Document:

Exhibit
10.21 

 

THIRD
AMENDMENT AGREEMENT entered into as of the May 8, 2020 (the “Third Amendment”),

 

	BETWEEN:	KNIGHT
    THERAPEUTICS (BARBADOS) INC., a corporation formed under the laws of Barbados;

 

(hereinafter
called the “Lender”)

 

	AND:	SYNERGY
    CHC CORP., a corporation formed under the laws of the State of Nevada;

 

(hereinafter
called the “Borrower”)

 

WHEREAS
the Borrower and the Lender are parties to that certain loan agreement made as of the 21st day of January, 2015, as amended
by a first amending agreement dated November 12, 2015, as amended and restated as of the 9th day of August, 2017, as amended
by a loan amendment agreement to the amended and restated loan agreement dated May 14, 2018 and as amended by a second amendment to the
amended and restated loan agreement dated March 27, 2019 (such agreement, as amended, restated, amended and restated or otherwise modified
from time to time as of the date hereof, the “Loan Agreement”);

 

WHEREAS
the Borrower has requested (i) that the Lender advance an additional loan in the principal amount of Two Million Five Hundred Thousand
United States Dollars (US$2,500,000) in order to fund working capital needs (the “Additional Loan”) and (ii) certain
amendments to the Loan Agreement, including with respect to Maturity Date and the payment of the Third Tranche Success Fee (as hereinafter
defined);

 

WHEREAS
the Lender and the Borrower desire to amend the Loan Agreement to, inter alia, provide for the Additional Loan on the terms
and conditions set forth herein and to amend certain terms and conditions in the Loan Agreement;

 

NOW,
THEREFORE, IN CONSIDERATION of these presents and of the mutual covenants hereinafter contained, the parties have agreed as follows:

 

    	 

     

    

 

ARTICLE
1

INTERPRETATION

 

	1.1
    	Capitalized
    Terms

 

In
this Third Amendment (including the recitals), capitalized terms not otherwise defined herein shall have the meanings ascribed to such
terms in the Loan Agreement as if amended to include the amendments set out in this Third Amendment.

 

	1.2
    	To
    be Read with Loan Agreement

 

This
Third Amendment is an amendment to the Loan Agreement. Unless the context of the Third Amendment otherwise requires, the Loan Agreement
and this Third Amendment shall be read together and shall have effect as if the provisions of the Loan Agreement and this Third Amendment
were contained in one agreement.

 

ARTICLE
2

AMENDMENTS

 

	2.1
    	Amendments
    to the Loan Agreement

 

The
Borrower and the Lender hereby agree to amend the Loan Agreement as follows:

 

	 	2.1.1	 Section
    1.1 of the Loan Agreement is amended by inserting or restating the following definitions (as the case may be):
	 	 	 
	 	 	“Additional
    Loan” means the loan to the Borrower by the Lender in the principal amount of Two Million Five Hundred Thousand United
    States Dollars (US$2,500,000) pursuant to the Third Amendment.
	 	 	 
	 	 	“Additional
    Loan Success Fee” has the meaning set forth in Section 4.8. “Third Tranche Success Fee” has the meaning
    set forth in Section 4.8.
	 	 	 
	 	 	“Loan”
    means, collectively or individually, as the context requires, the First Tranche, the Second Tranche, the Third Tranche, the Additional
    Loan, any Additional Tranches and, starting August 9, 2020, the Third Tranche Success Fee.
	 	 	 
	 	 	“Loan
    Documents” means (i) this Agreement and the Loan Agreement, as amended hereby, and the Security Documents delivered by
    the Loan Parties pursuant to this Agreement and the Existing Loan Agreement or otherwise in connection with this Agreement and the
    Existing Loan Agreement, including any Loan Document delivered to Lender as general continuing collateral security for the payment
    and performance of the present and future Obligations (including obligations relating to the Second Tranche, the Third Tranche, the
    Additional Loan, any Additional Tranche and the Third Tranche Success Fee), as well as any amendments, replacements, supplements
    or other modifications hereto or thereto or any other documents or instruments contemplated hereby or thereby, (ii) all present and
    future security, agreements and documents labelled by the parties thereto as a Loan Document, (iii) all confirmation agreements delivered
    by the Loan Parties confirming the validity of any of the foregoing Loan Documents and (iv) Lender Distribution Agreements, in each
    case as the same may from time to time be supplemented, amended or restated, and “Loan Document” shall mean any one of
    the Loan Documents.

 

    	 

    	- 2 -

    

 

	 	 	“Maturity
    Date(s)” means: (i) with respect to the First Tranche, January 20, 2018, (ii) with respect to the Second Tranche, November
    11, 2017, (iii) with respect to the Third Tranche, December 31, 2020, (iv) with respect to the Additional Loan, the first anniversary
    of the Second Closing Date and (v) with respect to the Third Tranche Success Fee, August 31, 2022.
	 	 	 
	 	 	“Projected
    Sales Schedule” means the target revenues and projected sales of the Borrower attached to the Third Amendment as Schedule
    B.
	 	 	 
	 	 	“Repayment
    Schedule” means the Amended and Restated Schedule of Repayment of principal of the Loan attached to the Third Amendment
    as Schedule A.
	 	 	 
	 	 	“Second
    Closing Date” means May 8, 2020 or such other date on which the Additional Loan is advanced to the Borrower.
	 	 	 
	 	 	“Termination
    Date” means August 31, 2022.
	 	 	 
	 	 	“Third
    Amendment” means that certain Third Amendment to Loan Agreement dated as of May 8, 2020.

 

	 	2.1.2
    	The
    following shall be added as Section 2.1(d) immediately following Section 2.1(c) in respect of the Additional Loan:
	 	 	 
	 	 	“(d)
    Additional Loan. Subject to the terms and conditions of this Agreement and the other Loan Documents, the Lender agrees to
    loan to the Borrower in lawful money of the United States the Additional Loan on the terms hereof and the Borrower hereby irrevocably
    authorizes the Lender to advance the Additional Loan on the terms hereof. The Additional Loan shall bear interest as set forth in
    Section 4.1 of this Agreement.”
	 	 	 
	 	2.1.3	 Section
    4.1 (b) is hereby amended and restated as follows:
	 	 	 
	 	 	“(b)
    Third Tranche and Additional Loan. Subject to Section 4.3, the principal amount of the Third Tranche, the Additional Loan
    and other outstanding Obligations relating to the Third Tranche and the Additional Loan shall bear interest from the Second Closing
    Date to the date paid in full, at a rate equal to 12.5% per annum compounded quarterly. In each case such interest shall be payable
    in arrears in accordance with Section 4.2 and calculated in accordance with Section 4.4(b).

