Document:

Exhibit 4.3

 

WARRANT
CERTIFICATE

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE MARCH 2, 2020.

 

the
warrants evidenced hereby are EXERCISABLE ON OR BEFORE 5:00 PM, VANCOUVER TIME, On November 1, 2022, AFTER WHICH TIME THESE WARRANTS
SHALL BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT.

 

THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE. THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES
OR BY OR ON BEHALF OF A PERSON IN THE UNITED STATES OR A U.S. PERSON UNLESS THE WARRANT AND THE UNDERLYING SECURITIES HAVE BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS
IS AVAILABLE. THE TERMS “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN THEM UNDER REGULATION S PROMULGATED
PURSUANT TO THE U.S. SECURITIES ACT.

 

SERIES
1 2019 WARRANTS TO PURCHASE COMMON SHARES

 

OF

 

Tilt
holdings, inc.

 

	Certificate
    Number 32	Number
    of Warrants

    represented by this

    certificate – 2,913,750

 

THIS
CERTIFIES THAT, for value received, Mark Scatterday, is entitled, at any time prior to the Expiry Time, to purchase, at the Exercise
Price, one Share of the Company, for each Warrant evidenced hereby, by surrendering to the Company at its principal office at 745 Thurlow
Street, #2400 Vancouver, British Columbia, V6C 0C5, this Warrant Certificate, together with a Subscription Form, duly completed and executed,
and either (i) cash, certified cheque, money order or bank draft in lawful money of Canada payable to or to the order of the Company
for the amount equal to the Exercise Price per Share multiplied by the number of Shares subscribed for or (ii) notice of a cashless
exercise, on and subject to the terms and conditions set forth below.

 

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

 

    

     

    

 

		1.	Definitions

 

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

 

		(a)	“Business
                                            Day” means a day which is not a Saturday, Sunday, or a civic or statutory holiday
                                            in the City of Vancouver, British Columbia, Canada;

 

		(b)	“Company”
                                            means TILT Holdings, Inc., a corporation existing under the laws of British Columbia,
                                            and its successors and assigns;

 

		(c)	“Current
                                            Market Price” at any date, means the price per Share equal to the weighted average
                                            of the sale prices per Share at which the Shares have traded (i) on the Exchange, or
                                            (ii) if the Shares are not listed on the Exchange, on such other stock exchange on which
                                            such shares are listed as may be selected for such purpose by the board of directors of the
                                            Company, or (iii) if the Shares are not listed on any stock exchange, then on the over-the-counter
                                            market, during the period of any 5 consecutive trading days selected by the Company commencing
                                            not earlier than 20 trading days and ending no later than 3 trading days before such date;
                                            provided, however, if the Shares are not listed on any exchange or on the over-the-counter
                                            market, the Current Market Price shall be as determined by the board of directors of the
                                            Company, or such firm of independent chartered accountants as may be selected by the board
                                            of directors of the Company, acting reasonably and in good faith in their sole discretion;
                                            for these purposes, the weighted average of the sale price for any period shall be determined
                                            by dividing the aggregate sale prices per Share during such period by the total number of
                                            Shares sold during such period;

 

		(d)	“Exchange”
                                            means the Canadian Securities Exchange;

 

		(e)	“Exercise
                                            Price” means $0.33 in Canadian funds per Share, unless such price shall have been
                                            adjusted in accordance with the provisions of Section 13, in which case it shall mean
                                            the adjusted price in effect at such time;

 

		(f)	“Expiry
                                            Time” means 5:00 p.m., Vancouver time, on November 1, 2022;

 

		(g)	“Form of
                                            Transfer” means the form of transfer annexed hereto as Schedule “B”;

 

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

 

		(i)	“Issuance
                                            Date” means the date of issue of the Warrants;

 

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

 

    

     

    

 

		(k)	“Share”
                                            means a fully paid and non-assessable common share of the Company (such common shares of
                                            the Company, collectively, the “Shares”);

 

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

 

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

 

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

 

		2.	Expiry
                                            Time

 

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

 

		3.	[Intentionally
                                            Omitted]

 

		4.	Exercise
                                            Procedure

 

		(a)	The
                                            Holder may exercise the right of purchase herein provided for by surrendering or delivering
                                            to the Company prior to the Expiry Time at its principal office:

 

		(i)	this
                                            Warrant Certificate, with the Subscription Form duly completed and executed by the Holder
                                            or its legal representative or attorney, duly appointed by an instrument in writing in form
                                            and manner satisfactory to the Company; and

 

		(ii)	either
                                            (A) cash, certified cheque, money order or bank draft payable to or to the order of
                                            the Company in lawful money of Canada at par in the City of British Columbia in an amount
                                            equal to the Exercise Price multiplied by the number of Shares for which subscription is
                                            being made or (B) notice that the Holder elects to effect a cashless exercise as contemplated
                                            by Section 4(b).

 

		(b)	This
                                            Warrant Certificate may be exercised, in whole or in part, by surrender of this Warrant Certificate
                                            without payment to the Company of any other consideration, commission or remuneration, by
                                            election of the cashless exercise option on the Subscription Form. In the event of such exercise,
                                            the number of Shares issuable upon the exercise of this Warrant Certificate shall be reduced
                                            and the Company shall issue to the Holder a number of Shares computed using the following
                                            formula:

 

    

     

    

 

Y
(A - B) 

       X
=             A

 

		Where:	

 

	X
    —	The
    number of Shares to be issued to the Holder upon full exercise.
	 	 
	Y
    —	The
    number of Shares issuable upon exercise of this Warrant Certificate in accordance with its terms by means of a cash exercise rather
    than a cashless exercise.
	 	 
	A
    —	The
    Fair Market Value of one Share (at the date of such calculation).
	 	 
	B
    —	The
    Exercise Price (as adjusted to the date of such calculation).

 

For
purposes of this Section 4(b), the “Fair Market Value” of one Share on any date in question shall be the
closing sale price of a Share on the Exchange (or the other principal stock exchange or stock market on which the Shares are traded at
such time, if applicable) or, if the Shares are not traded on any such principal stock exchange or stock market at such time, the average
of the high and low closing bid and ask prices of a Share on any over-the-counter market on which the Shares are traded on the Business
Day immediately preceding such date (or if there is not trading on such date, on the next preceding Business Day on which there was trading
in the Shares), as quoted in The Globe and Mail. If the Shares are not listed or qualified for trading on any stock exchange, stock market
or over-the-counter market at such time, then the Fair Market Value shall be determined in good faith by the members of the board of
directors of the Company. In connection with any cashless exercise, no cash or other consideration will be paid by the Holder in connection
with such exercise other than the surrender of this Warrant Certificate itself, and no commission or other remuneration will be paid
or given by the Holder or the Company in connection with such exercise. On any partial exercise, the Company at its expense will forthwith
issue and deliver to or upon the order of the Holder hereof a new Warrant Certificate of like tenor, in the name of the Holder hereof
or as the Holder (upon payment by the Holder of any applicable transfer taxes and subject to applicable securities laws) may request,
providing in the aggregate on the face thereof for the number of Shares for which such Warrant Certificate may still be exercised (and
such Shares, for the avoidance of doubt, may be subsequently exercised in accordance with this Section 4(b)).

 

		(c)	Any
                                            Warrant Certificate referred to in Section 4(a)(i) or Section 4(b) and
                                            any cash, certified cheque, money order, bank draft or notice referred to in Section 4(a)(ii) shall
                                            be deemed to be surrendered or delivered, as applicable, only upon delivery thereof to the
                                            Company at its principal office in the manner provided in Section 28.

 

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

 

    

     

    

 

		5.	Entitlement
                                            to Certificate

 

Upon
delivery and payment or notice as set out in Section 4, the Company shall cause to be issued to the Holder hereof the Shares subscribed
for not exceeding those which such Holder is entitled to purchase pursuant to this Warrant Certificate and the Holder hereof shall become
a shareholder of the Company in respect of such Shares with effect from the date of such delivery and payment or notice and shall be
entitled to delivery of a certificate or certificates evidencing such Shares and the Company shall cause such certificate or certificates
to be mailed to the Holder hereof at the address or addresses specified in such subscription within five (5) Business Days of such
delivery and payment or notice.

 

		6.	Register
                                            of Warrantholders and Transfer of Warrants

 

The
Company shall cause a register to be kept in which shall be entered the names and addresses of all holders of the Warrants and the number
of Warrants held by them. No transfer of Warrants shall be valid unless made by the Holder or its executors, administrators or other
legal representatives or its attorney or solicitor (Canadian) duly appointed by an instrument in writing in form and manner satisfactory
to the Company in compliance with all applicable securities legislation and recorded on the register of holders of Warrants maintained
by the Company, nor until stamp or governmental or other charges arising by reason of such transfer have been paid. The transferee of
a Warrant shall, after a Form of Transfer is duly completed and the Warrant is lodged with the Company and upon compliance with
all other reasonable requirements of the Company or law, be entitled to have his, her or its name entered on the register as the owner
of such Warrant, free from all equities or rights of set-off or counterclaim between the Company and the transferor or any previous holder
of such Warrant, save in respect of equities of which the Company is required to take notice by statute or by order of a court of competent
jurisdiction. The Company may treat the registered holder of any Warrant certificate as the absolute owner of the Warrants represented
thereby for all purposes, and the Company shall not be affected by any notice or knowledge to the contrary except where the Company is
required to take notice by statute or by order of a court of competent jurisdiction.

