Document:

Exhibit 10.1

 

JOINT
VENTURE AGREEMENT

 

THIS
JOINT VENTURE AGREEMENT (this “Agreement”) is made as of the 17th day of August, 2021 (the “Effective
Date”), by and among FIREBIRD MANUFACTURING, LLC, a Virginia limited liability company (“Firebird”) and CQENS
TECHNOLOGIES, INC., a Delaware corporation (“CQENS”) each a “Party” and collectively the “Parties.”.

 

W
I T N E S S E T H:

 

WHEREAS,
CQENS has developed and patented “heat not burn” technology which allows hemp/CBD to be ingested via inhalation without
the necessity of burning the organic product; and

 

WHEREAS,
the technology and patents include an activator device that provides the heat (“Device”) and consumable packets containing
a susceptor as the heating element and the hemp/CBD to be heated (“Consumables”).

 

WHEREAS,
Firebird owns and operates a cigarette manufacturing facility in South Boston, VA, and has a number of years of experience in contracting
for the distribution of its products; and

 

WHEREAS,
Firebird also operates a smokable hemp manufacturing facility in South Boston, VA; and

 

WHEREAS,
Firebird through its years of manufacturing experience understands how to manufacture and distribute smokable and smoke-like products
and is experienced in providing formulas and blends of smokable organic product to produce a flavor and taste that is appealing to the
consumer; and

 

WHEREAS,
Firebird has or can obtain necessary licensing and regulatory approvals for the manufacturing, distribution, and sale of the products
contemplated by this Agreement; and

 

WHEREAS,
certain business opportunities (the “Business Opportunities”) have arisen for Firebird and CQENS to profit by selling the
Devices and Consumables (collectively the “Products”) to certain customers in the United States (the “Customers”);

 

WHEREAS,
the Parties wish to work together in a joint venture for the purpose of pursuing the Business Opportunities and developing additional
markets for the sale of the Products in various states in the United States of America. ;

 

WHEREAS
The Parties acknowledge that this agreement will be grounded in a governing principle that a joint venture needs to be a true, equal
partnership, where each partner earns a penny only if the other partner earns a penny and no one partner earns more than the other. Members
agree to regularly evaluate the partnership in light of the principle and work together to adjust if necessary.

 

    	 

     

    

 

NOW,
THEREFORE, for and in consideration of the mutual promises and covenants set forth herein and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

ARTICLE
ONE

Overview
and Definitions

 

1.1
Overview. The Parties hereby agree to form a Delaware Limited Liability Company (“Newco”) to pursue the Business Opportunities
as set forth herein. Pursuant to this Agreement, the Parties will execute additional documents, including an Operating Agreement, a License
Agreement, attached as Ex I, for the use of certain of CQEN’s intellectual property, product development agreements between CQENS
and Newco and between Firebird and Newco, supply agreements between CQENS and Newco and between Firebird and Newco, and such other documents
as are customary or necessary for the relationships contemplated by this Agreement.

 

1.2
Definitions. The definitions in the preamble shall apply.

 

ARTICLE
TWO

Newco
LLC

 

2.1
Formation. The parties will execute an Operating Agreement consistent with Delaware law. CQENS and Firebird will each own Fifty Percent
(50%) of Newco. The Registered Office and principal place of business will be determined by subsequent agreement of the Parties.

 

2.2
Governance. Newco will be operated by a five-person Board of Managers. CQENS shall have the right to appoint three of the managers
and Firebird shall have the right to appoint two of the managers. No manager can be removed without the affirmative vote of all the other
Managers. In the event a Manager ceases to serve for any reason, the Member that appointed that Manager shall have the right to appoint
a successor.

 

2.3
Officers. Firebird shall appoint the President, who may also be on the Board of Managers. In the event the President ceases to serve
for any reason, Firebird shall submit a list of two or more candidates from which CQENS will choose a successor. The Board of Managers
may appoint such other officers as it deems appropriate, and Managers may also serve as officers.

 

2.4
Unanimous Approvals. Except as otherwise provided herein or as required by law, all actions requiring the approval of the Board will
require unanimous approval. Such actions include the strategic direction, budgets, and appointment of officers other than the President.

 

    	 	2	 

     

    

 

2.5
Term. The initial term of the LLC will be for four years and will automatically renew for successive one-year terms provided the
Board continues to unanimously agree on the strategic direction, budgets, and officers. In the event either Member determines that there
are issues that may prevent unanimous approval for any period after the fourth year, that Member shall provide a minimum of one year’s
notice to the other Member (or Members if additional Members have been admitted) of its concerns and intentions. For clarity, the minimum
term is four years, and notice of issues must be provided at least one year prior to the possible termination date. The parties agree
to negotiate in good faith and use reasonable commercial efforts to solve such concerns and issues.

