Document:

Exhibit 10.5

 

Certain portions of this exhibit have been redacted
in accordance with Item 601(a)(6) of Regulation S-K. This information is not material and disclosure of such information would constitute
an unwarranted invasion of personal privacy. “[*]” indicates that information has been redacted.

 

AKANDA
Corp.

 

SUBSCRIPTION AGREEMENT FOR COMMON SHARES

 

	

The following items in this Subscription Agreement must be completed as directed. Please initial or mark "N/A" in each box, as applicable:
	
     

    All Subscribers:

     

    □All
    Subscriber information in the boxes on pages 1 and 2.

    □A
    certified cheque, money order, bank draft, wire or other applicable means in the amount of the aggregate subscription price set forth
    on the face page of this Subscription Agreement made payable to Dentons Canada LLP in Trust

     

    Canadian Purchasers:

     

    □For
    Canadian residents purchasing the Common Shares as an "accredited investor" as defined in NI 45-106, a duly completed and executed
    copy of Schedule "A" (including the applicable schedules attached thereto).

     

    United States Purchasers:

     

    □For
    Subscribers resident in the United States, a duly completed and executed copy of Schedule "B".

     

	
     

    Delivery of Subscription Agreement:

     

    A completed and originally executed copy of this
    Subscription Agreement and all applicable schedules and exhibits hereto must be delivered by no later than 4:00 p.m. (Toronto time)
    on the date that is two business days prior to the Closing Time to the Company at:

     

    Akanda Corp.

    Address: 77 King Street West, Suite 400, Toronto, Ontario
    M5K 0A1

    Contact: Tej Virk

    Email: tej@akandacorp.com

    Telephone: +44 (791) 274 1995

     

    Payment:

     

    A certified cheque, money order, bank draft, wire
    or other applicable means in the amount of the aggregate subscription price set forth on the face page of this Subscription Agreement
    made payable to Dentons Canada LLP in Trust. Payment may be made by wire in accordance with the instructions in Schedule "C".
    Please reference "Akanda Corp." when making payment by wire.

     

 

    

    -1-

    

 

AKANDA
Corp.

 

SUBSCRIPTION AGREEMENT FOR COMMON SHARES

 

		TO:	Akanda Corp. (the "Company")

 

The undersigned (the "Subscriber"),
on its own behalf and, if applicable, on behalf of those for whom the Subscriber is contracting hereunder, hereby irrevocably subscribes
for and agrees to purchase the number of common shares ("Common Shares") in the capital of the Company set forth below
for the aggregate subscription price set forth below, representing a subscription price of USD$0.533162238 per Common Share, upon and
subject to the terms and conditions set forth in the "Terms and Conditions of Subscription for Common Shares of Akanda Corp."
attached to and forming a part of this subscription agreement (this "Subscription Agreement"). In addition to this
face page, the Subscriber must also complete the applicable schedules attached hereto.

 

PART A – DETAILS OF SECURITIES PURCHASED:

 

	
    Number of Securities:

     
	 	Aggregate Subscription Price:  
	
     

    PART B – LEGAL NAME OF SUBSCRIBER:

    

    
	 
	
    Non-Individual Subscriber Signature

     

    ___________________________________________________

    (Name of Subscriber - please print)

     

    By: ________________________________________________

    (Authorized Signature)

     

     

    ___________________________________________________

    (Official Capacity or Title - please print)

     

     

    ___________________________________________________

    Please print name of individual whose signature
    appears above on behalf of the non-individual subscriber.
	 	
    Individual Subscriber Signature

     

    ___________________________________________________

    (Family Name - please print)

     

    ___________________________________________________

    (First Name - please print)

     

    ___________________________________________________

    (Secondary Given Name(s) - please print)

     

     

    By: _________________________________________________

    (Signature)

	
     

    OTHER:

	[CHECK IF APPROPRIATE]	 
	The Subscriber is a registrant:	 
	 	 	The Subscriber is an insider of the issuer:	 

 

[Subscriber Information Continues on Next Page]

 

    

    -2-

    

 

PART C – CONTACT INFORMATION OF
SUBSCRIBER:

 

	Subscriber Information

                                                                                                                   

                                                                                                                  ___________________________________________________

(Subscriber’s Residential Address)

 

___________________________________________________

(Municipality)                                                       (Province/State)

 

___________________________________________________

(Postal Code/Zip Code)                                               (Country)

___________________________________________________

(Telephone Number)

 

___________________________________________________

(Email Address)

 

Number of Securities of the Company currently owned:

 

___________________________________________________

	 	Disclosed Beneficial Subscriber:

 If the Subscriber is signing as agent for a principal and is not a trust company, trust corporation, or registered adviser described in paragraph (p) or (q) of the definition of "accredited investor" in section 1.1 of National Instrument 45-106 Prospectus Exemptions, each purchasing on behalf of a fully managed account, complete the following and ensure that each of the Schedules, as applicable, are completed on behalf of such principal:

 

___________________________________________________

(Name of Principal)

 

___________________________________________________

(Municipality)                                                    
(Province/State)

 

___________________________________________________

(Postal Code/Zip Code)                                           (Country)  

 

___________________________________________________

(Telephone Number)

 

___________________________________________________

(Email Address)

  

 

	Register the Securities as set forth below: 

 ̈ Same as Subscriber Information (otherwise complete below)

 

___________________________________________________

(Name)

 

___________________________________________________

(Account reference, if applicable)

 

___________________________________________________

(Address)

 

___________________________________________________

	 	Deliver the Securities as set forth below:

  ̈ Same as Registered Address (otherwise complete below)

 

___________________________________________________

(Name)

 

___________________________________________________

(Account reference, if applicable)

 

___________________________________________________

(Contact Name)

 

___________________________________________________

(Address)

 

___________________________________________________

  

 

    

    -3-

    

 

	TO BE COMPLETED BY THE COMPANY ONLY
	 
	The Company accepts the subscription on the terms and conditions of this Subscription Agreement, including the attached "Terms and Conditions of Subscription for Common Shares of Akanda Corp."
	 
	Date:________________________
	 
	AKANDA Corp.
	 
	By: _________________________
	Authorized Signing Officer

 

 

    

    -4-

    

 

 

TERMS AND CONDITIONS OF SUBSCRIPTION FOR

Common Shares OF AKANDA Corp.

 

Details of the Offering

 

The Subscriber acknowledges that the Common Shares
subscribed for by the Subscriber hereunder form part of a private placement by the Company of an aggregate of up to 468,900 Common Shares
in the capital of the Company at a subscription price of USD$0.533162238 per Common Share for aggregate gross proceeds of up to USD$250,000
(the "Offering") and that Boustead Securities LLC (the “Placement Agent”), a broker-dealer that is
registered with the U.S. Securities And Exchange Commission and a member of the Financial Industry Regulatory Authority in the United
States, is acting as the exclusive placement agent. The amount to be raised in the Offering is subject to adjustment by the mutual agreement
of the Company and the Placement Agent.

 

Representations, Warranties and Covenants by
Subscriber

 

		1.	The Subscriber represents, warrants and covenants (on its own behalf and on behalf of any beneficial purchaser
for whom it is acting) to the Company (and acknowledges that the Company and its counsel are relying thereon) as at the date hereof and
as at the completion of the purchase and sale of the Common Shares contemplated hereby that:

 

		(a)	it has been independently advised as to restrictions with respect to trading in the Common Shares imposed
by applicable securities legislation in the jurisdiction in which it resides, confirms that no representation has been made to it by or
on behalf of the Company with respect thereto, acknowledges that it is aware of the characteristics of the Common Shares, the risks relating
to an investment therein and of the fact that it may not be able to resell the Common Shares except in accordance with limited exemptions
under applicable securities legislation and regulatory policies until expiry of the applicable hold period (which hold period may be indefinite)
and in compliance with the other requirements of applicable law;

 

		(b)	it understands that the Company is not a "reporting issuer" as that term is defined in the Securities
Act (Ontario), in Ontario, or in any other jurisdiction, and, therefore, the Common Shares will be subject to an indefinite hold period
and may not be resold except in accordance with limited exemptions under applicable securities legislation and regulatory policies;

 

		(c)	it understands that any share certificate or replacement certificate representing the Common Shares will
bear a legend or legends, substantially in the following form:

 

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THESE SECURITIES MUST NOT TRADE THE SECURITIES BEFORE THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE LATER
OF: (I) THE DATE OF ISSUE, AND (II) THE DATE THE ISSUER BECOMES A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY IN CANADA.

 

[IF APPLICABLE] THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES
ACT"), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT
THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ENCUMBERED ONLY (A) TO THE COMPANY,
(B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S ("REGULATION S") UNDER THE U.S. SECURITIES ACT
AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A
UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS,
OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES
LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE COMPANY MUST
FIRST BE PROVIDED TO THE COMPANY OR THE TRANSFER AGENT, IF ANY, OF THE COMPANY.

 

    

    -5-

    

 

[IF APPLICABLE] THE SALE OF THE SECURITIES
REPRESENTED HEREBY HAS NOT BEEN QUALIFIED WITH ANY STATE AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF
THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION OR IN THE ABSENCE OF AN EXEMPTION FROM SUCH QUALIFICATION IS UNLAWFUL. PRIOR TO
ACCEPTANCE OF SUCH CONSIDERATION BY THE COMPANY, THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION
BEING OBTAINED OR AN EXEMPTION FROM SUCH QUALIFICATION BEING AVAILABLE.

 

[IF APPLICABLE] THESE SECURITIES
MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES. IF THE COMPANY IS A "FOREIGN
ISSUER" WITHIN THE MEANING OF REGULATION S AT THE TIME OF TRANSFER, A NEW CERTIFICATE, BEARING NO LEGEND, MAY BE OBTAINED FROM
THE TRANSFER AGENT, IF ANY, OF THE COMPANY, UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY
TO THE COMPANY AND THE TRANSFER AGENT OF THE COMPANY AND, IF SO REQUIRED BY THE TRANSFER AGENT OF THE COMPANY, AN OPINION OF COUNSEL,
TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S.
SECURITIES ACT.

 

		(d)	it understands that in the event that the Common Shares held by the Subscriber are ever listed on any
stock exchange such securities may be subject to restrictive hold periods or escrow provisions and it hereby agrees to accept such hold
periods and/or escrow provisions and in furtherance of this covenant, the Subscriber hereby irrevocably appoints the Chief Executive Officer
of the Company as his, her, or its attorney-in-fact and authorizes him as his, her, or its attorney-in-fact to approve and sign an escrow
agreement on behalf of the Subscriber to provide for escrow of the Common Shares;

 

		(e)	the delivery of this subscription, the acceptance hereof by the Company and the issuance of Common Shares
to the Subscriber complies with all applicable laws of the Subscriber’s jurisdiction of residence and domicile and will not cause
the Company or any of its officers or directors to become subject to or require any disclosure, prospectus or other reporting requirement
to which the Company is not currently subject;

 

		(f)	it is aware that it is not purchasing the Common Shares hereunder pursuant to a prospectus and as a result:

 

		(i)	there is no government or other insurance covering the Common Shares;

 

		(ii)	it is restricted from using most of the civil remedies available under applicable securities legislation;

 

		(iii)	it will not receive information that would otherwise be required to be provided to it under applicable
securities legislation;

 

    

    -6-

    

 

		(iv)	the Company is relieved of certain obligations that would otherwise apply under applicable securities
legislation; and

 

		(v)	no securities commission or similar regulatory authority has reviewed or passed on the merits of the Common
Shares or the Offering;

 

		(g)	it understands that the Company is relying on an exemption from the requirement to provide the Subscriber
with a prospectus under applicable Canadian securities laws and, as a consequence of acquiring the Common Shares pursuant to such exemption:

 

		(i)	certain protections, rights and remedies provided by applicable Canadian securities laws, including statutory
rights of rescission, or damages and certain statutory remedies against an issuer, underwriters, auditors, directors and officers that
are available to investors who acquire securities offered by a prospectus, will not be available to the Subscriber,

 

		(ii)	the common law may not provide investors with an adequate remedy in the event that they suffer investment
losses in connection with securities acquired in a private placement, and

 

		(iii)	the Subscriber may not receive information that would otherwise be required to be given under the applicable
Canadian securities laws, and the Company is relieved from certain obligations that would otherwise apply under applicable Canadian securities
laws;

 

		(h)	it understands that the sale and delivery of the Common Shares is conditional upon such sale being exempt
from the requirements of applicable securities legislation as to the filing of a prospectus or upon the issuance of such orders, consents
or approvals as may be required to permit such sale without the requirement of filing a prospectus;

 

		(i)	no representation has been made to it regarding the present or future value of the Common Shares;

 

		(j)	it has not received nor has it requested, nor does it have any need to receive, any document describing
the business and affairs of the Company and it has not become aware of any advertisement with respect to the Offering or the distribution
of the Common Shares by the Company;

 

		(k)	the Common Shares are not being purchased by the Subscriber as a result of any material information concerning
the Company that has not been publicly disclosed and the Subscriber’s decision to tender this offer and acquire the Common Shares
has not been made as a result of any oral or written representation as to fact or otherwise made by or on behalf of the Company or any
other person and is based entirely upon currently available public information concerning the Company;

 

		(l)	if the Subscriber is resident in Canada,

 

		(i)	it is purchasing the Common Shares as principal for its own account and not for the benefit of any other
person, (or is deemed to be purchasing as principal under subsection 2.3(5) of National Instrument 45-106 – Prospectus
Exemptions ("NI 45-106")) and not with a view to the resale or distribution of all or any of the Common Shares
subscribed for hereunder;

 

		(ii)	it is resident in the jurisdiction set out as the "Subscriber’s Residential Address" on
page two hereof; and

 

		(iii)	it fully complies with a prospectus exemption set forth in Schedule "A" to this Subscription
Agreement;

 

    

    -7-

    

 

		(m)	it has not received or been provided with a prospectus, offering memorandum (within the meaning of applicable
Canadian securities laws) or any sales or advertising literature in connection with this Subscription Agreement or any document purporting
to describe the business and affairs of the Company which has been prepared for review by prospective purchasers to assist in making an
investment decision in respect of the Common Shares;

 

		(n)	if the Subscriber is a resident of the United States,

 

		(i)	it is resident in the jurisdiction set out as the "Subscriber’s Residential Address" on
page two hereof;

 

		(ii)	it qualifies as an "accredited investor" as that term is defined in Rule 501(a) of
Regulation D promulgated under the U.S. Securities Act, and one or more of the categories set forth in Schedule "B" attached
hereto and incorporated herein correctly and in all respects describes the Subscriber;

 

		(iii)	it has been advised that the Common Shares have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the U.S., and that the offer
and sale of the Common Shares to it are being made in reliance upon Section 4(a)(2) of the US. Securities Act and Rule 506(b) of
Regulation D under the ("Regulation D");

 

		(iv)	it acknowledges that it has not purchased the Common Shares as a result of any "directed selling
efforts" (as defined in Regulation S under the U.S. Securities Act) or any "general solicitation" or "general advertising"
(as those terms are used in Regulation D), including advertisements, articles, notices or other communications published in any newspaper,
magazine or similar media or on the Internet, or broadcast over radio or television, or any seminar or meeting whose attendees have been
invited by general solicitation or general advertising; and

 

		(v)	Neither Subscriber nor, to its knowledge, any beneficial owner of the Company’s voting equity securities
(in accordance with Rule 506(d) of the U.S. Securities Act) held by such Subscriber is subject to any of the “bad actor”
disqualifications described in Rule 506(d)(1)(i) to (viii) under the U.S. Securities Act, (“Disqualification Events”),
except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the U.S. Securities Act,
and disclosed reasonably in advance of the Closing Time in writing in reasonable detail to the Company.