 

		7.	Partial
                                            Exercise

 

The
Holder may subscribe for and purchase or provide notice of a cashless exercise for a number of Shares less than the number the Holder
is entitled to purchase or provide notice of a cashless exercise for pursuant to this Warrant Certificate. In the event of any such subscription
and purchase or notice of a cashless exercise prior to the Expiry Time, the Holder shall in addition be entitled to receive, without
charge, a new Warrant certificate in respect of the balance of the Shares of which he, she or it was entitled to purchase or provide
notice of a cashless exercise for pursuant to this Warrant Certificate and which were then not purchased or elected to be subject to
a cashless exercise in accordance with Section 4(b).

 

		8.	No
                                            Fractional Shares

 

Notwithstanding
any adjustments provided for in Section 13 or otherwise, the Company shall not be required upon the exercise of any Warrants, to
issue fractional Shares in satisfaction of its obligations hereunder. Where a fractional Share would, but for this Section 8, have
been issued upon exercise of a Warrant, in lieu thereof, there shall be paid to the Holder an amount equal (rounded down to the nearest
$0.01) to the product obtained by multiplying such fractional share interest by the Current Market Price at the date of due exercise
of the Warrants and delivery by the Holder of a Subscription Form and the Exercise Price in the manner provided in Section 4,
which payment shall be made within five (5) Business Days of such delivery and payment.

 

    

     

    

 

		9.	Not
                                            a Shareholder

 

Nothing
in this Warrant Certificate or in the holding of the Warrants evidenced hereby shall be construed as conferring upon the Holder any right
or interest whatsoever as a shareholder of the Company.

 

		10.	No
                                            Obligation to Purchase or Provide Notice

 

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

 

		11.	Ranking
                                            of Warrants

 

All
Series 1 2019 warrants shall rank pari passu, notwithstanding the actual date of the issue thereof.

 

		12.	Covenants

 

		(a)	The
                                            Company covenants and agrees that:

 

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

 

		(ii)	it
                                            will use reasonable commercial efforts to ensure that all Shares outstanding or issuable
                                            from time to time (including without limitation the Shares issuable on the exercise of the
                                            Warrants) continue to be or are listed and posted for trading on the Exchange, provided that
                                            this clause shall not be construed as limiting or restricting the Company from completing
                                            a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the
                                            Shares ceasing to be listed and posted for trading on another recognized Canadian exchange,
                                            so long as the holders of Shares receive cash or the holders of the Shares have approved
                                            the transaction in accordance with the requirements of applicable corporate and securities
                                            laws and the policies of the Exchange;

 

    

     

    

 

		(iii)	it
                                            will use commercially reasonable best efforts to maintain its status as a “reporting
                                            issuer” (or the equivalent thereof) not in default of the requirements of the securities
                                            laws in each of the provinces of Canada in which it is a reporting issuer; and

 

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

 

		(b)	The
                                            Company shall use all commercially reasonable efforts to preserve and maintain its corporate
                                            existence, except as may otherwise be contemplated by this Warrant Certificate, including,
                                            but not limited to, subsection 13(d).

 

		13.	Adjustment
                                            to Exercise Price

 

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

 

		(a)	If
                                            and whenever at any time after the Issuance Date and prior to the Expiry Time, the Company:

 

		(i)	issues
                                            Shares or securities exchangeable for or convertible into Shares to all or substantially
                                            all the holders of the Shares by way of a stock dividend or other distribution;

 

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

 

		(iii)	reduces
                                            or consolidates its outstanding Shares into a smaller number of shares;

 

(any
of such events being called a “Share Reorganization”), then the Exercise Price will be adjusted effective immediately
after the record date for any such event in (i) above or the effective date of any such event in (ii) or (iii) above,
as the case may be, by multiplying the Exercise Price in effect immediately prior to such record date or effective date, as the case
may be, by a fraction, the numerator of which is the number of Shares outstanding on such record date or effective date, as the case
may be, before giving effect to such Share Reorganization and the denominator of which is the number of Shares outstanding immediately
after giving effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible into Shares
are distributed, the number of Shares that would have been outstanding had all such securities been exchanged for or converted into Shares
on such effective date or record date). To the extent that any adjustment in the Exercise Price occurs pursuant to this subsection 13(a) as
a result of the fixing by the Company of a record date for the distribution of exchangeable or convertible securities referred to in
subsection 13(a)(i), the Exercise Price will be readjusted immediately after the expiration of any relevant exchange or conversion
right to the Exercise Price that would then be in effect based upon the number of Shares actually issued and remaining issuable as a
result of the event described in subsection 13(a)(i) immediately after such expiration, and will be further readjusted in such
manner upon expiration of any further such right.

 

    

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

		(B)	the
                                            denominator of which is:

 

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

 

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

 

as
at the end of the Rights Period.

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

If
the Holder has exercised the Warrants in accordance herewith during the period beginning immediately after the record date for a Rights
Offering and ending on the last day of the Rights Period therefor, the Holder will, in addition to the Shares to which it is otherwise
entitled upon such exercise, be entitled to that number of additional Shares equal to the difference between (a) the result obtained
when the Exercise Price in effect immediately prior to the end of such Rights Offering pursuant to this subsection is multiplied by the
number of Shares received upon the exercise of the Warrant during such period, and the resulting product is divided by the Exercise Price
as adjusted for such Rights Offering pursuant to this subsection, and (b) the number of Shares received upon the exercise of the
Warrant during such period; provided that the provisions of Section 8 will be applicable to any fractional interest in a Share to
which such Holder might otherwise be entitled. Such additional Shares will be deemed to have been issued to the Holder immediately following
the end of the Rights Period and a certificate for such additional Shares will be delivered to such Holder within ten (10) Business
Days following the end of the Rights Period.

 

		(c)	If
                                            and whenever at any time after the Issuance Date and prior to the Expiry Time, the Company
                                            fixes a record date for the issue or the distribution to the holders of all or substantially
                                            all of the outstanding:

 

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

 

		(ii)	rights,
                                            options or warrants to acquire Shares or securities exchangeable for or convertible into
                                            Shares (other than rights, options or warrants issued to the holders of all or substantially
                                            all of the outstanding Shares pursuant to which such holders are entitled to subscribe for
                                            or purchase Shares at a price per share (or in the case of securities exchangeable for or
                                            convertible into Shares at an exchange or conversion price per share at the date of issue
                                            of such securities) of at least 95% of the Current Market Price of the Shares on such record
                                            date);

 

		(iii)	evidence
                                            of indebtedness of the Company; or

 

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

 

    

     

    

 

and
if such issue or distribution does not constitute (A) a Share Reorganization or (B) a Rights Offering (any of such non-excluded
events being called a “Special Distribution”), the Exercise Price will be adjusted effective immediately after such
record date to a price determined by multiplying the Exercise Price in effect on such record date by a fraction:

 

		(A)	the
                                            numerator of which is the difference between:

 

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

 

		(2)	the
                                            aggregate fair market value (as determined in good faith by action of the board of directors
                                            of the Company, subject, however, to the prior written consent of the Exchange or any other
                                            stock exchange or market on which the Shares are traded, where required) to the holders of
                                            the Shares of such securities, evidence of indebtedness or property or other assets to be
                                            issued or distributed in the Special Distribution; and

 

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

 

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

 

To
the extent that any adjustment in the Exercise Price occurs pursuant to this subsection 13(c) as a result of the fixing by
the Company of a record date for the issue or distribution of rights, options or warrants to acquire Shares or securities exchangeable
for or convertible into Shares referred to in this subsection 13(c), the Exercise Price will be readjusted immediately after the
expiration of any relevant exercise or conversion right to the amount that would then be in effect if the fair market value had been
determined on the basis of the number of Shares actually issued and the number of Shares remaining issuable, as a result of the issue
or distribution referred to in this subsection 13(c) immediately after such expiration, and will be further readjusted in such
manner upon the expiration of any further such right.

 

    

     

    

 

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

 

		(e)	If
                                            at any time after the Issuance Date and prior to the Expiry Time, any adjustment in the Exercise
                                            Price shall occur as a result of any of the events set out in subsections 13(a), (b) or (c),
                                            then the number of Shares purchasable upon the subsequent exercise of the Warrants shall
                                            be simultaneously adjusted by multiplying the number of Shares purchasable upon the exercise
                                            of the Warrants immediately prior to such adjustment by a fraction which shall be the reciprocal
                                            of the fraction employed in the adjustment of the Exercise Price; provided that the provisions
                                            of Section 8 will be applicable to any fractional interest in a Share to which such
                                            Holder might otherwise be entitled. To the extent any adjustment occurs pursuant to this
                                            subsection 13(e) as a result of the fixing by the Company of a record date for
                                            the distribution of exchangeable or convertible securities referred to in subsection 13(a)(i) or
                                            as a result of the fixing by the Company of a record date for the distribution of rights,
                                            options or warrants referred to in subsection 13(b), the number of Shares purchasable
                                            upon exercise of the Warrants shall be readjusted immediately after the expiration of any
                                            relevant exchange or conversion right to the number of Shares which would be purchasable
                                            based upon the number of Shares actually issued and remaining issuable as a result of the
                                            event described in subsection 13(a)(i) or 13(b), as the case may be, immediately
                                            after such expiration, and will be further readjusted in such manner upon expiration of any
                                            further such right. To the extent that any adjustment occurs pursuant to this subsection 13(e) as
                                            a result of the fixing by the Company of a record date for the issue or distribution of rights,
                                            options or warrants referred to in subsection 13(c)(ii), the number of Shares purchasable
                                            upon exercise of the Warrants shall be readjusted immediately after the expiration of any
                                            relevant exchange or conversion right to the number of Shares which would be purchasable
                                            pursuant to this subsection 13(e) if the fair market value of such rights, options
                                            or warrants had been determined for purposes of the adjustment pursuant to this subsection 13(e) on
                                            the basis of the number of Shares issued and the number of Shares remaining issuable, as
                                            a result of the issue or distribution referred to in subsection 13(c) immediately
                                            after such expiration, and will be further readjusted in such manner upon expiration of any
                                            further such right.

