Document:

Exhibit 10.1

 

CANADIAN
CANNABIS CORP

100
RUTHERFORD ROAD SOUTH

BRAMPTON,
ON L6W 2J2

 

Novo Healthnet
Limited

309
Pennsylvania Ave., 2nd Floor

Concord, ON L4K 5R9

Attention: Kim Wei, CEO

 

Re Letter of Intent for the Acquisition
by Canadian Cannabis Corp. of 61% of the issued and outstanding equity stock of Novo Healthnet Limited in exchange for Common Stock
of Canadian Cannabis Corp.

 

Dear Kim:

 

This binding
letter of intent (“LOI” or “Letter”), is to generally record terms and conditions of the
proposed agreement whereby Canadian Cannabis Corp., a Delaware corporation (“CCC”) will acquire sixty-one (61%)
of the issued and outstanding shares of Novo Healthnet Limited, a limited company incorporated under the laws of the province of
Ontario (“MIL”), from ALMC-ASAP Holdings Inc. (“AAH”), in exchange for shares of the common stock
of CCC. This Letter represents our good-faith intention to negotiate and enter into a definitive agreement in a form acceptable
to CCC, NHL and AAH (the “Party” or “Parties”).

 

This Letter is intended to be a binding agreement
between us, subject to execution of the Definitive Agreement (as defined below in Section 11) for any reason.

 

Statements below as to what we, or you, will
do, or agree to do, or the like, are so expressed for convenience only, and are understood in all instances to be subject to our
mutual continued willingness to complete the Transaction.

 

The following paragraphs reflect our understanding
of the Transaction (as defined below) but do not constitute a complete statement of, or legally binding or enforceable agreement
or commitment, with respect to the matters described therein:

 

	1.	Structure: The Parties intend to enter into a share exchange or other similar business combination in which:

 

		i.	Prior to, and as a condition of closing, NHL will take
the necessary and appropriate steps to exercise or cancel all restricted stock, convertible securities, options or other instruments
or securities from which to acquire stock of NHL.

		 	 

		ii.	CCC
                                         will issue 2,000,000 shares of its common stock in exchange for a part of the issued
                                         and outstanding shares of NHL held by AAH (the “Transaction”).
                                         Upon the completion of the Transaction, the current shareholders of AAH or their
                                         designate, will hold, directly or indirectly, 2,00,000 shares of the common stock of
                                         CCC.

 

    	 

    	 

    

 

		iii.	Upon completion of the Transaction, CCC will hold sixty-one
(61%) of the issued and outstanding shares of NHL and CCC will be the majority shareholder of NHL.

		 	 

		iv.	CCC will be able to appoint 3 directors to the Board
and 2 officers of NHL; one in an operations role and the Secretary/Treasurer following the Transaction.

 

	2.	Due Diligence: The Parties will work promptly to carry out all required due diligence
in respect of the proposed Transaction including without limitation, the completion of standard business, legal and other inquiries
and a review of applicable laws and regulations. The Parties will afford each other, its employees, auditors, legal counsel, and
other authorized representatives all reasonable opportunity and access during normal business hours to inspect and investigate
the business and financial affairs of the other Party.

 

	3.	Definitive Agreement. We mutually agree to proceed
    reasonably and in good faith toward negotiation and execution of definitive documentation which shall contain the terms and
    conditions set out in the LOI and such other terms, conditions, indemnities, representations, warranties, covenants as are
    customary for transactions of this nature (the “Definitive Agreement”). The Parties shall cooperate in
    structuring the Transaction in the most effective manner having regard to applicable
    tax, corporate, and securities laws.

 

	4.	Regulatory Approvals and Contractual Consents: Each of the Parties will use its commercially reasonable best efforts to
obtain:

 

		i.	the necessary board approvals and shareholder approvals
for the Transaction prior to the execution of the Definitive Agreement; and

		 	 

		ii.	all necessary regulatory approvals (including approvals
from any licensing authorities) and third Party consents and the necessary shareholder approvals prior to the closing of the Transaction
and to cooperate in providing any submissions necessary to effect the Transaction.

