Document:

Exhibit 10.3

  

  

  

  

  

  
    FIRST AMENDMENT TO CREDIT AGREEMENT

    

    

    This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of November 21, 2019, is among WRKCO INC. (f/k/a WESTROCK COMPANY), a Delaware corporation (“Parent”), WRK LUXEMBOURG S.À R.L., a private
      limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg (“WRK Luxembourg”), WRK INTERNATIONAL HOLDINGS S.À R.L., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg (“WRK International”), MULTI PACKAGING SOLUTIONS LIMITED, a limited company incorporated under the laws of England and Wales (“Multi

        Packaging Solutions”), WESTROCK PACKAGING SYSTEMS GERMANY GMBH, a private limited liability company (Gesellschaft mit beschränkter Haftung) incorporated under
      the laws of Germany (“WestRock Packaging Systems” and, together with WRK Luxembourg, WRK International, and Multi Packaging Solutions, the “Borrowers”), each of the other Guarantors (as defined in the Credit Agreement referenced below) which is a signatory hereto, each of the banks or other financial institutions which is a signatory hereto, as a Lender, and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as administrative agent for itself and certain other parties (in its capacity as administrative agent, together with its successors in such capacity, “Administrative Agent”).

    

    

    RECITALS:

    

    

    WHEREAS, Parent, Borrowers, the financial institutions party thereto as “Lenders” (the “Lenders”),

      and Administrative Agent are parties to that certain Credit Agreement dated as of April 27, 2018 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
        Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Lenders have made certain financial accommodations available to
      Borrowers; and

    

    

    WHEREAS, Borrowers have requested that the Administrative Agent and the Lenders amend certain terms and conditions of the Credit Agreement
      as more specifically set forth herein, and the Administrative Agent and the Lenders have agreed to the requested amendments on the terms and conditions set forth herein.

    

    

    NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of
      which are hereby acknowledged, the parties hereto agree as follows effective as of the Amendment Effective Date (as defined below):

    

    

    Section 1.          Amendments to Credit Agreement.

    

    

    (a)          Section 1.1 of the Credit Agreement, Defined Terms, is hereby modified and amended by deleting the definitions of “Existing Credit Agreement”, “Fee Letter” and “Maturity Date” in their
      entirety and inserting in lieu thereof the following, respectively:

    

    

    	 	 	
            ““Existing Credit Agreement” means that certain Credit Agreement, dated as of July 1, 2015 (as amended by

          	 

    

    

    

    

    
      
        

    

    
     

    

    

    	 	 	
            Amendment No. 1 thereto, dated as of July 1, 2016, Amendment No. 2 thereto, dated as of June 30, 2017, Amendment No. 3 thereto, dated as of March 7, 2018, and Amendment No. 4 thereto, dated
              as of November 21, 2019) by and among New Holdco, the Parent, WestRock Company of Canada Holdings Corp./Compagnie de Holdings WestRock du Canada Corp. (formerly, RockTenn Company of Canada Holdings Corp./Compagnie De Holdings RockTenn Du
              Canada Corp.), a Nova Scotia unlimited company (together with the Parent, as borrowers), and any other Subsidiary of the Parent that becomes an additional borrower pursuant thereto, WestRock RKT Company (formerly, Rock-Tenn Company), a
              Georgia corporation, and WestRock MWV, LLC (formerly, Meadwestvaco Corporation), a Delaware limited liability company, as guarantors, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, and as the
              same may be further amended, modified, waived, supplemented, restated, refinanced or otherwise replaced from time to time in each case pursuant to an Approved Amendment.

          	 
	 	 	 	 
	 	 	
            “Fee Letter” means that certain fee letter, dated as of November 21, 2019, executed by Administrative
              Borrower on behalf of Borrowers setting forth the applicable fees relating to this Agreement to be paid to Administrative Agent, on its behalf and on behalf of the Lenders.

          	 
	 	 	 	 
	 	 	
            “Maturity Date” means November 21, 2022.”

          	 

    

    

    (b)          Section 1.1 of the Credit Agreement, Defined Terms, is hereby modified and amended by adding the following definitions in
      appropriate alphabetical order:

    

    

    	 	 	
            “Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that
              has been selected by Administrative Agent and Borrowers giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
              or then-prevailing market convention for determining a rate of interest as a replacement to the LIBO Rate for syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so
              determined would be less than zero,

          	 

    

    

    

    

    
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            the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

          	 
	 	 	 	 
	 	 	
            “Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBO Rate with an Unadjusted
              Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Administrative
              Agent and Borrowers giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted
              Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the
              LIBO Rate with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a modification to the Applicable
              Margin).

          	 
	 	 	 	 
	 	 	
            “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical,
              administrative or operational changes (including changes to the definition of “Base Rate”, the definition of “Interest Period”, changes to the definition of “LIBO Rate”, timing and frequency of determining rates and making payments of
              interest and other administrative matters) that Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Administrative Agent in a
              manner substantially consistent with market practice (or, if Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if Administrative Agent determines that no market practice for
              the administration of the Benchmark Replacement exists, in such other manner of administration as Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

          	 
	 	 	 	 
	 	 	
            “Benchmark Replacement Date” means the earlier to occur of the following events with respect to the LIBO
              Rate:

          	 
	 	 	 	 
	 	 	
            (a)          in the case of clause (a) or (b) of the definition of “Benchmark Transition Event”, the later of (i) the date of the

          	 

    

    

    
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            public statement or publication of information referenced therein and (ii) the date on which the administrator of the LIBO Rate permanently or indefinitely ceases to provide the LIBO Rate; or

          	 
	 	 	 	 
	 	 	
            (b)          in the case of clause (c) of the definition of “Benchmark Transition Event”, the date of the public statement or publication of information referenced
              therein.

          	 
	 	 	 	 
	 	 	
            “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
              LIBO Rate:

          	 
	 	 	 	 
	 	 	
            (a)          a public statement or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator has ceased or will
              cease to provide the LIBO Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate;

          	 
	 	 	 	 
	 	 	
            (b)          a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate, the U.S. Federal Reserve System, an
              insolvency official with jurisdiction over the administrator for the LIBO Rate, a resolution authority with jurisdiction over the administrator for the LIBO Rate or a court or an entity with similar insolvency or resolution authority over the
              administrator for the LIBO Rate, which states that the administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no
              successor administrator that will continue to provide the LIBO Rate; or

          	 
	 	 	 	 
	 	 	
            (c)          a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing that the LIBO Rate is no
              longer representative.

          	 
	 	 	 	 
	 	 	
            “Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i)
              the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public
              statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election,
              the date specified by Administrative Agent or the Required Lenders, as applicable, by

          	 

    

    

    

    

    
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            notice to Borrowers, Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

          	 
	 	 	 	 
	 	 	
            “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark
              Replacement Date have occurred with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (a) beginning at the time that such Benchmark Replacement Date has
              occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder in accordance with Section 2.13(c) and (b) ending at the time that a Benchmark Replacement has replaced the LIBO Rate for all
              purposes hereunder pursuant to Section 2.13(c).

          	 
	 	 	 	 
	 	 	
            “Early Opt-in Election” means the occurrence of:

          	 
	 	 	 	 
	 	 	
            (a)          (i) a determination by Administrative Agent or (ii) a notification by the Required Lenders to Administrative Agent (with a copy to Borrowers) that the Required
              Lenders have determined that syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.13(c), are being executed or amended, as applicable, to incorporate or adopt a new
              benchmark interest rate to replace the LIBO Rate, and

          	 
	 	 	 	 
	 	 	
            (b)          (i) the election by Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision,
              as applicable, by Administrative Agent of written notice of such election to Borrowers and the Lenders or by the Required Lenders of written notice of such election to Administrative Agent.

          	 
	 	 	 	 
	 	 	
            “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at
              http://www.newyorkfed.org, or any successor source.

          	 
	 	 	 	 
	 	 	
            “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a
              committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

          	 
	 	 	 	 
	 	 	
            “SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal
              Reserve Bank of New York, as the administrator of the benchmark,

          	 

    

    

    

    

    
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            (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

          	 
	 	 	 	 
	 	 	
            “Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the
              Relevant Governmental Body.

          	 
	 	 	 	 
	 	 	
            “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
              Adjustment.”

          	 

    

    

    (c)          Section 1.1 of the Credit Agreement, Defined Terms, is hereby further modified and amended by deleting the definitions of “LIBOR Screen Rate”, “LIBOR Successor Rate”, “LIBOR Successor Rate Conforming
        Changes” and “Scheduled Unavailability Date.”

    

    

    (d)          Section 1.6 of the Credit Agreement, Accounting Terms; GAAP, is hereby modified and amended by deleting clause (a) of such
      section in its entirety and inserting in lieu thereof the following:

    

    

    	 	 	
            “(a)        Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all
              financial statements required to be delivered hereunder shall be prepared in accordance with GAAP applied on a basis consistent with the most recent audited consolidated financial statements of New Holdco and its consolidated Subsidiaries
              delivered to the Lenders (or of the Parent and its consolidated Subsidiaries with respect to any period prior to the initial delivery to the Lenders of audited consolidated financial statements of New Holdco any its consolidated Subsidiaries
              after the Combination Date); provided that, if Holdco shall notify Administrative Agent that it wishes to amend any covenant in Section 6.1 (or any component thereof) to eliminate the effect of any change in GAAP on the
              operation of such covenant or such ratio (or if Administrative Agent notifies Holdco that the Required Lenders wish to amend Section 6.1 (or any component thereof) for such purpose), then Holdco’s compliance with such covenant shall
              be determined on the basis of GAAP in effect and as adopted by the Parent on December 31, 2017, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to Holdco and the Required Lenders.”