 

    

     

    

 

		14.	Rules Regarding
                                            Calculation of Adjustment of Exercise Price

 

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

 

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

 

		(c)	No
                                            adjustment in the Exercise Price will be made in respect of any event described in Section 13,
                                            other than the events referred to in subsections 13(a)(ii) and (iii), if the
                                            Holder is entitled to participate in such event, or is entitled to participate within 45
                                            days from the record date or effective date, as the case may be, of the event described in
                                            Section 13 in a comparable event, on the same terms, mutatis mutandis, as if
                                            the Holder had exercised the Warrants prior to or on the effective date or record date of
                                            such event, such participation being subject to the prior consent of the Exchange or any
                                            other stock exchange or market on which the Shares are traded, where required.

 

		(d)	No
                                            adjustment in the Exercise Price will be made under Section 13 in respect of the issue
                                            from time to time of Shares as dividends paid in the ordinary course to holders of Shares
                                            who exercise an option or election to receive substantially equivalent dividends in Shares
                                            in lieu of receiving a cash dividend and any such event will be deemed not to be a Share
                                            Reorganization or any other event described in Section 13.

 

		(e)	If
                                            at any time a question or dispute arises with respect to adjustments provided for in Section 13,
                                            such question or dispute will be conclusively determined by the auditors of the Company or,
                                            if they are unable or unwilling to act, by such other firm of independent chartered accountants
                                            as may be selected by action of the board of directors of the Company and any such determination,
                                            where required, will be binding upon the Company, the Holder and the shareholders of the
                                            Company, but subject in all cases to the prior written consent of the Exchange or any other
                                            stock exchange or market on which the Shares are traded, where required, and any other necessary
                                            regulatory approval. The Company will provide such auditors or accountants with access to
                                            all necessary records of the Company.

 

    

     

    

 

		(f)	If
                                            and whenever at any time after the Issuance Date and prior to the Expiry Time, the Company
                                            takes any action affecting or relating to the Shares, other than any action described in
                                            Section 13, which in the opinion of the board of directors of the Company would have
                                            a material adverse effect on the rights of the Holder, the Exercise Price will be adjusted
                                            by action of the board of directors of the Company in such manner, if any, and at such time
                                            as the board of directors may in their sole discretion determine to be equitable in the circumstances,
                                            but subject in all cases to the prior written consent of the Exchange or any other stock
                                            exchange or market on which the Shares are traded, where required, and any other necessary
                                            regulatory approval. Failure of the taking of action by the board of directors of the Company
                                            so as to provide for an adjustment on or prior to the effective date of any action by the
                                            Company affecting the Shares will be conclusive evidence that the board of directors of the
                                            Company has determined that it is equitable to make no adjustment in the circumstances.

 

		(g)	If
                                            the Company sets a record date to determine the holders of the Shares for the purpose of
                                            entitling them to receive any dividend or distribution or sets a record date to take any
                                            other action and, thereafter and before the distribution to such shareholders of any such
                                            dividend or distribution or the taking of any other action, abandons its plan to pay or deliver
                                            such dividend or distribution or take such other action, then no adjustment in the Exercise
                                            Price will be required by reason of the setting of such record date.

 

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

 

		(i)	As
                                            a condition precedent to the taking of any action which would require any adjustment to the
                                            Warrants, including the Exercise Price, the Company will take any corporate action which
                                            may, in the opinion of counsel to the Company, be necessary in order that the Company, or
                                            any successor to the Company or successor to the undertaking or assets of the Company, will
                                            be obligated to and may validly and legally issue as fully paid and non-assessable all of
                                            the Shares or other securities which the Holder is entitled to receive on the exercise hereof
                                            in accordance with the provisions hereof.

 

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

 

		(k)	In
                                            any case in which Section 13 shall require that an adjustment shall become effective
                                            immediately after a record date for or an effective date of an event referred to therein,
                                            the Company may defer, until the occurrence and consummation of such event, issuing to the
                                            Holder, to the extent that any Warrants are exercised after such record date or effective
                                            date and before the occurrence and consummation of such event, the additional Shares or other
                                            shares, securities or property issuable upon such exercise by reason of the adjustment required
                                            by such event; provided, however, that the Company will deliver to the Holder an appropriate
                                            instrument evidencing the Holder’s right to receive such additional Shares or other
                                            shares, securities or the property upon the occurrence and consummation of such event and
                                            the right to receive any dividend or other distribution in respect of such additional Shares
                                            or other shares, securities or property declared in favour of the holders of record of Shares
                                            or of such other shares, securities or property on or after the date such Warrants are exercised
                                            or such later date as the Holder would, but for the provisions of this subsection, have become
                                            the Holder of record of such additional Shares or of such other shares, securities or property
                                            pursuant hereto.

 

    

     

    

 

		15.	Consolidation
                                            and Amalgamation

 

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

 

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

 

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

 

		(b)	Whenever
                                            the conditions of subsection 15(a) shall have been duly observed and performed,
                                            the successor corporation shall possess, and from time to time may exercise, each and every
                                            right and power of the Company under this Warrant Certificate in the name of the Company
                                            or otherwise and any act or proceeding by any provision hereof required to be done or performed
                                            by any director or officer of the Company may be done and performed with like force and effect
                                            by the like directors or officers of the successor corporation.

 

		16.	Representation
                                            and Warranty

 

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

 

    

     

    

 

		17.	If
                                            Share Transfer Books Closed

 

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

 

		18.	Protection
                                            of Shareholders, Officers and Directors

 

Subject
as herein provided, all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal proceedings.
No recourse under or upon any obligation, covenant or agreement herein contained or in any of the Warrants represented hereby shall be
taken against any shareholder, officer or director of the Company, either directly or through the Company, it being expressly agreed
and declared that the obligations under the Warrants evidenced hereby, are solely corporate obligations of the Company and that no personal
liability whatever shall attach to or be incurred by the shareholders, officers, or directors of the Company or any of them in respect
thereof, and any and all rights and claims against every such shareholder, officer or director are being hereby expressly waived as a
condition of and as a consideration for the issue of the Warrants evidenced hereby.

 

		19.	Lost
                                            Certificate

 

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

 

		20.	Governing
                                            Law

 

This
Warrant Certificate shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws
of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application
of the law of any jurisdiction other than the Province of Ontario. The parties hereto hereby irrevocably attorn to the exclusive jurisdiction
of the Courts of the Province of Ontario.

 

    

     

    

 

		21.	Severability

 

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

 

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

 

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

 

		22.	Headings

 

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

 

		23.	Numbering
                                            of Articles, etc.

 

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

 

		24.	Gender

 

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

 

		25.	Day
                                            not a Business Day

 

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

 

		26.	Computation
                                            of Time Period

 

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

 

    

     

    

 

		27.	Binding
                                            Effect

 

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

 

		28.	Notice

 

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

 

		(i)	to
                                            the Holder(s), at the address indicated in the register to be maintained pursuant to Section 6
                                            or via public dissemination; and

 

		(ii)	to
                                            the Company at:

 

745
Thurlow Street, #2400

Vancouver, British Columbia

V6C 0C5

 

Attention:           General
Counsel

email:                    investors@tiltholdings.com

 

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

 

		29.	Further
                                            Assurances

 

The
Company hereby covenants and agrees that it will do, execute, acknowledge and deliver, or cause to be done, executed, acknowledged and
delivered, all and every such other act, deed and assurance as the Holder shall reasonably require for the better accomplishing and effectuating
of the intentions and provisions of this Warrant Certificate.

 

		30.	Language

 

The
parties hereto acknowledge and confirm that they have requested that this Warrant Certificate as well as all notices and other documents
contemplated hereby be drawn up in the English language. Les parties aux présentes reconnaissent et confirment qu’elles
ont exigé que la présente convention ainsi que tous les avis et documents qui s’y rattachent soient rédigés
en langue anglaise.

 

    

     

    

 

		31.	Time
                                            of Essence

 

Time
shall be of the essence hereof.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    

     

    

 

IN
WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this 1st
day of November, 2019.

 

	 	TILT HOLDINGS, INC. 
	 	 
	 	Per:	/s/
	 	 	Authorized Signing Officer

 

    

     

    

 

SCHEDULE
 “A”

 

SUBSCRIPTION
FORM

 

		TO:	TILT Holdings, Inc.

                                            745 Thurlow Street, #2400 Vancouver, British Columbia, V6C 0C5

 

The
undersigned holder of the within Warrant Certificate hereby irrevocably subscribes for ______________________ Shares
of TILT Holdings, Inc. (the “Company”) pursuant to the within Warrant Certificate at the Exercise Price per share
specified in the said Warrant Certificate. Capitalized terms used but not defined herein have the meanings set forth in the within Warrant
Certificate.

