith, and if any such apportionment or distribution is subsequently determined to
                have been made in error, the sole recourse of any Seller to whom payment was due, but not made, shall be to recover from the other Sellers any payment in excess

            

    

    
      46

      
        

    

    

    

    
      	
              

              

            	
              of the amount to which they are determined to have been entitled, and (iii) the Sellers' Representative shall not be required to make any inquiry concerning either the performance or
                observance of any of the terms, provisions or conditions of this Agreement.  Each of the Sellers acknowledges and agrees that the Sellers' Representative shall not be obligated to take any actions and shall be entitled to take such actions
                as the Sellers' Representative deems appropriate in such Sellers' Representative's sole discretion.

            

    

    
      	
              (d)

            	
              Flora may deal exclusively with the Sellers' Representative on any matters relating any Seller's interest in this Agreement, all other Transaction Documents to which the Sellers'
                Representative is a party or otherwise in connection with any of the transactions contemplated hereby and thereby, and shall be entitled to unconditionally rely on the Sellers' Representative's authority and assume that any action taken or
                omitted, or any document executed by, the Sellers' Representative in respect of the Sellers under or pursuant to this Agreement or the other Transaction Documents to which the Sellers' Representative is a party or in connection with any of
                the transactions contemplated hereby and thereby has been unconditionally authorized by each of the Sellers to be taken, omitted to be taken, or executed on their behalf, without any independent verification or investigation, so that each
                of the Sellers will be legally bound thereby as if such Seller had taken such action or omitted to take such action.   Flora and, from and after the Closing, Vessel is hereby relieved from any liability to any Person (including any Seller)
                for any acts done by or on behalf of Flora and, from and after the Closing, Vessel in accordance with such action, omission or execution of the Sellers' Representative, and each of the Sellers agrees not to institute any claim, lawsuit,
                arbitration or other Action against Flora or any of its Affiliates and Representatives alleging that the Sellers' Representative did not have the authority to act on behalf of each of the Sellers in connection with any such action, omission
                or execution.  Without limiting the generality of the foregoing, delivery of any amounts owing to any Seller pursuant this Agreement to the Sellers' Representative shall be deemed for all purposes hereunder delivery of such amounts to such
                Seller.  No modification or revocation of the power of attorney granted by the Sellers herein to the Sellers' Representative to serve as the Sellers' Representative shall be effective as against Flora or any of its respective Affiliates and
                Representatives until Flora has received a document signed by all of the Sellers effecting said modification or revocation.

            

    

    
      	
              Section 7.4

            	
              Brokers.

            

    

    Without limiting anything contained in this Agreement (including with respect to Transaction Costs), each party shall be responsible for the payment of any amounts that such party or any Person
      acting on behalf of such party has become obligated to pay to any broker, finder or intermediary for or on account of the transactions contemplated by this Agreement.

    
      	
              Section 7.5

            	
              Appointment of Nominee to Flora's Board of Directors.

            

    

    For a period of three (3) years following the Closing, the Sellers' Representative shall have the right to nominate one designee to stand for election as a member of Flora's Board of Directors and
      Flora shall recommend such nominee to its shareholders for election at its annual shareholders meetings; provided that any such subsequent nominee shall be subject to review and qualification by Flora's Corporate Governance and Nominating Committee.

    
      47

      
        

    

    

    

    
      	
              Section 7.6

            	
              Indemnities and Directors' and Officers' Insurance

            

    

    
      	
              (a)

            	
              After the Effective time, Flora agrees to cause Vessel and its successors to honor its obligations pursuant to indemnities provided or available to past and present officers and directors
                of Vessel pursuant to the provisions of the Organizational Documents of Vessel and any written indemnity agreements which have been entered into between Vessel and its officers and directors, in each case as in effect immediately prior to
                the Closing.

            

    

    
      	
              (b)

            	
              Prior to the Closing Date, Vessel shall secure "run off" directors' and officers' liability insurance for its officers and directors, at its own expense, covering claims made prior to or
                within six (6) years after the Closing Date and Flora agrees to cause Vessel not to take or permit any action to be taken by or on behalf of Vessel to terminate or adversely affect such directors' and officers' insurance.

            

    

    
      	
              Section 7.7

            	
              Information Statement

            

    

    Vessel shall prepare and deliver to the Vessel Shareholders an information statement for the Vessel Shareholders describing the transactions contemplated by this Agreement, including the Merger,
      including any and all information required by applicable Laws.  Such information statement, in the form delivered to the Vessel Shareholders, together with any and all amendments or supplements thereto, is herein referred to as the "Information Statement".  The Information Statement and any other materials submitted to the Vessel Shareholders in connection with the transactions contemplated by this Agreement shall be subject to prior review
      and approval by Flora, which approval shall not be unreasonably delayed or withheld. The obligations of this Section 7.7 are a condition and inducement of Flora and Acquisition Sub to enter into this Agreement and consummate the transactions
      contemplated hereby.

    
      	
              Section 7.8

            	
              Section 280G.

            

    

    
      	
              (a)

            	
              Vessel shall solicit and obtain, prior to the initiation of the requisite stockholder approval procedure set forth in Section 7.8(b), a waiver from each person whom Vessel reasonably
                believes is, with respect to Vessel, a “disqualified individual” (within the meaning of Section 280G of the Code and the regulations promulgated thereunder), as determined immediately prior to the initiation of the requisite stockholder
                approval set forth in Section 7.8(b), and who might otherwise have, receive, or have the right or entitlement to receive a parachute payment under Section 280G of the Code as a result of the transactions contemplated by this Agreement.

            

    

    
      	
              (b)

            	
              Promptly following the execution of this Agreement and after Vessel’s receipt of the waivers described in Section 7.8(a), Vessel shall submit to its stockholders for approval (in a manner
                that satisfies the applicable requirements of Section 280G(b)(5)(B) of the Code and the regulations promulgated thereunder and is reasonably satisfactory to 

              

            

    

    
      48

      
        

    

    

    

    
      	
              

              

            	
              Flora) by such number of stockholders as is required by Section 280G(b)(5)(B) of the Code so as to render the parachute payment provisions of Section 280G of the Code inapplicable to any
                and all payments, benefits, accelerated vesting, options and/or stock provided pursuant to contracts or arrangements that have been waived in accordance with Section 7.8(a) and that might otherwise result, separately or in the aggregate, in
                the payment of any amount and/or the provision of any benefit that would not be deductible by reason of Section 280G of the Code (which determination shall be made by Vessel and shall be subject to review and approval by Flora, such
                approval not to be unreasonably withheld, conditioned or delayed) (such payments and/or benefits, the “Waived 280G Benefits”).  If any of the Waived 280G Benefits fail to be approved as contemplated
                above, such Waived 280G Benefits shall not be made or provided.  No later than five (5) Business Days prior to the Closing Date, Vessel shall deliver to Flora evidence that a vote of the Vessel stockholders was solicited in accordance with
                the foregoing provision of this Section 7.8(b) and that either (i) the requisite number of votes of the Vessel stockholders was obtained with respect to the Waived 280G Benefits (the “280G Approval”)
                or (ii) the 280G Approval was not obtained, and, as a consequence, the Waived 280G Benefits shall not be made or provided.