          	 

    

    

    (e)          Section 1.6 of the Credit Agreement, Accounting Terms; GAAP, is hereby further modified and amended by adding a new clause
      (e) to such section as follows:

     

    

     

    

    
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            “(e)          Notwithstanding anything to the contrary contained herein, only those leases (assuming for purposes hereof that they were in existence on December 31, 2017)
              that would have constituted Capital Leases (as such term is defined in the Existing Credit Agreement) as of December 31, 2017, shall be considered Capital Leases hereunder and all calculations and deliverables under this Agreement or any
              other Loan Document shall be made or delivered, as applicable, in accordance therewith.”

          	 

    

    

    (f)          Section 1 of the Credit Agreement, Definitions, is hereby modified and amended by adding a new Section 1.9 as follows:

    

    

    	 	 	
            ““Section 1.9 Divisions. For all purposes under this Agreement and the other Loan Documents,
              in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or
              liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the
              first date of its existence by the holders of its equity interests at such time.”

          	 

    

    

    (g)          Section 2.13 of the Credit Agreement, Alternate Rate of Interest; Illegality, is hereby modified and amended by deleting
      clause (b) and (c) of such section in their entirety and inserting in lieu thereof the following, respectively:

    

    

    	 	 	
            “(b)          Administrative Agent is advised (i) by Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders that the
              Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period, or (ii) any Lender determines that any
              applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain, or fund Eurodollar Loans, or to determine or charge interest rates
              based upon the Adjusted LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or any Offshore Currency in the London or Euro-zone
              interbank market,

          	 

    

    

    

    

    

    

    
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            then Administrative Agent shall give notice thereof to Borrowers and the Lenders as promptly as practicable thereafter, (x) in the case of any Loan denominated in Dollars, from and after the
              date on which Borrowers receive notice thereof until the date on which such circumstances ceases, in the case of clauses (a) and (b)(i) above, all Lenders’ and, in the case of clause (b)(ii) above, the affected Lender’s, Loans denominated in
              Dollars shall bear interest at a rate per annum equal to the Applicable Margin plus the Base Rate, and (y) in the case of any Loan denominated in any Offshore Currency, during the 30-day period next
              succeeding the date of any such notice (the “Negotiation Period”), Administrative Agent (in consultation with the Lenders) and Borrowers will negotiate in good faith for the purpose
              of agreeing upon an alternative, mutually acceptable basis (the “Substitute Basis”) for determining the rate of interest to be applicable to the Loans denominated in an Offshore
              Currency for such Interest Period.  If at the expiry of the Negotiation Period, the Required Lenders, Administrative Agent, and Borrowers have agreed upon a Substitute Basis, the Substitute Basis shall be binding on all parties and be
              retroactive to, and take effect from, the beginning of such Interest Period.  If at the expiry of the Negotiation Period, a Substitute Basis shall not have been agreed upon pursuant to this paragraph, Administrative Agent shall notify each
              Lender of such failure to agree to a Substitute Basis and, within five Business Days after receipt of such notice (or as soon thereafter as may be practicable), each such Lender shall notify Borrowers (through Administrative Agent) of the
              cost to such Lender (as determined by it in good faith) of funding and maintaining such Loan denominated in an Offshore Currency for such Interest Period; and the interest payable to such Lender on such Loan for such Interest Period shall be
              determined in good faith (which determination shall be binding absent manifest error) at a rate per annum equal to the Applicable Margin plus the weighted average (as determined by Administrative
              Agent, which shall be conclusive absent manifest error) of the cost to the Lenders of funding and maintaining such Loan denominated in an Offshore Currency, as applicable, for such Interest Period as so notified by the Lenders; provided
              that, if any Lender does not notify Administrative Agent of such costs within such period, such cost shall not be included by Administrative Agent in such calculation.  Each Lender agrees to use reasonable efforts to avoid or minimize costs
              to Borrowers under this Section 2.13(b) to the extent set forth in Section 2.18(a).  The procedures specified in this Section 2.13(a) and (b) shall apply to each Interest Period succeeding the first Interest
              Period to which they were applied

          	 

    

    

    
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            unless and until Administrative Agent shall determine in consultation with the Required Lenders (or, in the case of Section 2.13(b)(ii), the affected Lender(s)) that the conditions
              referred to in this Section 2.13(a) and (b) no longer exist. If the Substitute Basis or the cost of funds rate, as determined hereunder, would be less than zero, such rate will be deemed to be zero for the purposes of this
              Agreement.

          	 
	 	 	 	 
	 	 	
            (c)          Effect of Benchmark Transition Event.

          	 

    

    

    	 	 	
            (i)          Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event
              or an Early Opt-in Election, as applicable, Administrative Agent and Borrowers may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become
              effective at 5:00 p.m., New York City time on the fifth Business Day after Administrative Agent has posted such proposed amendment to all Lenders and Borrowers so long as Administrative Agent has not received, by such time, written notice of
              objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to
              Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBO Rate with a Benchmark Replacement pursuant to this Section 2.13(c) will occur prior to the applicable Benchmark Transition Start
              Date.

          	 
	 	 	 	 
	 	 	
            (ii)          Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Administrative Agent will have the right to
              make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
              effective without any further action or consent of any other party to this Agreement.

          	 
	 	 	 	 
	 	 	
            (iii)          Notices; Standards for Decisions and Determinations. Administrative Agent will promptly notify Borrowers and the Lenders of (A) any occurrence of a
              Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition

          	 

    

    

    

    

    
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            Start Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes and (D) the commencement or conclusion of any Benchmark
              Unavailability Period. Any determination, decision or election that may be made by Administrative Agent or Lenders pursuant to this Section 2.13(c) including any determination with respect to a tenor, rate or adjustment or of the occurrence
              or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any
              other party hereto, except, in each case, as expressly required pursuant to this Section 2.13(c).

          	 
	 	 	 	 
	 	 	
            (iv)          Benchmark Unavailability Period. Upon Borrowers’ receipt of notice of the commencement of a Benchmark Unavailability Period, Borrowers may revoke any
              request for a borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (A) with respect to any such request for a Loan denominated in
              Dollars, Borrowers will be deemed to have converted such request into a request for a borrowing of or conversion to Base Rate Loans and (B) with respect to any such request for a Loan denominated in an Offshore Currency, any such request
              shall be ineffective and Borrowers shall prepay the affected Eurodollar Loans at the end of the applicable Interest Period. During any Benchmark Unavailability Period, the component of the Base Rate based upon the LIBO Rate will not be used
              in any determination of the Base Rate.”

          	 

    

    

    (h)          Section 6.1 of the Credit Agreement, Financial Requirements, is hereby modified and amended by deleting clause (a) of such
      section in its entirety and inserting in lieu thereof the following:

    

    

    	 	 	
            “(a)          Debt to Capitalization Ratio.  Suffer or permit the Debt to Capitalization Ratio as of the last day of each full Fiscal Quarter to be greater than 0.65:1.00.”

          	 

    

    

    (i)          Section 9 of the Credit Agreement, Miscellaneous, is hereby modified and amended by adding a new Section 9.24 as follows:

    

    

    	 	 	
            “9.24 Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or
              otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, “QFC

          	 

    

    

    

    

    
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            Credit Support” and each such QFC a “Supported QFC”), the parties
              acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together
              with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
              notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

          	 
	 	 	 	 
	 	 	
            (a)          In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
              subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any
              rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such
              QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes
              subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
              to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United
              States.  Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
              any QFC Credit Support.

          	 
	 	 	 	 
	 	 	
            (b)          As used in this Section 9.24, the following terms have the following meanings:

          	 

    

    

    

    

    
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            “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in
              accordance with, 12 U.S.C. 1841(k)) of such party.

          	 
	 	 	 	 
	 	 	
            “Covered Entity” means any of the following:

          	 
	 	 	 	 
	 	 	
            (i)          a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

          	 
	 	 	 	 
	 	 	
            (ii)          a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

          	 
	 	 	 	 
	 	 	
            (iii)          a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

          	 
	 	 	 	 
	 	 	
            “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12
              C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

          	 
	 	 	 	 
	 	 	
            (c)          “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be
              interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).”