 

	5.	Other Conditions. The Definitive Agreement shall include, but will not be limited to, the following:

 

		i.	the Parties having completed a due diligence investigation
the results of which are satisfactory to the Parties in their sole discretion;

		 	 

		ii.	at the time of the Transaction, NHL shall have discharged
the entire current balance of debenture debt on the NHL balance sheet to ICC Healthnet Canada Inc., in the approximate amount
of $3,000,000.00;

 

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		iii.	at the time of the Transaction, NHL will have no liabilities,
contingent or otherwise, unless such liabilities have been specifically agreed to by CCC in writing;

		 	 

		iv.	NHL will not be debarred or lose its status with any
third-Party or government payor for the provision of medical and rehabilitation services as a result of the Transaction;

		 	 

		v.	NHL will have received all regulatory approvals required
to complete the Transaction;

		 	 

		vi.	the Parties agreement to cooperate to prepare for filing
the necessary current reports with the Securities and Exchange Commission with respect to the Transaction, including a Form 8-K,
within the regulatory required time limits following the closing of the Transaction

		 	 

		vii.	the representations and warranties of contained herein
shall be true and correct in all material respects as of the closing of the Transaction; and

		 	 

		viii.	no material adverse change shall have occurred in the
business, assets, liabilities, results, financial condition, affairs or prospects of NHL from the date hereof to the closing of
the Transaction.

 

	6.	Resignation or Removal of Officers and Directors: At the closing of the Transaction, CCC will have the opportunity to
appoint their own officers and directors in NHL, according to the shareholder agreement allocation of seats permitted to AAH.

 

	7.	Confidentiality: Each Party agrees that, subject to compliance with applicable laws, it will keep confidential, and not
release to any other person, this proposal, the contents of this Letter of Intent and any of the proprietary business, technical
or other information obtained by it during its due diligence inquiries and any related negotiations. Each Party’s
obligations in this respect shall survive the closing of the Transaction or any termination
of the proposed Transaction between the Parties or the termination of this LOI.

 

	8.	Disclosure: No public announcement concerning the Transaction contemplated herein or the status of the discussions between
the Parties hereto shall be made by either Party unless and until the same has been approved by both Parties hereto, unless such
disclosure is required by any government laws, rules or regulations, by any government regulatory authorities or any stock exchange
having jurisdiction over either Party provided prior written notice is provided to the other Party respecting such disclosure
or public announcement and such Party has been provided reasonable opportunity to review and comment on the proposed disclosure.

 

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	9.	Costs: The Parties will each be solely responsible for and bear their own respective expenses, including, without limitation,
expenses of legal counsel, accountants, and other advisors, incurred at any time in connection with pursuing or consummating the
Transaction. Each Party’s obligations in this respect shall survive the closing of the Transaction or any termination of the proposed
Transaction between the Parties. It is expressly understood that CCCs’ counsel will be responsible for preparing the documents
required to complete the Transaction including the filing statement required to be filed with the Exchange in connection with
the Transaction. Further that CCC will bear the costs for completion of the BDO audit.

 

	10.	Exclusivity: The Parties hereby agree that until the Termination Date (as defined below) and the date the Parties enter
into the Definitive Agreement, that neither Party, their respective directors, officers, agents and representatives will not,
directly or indirectly:

 

		i	solicit, initiate or encourage the initiation of any
expression of interest, inquiries or proposals regarding, constituting or that may reasonably be expected to lead to any merger,
amalgamation, take-over bid, tender offer, arrangement, recapitalization, liquidations, dissolution, share exchange, sale of material
assets involving the Parties or a proposal or offer to do so (the “Acquisition Proposal”) (including without
limitation, any grant of an option or other right to take any such action);

		 	 

		ii.	participate in any discussions or negotiations regarding
an Acquisition Proposal;

		 	 

		iii.	accept or enter into, or propose publicly to accept or
enter into, any agreement, letter of intent, memorandum of understanding or any arrangement in respect of an Acquisition Proposal;
and

		 	 

		iv.	otherwise cooperate in any way, assist or participate
in, facilitate or encourage any effort or attempt by any person to do any of the foregoing.

 

	11.	Binding Effect: The consummation of the Transaction is subject to the completion of the Definitive Agreement. The Definitive
Agreement is subject to the board approval of each of the Parties.

 

	12.	Termination: If the Definitive Agreement is not negotiated
    and executed by both Parties on or before February 12, 2015, or such other date as agreed to by the Parties, (the “Termination
    Date”) the terms of this LOT will be of no further force or effect except for Section 7 (Confidentiality), Section
    9 (Costs) and Section 13 (Governing Laws). Section 7 (Confidentiality) and Section 13 (Governing Laws) will remain in effect
    for a period of one (1) year following the Termination Date if this LOI is terminated.