            

    

     

      ARTICLE 8

        

      CONDITIONS PRECEDENT TO OBLIGATIONS OF FLORA

    The obligations of Flora under this Agreement shall, at the option of Flora, be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:

    
      	
              Section 8.1

            	
              No Misrepresentation or Breach of Covenants and Warranties.

            

    

    
      	
              (a)

            	
              Vessel and the Sellers' Representative shall have performed and complied in all material respects with all covenants and agreements herein required by this Agreement to be performed or
                complied with prior to the Closing (including delivery of the items set forth in Section 3.3).

            

    

    
      	
              (b)

            	
              Each of the representations and warranties of Vessel contained in this Agreement (as modified by the Disclosure Schedules but excluding any Updated Schedules delivered to Flora pursuant
                to Section 6.2) shall be true and correct as of the Closing as though made at the Closing (except to the extent that they expressly relate to an earlier date, in which case, as of such date), except for changes permitted by Section 6.2 of
                this Agreement or expressly consented to in writing by Flora, other than failures of representations and warranties to be true and correct in all respects (without giving effect to any limitation or qualification as to "materiality"
                (including the word "material") or "Material Adverse Effect" set forth herein) as would not, individually or in the aggregate, have a Material Adverse Effect on Vessel.

            

    

    
      	
              (c)

            	
              There shall have been delivered to Flora a certificate to such effect, dated the Closing Date, signed by a duly authorized officer of Vessel and the Sellers' Representative, on behalf of
                each Seller, which certificate shall also certify to the satisfaction of the condition set forth in Section 8.2.

            

    

    
      49

      
        

    

    

    

    
      	
              Section 8.2

            	
              No Material Adverse Effect.

            

    

    Between the date hereof and the Closing Date, there shall not have been any Material Adverse Effect of Vessel.

    
      	
              Section 8.3

            	
              No Restraint.

            

    

    No injunction or restraining order shall have been issued by any court of competent jurisdiction and be in effect which restrains or prohibits any material transaction contemplated hereby.

    
      	
              Section 8.4

            	
              Governmental Approvals.

            

    

    No Governmental Body shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, injunction or other order which is in effect and (x) has the effect of making the
      transactions contemplated by this Agreement illegal or otherwise restraining or prohibiting the consummation of such transactions or (y) would materially restrict or interfere with the operation of the business of Vessel after the Closing or would
      have a Material Adverse Effect, and no action or proceeding before any court or Governmental Body shall be pending wherein an unfavorable judgment, decree or order would prevent the performance of this Agreement or the consummation of any of the
      transactions contemplated hereby, declare unlawful the transactions contemplated by this Agreement or cause such transactions to be rescinded.

    
      	
              Section 8.5

            	
              Vessel Shareholder Consent.

            

    

    At the Closing, Vessel Shareholders representing at least 90% of the outstanding Shares shall have executed the Vessel Shareholder Consent and duly executed and delivered to Vessel or the Sellers'
      Representative a letter of transmittal which will be delivered to Flora.

    
      	
              Section 8.6

            	
              Third Party Consents.

            

    

    Flora shall have received written evidence reasonably satisfactory to it that all consents on Schedule 6.3(a) have been obtained.

    
      	
              Section 8.7

            	
              Restrictive Covenant Agreements.

            

    

     Flora shall have received Restrictive Covenant Agreements that have been duly executed and delivered by each Management Party in form and substance reasonably satisfactory to Flora.

    
      	
              Section 8.8

            	
              Employment Agreements.

            

    

    Flora shall have received Employment Agreements that have been duly executed and delivered by each Key Employee and Vessel in form and substance reasonably satisfactory to Flora.

    
      	
              Section 8.9

            	
              Working Capital.

            

    

    Vessel’s Working Capital is not less than $1.0 million as of the Closing Date.

    
      50

      
        

    

    

    

    
      	
              Section 8.10

            	
              Other Deliverables.

            

    

    Flora shall have received all other deliverables set forth in Section 3.3.

    Notwithstanding the failure of any one or more of the foregoing conditions, Flora may proceed with the Closing without satisfaction, in whole or in part, of any one or more of such conditions and
      without written waiver.

     

      ARTICLE 9

      

      CONDITIONS PRECEDENT TO OBLIGATIONS OF VESSEL

    The obligations of Vessel under this Agreement shall, at the option of Vessel, be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:

    
      	
              Section 9.1

            	
              No Misrepresentation or Breach of Covenants and Warranties.

            

    

    
      	
              (a)

            	
              Flora shall have performed and complied in all material respects with all covenants and agreements herein required by this Agreement to be performed or complied with prior to the Closing
                (including delivery of the items set forth in Section 2.9 and Section 3.2).

            

    

    
      	
              (b)

            	
              Each of the representations and warranties of Flora contained in this Agreement shall be true and correct as of the Closing as though made at the Closing (except to the extent that they
                expressly relate to an earlier date, in which case, as of such date), except for changes permitted by this Agreement or expressly consented to in writing by Vessel, other than failures of representations and warranties to be true and
                correct in all respects (without giving effect to any limitation or qualification as to "materiality" (including the word "material") or "Material Adverse Effect" set forth herein) as would not, individually or in the aggregate, have a
                material adverse effect on Flora's ability to consummate the transactions contemplated hereby.

            

    

    
      	
              (c)

            	
              There shall have been delivered to Vessel a certificate to such effect, dated the Closing Date, signed on behalf of Flora by a duly authorized officer of Flora.

            

    

    
      	
              Section 9.2

            	
              No Material Adverse Effect.

            

    

    Between the date hereof and the Closing Date, there shall not have been any Material Adverse Effect of Flora.

    
      	
              Section 9.3

            	
              No Restraint.

            

    

    No injunction or restraining order shall have been issued by any court of competent jurisdiction and be in effect which restrains or prohibits any material transaction contemplated hereby.