 

		(o)	it undertakes and agrees that it will not offer or sell the Common Shares in the United States unless
such securities are registered under the 1933 Act and the securities laws of all applicable states of the United States or an exemption
from such registration requirements is available, and further that it will not resell the Common Shares, except in accordance with the
provisions of applicable securities legislation, regulations, rules, policies and orders and stock exchange rules;

 

		(p)	if an individual, it is of the full age of majority and is legally competent to execute this Subscription
Agreement and take all action pursuant hereto;

 

		(q)	if a company, body corporate, partnership, incorporated association or other entity, it is a valid and
subsisting entity, has the necessary legal capacity and authority to execute and deliver this Subscription Agreement and to take all actions
required pursuant thereto, was not created or is not being used solely to purchase or hold the Common Shares and certifies that all necessary
approvals by its directors, shareholders, partners, members or otherwise has been given;

 

		(r)	this Subscription Agreement has been duly and validly authorized, executed and delivered by and constitutes
a legal, valid, binding and enforceable obligation of the undersigned;

 

    

    -8-

    

 

		(s)	the Subscriber has such knowledge in financial and business affairs as to be capable of evaluating the
merits and risks of its investment in this company and it is able to bear the economic risk of loss of its investment;

 

		(t)	if required by applicable securities legislation, regulations, rules, policies or orders or by any securities
commission, stock exchange or other regulatory authority, the undersigned will execute, deliver, file and otherwise assist the Company
in filing, such reports, undertakings and other documents with respect to the issue or continued ownership of the Common Shares as may
be required;

 

		(u)	it will comply with all applicable securities legislation, regulations, rules, orders, policies or other
laws concerning the purchasing, holding and resale or other disposition of the Common Shares, including the execution and filing of any
required private placement reports. In particular, the Subscriber will not resell or otherwise transfer or dispose of any of the Common
Shares except in accordance with the provisions of all applicable securities laws;

 

		(v)	it will keep confidential all information provided to the Subscriber from time to time relating to the
business and affairs of the Company and will not distribute or otherwise make available any such information to any other person or otherwise
exploit any such information;

 

		(w)	none of the funds the Subscriber is using to purchase the Common Shares are, to the knowledge of the Subscriber,
proceeds obtained or derived, directly or indirectly, as a result of illegal activities; and

 

		(x)	the representations and warranties of the Subscriber stated or referred to herein will be true and correct,
both as of the execution of this Subscription Agreement and as of the Closing Time (as such term is defined below) as if repeated at such
time and shall survive the completion of the issuance of the Common Shares.

 

Acknowledgements by Subscriber

 

		2.	The Subscriber acknowledges (on its own behalf and on behalf of any beneficial purchaser for whom it is
acting) to the Company (and further acknowledges that the Company and its counsel are relying thereon) that:

 

		(a)	this subscription represents "seed" or "risk" capital as the Company currently has
no business and may not be successful in future efforts to acquire businesses and non-cash assets;

 

		(b)	the Company was only recently incorporated, has not commenced commercial operations and has no assets
other than cash. It has no history of earnings, and may not generate earnings or pay dividends;

 

		(c)	the directors and officers of the Company will only devote a portion of their time to the business and
affairs of the Company and some of them are or will be engaged in other projects or businesses such that conflicts of interest may arise
from time to time;

 

		(d)	assuming completion of the Offering, the Subscriber will suffer an immediate dilution to its investment;

 

		(e)	the Company may issue additional securities subsequent to this Offering and this may result in further
dilution to the Subscriber, which dilution may be significant and which may also result in a change of control of the Company;

 

		(f)	there can be no assurance that an active and liquid market for the Company's Common Shares will ever develop
and an investor may find it difficult to resell its Common Shares;

 

    

    -9-

    

 

		(g)	the Company has only limited funds with which to identify and evaluate potential businesses and assets
to acquire and there can be no assurance that the Company will be able to identify any suitable businesses and assets;

 

		(h)	the Company may never become a "reporting issuer" as that term is defined in the Securities
Act (Ontario), in Ontario or in any other jurisdiction;

 

		(i)	in the event that management of the Company resides outside of Canada or the Company identifies a foreign
business for acquisition, investors may find it difficult or impossible to effect service or notice to commence legal proceedings upon
any management resident outside of Canada or upon the foreign business and may find it difficult or impossible to enforce against such
persons, judgments obtained in Canadian courts;

 

		(j)	the Subscriber is not entitled to be paid any commission in relation to its participation in the Offering;

 

		(k)	there is no person acting or purporting to act in connection with the transactions contemplated herein
who is entitled to any brokerage or finder’s fee;

 

		(l)	the Company’s counsel is acting solely as counsel to the Company and not as counsel to the Subscriber;

 

		(m)	the Placement Agent has entered into an agreement with the Company that provides the Placement Agent with
the right to receive certain fees, reimbursement of expenses, rights to act as the Company’s intermediary in the future, and indemnification
rights, including the right to receive a success fee payable (i) in cash, equal to seven percent (7%) of the gross amount to be distributed
to the Company at the closing of this Offering, plus (ii) a non-accountable expense allowance equal to one percent (1%) of the gross
amount to be disbursed to the Company at the closing of this Offering, plus (iii) warrants equal to seven percent (7%) of the gross
amount to be disbursed to the Company at the closing of this Offering.

 

Representations, Warranties and Covenants by
Company

 

		3.	The Company represents, warrants and covenants to the Subscriber that:

 

		(a)	the Company is a valid and subsisting Ontario company, duly incorporated and in good standing, and has
all requisite corporate power and authority to carry on its business as now conducted, to own, lease and operate its properties and assets
and to carry out the provisions hereof; and

 

		(b)	upon their issuance at the Closing Time, the Common Shares will be validly issued and outstanding as fully
paid and non-assessable securities of the Company

 

		(c)	Immediately prior to the Closing Time, the authorized equity of the Company consists of [*] Common Shares,
of which [*] Common Shares are issued and outstanding, and [*] preferred shares of which no preferred shares are issued and outstanding.
All outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable and have been
issued in compliance with all applicable U.S., Canadian and other applicable securities laws. There are no outstanding options, warrants,
script rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any person any right to subscribe for or acquire, any Common Shares of the Company,
or contracts, commitments, understandings or arrangements by which the Company or any subsidiary is or may become bound to issue additional
Common Shares, or securities or rights convertible or exchangeable into Common Shares. There are no anti-dilution or price adjustment
provisions contained in any security issued by the Company (or in any agreement providing rights to security holders) other than as provided
herein and the issue and sale of the securities hereunder will not obligate the Company to issue Common Shares or other securities to
any person (other than the Subscriber) and will not result in a right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under such securities.

 

    

    -10-

    

 

		(d)	Based in part on the representations made by the Subscriber made herein, the offer and sale of the Common
Shares hereunder in accordance with this Agreement is exempt from the registration and prospectus delivery requirements of the Securities
Act of 1933, as amended (the “Securities Act”) and the securities registration and qualification requirements of the
currently effective provisions of the securities laws of the state in which the Subscriber is resident based upon the Subscriber’s
address set forth on the signature pages attached hereto.

 

		(e)	The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions
contemplated thereby (i) are within the power of the Company and (ii) have been duly authorized by all necessary actions on
the part of the Company.

 

		(f)	This Agreement has been, or will be, duly executed and delivered by the Company and constitutes, or will
constitute, a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except
as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’
rights generally and general principles of equity.

 

		(g)	The execution and delivery by the Company of this Agreement and the performance and consummation of the
transactions contemplated hereby do not and will not (i) violate the Company’s constitutional and organizational documents
or any material judgment, order, writ, decree, statute, rule or regulation applicable to the Company; (ii) violate any provision
of, or result in the breach or the acceleration of, or entitle any other person to accelerate (whether after the giving of notice or lapse
of time or both), any material mortgage, indenture, agreement, instrument or contract to which the Company is a party or by which it is
bound; or (iii) result in the creation or imposition of any security interest, mortgage, pledge, lien, claim, charge or other encumbrance
(“Lien”) upon any property, asset or revenue of the Company (other than any Lien arising under this Agreement) or the
suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to
the Company, its business or operations, or any of its assets or properties.

 

		(h)	No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental
authority or other person (including, without limitation, the shareholders of any Person) is required in connection with the execution
and delivery of this Agreement and the performance and consummation of the transactions contemplated hereby, other than such as have been
obtained and remain in full force and effect and other than such qualifications or filings under applicable securities laws as may be
required in connection with the transactions contemplated by this Agreement.

 

		(i)	There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the
Company or any of its subsidiaries that could, individually or in the aggregate, reasonably be expected to have a material adverse effect
on the assets, properties, condition (financial or otherwise), operations of the Company and its subsidiaries, taken as a whole (a “Material
Adverse Effect”).

 

		(j)	Except for brokerage fees payable to the Placement Agent, which have been separately disclosed to the
Subscriber, there are no brokerage or finder’s fees or commissions which are or will be payable by the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated
by this Agreement, and the Company has not taken any action that would cause any Subscriber to be liable for any such fees or commissions.

 

    

    -11-

    

 

		(k)	The Company and its subsidiaries have, or have rights to use, all patents, patent applications, trademarks,
trademark applications, service marks, trade names, copyrights, licenses and other similar rights that are necessary or material for use
in connection with their respective businesses and which the failure to so have could have a Material Adverse Effect (collectively, the
 “Intellectual Property Rights”). Neither the Company nor any subsidiary has received a written notice that the Intellectual
Property Rights used by the Company or any subsidiary violates or infringes upon the rights of any Person. To the knowledge of the Company,
all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual
Property Rights.

 

Closing

 

		4.	The Subscriber agrees to deliver to the Company on or before the Closing Time:

 

		(a)	this duly completed and executed Subscription Agreement together with the applicable schedules attached
hereto;

 

		(b)	a certified cheque, money order, bank draft, wire or other applicable means in the amount of the aggregate
subscription price set forth on the face page of this Subscription Agreement made payable to Dentons Canada LLP in Trust; and

 

		(d)	such other documents as may be required by counsel to the Company.

 

		5.	The sale and issuance of the Common Shares will be completed at the offices of the Company at such place,
time or date as the Company may determine (the "Closing Time") on an individual basis, provided that the Company shall
not be required to complete the sale and issuance of the Common Shares unless the Subscriber shall have complied with Section 4 hereof
and the conditions set forth in Section 8 hereof have been met or waived. The certificates for the Common Shares shall be stored
at the offices of counsel to the Company, unless a Subscriber specifically requests otherwise, and copies shall be delivered to each individual
Subscriber by email subsequent to the Closing Time.

 

		6.	The Subscriber hereby irrevocably authorizes the Company to complete or correct any errors or omissions
in any form or document provided by the undersigned and to register and deliver certificates representing the Common Shares purchased
under this subscription in the name and to the address provided on the face page of this Subscription Agreement.

 

		7.	The Company shall be entitled to rely on delivery of a facsimile or electronic copy of executed subscriptions,
and acceptance by the Company of such facsimile or electronic subscriptions shall be legally effective to create a valid and binding agreement
between the Subscriber and the Company in accordance with the terms hereof.

 

		8.	The obligations of the Subscriber and the Company to complete the purchase and sale of the Common Shares
as contemplated hereby shall be conditional upon receipt of all regulatory approvals necessary to the purchase and sale of the Common
Shares on or before the Closing Time. In the event that this condition has not been met or waived by the Company, the Subscriber shall
not be required to purchase, and the Company shall not be required to issue and sell, any Common Shares, and any subscription funds received
by the Company will be returned to the Subscriber without interest thereon or deduction therefrom.

 

General

 

		9.	The Company has the unconditional right to accept or reject any subscriptions in its sole discretion.
If the Company rejects this subscription it will, in a timely manner, cause the return to the Subscriber of the funds tendered herewith,
without interest thereon or deduction therefrom.

 

		10.	The representations, warranties and covenants of the Subscriber herein are made with the intent that they
be relied upon by the Company in determining the suitability of a purchaser of Common Shares and the Subscriber agrees to indemnify the
Company against all losses, claims, costs, expenses and damages or liabilities which the Company may suffer or incur caused or arising
from reliance thereon. The Subscriber undertakes to immediately notify the Company of any change in any statement or other information
relating to the Subscriber set forth herein which takes place after execution hereof and prior to completion of the purchase and sale
of the Common Shares contemplated hereby.

 

    

    -12-

    

 

		11.	This Subscription Agreement, any amendment, schedule, exhibit, addendum, attachment or supplement hereto,
and all other documents relating hereto shall be governed by and construed in accordance with the internal laws of the Province of Ontario
governing contracts made and to be performed wholly therein, and without reference to its principles governing the choice or conflict
of laws. The parties hereto irrevocably attorn and submit to the jurisdiction of the courts of the Province of Ontario, sitting in the
City of Toronto, with respect to any dispute related to or arising from this Subscription Agreement. Time shall be of the essence hereof.

 

		12.	This Subscription Agreement represents the entire agreement of the parties hereto relating to the subject
matter hereof and there are no representations, covenants or other agreements relating to the subject matter hereof except as stated or
referred to herein.

 

		13.	If any provision of this Subscription Agreement is determined to be void or unenforceable in whole or
in part, it shall be deemed not to affect or impair the validity of any other provision of this agreement and such void or unenforceable
provision shall be severable from this agreement.

 

		14.	The covenants, representations and warranties contained herein shall survive the closing of the transactions
contemplated hereby.

 

		15.	This Subscription Agreement is not transferable or assignable.

 

		16.	The Subscriber:

 

		(a)	acknowledges, consents and authorizes the Company to collect the Subscriber’s personal information
(such as full names, residential address and telephone number) for the purpose of completing the Subscriber’s subscription;

 

		(b)	acknowledges, consents and authorizes the Company to retain the personal information for as long as permitted
or required by applicable law or business practices;

 

		(c)	acknowledges, consents and authorizes the Company to deliver the personal information pertaining to the
Subscriber to the applicable regulatory authorities to comply with applicable securities legislation, stock exchanges, revenue or taxing
authorities, and any other parties involved in the Offering or future transactions of the Company; and

 

		(d)	agrees that by executing this Subscription Agreement, the Subscriber is deemed to be consenting to the
foregoing collection, use, and disclosure of personal information.