 

The
undersigned hereby acknowledges that the following legends will be placed on the certificates representing the Shares being acquired
if the Warrants are exercised prior to March 2, 2020.

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE MARCH 2, 2020.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE CANADIAN SECURITIES EXCHANGE (“CSE”); HOWEVER, THE SAID SECURITIES
CANNOT BE TRADED THROUGH THE FACILITIES OF THE CSE SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING
SUCH SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON THE CSE.

 

		1.	The
                                            undersigned represents, warrants and certifies as follows (one and only one of the following
                                            must be checked):

 

	 ̈	A.	The
                                            holder of the Warrants being exercised (i) at the time of exercise of such Warrants
                                            is not in the United States; (ii) is not a “U.S. Person” as defined in Regulation
                                            S under the United States Securities Act of 1933, as amended (the “U.S. Securities
                                            Act”), and is not exercising such Warrants on behalf of or for the account or benefit
                                            of a “U.S. Person” or a person in the United States; and (iii) did not execute
                                            or deliver this exercise form in the United States.

 

	 ̈	B.	The
                                            Warrants are being exercised by or on behalf of an “accredited investor” as defined
                                            in Rule 501(a) of Regulation D under the U.S. Securities Act, (an “Accredited
                                            Investor”) that purchased units consisting of Shares and Warrants directly from the
                                            Company in the Company’s offering of units pursuant to a subscription agreement between
                                            the Company and the holder, it is exercising such Warrants for its own account, and was an
                                            Accredited Investor, both on the date such Warrants were purchased from the Company and on
                                            the date such Warrants are being exercised.

 

    

     

    

 

	 ̈	C.	An
                                            opinion of counsel (which will not be sufficient unless it is from counsel of recognized
                                            standing and in form and substance reasonably satisfactory to the Company) has been delivered
                                            to the Company to the effect that an exemption from the registration requirements of the
                                            U.S. Securities Act and applicable state securities laws is available for the issue of the
                                            Shares issuable upon exercise of the Warrants.

 

		2.	The
                                            undersigned, the record holder of the within Warrant Certificate, hereby irrevocably elects
                                            to exercise the right, represented by the within Warrant Certificate, to purchase the Shares
                                            and herewith pays the Exercise Price in accordance with the terms of the within Warrant Certificate
                                            by (one and only one of the following must be checked):

 

	 ̈	A.	tendering
                                            cash or a certified cheque, money order or bank draft payable to the order of the Company
                                            in payment for such Shares of the subscription price therefor.

 

	 ̈	B.	subscribing
                                            to only that number of Shares as are issuable in accordance with the “cashless exercise”
                                            formula set forth in Section 4(b) of the within Warrant Certificate.

 

DATED
this            day
of              , 20         .

 

	 	NAME:	 
	 	Signature:	 
	 	Address:	 

 

	 ̈	Please check
    box if these Share certificates are to be delivered at the office where this Warrant Certificate is surrendered, failing which the
    Share certificates will be mailed to the subscriber at the address set out above.

 

If
any Warrants represented by this Warrant Certificate are not being exercised, a new warrant certificate bearing the same legend as the
within Warrant Certificate will be issued and delivered with the Share certificates.

 

    

     

    

 

If
Box 1C is to be checked, the holder is encouraged to consult with the Company in advance to determine that the legal opinion tendered
in connection with exercise will be satisfactory in form and substance to the Company.

 

Certificates
representing Shares will not be registered or delivered to an address in the United States unless Box 1B or 1C above is checked and the
applicable requirements are complied with.

 

If
Box 1B or 1C is checked, the certificate representing the Shares will bear a legend restricting transfer without registration under the
U.S. Securities Act or applicable state securities laws unless an exemption from registration is available.

 

    

     

    

 

SCHEDULE
 “B”

Form of Transfer

 

THE
WARRANTS REPRESENTED BY THE WITHIN WARRANT CERTIFICATE MAY NOT BE TRANSFERRED TO A U.S. PERSON OR TO ANY PERSON IN THE UNITED STATES
OR TO ANY PERSON FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS.

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name)                                              (the
 “Transferee”),                       
of                                               (residential
address) Warrants of TILT Holdings, Inc. (the “Company”) registered in the name of the undersigned on the records
of the Company represented by the within Warrant Certificate, and irrevocably appoints the Corporate Secretary of the Company as the
attorney of the undersigned to transfer the said securities on the books or register of transfer, with full power of substitution. Capitalized
terms used but not otherwise defined herein have the meanings set forth in the within Warrant Certificate.

 

DATED
the            day of              ,
20         .

 

	 	 	 
	Signature Guaranteed	 	(Signature of Holder, to
    be the same as appears on the face of this Warrant Certificate)

 

    

     

    

 

TRANSFEREE
ACKNOWLEDGMENT

 

In
connection with this transfer (check one):

 

		 ̈	The
                                            undersigned transferee hereby certifies that (i) it was not offered the Warrants while
                                            in the United States and did not execute this certificate while within the United States;
                                            (ii) it is not acquiring any of the Warrants represented by this Warrant Certificate
                                            by or on behalf of person within the United States; and (iii) it has in all other respects
                                            complied with the terms of Regulation S of United States Securities Act of 1933, as amended
                                            (the "U.S. Securities Act"), or any successor rule or regulation of
                                            the United States Securities and Exchange Commission as presently in effect.

 

		 ̈	The
                                            undersigned transferee is delivering a written opinion of U.S. Counsel acceptable to the
                                            Company to the effect that this transfer of Warrants has been registered under the U.S. Securities
                                            Act or is exempt from registration thereunder.

 

	 	 	 
	(Signature of Transferee)	 	 
	 	 	 
	Date	 	Name of Transferee (please print) 

 

The
Warrants and the Shares issuable upon exercise of the Warrants shall only be transferable in accordance with applicable laws. The Warrants
may only be exercised in the manner required by the certificate representing the Warrants and the Warrant Exercise Form attached
thereto. Any Shares acquired pursuant to this Warrant shall be subject to applicable hold periods and any certificate representing such
Shares may bear restrictive legends, as applicable.Exhibit 10.24

 

AMENDED AND RESTATED EQUITY INCENTIVE PLAN

 

TILT HOLDINGS INC.

AMENDED AND RESTATED 2018 STOCK AND INCENTIVE PLAN

 

Section 1.             Purpose

 

The purpose of the Plan is
to promote the interests of the Company and its stockholders by aiding the Company in attracting and retaining employees, officers, consultants,
advisors and Non-Employee Directors capable of assuring the future success of the Company, to offer such persons incentives to put forth
maximum efforts for the success of the Company’s business and to compensate such persons through various stock and cash-based arrangements
and provide them with opportunities for stock ownership in the Company, thereby aligning the interests of such persons with the Company’s
stockholders.

 

Section 2.             Definitions

 

As used in the Plan, the following
terms shall have the meanings set forth below:

 

		(a)	“Affiliate” shall mean any entity that, directly or indirectly through one or more
intermediaries, is controlled by the Company within the meaning of the British Columbia Business Corporations Act.

 

		(b)	“Award” shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted
Stock Unit, Performance Award, Dividend Equivalent or Other Stock-Based Award granted under the Plan.

 

		(c)	“Award Agreement” shall mean any written agreement, contract or other instrument or
document evidencing an Award granted under the Plan (including a document in an electronic medium) executed in accordance with the requirements
of Section 10(b).

 

		(d)	“Board” shall mean the Board of Directors of the Company.

 

		(e)	“Code” shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time,
and any regulations promulgated thereunder.

 

		(f)	“Committee” shall mean the Compensation Committee of the Board or such other committee
designated by the Board to administer the Plan. The Committee shall be comprised of not less than such number of Directors as shall be
required to permit Awards granted under the Plan to qualify under Rule 16b-3, and each member of the Committee shall be a “non-employee
director” within the meaning of Rule 16b-3.

 

		(g)	“Company” shall mean TILT Holdings Inc., a British Columbia corporation, and any successor
corporation.

 

     

    	 	- 2 -	 

    

 

		(h)	“Consultant” means, in relation to the Company, an individual or a Consultant Company,
other than an Employee, Director or Officer of the Company, that:

 

		(i)	is engaged to provide on a continuous bona tide basis, consulting, technical, management or other
services to the Company or to an Affiliate of the Company, other than services provided in relation to a distribution;

 

		(ii)	provides the services under a written contract between the Company or the Affiliate and the individual
or the Consultant Company;

 

		(iii)	in the reasonable opinion of the Company, spends or will spend a significant amount of time and attention
on the affairs and business of the Company or an Affiliate of the Company; and

 

		(iv)	has a relationship with the Company or an Affiliate of the Company that enables the individual to be knowledgeable
about the business and affairs of the Company.

 

		(i)	“Consultant Company” means for an individual Consultant, a company or partnership of
which the individual is an employee, shareholder or partner.

 

		(j)	“Director” shall mean a member of the Board.

 

		(k)	“Dividend Equivalent” shall mean any right granted under Section 6(e) of
the Plan.

 

		(l)	“Effective Date” shall mean the date the Plan is adopted by the Board, as set forth
in Section 12.

 

		(m)	“Eligible Person” shall mean any employee, officer, Non-Employee Director, or Consultant
providing services to the Company or any Affiliate, or any such person to whom an offer of employment or engagement with the Company or
any Affiliate is extended.