 

    	 

    	- 3 -

    

 

	 	2.1.4
    	Section
    4.1 is hereby amended by adding the following immediately after 4.1(c):
	 	 	 
	 	 	“(d)
    Third Tranche Success Fee. Subject to Section 4.3, the principal amount of the Third Tranche Success Fee and other outstanding
    Obligations relating to the Third Tranche Success Fee shall bear interest from August 9, 2020 to the date paid, at a rate equal to
    12.5% per annum compounded quarterly. In each case such interest shall be payable in arrears in accordance with Section 4.2 and calculated
    in accordance with Section 4.4(b).
	 	 	 
	 	2.1.5
    	Section
    4.4 is hereby amended by adding the following after 4.4(b):
	 	 	 
	 	 	“(c)
    Additional Loan and the Third Tranche Success Fee. With respect to the Additional Loan and the Third Tranche Success Fee,
    interest shall be determined daily and compounded quarterly not in advance, both before and after demand, default and judgment and
    shall be computed on a 360-day basis.”
	 	 	 
	 	2.1.6
    	Section
    4.8 is hereby amended and restated as follows:
	 	 	 
	 	 	The
    Borrower will pay to Lender (i) a success fee in the amount of US$1,000,000 with respect to the Third Tranche (the “Third
    Tranche Success Fee”), which amount shall be fully earned as of the Second Closing Date and payable no later than the Termination
    Date and (ii) a success fee in the amount of US$83,250 with respect to the Additional Loan (the “Additional Loan Success
    Fee”), which shall be fully no later than the Second Closing Date and payable on the first anniversary of the Second Closing
    Date. The Third Tranche Success Fee shall bear interest as set forth in Section 4.1 of this Loan Agreement and, for certainty, the
    Third Tranche Success Fee and the Additional Loan Success Fee shall be “Obligations” as defined in this Agreement and
    in the other Loan Documents.
	 	 	 
	 	2.1.7
    	The
    following shall be added as Section 9.1 (bb) immediately following Section 9.1 (aa):
	 	 	 
	 	 	9.1
    (bb) Weekly Sweep. Without limiting in any way the provisions of Section 9.2(q), the Loan Parties undertake and agree that any
    funds, Permitted Cash Investments, cash or Equity Interests deposited or held in a Deposit Account or a Security Account not subject
    to a Control Agreement shall be transferred to a Deposit Account or a Security Account subject to a Control Agreement on no less
    than a weekly basis.

 

    	 

    	- 4 -

    

 

	 	2.1.8
    	The
    following shall be added as Section 9.4 immediately following Section 9.3:
	 	 	 
	 	 	9.4.
    Agreements and other deliverables to be delivered following the Second Closing Date.
	 	 	 
	 	 	(a)
    Within thirty (30) days of the Second Closing Date (or such later date agreed to by the Lender), the Borrower shall enter into, and
    provide the Lender with an executed copy of, a third party logistics services agreement with Moulton Logistics, which agreement shall
    be on terms and conditions consistent with the current arrangements between the Borrower and Moulton Logistics as disclosed by the
    Borrower to the Lender prior to the date hereof (the “3PL Agreement”;
	 	 	 
	 	 	(b)
    Within thirty (30) days of the Second Closing Date (or such later date agreed to by the Lender), the Borrower shall obtain a consent,
    waiver and acknowledgement from Moulton Logistics, in form, scope and substance reasonably acceptable to the Lender;
	 	 	 
	 	 	(c)
    Within sixty (60) days of the Second Closing Date (or such later date agreed to by the Lender), the Borrower shall enter into, and
    provide the Lender with executed copies of, master quality agreements between the Borrower and each of its two principal suppliers
    with respect to FF Products, which agreements shall be in form, scope and substance satisfactory to the Lender, acting reasonably;
	 	 	 
	 	 	(d)
    Within fifteen (15) days of the Second Closing Date (or such later date agreed to by the Lender), the Borrower shall deliver evidence
    of the perfection of the Lender’s security in the State of Maine;
	 	 	 
	 	 	(e)
    Within ten (15) days of the Second Closing Date (or such later date agreed to by the Lender), the Borrower shall deliver a certificate
    of status or good standing, as applicable, for the State of Maine;
	 	 	 
	 	 	(f)
    Within twenty (20) days of the Second Closing Date (or such later date agreed to by the Lender), the Borrower shall deliver a certificate
    of insurance to the Lender evidencing appropriate property insurance, in form and substance satisfactory to the Lender, acting reasonably;
    and
	 	 	 
	 	 	(h)
    Within thirty (30) days of the Second Closing Date (or such later date agreed to by the Lender), the Borrower shall provide the Lender
    with evidence that notices of the Liens granted to the Lender have been duly filed with the United States Patent and Trademark Office
    and the Canadian Intellectual Property Office.

 

    	 

    	- 5 -

    

 

	 	2.1.9
    	Section
    9.1(z)(i) of the Loan Agreement is hereby amended and restated as follows:
	 	 	 
	 	 	“(i)
    Minimum EBITDA. The Borrower shall maintain a minimum EBITDA of Three Million Dollars (US$3,000,000) for the twelve (12) months
    ending on June 30, 2020 and Four Million Dollars (US$4,000,000) for the twelve (12) month period ending on the last day of each Fiscal
    Quarter thereafter.”
	 	 	 
	 	2.1.10
    	Section
    9.1(z)(iii) of the Loan Agreement is hereby amended and restated as follows:
	 	 	 
	 	 	“(iii)
    Cash Balance. The Borrower will maintain at all times a minimum positive cash balance equal to Six Hundred Thousand Dollars
    (US$600,000), and the Borrower shall prepare a statement in accordance with GAAP setting forth the aggregate amount of cash and cash
    equivalents so held by the Borrower, which statement shall be certified by the Chief Executive Officer and Chief Financial Officer
    of the Borrower (the “Cash Balance Statement”).”
	 	 	 
	 	2.1.11
    	Section
    9.2(q) of the Loan Agreement is amended by adding the following text at the end thereof.
	 	 	 
	 	 	“Notwithstanding
    the foregoing, the proceeds of the Additional Loan advanced by the Lender on the Second Closing Date shall be immediately deposited
    in and at all times thereafter held only in Deposit Accounts that are subject to Control Agreements and, for certainty, the transfer
    of all or any portion of the proceeds of the Additional Loan to any other Deposit Account, or any other account at any financial
    institution or any other institution (including securities firms) and brokerage accounts, at any time shall constitute an Event of
    Default hereunder.”
	 	 	 