 

[Schedule "A" and Schedule "B"
follow on next page]

 

     

    A-1

    

  

Schedule
 "A"

CANADIAN
ACCREDITED INVESTOR CERTIFICATE

 

		TO:	AKANDA Corp. (the
 "Issuer")

 

		RE:	Purchase of Common
Shares of the Issuer

 

 

 

Representations
and Warranties

 

In connection with the purchase by the undersigned
(the "Subscriber") of the Common Shares (as defined in the attached Subscription Agreement), the Subscriber hereby represents,
warrants and certifies (on its own behalf and on behalf of any beneficial purchaser for whom it is acting) to the Issuer (and further
acknowledges that the Issuer and its counsel are relying thereon) that the Subscriber:

 

		(i)	is purchasing the Common Shares as principal for its own account and not for the benefit of any other
person or is deemed to be purchasing as principal pursuant to National Instrument 45-106 – Prospectus Exemptions ("NI
45-106");

 

		(ii)	has read and understands the indicated criterion of an accredited investor as set out in Annex "1"
to this Schedule "A";

 

		(iii)	is (and will be at the Closing Time (as defined in the Subscription Agreement)) an "accredited investor"
(as defined in NI 45-106) or Section 73.3 of the Securities Act (Ontario), as applicable, by virtue of satisfying the indicated
criterion on Annex "1" to this Schedule "A";

 

		(iv)	was not created or used solely to purchase or hold securities as an accredited investor as described in
paragraph (m) of the definition of "accredited investor" in NI 45-106;

 

		(v)	if the Subscriber is an accredited investor by virtue of satisfying paragraph (j), (k) or (l) of
Annex "1" to this certificate, it has reviewed and understands the definitions of "financial assets" and "related
liabilities", as applicable, contained herein and it acknowledges that it needs to complete Appendix "2" to this Schedule
 "A";

 

		(vi)	has not been provided with any offering memorandum (as such term is defined in Annex "1" to
this Schedule "A") in connection with the purchase of the Common Shares; and

 

		(vii)	upon execution of this Schedule "A" by the Subscriber, this Schedule "A" (and all
annexes attached hereto) shall be incorporated into and form a part of the Subscription Agreement.

 

By completing this Schedule "A",
the Subscriber authorizes the indirect collection of this information by each applicable securities regulatory authority or regulator
and acknowledges that such information is made available to the public under applicable securities legislation.

 

     

    A-2

    

 

Certified ________________________:

 

	 	
	 	(Name of Subscriber - please print)
	 	 
	 	By:
	 	
	 	(Authorized Signature)
	 	 
	 	(Official Capacity or Title - please print)
	 	 
	 	Please print name of individual whose signature appears above if different than
    the name of the Subscriber printed above.

 

     

    A-3

    

 

 

ANNEX "1" (APPLICABLE CATEGORY)

TO CANADIAN ACCREDITED INVESTOR CERTIFICATE (SCHEDULE "A")

(All underlined words have the meanings set forth
at the end of this Annex "1").

***Please note that if the Investor qualifies
as an "accredited investor" under paragraphs (j), (k) or (l), below, a completed and executed Form 45-106F9 must also
be obtained (see Annex "2") ***

 

Please check
the appropriate box:

	 ̈	(a)	a financial institution,
	 	 	 
	 ̈	(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada),
	 	 	 
	 ̈	(c)	a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary,
	 	 	 
	 ̈	(d)	a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer,
	 	 	 
	 ̈	(e)	an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d),
	 	 	 
	 ̈	(e.1)	an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador),
	 	 	 
	 ̈	(f)	the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada,
	 	 	 
	 ̈	(g)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec,
	 	 	 
	 ̈	(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government,
	 	 	 
	 ̈	(i)	a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada,
	 	 	 
	 ̈	(j)	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $1,000,000,
	 	 	 
	 ̈	(j.1)	an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000, 

 

    

    A-4 

    

 

	 ̈	(k)	an individual whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year,
	 	 	 
	 ̈	(l)	an individual who, either alone or with a spouse, has net assets of at least $5,000,000,
	 	 	 
	 ̈	(m)	a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements and that has not been created or used solely to purchase or hold securities as an accredited investor as defined in this paragraph (m),
	 	 	 
	 ̈	(n)	
    an investment fund that distributes or has distributed
    its securities only to

     

    (i) a person
    that is or was an accredited investor at the time of the distribution,

     

    (ii) a person
    that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] of NI 45-106, or 2.19
    [Additional investment in investment funds] of NI 45-106, or

     

    (iii) a
    person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment]
    of NI 45-106,

	 	 	 
	 ̈	(o)	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt,
	 	 	 
	 ̈	(p)	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,
	 	 	 
	 ̈	(q)	a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction,
	 	 	 
	 ̈	(r)	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded,
	 	 	 
	 ̈	(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function,
	 	 	 
	 ̈	(t)	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors,
	 	 	 
	 ̈	(u)	an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser,

 

    

    A-5 

    

 

	 ̈	(v)	a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor, 
	 	 	 
	 ̈	(w)	a trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor’s spouse or of that accredited investor’s former spouse.
	 	 	 

As
used in this ACCREDITED INVESTOR CERTIFICATE, the following terms have the following meanings:

 

"control person" means

 

in Ontario, Alberta, Newfoundland and Labrador,
Nova Scotia and Saskatchewan:

 

		(a)	a person or company who holds a sufficient number of the voting rights attached to all outstanding voting
securities of an issuer to affect materially the control of the issuer, and, if a person or company holds more than 20 per cent of the
voting rights attached to all outstanding voting securities of an issuer, the person or company is deemed, in the absence of evidence
to the contrary, to hold a sufficient number of the voting rights to affect materially the control of the issuer, or

 

		(b)	each person or company in a combination of persons or companies, acting in concert by virtue of an agreement,
arrangement, commitment or understanding, which holds in total a sufficient number of the voting rights attached to all outstanding voting
securities of an issuer to affect materially the control of the issuer, and, if a combination of persons or companies holds more than
20 per cent of the voting rights attached to all outstanding voting securities of an issuer, the combination of persons or companies is
deemed, in the absence of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control
of the issuer;

 

in British Columbia and New Brunswick:

 

		(a)	a person who holds a sufficient number of the voting rights attached to all outstanding voting securities
of an issuer to affect materially the control of the issuer, or

 

		(b)	each person in a combination of persons, acting in concert by virtue of an agreement, arrangement, commitment
or understanding, which holds in total a sufficient number of the voting rights attached to all outstanding voting securities of an issuer
to affect materially the control of the issuer,

 

and, if a person or combination of persons holds
more than 20% of the voting rights attached to all outstanding voting securities of an issuer, the person or combination of persons is
deemed, in the absence of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control
of the issuer;

 

in Prince Edward Island, Northwest Territories,
Nunavut and the Yukon:

 

		(a)	a person who holds a sufficient number of the voting rights attached to all outstanding voting securities
of an issuer to affect materially the control of the issuer, and if a person holds more than 20% of the voting rights attached to all
outstanding voting securities of an issuer, the person is deemed, in the absence of evidence to the contrary, to hold a sufficient number
of the voting rights to affect materially the control of the issuer, or

 

    

    A-6 

    

 

		(b)	each person in a combination of persons acting in concert by virtue of an agreement, arrangement, commitment
or understanding, who holds in total a sufficient number of the voting rights attached to all outstanding voting securities of an issuer
to affect materially the control of the issuer, and if a combination of persons holds more than 20% of the voting rights attached to all
outstanding voting securities of an issuer, the combination of persons is deemed, in the absence of evidence to the contrary, to hold
a sufficient number of the voting rights to affect materially the control of the issuer;

 

in Quebec:

 

		(a)	a person that, alone or with other persons acting in concert by virtue of an agreement, holds a sufficient
number of the voting rights attached to all outstanding voting securities of an issuer to affect materially the control of the issuer.
If the person, alone or with other persons acting in concert by virtue of an agreement, holds more than 20% of those voting rights, the
person is presumed to hold a sufficient number of the voting rights to affect materially the control of the issuer; and

 

in Manitoba

 

		(a)	a person or company who holds a sufficient number of the voting rights attached to all outstanding voting
securities of an issuer to affect materially the control of the issuer,

 

		(b)	each person or company, or combination of persons or companies acting in concert by virtue of an agreement,
arrangement, commitment or understanding, that holds in total a sufficient number of the voting rights attached to all outstanding voting
securities of an issuer to affect materially the control of the issuer, or

 

		(c)	a person or company, or combination of persons or companies, that holds more than 20% of the voting rights
attached to all outstanding voting securities of an issuer, unless there is evidence that the holding does not affect materially the control
of the issuer;

 

"director" means

 

		(a)	a member of the board of directors of a company or an individual who performs similar functions for a
company, and

 

		(b)	with respect to a person that is not a company, an individual who performs functions similar to those
of a director of a company;

 

"eligibility adviser" means

 

		(c)	a person that is registered as an investment dealer and authorized to give advice with respect to the
type of security being distributed, and

 

		(d)	in Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with a law
society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of chartered
accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or
public accountant must not

 

		(i)	have a professional, business or personal relationship with the issuer, or any of its directors, executive
officers, founders, or control persons (as such term is defined in applicable securities legislation), and

 

		(ii)	have acted for or been retained personally or otherwise as an employee, executive officer, director, associate
or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control
persons (as such term is defined in applicable securities legislation) within the previous 12 months;

 

    

    A-7 

    

 

"executive officer" means, for
an issuer, an individual who is

 

		(a)	a chair, vice-chair or president,

 

		(b)	a vice-president in charge of a principal business unit, division or function including sales, finance
or production, or

 

		(c)	performing a policy-making function in respect of the issuer;

 

"financial assets" means

 

		(a)	cash,

 

		(b)	securities, or

 

		(c)	a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes
of securities legislation;

 

"financial institution" means,

 

		(a)	other than in Ontario,

 

		(i)	an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative
credit society for which an order has been made under section 473(1) of that Act,

 

		(ii)	a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit
union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction
of Canada to carry on business in Canada or a jurisdiction of Canada; or

 

		(iii)	a Schedule III bank,

 

		(b)	and in Ontario,

 

		(i)	a bank listed in Schedule I, II or III to the Bank Act (Canada);

 

		(ii)	an association to which the Cooperative Credit Association Act (Canada) applies or a central cooperative
credit society for which an order has been made under subsection 473(1) of that Act; or

 

		(iii)	a loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union,
caisse populaire, financial services cooperative or credit union league or federation that is authorized by a statute of Canada or Ontario
to carry on business in Canada or Ontario, as the case may be.

 

"founder" means, in respect of
an issuer, a person who,

 

		(a)	acting alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes the
initiative in founding, organizing or substantially reorganizing the business of the issuer, and

 

		(b)	at the time of the distribution or trade is actively involved in the business of the issuer;

 

    

    A-8 

    

 

"fully managed account" means
an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for
the account without requiring the client’s express consent to a transaction;

 

"investment fund" has the same
meaning as in National Instrument 81-106 Investment Fund Continuous Disclosure;

 

"offering memorandum" means a
document, together with any amendments to that document, purporting to describe the business and affairs of an issuer that has been prepared
primarily for delivery to and review by a prospective purchaser so as to assist the prospective purchaser to make an investment decision
in respect of securities being sold in a distribution to which section 53 of the Securities Act (Ontario) would apply but for the
availability of one or more exemptions contained in Ontario securities laws, but does not include a document setting out current information
about an issuer for the benefit of a prospective purchaser familiar with the issuer through prior investment or business contacts,

 

"person" includes

 

		(a)	an individual,

 

		(b)	a corporation,

 

		(c)	a partnership, trust, fund and an association, syndicate, organization or other organized group of persons,
whether incorporated or not, and

 

		(d)	an individual or other person in that person’s capacity as a trustee, executor, administrator or
personal or other legal representative;

 

"related liabilities" means

 

		(a)	liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial
assets, or

 

		(b)	liabilities that are secured by financial assets;

 

"Schedule III bank" means an
authorized foreign bank named in Schedule III of the Bank Act (Canada);

 

"spouse" means, an individual
who,

 

		(a)	is married to another individual and is not living separate and apart within the meaning of the Divorce
Act (Canada), from the other individual,

 

		(b)	is living with another individual in a marriage-like relationship, including a marriage-like relationship
between individuals of the same gender, or

 

		(c)	in Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent partner
within the meaning of the Adult Interdependent Relationships Act (Alberta);

 

"subsidiary" means an issuer
that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary.

 

    

    A-9 

    

 

Interpretation

 

In this Schedule "A", a person (first
person) is considered to control another person (second person) if

 

		(a)	the first person, directly or indirectly, beneficially owns or exercises control or direction over securities
of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the directors of the second
person, unless that first person holds the voting securities only to secure an obligation,

 

		(b)	the second person is a partnership, other than a limited partnership, and the first person holds more
than 50% of the interests of the partnership, or

 

		(c)	the second person is a limited partnership and the general partner of the limited partnership is the first
person.

 

    

    A-10 

    

 

ANNEX "2" (RISK ACKNOWLEDGEMENT FORM)

TO CANADIAN ACCREDITED INVESTOR CERTIFICATE (SCHEDULE "A")

 

Form 45-106F9 

Form for Individual Accredited Investors

 

WARNING!

This
investment is risky.

Don’t invest unless you can afford to lose all the money you pay for this investment.

 

	SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	1. About your investment
	Type of securities: Common Shares	Issuer: Akanda Corp.
	Purchased from: the Issuer
	SECTIONS 2 TO 4 TO BE COMPLETED BY THE INVESTOR
	2. Risk acknowledgement
	This investment is risky. Initial that you understand that:	Your initials
	Risk of loss – You could lose your entire investment of $____________________.

  [Instruction: Insert the total dollar amount of the investment.]	 
	Liquidity risk – You may not be able to sell your investment quickly – or at all.  	 
	Lack of information – You may receive little or no information about your investment. 	 
	Lack
    of advice – You will not receive advice from the salesperson about whether this investment is suitable for you unless the
    salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment.
    To check whether the salesperson is registered, go to www.aretheyregistered.ca. 	 
	3. Accredited investor status
	You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. 	Your initials
	 ·  Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.)	 
	 ·  Your net income before taxes combined with your spouse’s was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year.	 
	 ·  Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities.	 
	 ·  Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.)	 
	 	 	 	 	 

     

    	 	A-11	 

    

 

	4. Your name and signature
	By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. 
	First and last name (please print): _____________________________
	Signature: _____________________________	Date: _______________
	SECTION 5 TO BE COMPLETED BY THE SALESPERSON
	5. Salesperson information 
	[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]
	First and last name of salesperson (please print): ___________________________________________
	Telephone: ______________________________	Email: ______________________________
	Name of firm (if registered): _____________________________________
	SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	6. For more information about this investment
	
    Akanda Corp.