          	 

    

    

    Section 2.          No Other Amendments.  Except as expressly set forth above, the execution, delivery and effectiveness of this Amendment shall not operate as an amendment,
      modification or waiver of any right, power or remedy of Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, nor constitute a waiver of any other provision of the Credit Agreement or any of the other Loan
      Documents.  Except for the amendments set forth above, the text of the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect, and each Obligor hereby ratifies and confirms its obligations thereunder.  Each
      Obligor acknowledges and expressly agrees that Administrative Agent and the Lenders reserve the right to, and do in fact, require strict compliance with all other terms and provisions of the Credit Agreement and the other Loan Documents. It is hereby
      understood by each Obligor that the foregoing amendments by Administrative Agent and the Lenders shall not be deemed to establish a course of conduct so as to justify an expectation by any Obligor that Administrative Agent and the Lenders will
      entertain or grant their consent to any future such requests by such Obligor.  Further, it is hereby understood by each Obligor that the foregoing amendments shall not be deemed, or interpreted as, a consent by Administrative Agent and the Lenders to
      modify or waive compliance with the terms and conditions of the Credit Agreement or the other Loan Documents except as specifically provided herein.

    

    

    Section 3.          Conditions.  This Amendment shall become effective as of the date set forth above upon Administrative Agent’s receipt of each of the following, in form
      and substance satisfactory to Administrative Agent (the “Amendment Effective Date”):

    

    

    (a)          Amendment.  From the Obligors, Administrative Agent, and the Lenders, a counterpart of this Amendment signed and delivered on behalf of such party.

     

    

     

    

    
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    (b)          Opinions of Counsel to Obligor.  Written opinions (addressed to Administrative Agent and the Lenders and dated the Amendment Effective Date) of counsel to each
      Obligor (including New York counsel and counsel for each jurisdiction in which an Obligor is organized) regarding this Amendment and such other matters as Administrative Agent shall reasonably request.

    

    

    (c)          Corporate Documents.  Such documents and certificates as Administrative Agent may reasonably request relating to the organization, existence and (to the extent
      the concept is applicable in such jurisdiction) good standing of each Obligor (it being understood that, in relation to each Lux Borrower, such request may be satisfied by the provision of copies of the articles of association (statuts coordonnés) of such Lux Borrower, an excerpt issued by the Luxembourg Trade and Companies Register on or about the Amendment Effective Date pertaining to such Lux Borrower, and a certificate of
      non-inscription of a judicial decision (certificat de non-inscription d'une decision judiciaire) issued by the Luxembourg Trade and Companies Register on or about the Amendment Effective Date pertaining to
      such Lux Borrower), the authorization of this Amendment (including appropriate resolutions), the identity, authority and capacity of each Responsible Officer authorized to act on behalf of an Obligor (or authorized signatory in respect of a U.K.
      Borrower or a German Borrower) in connection with this Amendment and any other legal matters relating to the Obligors or this Amendment.

    

    

    (d)          Beneficial Ownership Certificate. To the extent requested by the Administrative Agent or any Lender not less than five (5) days prior to the Amendment
      Effective Date, the Lenders shall have received a certification regarding beneficial ownership as required by 31 C.F.R. § 1010.230 in relation to each Borrower (a “Beneficial Ownership
        Certification”).

    

    

    (e)          Fees.  The payment by Borrowers of (i) a fee for the benefit of each Lender, in such amounts as may have been disclosed to the Lenders and as agreed to by any
      Borrower in a separate fee letter and (ii) all other fees, costs and expenses as may be owing to the Administrative Agent by Borrowers (including, without limitation, the fees and expenses of counsel for the Administrative Agent).

    

    

    (f)          Additional Documentation.  Such additional documentation and information as Administrative Agent or its legal counsel may reasonably request.

    

    

    Section 4.          Representations and Warranties.  In consideration of the execution and delivery of this Amendment by Administrative Agent and the Lenders, each Obligor
      hereby represents and warrants in favor of Administrative Agent and the Lenders as follows:

    

    

    (a)          The execution, delivery and performance by each Obligor of this Amendment (i) are all within each Obligor’s powers (corporate or otherwise), (ii) have been duly
      authorized by all necessary action (corporate or otherwise), (iii) do not require any consent or authorization of, or filing with, any Person (including any Governmental Authority), except for such as have been obtained or made and are in full force
      and effect, (iv) will not violate (A) such Obligor’s Organizational Documents or (B) any Requirements of Law, and (v) will not cause a breach or default under any of their respective Material Contracts, except, with respect to clause

    

    

    

    

    
      13

      
        

    

    

    

     

    (iv)(B) or clause (v), to the extent that such violation, breach or default would not reasonably be likely to have a Material Adverse Effect.

    

    

    (b)          This Amendment has been duly executed and delivered by each Obligor, and constitutes a legal, valid and binding obligation of each Obligor enforceable against each
      Obligor in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

    

    

    (c)          As of the date hereof and after giving effect to this Amendment, the representations and warranties made by or with respect to the Obligors, or any of them, under the
      Credit Agreement and the other Loan Documents, are true and correct in all material respects (unless any such representation or warranty is qualified as to materiality or as to Material Adverse Effect, in which case such representation and warranty
      shall be true and correct in all respects), except to the extent previously fulfilled with respect to specific prior dates.

    

    

    (d)          Immediately after giving effect hereto, no event has occurred and is continuing which constitutes a Default or an Event of Default or would constitute an Event of
      Default but for the requirement that notice be given or time elapse or both.

    

    

    (e)          As of the Amendment Effective Date, the information included in the Beneficial Ownership Certification (as defined above) provided on or prior to the Amendment
      Effective Date to any Lender in connection with this Amendment is true and correct in all respects.

    

    

    Section 5.          Ratifications.  Except as expressly set forth in this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are
      ratified and confirmed and shall continue in full force and effect. The Obligors, Administrative Agent, and the Lenders party hereto agree that the Credit Agreement and the other Loan Documents shall continue to be legal, valid, binding and
      enforceable in accordance with their respective terms.

    

    

    Section 6.          Affirmation of Guaranty Agreements.  By executing this Amendment, each Guarantor hereby acknowledges, consents and agrees that all of its obligations and
      liability under the Guaranty Agreement to which such Guarantor is a party remain in full force and effect, and that the execution and delivery of this Amendment and any and all documents executed in connection therewith shall not alter, amend, reduce
      or modify its obligations and liability under such Guaranty Agreement.

    

    

    Section 7.          Costs and Expenses.  Obligors agree, jointly and severally, to pay on demand all reasonable costs and expenses of Administrative Agent in connection with
      the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for Administrative Agent with
      respect thereto).

     

    

    

    
      14

      
        

    

    

    

     

    Section 8.          Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate
      the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

    

    

    Section 9.          Governing Law.  This Amendment shall be deemed to be made pursuant to the laws of the State of New York with respect to agreements made and to be
      performed wholly in the State of New York and shall be construed, interpreted, performed and enforced in accordance therewith.

    

    

    Section 10.          Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of the parties hereto and their respective successors and
      assigns, except any Obligor may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Lenders.

    

    

    Section 11.          Counterparts: Effectiveness.  This Amendment may be executed in one or more counterparts and on telecopy or other electronically reproduced
      counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or
      other electronic communication shall be effective as delivery of a manually executed counterpart of this Amendment.

    

    

    Section 12.          Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this
      Amendment.

    

    

    Section 13.          Entire Agreement.  This Amendment embodies the final, entire agreement among the parties hereto and supersedes any and all prior commitments,
      agreements, representations and understandings, whether written or oral, relating to this Amendment, and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of the parties hereto.

    

    

    Section 14.          Loan Documents.  This Amendment shall be deemed to be a Loan Document for all purposes under the Credit Agreement.

    

    

    Section 15.          No Novation.  This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or an accord and
      satisfaction in regard thereto.

    

    

    

    

    [Remainder of Page Intentionally Left Blank]

    

    

    

    

    
      15

      
        

    

     

    

     

    

    
      IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized officers or representatives to execute and deliver this Amendment as of the day and year first
        above written.

      

      

      

      

      
        	
                PARENT:

              	
                WRKCO INC., a Delaware corporation,

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ John D. Stakel

              	 
	 	 	
                Name:  John D. Stakel

              	 
	 	 	
                Title:    Senior Vice President and Treasurer

              	 
	 	 	 	 

      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      

      

    

    

    

    
      
        [First Amendment to Credit Agreement]

        
          

      

    

    
      
        

        

        

      

    

     

    

    
      	BORROWERS:

            	
              WRK LUXEMBOURG S.À R.L., a limited liability company

              incorporated under the laws of Luxembourg

              

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ Cornelia Mettlen

            	 
	 	 	
              Name:  Cornelia Mettlen

            	 
	 	 	
              Title:    Manager B

            	 
	 	 	 	 

    

    

    

    
      	 	
              WRK INTERNATIONAL HOLDINGS S.À R.L., a limited liability company incorporated under the laws of Luxembourg

              

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ Cornelia Mettlen

            	 
	 	 	
              Name:  Cornelia Mettlen

            	 
	 	 	
              Title:    Manager B

            	 
	 	 	 	 

    

    

    

    
      	 	
              MULTI PACKAGING SOLUTIONS LIMITED, A LIMITED COMPANY INCORPORATED UNDER THE LAWS OF england AND wales

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              
                /s/ Kevin Maxwell

              

            	 
	 	 	
              
                Name:  Kevin Maxwell

              

            	 
	 	 	
              
                Title:    Director

              

            	 
	 	 	 	 

    

    

    

    

    

    

    

    
      
        [First Amendment to Credit Agreement]

        
          

      

    

     

    

     

    

    

    

    
      	 	