	 	2.1.12
    	Section
    9.2 of the Loan Agreement is amended by adding the following text after subsection (t):
	 	 	 
	 	 	“(u)
    Covid-19 Covenant. Notwithstanding anything else set forth in this Agreement or in any other Loan Document, if the monthly
    Consolidated net revenues of the Borrower fall below the monthly revenue targets and projected sales set forth in the Projected Sales
    Schedule by an amount of more than 18%, then the Borrower shall immediately: (i) cease all consulting service payments otherwise
    payable to Kenek Brands Inc. pursuant to any written or oral employment service or consulting agreements (the “Suspension
    of Compensation”), (ii) implement such other cost-cutting measures proposed by the Borrower and approved by and satisfactory
    to the Lender, acting reasonably (the “Acceptable Cost-Cutting Measures”) and, unless otherwise confirmed by the
    Lender to the Borrower in writing, the Suspension of Compensation and Acceptable Cost-Cutting Measures shall remain in effect until
    the earlier of (i) the indefeasible repayment and performance in full of the Obligations and (ii) the Termination Date. For certainty,
    the failure of the Borrower to implement and maintain the Suspension of Compensation or establish, implement and maintain Acceptable
    Cost-Cutting Measures shall be an Event of Default.

 

    	 

    	- 6 -

    

 

	 	2.1.13
    	From
    and as of the Second Closing Date, (i) all references in the Loan Agreement to “this Agreement” shall mean the Loan Agreement
    as amended by this Third Amendment, and as may otherwise be amended, restated, supplemented or otherwise modified from time to time,
    and (ii) all references in the other Loan Documents to the “Loan Agreement” (or words of similar import) shall be deemed
    to be references to the Loan Agreement as amended by this Third Amendment, and as may otherwise be amended, restated, supplemented
    or otherwise modified from time to time. All references in any of the Loan Documents to the “Loan Documents” shall mean
    the Loan Documents as amended by this Third Amendment and as may otherwise be amended restated, supplemented or otherwise modified
    from time to time and, for certainty, shall include any security, agreements and documents executed and delivered by the Borrower
    or any of its Subsidiaries in connection with this Third Amendment.
	 	 	 
	 	2.1.14
    	Except
    as expressly amended by this Third Amendment, all other provisions of the Loan Agreement and the Loan Documents not specifically
    amended hereby shall remain unchanged and in full force and effect.

 

ARTICLE
3

REPRESENTATIONS
AND WARRANTIES

 

	3.1
    	Representations
    and Warranties

 

In
order to induce the Lender to enter into this Third Amendment, the Borrower represents and warrants to the Lender as of the Second Closing
Date as follows, which representations and warranties shall survive the execution and delivery hereof:

 

	 	3.1.1
    	after
    giving effect to the updated disclosure schedules contemplated in subsection 3.1.4 of this Third Amendment, the representations and
    warranties set forth in Article 7 of the Loan Agreement are true and correct as of the Second Closing Date;
	 	 	 
	 	3.1.2
    	all
    consents and approvals required in connection with the execution and delivery by the Loan Parties of this Third Amendment and the
    other Loan Documents contemplated hereby have been obtained;
	 	 	 
	 	3.1.3
    	the
    execution and delivery of this Third Amendment and the other Loan Documents contemplated hereby do not conflict with or contravene
    any agreement to which any Loan Party is a party;
	 	 	 

    	 

    	- 7 -

    

 

	 	3.1.4
    	attached
    to this Third Amendment are updated disclosure schedules to the Loan Agreement in connection with each representation set forth in
    Section 11 of the Loan Agreement, which schedules reflect such representations being current to the Second Closing Date (as contrasted
    to the Closing Date);
	 	 	 
	 	3.1.5
    	all
    necessary action, corporate or otherwise, has been taken to authorize the execution, delivery and performance of this Third Amendment
    and the other Loan Documents contemplated hereby by the Loan Parties;
	 	 	 
	 	3.1.6
    	as
    of the Second Closing Date, no Default or Event of Default exists.

 

ARTICLE
4

CONDITIONS
PRECEDENT & CLOSING DATE

 

	4.1
    	Conditions
    to Loan by the Lender

 

The
effectiveness of this Third Amendment and the Lender’s obligation to fund the Additional Loan amount shall be subject to the following
conditions precedent having been met to the satisfaction of the Lender, or, alternatively, waived in writing by the Lender:

 

	 	4.1.1
    	the
    Borrower will pay to the Lender Thirty Six Thousand United States Dollars (US$36,000) as payment of the Work Fee in respect of the
    Additional Loan amount, (which, for certainty, shall be fully earned and payable on the date hereof, whether or not the Additional
    Loan is advanced);
	 	 	 
	 	4.1.2
    	the
    Borrower will pay to the Lender Five Hundred Thousand United States Dollars (US$500,000) as a partial repayment of the outstanding
    principal amount of the Third Tranche;
	 	 	 
	 	4.1.3
    	this
    Agreement shall have been executed and delivered by all parties hereto;
	 	 	 
	 	4.1.4	 the
    Borrower and its Subsidiaries shall have executed and delivered to the Lender a confirmation of guarantee and security agreement;
	 	 	 
	 	4.1.5
    	the
    Lender shall have received certified copies of the resolutions authorizing the execution, delivery and performance of Borrower’s
    obligations hereunder and copies of the resolutions of the Borrower authorizing the confirmation of guarantee and security agreement
    regarding the Loan Documents to which they are a party and the transactions contemplated therein, and the incumbency of the officers
    of Borrower;
	 	 	 
	 	4.1.6
    	certificates
    of status or good standing, as applicable, for all relevant jurisdictions of Borrower shall have been delivered to the Lender;
	 	 	 
	 	4.1.7
    	the
    Loan Parties shall be in compliance in all material respects with all (if any) Material Contracts and Material Licences to the satisfaction
    of the Lender and copies of all Material Contracts and Material Licences if any, applicable to the Loan Parties, shall have been
    delivered to the Lender;

 

    	 

    	- 8 -

    

 

	 	4.1.8
    	evidence
    that all necessary or required consents or approvals of any Governmental Authority or other Person in connection the delivery of
    the Loan Documents have been obtained;
	 	 	 
	 	4.1.9
    	US
    and Canadian Lien searches and reports thereon, and releases, discharges, estoppels and postponements with respect to all Liens which
    are not Permitted Liens, if any, shall have been delivered to the Lender;
	 	 	 
	 	4.1.10
    	payment
    of all amounts and fees payable to the Lender (for certainty, including fees of counsel to the Lender);
	 	 	 
	 	4.1.11
    	duly
    executed copies of the Security (including any additional Security required by the Lender further to the merger of the Borrower or
    otherwise) shall have been delivered to the Lender and such financing statements or other registrations of such Security, or notice
    thereof, shall have been filed, registered, entered or recorded in all offices of public record necessary or desirable in the opinion
    of the Lender to preserve or protect the charges and security interests created thereby;
	 	 	 