    Address: 77 King Street West, Suite 400, Toronto, Ontario M5K
    0A1

    Contact: Tej Virk

    Email: tej@akandacorp.com

    Telephone: +44 (791) 274 1995

    For more information about prospectus exemptions, contact your local
    securities regulator. You can find contact information at www.securities-administrators.ca.

	 	 	 	 	 

Form instructions:

 

		1.	This form does not mandate the use of a specific font size or style but the font must be legible.

 

		2.	The information in sections 1, 5 and 6 must be completed before the purchaser completes and signs the form.

 

		3.	The purchaser must sign this form. Each of the purchaser and the issuer or selling security holder must receive a copy of this
form signed by the purchaser. The issuer or selling security holder is required to keep a copy of this form for 8 years after the distribution.

 

     

    	 	B-1	 

    

 

Schedule
 “B”

 

U.S.
ACCREDITED INVESTOR CERTIFICATE

 

	TO:	AKANDA Corp. (the
 “Issuer”)
	 	 
	RE:	Purchase of Common
Shares of the Issuer

 

The Subscriber hereby
represents and warrants (on its own behalf and on behalf of any beneficial purchaser for whom it is acting) to the Issuer (and further
acknowledges that the Company and its counsel are relying thereon), pursuant to the attached Subscription Agreement that it is correctly
and in all respects described by the category or categories set forth below directly under which the Subscriber or its authorized representative
has checked.

 

The Subscriber acknowledges
that upon execution of this Schedule "B" by the Subscriber, this Schedule "B" shall be incorporated into and form
a part of the Subscription Agreement.

 

(Capitalized terms
not specifically defined in this Schedule "B" have the meaning ascribed to them in the Subscription Agreement to which this
Schedule "B" is attached. All monetary references in this Schedule "B" are in United States Dollars.)

 

CHECK THE CATEGORY
OR CATEGORIES WHICH DESCRIBES THE SUBSCRIBER

 

	 ̈	Any bank as defined in Section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Exchange Act; any insurance company as defined in Section 2(13) of the Act; any investment company registered under the 1940 Act or a business development company as defined in Section 2(a)(48) of the 1940 Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any Plan (as defined above under "Certain ERISA Considerations") within the meaning of ERISA if the investment decision is made by a Plan fiduciary that is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the Plan has total assets in excess of $5,000,000 or, if a self-directed Plan, with investment decisions made solely by persons that are accredited investors;
	 	 
	 ̈	Any private business development company as defined in Section 202(a)(22) of the Advisers Act;
	 	 
	 ̈	Any organization described in Section 501(c)(3) of the Code, corporation, or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;
	 	 
	 ̈	Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;
	 	 
	 ̈	Any natural person whose individual net worth or joint net worth with that person’s spouse, at the time of his or her purchase exceeds $1,000,0001;

 

 

	1	For purposes of calculating his or her net worth, an investor
may include equity in personal property, cash, short term investments, stock, securities and real estate, but must exclude the value
of his or her primary residence. Indebtedness secured by a primary residence may also be excluded up to the fair market value of the
primary residence, while any excess above the fair market value of the primary residence should be considered a liability and deducted
from net worth. Equity in other real estate and in any personal property should be based on the fair market value of such property minus
any debt secured by such property.

 

     

    	 	B-2	 

    

 

	 ̈	Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;
	 	 
	 ̈	Any trust with total assets in excess of $5,000,000 not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii);
	 	 
	 ̈	Any entity in which all of the equity owners are accredited investors;
	 	 
	 ̈	A person who holds one of the following licenses in good standing: General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), or the Investment Adviser Representative license (Series 65);
	 	 
	 ̈	A “family office,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1): (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; and
	 	 
	 ̈	A “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1)), of a family office meeting the requirements in paragraph (16) above and whose prospective investment in the issuer is directed by such family office pursuant to the immediately preceding clause.

 

Dated as of _________________________, 201_

 

	 	 
	 	Print name of Subscriber
	 	 
	 	By:	 
	 	 	Signature
	 	 	 
	 	 	 
	 	 	Print name of Signatory (if different from Subscriber)
	 	 	 
	 	 	 
	 	 	Title

 

     

    	 	C-1	 

    

 

SCHEDULE “C”

WIRE INSTRUCTIONS

 

For all trust accounts the Beneficiary Name
and Address is as follows:

 

Dentons Canada LLP in Trust

77 King Street West, Suite 400

Toronto, ON M5K 0A1

 

Please reference "Akanda Corp.".

 

If being wired from within Canada in CAD or
USD or in CAD from the U.S.

 

	Bank of Montreal – CAD	Bank of Montreal - USD
	 	 
	1 First Canadian Place	1 First Canadian Place
	Toronto, ON M5X 1A3	Toronto,ON
M5X 1A3

	 	 
	Account #[*]	Account #[*]
	Transit #[*]	Transit #[*]
	SWIFT Code: [*]	SWIFT Code: [*]
	 	 
	If being wired internationally from anywhere other than the U.S.
	 	 
	Bank of Montreal – CAD	Bank of Montreal - USD
	 	 
	Internal Banking H.O.	Internal Banking H.O.
	Montreal, QC	Montreal, QC
	 	 
	Account #[*]	Account #[*]
	Transit #[*]	Transit #[*]-001
	SWIFT Code: [*]	SWIFT Code: [*]

 

	If coming from the U.S. in USD
	 	 
	Correspondent Bank:	Wells Fargo Bank N.A. (formerly known as Wachovia Bank N.A.)
	 	New York, New York
	 	ABA #[*]
	 	SWIFT Code: [*]
	 	 
	Account With:	Bank of Montreal
	 	SWIFT Code: [*]
	 	International Banking H.O. Montreal
	 	Account #[*]Exhibit 10.6

 

 

 

/RA/65218.1/65871948.5

 

Service
agreement

 

Dated  2
June  2021

 

Canmart Limited 

(Company)

 

Halo Labs Inc. 

(Guarantor)

 

Tejinder Virk 

(Executive)

 

     

     

    

 

Contents

 

	1	Interpretation	1
	 	 	 
	2	Employment	5
	 	 	 
	3	Conditions to employment	6
	 	 	 
	4	Fundamental terms and warranties	6
	 	 	 
	5	Appointment as a director	7
	 	 	 
	6	Duties	8
	 	 	 
	7	Place of work	9
	 	 	 
	8	Hours of work	9
	 	 	 
	9	Salary	9
	 	 	 
	10	Pension	10
	 	 	 
	11	Expenses	10
	 	 	 
	12	Incentive payments & bonus	10
	 	 	 
	13	Shares	11
	 	 	 
	14	Other benefits and paid leave	12
	 	 	 
	15	Training	13
	 	 	 
	16	Holidays	13
	 	 	 
	17	Incapacity	14
	 	 	 
	18	Outside interests	15
	 	 	 
	19	Confidential information	16
	 	 	 
	20	Intellectual property	17
	 	 	 
	21	Payment in lieu of notice	18
	 	 	 
	22	Termination without notice	19
	 	 	 
	23	Garden leave	20
	 	 	 
	24	Obligations upon termination	21
	 	 	 
	25	Post-termination restrictions	22
	 	 	 
	26	Disciplinary and grievance procedures	24
	 	 	 
	27	Change of Control	25
	 	 	 
	28	Guarantee	26
	 	 	 
	29	Data protection	26
	 	 	 
	30	Collective agreements	26
	 	 	 
	31	Notices	26

 

     

     

    

 

	32	General	27
	 	 	 
	33	Entire agreement	27
	 	 	 
	34	Counterparts	27
	 	 	 
	35	Third party rights	27
	 	 	 
	36	Governing law	27
	 	 	 
	37	Jurisdiction	28

 

     

     

    

 

	This agreement is dated	2 June     2021

 

Between

 

		(1)	Canmart Ltd a company incorporated and registered in England and Wales with registered company number
11741517 and whose registered office is at Units 1a/1b Learoyd Road, New Romney, Kent TN28 8XU (the Company);

 

		(2)	Halo Labs Inc. a company incorporated in Canada whose registered office is
77 King Street West, Suite 400, Toronto-Dominion Centre, Toronto, Ontario, Canada (the Guarantor); and

 

		(3)	Tejinder Virk of 39 Landau, 72 Farm Lane, London SW6 1QA (the Executive).

 

It is agreed:

 

		1	Interpretation

 

		1.1	In this agreement the following terms and expressions shall have the following meanings:

 

Appointment means the employment
of the Executive by the Company on the terms of this agreement.

 

Board means the board of directors
of the Company and any committees duly constituted by the board.

 

Capacity means as agent, consultant,
director, the holder of any office, employee, worker, owner, partner, Shareholder or in any other capacity.

 

Cash Shell Company means any undertaking (including
a special purpose acquisition company) (a) which is listed/quoted or becomes listed/quoted on a Recognised Investment Exchange and (b)
of which the Company is or becomes a wholly-owned subsidiary, but excluding for the avoidance of doubt Halo Labs Inc.

 

Control means in relation to a body corporate,
the power of a person to secure that the affairs of the body corporate are conducted in accordance with the wishes of that person:

 

		(a)	by means of the holding of shares, or the possession of voting power, in or in relation
to that or any other body corporate; or

 

		(b)	as a result of any powers conferred by the articles of association or any other document
regulating that or any other body corporate.

 

Change of Control occurs if a person (whether alone
or together with any person acting in concert with that person) who controls any body corporate ceases to do so or if another person acquires
Control of it.

 

Commencement Date means such date as agreed by the
parties in writing.

 

Competitor means a business concern which is, or
intends to be, in competition with any Restricted Business.

 

    Page 1

     

    

 

Confidential Information means information of
a confidential nature (in any form) concerning the business, affairs and/or finances of the Company or any Group Company or their
respective customers, clients, suppliers, agents, distributors, investors and shareholders which the Executive receives, obtains,
creates or develops at any time by reason of or in connection with the Executive's service with the Company or any Group Company
(whether or not marked as confidential). This includes: trade secrets; technical information, data, research and development;
customer, client and supplier lists, contact details of customers, clients and suppliers and individuals within those organisations;
inventions and patent applications in the course of preparation and all other Intellectual Property Rights; financial projections,
target details and accounts; details of funding and resource allocation; fee levels, pricing policies, commissions and commission
charges; budgets, forecasts, reports, records and corporate and business plans; planned or potential products and services;
marketing and advertising plans, requirements and materials, marketing surveys and research reports; market share and pricing
statistics; disputes (whether existing, threatened or prior), settlement discussions and terms; details of employees, workers,
officers and consultants including their roles and responsibilities, remuneration, benefits and organisational structures, legally
privileged material; computer software and passwords.

 

Copies means copies or records of any Confidential
Information in whatever form (including in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever
located) including extracts, analysis, studies, plans, compilations or any other way of representing or recording and recalling information
which contains, reflects or is derived or generated from Confidential Information.

 

Executive Equity has the meaning given to it in Clause
13.

 

Executive Equity Rights means the rights to be
granted to the Executive as set out and materially on the terms described in Schedule 1.

 

Garden Leave means any period during which the
Company has exercised its rights under Clause 23.

 

Group Company means any company which is from time
to time a subsidiary or holding company of the Company and any subsidiary of any holding company of the Company (and references to the
Group shall be construed accordingly). The words "subsidiary" and "holding company" have the meanings given
to them in section 1159 of the Companies Act 2006 and a person shall be treated, for the purposes only of the membership requirement contained
in subsections 1159(1)(b) and (c) of that Act, as a member of another company even if its shares in that other company are registered
in the name of: (i) another person (or its nominee), whether by way of security or in connection with the taking of security, or (ii)
a nominee.

 

Holiday Year means 1 January to 31 December or
such other period as the Company notifies the Executive in writing.

 

Incapacity means any sickness, injury or other
incapacity or medical disorder or condition which prevents the Executive from carrying out his duties.

 

Intellectual Property Rights means patents, rights
to Inventions, copyright and related rights, trade marks, trade names and domain names, rights in get-up, rights in goodwill or to sue
for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, topography rights, rights
in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered
or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or
equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

 

    Page 2

     

    

 

Invention means any invention, idea, discovery,
development, improvement or innovation, whether or not patentable or capable of registration, and whether or not recorded in any medium.

 

Investor means any person, firm, company or other
entity who or which is an investor in the Company or any Group Company at the Termination Date or who or which invested in the Company
or any Group Company at any time in the 12 months immediately preceding the Termination Date or with whom or which the Company or any
Group Company had negotiations or meaningful discussions regarding possible investment in the Company or any Group Company at any time
in the 12 months immediately preceding the Termination Date and with whom or which the Executive had material contact or material involvement
in the course of the Appointment.

 

Lender means any person, firm, company or other
entity who or which is a lender of funds to the Company or any Group Company at the Termination Date or who or which lent funds to the
Company or any Group Company at any time in the 12 months immediately preceding the Termination Date or with whom or which the Company
or any Group Company had negotiations or meaningful discussions regarding possible lending to the Company or any Group Company at any
time in the 12 months immediately preceding the Termination Date and with whom or which the Executive had material contact or material
involvement in the course of the Appointment.

 

Listing means the admission, approved by the Board,
of the entire issued share capital of the Company or a Cash Shell Company, or securities representing those shares (including without
limitation depositary interests, American depositary receipts, American depositary shares and/or other instruments) on a Recognised Investment
Exchange.

 

Long Stop Date means the date falling 12 months from
the date of this agreement.

 

Personal Data means personal data about or relating
to the Executive including his name, date of birth, home address, telephone number, driver's licence number, passport number, family information
(such as marital status and dependant details), emergency contact information, education and training details (such as qualifications
and professional expertise), employment details (such as employment status, employee type, performance and evaluation information, work
phone number and email, intranet user log in and department and supervisor details), financial information (such as compensation, benefits,
bank account information and pensions information) and hiring information (such as CV, prior employment history and personal references).

 

Policies and Procedures means the policies and
procedures of the Company applicable to employees and officers of the Company as amended from time to time.

 

Prospective Customer means any firm, company or
person who, during the 12 months before the Termination Date, was in negotiations with the Company or any Group Company about becoming
a customer of the Company or any Group Company with whom the Executive had contact or material involvement or, in respect of the exercise
of his duties or responsibilities, about whom he became aware or informed to a material extent in the course of the Appointment.

 

Qualifying Equity Finance means a bona fide
transaction (or series of transactions, provided that the type of share issued and the price paid per share is consistent across the
series of transactions), approved by the Board, with the principal purpose of raising capital, pursuant to which the Company (or a
Cash Shell Company) issues equity shares (but excluding any equity shares issued on conversion of any convertible securities or any
equity securities issued to Halo, Inc) with an aggregate subscription price of not less than £10,000,000.