    
      	
              Section 9.4

            	
              Governmental Approvals.

            

    

    No Governmental Body shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, injunction or other order which is in effect and (x) has the effect of making the
      transactions contemplated by this Agreement illegal or otherwise restraining or prohibiting the consummation of such transactions or (y) would have a Material Adverse Effect, and no action or proceeding before any court or Governmental Body shall be
      pending wherein an unfavorable judgment, decree or order would prevent the performance of this Agreement or the consummation of any of the transactions contemplated hereby, declare unlawful the transactions contemplated by this Agreement or cause
      such transactions to be rescinded.

    
      51

      
        

    

    

    

    
      	
              Section 9.5

            	
              Other Deliverables.

            

    

    The Sellers' Representative (acting on behalf of the Sellers) shall have received all other deliverables set forth in Section 3.2.

    Notwithstanding the failure of any one or more of the foregoing conditions, the Sellers' Representative (acting on behalf of the Sellers) may proceed with the Closing without satisfaction, in whole
      or in part, of any one or more of such conditions and without written waiver, except with respect to the requirement that any waiting period (or any extension thereof) under the Competition Laws shall have been expired or terminated and any consent
      or approval from any Governmental Body shall have been obtained.

     

      ARTICLE 10

      

      TERMINATION

    
      	
              Section 10.1

            	
              Termination.

            

    

    Anything contained in this Agreement to the contrary notwithstanding, this Agreement may be terminated at any time prior to the Closing Date:

    
      	
              (a)

            	
              by the mutual consent of Flora and Vessel;

            

    

    
      	
              (b)

            	
              by Flora in the event of any breach by Vessel of any of its covenants, agreements, representations or warranties contained herein which has resulted in (i) a Material Adverse Effect of
                Vessel, (ii) a material adverse effect on the ability of Vessel to consummate the transactions contemplated hereby, or (iii) any of the closing conditions set forth in Article 8 other than Section 8.2 not reasonably capable of being
                satisfied prior to the End Date; provided, however, that, subject to Section 10.1(d), if such breach is curable by Vessel through the exercise of commercially reasonable efforts and for so long as Vessel continues to exercise such
                commercially reasonable efforts, Flora may not terminate this Agreement under this Section 10.1(b);

            

    

    
      	
              (c)

            	
              by Vessel in the event of any breach by Flora of any of Flora's covenants, agreements, representations or warranties contained herein which has resulted in (i) a material adverse effect
                on Flora's ability to consummate the transactions contemplated hereby, or (ii) any of the closing conditions set forth in Article 9 not reasonably capable of being satisfied prior to the End Date; provided, however, that,
                subject to Section 10.1(d), if such breach is curable by Flora through the exercise of commercially reasonable efforts and for so long as Flora continues to exercise such commercially reasonable efforts, Vessel may not terminate this
                Agreement under this Section 10.1(c); 

              

            

    

    
      52

      
        

    

    

    

    

    
      	
              (d)

            	
              by Flora or Vessel if the Closing shall not have occurred on or before December 15, 2021 (the "End Date")
                (or such later date as may be mutually agreed in writing by Flora and the Vessel); provided, however, that no termination may be made under this Section 10.1(d) if the failure to close on or prior to such date shall be caused by the action
                or inaction of the terminating party (and in the case of Vessel, including for this purpose any of the Sellers); provided, further, that if, on the End Date, all of the conditions set forth in Article 8 and Article 9
                have been satisfied and fulfilled or, if permissible pursuant to the terms hereof, waived, other than the conditions set forth in Section 8.4 and Section 9.4 hereto (and other than those conditions to be satisfied simultaneously at
                Closing), then the End Date shall automatically be extended until December 31, 2021; or

            

    

    
      	
              (e)

            	
              by Flora if the Vessel Shareholder Consent has not been obtained from the Requisite Supporting Shareholders within 48 hours after the execution and delivery hereof.

            

    

    
      	
              Section 10.2

            	
              Notice of Termination.

            

    

    Any party desiring to terminate this Agreement pursuant to Section 10.1 shall give written notice of such termination to the other party to this Agreement.

    
      	
              Section 10.3

            	
              Effect of Termination.

            

    

    If this Agreement shall be terminated pursuant to this Article 10, all further obligations of the parties under this Agreement shall be terminated without further liability of any party to the
      other (other than the provisions of Sections 10.3, 11.2, 11.3, 11.8 and 11.12, which sections shall survive any termination of this Agreement); provided, however, that nothing herein shall relieve any party from liability for its
      willful breach of this Agreement.

    
      	
              Section 10.4

            	
              Flora Damages.

            

    

    If at any time after the execution of this Agreement, Flora terminates this Agreement pursuant to Section 10.1(b)(iii) (the "Flora Damages Event"), Vessel
      shall pay to Flora $1.0 million (the "Flora Damages Fee"), as liquidated damages in immediately available funds to an account designated by Flora within two (2) Business Days of such termination.  Following a
      Flora Damages Event, but prior to payment of the Flora Damages Fee as required, Vessel shall be deemed to hold such funds in trust for Flora.  Vessel shall only be obligated to pay the Flora Damages Fee once pursuant to this Section 10.4.

    
      	
              Section 10.5

            	
              Vessel Damages.

            

    

    If at any time after the execution of this Agreement, Vessel terminates this Agreement pursuant to Section 10.1(c)(ii) (the "Vessel Damages Event"), Flora
      shall pay to Vessel $1.0 million (the "Vessel Damages Fee"), as liquidated damages in immediately available funds to an account designated by Vessel within two (2) Business Days of such termination.  Following
      a Vessel Damages Event, but prior to payment of the Vessel Damages Fee as required, Flora shall be deemed to hold such funds in trust for Vessel.  Flora shall only be obligated to pay the Vessel Damages Fee once pursuant to this Section 10.5.

    
      53

      
        

    

    

    

    
      	
              Section 10.6

            	
              Injunctive Relief and Remedies.