              WESTROCK PACKAGING SYSTEMS GERMANY GMBH,

               
                A PRIVATE LIMITED LIABILITY COMPANY INCORPORATED

                UNDER THE LAWS OF GERMANY

              

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ Dieter Liebich

            	 
	 	 	
              Name:  Dieter Liebich

            	 
	 	 	
              Title:    Director

            	 

    

    

    

    

    

    
      	
              

              

            	
              By: 

            	
              /s/ Tobias Gabriel

            	 
	 	 	
              Name:  Tobias Gabriel

            	 
	 	 	
              Title:    Director

            	 
	 	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        [First Amendment to Credit Agreement]

        
          

      

    

     

    

    

    

    

    

    
      	
              GUARANTORS:

            	
              WESTROCK COMPANY, A DELAWARE
                  CORPORATION

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ John D. Stakel

            	 
	 	 	
              Name:  John D. Stakel

            	 
	 	 	
              Title:    Senior Vice President and Treasurer

            	 

    

    

    

    

    

    
      	 	
              WESTROCK RKT, LLC, a gEORGIA
                  LIMITED LIABILITY COMPANY

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ John D. Stakel

            	 
	 	 	
              Name:  John D. Stakel

            	 
	 	 	
              Title:    Senior Vice President and Treasurer

            	 

    

    

    

    

    

    
      	 	
              WESTROCK MWV, LLC, A dELAWARE LIMITED LIABILITY COMPANY

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ John D. Stakel

            	 
	 	 	
              Name:  John D. Stakel

            	 
	 	 	
              Title:    Senior Vice President and Treasurer

            	 
	 	 	 	 

    

    

    

    

    

    

    

    
      
        [First Amendment to Credit Agreement]

        
          

      

    

     

    

     

    

    

    

    
      	
              ADMINISTRATIVE AGENT

              AND LENDER:

            	
              coÖperatieve rabobank u.a., 

              new York Branch, AS ADMINISTRATIVE AGENT AND A LENDER

            	 
	 	 	 	 
	 	 	 	 
	

            	
              By: 

            	
              /s/ Eric J. Rogowski

            	 
	 	 	
              Name:  Eric J. Rogowski

            	 
	 	 	
              Title:    Executive Director

            	 

    

    

    

    

    

    
      	

            	
              By: 

            	
              /s/ Eric Hurshman

            	 
	 	 	
              Name:  Eric Hurshman

            	 
	 	 	
              Title:    Managing Director

            	 
	 	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        [First Amendment to Credit Agreement]

        
          

      

    

     

    

     

    

     

    

    
      	 	
              COMMERZBANK AG, NEW YORK 

              BRANCH, AS A LENDER

               

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ Pedro Bell

            	 
	 	 	
              Name:  Pedro Bell

            	 
	 	 	
              Title:    Managing Director

            	 

    

     

    

     

    

    
      	
              

              

            	
              By: 

            	
              /s/ Veli-Matti Ahonen

            	 
	 	 	
              Name:  Veli-Matti Ahonen

            	 
	 	 	
              Title:    Vice President

            	 
	 	 	 	 

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      
        [First Amendment to Credit Agreement]

        
          

      

    

     

    

     

    

     

    

    
      	 	
              TD BANK, N.A., AS A LENDER

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ Uk-Sun Kim

            	 
	 	 	
              Name:  Uk-Sun Kim

            	 
	 	 	
              Title:    Senior Vice President

            	 
	 	 	 	 

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      
        [First Amendment to Credit Agreement]

        
          

      

    

     

    

    
       

      

       

      

      
        	 	
                ING BANK N.V., DUBLIN BRANCH, AS A LENDER

                 

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                
                  /s/ Sean Hassett

                

              	 
	 	 	
                
                  Name:  Sean Hassett

                

              	 
	 	 	
                Title:    Director

              	 

      

       

      

       

      

      
        	
                

                

              	
                By: 

              	
                /s/ Padraig Matthews

              	 
	 	 	
                
                  Name:  Padraig Matthews

                

              	 
	 	 	
                
                  Title:    Director

                

              	 
	 	 	 	 

      

       

      

       

      

       

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      
        [First Amendment to Credit Agreement]

        
          

      

    

     

    

     

    

     

    

    
       

      

      
        	 	
                
                  SUMITOMO MITSUI BANKING CORPORATION, 

                

                AS A LENDER

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                
                  /s/ Michael Maguire

                

              	 
	 	 	
                
                  Name:  Michael Maguire

                

              	 
	 	 	
                
                  Title:    Executive Director

                

              	 
	 	 	 	 

      

       

      

       

      

       

       

      

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

  

  [First Amendment to Credit Agreement]Exhibit 4.1

 

WARRANT AGENT AGREEMENT 

 

THIS WARRANT AGENT
AGREEMENT (this “Agreement”) is dated December [    ], 2019, between Nutriband Inc., a Nevada
corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, acting as warrant agent (the
“Warrant Agent”). 

 

WHEREAS, the Company
proposes to issue series A common stock purchase warrants (the “Warrants”) to acquire up to 359,375 of common
stock, par value $0.001 per share (“Common Stock”), subject to adjustment as provided herein, of the Company
(collectively, the “Warrant Shares”); 

 

WHEREAS, each Warrant
shall represent the right to purchase from the Company, at an initial price of $[    ] per share (the “Exercise Price”),
one share of Common Stock, subject to adjustment as provided hereunder; and 

 

WHEREAS, American
Stock Transfer & Trust Company, LLC is willing to serve as the Warrant Agent in connection with the issuance of Warrant Certificates
(as defined below) and the other matters as provided herein.

 

NOW, THEREFORE, in
consideration of the foregoing and for the purpose of defining the terms and provisions of the Warrants and the respective rights
and obligations thereunder of the Company, the Warrant Agent and the record holders from time to time of the Warrants or, if the
Warrants are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant (each,
a “Holder” and collectively, the “Holders”), the parties hereby agree as follows: 

 

1. Definitions.
For the purposes hereof, the following terms shall have the following meanings:

 

“Aggregate
Exercise Price” means, with respect to each exercise of Warrants held by the Holder, the Exercise Price multiplied by
the aggregate number of Warrant Shares (which must be a whole number) that such Holder intends to purchase pursuant to such exercise.
 

 

“Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or
a day on which banking institutions in The City of New York are authorized or required by law or other government action to close. 

 

“Date of
Exercise” means the date on which the Holder shall have delivered to the Warrant Agent an appropriately completed and
duly signed Form of Election to Purchase (with the Warrant Shares Exercise Log attached to it and reference to the relevant Warrant
Certificate sufficient to identify it). 

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange
Commission (the “Commission”) promulgated thereunder. 

 

“Expiration
Date” means November [  ], 2024.

 

“Form of
Election to Purchase” means a Form of Election to Purchase substantially in the form attached to the Warrant.

 

“Initial
Exercise Date” means November [  ], 2019.

 

“Initial
Issuance Date” means November [  ], 2019.

 

“Person”
means a corporation, association, partnership, limited liability corporation, organization, business, individual, trust, government
or political subdivision thereof or governmental agency.

 

“Prospectus” means
the final prospectus relating to the Warrant Shares included in the Registration Statement.

 

“Registration
Statement” means, collectively, the various parts of the registration statement prepared by the Company on Form S-1 (File
No. 333-232370) with respect to the Warrant Shares, each as amended as of the date hereof, including the Prospectus therein and
all exhibits filed with such registration statement.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Specified
Merger” has the meaning set forth in subsection 8(d).

 

     

     

    

 

“Trading
Day” means (i) a day on which the shares of Common Stock are traded on the principal stock exchange or market on which
the shares of Common Stock are then listed or quoted, or (ii) if the shares of Common Stock are not listed on any such exchange
or market, a day on which the shares of Common Stock are traded in the over-the-counter market, as reported by the OTC Markets;
provided, that in the event that the shares of Common Stock are not listed or quoted as set forth in clause (i) or (ii) hereof,
then Trading Day shall mean a Business Day. 

 

“Trading
Market” means the New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the
Nasdaq Global Select Market.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is the principal market on which
the Common Stock is traded, the volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices
for the Common Stock are then reported on the Pink Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest
of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.

 

“Warrant
Certificate” means a certificate in substantially the form attached hereto as Exhibit A representing such number
of Warrants set forth on the Warrant Certificate. 

 

2. Form of Warrant.

 

(a) Warrants in
Global Form. The Warrants shall initially be issuable in book-entry registration only and evidenced by one or more global Warrant
Certificates (the “Global Warrant Certificates”) deposited with the Depository Trust Company (the “Depository”)
and registered in the name of Cede & Co. (“Cede”), a nominee of the Depository. Ownership of beneficial
interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by
(i) the Depository or its nominee for each Global Warrant Certificate or (ii) institutions that have accounts with the Depository
(such institutions, with respect to a Warrant in its account, each a “Participant”). For purposes of this Agreement,
the delivery of a notice from the Depository or a Participant of the transfer or exercise of Warrants in the form of a Global Warrant
Certificate shall be deemed to constitute the delivery of a Warrant Certificate with respect to such transfer or exercise. If the
Depository subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the
Warrant Agent regarding other arrangements for book-entry settlement. If the Company determines, in its sole discretion, not to
have securities represented by the Global Warrant Certificates, the Company will instruct the Warrant Agent to prepare and deliver
physical certificates evidencing the Warrants in exchange for the beneficial interests in the Global Warrant Certificates, based
on directions received by the Depository from its Participants with respect to ownership of beneficial interests in the Global
Warrant Certificates. In such event, any physical certificates evidencing the Warrants shall represent one or more Warrants as
set forth on the Warrant Certificate and be issued in registered form only as definitive Warrant Certificates and shall be substantially
in the form attached hereto as Exhibit A, shall be dated the date of issuance thereof (whether upon initial issuance, register
of transfer, exchange or replacement) and shall bear such legends and endorsements typed, stamped, printed, lithographed or engraved
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement.