 

    Page 3

     

    

 

Recognised Investment Exchange means NASDAQ, the
New York Stock Exchange, the Official List of the United Kingdom Listing Authority, the AIM Market operated by the London Stock Exchange
Group Plc, the Toronto Stock Exchange, the NEO Exchange or the TSX Venture Exchange or any other recognised investment exchange (as defined
in section 285 of the Financial Services and Markets Act 2000).

 

Regulatory Requirements means all legal and regulatory
obligations, codes of practice and recommendations and similar which apply to the Executive, the Company or any Group Company, including:

 

		(a)	in relation to transactions in securities, related party transactions and inside
information (including any share dealing policy of the Company);

 

		(b)	pursuant to the Financial Services and Markets Act 2000 and the Criminal Justice Act
1993; and

 

		(c)	any other laws, rules and regulations of, or applicable to companies admitted to, a Recognised Investment
Exchange on which the Company (or a Cash Shell Company) is Listed,

 

Restricted Business means those parts of the business
of the Company and any Group Company with which the Executive was involved to a material extent in the 12 months before the Termination
Date.

 

Restricted Customer means any firm, company or person
who, during the 12 months before the Termination Date, was a customer of or in the habit of dealing with the Company or any Group Company
with whom the Executive had contact or material involvement or, in respect of the exercise of his duties or responsibilities, about whom
he became aware or informed to a material extent in the course of the Appointment.

 

Restricted Person means anyone employed or engaged
by the Company or any Group Company with whom the Executive dealt in the 12 months before the Termination Date in the course of the Appointment.

 

Restricted Supplier means any person, firm or company
which at any time during the 12 months prior to the Termination Date was a supplier of any goods, products or services (other than utilities
and goods or services supplied for administrative purposes) to the Company or any Group Company and with whom or which the Executive had
personal dealings during that period other than in a de minimis way and where such entities remain suppliers of the Company and/or the
Group Company at or immediately before the Termination Date.

 

Shareholder means holding an investment by way of
shares or other securities of over 5% of the total issued share capital of any company, other than a Cash Shell Company, whether or not
it is listed or dealt in on a recognised stock exchange.

 

Termination Date means the date on which the Executive's
employment with the Company terminates however caused.

 

		1.2	The headings in this agreement are inserted for convenience only and shall not affect
its construction.

 

    Page 4

     

    

 

		1.3	A reference to a particular law is a reference to it as it is in force for the time being taking account
of any amendment, extension or re-enactment and includes any subordinate legislation for the time being in force made under it.

 

		1.4	Unless the context otherwise requires:

 

		1.4.1	a reference to one gender shall include a reference to the other genders; and

 

		1.4.2	words in the singular include the plural and in the plural include the singular.

 

		1.5	References to a "person" include any individual, company, any other body corporate, partnership
or unincorporated association (whether or not having separate legal personality).

 

		1.6	The words "including", "include", "in particular", "for
example" and words of similar effect shall not limit the general effect of the words that precede them.

 

		2	Employment

 

		2.1	The Executive agrees to serve the Company as Chief Executive on and subject to the terms and conditions
of this agreement. It is envisaged that the Company will be subject to a reverse takeover and there will be a Listing. Accordingly, the
terms of this agreement may require amendments to comply with any applicable Regulatory Requirements and if so, the Executive will be
paid a cash sum equivalent to any amounts (including benefits) that he is entitled to under this agreement that are not included in the
amended agreement.

 

		2.2	The Executive's employment will commence on the Commencement Date and shall continue, subject to the remaining
terms of this agreement, until terminated by either party giving the other not less than 6 months prior written notice, save that the
Company can only give notice after 18 months following the Commencement Date (except that this limitation shall not apply in respect of
termination rights under Clause 22.1(a), (c) or (g)). If the Company does give notice sooner, the amount of Basic Salary and contractual
benefits that the Executive would otherwise have been entitled to up to the first day on which termination could have been effective in
accordance with this clause will be paid to the Executive as a lump sum within 28 days of the Termination Date. For the avoidance of doubt,
nothing in this Clause 2.2 shall prevent or limit the Company's right to terminate this agreement without notice and without payment for
any Basic Salary and contractual benefits for any reason that falls within Clause 22.1(a), (c) or (g).

 

		2.3	No period of employment with the Company or any other employer counts towards the period of continuous
employment between the Executive and the Company which therefore will begin on the Commencement Date

 

		2.4	The parties acknowledge and agree that the Company intends to pursue a Listing, either directly or via
a Cash Shell Company, and that as part of that process the Company's advisers (including its brokers) may require certain terms of this
Agreement to be varied, amended or deleted. The parties agree that they will act reasonably in agreeing any such variations, amendments
or deletions and the Executive agrees that (without limitation) the following provisions, amendments or variations, if required or reasonably
requested by the Company (on the advice of its brokers) pursuant to such Listing, will be acceptable:

 

		(a)	any lock-in and/or orderly market restrictions on market-standard terms (where, in respect of the length
of any such restriction, "market-standard" means no longer than two years in respect of each of any lock-in and any orderly
market restriction);

 

    Page 5

     

    

 

		(b)	the Executive ceasing to be entitled to any or all of the Executive Equity Rights; and

 

		(c)	a vesting, or reverse vesting, period of up to four years and otherwise on market-standard
terms,

 

and the Executive agrees that he will take all action reasonably
necessary to give effect to any such amendments, variations or deletions. For the avoidance of doubt, under no circumstances shall the
Executive be required to surrender or otherwise lose the ownership of whole or any part of the Executive Equity pursuant to this Clause
2.4.

 

		3	Conditions to employment 

 

Conditions Precedent 

 

		3.1	The Executive's employment under this agreement is conditional upon:

 

		(a)	receipt by the Company of such references, pre-employment background checks and medical
checks as it considers necessary or appropriate; and

 

		(b)	the results of each reference and check being satisfactory to the Company in its
absolute discretion.

 

Conditions Subsequent

 

		3.2	The Company shall take appropriate professional advice as to the best way in which to achieve the proposed
Listing of the business operated or proposed to be operated by it. If, following such advice, the Board decides that it would be in the
best interests of the Company and its members as a whole to achieve a Listing via a Cash Shall Company then, before the Long Stop Date,
the Company will:

 

		(a)	establish or acquire or be acquired by a Cash Shell Company;

 

		(b)	in respect thereof and subject always to Clause 2.4, grant the Executive the Executive
Equity; and

 

		(c)	transfer his engagement as Chief Executive to the Cash Shell Company,

 

(together, the Conditions Subsequent).

 

		3.3	In the event that the Conditions Subsequent have not been satisfied by the Long Stop Date and such non-satisfaction
is predominantly or primarily the result of either or both of (a) some action or inaction by or on behalf of Halo and/or (b) another factor
or factors beyond the reasonable control of the Executive, the parties shall, in good faith, use reasonable endeavours to grant equity
interests in the Guarantor (or the Company if it is directly subject to a Listing) to the Executive that give the Executive an approximately
equivalent monetary valuation as would have been held by him in a Cash Shell Company that held the businesses of Cannahealth, Canmart
and Bophelo only, pursuant to the terms of this Agreement.

 

		4	Fundamental terms and warranties

 

		4.1	The Executive represents and warrants to the Company that (in each case as a fundamental
term of this agreement):

 

		(a)	the Executive is not subject to any restrictions which prevent the Executive from
holding office as a director;

 

    Page 6

     

    

 

		(b)	by entering into this agreement or fully performing any of the Executive's obligations under it, the Executive
will not be in breach of any court order or any express or implied terms of any contract or other obligation binding on the Executive;
and

 

		(c)	the Executive has not used or disclosed to the Company or any Group Company any confidential
information belonging to any previous employer or any other person; and

 

		(d)	the Executive has the right to work in the United Kingdom and, if his right to work
in the United Kingdom is time limited, the Executive’s visa permits him to be employed by the Company and carry out his duties under
this agreement (without hindrance).

 

		4.2	The Executive must notify the Company immediately of any change to the Executive's immigration status and
must produce to the Company the documents proving the Executive's right to work within five working days of any request to do so. If the
Executive has time limited immigration permission which is due to expire at any time during the Executive's employment, the Executive's
ongoing employment will be subject to the Company being satisfied that the Executive has submitted an application to extend the Executive's
United Kingdom immigration permission prior to the date it is due to expire and that the application has not been rejected.

 

		4.3	Notwithstanding (and without prejudice to) any other provision of this agreement, the Company may terminate
this agreement summarily if the Executive is in breach of any of the terms and/or warranties in this Clause 4.

 

		5	Appointment as a director

 

		5.1	The Executive will be appointed as a director of the Company subject to the remaining
provisions of this agreement and the Company's articles of association.

 

		5.2	The Executive will not be entitled to any director's or other fees from the Company or any Group Company
or to any fees in respect of any office the Executive may hold as nominee or representative.

 

		5.3	The Executive's appointment as a director of the Company or any Group Company, at any time, is a term of
the Executive's employment. If the Executive ceases for any reason (except as provided in Clause 22.1(a)) to be a director, the Executive's
employment under this agreement will continue in such other position as the Company may reasonably require and all provisions of this
agreement not relating to the Executive's directorship will continue to apply. The Executive agrees that in such circumstances any such
termination of office will not be in repudiation of this agreement and the Executive will have no claims in respect of such cessation
of office.

 

		5.4	The Executive will at all times:

 

		(a)	comply with the articles of association of the Company and any Group Company of which
the Executive is a director;

 

		(b)	abide by all statutory, fiduciary and common-law duties to any Company and Group
Company of which the Executive is a director;

 

    Page 7

     

    

 

		(c)	comply with all rules regarding conduct as an officer and executive under the Companies
Act 2006; and

 

		(d)	not do anything that would cause the Executive to be disqualified from acting as
a director.

 

		5.5	The Executive must disclose to the Company, on reasonable request, any information which the Company requires
in order to enable it to fulfil its obligations under any Regulatory Requirements and the Executive shall endeavour to ensure that this
information is kept up to date at all times.

 

		5.6	Except with the prior approval of the Board, the Executive shall not resign as a director
of the Company or any Group Company.

 

		6	Duties

 

		6.1	The Executive acknowledges that he will be a fiduciary in a position of seniority and trust.

 

		6.2	At all times during the course of employment the Executive will:

 

		(a)	faithfully and diligently serve the Company and the Group and exercise such powers and perform such duties
as may from time to time be assigned to the Executive by the Board or perform such other duties as the Company may reasonably require;

 

		(b)	devote the whole of the Executive's working time, attention and abilities to the
business and affairs of the Company and the Group;

 

		(c)	comply with all reasonable directions of and regulations made by the Company and
the Board;

 

		(d)	promptly make such reports to the Board in connection with the affairs of the Company and of any Group
Company on such matters and at such times as are reasonably required, and otherwise keep the Board fully informed of all matters relating
to the business and affairs of the Company and the Group;

 

		(e)	immediately upon becoming aware, report:

 

		(i)	any wrongdoing (including the Executive's own wrongdoing) whether committed, contemplated or discussed
by any person employed or engaged by the Company or any Group Company irrespective of whether this would or may involve self-incrimination;

 

		(ii)	any plans or proposals or discussions by any person employed or engaged by the Company or any Group Company
to leave the employment or engagement of the Company or Group Company, whether alone or in concert with any other person and whether to
join a competitor or any other business; and

 

		(iii)	any misuse of Confidential Information by any person (including the Executive) irrespective of whether
this would or may involve self-incrimination;

 

		(f)	use all reasonable endeavours to promote, protect, develop and extend the business
of the Company and Group Companies;

 

    Page 8

     

    

 

		(g)	comply with all Policies and Procedures;

 

		(h)	comply with all Regulatory Requirements and promptly provide the Company with all information that it requires
or may require to comply with the Regulatory Requirements; and

 

		(i)	not:

 

		(i)	offer, promise or provide any bribe, inducement or reward to any third party in order
to gain any commercial, contractual, regulatory or personal advantage;

 

		(ii)	receive or accept any bribe, inducement or reward from any third party in order to gain any commercial,
contractual, regulatory or personal advantage; or

 

		(iii)	receive any gifts, goods, service, rebates or commission from any third party other
than in accordance with Company policy from time to time in force.

 

		6.3	The Executive agrees and accepts that:

 

		(a)	the Policies and Procedures do not form part of this agreement or the terms of the Executive's employment
and the Company may amend the Policies and Procedures at any time; and

 

		(b)	a breach of the Regulatory Requirements may lead to civil or criminal liability for the Executive, action
being taken against the Executive by any relevant regulatory authority and/or disciplinary action by the Company up to and including summary
dismissal if the Executive's conduct falls within the categories in Clause 22.1.

 

		7	Place of work

 

		7.1	The normal place of work of the Executive is London (or such other place as agreed by the parties) or
any other place as the Company may reasonably require for the proper performance and exercise of the Executive's duties.

 

		7.2	The Executive will be required to travel in appropriate circumstances on the business
of the Company and the Group (within the United Kingdom and/or abroad).

 

		8	Hours of work

 

		8.1	The Executive's normal hours of work are from 8.30am to 5:30pm Monday to Friday, inclusive of one hour
for lunch daily, and such additional hours as may be necessary for the proper performance of the Executive's duties. The Executive is
not entitled to any further remuneration for additional hours outside normal office hours.

 

		8.2	The parties agree that the nature of the Executive's position is such that the Executive's working time
cannot be measured and, accordingly, the Executive's employment falls within the scope of regulation 20 of the Working Time Regulations
1998.

 

		9	Salary

 

		9.1	The Executive will be paid an annual salary of £500,000 (Basic Salary)
subject to applicable deductions as required by law including for tax and national insurance.

 

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		9.2	The Basic Salary will be paid in equal monthly instalments (or pro rata where the Executive is only employed
during part of a month) in arrears. For convenience, payment will usually be slightly in advance of the end of the calendar month to which
the payment relates.

 

		9.3	The Executive authorises the Company to deduct (and retain) from the Basic Salary, or any other sum due
to the Executive at any time, any sum due to the Company or any Group Company from the Executive.

 

		10	Pension 

 

The Company will comply with the
employer pension duties in accordance with Part 1 of the Pension Act 2008.

 

		11	Expenses 

 

Subject to any Company policy in operation from time to
time and to production of VAT receipts or other appropriate evidence to the reasonable satisfaction of the Company, the Company will reimburse
(or procure the reimbursement of) all reasonable expenses wholly, properly and necessarily incurred by the Executive in the performance
of the Executive's duties.

 

		12	Incentive payments & bonus 

 

		12.1	Subject to Clause 12.7, on a Listing, the Executive shall be entitled to receive an incentive payment
of £250,000, which shall be paid on or around the payroll in the subsequent month following the Listing.

 

		12.2	Subject to Clause 12.7, on completion of a Qualifying Equity Finance, the Executive shall be entitled to
receive an incentive payment of £250,000, which shall be paid on or around the payroll in the month following receipt by the Company
of the Qualifying Equity Finance.