            

    

    Each party agrees that irreparable harm would occur for which money damages would not be an adequate remedy at law in the event that any of the provisions of this Agreement were not performed by
      the other Parties in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that each party shall be entitled to seek injunctive relief to restrain any breach or threatened breach by another party of the covenants
      or agreements set forth in this Agreement or otherwise to obtain specific performance of any of such act, covenants or agreements, without the necessity of posting bond or security in connection therewith, this being in addition to any other remedy
      to which such party may be entitled at law or in equity.  Each of the Parties acknowledges that the agreements contained in Section 10.4 and Section 10.5 are an integral part of the transaction contemplated by this Agreement, and that without these
      agreements the Parties would not enter into this Agreement; and further that the payment of the Flora Damages Fee and in the circumstances set forth in Section 10.4 and the payment of the Vessel Damages Fee in the circumstances set forth in
      Section 10.5 is a payment of liquidated damages which is a genuine pre-estimate of the damages which Flora or Vessel, as applicable, shall suffer or incur as a result of the event giving rise to such damages and resultant termination of this
      Agreement and is not a penalty.  Vessel and Flora, as applicable, irrevocably waives any right it may have to raise as a defense that any such liquidated damages are excessive or punitive.  Notwithstanding anything to the contrary herein, the
      limitations set forth in this Article 10 shall not apply in the event of willful breach of this Agreement by another party.

     

      ARTICLE 11

      

      GENERAL PROVISIONS

    
      	
              Section 11.1

            	
              Survival of Representations, Warranties and Covenants.

            

    

    The representations and warranties contained herein shall terminate on, and may not be relied upon, by either party after the Closing.  Notwithstanding anything herein to the contrary, the
      limitations set forth in this Section 11.1 shall not apply with respect to claims of willful breach, fraud or intentional misrepresentation.

    
      	
              Section 11.2

            	
              No Public Announcement.

            

    

    Neither Flora nor Vessel shall, or shall cause their Affiliate or representatives to, without the approval of the other, make any press release or other public announcement concerning the
      transactions contemplated by this Agreement, except as and to the extent that any such party shall be so obligated by Requirements of Law, in which case the other party shall be advised and the parties shall, to the extent practicable, use their
      commercially reasonable efforts to cause a mutually agreeable release or announcement to be issued; provided, however, that the foregoing shall not preclude communications or disclosures necessary to implement the provisions of this Agreement or to
      comply with any Requirements of Law, including disclosure obligations pursuant to the rules of any stock exchange.

    
      54

      
        

    

    

    

    
      	
              Section 11.3

            	
              Notices.

            

    

    All notices or other communications required or permitted hereunder shall be in writing and shall be deemed given or delivered when delivered personally or within two (2) Business Days after sent
      by registered or certified mail or by private courier addressed or sent by email transmission as follows:

    If to Flora, to:

    Flora Growth Corp.

      198 Davenport Road

      Toronto, Ontario M5R 1J2, Canada

    Attention:  Matthew Cohen, Vice President, U.S. Legal

      Email:  matt.cohen@floragrowth.com

    with a copy to (which shall not constitute notice):

    Bryan Cave Leighton Paisner LLP

      1290 Avenue of the Americas

      New York, New York 10104

    Attention:  David E. Fisher

      Email:  defisher@bclplaw.com

    If to the Sellers or the Sellers' Representative, to:

    c/o Vessel Brand, Inc.

      2236 Rutherford Road, Suite 103

      Carlsbad, CA 92008

    Attention:  James Choe

      Email:  james@vesselbrand.com

    with a copy to  (which shall not constitute notice):

    Stikeman Elliott LLP

      Suite 4300, 888 - 3rd Street SW

      Calgary, Alberta T2P 5C5

    Attention:  Sony Gill

      Email:  sgill@stikeman.com

    If to Vessel (prior to Closing), to:

    Vessel Brand, Inc.

      2236 Rutherford Road, Suite 103

      Carlsbad, CA 92008

    
      55

      
        

    

    

    

    Attention:  James Choe

      Email:  james@vesselbrand.com

    with a copy to  (which shall not constitute notice):

    Stikeman Elliott LLP

      Suite 4300, 888 - 3rd Street SW

      Calgary, Alberta T2P 5C5

    Attention:  Sony Gill

      Email:  sgill@stikeman.com

    or to such other address as such party may indicate by a notice delivered to the other party hereto.

    
      	
              Section 11.4

            	
              Successors and Assigns; No Third Party Rights.

            

    

    This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; provided, however, that no party to this Agreement may
      assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other parties to this Agreement, except that no consent shall be required for any Flora to assign its rights and delegate its
      obligations to an Affiliate thereof; provided, that no such assignment or delegation shall relieve the assignor or delegor from its obligations hereunder.  Except as set forth in Section 7.6 and Article 10, this Agreement shall be for the
      sole benefit of the parties to this Agreement and their respective heirs, successors and permitted assigns and is not intended, nor shall be construed, to give any Person, including without limitation employees or former employees (including any
      beneficiary or dependent thereof) of Vessel, or other representatives of such employees or former employees, or trustees, administrators, participants, or beneficiaries of any Benefit Plan, other than the parties hereto and their respective heirs,
      successors and permitted assigns any legal or equitable right, remedy or claim hereunder.

    
      	
              Section 11.5

            	
              Entire Agreement; Amendments.

            

    

    This Agreement, the Exhibits and Schedules referred to herein  and the documents delivered pursuant hereto contain the entire understanding of the parties hereto with regard to the subject matter
      contained herein or therein, and supersede all other prior representations, warranties, agreements, understandings or letters of intent between or among any of the parties hereto.  This Agreement shall not be amended, modified or supplemented except
      by a written instrument signed by Flora and Vessel (if prior to the Closing) or the Sellers' Representative (if after the Closing).

    
      	
              Section 11.6

            	
              Interpretation.

            

    

    Disclosure of any fact or item in any Disclosure Schedule hereto referenced by a particular section in this Agreement shall be deemed to have been disclosed with respect to every other section in
      this Agreement to the extent that the disclosure is reasonably apparent from its face to be applicable to such other Disclosure Schedule.  Neither the specification of any dollar amount in any representation or 

    

    
      56

      
        

    

    

    

    warranty contained in this Agreement nor the inclusion of any specific item in any Disclosure Schedule hereto is intended to imply that such amount, or higher or lower amounts, or the item so
      included or other items, are or are not material, and no party shall use the fact of the setting forth of any such amount or the inclusion of any such item in any dispute or controversy between the parties as to whether any obligation, item or matter
      not described herein or included in any Disclosure Schedule is or is not material for purposes of this Agreement.  Unless this Agreement specifically provides otherwise, neither the specification of any item or matter in any representation or
      warranty contained in this Agreement nor the inclusion of any specific item in any Disclosure Schedule hereto is intended to imply that such item or matter, or other items or matters, are or are not in the ordinary course of business (except to the
      extent so explicitly provided), and no party shall use the fact of the setting forth or the inclusion of any such item or matter in any dispute or controversy between the parties as to whether any obligation, item or matter not described herein or
      included in any Schedule is or is not in the ordinary course of business for purposes of this Agreement.  Pursuant to and in accordance with Section 6.2, Vessel may, from time to time prior to or at the Closing, deliver Updated Schedules to Flora. 
      No such Updated Schedule shall be evidence, in and of itself, that the representations and warranties in the corresponding section are no longer true and correct in all material respects.  Solely to the extent expressly provided in Section 6.2,
      (i) such Updated Schedules shall be effective to cure and correct any breach of any representation, warranty or covenant which would have existed if Vessel had not delivered such Updated Schedules, and (ii) all references to any Disclosure Schedule
      which is supplemented or amended as provided in Section 6.2 shall for all purposes be deemed to be a reference to such Disclosure Schedule as so supplemented or amended by such Updated Schedule.

