Document:

Exhibit
10.5

 

AMENDMENT
NO. 2

 

TO

 

ENVVENO
MEDICAL CORPORATION

 

2016
OMNIBUS INCENTIVE PLAN

 

(Effective
December 3, 2021)

 

Reference
is made to the enVVeno Medical Corporation 2016 Omnibus Incentive Plan (as Amended and Restated Effective April 26, 2018, and as further
amended by Amendment No. 1 to the Plan which became effective on December 17, 2020) (the “Plan”). In accordance with Section
5.2 of the Plan, the Board of Directors of enVVeno Medical Corporation (the “Company”) adopted and approved and the stockholders
of the Company thereafter approved the amendments to the Plan contemplated by this Amendment No. 2 to the Plan, as follows:

 

Section
4.1 of the Plan is hereby amended to read in its entirety as follows:

 

“4.1.
Authorized Number of Shares.

 

Subject
to adjustment under Section 15, the total number of Shares authorized to be awarded under the Plan shall initially not exceed
4,500,000, provided, however, if at any time the Company issues additional shares of Common Stock or securities that are convertible
or exercisable into shares of Common Stock (other than pursuant to the Plan) then the number of Shares authorized to be awarded under
the Plan shall increase to an amount equal to no less than 20% of the issued and outstanding shares of common stock of the Company on
a fully diluted basis. Such increase, if any, shall occur automatically upon each applicable issuance of securities by the Company. For
the avoidance of doubt, the number of Shares authorized to be awarded under the Plan shall not be decreased, other than adjustments under
Section 15. Shares issued under the Plan shall consist in whole or in part of authorized but unissued Shares, treasury Shares,
or Shares purchased on the open market or otherwise, all as determined by the Company from time to time.”

 

All
other terms and provisions of the Plan shall remain unchanged and in full force and effect as written.plth_ex47.htm

Exhibit 4.7
  
 DESCRIPTION OF THE REGISTRANT’S SECURITIES 
 REGISTERED PURSUANT TO SECTION 12 OF THE 
 SECURITIES EXCHANGE ACT OF 1934
  
 The following description of the capital stock of Planet 13 Holdings Inc. (the “Company,” “Planet 13,” “we,” “our,” or “us”) is a summary of our capital stock and certain provisions of our Articles as currently in effect. This summary does not purport to be complete and is qualified in its entirety by the provisions of our Articles, copies of which are filed as exhibits to this Annual Report on Form 10-K and are incorporated by reference herein. We encourage you to read our Articles and the applicable provisions of British Columbia Business Corporations Act (the “BCBCA”), for additional information. The Common Shares are registered pursuant to Section 12 of the Securities Exchange Act of 1934. 
  
 Planet 13 Holdings Inc. is authorized to issue an unlimited number of Common Shares and an unlimited number of Restricted Voting Shares. 
  
 Common Shares
  
 Holders of Common Shares are entitled to dividends, if, as and when declared by the Board, to one vote per share at meetings of shareholders of the Company and, upon dissolution, to share equally in such assets of the Company as are distributable to the holders of Common Shares. The Common Shares do not have pre-emptive or subscription rights, and there are no redemption or sinking-fund provisions applicable to the Common Shares. Unless a different majority is required by law or the Articles, resolutions to be approved by holders of Common Shares require approval by a simple majority of the total number of votes of all Common Shares cast at a meeting of shareholders at which a quorum is present.
  
 Subject to the rights of the shares of any other class ranking senior to the Common Shares with respect to priority upon a liquidation event, in the event of a liquidation event, the holders of Common Shares and the holders of Restricted Voting Shares will participate ratably in equal amounts per share, without preference or distinction, in the remaining assets of the Company.
  
 Restricted Voting Shares
  
 As a condition to the completion of the reverse-take-over with MM Development Company, Inc. (“MMDC”), now one of our wholly owned subsidiaries, we issued Restricted Voting Shares to former shareholders of MMDC who were resident in the United States. Except with respect to the election or removal of directors of the Company, each Restricted Voting Share entitles the holder to receive notice of and to attend any meeting of shareholders of the Company and to exercise one vote for each Restricted Voting Share held at all meetings of shareholders of the Company, other than meetings at which only the holders or another class or series of shares are entitled to vote separately as a class or series. Unlike the Common Shares, the Restricted Voting Shares do not entitle the holder to exercise voting rights in respect of the election or removal of directors of the Company.
  
 The restrictions on conversion of the Restricted Voting Shares were designed to prevent us from becoming a “domestic issuer” (“Domestic Issuer”) as defined under Rule 902(e) of Regulation S pursuant to the U.S. Securities Act of 1933 (the “1933 Act”). Generally, we would be a Domestic Issuer if: (A) 50% or more of the holders of Common Shares are U.S. Persons (as defined under the 1933 Act); and (B) (i) the majority of our executive officers or directors are United States citizens or residents; (ii) we have 50% or more of our assets located in the United States; or (iii) our business is principally administered in the United States. Holders of the Restricted Voting Shares were able to convert each issued and outstanding Restricted Voting Share into one Common Share (subject to customary adjustments) provided that we were not a Domestic Issuer or the conversion would not cause us to become a Domestic Issuer.
  