 

		12.3	The Executive is entitled to participate in the Company's bonus scheme with an annual
bonus opportunity of:

 

		(a)	up to 100% of Basic Salary based on meeting achievable KPIs as determined by the Board using its reasonable
discretion on or around the beginning of each financial year; and

 

		(b)	an additional bonus opportunity based on achievable stretch targets which is to be
determined by the Board using its reasonable discretion.

 

		12.4	The Board may award any such bonus in cash, equity or such other instrument or arrangement with the Company
undertaking that it will act reasonably in making any such award in a way which is tax efficient and cost effective for the Executive.

 

		12.5	Any bonus made pursuant to Clause 12.3 may, at the Board's absolute discretion, be reduced pro rata by
reference to any period for which the Executive has been absent from work for any reason during the period to which the bonus relates.

 

		12.6	The Executive will not be entitled to compensation for loss of bonus (whether pursuant to this Clause 12
or otherwise) on termination of employment. Payment of a bonus in one year will not entitle the Executive to a bonus in any other year.

 

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		12.7	Payment of any incentive payment or bonus under this Clause 12 will be conditional on:

 

		(a)	notice not having been served by the Executive;

 

		(b)	the Executive not being the subject of a disciplinary investigation which could result in the Executive's
dismissal for gross misconduct (in which case payment of any incentive or bonus will be postponed pending the final outcome of that disciplinary
procedure save where the procedure results in dismissal in which case no incentive or bonus shall be payable); and/or

 

		(c)	the Executive not having committed a repudiatory breach of this agreement;

 

in each case, as at the payment date.

 

		12.8	If any payment or other obligation under this agreement or any related benefit or remuneration plan does
not comply with any applicable Regulatory Requirement, the Company may in its sole discretion amend the terms of the payment or other
obligation (including by reducing, revoking, cancelling or recovering any payment or award) to make it compliant.

 

		12.9	Any payments under this Clause 12 will be subject to applicable deductions for tax and National Insurance
(excluding employer National Insurance contributions) and will not be pensionable.

 

		13	Shares

 

		13.1	If the Board considers it likely that a Cash Shell Company will acquire Control of the Company, the Company
shall procure that the Executive is granted an award of an equity interest in the Cash Shell Company (which could be a subscription/award
of shares or share options, depending on the taxation implications for both the Company and the Executive, with the Company undertaking
that it will act reasonably in procuring the offer of an incentive structure which is tax efficient and cost effective for the Executive
provided there are no adverse consequences for the Company or the Cash Shell Company) (the Executive Equity).

 

		13.2	The Executive Equity is intended to represent 10% of the issued share capital of the Cash Shell Company
before the Cash Shell Company acquires the Company or any other company or business, and/or issues equity to participants in a placing
or public offering to occur on or around the date of Listing, when, pursuant to each of such events, the percentage equity interest held
by the Executive will be diluted in accordance with the terms of such transactions.

 

		13.3	Subject always to Clause 2.4, the Executive Equity will be subject to monthly vesting (or reverse vesting
if shares are awarded) over a three year period, with a one year vesting cliff (33.3% vesting 12 months after date of grant of the award),
and will be subject to customary good leaver, intermediate leaver and bad leaver conditions.

 

		13.4	In the event that there is a Change of Control of the Company or Cash Shell Company (other than as part
of the fundraising on or around the date of Listing or an internal re-organisation) after the date falling 12 months after the date of
the grant of Executive Equity and before the end of the three year vesting period (or such other period as required in accordance with
Clause 2.4), and the Executive is an employee of the Company (or the Cash Shell Company as the case may be) at such time, it is agreed that vesting
of the Executive Equity will automatically be accelerated immediately prior to such Change of Control.

 

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		13.5	The Executive's participation in the Executive Equity shall be determined by the
applicable rules (or other documents) of the scheme to be implemented.

 

		13.6	In the event a Cash Shell Company does not acquire Control of the Company, the Company
and the Executive will both act in good faith to agree an alternative incentive arrangement to that referred to in Clause 13.1 above and,
if applicable, Clause 3.3.

 

		14	Other benefits and paid leave

 

		14.1	The Company will endeavour to put in place a private medical insurance scheme as soon as reasonably practicable
after the Commencement Date. The Executive, his spouse and dependents shall be entitled to participate in such scheme.

 

		14.2	The Executive's rights and entitlements and the Company's obligations to pay premiums
for the private medical insurance scheme shall be subject always to:

 

		(a)	the rules and terms of such scheme from time to time in force;

 

		(b)	the Company's absolute discretion to change scheme and/or scheme provider and/or to
discontinue providing the benefit at any time;

 

		(c)	the Executive satisfying any underwriting or other requirements of the relevant scheme
provider; and

 

		(d)	the Executive co-operating with the Company and the relevant scheme provider when
making any claim.

 

		14.3	The Executive agrees that:

 

		(a)	the Company shall have no obligation to pursue any claim for benefits on behalf of the Executive or the
Executive's spouse or dependants or any other beneficiaries or potential beneficiaries if it is not accepted by the scheme provider;

 

		(b)	the Company will have no liability to the Executive or the Executive's spouse or dependants for failure
or refusal by the scheme provider for whatever reason to pay benefits or for cessation of benefits on the termination of the Executive's
employment and the Company is entitled to terminate the Executive's employment notwithstanding the fact that the Executive may lose entitlement
to benefits under these arrangements as a result;

 

		(c)	The Executive is not contractually entitled to any benefit he receives which is not expressly referred
to in this agreement (whether payment of insurance scheme premiums or otherwise).

 

		14.4	The Executive may be eligible to take the following types of paid leave, subject to any statutory eligibility
requirements or conditions and the Company's rules applicable to each type of leave in force from time to time:

 

		(a)	statutory paternity leave;

 

		(b)	statutory adoption leave;

 

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		(c)	shared parental leave; and

 

		(d)	parental bereavement leave.

 

		14.5	The Company will pay up to a total of £30,000 towards the Executive's legal and tax fees he reasonably
incurs through his appointed professional advisors and which arises directly from the corporate restructuring referred to in this agreement.
Any such payment will be made directly to his appointed advisers subject to production of satisfactory invoices confirming the fees incurred
and shall exclude any success fee or uplift on standard hourly rates.

 

		15	Training 

 

In addition to general training the Company provides during
the Executive's induction and throughout his employment, the Company will specify certain mandatory training modules from time to time.
These cover matters that are essential for working for the Company, or for the Executive's role. The subject matter will vary from time
to time and the Company will update the Executive on the requirements. Details of the current compliance training that is mandatory for
all employees are available on the intranet.

 

		16	Holidays 

 

		16.1	The Executive will be entitled to 30 days' paid holiday in each Holiday Year in addition to the usual public
holidays in England and Wales. The first 28 days of holiday (including any public holidays) taken in any Holiday Year will be the
Executive's statutory holiday for the purpose of both the Working Time Regulations 1998 and Clause 16.6 below.

 

		16.2	If the Executive's employment commences or terminates part way through a Holiday Year, the entitlement
of the Executive during that Holiday Year shall be calculated on a pro rata basis rounded up to the nearest half day.

 

		16.3	Holidays shall be taken at such time or times as shall be approved in advance by the Company. The Company
may require the Executive to take holiday on particular dates.

 

		16.4	The Executive will be entitled to carry over up to 5 days' holiday at the end of each Holiday Year provided
that the Executive uses that holiday by 31 March in the following Holiday Year (all other holiday remaining at the end of the Holiday
Year will lapse). Any carried over holiday not used by that date will lapse.

 

		16.5	The Executive shall have no entitlement to any payment in lieu of accrued but untaken holiday except on
termination of the Executive's employment. Subject to Clause 16.6, the amount of any payment in lieu will be 1/260th of the Executive’s
Basic Salary for each untaken day of holiday entitlement for the Holiday Year in which termination takes place.

 

		16.6	If:

 

		(a)	the Company has terminated or would have been entitled to terminate the Executive's
employment under Clause 22; or

 

		(b)	the Executive terminates in breach of this agreement,

 

any payment due under Clause 16.5 will be limited to the
statutory entitlement of the Executive under the Working Time Regulations 1998 (and any holiday (including public holidays) taken shall
be deemed first to have been taken in satisfaction of that statutory entitlement as set out in Clause 16.1).

 

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		16.7	If on termination of the Executive's employment the Executive has taken in excess of his accrued holiday
entitlement, the Company shall be entitled to recover from the Executive, by way of deduction from any payments due to the Executive or
otherwise, one day's pay calculated at 1/260th of the Basic Salary of the Executive for each excess day.

 

		16.8	If either party has served notice to terminate the Executive's employment, the Company may require the
Executive to take any accrued but unused holiday entitlement during the notice period. Any accrued but unused holiday entitlement shall
be deemed to be taken during any period of Garden Leave.

 

		16.9	During any continuous period of absence due to Incapacity of one month or more the Executive shall not
accrue holiday under this contract and the entitlement of the Executive under Clause 16.1 for the Holiday Year(s) in which such absence
takes place shall be reduced pro rata save that it shall not fall below the entitlement of the Executive under the Working Time Regulations
1998.

 

		17	Incapacity

 

		17.1	If the Executive is absent from work due to Incapacity, the Executive shall notify
the Company of the reason for the absence as soon as possible on the first day of absence.

 

		17.2	Immediately following the Executive's return to work after a period of absence due to Incapacity of seven
days or less the Executive must complete a self-certification form. For periods of absence of more than seven consecutive days the Executive
must produce a doctor's fit note verifying that the absence is due to Incapacity.

 

		17.3	Subject to complying with the Company’s absence requirements above and to the remaining provisions
of this Clause 17, the Executive shall be entitled to receive full Basic Salary and contractual benefits during any periods of absence
due to Incapacity up to a maximum of 12 weeks in aggregate in any rolling 52-week period. Any such payments shall be inclusive of any
statutory sick pay. The Executive's qualifying days for statutory sick pay purposes are Monday to Friday.

 

		17.4	The Executive agrees to consent to medical examinations (at the Company's expense) by a doctor or clinic
nominated by the Company should the Company so require. The Executive agrees that any report produced in connection with any such examination
may be disclosed to the Company and the Company may discuss the contents of the report with the relevant doctor.

 

		17.5	If the Incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory
duty on the part of a third party in respect of which damages are or may be recoverable, the Executive shall immediately notify the Company
of that fact and of any claim, settlement or judgment made or awarded in connection with it and provide all relevant particulars that
the Company may reasonably require. The Executive shall, if required by the Company, co-operate in any related legal proceedings and refund
to the Company that part of any damages or compensation recovered by the Executive relating to the loss of earnings for the period of
the Incapacity as the Company may reasonably determine less any costs borne by the Executive in connection with the recovery of such damages
or compensation, provided that the amount to be refunded to the Company shall not exceed the total amount paid to the Executive by the
Company in respect of the period of Incapacity.

 

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		17.6	The Company is entitled to terminate the Executive's employment under the terms of this agreement notwithstanding
that any such termination would or might cause the Executive to forfeit any entitlement to sick pay or other benefits.

 

		17.7	The payment of the Executive's Basic Salary and other contractual benefits during
absence due to Incapacity is conditional on:

 

		(a)	notice not having been served by either party;

 

		(b)	the Executive not being the subject of a disciplinary investigation which could result
in the Executive's dismissal for gross misconduct; and

 

		(c)	the Executive not being under a performance improvement plan.

 

		18	Outside interests

 

		18.1	Subject to Clause 18.2, the Executive shall not at any time during employment (including
during any period of notice) save with the prior written approval of the Company:

 

		(a)	be directly or indirectly engaged, concerned or have any financial interest in any Capacity in any other
business, trade, profession or occupation (or the setting up of any business, trade, profession or occupation) other than that of the
Company and the Group, whether paid or unpaid; or

 

		(b)	hold any directorship (or other office) of any company other than that of the Company
and any Group Company, whether paid or unpaid.

 

		18.2	Notwithstanding Clause 18.1, the Executive:

 

		(a)	may hold an investment by way of shares or other securities of not more than 5% of the total issued share
capital of any company (whether or not it is listed or dealt in on a recognised stock exchange) provided that such company does not carry
on (or propose to carry on) any business similar to or competitive with any business for the time being carried on by the Company or any
Group Company;

 

		(b)	has disclosed to the Company the external interests and activities listed in schedule 2 including the Executive's
Capacity with regard to each such interest and activity. The Company consents to the Executive continuing these activities on the strict
condition that it reserves the right to require (at any time) the Executive to cease any or all of such interests or activities to the
extent that, in the opinion of the Company, they interfere, may be likely to interfere or could be perceived to interfere with the discharge
of the Executive's obligations to the Company or Group or create or may be likely to create a conflict of interest or perceived conflict
of interest; and

 

		(c)	may engage in external interests and activities provided that such companies do not carry on (or propose
to carry on) any business similar to or competitive with any business for the time being carried on by the Company or any Group Company
and such interests or activities do not interfere with the Executive's performance of his duties for the Company, and any board level
appointments shall require prior written approval of the governance committee of the Company, not to be unreasonably withheld, and subject
to being permitted by the rules of any applicable regulatory framework.

 

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		18.3	Without prejudice to the Executive's obligations above, the Executive must promptly disclose to the Company
any matter relating to the Executive's spouse, civil partner, partner, children, parents or other immediate family and/or any entity whose
affairs the Executive or any such person controls which may (or may be perceived to) interfere, conflict or compete with the proper performance
of the obligations of the Executive under this agreement.

 

		19	Confidential information

 

		19.1	Without prejudice to the Executive's common law duties, the Executive shall not (except in the proper course
of the Executive's duties, as authorised or required by law or as authorised in advance by the Company), either during the Executive's
employment or at any time after termination of employment (howsoever arising):

 

		(a)	use any Confidential Information;

 

		(b)	make or use any Copies; or

 

		(c)	disclose any Confidential Information to any person whatsoever.

 

		19.2	The Executive shall be responsible for protecting the confidentiality of the Confidential
Information and shall:

 

		(a)	use best endeavours to prevent the use or communication of any Confidential Information by any person
(except in the proper course of that person’s duties, as required by law or as authorised in advance by the Company); and

 

		(b)	inform the Company immediately upon becoming aware, or suspecting, that any unauthorised person knows,
has access to, has been provided with or has used any Confidential Information.

 

		19.3	All Confidential Information and Copies are and shall remain at all times the property of the Company
and on termination of the Executive's employment (or at the request of the Company at any time during employment), the Executive shall:

 

		(a)	hand over all Copies to such person as is nominated by the Company;

 

		(b)	irretrievably delete any Confidential Information (including any Copies) stored on any magnetic or optical
disk or memory, including personal computer networks, personal email accounts or personal accounts on websites, and all matter derived
from such sources which is in the Executive's possession or under the Executive's control; and

 

		(c)	on the request of the Company, provide a signed statement that the Executive has complied fully with all
obligations under this Clause 19.3 together with such evidence of compliance as the Company may reasonably request .