    
      	
              Section 11.7

            	
              Waivers.

            

    

    Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by the party or parties entitled to the benefit thereof.  Any such waiver shall be validly
      and sufficiently authorized for the purposes of this Agreement if, as to any party, it is authorized in writing by an authorized representative of such party.  The failure of any party hereto to enforce at any time any provision of this Agreement
      shall not be construed to be a waiver of such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any party thereafter to enforce each and every such provision.  No waiver of any breach of this
      Agreement shall be held to constitute a waiver of any other or subsequent breach.

    
      	
              Section 11.8

            	
              Expenses.

            

    

    Except as expressly set forth herein, each party hereto will pay all costs and expenses incident to its negotiation and preparation of this Agreement and to its performance and compliance with all
      agreements and conditions contained herein on its part to be performed or complied with, including the fees, expenses and disbursements of its counsel and independent public accountants, regardless of whether the transactions provided for in this
      Agreement are consummated.

    
      	
              Section 11.9

            	
              Partial Invalidity.

            

    

    Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall,
      for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such
      invalid, illegal or unenforceable provision or provisions or any other provisions hereof, unless such a construction would be unreasonable.

    
      57

      
        

    

    

    

    
      	
              Section 11.10

            	
              Execution in Counterparts.

            

    

    This Agreement may be executed in counterparts, each of which shall be considered an original instrument, but all of which shall be considered one and the same agreement, and shall become binding
      when one or more counterparts have been signed by each of the parties hereto and delivered to the Sellers' Representative, Vessel and Flora.

    
      	
              Section 11.11

            	
              Further Assurances.

            

    

    Without limiting the provisions of Section 6.3 and subject thereto, upon the terms and subject to the conditions herein, each of the parties hereto agrees to use its commercially reasonable efforts
      to take or cause to be taken all action, to do or cause to be done, and to assist and cooperate with the other party in doing, all things necessary, proper or advisable under applicable laws and regulations or otherwise to consummate and make
      effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement, including (i) the satisfaction of the conditions precedent to the obligations of any of the parties hereto; (ii) the defending of any lawsuits or
      other legal proceedings, whether judicial or administrative, challenging this Agreement or the performance of the obligations hereunder; and (iii) the execution and delivery of such instruments, and the taking of such other actions as the other party
      hereto may reasonably require in order to carry out the intent of this Agreement.

    
      	
              Section 11.12

            	
              Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

            

    

    All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the schedules and exhibits hereto shall be governed by, and construed in
      accordance with, the laws of the State of Delaware without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any
      jurisdiction other than the State of Delaware.  In furtherance of the foregoing, the internal law of the State of Delaware shall control the interpretation and construction of this Agreement (and all schedules and exhibits hereto), even though under
      that jurisdiction's choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.  Each of the parties submits to the exclusive jurisdiction of any state or federal court sitting in the State of
      Delaware, in any action or proceeding arising out of or relating to this Agreement, agrees that all claims in respect of the action or proceeding may be heard and determined in any such court and agrees not to bring any action or proceeding arising
      out of or relating to this Agreement in any other court.  Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of
      any other party with respect thereto.  Each party agrees that service of summons and complaint or any other process that might be served in any action or proceeding may be made on such party by sending or delivering a copy of the process to the party
      to be served at the address of the party and in the manner provided for the giving of notices in Section 11.3.  Nothing in this Section 11.12, however, shall affect the right of any party to serve legal process in any other manner permitted by law.

    
      58

      
        

    

    

    

    Each party agrees that a final, non-appealable judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by
      law.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

    
      	
              Section 11.13

            	
              Specific Performance.

            

    

    Vessel and Flora acknowledge that the rights of each party to consummate the transactions contemplated hereby are unique and recognize and affirm that in the event of a breach of this Agreement by
      any party, money damages may be inadequate and the non-breaching party may have no adequate remedy at law.  Accordingly, the parties agree that such non-breaching party shall have the right, in addition to any other rights and remedies existing in
      their favor at law or in equity, to enforce their rights and the other party's obligations hereunder not only by an action or actions for damages but also by an action or actions for specific performance, injunctive and/or other equitable relief
      (without posting of bond or other security).

    [signature pages follow]

    
      59

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.

    	
            FLORA GROWTH CORP.

          
	
            By:

          	/s/Luis Merchan
	 	
            Name:  Luis Merchan

          
	 	
            Title:  Chief Executive Officer

          
	 	 

    

    

    	
            VESSEL ACQUISITION SUB, INC.

          
	
            By:

          	/s/Matthew Cohen
	 	
            Name: Matthew Cohen

          
	 	
            Title: President

          
	 	 

    

    

    	
            VESSEL BRAND, INC.

          
	
            By:

          	/s/James Choe
	 	
            Name: James Choe

          
	 	
            Title: CEO

          
	 	 

    

    

    	
            SELLERS' REPRESENTATIVE

          
	 	/s/James Choe
	 	
            James Choe

          

    

    

  

  60EX-4.1

 Exhibit 4.1 

WARRANT AGREEMENT 
 BLOCKCHAIN
COINVESTORS ACQUISITION CORP. I 
 and 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY 

Dated November 9, 2021 

THIS WARRANT AGREEMENT (this “Agreement”), dated November 9, 2021, is by and
between Blockchain Coinvestors Acquisition Corp. I, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such
capacity, the “Warrant Agent”). 
 WHEREAS, it is proposed that the Company enter into that certain
Private Placement Units Purchase Agreement, with Blockchain Coinvestors Acquisition Sponsors I LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 1,244,000
units (or 1,322,300 units if the underwriters exercise their Over-allotment Option in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable) (the “Private Placement
Units”) at a purchase price of $10.00 per Private Placement Unit. In connection therewith, the Company will issue and deliver 622,000 whole warrants (or 661,150 whole warrants if the underwriters exercise their Over-allotment Option in
full) to the Sponsor, bearing the restrictive legend set forth in Exhibit B hereto (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder thereof to purchase one Ordinary Share (as
defined below) at a price of $11.50 per share, subject to adjustment as described herein; and 
 WHEREAS, in order to finance the
Company’s transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a
“Business Combination”), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to
$1,500,000 of such loans may be convertible into up to an additional 150,000 Private Placement Units at a price of $10.00 per Private Placement Unit; and 

WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity
securities, each such unit comprised of one Ordinary Share and one-half of one Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and
deliver up to 13,050,000 redeemable warrants (or up to 15,007,500 redeemable warrants if the underwriters exercise their Over-allotment Option in full) to public investors in the Offering (the “Public Warrants” and, together
with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary
Shares”), for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able to exercise any fraction of a Warrant; and 

WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) registration statement
on Form S-1, File No. 333-259091, and a prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended
(the “Securities Act”), of the Units, the Public Warrants and the Ordinary Shares included in the Units; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 
 WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and 

 WHEREAS, all acts and things have been done and performed which are necessary to make the
Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company
for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. Warrants. 
 2.1.
Form of Warrant. Each Warrant shall initially be issued in registered form only. 
 2.2. Effect of Countersignature. If a
physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a certificated Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3. Registration. 

2.3.1. Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such
denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through,
records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”). 

If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the
Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall
provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form
evidencing such Warrants (“Definitive Warrant Certificates”) which shall be in the form annexed hereto as Exhibit A. 

Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer,
President, Chief Financial Officer or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant
before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

2.3.2. Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby, for the purpose of any
exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

2.4. Detachability of Warrants. The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the 52nd
day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”), then
on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Cantor Fitzgerald & Co. and Moelis and Company, but in no event shall the

 
Ordinary Shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a Current Report on Form 8-K with
the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of their right to purchase
additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Current Report on Form 8-K, and (B) the Company
issues a press release announcing when such separate trading shall begin. 
 2.5. Fractional Warrants. The Company shall not issue
fractional Warrants other than as part of the Units, each of which is comprised of one Ordinary Share and one-half of one whole Public Warrant. If, upon the detachment of Public Warrants from the Units or
otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder. Only whole Warrants may be exercised. 

2.6. Private Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they
are held by the Sponsor or any of its Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised for cash or on a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) including
the Ordinary Shares issuable upon exercise of the Private Placement Warrants, may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination and (iii) shall not be
redeemable by the Company pursuant to Section 6.1 hereof; provided, however, that in the case of (ii), the Private Placement Warrants and any Ordinary Shares issued upon exercise of the Private Placement Warrants may be
transferred by the holders thereof: 
 (a) to the Company’s officers or directors, any affiliates or family members of any of the
Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; 

(b) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which
is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; 
 (c) in the case of an
individual, by virtue of laws of descent and distribution upon death of the individual; 
 (d) in the case of an individual, pursuant to a
qualified domestic relations order; 
 (e) by private sales or transfers made in connection with any forward purchase agreement or similar
agreement or in connection with the consummation of the Company’s Business Combination at prices no greater than the price at which the Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased; 

(f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; 

(g) to the Company for no value for cancellation in connection with the consummation of the Company’s initial Business Combination; 

(h) in the event of the Company’s liquidation prior to the completion of its initial Business Combination; or 

(i) in the event of the Company’s completion of a liquidation, merger, share exchange or other similar transaction which results in all of
the public shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; 

provided, however, that, in the case of clauses (a) through (f), these permitted transferees (the “Permitted
Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. 

 3. Terms and Exercise of Warrants. 

3.1. Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of
this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent
permitted hereunder) described in the prior sentence at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined
below) for a period of not less than fifteen Business Days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or applicable law); provided that the Company shall provide at least five
(5) days’ prior written notice of such reduction to Registered Holders of the Warrants; and provided further, that any such reduction shall be identical among all of the Warrants. 

3.2. Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A)
commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a Business Combination, and (ii) the date that is twelve (12) months from the date of the closing of the
Offering, and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the
Company in accordance with the Company’s amended and restated memorandum and articles of association, as amended from time to time, if the Company fails to complete a Business Combination, and (z) other than with respect to the Private
Placement Warrants then held by the Sponsor or its Permitted Transferees with respect to a redemption pursuant to Section 6.1 hereof, 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in
Section 6.2 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection
3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement
Warrant then held by the Sponsor or its Permitted Transferees in connection with a redemption pursuant to Section 6.1 hereof) in the event of a redemption (as set forth in Section 6 hereof), each
Warrant (other than a Private Placement Warrant then held by the Sponsor or its Permitted Transferees in the event of a redemption pursuant to Section 6.1 hereof) not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the
Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration
among all the Warrants. 
 3.3. Exercise of Warrants. 

3.3.1. Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder
thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised
(the “Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an
election to purchase (“Election to Purchase”) any Ordinary Shares pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the
case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) the payment in full of the Warrant Price for each Ordinary Share as to which the Warrant is exercised and any and
all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows: 

 (a) in lawful money of the United States, in good certified check or good bank draft
payable to the order of the Warrant Agent or wire transfers; 
 (b) [Reserved]; 

(c) with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor or a Permitted Transferee,
by surrendering the Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Sponsor Fair Market
Value” (as defined in this subsection 3.3.1(c)) less the Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Sponsor Fair Market
Value” shall mean the average reported closing price of the Ordinary Shares for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of exercise of the Private Placement Warrant is sent
to the Warrant Agent; or 
 (d) as provided in Section 7.4 hereof. 

3.3.2. Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the
funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to
which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned
Warrant, as applicable, for the number of Ordinary Shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant
and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current,
subject to the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is available. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares
upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered
Holder of the Warrants. Subject to Section 4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of Ordinary Shares. The Company may require holders of Public Warrants to
settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such
Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to such holder. 

3.3.3. Valid Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable. 
 3.3.4. Date of Issuance. Each person in whose name any book-entry position or
certificate, as applicable, for Ordinary Shares is issued and who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which the Warrant,
or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender
and payment is a date when the register of members of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on
which the share transfer books or book-entry system are open. 
 3.3.5. Maximum Percentage. A holder of a Warrant may notify the
Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If
the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person
(together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after
giving effect to such exercise. For 

 
purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise
of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such
person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes
or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may
rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q,
Current Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or Continental
Stock Transfer & Trust Company, as transfer agent (in such capacity, the “Transfer Agent”), setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder
of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case, the number of issued and outstanding Ordinary Shares shall be determined
after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of issued and outstanding Ordinary Shares was reported. By written notice to the Company,
the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company. 
 4. Adjustments. 