 

(b) Effect of
Signature. Warrant Certificates shall be signed by, or bear the facsimile or electronic signature of, the chief executive officer,
president, chairperson of the board, chief financial officer, treasurer, any vice president, or secretary of the Company. In the
event the person whose facsimile or electronic signature has been placed upon any Warrant Certificate shall have ceased to serve
in the capacity in which such person signed the Warrant Certificate before such Warrant Certificate is issued, it may be issued
with the same effect as if he or she had not ceased to be such at the date of issuance.

 

(c) Effect of
Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant Certificate shall
be invalid and of no effect and may not be exercised by the holder thereof. Such signature by the Warrant Agent upon any Warrant
Certificate executed by the Company shall be conclusive evidence that such Warrant Certificate has been duly issued under the terms
of this Agreement.

 

    2

     

    

 

(d) Warrant Register.
The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and
the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by or on behalf of the Company. The Company and the Warrant Agent may deem and treat the registered
Holder of each Warrant Certificate as the absolute owner of the Warrants represented thereby for the purpose of any exercise thereof
or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. Any Person in whose name ownership
of a beneficial interest in the Warrants evidenced by a Global Warrant Certificate is recorded in the records maintained by the
Depository or its nominee shall be deemed the “beneficial owner” thereof; provided, that all such beneficial interests
shall be held through a Participant, which shall be the registered holder of such Warrants.

 

(e) Registration
of Transfers. The Warrant Agent shall register the transfer of any portion of a Warrant Certificate in the Warrant Register,
upon surrender of the Warrant Certificate, with the Form of Assignment attached thereto, to the Warrant Agent at its address specified
for notice set forth in Section 13 below. Upon any such registration or transfer, a new Warrant Certificate substantially in the
form attached hereto as Exhibit A (any such new Warrant Certificate, a “New Warrant Certificate”), evidencing
the portion of the Warrant Certificate so transferred shall be issued to the transferee and a New Warrant Certificate evidencing
the remaining portion of the Warrant Certificate not so transferred, if any, shall be issued to the transferring Holder. Upon issuance
and delivery of the New Warrant Certificate, the Warrant Certificate surrendered to the Warrant Agent shall be clearly marked “cancelled”
or bear a similar statement to that effect. The delivery of the New Warrant Certificate by the Warrant Agent to the transferee
thereof shall be deemed to constitute acceptance by such transferee of all of the rights and obligations of a holder of a Warrant
Certificate. Notwithstanding the foregoing, so long as the Warrants are evidenced by Global Warrant Certificates deposited with
the Depository, ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be
effected through, records maintained (i) by the Depository or its nominee for each Warrant; (ii) by Participants; or (iii) directly
on the book-entry records of the Warrant Agent with respect only to owners of beneficial interests that represent such direct registration.

 

(f) Warrants in
Uncertificated Form. Notwithstanding the foregoing and anything else herein to the contrary, the Warrants may be issued in
uncertificated form if so specified by the Company.

 

3. Term of Warrants.
Warrants shall be exercisable by the registered Holder at any time and from time to time on or after the Initial Exercise Date
until 5:00 p.m. (New York time) on the Expiration Date. At 5:00 p.m. (New York time) on the Expiration Date, any Warrant not exercised
prior thereto (including without limitation, by payment of the applicable Aggregate Exercise Price on or prior to 5:00 p.m. (New
York time) on the Expiration Date) shall be and become void and of no value.  

 

4. Exercise of
Warrants and Delivery of Warrant Shares.

 

(a) Exercise Procedure.
At such times, and upon such representations and agreements, upon delivery of an appropriately completed and duly signed Form of
Election to Purchase (with the Warrant Shares Exercise Log attached and reference to the applicable Warrant Certificate sufficient
to identify it) to the Warrant Agent (or, in the case of a Global Warrant Certificate, properly delivered by the Participant in
accordance with the Depository’s procedures), at its address for notice set forth in Section 13, and payment of the Aggregate
Exercise Price by the date that is one (1) Trading Day after the Date of Exercise, the Company shall, on or prior to the date that
is the later of (A) the date that is three (3) Trading Days after the Date of Exercise and (B) the date that is two (2) Trading
Days after the date on which the Aggregate Exercise Price has been paid in accordance with Section 9 below (such later date, the
“Warrant Share Delivery Date”), (i) provided that the Company’s transfer agent (the “Transfer
Agent”) is participating in the Depository’s Fast Automated Securities Transfer Program and an effective registration
statement is available for the issuance of the Warrant Shares, or (ii) if the Transfer Agent is not participating in the Depository’s
Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Form of
Election to Purchase, a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Any Person so designated by
the Holder to receive Warrant Shares shall be deemed to have become holder of record of such Warrant Shares as of the time that
the Holder shall have delivered to the Warrant Agent an appropriately completed and duly signed Form of Election to Purchase (with
the Warrant Shares Exercise Log attached to it and reference to the relevant Warrant Certificate sufficient to identify it), provided
that the Holder delivers the Aggregate Exercise Price by the date that is one (1) Trading Day after the Date of Exercise.

 

(b) If the Holder
delivers a Form of Election to Purchase but fails, within one Trading Day after the Date of Exercise, to deliver the Aggregate
Exercise Price, then the Holder shall only be deemed to be the holder of record of the Warrant Shares upon delivery of the Aggregate
Exercise Price, so long as such Aggregate Exercise Price is delivered within three (3) Trading Days of the Date of Exercise.

 

    3

     

    

 

(c) No ink-original
Form of Election to Purchase shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Form of Election to Purchase be required. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender any Warrant Certificate to the Company or Warrant Agent until all of the Warrant Shares issuable thereunder
have been purchased and all of the Warrants evidenced by such Warrant Certificate have been exercised in full, in which case, the
Holder shall surrender such Warrant Certificate to the Company or Warrant Agent for cancellation within five (5) Trading Days of
the date the final Form of Election to Purchase is delivered to the Warrant Agent. Partial exercises of such Warrant Certificate
resulting in purchases of a portion of the total number of Warrant Shares available thereunder shall have the effect of lowering
the outstanding number of Warrant Shares purchasable thereunder in an amount equal to the applicable number of Warrant Shares purchased.
The Holder and any assignee, by acceptance of a Warrant Certificate, acknowledge and agree that, by reason of the provisions
of this subsection, following a partial exercise of such Warrant Certificate, the number of Warrant Shares issuable upon exercise
of such Warrant Certificate at any given time may be less than the amount stated on the face thereof. 

 

(d) If fewer than
all Warrant Shares issuable upon exercise of the relevant Warrant Certificate are purchased upon any exercise thereof, then promptly
following the date on which the Holder has taken all actions necessary under the terms of this Agreement for such Holder to receive
Warrant Shares and be deemed to have become the holder of record of such Warrant Shares and at the request of the Holder (provided
that the Holder has delivered the original physical Warrant Certificate to the Warrant Agent for cancellation), the Company will
execute and deliver to the Holder or its assigns a New Warrant Certificate (dated the date such Holder is deemed to have become
the holder of record of such Warrant Shares) evidencing the unexercised portion of the relevant Warrant Certificate. If fewer than
all the Warrants evidenced by a Global Warrant Certificate are exercised, a notation shall be made to the records maintained by
the Depository, its nominee for each Global Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the
Warrants remaining after such exercise.

 

(e) In addition to
any other rights available to the Holder, if the Holder has taken all actions necessary under the terms of this Agreement for such
Holder to receive Warrant Shares subject to a Form of Election to Purchase on a Warrant Share Delivery Date and the Company fails,
or fails to cause the Warrant Agent, to transmit to the Holder the Warrant Shares in accordance with the provisions of subsection
4(a) above on or before the applicable Warrant Share Delivery Date, and if after such date the Holder is required by its broker
to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was
executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares
for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number
of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of a Buy-In and evidence
of the amount of such loss.

 

(f) If at the time
of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available
for the issuance of the Warrant Shares to the Holder, then this Warrant may also be converted, in whole or in part, into Common
Stock at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant
Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as
applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Form of Election to Purchase if
such Form of Election to Purchase is both executed and delivered pursuant to Section 4(a).