 

2.6
Capitalization. The initial contributions of the Members shall be set out in the Operating Agreement. In general, CQENS will provide
Newco an exclusive design for a Device, the equipment to manufacture and package the Consumables, and its knowledge and knowhow. Firebird
will provide its licensing and regulatory approval and expertise , facilities for manufacturing, and its knowledge and knowhow. To the
extent funding is required before a Board of Managers is in place, such funding will be determined by unanimous agreement of the Members.

 

2.7
Termination and Return of Contributions. In the event Newco’s existence ends for any reason, and subject to the rights of nonaffiliated
creditors, the Members will be entitled to a return of any contribution of equipment, technology, intellectual property, and knowhow,
and all license, manufacturing, or supply agreements will terminate.

 

2.8
Termination for Other Opportunities. In the event the LLC is terminated and the terminating Member, during the two years following
the termination, either alone or in combination with others, markets a product that competes with the Products, that Member will pay
the other Member Five Million Dollars ($5,000,000.00) as full and final settlement of any and all claims that the nonterminating Member
might have against the terminating Member.

 

2.9
Withdrawal of a Member. The Operating Agreement will provide that the withdrawal of a Member does not automatically result in dissolution.

 

2.10
Additional Members. The admittance of additional Members can only occur upon the unanimous approval of the Board. In the event of
new Members, voting rights will be equal to ownership percentage. Unless the Operating Agreement is amended, CQENS and Firebird will
retain the right to appoint all the Board Members as provided herein.

 

2.11
Payments and Distributions. Payments owed to Members for royalties or services will be paid promptly and, if there are inadequate
funds to pay such invoices in full, they will be paid proportionately. Distributions of Sixty Percent (60%) of profits will be made monthly
after other expenses are paid, with each Member entitled to Fifty Percent (50%). Annually, on March 15, Newco will distribute all remaining
profits to the Members.

 

    	 	3	 

     

    

 

ARTICLE
THREE

CQENS’
Services and Compensation

 

3.1
Device Manufacturing. CQENS and Newco will enter into a supply agreement pursuant to which CQENS will provide Newco with devices
specifically configured for hemp/CBD and Newco will have the exclusive right to that configuration in the defined geographic area. Newco
will pay CQENS its actual cost, plus pro rata overhead, plus Fifteen Percent (15%). CQENS will not receive a royalty related to the Devices.

 

3.2
Equipment for Making Consumables. With the input from and assistance of Firebird, CQENS will design and build the equipment necessary
for the manufacturing of the Consumables and contribute that equipment to Newco. CQENS will license its intellectual property to Newco
as necessary for Firebird to produce the Consumables. In exchange, CQENS will receive a royalty of Ten Percent (10%) of direct Consumable
sales consistent with language in the license agreement.

 

3.3
Freedom to Operate. CQENS shall provide a freedom to operate opinion acceptable to Firebird in its sole discretion with regard to
the final design of the Consumables.

 

ARTICLE
FOUR

Firebird’s
Services and Compensation

 

4.1
Blending and Flavoring. Firebird will provide Newco with blending and flavoring for developmental Consumables for sampling and market
testing. Newco will pay Firebird its actual cost for this activity, plus pro rata overhead, plus Fifteen Percent (15%).

 

4.2
Consumable Manufacturing. Firebird will manufacture the Consumables using equipment provided by CQENS and at a location provided
by Firebird or an affiliate. In addition, Firebird will provide the equipment necessary for packaging, transporting, storing, and otherwise
manufacturing the Consumables. Except in the event of dissolution, any brands or trademarks developed by Firebird will be the property
of Newco. Newco will pay Firebird its actual cost for this activity, plus pro rata overhead, plus Fifteen Percent (15%).

 

ARTICLE
FIVE

Contract
Issues

 

5.1
Contract Requirements. CQENS, Firebird, and/or Newco can require a written agreement covering the obligations listed herein or other
obligations that may arise. Notwithstanding, common law contract principles will apply, and a contract based on oral promises, the actions
of the parties, or course of dealing may exist if partial performance has occurred. Any contract that is not in writing must, however,
be consistent with this Agreement.

 

5.2
Contracts between Newco and the Members. For any contract between Newco and any Member for which the Member is paid based on actual
costs, plus overhead and Fifteen Percent (15%), the Newco Board or the other Member shall have a right to conduct an audit – separate
from any audit done by the Member’s Certified Public Accountant – in order to confirm the accuracy of the charges. In the
event it is determined that there was an overcharge, the overcharging Member will reimburse Newco the overcharge and will pay all professional
or other fees incurred in conducting the audit.

 

5.3
Contracts with Third Parties. Contracts with affiliated parties must be unanimously approved by the Board. Contracts with unaffiliated
parties can be entered into by Officers consistent with any authority granted to them by the Board.