 

		19.4	Clause 19 shall not apply to any Confidential Information which the Executive can
demonstrate:

 

		(a)	is already in the public domain at the time of disclosure;

 

		(b)	is identifiable without requiring significant expenditure of time, skill or money; and

 

		(c)	came into the public domain other than by reason of or as a direct or indirect result
of the disclosure by the Executive of any Confidential Information.

 

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		19.5	Nothing in this Clause 19 shall prevent the Executive from:

 

		(a)	making a protected disclosure within the meaning of Part 4A of the Employment Rights Act 1996 (this includes
protected disclosures made about matters previously disclosed to another recipient);

 

		(b)	making a disclosure to a regulator regarding any misconduct, wrongdoing or serious
breach of a Regulatory Requirement;

 

		(c)	reporting a criminal offence to the police or a law enforcement agency; or

 

		(d)	co-operating with the police or a law enforcement agency regarding any criminal investigation or prosecution
or with a regulator regarding any investigation by that regulator.

 

		20	Intellectual property

 

		20.1	All Intellectual Property Rights made, discovered, originated, produced or developed by the Executive during
the course of employment with the Company (whether or not during working hours or using the premises or resources of the Company or the
Group) shall immediately be disclosed in writing to the Company by the Executive and shall automatically, on creation, vest absolutely
in the Company or such Group Company as the Company may nominate for that purpose to the fullest extent permitted by law.

 

		20.2	The Executive:

 

		(a)	acknowledges for the purposes of section 39 of the Patents Act 1977 that because of the nature of the Executive's
duties, and the particular responsibilities arising from those duties, the Executive has, and at all times during employment will have,
a special obligation to further the interests of the business of the Company and the Group;

 

		(b)	undertakes to promptly, whenever requested by the Company, and in any event upon the termination of employment,
deliver up to the Company all such Intellectual Property Rights and all related correspondence, documents, papers and records and all
copies of any such Intellectual Property Rights in the Executive's possession or control;

 

		(c)	undertakes to hold upon trust for the benefit of the Company (or its nominee) all Intellectual Property
Rights in respect of all Intellectual Property Rights made, originated or developed by the Executive during employment by the Company
(whether or not during working hours or using the premises or resources of the Company or the Group) to the extent that they do no vest
automatically in the Company, until the same are vested absolutely in the Company (or its nominee);

 

		(d)	assigns absolutely with full title guarantee by way of present assignment of present and future rights,
all Intellectual Property Rights made, originated or developed by the Executive in the course of employment (whether or not during working
hours or using the premises or resources of the Company or the Group);

 

		(e)	acknowledges that, other than as required by law, no further remuneration or compensation other than that
set out in this agreement is or may become due to the Executive in respect of the performance of the Executive's
obligations under this Clause 20;

 

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		(f)	undertakes, at the reasonable expense of the Company, to execute all such documents, make such applications,
give such assistance and do all such acts and things as may in the opinion of the Company be necessary or desirable to vest, register
or obtain any Intellectual Property in the name of the Company (or its nominee), and otherwise to protect and maintain any Intellectual
Property Rights made, originated or developed by the Executive and all related Intellectual Property Rights;

 

		(g)	waives any moral rights (as provided for by Chapter IV of the Copyright Designs & Patents Act 1988
(the 1988 Act) or any similar provisions of law in any jurisdiction) in any Intellectual Property Rights created, made, originated,
developed or produced by the Executive in the course of employment (whether or not during working hours or using the premises or resources
of the Company or the Group) and agrees to grant all necessary consents and further agrees not to institute, support, maintain or permit
any action or claim to the effect that any treatment, exploitation or use of such Intellectual Property Rights infringes the Executive's
moral rights, including the right to be identified, the right of integrity and the right against false attribution provided for in the
1988 Act;

 

		(h)	will not, except in the proper performance of the Executive's duties, disclose any Intellectual Property
Rights (or any related correspondence, documents, papers and records and copies) belonging to the Company (or its nominee) without the
prior written consent of the Company; and

 

		(i)	will give all necessary assistance to the Company (or its nominee) to enable the
Company (or its nominee) to enforce its Intellectual Property Rights against third parties and/or to defend claims for infringement of
third party Intellectual Property Rights.

 

		20.3	The Executive irrevocably appoints the Company to be the Executive's attorney in the Executive's name and
on the Executive's behalf to execute and/or sign all such instruments, and/or do all such things and generally to use the Executive's
name for the purpose of giving to the Company (or its nominee) the full benefit of the provisions of this Clause 20. With respect to any
third party, a certificate in writing signed by any director of the Company or the company secretary of the Company that any instrument
or act falls within the authority conferred by this Clause 20.3 shall be conclusive evidence that such is the case.

 

		21	Payment in lieu of notice

 

		21.1	Notwithstanding any other provision of this agreement, the Company may, in its sole and absolute discretion,
terminate the Executive's employment under this agreement summarily by giving the Executive written notice that it is exercising its discretion
under this Clause 21.1. In such circumstances the Company shall pay the Executive his Basic Salary and contractual benefits in lieu of
the notice period referred to in Clause 2.2 or any unexpired part of it. Payment will be made subject to such deductions as are required
by law, including for tax and national insurance. The Company's right to make a payment under this Clause 21.1 does not give the Executive
any right to demand such payment.

 

		21.2	The Executive shall not be entitled to any payment in lieu of notice if the Company
would otherwise have been entitled to terminate the Executive's employment without notice in accordance with Clause 22 and the Company shall be entitled
to recover from the Executive any payment in lieu of notice already made.

 

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		22	Termination without notice

 

		22.1	The Company may terminate the Executive's employment with immediate effect without notice (and with no
liability to make any further payment to the Executive) if the Executive:

 

		(a)	is disqualified from acting as a director;

 

		(b)	commits, in the reasonable opinion of the Board, an act of gross misconduct;

 

		(c)	commits, in the reasonable opinion of the Board, any serious or repeated breach or failure to observe
of any of the provisions of this agreement or the Policies and Procedures or the Regulatory Requirements or any anti-bribery and corruption
policies and the Executive has previously been given written notice of such and a reasonable opportunity to improve or comply as the case
may be;

 

		(d)	refuses to comply with any reasonable and lawful direction of the Board;

 

		(e)	is declared bankrupt or makes any arrangement with or for the benefit of his creditors or has a county
court administration order made against the Executive under the County Court Act 1984;

 

		(f)	is convicted of any criminal offence (other than an offence under any road traffic
legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed);

 

		(g)	is guilty of fraud or dishonesty or acts in any manner which, in the reasonable opinion of the Board, brings
or is likely to bring the Executive, the Company or any Group Company into disrepute or is materially adverse to the interests of the
Company or any Group Company (in each case whether or not in the course of employment); or

 

		(h)	ceases to hold any qualification, approval, registration or authorisation required
for the proper performance of the Executive's duties.

 

		22.2	The rights of the Company under Clause 22.1 are without prejudice to any other rights that it may have
at law to terminate the Executive's employment or to accept any breach of this agreement by the Executive as having brought the agreement
to an end. Any delay by the Company in exercising any right to terminate shall not constitute a waiver of that right.

 

		22.3	If the Executive's employment is terminated at any time by reason of any reconstruction or amalgamation
of the Company or any Group Company, whether by winding up or otherwise, and the Executive is offered employment with any concern or undertaking
involved in or resulting from the reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable
to any material extent than the terms of this agreement, the Executive shall have no claim against the Company, any Group Company or the
undertaking arising out of or in connection with such termination.

 

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		22.4	This Clause 22.4 applies if the Executive subscribes for or is awarded shares in the Company or any Group
Company or participates in any share option, restricted share, restricted share unit, long term incentive, carried interest or co-invest,
or any other form of profit sharing, incentive, bonus or equity plan or arrangement (each an Incentive) or may do so. Upon termination
of the Executive's employment (whether lawful or unlawful), the Executive's rights (if any) in respect of each Incentive shall be solely determined
by the applicable rules or other documents governing each Incentive and the Executive hereby irrevocably waives any other claims or rights
in respect of the loss of any rights or benefits under or in respect of any Incentive granted or not yet granted to the Executive (including
any loss relating to the lapse of, or the Executive's ineligibility to exercise, any share options, the value of any shares, the operation
of any compulsory transfer provisions or the operation of any vesting criteria).

 

		23	Garden leave

 

		23.1	Following service of notice to terminate the Executive's employment by either party, or if the Executive
purports to terminate his employment in breach of contract and/or without serving the period of notice required by Clause 2.2, the Company
may in its absolute discretion place the Executive on garden leave for the whole or part of the Executive's notice period (Garden Leave).

 

		23.2	During any period of Garden Leave the Company:

 

		(a)	shall be under no obligation to provide any work to the Executive and may revoke any
powers he holds on behalf of the Company or any Group Company;

 

		(b)	may exclude the Executive from any premises of the Company or any Group Company;

 

		(c)	may require the Executive not to contact or deal with (or attempt to contact or deal with) any officer,
employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser, investor or other business contact of the
Company or any Group Company;

 

		(d)	may require the Executive to resign as a director of the Company or any Group Company;

 

		(e)	may cease to provide the Executive with access to the Company and Group Company information
systems;

 

		(f)	may appoint another person(s) to perform the Executive's responsibilities jointly
with the Executive or in the Executive's place; and/or

 

		(g)	may require the Executive to take any accrued holiday due to the Executive.

 

		23.3	During any period of Garden Leave the Executive:

 

		(a)	will continue to receive Basic Salary and all contractual benefits including the incentives in Clauses
12.1 and 12.2 in the usual way and subject to the terms of any benefit arrangement;

 

		(b)	will remain an employee of the Company and bound by the terms of this agreement (including
his fiduciary duties and duties of good faith and fidelity); and

 

		(c)	must ensure that the Board knows where the Executive will be and how the Executive can be contacted during
each working day (except during any periods taken as holiday in the usual way);

 

		23.4	The Executive agrees that he shall have no claim against the Company in respect of
any action set out in this Clause 23.

 

    Page 20

     

    

 

		24	Obligations upon termination

 

		24.1	On termination of the Executive's employment (however arising) or, if the Company so requires, at any
time following the service of notice by either party or purported notice of termination by the Executive, the Executive shall:

 

		(a)	resign immediately from any directorship held by him in or on behalf of the Company or any Group Company
and from any other offices he may hold as nominee or representative of the Company or any Group Company;

 

		(b)	immediately deliver to the Company all property of the Company or any Group Company or any of its or their
respective customers, clients, suppliers, investors and other business contacts (including documents, books, materials, records, correspondence,
papers and information on whatever media and wherever located relating to the business or affairs of the Company or any Group Company
or their respective customers, clients, investors, suppliers and other business contacts), which is in his possession or under his control
and he/ shall not retain any Copies;

 

		(c)	irretrievably delete any information relating to the business or affairs of the Company or any Group Company
stored on any magnetic or optical disk or memory, including personal computer networks, personal email accounts or personal accounts on
websites, and all matter derived from such sources which is in his possession or under his control;

 

		(d)	deliver to the Company on request any computer or other device in his possession or
control to allow the Company to remove all Confidential Information and any software of the Company; and

 

		(e)	on the request of the Company, provide a signed statement that he has complied fully
with his obligations under this Clause 24.1 together with such reasonable evidence of compliance as the Company may require.

 

		24.2	The Executive hereby irrevocably appoints the Company to be his attorney to appoint any director of the
Company as his attorney to execute such instrument or do any such thing and generally to use his name for the purpose of giving effect
to and providing to the Company or its nominee the full benefit of Clause 24.1(a).

 

		24.3	The obligations in Clause 24.1 shall not be affected by the fact that any document or device may include
the Executive's Personal Data. It shall be the Executive's responsibility to notify the Company of any Personal Data that may exist so
that the Company can make proper arrangements for its disposal.

 

		24.4	The Executive will, on the Company's reasonable request, co-operate with and assist the Company or any
Group Company in any internal investigation, administrative, regulatory, quasi-judicial proceedings or any threatened or actual litigation
concerning it or them. The Company will only make such a request where the Executive has in his possession or knowledge any facts or other
matters which the Company or any Group Company reasonably considers is relevant to such process or legal proceedings. This assistance
may include giving statements/affidavits, meeting with the Company or any Group Company's legal and other professional advisers, attending
any legal hearing and giving evidence. The Company or relevant Group Company will pay the Executive's reasonable expenses and loss of
income incurred in providing such assistance provided that the Executive notifies the Company or relevant Group Company of the amount of any expenses or
anticipated loss of income in advance.

 

    Page 21

     

    

 

		25	Post-termination restrictions

 

		25.1	In order to protect the Confidential Information and business connections of the Company and each Group
Company to which he has access as a result of the Appointment , the Executive covenants with the Company (for itself and as trustee and
agent for each Group Company) that he shall not:

 

		25.1.1	for 12 months after the Termination Date, solicit or endeavour to entice away from the Company or any
Group Company the business or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in
competition with any Restricted Business;

 

		25.1.2	for 12 months after the Termination Date in the course of any business concern which is in competition,
or intends to compete, with the Company or any Group Company, offer to employ or engage or otherwise endeavour to entice away from the
Company or any Group Company any Restricted Person who could damage the interests of the Company or any Group Company as a result of any
such employment, engagement or enticement;

 

		25.1.3	for 12 months after the Termination Date in the course of any business concern which is in competition,
or which intends to compete, with any Restricted Business, employ or engage or otherwise facilitate the employment or engagement of any
Restricted Person who could damage the interests of the Company or any Group Company as a result of that employment or engagement, whether
or not such person would be in breach of contract as a result of such employment or engagement;

 

		25.1.4	for six months after the Termination Date, be involved in any Capacity with any business
concern which is (or intends to be) in competition with any Restricted Business;

 

		25.1.5	for 12 months after the Termination Date, be involved with the provision of goods or services to (or otherwise
have any business dealings with) any Restricted Customer or Prospective Customer in the course of any business concern which is in competition
with any Restricted Business;

 

		25.1.6	for 12 months after the Termination Date damage (or attempt to do so) any relationship
between the Company or any Group Company and the Restricted Supplier; or

 

		25.1.7	at any time after the Termination Date, represent himself as connected with the Company or any Group Company
in any capacity, other than as a former employee, director or shareholder, or use any registered names or trading names associated with
the Company or any Group Company.

 

		25.1.8	at any time after the Termination Date, make any comments or statements of any nature that are derogatory
to or disparaging of, or have the effect of lowering the reputation of the Company or any Group Company or any of its or their directors,
officers, employees or agents; and/or take part in any conduct which may bring into disrepute the Company, any Group Company or any of
its or their directors, officers, employees or agents.