 

(B) = the
Exercise Price of this Warrant, as then in effect; and

 

(X) = the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

If Warrant Shares
are issued in such a cashless exercise, which is an exchange of the warrants for the Warrant Shares, the parties acknowledge and
agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the
Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

 

    4

     

    

 

5. Charges, Taxes
and Expenses. Issuance and delivery of certificates for Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax, or transfer agent fee in respect of the issuance of such certificates, all of which taxes shall be paid by the
Company; provided, however, that the Company shall not be obligated to pay any tax which may be payable in respect of any transfer
involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder
shall be responsible for all other tax liabilities that may arise as a result of holding or transferring any Warrant Certificate. 
The Company shall pay all Warrant Agent and Transfer Agent fees required for same-day processing of any Form of Election to Purchase
and all fees to the Depository (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

 

6. Replacement
of Warrant Certificate. If any Warrant Certificate is mutilated, lost, stolen or destroyed, the Company shall issue or cause
to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution for such Warrant Certificate,
a New Warrant Certificate, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction
and customary and reasonable indemnity, if requested. Applicants for a New Warrant Certificate under such circumstances shall also
comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may
prescribe. 

 

7. Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of its authorized but unissued
and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of all outstanding
Warrants as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of all outstanding
Warrants (taking into account any adjustments pursuant to Section 8 below). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly
and validly authorized and issued, and be fully paid and non-assessable.  

 

8. Certain Adjustments.
The Exercise Price and number of Warrant Shares issuable upon exercise of each Warrant then outstanding are subject to adjustment
from time to time as set forth in this Section 8. 

 

(a) Stock Dividends
and Splits. If the Company, (i) pays a dividend or distribution in the form of shares of its Common Stock on its Common Stock,
(ii) subdivides outstanding shares of Common Stock into a greater number of shares or otherwise effects a stock split, or (iii)
combines outstanding shares of Common Stock into a lesser number of shares or otherwise effects a reverse split, then in each such
case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock
outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment made pursuant to clause (i) of this subsection 8(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment
pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision
or combination.

 

(b) Number of
Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to subsection 8(a) above, the number of Warrant
Shares that may be purchased upon exercise of each Warrant shall be increased or decreased proportionately, as the case may be,
so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be
the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

 (c) Certain
Extraordinary Transactions. Except as provided in Section 8(d), in case of any consolidation or merger of the Company into
another corporation (other than a merger in which the Company is the continuing corporation) or in case of any sale, lease or conveyance
to another corporation of our property as an entirety in which the proceeds of the transaction are distributed to the Company’s
stockholders, the Company shall, as a condition precedent to such transaction, cause effective provisions to be made so that the
holder of the Warrants shall have the right thereafter by exercising the Warrant, to purchase the kind and amount of shares of
stock and other securities and property receivable upon such consolidation, merger, sale or conveyance by a holder of the number
of shares of Common Stock which might have been purchased upon exercise of the warrant immediately prior to such consolidation,
merger, sale or conveyance. Any such provision shall include provision for adjustments which shall be as nearly equivalent as may
be practicable to the adjustments provided for in the warrant.

 

    5

     

    

 

(d) Specified
Merger. Notwithstanding the provisions of subsection 8(c) of this Agreement, in the event of a Specified Merger, as hereinafter
defined, the Warrants, if not exercised prior to the effective time of the Specified Merger, shall, at the effective time of the
Specified Merger, without any action on the part of the Holder, become and be converted into the right to receive cash or securities
equal to the amount determined by multiplying the number of Warrant Shares issuable upon exercise of the Warrant by the amount
by which (x) the consideration payable with respect to one share of Common Stock in the Specified Merger exceeds (y) the Exercise
Price. A “Specified Merger” shall mean the merger or consolidation of the Company into another corporation or
entity or the sale by the Company of all or substantially all of its business and assets in a transaction in which the net proceeds
or other consideration from such sale are distributed to the Company’s stockholders in liquidation of their shares of Common
Stock, if, and only if, the sole consideration to be received by the holders of the Common Stock is cash, including any contingent
cash, and/or securities all of which are listed on the New York Stock Exchange, the Nasdaq Stock Market or the OTCQX or OTCQB Market
or another United States, Canadian or foreign stock exchange or market designated by the Company’s board of directors and
the shares are issuable pursuant to a registration statement on Form S-4 or other applicable form of registration statement.. Securities
issued in the Specified Merger shall be valued at the average closing price thereof on the principal stock exchange or market on
which the securities are listed or traded on the trading day immediately prior to the effective date of the Specified Merger unless
the agreement relating to the Specified Merger provides another method of determining the value thereof, in which event the valuation
determined by such agreement shall prevail. Payment to the holder of this Warrant with respect to any such securities shall be
payable in either cash or in such securities (valued as herein provided), in the same manner as cash or securities is being paid
or issued to the holders of the Common Stock. If, in a Specified Merger, the value of the consideration payable with respect to
one share of Common Stock is equal to or less than the Exercise Price, no payment shall be made to the Holder of the Warrants,
and the Warrants shall expire and cease to be exercisable. The Company shall give the Holders and the Warrant Agent reasonable
notice of a proposed effective date of a Specified Merger.

 

(e) Notice of
Adjustments. Upon the occurrence of each adjustment pursuant to this Section 8, the Company at its expense will promptly calculate
such adjustment in accordance with the terms of this Agreement and prepare a certificate setting forth such adjustment, including
a statement of the adjusted Exercise Price and adjusted number of Warrant Shares or type of consideration issuable upon exercise
of each Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon
which such adjustment is based. The Company will reasonably promptly deliver or cause to be delivered to each Holder who makes
a request in writing and to the Warrant Agent, a copy of each such certificate.

 

(f) Notice of
Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property in
respect of its Common Stock (other than a dividend payable solely in shares of Common Stock) or (ii) authorizes the voluntary dissolution,
liquidation or winding up of the affairs of the Company, or (iii) proposed a transaction involving a merger, consolidation, sale
of assets or similar transaction, including a proposed Specified Merger, then the Company shall deliver or cause to be delivered
to each Holder a notice describing the material terms and conditions of such dividend, distribution or transaction. Notwithstanding
anything to the contrary in this subsection 8(f), the failure to deliver any notice under this subsection 8(f) or any defect therein
shall not affect the validity of the corporate action required to be described in such notice. Until the exercise of a Holder’s
Warrant or any portion of such Warrant, a Holder shall not have nor exercise any rights by virtue of ownership of a Warrant as
a stockholder of the Company (including without limitation the right to notification of stockholder meetings or the right to receive
any notice or other communication concerning the business and affairs of the Company other than as provided in this subsection
8(f)), except as expressly set forth in this Section 8.

 

(g) Notices to
Holders on Registration Statement. If, at any time while any Warrants remain outstanding, the Registration Statement (or any
subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise available
for the sale of the Warrant Shares, the Company shall deliver notice to the record Holders that such registration statement is
not then effective for the sale of Warrant Shares and shall deliver notice to the record Holders if and when the registration statement
is effective again and available for the sale of the Warrant Shares (it being understood and agreed that the foregoing shall not
limit the ability of any holder thereof to sell any of the Warrant Shares in compliance with applicable federal and state securities
laws). The Company shall use its commercially reasonable best efforts to maintain a current and effective registration statement
relating to the Warrant Shares until the expiration of the Warrants.

 

(h) To the extent
that any notice provided to the Holders under this Agreement constitutes, or contains, material, non-public information regarding
the Company or any of the Company’s subsidiaries, the Company shall simultaneously file such notice with the Commission on
a Current Report on Form 8-K.

 

9. Payment of
Exercise Price. The Holder shall pay the Aggregate Exercise Price by paying, in lawful money of the United States, by certified
check payable to the Warrant Agent, as agent for the Company, or bank draft payable to the order of the Company or by wire transfer
of immediately available funds to an account designated in writing by the Company (or as otherwise agreed to by the Company) delivered
to the Warrant Agent not later than one Trading Day after the Date of Exercise. Notwithstanding the foregoing, if payment is made
in any form other than a wire transfer of immediately available funds, neither the Warrant Agent nor the Company shall be required
to issue Warrant Shares until the Warrant Agent’s bank shall have confirmed that the payment has cleared, which date shall
be the date that the Holder has made payment of the Exercise Price.

 

    6

     

    

 

10. Holder Not
Deemed a Stockholder. The Holder, solely in such Person’s capacity as a Holder, shall not be entitled to vote or receive
dividends or be deemed the holder of shares of the Company for any purpose, nor shall anything contained in the Warrants be construed
to confer upon the Holder, solely in such Person’s capacity as a Holder of Warrants, any of the rights of a stockholder of
the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock,
reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription
rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon
the due exercise of the Warrants, except as expressly set forth in Section 8. 

 

11. No Fractional
Shares. No fractional shares will be issued in connection with any exercise of a Warrant. In lieu of any fractional shares
which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Exercise
Price. 

 

12. Exchange Act
Filings. The Holder agrees and acknowledges that it shall have sole responsibility for making any applicable filings with the
U.S. Securities and Exchange Commission pursuant to Sections 13 and 16 of the Exchange Act as a result of its acquisition of any
Warrant and the Warrant Shares and any future retention or transfer thereof. 