 

    	 	4	 

     

    

 

5.4
Performance. All the contracts referenced herein, and all the contracts subsequently entered into pursuant to this Agreement, will
be performed promptly and in good faith, and the Parties will make every effort to provide a sufficient supply to meet the demand on
a timely basis. The Parties acknowledge, however, there are uncertainties inherent in launching a new product and in receiving raw materials
from third parties.

 

5.5
No Consequential Damages. No party will be entitled to consequential damages for a breach of this Agreement. Furthermore, any agreements
referenced herein or entered into pursuant to this Agreement will also provide that no consequential damages shall be recoverable in
the event of a breach.

 

ARTICLE
SIX

CQENS’
Representations and Warranties

 

6.1
Authority. CQENS represents and warrants that it has the power and authority to enter into this Agreement and the agreements referenced
in or contemplated by this Agreement.

 

6.2
Intellectual Property. CQENS represents and warrants that it is the owner of intellectual property referenced in this Agreement and
more fully described in a license agreement that will be separately executed.

 

ARTICLE
SEVEN

Firebird
Representations and Warranties

 

7.1
Authority. Firebird represents and warrants that it has the power and authority to enter into this Agreement and the agreements referenced
in or contemplated by this Agreement.

 

7.2
Licensing and Regulatory Approval. Firebird represents and warrants that it, or its affiliates, have or will use its good faith efforts
to obtain the requisite licensing or regulatory approval that will allow Newco to operate as contemplated by this Agreement.

 

ARTICLE
EIGHT

Noncompetition

 

8.1
Independent Parties. The Parties hereto are and will remain independent entities that have combined specifically to pursue the Business
Opportunity. Nothing contained herein or in documents executed pursuant to this Agreement will give any party any right or interest in
any aspect of the other Party’s business or business opportunities except as specifically provided.

 

8.2
Limited Noncompete. The parties agree to work exclusively with each other for purposes of the Business Opportunity, but for no other
purpose. The parties expressly acknowledge that hemp/CBD can be and currently is being delivered to customers in other forms and that
Firebird and its affiliates may continue to do so. Similarly, the parties expressly acknowledge that the Devices and the related intellectual
property can be used to deliver other consumables and that CQENS can pursue such opportunities as it sees fit. Furthermore, neither Party
is limited in what it can do outside the defined territory of the Business Opportunity.

 

    	 	5	 

     

    

 

8.3
Company Opportunities. Neither Party has any obligation to present new opportunities to the other Party or to Newco if the opportunity
is outside the scope of the Business Opportunity. For purposes of this provision, modifications to the Device, the Consumables, or the
manufacturing of the Consumables are all deemed to be within the scope of the Business Opportunity.

 

ARTICLE
NINE

Indemnity

 

9.1
Hold Harmless. As part of this Agreement and any agreements entered pursuant to it, a party that has breached a contract, representation,
or warranty shall indemnify and hold harmless Newco and any other party that is sued or otherwise faces liability that it would not face
if not for the breach. For example, any claim that CQENS’ technology infringes on the rights of others would be the responsibility
of CQENS. Similarly, any claim by a governmental entity or agency that there were statutory or regulatory violations would be the responsibility
of Firebird.

 

9.2
Procedure for Indemnity. Any party that may have liability or incur costs and fees because of the actions or inactions of another
party can submit a claim regardless of whether it has been sued or threatened with suit, provided it can identify a basis for the potential
liability. The party to whom the matter is submitted will thereafter be responsible for the defense and any liability that might result.
If the Party to whom the matter has been submitted declines to assume responsibility, the Party seeking indemnity may proceed to defend
and resolve the matter as it sees fit and then seek recompense in Court. In addition, a refusal to honor the indemnity obligations contained
herein constitutes a default under this Agreement and any agreements entered pursuant to it.

 

ARTICLE
TEN

Miscellaneous

 

10.1
Entire Agreement. This Agreement contains the entire agreement between the Parties with respect to the transactions contemplated
hereunder and all prior agreements or negotiations are merged herein.

 

10.2
Amendments. This Agreement may be amended only by written agreement, executed by all Parties and amended consistent with its governing
principle.

 

10.3
Assignment; Binding Nature. Either party may assign this Agreement to any corporation, limited liability company, or other entity
without the permission of the other so long as that party owns any part of such assignee. Otherwise, no Party may assign any of its interests
under this Agreement without the consent of all other Parties before its termination. This Agreement shall be binding upon and inure
to the benefit of the Parties, their successors, and permitted assigns.

 

    	 	6	 

     

    

 

10.4
Waiver. Except as may be expressly provided in this Agreement or in a writing signed by the Parties, the failure of either Party
to insist in any instance on strict performance of any provision of this Agreement shall not be construed as a waiver of any such provision
or the relinquishment of any rights hereunder in the future.