4.1. Share Capitalizations. 

4.1.1. Sub-Divisions. If after the date hereof, and subject to the provisions of
Section 4.6 below, the number of issued and outstanding Ordinary Shares is increased by a capitalization or share dividend of Ordinary Shares, or by a sub-division of Ordinary Shares
or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in
proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering made to all or substantially all holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the “Historical Fair
Market Value” (as defined below) shall be deemed a capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the
Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken
into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average price of the Ordinary
Shares during the ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No
Ordinary Shares shall be issued at less than their par value. 

 4.1.2. Extraordinary Dividends. If the Company, at any time while the Warrants are
outstanding and unexpired, pays to all or substantially all of the holders of the Ordinary Shares a dividend or makes a distribution in cash, securities or other assets on account of such Ordinary Shares (or other securities into which the Warrants
are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed
initial Business Combination, (d) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to
modify the substance or timing of the Company’s obligation to provide holders of Ordinary Shares the right to have their shares redeemed in connection with the Company’s initial Business Combination or to redeem 100% of the Company’s
public shares if it does not complete its initial Business Combination within the time period required by the Company’s amended and restated memorandum and articles of association, as amended from time to time, or (ii) with respect to any
other provision relating to the rights of holders of Ordinary Shares, (e) as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval or
(f) in connection with the redemption of public shares upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such
non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such
Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s board of directors (the “Board”), in good faith) of any securities or other assets paid on each Ordinary Share in
respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share
amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution to the extent it does not
exceed $0.50 (which amount shall be adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to
the Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant). 
 4.2. Aggregation of Shares. If after
the date hereof, and subject to the provisions of Section 4.6 hereof, the number of issued and outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Ordinary
Shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in
proportion to such decrease in issued and outstanding Ordinary Shares. 
 4.3. Adjustments in Exercise Price. Whenever the number of
Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant
Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which
shall be the number of Ordinary Shares so purchasable immediately thereafter. 
 4.4. Raising of the Capital in Connection with the
Initial Business Combination. If (x) the Company issues additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective
issue price of less than $9.20 per Ordinary Share (with such issue price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any
Class B ordinary shares, par value $0.00009 per share, of the Company held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such
issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the completion of the Company’s initial Business Combination (net
of redemptions), and (z) the volume-weighted average trading price of Ordinary Shares during the twenty (20) trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination
(such price, the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share
redemption trigger price described in Section 6.1 shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. 

 4.5. Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the issued and outstanding Ordinary Shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such Ordinary
Shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with
which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company
immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the
“Alternative Issuance”); provided, however, that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such
consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received
per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Ordinary Shares
(other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Company’s amended and restated memorandum and articles of association or as a
result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the
maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker
(within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Ordinary Shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or
other property to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Ordinary Shares held
by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this
Section 4; provided further that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of shares in the successor entity that is listed
for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following
such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share
Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the
consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (assuming zero dividends) (“Bloomberg”). For purposes of calculating such amount,
(i) Section 6 of this Agreement shall be taken into account, (ii) the price of each Ordinary Share as reported shall be the volume weighted average price of the Ordinary Shares during the ten (10) trading day
period ending on the trading day prior to the effective date of the applicable event, (iii) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to
the day of the announcement of the applicable event and (iv) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share
Consideration” means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average price of
the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in Ordinary Shares covered
by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event shall the Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant. 

 4.6. Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number
of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1,
4.2, 4.3, 4.4 or 4.5, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the
effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

4.7. No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue
fractional shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional
interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such holder. 

4.8. Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this
Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the
Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 5. Transfer and Exchange of Warrants. 

5.1. Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, in the case of a certificated Warrant, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new
Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the
Company from time to time upon request. 
 5.2. Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant
Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal
aggregate number of Warrants; provided, however, that except as otherwise provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary, to another nominee of the
Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement
Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new
Warrants must also bear a restrictive legend. 
 5.3. Fractional Warrants. The Warrant Agent shall not be required to effect any
registration of transfer or exchange which shall result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. 

5.4. Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 

5.5. Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with
the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly
executed on behalf of the Company for such purpose. 

 5.6. Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be
transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating
to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment
Date. 
 6. Redemption. 

6.1. Redemption of Warrants for Cash. Subject to Section 6.4 hereof, not less than all of the outstanding
Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below,
at a Redemption Price of $0.01 per Warrant, provided that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there is an effective
registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as
defined in Section 6.2 below). 
 6.2. Date Fixed for, and Notice of, Redemption; Redemption Price; Reference
Value. In the event that the Company elects to redeem the Warrants pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be
mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders
of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder
received such notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Section 6.1 and (b) “Reference
Value” shall mean the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to
the date on which notice of the redemption is given. 
 6.3. Exercise After Notice of Redemption. The Warrants may be exercised, for
cash at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall
have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 
 6.4. Exclusion of Private Placement
Warrants. The Company agrees that the redemption rights provided in Section 6.1 hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be
held by the Sponsor or its Permitted Transferees. However, once such Private Placement Warrants are transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem the Private
Placement Warrants pursuant to Section 6.1 hereof, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants
prior to redemption pursuant to Section 6.3 hereof. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and shall
become Public Warrants under this Agreement, including for purposes of Section 9.8 hereof. 
 7. Other Provisions
Relating to Rights of Holders of Warrants. 
 7.1. No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof
to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the
meetings of shareholders or the election of directors of the Company or any other matter. 
 7.2. Lost, Stolen, Mutilated, or Destroyed
Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 

 7.3. Reservation of Ordinary Shares. The Company shall at all times reserve and keep
available a number of its authorized but unissued Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

7.4. Registration of Ordinary Shares; Cashless Exercise at Company’s Option. 

7.4.1. Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than twenty
(20) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the Ordinary
Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of its initial Business Combination and to
maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not
been declared effective by the sixtieth (60th) Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) Business Day after the closing of the
Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the issuance of the
Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of
Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) less the Warrant Price by
(y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume-weighted average price of the Ordinary Shares as reported during the ten (10) trading day
period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received
by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the
Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required to be registered under the
Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the
Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall
continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1. 

7.4.2. Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Public Warrant not
listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who
exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so elects, the
Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement
to the contrary, and (y) use its commercially reasonable efforts to register or qualify for sale the Ordinary Shares issuable upon exercise of the Public Warrant under applicable blue sky laws to the extent an exemption is not available. 