 	 
	
	

	 

  
 Upon review of the shareholder demographics in May 2021, we expected that substantially greater than 50% of our outstanding Common Shares would be held by United States residents as of the annual determination date of June 30, 2021, regardless of whether the Restricted Voting Shares were converted. On May 7, 2021, all of the outstanding Restricted Voting Shares were converted to Common Shares. As a result, there are currently no Restricted Voting Shares outstanding.
  
 Special Majority
  
 The majority of votes required to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution. The Business Corporations Act (British Columbia (“BCBA”) requires that the following actions of the Company must be approved by special resolution:
  
 	  
	 ●
	 an alteration to the notice of articles of the Company to become a “benefits company” as defined by the BCBCA;

	  
	  
	  

	  
	 ●
	 a reduction in the Company’s capital;

	  
	  
	  

	  
	 ●
	 the removal of a director prior to the expiration of his or her term of office;

	  
	  
	  

	  
	 ●
	 an alteration to the Articles of the Company;

	  
	  
	  

	  
	 ●
	 the appointment of an inspector to investigate the affairs and management of the Company;

	  
	  
	  

	  
	 ●
	 the adoption of an amalgamation agreement or carrying out a statutory arrangement;

	  
	  
	  

	  
	 ●
	 the disposition of all or substantially all of the undertaking of the Company;

	  
	  
	  

	  
	 ●
	 the authorization of the liquidation of the Company; and

	  
	  
	  

	  
	 ●
	 the removal of a liquidator.

  
 Additionally, the Articles of the Company provide that a special resolution is required to be passed by the holders of a particular class of shares in order to attach or delete special rights and restrictions to that class of shares.
  
 	 
	2Document

Exhibit 10.11

SECOND AMENDMENT TO REAL ESTATE SALE AGREEMENT 

This SECOND AMENDMENT TO REAL ESTATE SALE AGREEMENT (this “Second Amendment”) is dated to be effective as of December 27, 2021 by and between DRI/CA TEMPE, LLC, a Delaware limited liability company (the “Seller”), and 1000 EAST APACHE OWNER, LLC, a Delaware limited liability company (the “Purchaser”).   
RECITALS
A.Purchaser and Seller entered into that certain Real Estate Sale Agreement dated as of December 10, 2021, as amended by that certain First Amendment to Real Estate Sale Agreement dated as of December 17, 2021 (as amended, the “Purchase Agreement”), for the sale of certain real property located at 1000 E. Apache Boulevard in Tempe, Arizona (capitalized terms used in this Second Amendment and otherwise not defined shall have the meanings given in the Purchase Agreement).    
B.The Seller and Purchaser desire to amend the Purchase Agreement, as more fully set forth below.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Seller and Purchaser do hereby amend the Purchase Agreement, effective as of the date of this Second Amendment, as follows: 
1.Transfer of Title.  Section 4(a) of the Purchase Agreement is deleted in its entirety and replaced with the following: 
“(a)    Title to the Premises shall be conveyed by a special warranty deed (the “Deed”) to 1000 E APACHE BLVD GROUND OWNER LLC, a Delaware limited liability company (the “Landlord”), which Landlord will be landlord under a Ground Lease Agreement (the “Ground Lease”) with Purchaser, as tenant, which Ground Lease is to be effective as of the Closing.”   

2.Title Insurance.  The first sentence of Section 13(c) of the Purchase Agreement is amended to replace “owner’s title insurance policy” with “leasehold owner’s title insurance policy”.  
3.Clarifying Amendments.  For the avoidance of doubt, any and all language, provisions or references in the Purchase Agreement that require or contemplate the Seller to convey fee title to the Premises to the Purchaser are deemed amended to require or contemplate the Seller’s conveyance of fee title to the Landlord.  
4.Interpretation of Purchase Agreement and Second Amendment.  The Purchase Agreement is hereby modified and supplemented.  Whenever there exists a conflict between the Purchase Agreement and this Second Amendment, the provisions of this Second Amendment shall control. Except as amended and supplemented hereby, the Purchase Agreement is unamended and in full force and effect.   
5.Binding Agreement.  Each person executing this Second Amendment on behalf of a Party represents and warrants that he or she has the authority to do so and to bind such Party.
6.Counterparts.  The Parties agree that this Second Amendment may be executed by the Parties in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures to this Second 

Amendment may be transmitted by e-mail and signatures so transmitted shall be deemed to be originals for all purposes. 
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

			
	

IN WITNESS WHEREOF, Seller and Purchaser have duly executed this Second Amendment effective as of the date first written above.  
SELLER:
DRI/CA TEMPE, LLC, 
a Delaware limited liability company

By: /s/ James Reiland
Name:  James Reiland 
Title:  Authorized Signatory

By: /s/ Cheng Chen
Name:  Cheng Chen
Title:  Authorized Signatory

PURCHASER:
1000 EAST APACHE OWNER, LLC                            a Delaware limited liability company 

By: /s/ Chris Cleghorn
Name: Chris Cleghorn
 Title: Vice President

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