 

10.5
Governing Law. This Agreement shall be governed by the laws of the Commonwealth of Delaware exclusive of its conflicts of law principles.

 

10.6
Notices. Any notice required by this Agreement shall be given by personal delivery or by certified mail, return receipt requested.
Such notice shall be deemed delivered upon such personal delivery or three (3) days following mailing as provided herein.

 

10.7
Execution. This Agreement may be executed by facsimile or other electronic transmission and in any number of separate counterparts,
all of which taken together shall be deemed one original instrument notwithstanding that all Parties are not signatory to the same counterpart.

 

10.8
Interpretation and Construction. The Parties agree that any rule of interpretation or construction to the effect that ambiguities
are to be resolved against the drafting Party shall not be employed in the interpretation, construction, or enforcement of this Agreement.

 

10.9
Insolvency. In the event of the bankruptcy, receivership, or insolvency of either of the Parties hereto, or should either of the
Parties hereto commit any act of bankruptcy or take advantage of any bankruptcy, reorganization, composition, or arrangement statute,
then such Party (hereinafter referred to as the “insolvent Party”) shall remain and continue to be liable for its share of
the losses, obligations and liabilities as provided in this Agreement and shall be entitled to receive its share of the profits, if any,
as provided in this Agreement, to be paid at the time and in the manner as in this Agreement provided.

 

IN
WITNESS WHEREOF, the Parties have executed this document as of the date set forth above.

 

	CQENS
    TECHNOLOGIES, INC.	 	 
	 	 	 
	 	 By:
    	/s/
    Alexander Chong
	 	 	Its:
    Chairman and CEO
	 	 	 
	FIREBIRD
    MANUFACTURING, LLC	 	 
	 	 	 
	 	 By:	/s/
    Jay E. Barker
	 	 	Its:
    Chief Executive Officer 

 

    	 	7	 

     

    

  

Ex, I to JV Agreement

 

INTELLECTUAL
PROPERTY LICENSE AGREEMENT BETWEEN

CQENS TECHNOLOGIES INC. AND NEWCO LLC

 

This Intellectual Property License
Agreement (this “Agreement”) is made as of _____________________, 2021, by and between

 

CQENS Technologies Inc. a corporation
organized under the laws of the State of Delaware, with its principal place of business at 5550 Nicollet Avenue, Minneapolis, MN 55419
(“CQENS”), and

 

NEWCO LLC, (“NEWCO”)
a limited liability company, organized under the laws of the State of Delaware, with its registered agent at ___________________, Delaware,
(the “Parties”).

 

WHEREAS:

 

CQENS is the assignee
and owner of the following intellectual property assets with respect to the configuration, design, manufacture, marketing, sales, and
merchandising of a heated product consisting of device and consumable configuration (the “IP”): US Patent No. 10,750,787
and pending patents US 16/958,655, PCT/US2019/012204 and PCT/US2020/040779 and patents and patent applications that derive from them (the
IP), and

 

WHEREAS:

 

CQENS wishes to provide
a license to NEWCO, and NEWCO wishes to obtain a license from CQENS for the IP as outlined and described above.

 

NOW, THEREFORE,
in consideration of the mutual covenants, conditions, and promises contained herein, the parties agree as follows:

 

ARTICLE 1 THE LICENSE

 

1.01 Grant and Scope of License. Right
to Sublicense. 

 

Subject to the terms and
conditions of this Agreement, CQENS hereby grants to NEWCO an exclusive license for the IP for the purpose of manufacturing, distributing
and marketing a consumable containing hemp and/or CBD and distributing and marketing an exclusively conformed device consistent with the
IP within the United States of America (the Territory) under license during the term. Also, subject to the terms and conditions of his
Agreement, CQENS grants NEWCO the right to sublicense its rights solely to affiliated parties with prior notice and the explicit approval
of CQENS.

 

1.02 Proprietary Rights

 

Subject to the rights
granted herein, CQENS retains all of its rights, title and interests in and to all patent rights, inventions, know-how, and trade secrets
relating to the IP inside and outside of the Territory except as otherwise expressly agreed between the parties. CQENS shall not sell,
dispose, or alienate in any way this Agreement without respecting NEWCO’s legal rights hereunder, and requiring any assignee to
assume CQENS’s obligations hereunder in a form satisfactory to NEWCO.

 

    	 

    	 

     

ARTICLE 2 REPRESENTATIONS AND WARRANTIES

 

2.01 Representations and Warranties
Generally

 

CQENS hereby makes the
representations and warranties contained in this Article 2.00 to NEWCO and acknowledges that NEWCO is relying upon the accuracy of each
such representation and warranty in connection with its entering into this Agreement.