  

13. Notices.
Any and all notices or other communications or deliveries hereunder (including without limitation any Form of Election to Purchase)
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or by PDF sent by email specified in this Section 13 prior to
5:00 p.m. (New York time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or by PDF send by email as specified in this Section 13 on a day that is not
a Business Day or later than 5:00 p.m. (New York time) on any Business Day, (c) the Business Day following the date of mailing,
if sent by nationally recognized overnight courier service which provides evidence of delivery, or (d) upon actual receipt by the
party to whom such notice is required to be given. The addresses for such communications shall be:

 

if to the Company:

 

Nutriband Inc.

121 South Orange Ave., Suite 1500

Orlando, Florida 32801

Attention: Chief Financial Officer

Facsimile:

Email:

 

if to the Warrant Agent:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Warrant Department

Facsimile:

Email:

 

if to the Holder:

 

to the address or facsimile number or email
appearing on the Warrant Register or such other address or facsimile number as the Holder may provide to the Company in accordance
with this Section 13.

 

14. Warrant Agent.

 

(a) The Company and
the Warrant Agent hereby agree that the Warrant Agent will serve as an agent of the Company as set forth in this Agreement.

 

(b) The Warrant Agent
shall not by any act hereunder be deemed to make any representation as to validity or authorization of the Warrants or the Warrant
Certificates (except as to its countersignature thereon) or of any securities or other property delivered upon exercise of any
Warrant, or as to the number or kind or amount of securities or other property deliverable upon exercise of any Warrant or the
correctness of the representations of the Company made in such certificates that the Warrant Agent receives.

 

    7

     

    

 

(c) The Warrant Agent
shall not have any duty to calculate or determine any required adjustments with respect to the Exercise Price or the kind and amount
of securities or other property receivable by Holders upon the exercise of Warrants, nor to determine the accuracy or correctness
of any such calculation.

 

(d) The Warrant Agent
shall not (i) be liable for any recital or statement of fact contained herein or in the Warrant Certificates or for any action
taken, suffered or omitted by it in good faith in the belief that any Warrant Certificate or any other document or any signature
is genuine or properly authorized, (ii) be responsible for any failure by the Company to comply with any of its obligations contained
in this Agreement or in the Warrant Certificates, (iii) be liable for any act or omission in connection with this Agreement except
for its own gross negligence or willful misconduct or (iv) have any responsibility to determine whether a transfer of a Warrant
complies with applicable securities laws.

 

(e) The Warrant Agent
is hereby authorized to accept instructions with respect to the performance of its duties hereunder solely on behalf of the Company
from the Chief Executive Officer, the President, the Chief Financial Officer, or the Secretary or any Assistant Secretary of the
Company and to apply to any such officer for written instructions (which will then be reasonably promptly given) and the Warrant
Agent shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with the instructions
of any such officer, except for its own gross negligence or willful misconduct, but in its discretion the Warrant Agent may in
lieu thereof accept other evidence of such or may require such further or additional evidence as it may deem reasonable.

 

(f) The Warrant Agent
may exercise any of the rights and powers hereby vested in it or perform any duty hereunder either itself or by or through its
attorneys, agents or employees, provided reasonable care has been exercised in the selection and in the continued employment of
any persons. The Warrant Agent shall not be under any obligation or duty to institute, appear in or defend any action, suit or
legal proceeding in respect hereof, unless first indemnified to its satisfaction. The Warrant Agent shall promptly notify the Company
in writing of any claim made or action, suit or proceeding instituted against or arising out of or in connection with this Agreement.

 

(g) The Company will
take such action as may reasonably be required by the Warrant Agent in order to enable it to carry out or perform its duties under
this Agreement.

 

(h) The Warrant Agent
shall act solely as agent of the Company hereunder. The Warrant Agent shall only be liable for the failure to perform such duties
as are specifically set forth herein.

 

(i) The Warrant Agent
may, at its own expense, consult with legal counsel satisfactory to it (who may be legal counsel for the Company), and the Warrant
Agent shall incur no liability or responsibility to the Company or to any Holder for any action taken, suffered or omitted by it
in good faith in accordance with the opinion or advice of such counsel.

 

(j) The Company agrees
to pay to the Warrant Agent compensation for all services rendered by the Warrant Agent hereunder as the Company and the Warrant
Agent may agree from time to time, and to reimburse the Warrant Agent for reasonable expenses incurred in connection with the execution
and administration of this Agreement (including the reasonable compensation and expenses of its counsel), and further agrees to
indemnify the Warrant Agent for, and hold it harmless against, any loss, liability or expense incurred without gross negligence,
bad faith or willful misconduct on its part, arising out of or in connection with the acceptance and administration of this Agreement.

 

(k) No resignation
or removal of the Warrant Agent and no appointment of a successor warrant agent shall become effective until the acceptance of
appointment by the successor warrant agent as provided herein. The Warrant Agent may resign its duties and be discharged from all
further duties and liability hereunder (except liability arising as a result of the Warrant Agent’s own gross negligence,
bad faith or willful misconduct) after giving 60 days prior written notice to the Company. The Company may remove the Warrant Agent
upon written notice, and the Warrant Agent shall thereupon in like manner be discharged from all further duties and liabilities
hereunder, except as aforesaid. Upon such resignation or removal, the Company shall appoint in writing a new warrant agent. If
the Company fails to do so within a period of 30 days after it has been notified in writing of such resignation by the resigning
Warrant Agent or after such removal, then the resigning Warrant Agent or the Holder of any Warrant (if such Holder first submits
his, her or its Warrant Certificate for inspection by the Company) may apply to any court of competent jurisdiction for the appointment
of a new warrant agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until
a new warrant agent is appointed. After acceptance in writing of such appointment by the new warrant agent, it shall be vested
with the same powers, rights, duties and responsibilities as if it had been originally named herein as the Warrant Agent. Not later
than the effective date of any such appointment, the Company shall give notice thereof to the resigning or removed Warrant Agent.
Failure to give any notice provided for in this subsection 14(k), however, or any defect therein, shall not affect the legality
or validity of the resignation of the Warrant Agent or the appointment of a new warrant agent, as the case may be. The Company
shall, or shall cause the successor Warrant Agent to, deliver to each Holder at such Holder’s last address as shown on the
register of Holders maintained by the Warrant Agent, notice of the appointment of the successor Warrant Agent and such successor
Warrant Agent’s address for communication.

 

    8

     

    

 

(l) Any corporation
into which the Warrant Agent or any new warrant agent may be merged or converted or any corporation resulting from any consolidation
to which the Warrant Agent or any new warrant agent shall be a party or any corporation to which the Warrant Agent transfers substantially
all of its corporate trust business shall be a successor Warrant Agent under this Agreement without any further act, provided that
such corporation (i) would be eligible for appointment as successor to the Warrant Agent under the provisions of subsection 14(k)
above or (ii) is a wholly owned subsidiary of the Warrant Agent. Any such successor Warrant Agent shall promptly cause notice of
its succession as Warrant Agent to be mailed (by first class mail, postage prepaid) to each Holder in accordance with Section 14
above.

 

15. Miscellaneous. 

 

(a) Successors
and Assigns. This Agreement shall be binding on and inure to the benefit of the Company, the Warrant Agent and the Holders,
and their respective successors and assigns. Subject to the preceding sentence, nothing in this Agreement shall be construed to
give to any Person other than the Company, the Warrant Agent and the Holders any legal or equitable right, remedy or cause of action
under this Agreement.

 

(b) Amendments
and Waivers. The Company may, without the consent of the Holders, by supplemental agreement or otherwise, add to the covenants
and agreements of the Company for the benefit of the Holders, or surrender any rights or power reserved to or conferred upon the
Company in this Agreement, provided that such changes or corrections shall not adversely affect the interests of Holders of then
outstanding Warrants in any respect. The Company may, with the consent, in writing or at a meeting, of the Holders of outstanding
Warrants exercisable for a majority of the Warrant Shares, amend in any way, by supplemental agreement or otherwise, this Agreement
and/or all of the outstanding Warrant Certificates; provided, however, that no such amendment shall adversely affect any Warrant
differently than it affects all other Warrants, unless the Holder thereof consents thereto. The Warrant Agent shall, at the request
of the Company, and without need of independent inquiry as to whether such supplemental agreement is permitted by the terms of
this Section 15(b), join with the Company in the execution and delivery of any such supplemental agreements, but shall not be required
to join in such execution and delivery for such supplemental agreement to become effective.

 

(c) Choice of
Law, etc. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby. If either party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

(d) Interpretation.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

(e) Severability.
In case any one or more of the provisions of this Agreement shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and
the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

 

(f) Execution.
This Agreement may be executed in counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood
that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile or electronic transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

(g) Additional Warrants.
The Company may from time to time issue additional warrants (the “Additional Warrants”) under this Agreement,
without requiring the consent of any Holder, with the same terms as the warrants initially issued hereunder.

 

[The remainder of this page has been left
intentionally blank.]

 

    9

     

    

 

IN WITNESS WHEREOF, the undersigned has
caused this Agreement to be duly executed by its authorized officer as of the date first indicated above.

 

	 	NUTRIBAND INC.
	 	 	 
	 	By:	               
	 	 	Name:
	 	 	Title:

 

[Company Signature Page to Warrant Agency
Agreement] 

 

    10

     

    

 

IN WITNESS WHEREOF, the undersigned has
caused this Agreement to be duly executed by its authorized officer as of the date first indicated above.