 

		(n)	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended.

 

		(o)	“Fair Market Value” with respect to one Share as of any date shall mean (a) if
the Shares are listed on the NEO or any established stock exchange, the price of one Share at the close of the regular trading session
of such market or exchange on the last trading day prior to such date, if no sale of Shares shall have occurred on such date, on the next
preceding date on which there was a sale of Shares. Notwithstanding the foregoing, in the event that the Shares are listed on the NEO,
for the purposes of establishing the exercise price of any Options, the Fair Market Value shall not be lower than the greater of the closing
of the market price of the Shares on the NEO on (a) the prior trading day, and (b) the date of grant of the Options; (b) if
the Shares are not so listed on the NEO or any established stock exchange, the average of the closing “bid” and “ask”
prices quoted by the OTC Bulletin Board, the National Quotation Bureau, or any comparable reporting service on such date or, if there
are no quoted “bid” and “ask” prices on such date, on the next preceding date for which there are such quotes
for a Share; or (c) if the Shares are not publicly traded as of such date, the per share value of one Share, as determined by the
Board, or any duly authorized Committee of the Board, in its sole discretion, by applying principles of valuation with respect thereto.

 

     

    	 	- 3 -	 

    

 

For any Participant that is subject to
the tax laws of the United States of America, “Fair Market Value” shall be determined in a manner consistent with Section 409A.

 

		(p)	“Incentive Stock Option” shall mean an option granted under Section 6(a) of
the Plan that is intended to meet the requirements of Section 422 of the Code or any successor provision.

 

		(q)	“NEO” means the NEO Exchange.

 

		(r)	“Non-Employee Director” shall mean a Director who is not also an employee of the Company
or any Affiliate.

 

		(s)	“Non-Qualified Stock Option” shall mean an option granted under Section 6(a) of
the Plan that is not intended to be an Incentive Stock Option.

 

		(t)	“Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option to purchase
Shares.

 

		(u)	“Other Stock-Based Award” shall mean any right granted under Section 6(f) of
the Plan.

 

		(v)	“Participant” shall mean an Eligible Person designated to be granted an Award under
the Plan.

 

		(w)	“Performance Award” shall mean any right granted under Section 6(d) of the
Plan.

 

		(x)	“Person” shall mean any individual or entity, including a corporation, partnership,
limited liability company, association, joint venture or trust.

 

		(y)	“Plan” shall mean the Company’s 2018 Stock and Incentive Plan, as amended on
June 24, 2020 and June 9, 2022, and amended from time to time.

 

		(z)	“Restricted Stock” shall mean any Share granted under Section 6(c) of the
Plan.

 

		(aa)	“Restricted Stock Unit” shall mean any unit granted under Section 6(c) of
the Plan evidencing the right to receive a Share (or a cash payment equal to the Fair Market Value of a Share) at some future date, provided
that in the case of Participants who are liable to taxation under the Tax Act in respect of amounts payable under this Plan, that
such date shall not be later than December 31 of the third calendar year following the year services were performed in respect of
the corresponding Restricted Stock Unit awarded.

 

		(bb)	“Section 409A” shall mean Section 409A of the Code, or any successor provision,
and applicable Treasury Regulations and other applicable guidance thereunder.

 

		(cc)	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended.

 

     

    	 	- 4 -	 

    

 

		(dd)	“Share” or “Shares” shall mean shares of common stock in the capital
of the Company (or such other securities or property as may become subject to Awards pursuant to an adjustment made under Section 4(c) of
the Plan).

 

		(ee)	“Specified Employee” shall mean a specified employee as defined in Section 409A(a)(2)(B) of
the Code or applicable proposed or final regulations under Section 409A, determined in accordance with procedures established by
the Company and applied uniformly with respect to all plans maintained by the Company that are subject to Section 409A.

 

		(ff)	“Stock Appreciation Right” shall mean any right granted under Section 6(b) of
the Plan.

 

		(gg)	“Tax Act” means the Income Tax Act (Canada).

 

		(hh)	“U.S. Award Holder” shall mean any holder of an Award who is a “U.S. person”
(as defined in Rule 902(k) of Regulation S under the Securities Act) or who is holding or exercising Awards in the United
States.

 

		Section 3.	Administration

 

		(a)	Power and Authority of the Committee. The Plan shall be administered by the Committee. Subject
to the express provisions of the Plan and to applicable law, the Committee shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Plan; (iii) determine the
number of Shares to be covered by (or the method by which payments or other rights are to be calculated in connection with) each Award;
(iv) determine the terms and conditions of any Award or Award Agreement, including any terms relating to the forfeiture of any Award
and the forfeiture, recapture or disgorgement of any cash, Shares or other amounts payable with respect to any Award; (v) amend the
terms and conditions of any Award or Award Agreement, subject to the limitations under Section 7; (vi) accelerate the exercisability
of any Award or the lapse of any restrictions relating to any Award, subject to the limitations’ in Section 7, (vii) determine
whether, to what extent and under what circumstances Awards may be exercised in cash, Shares, other securities, other Awards or other
property (excluding promissory notes), or canceled, forfeited or suspended, subject to the limitations in Section 7; (viii) determine
whether, to what extent and under what circumstances amounts payable with respect to an Award under the Plan shall be deferred either
automatically or at the election of the holder thereof or the Committee, subject to the requirements of Section 409A; (ix) interpret
and administer the Plan and any instrument or agreement, including an Award Agreement, relating to the Plan; (x) establish, amend,
suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of
the Plan; (xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration
of the Plan; and (xii) adopt such modifications, rules, procedures and subplans as may be necessary or desirable to comply with provisions
of the laws of the jurisdictions in which the Company or an Affiliate may operate, including, without limitation, establishing any special
rules for Affiliates, Eligible Persons or Participants located in any particular country, in order to meet the objectives of the
Plan and to ensure the viability of the intended benefits of Awards granted to Participants located in such non-United States jurisdictions.
Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect
to the Plan or any Award or Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be
final, conclusive and binding upon any Participant, any holder or beneficiary of any Award or Award Agreement, and any employee of the
Company or any Affiliate.

 

     

    	 	- 5 -	 

    

 

		(b)	Delegation. The Committee may delegate to one or more officers or Directors of the Company, subject
to such terms, conditions and limitations as the Committee may establish in its sole discretion, the authority to grant Awards; provided,
however, that the Committee shall not delegate such authority in such a manner as would cause the Plan not to comply with applicable
exchange rules or applicable corporate law.

 

		(c)	Power and Authority of the Board. Notwithstanding anything to the contrary contained herein, (i) the
Board may, at any time and from time to time, without any further action of the Committee, exercise the powers and duties of the Committee
under the Plan, unless the exercise of such powers and duties by the Board would cause the Plan not to comply with the requirements of
all applicable securities rules and (ii) only the Committee (or another committee of the Board comprised of directors who qualify
as independent directors within the meaning of the independence rules of any applicable securities exchange where the Shares are
then listed) may grant Awards to Directors who are not also employees of the Company or an Affiliate.

 

		(d)	Indemnification. To the full extent permitted by law, (i) no member of the Board, the Committee
or any person to whom the Committee delegates authority under the Plan shall be liable for any action or determination taken or made in
good faith with respect to the Plan or any Award made under the Plan, and (ii) the members of the Board, the Committee and each person
to whom the Committee delegates authority under the Plan shall be entitled to indemnification by the Company with regard to such actions
and determinations. The provisions of this paragraph shall be in addition to such other rights of indemnification as a member of the Board.,
the Committee or any other person may have by virtue of such person’s position with the Company.

 

		Section 4.	Shares Available for Awards

 

		(a)	Shares Available. Subject to adjustment as provided in Section 4(c) of the Plan, the
aggregate number of Shares that may be issued under all Awards under the Plan shall be 60,000,000. The aggregate number of Shares that
may be issued under all Awards under the Plan shall be reduced by Shares subject to Awards issued under the Plan in accordance with the
Share counting rules described in Section 4(b) below.

 

		(b)	Counting Shares. For purposes of this Section 4, if an Award entitles the holder thereof to
receive or purchase Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the date of
grant of such Award against the aggregate number of Shares available for granting Awards under the Plan.

 

		(i)	Shares Added Back to Reserve. If any Shares covered by an Award or to which an Award relates are
not purchased or are forfeited or are reacquired by the Company (including any Shares withheld by the Company or Shares tendered to satisfy
any tax withholding obligation on Awards or Shares covered by an Award that are settled in cash), or if an Award otherwise terminates
or is cancelled without delivery of any Shares, then the number of Shares counted against the aggregate number of Shares available under
the Plan with respect to such Award, to the extent of any such forfeiture, reacquisition by the Company, termination or cancellation,
shall again be available for granting Awards under the Plan.

 

     

    	 	- 6 -	 

    

 

		(ii)	Cash-Only Awards. Awards that do not entitle the holder thereof to receive or purchase Shares shall
not be counted against the aggregate number of Shares available for Awards under the Plan.

 

		(iii)	Substitute Awards Relating to Acquired Entities. Shares issued under Awards granted in substitution
for awards previously granted by an entity that is acquired by or merged with the Company or an Affiliate shall not be counted against
the aggregate number of Shares available for Awards under the Plan.