 

2.02 Power and Authority

 

CQENS has the right, full
corporate power, and absolute authority to enter into this Agreement and to grant the rights herein described to NEWCO in the manner herein
contemplated. CQENS has taken all necessary or desirable actions, steps, and corporate or other proceedings to approve or authorize, validly
and effectively, the entering in to, and the execution, delivery, and performance of this Agreement and the granting of the rights herein
described. This Agreement is a legal, valid, and binding obligation of CQENS, enforceable against CQENS and NEWCO in accordance with its
terms.

 

2.03 Intellectual Property. Commercial
Utility. 

 

CQENS is the exclusive
assignee and owner of the Patents and Applications described herein and is authorized to license the Patents and Applications. CQENS has
not received any notice, complaint, threat, or claim alleging infringement of the Patents and Applications. There are no charges, encumbrances,
pledges, security interests, liens, actions, claims, demands or equities of any nature or kind, nor any rights or privileges capable of
becoming any of the foregoing, affecting the Patents and Patent Applications. Furthermore, CQENS represents and warrants that the IP referenced
herein was used in product prototyping and is sufficient to design, develop, conform and manufacture a Device and Consumables for such
a Device of commercial utility and quality. In the event that the IP proves insufficient for commercial utility CQENS will enhance the
IP at its cost in order to commercialize a product.

 

2.04 No Other Obligations

 

No person has or has made
any claim or notification to CQENS alleging any written or oral agreement, understanding or commitment, or any right or privilege (whether
by law or contractual) capable of becoming an agreement or commitment, to obtain rights in and to the Patents and Patent Applications
that would conflict with the rights herein granted to NEWCO.

 

2.05 Warranty Disclaimer

 

CQENS makes and NEWCO
receives no warranties of any kind, either expressed or implied, statutory or otherwise. CQENS specifically disclaims any and all implied
warranties or conditions of merchantability, satisfactory quality or fitness for a particular purpose.

 

2.06 Infringement Actions

 

In the event litigation
is instituted against a third party for infringement of the IP under this Agreement in the Territory, CQENS will be the party instituting
the lawsuit and shall bear the cost of the litigation and shall control the litigation proceedings. NEWCO will cooperate with CQENS at
the expense of the party who instituted the lawsuit. Should NEWCO wish to be represented, it can be by counsel of its choice at its own
expense.

 

    	 

    	 

     

2.07 Sufficiency of the IP 

 

The IP constitutes all
of the intellectual property rights and know-how, of any nature whatsoever, necessary to manufacture an activator device that provides
heat (the “Device”) and consumable packets containing a susceptor as the heating element and the hemp/CDB to be heated (the
“Consumables”). The manufacture of the Device and the Consumables by NEWCO using the IP will not infringe on the intellectual
property rights of any party.

 

ARTICLE 3 NEWCO COVENANTS

 

3.01 Covenants Generally

 

NEWCO hereby makes the
covenants contained in this Article 3.00 to CQENS and acknowledges that CQENS is relying upon the accuracy of such covenant in connection
with its entering into this Agreement.

 

3.02 No Competing

 

During the term of this
license agreement NEWCO hereby agrees to not market any other products containing HnB technologies, systems or solutions in competition
with the IP.

 

3.03 Patent Marking

 

NEWCO will mark all products
manufactured, distributed, marketed, merchandised and/or sold pursuant to this Agreement with the relevant numbers indicating Patents
or Patent Applications. The marking will be in conformance with the patent laws and other laws of the United States of America.

 

ARTICLE 4 CQENS COVENANTS

 

4.01 Upgrades/Enhancements

 

 

CQENS shall provide NEWCO
with any modifications to the IP for bug fixes and/or fixes of minor errors and/or corrections and/or minor enhancements containing no
new major feature as well as enhancements covering any new set of functionality/capabilities and/or major enhancements

 

4.02 Support

 

CQENS shall provide NEWCO
with training and ongoing support for the IP to NEWCO by assisting with and providing solutions and know-how to any technology based issues,
glitches or needs that arise in the manufacture of the Device and the Consumables by NEWCO.

 

    	 

    	 

     

ARTICLE 5 ROYALTIES

 

In consideration for the
rights it has been granted, NEWCO shall pay to CQENS royalties in the amount of ten percent (10%) of the price of any and all direct sales
of consumables made by NEWCO to nonaffiliated parties. The royalties shall be payable on an annual basis, the date of which shall be mutually
agreed upon by the parties. During the term of this Agreement, and for a period of 18 months after any termination of it, NEWCO shall
keep accurate books of account and all business records at its principal place of business covering all transactions subject to the royalty
under this Agreement. There will be no royalties on the devices.