	 	4.1.12
    	a
    currently dated letter of opinion of US counsel to the Borrower shall have been delivered to the Lender. Such opinions shall, amongst
    other things, opine as to the enforceability of this Agreement and the Loan Agreement as amended hereby, that the existing Security
    delivered in connection with the Loan Agreement is first ranking perfected security in favour of the Lender in respect to all of
    the Obligations, including without limitation, the Additional Loan, and shall also address other customary enforceability, security
    and corporate matters;
	 	 	 
	 	4.1.13	 the
    Borrower shall have delivered to the Lender certificates of insurance acceptable to the Lender showing, inter alia, the Lender as
    a first loss payee as its interest may appear on all insurance policies that insure the assets to be secured by the Security;
	 	 	 
	 	4.1.14	 no
    Default or Event of Default shall have occurred and be continuing on the Second Closing Date or would result from making the Additional
    Loan and a senior officer of the Borrower shall have certified the same to the Lender;
	 	 	 
	 	4.1.15
    	no
    Material Adverse Effect shall have occurred;
	 	 	 
	 	4.1.16
    	the
    Lender shall have received such additional evidence, documents or undertakings as the Lender shall reasonably request to establish
    the consummation of the transactions contemplated hereby and be satisfied, acting reasonably, as to the taking of all proceedings
    in connection herewith in compliance with the conditions set forth in this Third Amendment; and
	 	 	 
	 	4.1.17
    	the
    Lender shall have completed all due diligence which it considers necessary or appropriate in its discretion in regard to the Loan
    Parties and their Property, books and records, operations, prospects and condition (financial or otherwise), including, without limitation,
    in regards to past and ongoing compliance with Applicable Laws (including Environmental Laws), union and labour relations and pension
    matters.

 

    	 

    	- 9 -

    

 

ARTICLE
5

MISCELLANEOUS

 

	5.1
    	Further
    Assurances

 

Each
of the Borrower and the Lender shall, from time to time hereafter and upon any reasonable request of the other party, execute and deliver
such further agreements and documents and do all such other acts and things as may be necessary or appropriate to give effect to the
foregoing.

 

	5.2
    	Time
    of the Essence 

 

Time
shall be of the essence of this Third Amendment.

 

	5.3
    	Severability
    

 

If
any provision of this Third Amendment is found by final judgment of a court of competent jurisdiction to be invalid or unenforceable
in whole or in part, such provision (or part thereof, as the case may be) shall be severable and such finding shall not affect the validity
or enforceability of the remainder of such provision or of any other provision hereof.

 

	5.4
    	Enurement

 

This
Third Amendment shall enure to the benefit of and be binding upon the parties hereto and their permitted assigns.

 

	5.5
    	Counterparts

 

This
Third Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which, taken together,
shall constitute one and the same instrument.

 

	5.6
    	Paramountcy

 

In
the event of any conflict or inconsistency between the terms and conditions of this Third Amendment and the terms and conditions of any
other Loan Document, including the Loan Agreement, the terms and conditions of this Third Amendment shall prevail and be paramount to
the extent of such conflict or inconsistency.

 

	5.7
    	Continuance
    of Loan Agreement and Security

 

The
Loan Agreement, as changed, altered, amended or modified by this Third Amendment, shall be and continue in full force and effect and
is hereby confirmed and the rights and obligations of all parties thereunder shall not be affected or prejudiced in any manner except
as specifically provided for herein. Nothing in this Third Amendment shall constitute a release, settlement, extinguishment, rescission
or novation of any indebtedness or Loan outstanding under the Loan Agreement and all advances outstanding under the Loan Agreement shall
continue as advances following the execution and delivery of this Third Amendment.

 

    	 

    	- 10 -

    

 

	5.8
    	Performance;
    No Lender Defaults.

 

The
Borrower confirms that the Lender has fully and timely performed all of its respective obligations and duties in compliance with the
Loan Documents and applicable law, and has acted reasonably and in good faith. In further consideration of the Lender’s execution
of this Third Amendment, the Borrower, on behalf of itself, its successors, assigns, affiliates, members, officers, directors, employees,
agents and attorneys hereby forever, fully, unconditionally and irrevocably waive and release the Lender, and the respective successors,
assigns, parents, subsidiaries, affiliates, officers, directors, employees, attorneys and agents of each (each a “Releasee”)
from any and all claims, liabilities, obligations, debts, causes of action (whether at law or in equity or otherwise), defenses, counterclaims,
setoffs, of any kind, whether known or (to the maximum extent permitted by applicable law) unknown, whether liquidated or unliquidated,
matured or unmatured, fixed or contingent, directly or indirectly arising out of, connected with, resulting from or related to any act
or omission by the Lender, or any other Releasee, with respect to the Loan Documents and any collateral, other than Lender’s or
any Releasee’s gross negligence or willful misconduct, on or before the date of this Third Amendment (collectively, the “Claims”).
Borrower further agrees that it shall not commence, institute, or prosecute any lawsuit, action or other proceeding, whether judicial,
administrative or otherwise, to collect or enforce any Claim.

 

	5.9
    	Governing
    Law

 

This
Third Amendment will be governed by and construed in accordance with the laws of the Province of Quebec and the laws of Canada applicable
therein.

 

	5.10
    	Language

 

The
parties acknowledge that they have requested that this Third Amendment and all ancillary documents be drawn up in the English language
only. Les parties reconnaissent avoir exigé que cette convention ainsi que tous les documents y reliés soient rédigés
en anglais seulement.

 

(signature
page follows)

 

    	 

    	- 11 -

    

 

IN
WITNESS WHEREOF the parties hereto have duly executed this Third Amendment as of the date and at the place first hereinabove set
forth.

 

	 	KNIGHT
    THERAPEUTICS (BARBADOS) INC.
	 	 	 
	 	by	/s/
    Michel Loustric
	 	Name:	Michel
    Loustric
	 	Title:	President
	 	 	 
	 	SYNERGY CHC CORP.
	 	 	 
	 	by	/s/
    Jack Ross
	 	Name:	Jack
    Ross
	 	Title:	CEOExhibit
10.22

 

DISTRIBUTION
AGREEMENT

(Canada)

 

THIS
AGREEMENT, effective February 15, 2016, by and among KNIGHT THERAPEUTICS INC. (“Knight”), a corporation incorporated
under the laws of Canada, and NOMAD CHOICE PTY LTD. (“Nomad”), a corporation formed under the laws of Australia.