 

		(c)	Adjustments. In the event that any dividend (other than a regular cash dividend) or other distribution
(whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance
of warrants or other rights to purchase Shares or other securities of the Company or other similar corporate transaction or event affects
the Shares such that an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the
number and type of Shares (or other securities or other property) that thereafter may be made the subject of Awards, (ii) the number
and type of Shares (or other securities or other property) subject to outstanding Awards, (iii) the purchase price or exercise price
with respect to any Award and (iv) the limitations contained in Section 4(d) below; provided, however, that
the number of Shares covered by any Award or to which such Award relates shall always be a whole number. Such adjustment shall be made
by the Committee or the Board, whose determination in that respect shall be final, binding and conclusive.

 

		(d)	Additional Award Limitations. The total number of Shares which may be issued or issuable to any
one Person under the Plan and all other security based compensation arrangements within any one-year period shall not exceed 5% of the
Shares then outstanding. For the purposes of this Section, the number of Shares then outstanding shall mean the number of Shares outstanding
on a non-diluted basis immediately prior to the proposed grant of the applicable Award. Under this Plan “security based compensation
arrangements” shall mean any compensation or incentive mechanism (such as option plans, restricted share plans, stock purchase
plans) involving the issuance or potential issuances of securities of the Company from treasury.

 

     

    	 	- 7 -	 

    

 

		Section 5.	Eligibility

 

Any Eligible Person shall be
eligible to be designated as a Participant. In determining which Eligible Persons shall receive an Award and the terms of any Award, the
Committee may take into account the nature of the services rendered by the respective Eligible Persons, their present and potential contributions
to the success of the Company and/or such other factors as the Committee, in its discretion, shall deem relevant. Notwithstanding the
foregoing, an Incentive Stock Option may only be granted to full-time or part-time employees (which term, as used herein, includes, without
limitation, officers and Directors who are also employees), and an Incentive Stock Option shall not be granted to an employee of an Affiliate
unless such Affiliate is also a “subsidiary corporation” of the Company within the meaning of Section 424(f) of
the Code or any successor provision.

 

		Section 6.	Awards

 

		(a)	Options. The Committee is hereby authorized to grant Options to Eligible Persons with the following
terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan, as the Committee
shall determine:

 

		(i)	Exercise Price. The purchase price per Share purchasable under an Option shall be determined by
the Committee and shall not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option; provided,
however, that the Committee may designate a purchase price below Fair Market Value on the date of grant if the Option is granted
in substitution for a stock option previously granted by an entity that is acquired by or merged with the Company or an Affiliate.

 

		(ii)	Option Term. The term of each Option shall be fixed by the Committee at the date of grant but shall
not be longer than 10 years from the date of grant. Notwithstanding the foregoing, in the event that the expiry date of an Option
falls within a trading blackout period imposed by the Company (a “Blackout Period”), and neither the Company nor the
individual in possession of the Options is subject to a cease trade order in respect of the Company’s securities, then the expiry
date of such Option shall be automatically extended to the 10th business day following the end of the Blackout Period.

 

		(iii)	Time and Method of Exercise. The Committee shall determine the time or times at which an Option
may be exercised in whole or in part and the method or methods by which, and the form or forms, including, but not limited to, cash, Shares
(actually or by attestation), other securities, other Awards or other property, or any combination thereof, having a Fair Market Value
on the exercise date equal to the applicable exercise price, in which payment of the exercise price with respect thereto may be made or
deemed to have been made.

 

		(A)	Promissory Notes. Notwithstanding the foregoing, the Committee may not permit payment of the exercise
price, either in whole or in part, with a promissory note.

 

     

    	 	- 8 -	 

    

 

		(B)	Net Exercises. The Committee may, in its discretion, permit an Option to be exercised by delivering
to the Participant a number of Shares having an aggregate Fair Market Value (determined as of the date of exercise) equal to the excess,
if positive, of the Fair Market Value of the Shares underlying the Option being exercised on the date of exercise, over the exercise price
of the Option for such Shares.

 

		(iv)	Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, the following additional
provisions shall apply to the grant of stock options which are intended to qualify as Incentive Stock Options:

 

		(A)	The Committee will not grant Incentive Stock Options in which the aggregate Fair Market Value (determined
as of the time the Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by
any Participant during any calendar year (under this Plan and all other plans of the Company and its Affiliates) shall exceed $100,000
or such other limitation as imposed by Section 422(d) of the Code or any successor provision. To the extent that Incentive Stock
Options are first exercisable by a Participant in excess of such limitation, such excess shall be considered Non-Qualified Stock Options.

 

		(B)	All Incentive Stock Options must be granted within ten years from the earlier of the date on which this
Plan was adopted by the Committee or the date this Plan was approved by the stockholders of the Company.

 

		(C)	Unless sooner exercised, all Incentive Stock Options shall expire and no longer be exercisable no later
than 10 years after the date of grant; provided, however, that in the case of a grant of an Incentive Stock Option to a
Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than
10% of the total combined voting power of all classes of stock of the Company or of its Affiliates, such Incentive Stock Option shall
expire and no longer be exercisable no later than five years from the date of grant.

 

		(D)	The purchase price per Share for an Incentive Stock Option shall be not less than 100% of the Fair Market
Value of a Share on the date of grant of the Incentive Stock Option; provided, however, that, in the case of the grant of
an Incentive Stock Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the
Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its Affiliates, the
purchase price per Share purchasable under an Incentive Stock Option shall be not less than 110% of the Fair Market Value of a Share on
the date of grant of the Incentive Stock Option.

 

     

    	 	- 9 -	 

    

 

		(E)	Any Incentive Stock Option authorized under the Plan shall contain such other provisions as the Committee
shall deem advisable, but shall in all events be consistent with and contain all provisions required in order to qualify the Option as
an Incentive Stock Option.

 

		(F)	Subject to adjustment as provided in Section 4(c), the maximum number of Shares that may be awarded
under the Plan as Incentive Stock Options is 50,000,000 Shares.

 

		(b)	Stock Appreciation Rights. The Committee is hereby authorized to grant Stock Appreciation Rights
to Eligible Persons subject to the terms of the Plan and any applicable Award Agreement. A Stock Appreciation Right granted under the
Plan shall confer on the holder thereof a right to receive upon exercise thereof the excess of (i) the Fair Market Value of one Share
on the date of exercise over (ii) the grant price of the Stock Appreciation Right as specified by the Committee, which price shall
not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right; provided, however,
that, subject to applicable law and stock exchange rules, the Committee may designate a grant price below Fair Market Value on the date
of grant if the Stock Appreciation Right is granted in substitution for a stock appreciation right previously granted by an entity that
is acquired by or merged with the Company or an Affiliate. Subject to the terms of the Plan and any applicable Award Agreement, the grant
price, term, methods of exercise, dates of exercise, methods of settlement and any other terms and conditions of any Stock Appreciation
Right shall be as determined by the Committee (except that the term of each Stock Appreciation Right shall be subject to the same limitations
in Section 6(a)(ii) applicable to Options). The Committee may impose such conditions or restrictions on the exercise of any
Stock Appreciation Right as it may deem appropriate.

 

		(c)	Restricted Stock and Restricted Stock Units. The Committee is hereby authorized to grant an Award
of Restricted Stock and Restricted Stock Units to Eligible Persons with the following terms and conditions and with such additional terms
and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:

 

		(i)	Restrictions. Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions
as the Committee may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right
to receive any dividend or other right or property with respect thereto), which restrictions may lapse separately or in combination at
such time or times, in such installments or otherwise as the Committee may deem appropriate. Notwithstanding the foregoing, rights to
dividend or Dividend Equivalent payments shall be subject to the limitations described in Section 6(e).

 

     

    	 	- 10 -	 

    

 

		(ii)	Issuance and Delivery of Shares. Any Restricted Stock granted under the Plan shall be issued at
the time such Awards are granted and may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration
or issuance of a stock certificate or certificates, which certificate or certificates shall be held by the Company or held in nominee
name by the stock transfer agent or brokerage service selected by the Company to provide such services for the Plan. Such certificate
or certificates shall be registered in the name of the Participant and shall bear an appropriate legend referring to the restrictions
applicable to such Restricted Stock. Shares representing Restricted Stock that are no longer subject to restrictions shall be delivered
(including by updating the book-entry registration) to the Participant promptly after the applicable restrictions lapse or are waived.
In the case of Restricted Stock Units, no Shares shall be issued at the time such Awards are granted. Upon the lapse or waiver of restrictions
and the restricted period relating to Restricted Stock Units evidencing the right to receive Shares, such Shares shall be issued and delivered
to the holder of the Restricted Stock Units.

 

		(iii)	Forfeiture. Except as otherwise determined by the Committee or as provided in an Award Agreement,
upon a Participant’s termination of employment or service or resignation or removal as a Director (in either case, as determined
under criteria established by the Committee) during the applicable restriction period, all Shares of Restricted Stock and all Restricted
Stock Units held by such Participant at such time shall be forfeited and reacquired by the Company for cancellation at no cost to the
Company; provided, however, that the Committee may waive in whole or in part any or all remaining restrictions with respect
to Shares of Restricted Stock or Restricted Stock Units.