 

ARTICLE 6 INDEMNIFICATIONS

 

6.01 CQENS Indemnity

 

CQENS agrees to indemnify
and hold NEWCO harmless from and against all claims, demands, proceedings, losses, damages, liabilities, deficiencies, costs and expenses
(including all legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement) suffered or incurred
by NEWCO as a result of or arising directly or indirectly out of or in connection with:

 

	 	1.	any breach by CQENS of or any material inaccuracy of any representation or warranty of CQENS contained in this Agreement;
	 	 	 
	 	2.	any breach or non-performance by CQENS of any covenant to be performed by it that is contained in this Agreement; and
	 	 	 
	 	3.	infringement of any third party intellectual property rights in respect of the IP, other than any claim arising as a result of modifications to the product performed by or on behalf of NEWCO.
	 	 	 
	 	4.	Notwithstanding the foregoing but subject to Section 2.06, in the event that the IP, or any part thereof is held to constitute an infringement on the intellectual property of any third party,

 

CQENS, at its option and
expense, may either (a) indemnify NEWCO as above or (b) indemnify NEWCO from and against any damages for such pre-existing infringement,
and (i) amend the Patent and/or Patent Application to make it non-infringing, (ii) procure for NEWCO the right to use the infringing materials,
and/or (iii) replace the infringing Patent or Patent Applications with other suitable non-infringing rights having functionality that
is substantially the same in all material respects to those held to infringe.

 

6.02 NEWCO Indemnity

 

NEWCO agrees to indemnify
and hold CQENS harmless from and against all claims, demands, proceedings, losses, damages, liabilities, deficiencies, costs and expenses
(including all legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement) suffered or incurred
by the Licensor as a result of or arising directly or indirectly out of or in connection with:

 

    	 

    	 

     

1. any material breach
or non-performance by NEWCO of any covenant to be performed by it that is contained in this Agreement;

 

2, any breach arising
from or relating to any use and distribution of the product by NEWCO other than as expressly provided herein; and

 

3. any infringement of
any third party intellectual property rights which infringement arises from modifications to the Product performed by or on behalf of
NEWCO, except to the extent such claim is covered under Section 6.01.

 

6.03 Indemnification Procedure

 

Any party seeking indemnification
under Article 5.00 (the “Indemnitee”) in respect of a third party claim shall (i) promptly notify the indemnifying
party (the “Indemnitor”) of such claim, (ii) provide the Indemnitor sole control over the defense and/or settlement
thereof, and (iii) at the Indemnitor’s request and expense, provide full information and reasonable assistance to Indemnitor with
respect to such claims. Without limiting the foregoing, with respect to third party claims brought under Sections 6.01, the Indemnitee,
at its own expense, shall have the right to participate with counsel of its own choosing in the defense and/or settlement of any such
claims.

 

ARTICLE 7 TERM AND TERMINATION

 

7.01 Term

 

The term of this Agreement
shall be for the life of the relevant IP on the date of execution of this Agreement and shall continue in full force and effect unless
terminated in accordance with this Article 6.00 and/or the dissolution of NEWCO.

 

7.02 Termination for Cause

 

Either party may terminate
this Agreement for breach of the Agreement as follows:

 

If any representation
or warranty provided for herein proves to be materially inaccurate, or if either party materially breaches any covenant provided for herein
and such breach is not cured within thirty (30) days after the non-breaching party gives written notice to the breaching party of such
breach, the non-breaching party shall have the right to terminate this Agreement immediately upon the expiration of such thirty (30) day
period. If the nature of the breach is such that more than thirty (30) days are required for cure, the non-breaching party shall have
the right to terminate upon written notice if the breaching party fails to commence efforts to cure such default within the thirty (30)
day period and in any event such cure is not completed within a reasonable period of time after the commencement of such 30 day period.

 

ARTICLE 8 GENERAL

 

8.01 Governing Law and Jurisdiction

 

This Agreement shall be
governed by and construed under the laws of the State of Minnesota, without reference to conflict of laws principles. The parties agree
that any dispute arising under this Agreement or out of the negotiation of or the relationship that is being formed pursuant to this Agreement
will only be venued in the State or Federal Courts of Minnesota, and consent to such jurisdiction and venue.

 

    	 

    	 

     

8.02 Assignment

 

This Agreement may not
be assigned by either party without the prior written consent of the other party (not to be unreasonably withheld, conditioned or delayed).
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

8.03 Notices

 

Any notice, demand, or
other communication ( “Notice” ) required or permitted to be given or made shall be in writing and shall be sufficiently given
or made if delivered in person, sent by facsimile transmission, or sent by prepaid first class registered mail during normal business
hours on a Business Day and addressed as follows:

 

8.04 Entire Agreement

 

The parties hereto acknowledge
that this Agreement sets forth the entire agreement and understanding of the parties hereto as to the subject matter hereof, and supersedes
all prior discussions, agreements and writings.

 

8.05 Counterparts 

 

This Agreement may be
executed in any number of counterparts and when so executed and delivered shall have the same force and effect as though all signatures
appeared on one document.

 

8.06 Further Assurances

 

Each party covenants and
agrees to do and cause all things to be done and execute and deliver all such documents as may be required in order to carry out the provisions
of this Agreement.