 

    Page 22

     

    

 

		25.2	None of the restrictions in Clause 25.1 shall prevent the Executive
from:

 

		25.2.1	being engaged or concerned in any business concern insofar as the Executive's duties or work shall relate
solely to geographical areas where the business concern is not in competition with any Restricted Business; or

 

		25.2.2	being engaged or concerned in any business concern, provided that the Executive's duties or work shall
relate solely to services or activities of a kind with which the Executive was not concerned to a material extent in the 12 months before
the Termination Date.

 

		25.3	The restrictions imposed on the Executive by this Clause 25
apply to him acting: 

 

25.3.1 directly or indirectly; and

 

		25.3.2	on his own behalf or on behalf of, or in conjunction with, any
firm, company or person.

 

		25.4	Subject to Clause 25.12, the Executive agrees that the Board may review the Prospective Customer, Restricted
Business, Restricted Customer, Restricted Person and Restricted Supplier definitions and revise, delete and amend these (to include but
not be limited to adding new customers, persons and suppliers or deleting or revising named customers, persons and suppliers) from time
to time.

 

		25.5	The periods for which the restrictions in Clause 25 apply shall be reduced by any
period that the Executive spends on Garden Leave immediately before the Termination Date.

 

		25.6	If the Executive receives an offer to be involved in a business concern in any Capacity during the Appointment,
or before the expiry of the last of the covenants in this Clause 25, the Executive shall give the person making the offer a copy of this
Clause 25 and shall tell the Company the identity of that person as soon as possible after accepting the offer.

 

		25.7	This Clause 25.7 applies if, at any time during the Executive's employment, two or more Restricted Persons
have left their employment, appointment or engagement with the Company and have subsequently performed work for a Competitor. Where this
clause applies, the Executive will not, at any time during the six months following the last date on which any of those Restricted Persons
were employed or engaged by the Company, be employed or engaged in any way by the Competitor if the Executive would perform work for or
on behalf of the Competitor that is competitive with the Restricted Business.

 

		25.8	The Executive has had the opportunity to take legal advice on the restrictions in
this Clause 25.

 

		25.9	Each of the restrictions in this Clause 25 is intended to be separate and severable. If any of the restrictions
shall be held to be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as
may be necessary to make it valid or effective.

 

		25.10	If the Executive's employment is transferred to any firm, company, person or entity other than a Group
Company (the "New Employer") pursuant to the Transfer of Undertakings (Protection of Employment) Regulations 2006, the Executive
will, if required, enter into an agreement with the New Employer containing post-termination restrictions corresponding to those restrictions
in this Clause 25, protecting the Confidential Information, trade secrets and business connections of the New Employer.

 

		25.11	The Executive will, at the request and expense of the Company, enter into a separate
agreement with any Group Company in which he agrees to be bound by restrictions corresponding to those restrictions in this Clause 25 (or
such of those restrictions as may be appropriate) in relation to that Group Company.

 

    Page 23

     

    

 

		25.12	No variation of this Clause 25 will be effective unless it is in writing and signed by the parties.

 

		25.13	The Executive covenants with the Company (for itself and as trustee and agent for
each Group Company) that he shall not for 12 months after the Termination Date:

 

		25.13.1	interfere or take such steps as may be likely to interfere with the continuance of investment or funding
to the Company (or the terms relating to such investment or funding) from any Investor or Lender; or

 

		25.13.2	seek to damage the relationship between any Investor or Lender and the Company.

 

		26	Disciplinary and grievance procedures

 

		26.1	The Executive is subject to the disciplinary and grievance procedures of the Company, copies of which are
available on the Company's intranet. These procedures do not form part of this agreement or the terms and conditions of the Executive's
employment.

 

		26.2	The Executive should refer:

 

		(a)	any appeal the Executive wishes to make against a disciplinary sanction/decision to
a member of the Board (or such other person as the Company may specify from time to time); or

 

		(b)	any grievance the Executive wishes to raise to a member of the Board (or such other
person as the Company may specify from time to time),

 

in accordance with the Company's disciplinary and grievance
procedures.

 

		26.3	The Company may suspend the Executive from any or all of his duties during any period in which the Company
is investigating any disciplinary matter involving the Executive or until the conclusion of any disciplinary procedure (including any
appeal). During any period of suspension:

 

		(a)	subject to Clause 12.5, the Executive will continue to receive Basic Salary and all
contractual benefits in the usual way;

 

		(b)	the Company may suspend the Executive's access to the Company's and Group's systems
and internal communications;

 

		(c)	the Company may require the Executive to return temporarily any Company or Group IT equipment and communication
devices (including any smartphones, tablets, laptops and hard drives);

 

		(d)	the Executive shall remain an employee of the Company and bound by the terms of this
agreement;

 

		(e)	the Executive shall ensure that the Company knows where he will be and how he can
be contacted during each working day (except during any periods taken as holiday in the usual way);

 

    Page 24

     

    

 

		(f)	the Company may exclude the Executive from his place of work or any other premises
of the Company or any Group Company; and

 

		(g)	the Company may require the Executive not to contact or deal with (or attempt to contact or deal with)
any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the
Company or any Group Company.

 

		27	Change of Control

 

		27.1	In the event that there is a Change of Control of the Company or the Cash Shell Company (other than as
part of the Listing, the fundraising on or around the date of Listing or an internal re-organisation) and, within 365 days of the Change
of Control, the Appointment is terminated by the Company (other than where the Company is entitled to terminate the Appointment without
notice or payment in lieu of notice in accordance with Clause 22.1) the Company shall, within one month of the date of the Termination
Date, pay or provide the Prescribed Sum to him as provided by this Clause.

 

		27.2	The Prescribed Sum shall be an amount equal to one year's Basic Salary in accordance
with Clause 9.1 as adjusted in accordance with Clause 27.3.

 

		27.3	If the Company or the Cash Shell Company (as the case may be) terminates the Appointment by giving a period
of notice whether under Clause 2.2 or otherwise, or terminates the Appointment under Clause 21, the Prescribed Sum shall be reduced pro
rata by the number of complete months of service for which the Executive remains employed following notice being given to him or shall
be reduced by the amount paid to the Executive under Clause 21.

 

		27.4	The payment or provision of the Prescribed Sum shall be conditional upon and in consideration
of:

 

		(a)	the Executive having complied with Clause 24; and

 

		(b)	the Executive having complied with and continuing to comply with his obligations relating to confidentiality
and intellectual property in Clauses 19 and 20 respectively.

 

		27.5	For the avoidance of doubt, the payment or provision of the Prescribed Sum shall
not affect the Executive's entitlement as at the Termination Date to any of the following:

 

		(a)	any accrued but unpaid Basic Salary;

 

		(b)	any payment in lieu of accrued but unused holiday; or

 

		(c)	the reimbursement of his expenses, provided that all claims for reimbursement are
submitted within four weeks of the Termination Date.

 

		27.6	To the extent that the Prescribed Sum is damages (which is not admitted), the parties agree that the terms
of this Clause 27 represent a genuine pre-estimate of the loss to the Executive that would arise on termination of the Appointment in
the circumstances described and does not constitute a penalty.

 

    Page 25

     

    

 

		28	Guarantee

 

		28.1	The Guarantor guarantees to the Executive that, if the Company does not comply with its obligations to
pay any amount due to the Executive under this agreement (Guaranteed Amounts), the Guarantor shall pay on demand the Guaranteed
Amounts to the Executive.

 

		28.2	The Guarantor as principal obligor and as a separate and independent obligation and liability from its
obligations under Clause 28.1 agrees to indemnify and keep indemnified the Executive in full and on demand from and against all and any
losses, costs and expenses suffered or incurred by the Executive arising out of, or in connection with, any failure of the Company to
pay the Guaranteed Amounts except where the Company's failure to pay the Guaranteed Amounts results from the Executive's failure to comply
with his obligations under this agreement.

 

		28.3	The liability of the Guarantor under this Clause shall not be reduced, discharged or otherwise adversely
affected by any act, omission, matter or thing which would not have discharged or affected the liability of the Guarantor had it been
a principal obligor instead of a guarantor.

 

		28.4	All sums payable by the Guarantor under this agreement shall be paid in full to the Executive in the currency
in which the Guaranteed Amounts are payable, free and clear of any deductions or withholdings of any kind, except for those as required
under the terms of this agreement or by any law binding on the Guarantor.

 

		28.5	The Guarantor represents and warrants to the Executive that it is has all requisite
power and authority, and has taken all necessary action, to enable it to enter into, deliver and perform its obligations under this agreement.

 

		29	Data protection

 

		29.1	The Company will collect and process Personal Data in accordance with the data privacy notice which
is annexed to this agreement and which is also available on the Company intranet. The Executive shall sign and date the privacy notice
and return it to the Company within five working days of the date of this agreement.

 

		29.2	The Executive shall comply with the Policies and Procedures in relation to privacy and data protection
when handling personal data in the course of employment including personal data relating to any employee, worker, contractor, customer,
client, supplier, agent or other contact of the Company or any Group Company.

 

		30	Collective agreements 

 

There is no collective agreement
applicable to the Company or to the Executive's employment with the Company.

 

		31	Notices 

 

		31.1	A notice given to a party under this agreement shall be in writing in the English language and signed by
or on behalf of the party giving it. It shall be delivered by hand or sent to the party at the address given in this agreement or as otherwise
notified in writing to the other party.

 

    Page 26

     

    

 

		31.2	Any such notice shall be deemed to have been received:

 

		(a)	if delivered by hand, at the time the notice is left at the address or given to the
addressee;

 

		(b)	in the case of pre-paid first class UK post or other next working day delivery service,
at 9.00 a.m. on the second business day after posting or at the time recorded by the delivery service;

 

		(c)	in the case of email, at the time of transmission.

 

		31.3	A notice shall have effect from the earlier of its actual or deemed receipt by the
addressee. For the purpose of calculating deemed receipt:

 

		(a)	all references to time are to local time in the place of deemed receipt; and

 

		(b)	if deemed receipt would occur on a Saturday or Sunday or a public holiday when banks are not open for business,
deemed receipt is at 9.00 a.m. on the next business day.

 

		31.4	This Clause does not apply to the service of any proceedings or other documents in
any legal action.

 

		32	General

 

		32.1	No variation of this agreement shall be effective unless it is in writing and signed
by the parties (or their authorised representatives).

 

		33	Entire agreement 

 

This agreement contains the entire and only agreement between
the parties, and both parties acknowledge that, on entering into this agreement, they have not relied on any written or oral representation
or undertaking other than as expressly stated in this agreement, and that this agreement supersedes any previous contract or arrangement
between the parties.

 

		34	Counterparts 

 

This agreement may be executed in any number of counterparts,
each of which, when executed, shall be an original, and all the counterparts together shall constitute one and the same instrument.

 

		35	Third party rights 

 

Except as expressly provided elsewhere
in this agreement, no person other than the Executive and the Company or any Group Company shall have any rights under the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this agreement.

 

		36	Governing law 

 

This agreement and any dispute or
claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall
be governed by and construed in accordance with the law of England and Wales.

 

    Page 27

     

    

 

		37	Jurisdiction 

 

Each party irrevocably agrees that the courts of England
and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its
subject matter or formation (including non-contractual disputes or claims).

 

    Page 28

     

    

 

	EXECUTED as a DEED by Tejinder Virk	 	/s/ ILLEGIBLE
	 	 	 
	at	 	
	 	 	 
	on 2021 2 June 2021	 	 
	 	 	 
	before the following witness:	 	 
	 	 	 
	Witness Signature:	 	 
	 	 	 
	/s/ Mouhssine Sebbar	 	 
	 	 	 
	Full name:	 	 
	 	 	 
	MOUHSSINE SEBBAR	 	 
	 	 	 
	Address:	 	 
	 	 	 
	245 West Hampstead	 	 
	 	 	 
	NW6 1XN	 	 
	 	 	 
	 	 	 
	EXECUTED as a DEED for and on behalf of Canmart Ltd	 	/s/ ILLEGIBLE
	 	 	 
	at 	 	Director/Authorised Signatory
	 	 	 
	on 2021 2 June 2021	 	 
	 	 	 
	before the following witness:	 	 
	 	 	 
	Witness Signature:	 	 
	 	 	 
	/s/ Mouhssine Sebbar	 	 
	 	 	 
	Full name:	 	 
	 	 	 
	MOUHSSINE SEBBAR	 	 
	 	 	 
	Address:	 	 
	 	 	 
	245 West Hampstead	 	 
	 	 	 
	NW6 1XN	 	 

 

    Page 29

     

    

 

	EXECUTED as a DEED for and on behalf of Halo Labs Inc	 	/s/ ILLEGIBLE
	 	 	 
	at 	 	Director/Authorised Signatory
	 	 	 
	on 2021 2 June 2021	 	 
	 	 	 
	before the following witness:	 	 
	 	 	 
	Witness Signature:	 	 
	 	 	 
	/s/ Mouhssine Sebbar	 	 
	 	 	 
	Full name:	 	 
	 	 	 
	MOUHSSINE SEBBAR	 	 
	 	 	 
	Address:	 	 
	 	 	 
	245 West Hampstead	 	 
	 	 	 
	NW6 1XN	 	 

 

    Page 30

     

    

 

Schedule 1

 

Executive Equity Rights

 

		•	Board seat for so long as the Executive is appointed as the Chief Executive of the Company 

 

		•	Up to 5% of the options available for grant pursuant to a share option pool to be created which constitutes,
in aggregate, 15% of the fully diluted share capital of the Company (i.e. up to 0.75% of the aggregate fully diluted equity), subject
always to approval by a remuneration or compensation committee to be established by the Company 

 

		•	Market standard pre-emption rights on a new issuance of shares for cash in the Company except where
such rights are not held by another minority shareholder of the Company with an equivalent percentage shareholding to the Executive or
greater 

 

		•	Tag rights (on a fully diluted basis) except where such rights are not held by another minority shareholder
of the Company with an equivalent percentage shareholding to the Executive or greater 

 

		•	Prior to a Listing, a right of consent in respect of the following matters: 

 

		o	passing any resolution or presenting any petition for the Company's winding up
or administration (unless the Company is insolvent) 

 

		o	proposing any amendment to the Articles of Association of the Company that would prejudice the rights
of the shares held by the Executive, other than with respect to administrative matters or approved by the Board (acting reasonably) in
contemplation of a Listing 

 

		o	reducing the capital of the Company or undertaking a purchase by the Company of
any of its own shares 

 

		o	changing the Company's accounting reference date or accounting standards falling
outside of either UK GAAP, IAS or IFRS 

 

		o	transferring the whole or any material part of the assets
or undertaking of the Company

 

		•	Information rights, on and subject to the same terms as agreed with other shareholders
of the Company with an equivalent percentage shareholding to the Executive 

 

    Page 31

     

    

 

Schedule 2

 

Outside Interests

 

Windy Apple Ventures Limited – Board Advisor, soon to be Non-Executive
Director

 

    Page 32

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