 

WHEREAS
Synergy CHC Corp. (“Synergy”) and Knight Therapeutics (Barbados) Inc. (“KB”) are parties to
that certain distribution, license and supply agreement dated January 22, 2015 as may be amended, supplemented or restated from time
to time, including by amendment and confirmation agreement dated December 3, 2015 to which amendment Nomad and Breakthrough Products,
Inc. were also parties (collectively the “DLS Agreement”);

 

WHEREAS
pursuant to the DLS Agreement, Synergy, for itself and on behalf of its Affiliates, has named KB its exclusive distributor of Licensed
Products in the Territory;

 

WHEREAS
Synergy has acquired all of the shares of Nomad effective November 16, 2015 and, as and from that date, Nomad became an Affiliate;

 

WHEREAS
pursuant to the amendment and confirmation agreement dated December 3, 2015 and referred to above, Nomad confirmed that the terms
and conditions of the DLS Agreement apply to it and its products;

 

WHEREAS
KB assigned all of its rights under the DLS Agreement in respect of Licensed Products in Canada to Knight;

 

WHEREAS
FT Products (as herein defined) are included amongst the Licensed Products;

 

WHEREAS
Knight wishes to enter into this distribution agreement with Nomad in respect of Direct Channel Sales of FT Products in Canada;

 

NOW
THEREFORE in consideration of the mutual promises and covenants contained herein, the Parties, intending to be legally bound, agree
as follows:

 

	1	DEFINITIONS
	 	 
	1.1	Definitions. Unless
    the context otherwise indicates, defined terms used in this Agreement shall have the meaning ascribed thereto in the DLS Agreement.
	 	 
	1.2	The following terms as
    used hereinafter in this Agreement shall have the meaning set forth in this Section:
	 	 
	 	“Cost of Goods”
    means Knight’s cost of manufacture, packaging and/or purchase of FT Products and supply of same to Nomad under this Agreement.
    For greater certainty, where Knight purchases FT Products from a Manufacturer, the Cost of Goods will be the amount paid by Knight
    to the Manufacturer.

 

    	 

    	2

    

 

“Direct
Channels Sales” means the Commercialization of FT Products in Canada directly to consumers from a website or any other direct-to-consumer
sales channel.

 

“FT
Products” means the “Flat Tummy Tea” line of products as now or may in the future be Commercialized by Nomad or
its Affiliates (including future line extensions relating thereto) and other tea or beverage products and related accessories Commercialized
from time to time by Nomad or any company or entity controlled by Nomad. For greater certainty, the “Flat Tummy Tea” line
of products shall include any products and accessories that are Commercialized under the “Flat Tummy” trademark and/or tradename
(or any variations thereof) together with any tea products and related accessories, or any beverage products that are marketed to reduce
bloating.

 

“Gross
Sales” means the gross invoiced sales price for FT Products sold by Nomad or its Affiliates, as applicable, to Third Parties
throughout Canada during each Calendar Quarter, less only (1) the shipping and handling charges that are actually incurred by Nomad or
its Affiliates in delivering such FT Products to the end users in Canada and (ii) sales, value added and other similar taxes that are
included in the gross invoiced sales price of FT Products. Sales between or among Nomad and its Affiliates shall be excluded from the
computation of Gross Sales, but Gross Sales shall include the subsequent final sales to Third Parties by any such Affiliates. Where (a)
FT Products are sold by Nomad or its Affiliates other than in an arm’s length sale, (b) FT Products are sold as one of a number
of items without a separate invoiced price; or (c) consideration for FT Products shall include any non-cash element, the Gross Sales
applicable to any such transaction shall be deemed to be Nomad’s average Gross Sales to Third Parties for the applicable quantity
of FT Products at that time.

 

	1.3	Other Definitional
    and Agreement References. References to any agreement, contract, statute, act, or regulation are to that agreement, contract,
    statute, act, or regulation as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.
	 	 
	1.4	Ambiguities. Ambiguities,
    if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the
    ambiguous provision.
	 	 
	1.5	Sections and Headings.
    The term “Section” refers to the specified Section of this Agreement, unless otherwise specified. Headings and captions
    of the Sections hereof are for convenience only and are not to be used in the interpretation of this Agreement.
	 	 
	1.6	Canadian Dollars.
    References in this Agreement to “Dollars” or “s” shall mean the legal tender of Canada, unless otherwise
    noted.
	 	 
	1.7	Gender. Words of
    one gender include the other gender.
	 	 
	1.8	Include,
    Includes, Including. Whenever the words “include”, “includes” or “including” are used in
    this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact
    followed by those words or words of like import.

 

    	 

    	3

    

 

	1.9	Joint and
    Several Obligations. Unless specified otherwise in this Agreement, the obligations of any Party consisting of more than one person
    are joint and several.
	 	 
	1.10	 Number of Days.
    Whenever this Agreement refers to a number of days, unless otherwise specified, such number shall refer to calendar days.
	 	 
	1.11 	Party References.
    Reference to any Party includes the successors and permitted assigns of that Party.
	 	 
	1.12	Singular/Plural.
Words using the singular or plural number also include the plural or singular number, respectively.
	 	 
	2	DISTRIBUTION TERMS
	 	 
	2.1	Distribution. Subject
    to the terms of the Agreement, Knight on behalf of itself and its Affiliates, hereby appoints Nomad as its exclusive Third Party
    distributor of FT Products for Canada solely and exclusively in respect of Direct Channel Sales and further grants to Nomad and Nomad
    hereby accepts for Canada and solely and exclusively in respect of Direct Channel Sales a non-exclusive sublicense under the Synergy
    Marks used in association with FT Products to Commercialize FT Products through Direct Channel Sales in Canada. For greater certainty,
    the said appointment shall not limit the right of Knight (directly or through its Affiliates) to distribute FT Products in Canada
    through Direct Channel Sales. In the event that Knight determines to create and operate a website or uses other social media to promote
    and sell FT Products in Canada, it shall consult with Nomad and each of Nomad and Knight shall coordinate and cooperate with respect
    to their web and social media initiatives. In commercializing the FT Products in Canada through Direct Channel Sales, Knight shall
    not pursue a brand strategy that Nomad, acting reasonably, determines is materially adverse to the brand equity of FT Products in
    Canada.
	 	 
	2.2	Sublicensing. Nomad
    may sublicense its rights granted hereunder or use sub-distributors or third party service providers to exercise its right or fulfill
    its obligations hereunder. All sublicense agreements, distribution or other arrangements or agreements shall be consistent with the
    terms and conditions of this Agreement, and Nomad assumes full responsibility for any actions taken by any sublicensee, distributor
    or other party and any of the expenses, costs, or fees incurred by any sublicensee, distributor or other party.
	 	 
	2.3	Interim Period. Section
    3.2 below contemplates that Knight shall enter into an agreement with the Manufacturer. Knight shall advise Nomad by notice in writing
    when such agreement is in place (the “Notice Date”). Notwithstanding Section 3.1, until the Notice Date, Nomad
    shall be permitted to source FT Products directly from the Manufacturer. Nomad will make payments to Knight equal to sixty percent
    (60%) of Gross Sales in respect of the period from November 1, 2015 and until Nomad exhausts sales of FT Products sourced from such
    directly acquired inventory. The first such payment in respect of Gross Sales made during the period from November 1, 2015 to and
    including December 31, 2015 shall be made within ten (10) Business Days from the date hereof A further payment in respect of the
    Gross Sales made during the period from January 1, 2016 to and including the Notice Date shall be made within ten (10) Business Days
    of the Notice Date for Gross Sales made during such period. Thereafter, payments shall be made on a monthly basis (on or before the
    fifteenth (15th) day of each month) from all Gross Sales of such inventory and until such inventory is exhausted.