 

8.07 Severability

 

The provisions of this
agreement shall be severable, and if any provision of this Agreement shall be held or declared to be illegal, invalid, or unenforceable,
such illegal, invalid or unenforceable provision shall be severed from this Agreement and the remainder of this Agreement shall remain
in full force and effect, and the parties shall negotiate a substitute, legal, valid and enforceable provision that most nearly reflect
the parties’ intent in entering into this Agreement.

 

(Signature Page to Follow)

 

    	 

    	 

     

IN WITNESS WHEREOF, the parties,
by their duly authorized representatives, have entered into this Agreement.

 

	CQENS TECHNOLOGIES INC.	 
	 	 
	By:	                 	 
	Name:	 	 
	Title:	 	 

 

	NEWCO	 
	 	 
	By:	                   	 
	Name:	 	 
	Title:EX-10.1

 Exhibit 10.1 

Execution Version 
 WARRANT
ASSIGNMENT AND ASSUMPTION AGREEMENT 
 RENEW ENERGY GLOBAL PLC, 

RMG ACQUISITION CORPORATION II, 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, 

COMPUTERSHARE, INC. 
 and 

COMPUTERSHARE TRUST COMPANY, N.A. 

Dated August 23, 2021 
 This Assignment and
Assumption Agreement (the “Agreement”) is entered into as of August 23, 2021 (the “Effective Date”), by and among RMG Acquisition Corporation II, a Cayman Islands exempted company (“RMG
II”), ReNew Energy Global plc, a public limited company incorporated under the laws of England and Wales (“ReNew Global”), Continental Stock Transfer & Trust Company, a New York corporation
(“Continental”) and Computershare Inc., a Delaware corporation, and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company (collectively, “Computershare”).

 WHEREAS, RMG II and the Warrant Agent have previously entered into a warrant agreement, dated as of December 9, 2020 (attached hereto as Annex I,
the “Warrant Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Business Combination Agreement (as defined below)) governing the terms of RMG II’s
outstanding warrants to purchase ordinary shares of RMG II (the “RMG II Warrants”); 
 WHEREAS, RMG II entered into a Business
Combination Agreement, dated as of February 24, 2021 (as may be amended from time to time, the “Business Combination Agreement”), with ReNew Global, Renew Power Private Limited, a company with limited liability
incorporated under the laws of India (“ReNew”), Philip Kassin, solely in the capacity as the representative for the shareholders of RMG II, ReNew Power Global Merger Sub, a Cayman Islands exempted company (the
“Merger Sub”) and certain of the shareholders of ReNew (the “ReNew Shareholders”), pursuant to which, among other things, in connection with the closing of the transactions contemplated by the Business
Combination Agreement (“Closing”), (i) Merger Sub will merge with and into RMG II (the “Merger”) with RMG II being the surviving entity of the Merger and becoming a wholly-owned subsidiary of ReNew
Global and (ii) ReNew Global will acquire shares of ReNew and ReNew Global will issue shares to certain of the ReNew Shareholders, as described in the Business Combination Agreement (the “Share Exchange”, and together
with the Merger, the “Transactions”). 
 WHEREAS, effective upon the consummation of the Merger, (i) each RMG II ordinary share
outstanding on the closing date will be cancelled in exchange for the issuance by ReNew Global 

 
of one Class A ordinary share of ReNew Global (“ReNew Global Class A Ordinary Shares”), except that holders of RMG II ordinary shares
sold in RMG II’s initial public offering will be entitled to elect instead to receive a pro rata portion of RMG II’s trust account, as provided in RMG II’s amended and restated memorandum and articles of association
(“M&A”), (ii) each outstanding warrant issued by RMG II as part of the units in RMG II’s initial public offering (the “Public Warrants”) will remain outstanding and, in accordance with the
Amended and Restated Warrant Agreement to be entered into by and between ReNew Global and Computershare in connection with Closing (the “Amended and Restated Warrant Agreement”), will be automatically adjusted to entitle the
holder to subscribe for 1.0917589 ReNew Global Class A Ordinary Shares at a price of $11.50 per 1.0917589 ReNew Global Class A Ordinary Shares, subject to adjustment as set forth in the Amended and Restated Warrant Agreement and
(iii) each outstanding warrant issued by RMG II as part of a private placement (the “Private Placement Warrants”) will remain outstanding and, in accordance with the Amended and Restated Warrant Agreement, will be
automatically adjusted to entitle the holder to subscribe for 1.0917589 ReNew Global Class A Ordinary Shares at a price of $11.50 per 1.0917589 ReNew Global Class A Ordinary Shares, subject to adjustment as set forth in the Amended and
Restated Warrant Agreement; 
 WHEREAS, in connection with the foregoing, RMG II, ReNew Global, Continental and Computershare wish that i) ReNew Global
shall assume by way of assignment and assumption all of the liabilities, duties and obligations of RMG II under and in respect of the Warrant Agreement, ii) appoint Computershare as successor warrant agent under the Warrant Agreement and that RMG II
and the Warrant Agent shall be released from all obligations to each other under the Warrant Agreement; and 
 WHEREAS, Continental consents to the
assignment and assumption of the Warrant Agreement from RMG II to ReNew Global and wishes to release RMG II from its obligations under and in respect of the Warrant Agreement and RMG II consents to the assignment and assumption of the Warrant
Agreement from Continental to Computershare and wishes to release Continental from its obligations under and in respect of the Warrant Agreement. 
 NOW,
THEREFORE, the parties hereby agree as follows: 
  