 

		(d)	Performance Awards. The Committee is hereby authorized to grant Performance Awards to Eligible
Persons. A Performance Award granted under the Plan (i) may be denominated or payable in cash, Shares (including, without limitation,
Restricted Stock and Restricted Stock Units), other securities, other Awards or other property and (ii) shall confer on the holder
thereof the right to receive payments, in whole or in part, upon the achievement of one or more objective performance goals during such
performance periods as the Committee shall establish. Subject to the terms of the Plan, the performance goals to be achieved during any
performance period, the length of any performance period, the amount of any Performance Award granted, the amount of any payment or transfer
to be made pursuant to any Performance Award and any other terms and conditions of any Performance Award shall be determined by the Committee.

 

		(e)	Dividend Equivalents. The Committee is hereby authorized to grant Dividend Equivalents to Eligible
Persons under which the Participant shall be entitled to receive payments (in cash, Shares, other securities, other Awards or other property
as determined in the discretion of the Committee) equivalent to the amount of cash dividends paid by the Company to holders of Shares
with respect to a number of Shares determined by the Committee. Subject to the terms of the Plan and any applicable Award Agreement, such
Dividend Equivalents may have such terms and conditions as the Committee shall determine. Notwithstanding the foregoing, (i) the
Committee may not grant Dividend Equivalents to Eligible Persons in connection with grants of Options, Stock Appreciation Rights or other
Awards the value of which is based solely on an increase in the value of the Shares after the date of grant of such Award, and (ii) dividend
and Dividend Equivalent amounts may be accrued but shall not be paid unless and until the date on which all conditions or restrictions
relating to such Award have been satisfied, waived or lapsed.

 

     

    	 	- 11 -	 

    

 

		(f)	Other Stock-Based Awards. The Committee is hereby authorized to grant to Eligible Persons such
other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares
(including, without limitation, securities convertible into Shares), as are deemed by the Committee to be consistent with the purpose
of the Plan. The Committee shall determine the terms and conditions of such Awards, subject to the terms of the Plan and any applicable
Award Agreement. No Award issued under this Section 6(f) shall contain a purchase right or an option-like exercise feature.

 

		(i)	General Consideration for Awards. Awards may be granted for no cash consideration or for any cash
or other consideration as may be determined by the Committee or required by applicable law.

 

		(ii)	Limits on Transfer of Awards. Except as otherwise provided by the Committee in its discretion and
subject to such additional terms and conditions as it determines, no Award (other than fully vested and unrestricted Shares issued pursuant
to any Award) and no right under any such Award shall be transferable by a Participant other than by will or by the laws of descent and
distribution, and no Award (other than fully vested and unrestricted Shares issued pursuant to any Award) or right under any such Award
may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall
be void and unenforceable against the Company or any Affiliate. Where the Committee does permit the transfer of an Award other than a
fully vested and unrestricted Share, such permitted transfer shall be for no value and in accordance with all applicable securities rules.
The Committee may also establish procedures as it deems appropriate for a Participant to designate a person or persons, as beneficiary
or beneficiaries, to exercise the rights of the Participant and receive any property distributable with respect to any Award in the event
of the Participant’s death.

 

		(iii)	Restrictions; Securities Exchange Listing. All Shares or other securities delivered under the Plan
pursuant to any Award or the exercise thereof shall be subject to such restrictions as the Committee may deem advisable under the Plan,
applicable federal or state securities laws and regulatory requirements, and the Committee may cause appropriate entries to be made with
respect to, or legends to be placed on the certificates for, such Shares or other securities to reflect such restrictions. The Company
shall not be required to deliver any Shares or other securities covered by an Award unless and until the requirements of any federal or
state securities or other laws, rules or regulations (including the rules of any securities exchange) as may be determined by
the Company to be applicable are satisfied.

 

     

    	 	- 12 -	 

    

 

		(iv)	Prohibition on Option and Stock Appreciation Right Repricing. Except as provided in Section 4(c) hereof,
the Committee may not, without prior approval of the Company’s stockholders and applicable stock exchange approval, seek to effect
any repricing of any previously granted, “underwater” Option or Stock Appreciation Right by: (i) amending or modifying
the terms of the Option or Stock Appreciation Right to lower the exercise price; (ii) canceling the underwater Option or Stock Appreciation
Right and granting either (A) replacement Options or Stock Appreciation Rights having a lower exercise price; or (B) Restricted
Stock, Restricted Stock Units, Performance Award or Other Stock-Based Award in exchange; or (iii) cancelling or repurchasing the
underwater Option or Stock Appreciation Right for cash. or other securities. An Option or Stock Appreciation Right will be deemed to be
 “underwater” at any time when the Fair Market Value of the Shares covered by such Award is less than the exercise price of
the Award.

 

		(v)	Section 409A Provisions. Notwithstanding anything in the Plan or any Award Agreement to the
contrary, to the extent that any amount or benefit that constitutes “deferred compensation” to a Participant under Section 409A
and applicable guidance thereunder is otherwise payable or distributable to a Participant under the Plan or any Award Agreement solely
by reason of the occurrence of a change in control or due to the Participant’s disability or “separation from service”
(as such term is defined under Section 409A), such amount or benefit will not be payable or distributable to the Participant by reason
of such circumstance unless the Committee determines in good faith that (i) the circumstances giving rise to such change in control
event, disability or separation from service meet the definition of a change in control event, disability, or separation from service,
as the case may be, in Section 409A(a)(2)(A) of the Code and applicable proposed or final regulations, or (ii) the payment
or distribution of such amount or benefit would be exempt from the application of Section 409A by reason of the short-term deferral
exemption or otherwise. Any payment or distribution that otherwise would be made to a Participant who is a Specified Employee (as determined
by the Committee in good faith) on account of separation from service may not be made before the date which is six months after the date
of the Specified Employee’s separation from service (or if earlier, upon the Specified Employee’s death) unless the payment
or distribution is exempt from the application of Section 409A by reason of the short-term deferral exemption or otherwise.

 

If an Award is subject to Section 409A,
the Company intends (but cannot and does not guarantee) that the Award Agreement and this Plan comply with and meet all of the requirements
of Section 409A or an exception thereto and the Award Agreement shall include such provisions, in addition to the provisions of this
Plan, as may be necessary to assure compliance with Section 409A or an exception thereto. Under no circumstances may the time or
schedule of any payment for any Award that is subject to the requirements of Section 409A be accelerated or subject to further deferral
except as otherwise permitted or required pursuant to regulations and other guidance issued pursuant to Section 409A. If the Company
fails to make any payment pursuant to the payment provisions applicable to an Award that is subject to Section 409A, either intentionally
or unintentionally, within the time period specified in such provisions, but the payment is made within the same calendar year, such payment
will be treated as made within the specified time period. In addition, in the event of a dispute with respect to any payment, such payment
may be delayed in accordance with the regulations and other guidance issued pursuant to Section 409A. Notwithstanding any of the
foregoing, the Company makes no representations or warranty and shall have no liability to the Participant or any other person if any
provisions or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation
subject to Section 409A but do not satisfy the provisions thereof.

 

     

    	 	- 13 -	 

    

 

		(vi)	Acceleration of Vesting or Exercisability. No Award Agreement shall accelerate the exercisability
of any Award or the lapse of restrictions relating to any Award in connection with a change-in-control event, unless such acceleration
occurs upon the consummation of (or effective immediately prior to the consummation of, provided that the consummation subsequently
occurs) such change-in-control event.

 

		Section 7.	Amendment and Termination; Corrections

 

		(a)	Amendments to the Plan and Awards. The Committee may from time to time amend, suspend or terminate
this Plan, and the Committee may amend the terms of any previously granted Award, provided that no amendment to the terms of any
previously granted Award may (except as expressly provided in the Plan) materially and adversely alter or impair the terms or conditions
of the Award previously granted to a Participant under this Plan without the written consent of the Participant or holder thereof. Any
amendment to this Plan, or to the terms of any Award previously granted, is subject to compliance with all applicable laws, rules, regulations
and policies of any applicable governmental entity or securities exchange, including receipt of any required approval from the governmental
entity or stock exchange. For greater certainty and without limiting the foregoing, the Committee may amend, suspend, terminate or discontinue
the Plan, and the Committee may amend or alter any previously granted Award, as applicable, without obtaining the approval of stockholders
of the Company in order to:

 

		(i)	amend the eligibility for, and limitations or conditions imposed upon, participation in the Plan;

 

		(ii)	amend any terms relating to the granting or exercise of Awards, including but not limited to terms relating
to the amount and payment of the exercise price, or the vesting, expiry, assignment or adjustment of Awards, or otherwise waive any conditions
of or rights of the Company under any outstanding Award, prospectively or retroactively;

 

		(iii)	make changes that are necessary or desirable to comply with applicable laws, rules, regulations and policies
of any applicable governmental entity or stock exchange (including amendments to Awards necessary or desirable to avoid any adverse tax
results under Section 409A), and no action taken to comply shall be deemed to impair or otherwise adversely alter or impair the rights
of any holder of an Award or beneficiary thereof; or

 

		(iv)	amend any terms relating to the administration of the Plan, including the terms of any administrative
guidelines or other rules related to the Plan.

 

     

    	 	- 14 -	 

    

 

Notwithstanding the foregoing
and for greater certainty, prior approval of the stockholders of the Company shall be required for any amendment to the Plan or an Award
that would:

 

		(i)	require stockholder approval under the rules or regulations of securities exchange that is applicable
to the Company;

 

		(ii)	permit repricing of Options or Stock Appreciation Rights, which is currently prohibited by Section 6(g)(iv) of
the Plan;

 

		(iii)	permit the award of Options or Stock Appreciation Rights at a price less than 100% of the Fair Market
Value of a Share on the date of grant of such Option or Stock Appreciation Right, contrary to the provisions of Section 6(a)(i) and
Section 6(b) of the Plan;

 

		(iv)	permit Options to be transferable other than for normal estate settlement purposes;

 

		(v)	amend this Section 7(a); or

 

		(vi)	increase the maximum term permitted for Options and Stock Appreciation Rights as specified in Section 6(a) and
Section 6(b) or extend the terms of any Options beyond their original expiry date.