 

    	 

    	4

    

 

	3	SUPPLY
	 	 
	3.1	Exclusivity. Except
    as set forth otherwise in Section 2.3, Nomad will purchase all of its requirements of FT Products for Canada and in respect of Direct
    Channel Sales exclusively from Knight, subject to the terms and conditions of this Agreement.
	 	 
	3.2	Manufacturer. Nomad
    acknowledges that Knight may from time to time enter into an agreement with a contract manufacturer (the “Manufacturer”)
    for the supply of FT Products under this Agreement. In such instances, Knight and Nomad shall determine mutually acceptable procedures
    that will allow Nomad to liaise directly with the Manufacturer in respect of order entry, logistics, delivery and other related matters;
    provided that Nomad shall acquire FT Products exclusively from Knight as stated in Section 3.1 above. Subject to Section 3.5
    below, Knight will, at Nomad’s request, facilitate any claims, demands, complaints or similar actions that Nomad wishes to
    assert against the Manufacturer in respect of FT Products purchased by Nomad from Knight.
	 	 
	3.3	Packaging. The parties
    acknowledge that to the extent that the Manufacturer does not supply the packaging for the FT Products, Knight shall not be obliged
    to supply packaging to Nomad. Nomad will continue to source such packaging itself and will make arrangements with the Manufacturer
    to fill bulk product into the packaging provided.
	 	 
	3.4	Credit Limit. Knight
    may impose reasonable credit limits on the amount of FT Products that are on order or unpaid from time to time.
	 	 
	3.5	Liability. Nomad
    acknowledges that Knight’s liability for any and all claims arising from or in connection with the supply of FT Products under
    this Agreement shall be limited to the amounts that Knight may itself recover from the Manufacturer less all amounts incurred by
    Knight to recover such amounts.
	 	 
	3.6	Regulatory Submissions.
    Knight shall be solely responsible, at its expense, for preparing, filing, and managing any Regulatory Submission and for maintaining
    any Regulatory Approval for the FT Products in Canada. Nomad shall provide reasonable assistance to Knight in making submissions
    to Governmental Authorities and maintaining such Regulatory Approvals. Unless otherwise required by Applicable Law, any Regulatory
    Approvals shall be filed, owned and held in the name of Knight. Knight shall notify Nomad of all Regulatory Submissions that it submits.
	 	 
	3.7	Regulatory Correspondence.
    Each Party shall promptly (and in any event, within five (5) Business Days of the date of receipt of notice) notify the other
    Party in writing of, and shall provide the other Party with copies of, any material correspondence received from a Governmental Authority
    in Canada. In the event that a Party receives any material regulatory letter requiring a response, the other Party will cooperate
    fully with the receiving Party in preparing such response and will promptly provide the receiving Party with any data or information
    required by the Receiving Party in preparing any such response.

 

    	 

    	5

    

 

	3.8	Other Covenants. In addition to its
    other obligations, commitments and undertakings set out in this Agreement, Knight agrees to assume the reasonable costs of intellectual
    property filings, procurement and maintenance for all intellectual property applications and registrations associated with the FT
    Products in Canada.
	 	 
	3.9	Additional Terms.
	 	 	 
	 	3.9.1 	A Party shall promptly
    notify the other Party in writing of all proposed changes, whether voluntary or involuntary, including those arising from a request
    from a Governmental Authority in Canada, concerning the quality of FT Products and/or documentation or other items for such changes
    relating to the quality of the FT Products. The Parties shall negotiate in good faith towards an appropriate response to such a Governmental
    Authority in respect of each proposed change in the quality of the FT Products including any costs associated with implementing said
    changes.
	 	 	 
	 	3.9.2 	Minor changes in the procedures
    for manufacture or quality control that do not require approval from a Governmental Authority in Canada or that will not affect Regulatory
    Approvals in Canada will be communicated by Knight to Nomad in an annual review,
	 	 	 
	 	3.9.3 	Knight will maintain complete
    and accurate books, records, and accounts used for the determination of expenses, deductions, credits, or other relevant factors
    in connection with the calculation of Cost of Goods, in sufficient detail to confirm the accuracy of any payments required under
    this Agreement, which books, records, and accounts will be retained until three (3) years after the end of the period to which such
    books, records, and accounts pertain.
	 	 	 
	 	3.9.4 	During the Term of this
    Agreement and for three (3) years thereafter, Nomad will have the right to have an independent certified public accounting firm of
    internationally recognized standing access during normal business hours, and upon reasonable prior written notice, to such of the
    records of Knight as may be reasonably necessary to verify the accuracy of Cost of Goods for any Calendar Quarter. The accounting
    firm will disclose to the Parties only whether the Cost of Goods reported by Knight is correct or incorrect and the specific details
    concerning any discrepancies. The auditing Party will bear all costs of such audit, unless the audit reveals a discrepancy in the
    auditing Party’s favor of more than five percent (5%), in which case the other Party will bear the cost of the audit. Each
    Party will treat all information subject to review under this Section as Confidential Information and will cause its accounting firm
    to enter into a reasonably acceptable confidentiality agreement obligating such firm to maintain all such financial information in
    confidence pursuant to such confidentiality agreement.

 

    	 

    	6

    

 

	 	3.9.5	If, based
    on the results of any audit under Section 3.9.4, payments are owed by one Party to the other under this Agreement, then the Party
    having such obligation will make such payment promptly after the accounting firm’s written report is delivered by courier or
    registered mail to both Parties.
	 	 	 
	3.10	Responsibility. Nomad acknowledges
    the terms and conditions of the DLS Agreement and agrees that, except as set forth in this Agreement, it shall be solely liable and
    responsible for all obligations, liabilities and requirements under the DLS Agreement and under Applicable Law relating to the Commercialization
    of FT Products in Canada through Direct Channel Sales as permitted pursuant to Section 2.1 and shall indemnify and hold Knight harmless
    in respect of same.
	 	 	 
	4	PAYMENT AND FINANCIAL TERMS
	 	 	 
	 	4.1	Product Price. Knight
    will supply FT Products to Nomad at a price (the “Product Price”) equal to the aggregate of (i) the Cost of Goods
    and (ii) sixty percent (60%) of the Gross Sales. Knight shall initially invoice Nomad for the Cost of Goods for FT Products supplied
    hereunder. Nomad shall pay Knight’s invoice for the Cost of Goods no later than thirty (30) days after delivery of FT Products
    relating thereto.
	 	 	 