	1.	 Assignment and Assumption. In accordance with Section 9.1 of the Warrant Agreement:

  

	 	(a)	 ReNew Global shall be substituted for RMG II in the Warrant Agreement and shall become obligated to perform all
of the duties, obligations and liabilities of RMG II under and in respect of the Warrant Agreement. ReNew Global undertakes full performance of the Warrant Agreement in the place of RMG II and hereby agrees to faithfully and fully perform the
Warrant Agreement as if ReNew Global had been the original party thereto. 

  

	 	(b)	 Computershare shall be substituted for Continental in the Warrant Agreement and shall be vested with the same
powers, rights, duties and responsibilities as if it had been originally named as warrant agent under the Warrant Agreement; provided that, in no event shall Computershare be liable for the actions or omissions of Continental under the Warrant
Agreement. Computershare undertakes full performance of the Warrant Agreement in the place of Continental. 

  
 2 

	 	(c)	 Continental and RMG II shall be irrevocably and unconditionally released from their obligations to each other
under and in respect of the Warrant Agreement and their respective rights against each other under and in respect of the Warrant Agreement shall be cancelled. 

 

	 	(d)	 ReNew Global shall owe to Computershare all the rights that were, immediately prior to the assignment and
assumption, owed to Continental under and in respect of the Warrant Agreement. 

  

	 	(e)	 Computershare shall perform and discharge all obligations under and in respect of the Warrant Agreement and be
bound by its terms in every way as if ReNew Global had been the original party thereto in place of RMG II. 

  

	 	(f)	 ReNew Global shall perform and discharge all obligations under and in respect of the Warrant Agreement and be
bound by its terms in every way as if Computershare had been the original party thereto in place of Continental. 

  

	2.	 Amendment and Restatement of Warrant Agreement. At the Closing, pursuant to Section 9.8 of the
Warrant Agreement, ReNew Global and Computershare shall enter into an amended and restated Warrant Agreement to reflect that, effective upon consummation of the Merger, each Public Warrant and Private Placement Warrant will entitle the holder to
purchase 1.0917589 ReNew Global Class A Ordinary Shares at a price of $11.50 per 1.0917589 ReNew Global Class A Ordinary Shares, subject to adjustment as will be set forth in the amended and restated Warrant Agreement.

  

	3.	 Release of RMG II and Continental from Liabilities. In consideration of this assignment and assumption,
RMG II and Continental shall be released and discharged of all obligations to perform under the Warrant Agreement as of the date hereof, and shall be fully relieved of all liability to ReNew Global or Computershare arising out of the Warrant
Agreement. 

  

	4.	 Replacement Instruments. From and after the Closing, upon request by any holder of a Warrant, ReNew
Global shall issue a new certificate for such Warrant reflecting the adjustment to the terms and conditions described herein. 

  

	5.	 Effectiveness. This Agreement shall be effective as of the Effective Date. 

 

	6.	 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, as such laws are applied to contracts entered into and performed in such State without resort to that State’s conflict-of-laws rules.

  

	7.	 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument. Execution and delivery of this Agreement by email or exchange of facsimile copies bearing the facsimile signature of a party hereto shall constitute a valid and
binding execution and delivery of this Agreement by such party. 

  
 3 

	 	8.	 Successors and Assigns. All the covenants and provisions of this Agreement shall bind and inure to the
benefit of each party’s respective successors and assigns. 

 [Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	RENEW ENERGY GLOBAL PLC
		
	By:	 	 /s/ Samir Rai

		 	Name: Samir Rai
		 	Title: Director
	
	RMG ACQUISITION CORPORATION II
		
	By:	 	 /s/ Philip Kassin

		 	Name: Philip Kassin
		 	Title: President
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	 /s/ Douglas Reed

		 	Name: Douglas Reed
		 	Title: Vice President
	
	COMPUTERSHARE, INC.
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Collin Ekeogu

		 	Name: Collin Ekeogu
		 	Title: Manager, Corporate Actions

  
 [Signature Page
to Warrant Assignment and Assumption Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]