 

		(b)	Corporate Transactions. In the event of any reorganization, merger, consolidation, split-up, spin-off,
combination, plan of arrangement, take-over bid or tender offer, repurchase or exchange of Shares or other securities of the Company or
any other similar corporate transaction or event involving the Company (or the Company shall enter into a written agreement to undergo
such a transaction or event), the Committee or the Board may, in its sole discretion, provide for any of the following to be effective
upon the consummation of the event (or effective immediately prior to the consummation of the event, provided that the consummation
of the event subsequently occurs), and no action taken under this Section 7(b) shall be deemed to impair or otherwise adversely
alter the rights of any holder of an Award or beneficiary thereof:

 

		(i)	either (A) termination of the Award, whether or not vested, in exchange for an amount of cash and/or
other property, if any, equal to the amount that would have been attained upon the exercise of the vested portion of the Award or realization
of the Participant’s vested rights (and, for the avoidance of doubt, if, as of the date of the occurrence of the transaction or
event described in this Section 7(b)(i )(A), the Committee or the Board determines in good faith that no amount would have been attained
upon the exercise of the Award or realization of the Participant’s rights, then the Award may be terminated by the Company without
any payment) or (B) the replacement of the Award with other rights or property selected by the Committee or the Board, in its sole
discretion;

 

		(ii)	that the Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof,
or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent
or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices;

 

     

    	 	- 15 -	 

    

 

		(iii)	that, subject to Section 6(g)(vi), the Award shall be exercisable or payable or fully vested with
respect to all Shares covered thereby, notwithstanding anything to the contrary in the applicable Award Agreement; or

 

		(iv)	that the Award cannot vest, be exercised or become payable after a date certain in the future, which may
be the effective date of the event.

 

		(c)	Correction of Defects, Omissions and Inconsistencies. The Committee may, without prior approval
of the stockholders of the Company, correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award
or Award Agreement in the manner and to the extent it shall deem desirable to implement or maintain the effectiveness of the Plan.

 

		Section 8.	Income Tax Withholding

 

In order to comply with all
applicable federal, state, local or foreign income tax laws or regulations, the Company may take such action as it deems appropriate to
ensure that all applicable federal, state, local or foreign payroll, withholding, income or other taxes, which are the sole and absolute
responsibility of a Participant, are withheld or collected from such Participant. Without limiting the foregoing, in order to assist a
Participant in paying all or a portion of the applicable taxes to be withheld or collected upon exercise or receipt of (or the lapse of
restrictions relating to) an Award, the Committee, in its discretion and subject to such additional terms and conditions as it may adopt,
may permit the Participant to satisfy such tax obligation by (a) electing to have the Company withhold a portion of the Shares otherwise
to be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the
amount of such taxes (subject to any applicable limitations under ASC Topic 718 to avoid adverse accounting treatment) or (b) delivering
to the Company Shares other than Shares issuable upon exercise or receipt of (or the lapse of restrictions relating to) such Award with
a Fair Market Value equal to the amount of such taxes. The election, if any, must be made on or before the date that the amount of tax
to be withheld is determined.

 

		Section 9.	U.S. Securities Laws

 

Neither the Awards nor the
securities which may be acquired pursuant to the exercise of the Awards have been registered under the Securities Act or under any securities
law of any state of the United States of America and are considered “restricted securities” (as such term is defined in Rule 144(a)(3) under
the U.S. Securities Act and any Shares shall be affixed with an applicable restrictive legend as set forth in the Award Agreement. The
Awards may not be offered or sold, directly or indirectly, in the United States except pursuant to registration under the U.S. Securities
Act and the securities laws of all applicable states or available exemptions therefrom, and the Company has no obligation or present intention
of filing a registration statement under the U.S. Securities Act in respect of any of the Awards or the securities underlying the Awards,
which could result in such U.S. Award Holder not being able to dispose of any Shares issued on exercise of Awards for a considerable length
of time. Each U.S. Award Holder or anyone who becomes a U.S. Award Holder, who is granted an Award in the United States, who is a resident
of the United States or who is otherwise subject to the Securities Act or the securities laws of any state of the United States will be
required to complete an Award Agreement which sets out the applicable United States restrictions.

 

     

    	 	- 16 -	 

    

 

		Section 10.	General Provisions

 

		(a)	No Rights to Awards. No Eligible Person, Participant or other Person shall have any claim to be
granted any Award under the Plan, and there is no obligation for uniformity of treatment of Eligible Persons, Participants or holders
or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to any Participant or
with respect to different Participants.

 

		(b)	Award Agreements. No Participant shall have rights under an Award granted to such Participant unless
and until an Award Agreement shall have been signed by the Participant (if requested by the Company), or until such Award Agreement is
delivered and accepted through an electronic medium in accordance with procedures established by the Company. An Award Agreement need
not be signed by a representative of the Company unless required by the Committee. Each Award Agreement shall be subject to the applicable
terms and conditions of the Plan and any other terms and conditions (not inconsistent with the Plan) determined by the Committee.

 

		(c)	Plan Provisions Control. In the event that any provision of an Award Agreement conflicts with or
is inconsistent in any respect with the terms of the Plan as set forth herein or subsequently amended, the terms of the Plan shall control.

 

		(d)	No Rights of Stockholders. Except with respect to Shares issued under Awards (and subject to such
conditions as the Committee may impose on such Awards pursuant to Section 6(c)(i) or Section 6(e)), neither a Participant
nor the Participant’s legal representative shall be, or have any of the rights and privileges of, a stockholder of the Company with
respect to any Shares issuable upon the exercise or payment of any Award, in whole or in part, unless and until such Shares have been
issued.

 

		(e)	No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company
or any Affiliate from adopting or continuing in effect other or additional compensation plans or arrangements, and such plans or arrangements
may be either generally applicable or applicable only in specific cases.

 

		(f)	No Right to Employment. The grant of an Award shall not be construed as giving a Participant the
right to be retained as an employee of the Company or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate
to terminate a Participant’s employment at any time, with or without cause, in accordance with applicable law. In addition, the
Company or an Affiliate may at any time dismiss a Participant from employment free from any liability or any claim under the Plan or any
Award, unless otherwise expressly provided in the Plan or in any Award Agreement. Nothing in this Plan shall confer on any person any
legal or equitable right against the Company or any Affiliate, directly or indirectly, or give rise to any cause of action at law or in
equity against the Company or an Affiliate. Under no circumstances shall any person ceasing to be an employee of the Company or any Affiliate
be entitled to any compensation for any loss of any right or benefit under the Plan which such employee might otherwise have enjoyed but
for termination of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract
or otherwise. By participating in the Plan, each Participant shall be deemed to have accepted all the conditions of the Plan and the terms
and conditions of any rules and regulations adopted by the Committee and shall be fully bound thereby.

 

		(g)	Governing Law. The internal law, and not the law of conflicts, of British Columbia shall govern
all questions concerning the validity, construction and effect of the Plan or any Award, and any rules and regulations relating to
the Plan or any Award.

 

     

    	 	- 17 -	 

    

 

		(h)	Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without,
in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken
as to such jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect.

 

		(i)	No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create
a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person.
To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right
shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

 

		(j)	Other Benefits. No compensation or benefit awarded to or realized by any Participant under the
Plan shall be included for the purpose of computing such Participant’s compensation or benefits under any pension, retirement, savings,
profit sharing, group insurance, disability, severance, termination pay, welfare or other benefit plan of the Company, unless required
by law or otherwise provided by such other plan.

 

		(k)	No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or
any Award, and the Committee shall determine whether cash shall be paid in lieu of any fractional Share or whether such fractional Share
or any rights thereto shall be canceled, terminated or otherwise eliminated.

 

		(l)	Headings. Headings are given to the sections and subsections of the Plan solely as a convenience
to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the
Plan or any provision thereof.

 

		Section 11.	Clawback or Recoupment

 

All Awards under this Plan
shall be subject to recovery or other penalties pursuant to (i) any Company clawback policy, as may be adopted or amended from time
to time, or (ii) any applicable law, rule or regulation or applicable stock exchange rule.

 

     

    	 	- 18 -	 

    

 

		Section 12.	Effective Date of the Plan

 

The Plan was adopted by the
Committee effective as of November 21, 2018. The Plan shall be subject to approval by the stockholders of the Company which approval
will be within 12 months after the date the Plan is adopted by the Committee.

 

		Section 13.	Term of the Plan

 

No Award shall be granted under
the Plan, and the Plan shall terminate, on the earlier of (i) November 21, 2028 or (ii) the tenth anniversary of the date
the Plan is approved by the stockholders of the Company, or any earlier date of discontinuation or termination established pursuant to
Section 7(a) of the Plan. Unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore
granted may extend beyond such dates, and the authority of the Committee provided for hereunder with respect to the Plan and any Awards,
and the authority of the Committee to amend the Plan, shall extend beyond the termination of the Plan.

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