	 	4.2	Report. Within sixty
    (60) days following the end of each Calendar Quarter, Nomad shall render a written report to Knight setting forth the following information
    and calculations in which sales of FT Products occurred as permitted pursuant to Section 2.1 above in the Calendar Quarter covered
    by such report:

 

	 	4.2.1 	the Gross Sales, if any,
    in Canadian dollars; and
	 	 	 
	 	4.2.2	the
calculation of the balance of the Product Price for FT Products (having regard to the Cost of Goods previously invoiced) based on that
Calendar Quarter’s actual Gross Sales.

	 	 	 
	4.3	Balance of Product Price. The payment
    of the balance of the Product Price shall be made by Nomad within thirty (30) days from the end of each Calendar Quarter in which
    such payment accrues.
	 	 
	4.4	Currency. The Product Price shall
    be paid by Nomad in Canadian dollars. For the purposes of determining the Cost of Goods, if incurred by Knight in a currency other
    than Canadian dollars, the Cost of Goods shall be converted into Canadian dollars using the closing conversion rate of the Bank of
    Canada on the business date prior to the date of the invoice to Nomad in respect thereof, and with respect to the balance of the
    Product Price, if Gross Sales were invoiced in a currency other than Canadian dollars, Gross Sales shall be converted into Canadian
    dollars using the closing conversion rate of the Bank of Canada on the last business day of the calendar quarter preceding the applicable
    calendar quarter.
	 	 
	4.5	Procedures. All sums due under this
    Agreement shall be paid by wire transfer of immediately available funds, or such other method mutually agreed upon by the Parties,
    in each case at the expense of the payer, no later than the due date thereof (with twenty- four (24) hours advance notice of each
    wire transfer) to the bank accounts or such other bank accounts as the payee shall designate in writing within reasonable period
    of time prior to such due date.

 

    	 

    	7

    

 

	4.6	Interest.
    In the event that any payment due hereunder is not made when due, interest shall accrue at a rate per annum equal to the lesser
    of one point twenty-five percent (1.25%) per month or the highest rate permitted by Law, calculated on the number of days such payments
    are paid after the date such payments are due and compounded monthly.
	 	 
	4.7	Withholding
    Tax. Nomad will make all payments to Knight under this Agreement without deduction or withholding for taxes except to the extent
    that any such deduction or withholding is required by law in effect at the time of payment. Any tax required to be withheld on amounts
    payable by Nomad under this Agreement will be timely paid by Nomad on behalf of Knight to the appropriate Governmental Authority,
    and Nomad will furnish Knight with the corresponding proof of payment of such tax, as may be required in order to enable Knight to
    request reimbursement or deduction of the withheld amount, or to otherwise comply with its duties. Nomad and Knight agree to cooperate
    to legally minimize and reduce such withholding taxes and provide any information or documentation required by any taxing authority.
	 	 
	4.8	VAT and
    Similar Taxes. All amounts paid by Nomad to Knight under this Agreement are exclusive of, and Nomad shall pay any sales, use,
    rental, custom, excise, stamp documentary, value added, consumption or other similar Taxes, duties, levies, fees or charges that
    may be assessed in any jurisdiction resulting from or arising under this Agreement. Knight shall collect and remit such taxes, duties,
    levies, fees or charges as required under Law.
	 	 
	5	TERM
	 	 
	5.1	Initial
    Term. The appointment set forth in Section 2.1 shall be for the duration of five (5) years commencing on the date hereof, and
    this Agreement shall automatically renewal for additional one (1) year terms unless either Party gives notice of nonrenewal at least
    one hundred and eighty (180) days prior to the end of the then-current term.
	 	 
	5.2	Termination
    for Breach. Either Party may terminate this Agreement by written notice to the other Party with immediate effect in the following
    cases:
	 	 	 
	 	(a)	In the event of a petition
    in bankruptcy or insolvency of the other Party, or in case of the filing by the other Party of any petition or answer seeking reorganization,
    readjustment, or rearrangement of its business under any law or any government regulation relating to bankruptcy or insolvency, or
    in case of the institution by the other Party of any proceedings for the liquidation or winding up of its business, or for the termination
    of its corporate charter.
	 	 	 
	 	(b)	If the other Party is otherwise
    in material default or breach of this Agreement and such default or breach is not cured within (i) sixty (60) days after written
    notice thereof is delivered to the defaulting or breaching Party (thirty (30) days in the case of Nomad’s failure to pay any
    amounts due hereunder), or (ii) in the case of a breach that cannot be cured within sixty (60) days, within a reasonable period not
    exceeding one hundred twenty (120) days after written notice thereof is delivered to the defaulting or breaching Party.

 

    	 

    	8

    

 

	5.3	Effect
    of Termination. Upon expiry or termination of this Agreement, all rights granted by Knight hereunder shall terminate and Nomad
    undertakes to except as provided for in Section 5.4, cease any Commercialization of the FT Products in Canada.
	 	 
	5.4	Sell-Off
    of Inventory. Subject to compliance with Section 4 hereof, upon termination of this Agreement, Nomad shall be entitled to sell
    off any inventory of the FT Products in Nomad’s possession or control or which are subject to binding purchase orders on the
    date such termination is effective.
	 	 
	6	LIMITATION
    OF LIABILITY
	 	 
	 	WITHOUT
    LIMITING THE PARTIES’ OBLIGATIONS REGARDING INDEMNIFICATION, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR TO ANY THIRD
    PARTY WHO MAY BENEFIT FROM ANY PROVISION OF THIS AGREEMENT FOR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING
    DAMAGES RESULTING FROM LOSS OF USE, LOSS OF PROFITS, INTERRUPTION OR LOSS OF BUSINESS OR OTHER ECONOMIC LOSS) ARISING OUT OF THIS
    AGREEMENT OR WITH RESPECT TO A PARTY’S PERFORMANCE OR NON-PERFORMANCE HEREUNDER.
	 	 
	7	OTHER
    PROVISIONS
	 	 
	7.1	Further
    Assurances. Upon request by either Party and at such Party’s expense, the other Party shall do such further acts and execute
    such additional agreements and instruments as may be reasonably necessary to give effect to the purposes of this Agreement.
	 	 
	7.2	Independent
    Status. Each Party shall act as an independent contractor and shall not bind nor attempt to bind the other Party to any contract,
    nor any performance of obligations outside of the license agreement. Nothing contained or done under the Agreement shall be interpreted
    as constituting either Party the agent of the other in any sense of the term whatsoever or in the relationship of partners or joint
    venturers.
	 	 