8. Concerning the Warrant Agent and Other Matters. 

8.1. Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such Ordinary Shares. 

 8.2. Resignation, Consolidation, or Merger of Warrant Agent. 

8.2.1. Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the
Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or
incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the
County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing under the
laws of the State of New York, in good standing and having its principal office in the United States of America, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent
hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and
effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 

8.2.2. Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the Transfer Agent for the Ordinary Shares not later than the effective date of any such appointment. 

8.2.3. Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be
consolidated or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

8.3. Fees and Expenses of Warrant Agent. 

8.3.1. Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

8.3.2. Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

8.4. Liability of Warrant Agent. 

8.4.1. Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer, the Chief Financial Officer or the Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 
 8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the
Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith. 

 8.4.3. Exclusions. The Warrant Agent shall have no responsibility with respect to
the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this
Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or
the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant
to this Agreement or any Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and nonassessable. 
 8.5.
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with
respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise of the Warrants. 

8.6. Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or
claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and Continental Stock
Transfer & Trust Company as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all
Claims against the Trust Account and any and all rights to seek access to the Trust Account. 
 9. Miscellaneous Provisions. 

9.1. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall
bind and inure to the benefit of their respective successors and assigns. 
 9.2. Notices. Any notice, statement or demand authorized
by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Blockchain Coinvestors Acquisition Corp. I 

PO Box 1093, Boundary Hall 

Cricket Square, Grand Cayman 
 KY1-1102, Cayman Islands 
 Attention: Lou Kerner 

with a copy to: 
 Perkins Coie LLP

 1120 N.W. Couch Street Tenth Floor 

Portland, Oregon 97209 

Attention: M. Christopher Hall and Gina Eiben 

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent
shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed
in writing by the Warrant Agent with the Company), as follows: 

 Continental Stock Transfer & Trust Company 

One State Street, 30th Floor 
 New
York, NY 10004 
 Attention: Compliance Department 

9.3. Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be
governed in all respects by the laws of the State of New York. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced
in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The
Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty
created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. 

Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to
the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United
States District Court for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and
federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement
action”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder. 

9.4. Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person,
corporation or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All
covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants. 

9.5. Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
Warrant Agent in the United States of America, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent. 

9.6. Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

9.7. Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof. 
 9.8. Amendments. This Agreement may be amended by the parties hereto without the consent of any
Registered Holder for the purpose of (i) curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, or defective
provision contained herein, (ii) amending the definition of “Ordinary Cash Dividend” as contemplated by and in accordance with the second sentence of subsection 4.1.2 or (iii) adding or changing any provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the rights of the Registered Holders under this Agreement. All other modifications or
amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants, shall require the vote or written consent of the Registered
Holders of 65% of the then-outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of this Agreement with respect to the Private Placement Warrants, 65% of the
then-outstanding Private Placement Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of
the Registered Holders. 

 9.9. Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Exhibit A—Form of Warrant Certificate 
 Exhibit B
Legend—Private Placement Warrants 

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

			
	BLOCKCHAIN COINVESTORS ACQUISITION CORP. I
		
	By:	 	/s/ Lou Kerner
		 	Name: Lou Kerner
		 	Title: Chief Executive Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
		
	By:	 	/s/ Ana Gois
		 	Name: Ana Gois
		 	Title: Vice President

 EXHIBIT A 

[FACE] 
 Number 

Warrants 
 THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

Blockchain Coinvestors Acquisition Corp. I 

Incorporated Under the Laws of the Cayman Islands 

CUSIP _____ 
 Warrant
Certificate 
 This Warrant Certificate certifies that [     ], or registered assigns, is the
registered holder of [     ] warrant(s) (the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value (“Ordinary
Shares”), of Blockchain Coinvestors Acquisition Corp. I, a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement
referred to below, to receive from the Company that number of fully paid and nonassessable Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement,
payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or
agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant
Agreement. 
 Each whole Warrant is initially exercisable for one fully paid and non-assessable
Ordinary Share. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to
the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the
Warrant Agreement. 
 The initial Exercise Price per one Ordinary Share for any Warrant is equal to $11.50 per share. The Exercise Price is
subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. 
 Subject to the conditions set forth in
the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as
set forth in the Warrant Agreement. 
 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the
reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New
York. 

 
			
	 BLOCKCHAIN COINVESTORS ACQUISITION CORP. I

		
	 By:
	 	 
		 	 Name:

		 	 Title:

	
	 CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [     ] Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as
of                , 2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the
rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or
Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings
given to them in the Warrant Agreement. 
 Warrants may be exercised at any time during the Exercise Period set forth in the Warrant
Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed and executed, together with payment of the
Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of
Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of
Warrants not exercised. 
 Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised
unless at the time of exercise (i) a registration statement covering the issuance of the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Ordinary Shares is
current, except through “cashless exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides
that upon the occurrence of certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be
entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for
this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company. 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive [    
] Ordinary Shares and herewith tenders payment for such Ordinary Shares to the order of Blockchain Coinvestors Acquisition Corp. I (the “Company”) in the amount of $[     ] in accordance with the terms
hereof. The undersigned requests that a certificate for such Ordinary Shares be registered in the name of [     ], whose address is [     ] and that such Ordinary Shares be delivered to
[     ] whose address is [     ]. If said [     ] number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant
Certificate representing the remaining balance of such Ordinary Shares be registered in the name of [     ], whose address is [     ] and that such Warrant Certificate be delivered to [    
], whose address is [     ]. 
 In the event that the Warrant is a Private Placement Warrant that is to be exercised on
a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant
Agreement. 
 In the event that the Warrant is to be exercised on a “cashless” basis pursuant to
Section 7.4 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of Ordinary Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Ordinary Shares. If said number of shares is less than all of the
Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of
[     ], whose address is [     ] and that such Warrant Certificate be delivered to [     ], whose address is [     ]. 

[Signature Page Follows] 

					
	Date: [                     ], 20	 		 	   

		 		 	(Signature)
			
	  
	 		 	   

		 		 	(Address)
			
	  
	 		 	   

		 		 	(Tax Identification Number)

  

			
	 Signature Guaranteed:

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED). 

 EXHIBIT B 

LEGEND 
 THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG BLOCKCHAIN COINVESTORS ACQUISITION CORP. I (THE
“COMPANY”), BLOCKCHAIN COINVESTORS ACQUISITION SPONSORS I LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER
THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN THE RECITALS OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES
IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS A ORDINARY SHARES OF THE
COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION AND SHAREHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY. 

NO. [     ] WARRANT

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