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent
	 	 	 
	 	By:	              
	 	 	Name:
	 	 	Title:

 

[Warrant Agent Signature Page to Warrant
Agency Agreement] 

 

    11

     

    

 

Exhibit A

 

[UNLESS THIS GLOBAL
WARRANT CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE& CO., HAS AN INTEREST
HEREIN.

 

TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE WARRANT AGENCY AGREEMENT.

 

ANY TRANSFER OF THE
SECURITIES REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE WARRANT AGENCY AGREEMENT
(THE “WARRANT AGREEMENT”) DATED AS OF [    ], 2019 BETWEEN NUTRIBAND INC. AND AMERICAN STOCK TRANSFER & TRUST COMPANY,
LLC, SOLELY IN ITS CAPACITY AS WARRANT AGENT. BY ACCEPTING DELIVERY OF THE SECURITIES REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE,
ANY TRANSFEREE SHALL BE DEEMED TO HAVE AGREED TO BE BOUND BY THE WARRANT AGREEMENT AS IF THE TRANSFEREE HAD EXECUTED AND DELIVERED
THE WARRANT AGREEMENT.]

 

EXERCISABLE ON OR AFTER [     ], 2019

AND UNTIL 5:00 P.M. (NEW YORK TIME) ON THE
EXPIRATION DATE

 

	CUSIP:	 	 	 
	No.	 	 	Warrants to Purchase [____________] Shares

 

Warrant Certificate

 

SERIES A WARRANTS TO PURCHASE COMMON STOCK
OF NUTRIBAND INC.

 

This Warrant Certificate
certifies that [______________], or registered assigns, is the registered holder of Warrants (the “Warrants”)
to acquire from Nutriband Inc., a Nevada corporation (the “Company”), the aggregate number of fully paid and
non-assessable shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), specified
above for consideration equal to the Exercise Price (as defined in the Warrant Agreement (as defined below)) per share of Common
Stock. The Exercise Price and number of shares of Common Stock and/or type of securities or property issuable upon exercise of
the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. The Warrants
evidenced by this Warrant Certificate shall not be exercisable after and shall terminate and become void as of 5:00 P.M., New York
time, on [     ], 2022 (the “Expiration Date”).

 

    A-1

     

    

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of warrants expiring on the Expiration Date entitling the Holder
hereof to receive shares of Common Stock, and is issued or to be issued pursuant to a Warrant Agency Agreement dated November [     ], 2019 (the “Warrant Agreement”), duly executed and delivered by the Company and American Stock Transfer &
Trust Company, LLC, as warrant agent (the “Warrant Agent,” which term includes any successor warrant agent under
the Warrant Agreement), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is
hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the
Warrant Agent, the Company and the Holders (“Holders” meaning, from time to time, the registered holders of
the warrants issued thereunder). To the extent any provisions of this Warrant Certificate conflicts with any provision of the Warrant
Agreement, the provisions of the Warrant Agreement shall apply. A copy of the Warrant Agreement may be obtained by the Holder hereof
upon written request to the Company at Nutriband Inc., 121 S. Orange Ave. Suite 1500, Orlando, Florida 32765, Attn: Chief Financial
Officer. Capitalized terms not defined herein have the meanings ascribed thereto in the Warrant Agreement.

 

 The Warrants
evidenced by this Warrant Certificate may be exercised, in whole or in part, at any time on or after November [     ], 2019 and on
or before the Expiration Date, in the manner and subject to the terms of the Warrant Agreement including, but not limited to, Sections
4 and 8 thereof. Each exercise must be for a whole number of Warrant Shares.

 

The Warrant Agreement
provides that upon the occurrence of certain events the Exercise Price set forth in this Warrant Certificate may, subject to certain
conditions, be adjusted, and that upon the occurrence of certain events the number of shares of Common Stock and/or the type of
securities or other property issuable upon the exercise of the Warrants evidenced by this Warrant Certificate shall be adjusted.
The Warrant Agreement also provides for the automatic conversion of the Warrants under certain circumstances. No fractional share
of Common Stock will be issued upon the exercise of the Warrants evidenced by this Warrant Certificate, but the Company will at
its elcection either pay the cash value thereof determined as provided in the Warrant Agreement or round the fractional share to
the next whole share.

 

Warrant Certificates,
when surrendered at the office of the Warrant Agent by the registered Holder thereof in person or by such Holder’s legal
representative or attorney duly appointed and authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates
of like tenor evidencing in the aggregate the right to purchase a like number of Warrant Shares.

 

Each taker and holder
of this Warrant Certificate, by taking or holding the same, consents and agrees that the holder of this Warrant Certificate when
duly endorsed in blank may be treated by the Company, the Warrant Agent and all other persons dealing with this Warrant Certificate
as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby or the person
entitled to the transfer hereof on the register of the Company maintained by the Warrant Agent, any notice to the contrary notwithstanding,
provided that until such transfer on such register, the Company and the Warrant Agent may treat the registered Holder hereof as
the owner for all purposes.

 

The Warrants evidenced
by this Warrant Certificate do not entitle any Holder to any of the rights of a stockholder of the Company.

 

This Warrant Certificate
and the Warrant Agreement are subject to amendment as provided in the Warrant Agreement.

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent.

 

[The remainder of this page has been left
intentionally blank.]

 

    A-2

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this [Global Warrant] Certificate to be executed as of the date set forth below.

 

	 	NUTRIBAND INC.
	 	 	  
	 	By:	          
	 	 	Name:
	 	 	Title:

 

	Dated:	  	 

 

	
        Countersigned:

        AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,

        as Warrant Agent
	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature page to [Global] Warrant Certificate]

 

    A-3

     

    

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer
of Warrant]

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _______________________________________ the right represented
by the within Warrant Certificate to purchase ______________ shares of common stock of Nutriband Inc. to which the within Warrant
Certificate relates and appoints _______________________________ attorney to transfer said right on the books of Nutriband
Inc. with full power of substitution in the premises.

 

	Dated: 	 	 

 

	 	 
	 	Printed Name of Holder
	 	 
	 	 
	 	Signature of Holder (signature must conform in all respects to name of holder as specified on the front page of the Warrant Certificate)
	 	 
	 	 
	 	Title of Signatory (if Holder is not a natural person)
	 	 
	 	Address of Transferee:
	 	 
	 	 
	 	 
	 	 

 

Signature Guaranteed By:

 

_______________________________________

 

The signature to this Form of Assignment
must correspond with the name as it appears on the face of the Warrant Certificate in every particular. Officers signing on behalf
of a corporation, partnership, trust or other entity must provide evidence of authority to assign the foregoing Warrant upon request
of the Company or Warrant Agent. The signature must be guaranteed by a U.S. chartered bank or by a medallion signature guarantee
from a member of a recognized Signature Medallion Guarantee Program.

 

    A-4

     

    

 

FORM OF ELECTION TO PURCHASE

 

To Nutriband Inc.:

 

In accordance with
[Warrant Certificate No. enclosed with this Form of Election to Purchase][the Global Warrant Certificate to be delivered in connection
with this Form of Election to Purchase in the manner contemplated by the Warrant Agreement (as defined below)], the undersigned
hereby irrevocably elects to exercise the Warrants evidenced by this Warrant Certificate with respect to Warrant Shares in accordance
with the terms of the Warrant Agency Agreement dated [    ], 2019, between Nutriband Inc., a Nevada corporation, and American Stock
Transfer & Trust Company, LLC, as warrant agent (the “Warrant Agreement”). Terms used and not defined herein
have the meanings specified in the Warrant Agreement.

 

The Holder hereby
agrees to pay the Aggregate Exercise Price, in lawful money of the United States, by certified check payable to the Warrant Agent,
as agent for the Company, or bank draft payable to the order of the Company or by wire transfer of immediately available funds
to an account designated in writing by the Company (or as otherwise agreed to by the Company) delivered to the Warrant Agent, together
with any applicable taxes payable by the undersigned pursuant to the terms of the Warrant Agreement.

 

Unless the Warrant
Shares will be delivered electronically via DWAC, the undersigned requests that certificates for the shares of Common Stock issuable
upon this exercise be issued in the name of:

 

	Name:	 	 
	Address: 	 	 
	 	 	 

 

Social Security or Tax I.D. No.: _________________________

 

If the Warrant Shares
will be delivered electronically via DWAC, the undersigned requests that the Warrant Shares issuable upon this exercise be issued
to the following account:

 

	Name of DTC Participant:	 	 
	DTC Participant Number:	 	 
	Name of Account at DTC Participant to be credited with the Warrant Shares:	 	 
	
        Account Number at DTC Participant to be

        credited with the Warrant Shares:
	 	 

 

	This Election to Purchase is delivered by:	 
	 	 
	Signature (and title, if applicable) of Authorized Signatory of Holder	 
	 	 
	Name of Holder	 
	 	 
	Date	 
	 	 

 

    A-5

     

    

 

Warrant Shares Exercise Log

 

	Date	 	Number of Warrant Shares 

Available to be Exercised	 	Number of Warrant 

Shares Exercised	 	Number of

Warrant Shares Remaining 

to be Exercised
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

A-6

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