	7.3	Assignment.
    Except in connection with the acquisition of a Party or the sale of all or substantially all of the assets of such Party, this Agreement
    may not be, directly or indirectly, assigned or transferred, in whole or in part, by a Party to a Third Party without the prior written
    consent of the other Party. The rights and obligations contained herein shall inure to the benefit of each Party’s successors
    and permitted assigns, and shall be binding on and enforceable against the relevant Party’s successors and permitted assigns.
    Any reference in this Agreement to any Party shall be construed accordingly.

 

    	 

    	9

    

 

	7.4	Compliance
    with Law. Each Party shall comply with, and shall not be in violation of any valid applicable international, national, provincial
    or local statutes, laws, ordinances, rules, regulations, or other governmental orders of Canada.
	 	 
	7.5	Force Majeure. No
    Party shall be responsible for a failure or delay in performance of any of the obligations hereunder due wars, insurrections, strikes,
    acts of God, power outages, storms, or actions of regulatory agencies (such events being defined as “Force Majeure”),
    provided that the Party seeking relief from its obligations advises the other Party forthwith of the Force Majeure. A Party whose
    performance of obligations has been delayed by force majeure shall use commercially reasonable efforts to overcome the effect of
    the Force Majeure as soon as possible. The other Party will have no right to demand indemnity for damage or assert a breach against
    such Party, provided, however, that if the event of Force Majeure preventing performance shall continue for more than six (6) months
    and such underlying cause would not also prevent other parties from performing such obligations, then the Party not subject to the
    event of Force Majeure may terminate this Agreement with a written notice to the other without any liability hereunder, except the
    obligation to make payments due to such date.
	 	 
	7.6	Notices and Amendments.
    Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be given by facsimile
    or other means of electronic communication or by hand delivery as hereinafter provided. Any such notice, if sent by fax or other
    means of electronic communication, shall be deemed to have been received on the day of sending, or if delivered by hand shall be
    deemed to have been received at the time it is delivered to the applicable address noted below. Notices of change of address shall
    also be governed by this Section 7.6. Notices and other communications shall be addressed as follows:

 

	 	(a)	In the case
    of the Nomad:

 

NOMAD
CHOICE PTY LTD.

c/o
Synergy Strips Corp.

865
Spring Street

Westbrook,
Maine 04092

Attention:
Jack Ross

E-mail:         
jack.ross@purebrands.ca

 

with
a copy to:

 

Wyrick
Robbins Yates & Ponton LLP

4101
Lake Boone Trail, Suite 300

Raleigh,
North Carolina 27607

U.S.A.

Attention:
W. David Mannheim, Esq.

Fax:         
     (919) 781-4865

E-mail:         
dmannheim@wyrick.com

 

    	 

    	10

    

 

	 	(b)	In the case
    of Knight:

 

KNIGHT
THERAPEUTICS INC.

376
Victoria Avenue

Suite
220

Westmount,
Quebec H3Z 1C3

Attention:
Jeff Kadanoff, Chief Financial Officer

Fax:
(514) 481-4116

E-mail:         
jkadanoff@gud-laiight.com

 

With
a copy to:

 

Davies
Ward Phillips & Vineberg LLP

1501
McGill College Ave.

Suite
2600

Montreal,
Quebec H3A 3N9

Attention:
Hillel W. Rosen

Fax:              
(514) 841-6499

E-mail:         
hrosen@dwpv.com

 

	73	Waiver.
    No failure to exercise and no delay in exercising any right or remedy hereunder shall operate as a waiver thereof. Any waiver
    granted hereunder shall only be applicable the specific acts covered thereby and shall not apply to any subsequent events, acts,
    or circumstances
	 	 
	7.8	Complete Agreement.
    This Agreement embodies all of the understandings and obligations between the Parties with respect to the subject matter hereof
    and supersedes any prior or contemporaneous agreements and understandings, whether written or oral, between the Parties with respect
    to the subject matter hereof. Any amendments or supplements to this Agreement shall not be valid unless executed in writing by duly
    authorized officers of both parties.
	 	 
	7.9	Severability. In
    the event any portion of this Agreement shall be held illegal, void or ineffective, the remaining portion hereof shall remain in
    full force and effect. If any of the terms or provisions of this Agreement are in conflict with any applicable statute or rule of
    law, then such terms or provisions shall be deemed inoperative to the extent that they may conflict therewith and shall be deemed
    to be modified to conform with such statute or rule of law.
	 	 
	7.10 	Governing Law. This
    Agreement all disputes arising out of or relating to this Agreement, or the performance, enforcement, breach or termination hereof
    or thereof, and any remedies relating thereto, shall be construed, governed by and interpreted in accordance with the laws of the
    State of New York.
	 	 
	7.11	Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be considered one and the same Agreement and shall
become effective when a counterpart hereof has been signed by each of the Parties and delivered to the other Party.

 

    	 

    	11

    

 

	7.12	Time
of Essence. Time shall be of the essence of this Agreement and of each provision hereof
	 	 
	7.13 	Arbitration. Except
    as otherwise expressly provided herein, any dispute or claim arising out of or relating to this Agreement, or to the breach, termination,
    or validity of this Agreement, will be resolved as follows: each Party shall discuss the matter and make reasonable efforts to attempt
    to resolve the dispute. If the Parties are unable to resolve, the dispute a CEO or President of each Party will meet within thirty
    days (30) of a request to attempt to resolve such dispute being made by a Party. If the CEOs or Presidents cannot resolve the dispute
    through good faith negotiations within sixty (60) days after a Party requests such meeting, then the Parties shall resort to binding
    arbitration before a single arbitrator using the arbitration procedures set forth under the American Arbitration Association under
    its Commercial Arbitration Rules. Any hearing in the course of the arbitration shall be held New York, New York in the English language.
    The decision of the arbitrator shall be final and not subject to appeal and the arbitrator may apportion the costs of the arbitration,
    including the reasonable fees and disbursements of the parties, between or among the parties in such manner as the arbitrator considers
    reasonable. All matters in relation to the arbitration shall be kept confidential to the full extent permitted by law, and no individual
    shall be appointed as an arbitrator unless he or she agrees in writing to be bound by this provision..

 

[Signature
page follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have signed this Agreement,

 

	 	KNIGHT
    THERAPEUTICICS
	 	 	 
	 	By:	/s/
    Jeffrey Kadanoff
	 	Name:	Jeffrey
    Kadanoff
	 	Title:	CFO
	 	 	 
	 	NOMAD
    CHOICE PTY LTD.
	 	 	 
	 	By:
    	                        
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have signed this Agreement,

 

	 	KNIGHT
    THERAPEUTICICS
	 	 	 
	 	By:	                        
	 	Name:	
	 	Title:
    	
	 	 	 
	 	NOMAD
    CHOICE PTY LTD.
	 	 	 
	 	By:
    	/s/
    Jack Ross
	 	Name:
    	Jack
    Ross
	 	Title:
    	CEO

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