 

	13.	Governing Laws: This Letter of Intent will be governed by and be construed in accordance
with the laws of the Province of Ontario and the federal laws of Canada applicable therein. The Parties agree that any dispute
arising out of or relating to this LOI shall be subject to the exclusive jurisdiction of the courts in and for the Province of
Ontario and each Party agrees to submit to the personal and exclusive jurisdiction and venue of such courts. Governing law and
jurisdiction regarding the Definitive Agreement shall be negotiated between and agreed to by the Parties and set out in
the Definitive Agreement.

 

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If the terms outlined above are acceptable
to you please sign and date this Letter in the space provided below and return a signed copy to the undersigned.

 

	 	Very truly yours,
	 	 
	 	CANADIAN CANNABIS CORP.
	 	 
	 	By	/s/ Benjamin Ward
	 	 	Benjamin Ward, President & CEO

 

ACKNOWLEDGED AND AGREED to in Concord on the
5th day of January 2015.

 

	 	NOVO HEALTHNET LIMITED
	 	 	 
	 	By	/s/ Kim Wei
	 	 	Kim Wei, CEO
	 	 	 
	 	ALMC-ASAP HOLDINGS INC.
	 	 	 
	 	By	/s/ Robert Mattacchione
	 	 	Robert Mattacchione, PresidentEXHIBIT 10.1

 

THIRD AMENDMENT TO RECEIVABLES LOAN AGREEMENT
 (ABF FREIGHT FUNDING LLC)

 

THIS THIRD AMENDMENT, dated as of January 2, 2015 (the “Amendment”) is entered into by and among ABF Freight Funding LLC, as borrower (in such capacity, the “Borrower”), ABF Freight System, Inc., as initial servicer (in such capacity, the “Servicer”), and PNC, as the lender (in such capacity, the “Lender”), letter of credit issuer (in such capacity, the “LC Issuer”) and as agent and administrator for the lender and its assigns and the letter of credit issuer and its assigns under the Loan Agreement (hereinafter defined) (in such capacity, the “Agent”).

 

W I T N E S S E T H :

 

WHEREAS, the Borrower, the Servicer, LC Issuer and Agent are parties to that certain Receivables Loan Agreement dated as of June 15, 2012 (as amended and supplemented through the date hereof, the “Loan Agreement”);

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

Section 1.                                Defined Terms.  Unless otherwise amended by the terms of this Amendment, terms used in this Amendment shall have the meanings assigned in the Loan Agreement.

 

Section 2.                                Amendments.  Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Agreement shall be and hereby is amended as follows:

 

2.1.                            The following defined terms appearing in Exhibit I to the Loan Agreement are hereby amended and restated in their entirety and as so amended and restated shall read as follows:

 

“Facility Termination Date” The earliest to occur of (i) the Amortization Date, and (ii) January 2, 2018.

 

“Fee Letter” That certain amended and restated letter agreement dated as of January 2, 2015 among the Borrower, ABF, the Lender, the LC Issuer and the Agent, as it may be amended, restated or otherwise modified and in effect from time to time.

 

2.2.                            Section 9.1(f) of the Loan Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:

 

(f)                                   Failure of the Parent or any of its Subsidiaries other than the Borrower to pay Indebtedness in excess of $20,000,000 in aggregate principal amount (Indebtedness in such amount being 

 

 

referred to hereinafter as “Material Indebtedness”) when due (after giving effect to any applicable grace periods with respect thereto and whether or not such failure to pay is waived); or the default by the Parent or any of its Subsidiaries other than the Borrower in the performance of any term, provision or condition contained in any agreement under which any Material Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Material Indebtedness to cause, such Material Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of the Parent or any of its Subsidiaries other than the Borrower shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof.

 

2.3.                            Section 9.1(l) of the Loan Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:

 

(l)                                     (i) One or more final judgments of a court of competent jurisdiction for the payment of money in an aggregate amount of $10,000 or more shall be entered against the Borrower or (ii) one or more final judgments of a court of competent jurisdiction for the payment of money in an amount in excess of $20,000,000, individually or in the aggregate, shall be entered against the Parent or any of its Subsidiaries (other than the Borrower) on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for thirty (30) consecutive days without a stay of execution.

 

2.4.                            Section 9.1(s) of the Loan Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:

 

(s)                                   The Adjusted Leverage Ratio shall be greater than 3.50.

 

Section 3.                                Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

 

3.1.                            Each of the parties listed on the signature pages hereto shall have executed and delivered this Amendment.

 

3.2.                            Agent shall have received the executed Amended and Restated Fee Letter and the payment of any fees due and owing pursuant thereto.

 

3.3.                            Agent shall have received such other agreements, instruments, documents, certificates, and opinions as Agent may reasonably request.

 

2

 

Section 4.                                Reaffirmation and Ratification of the Performance Guaranty.  The agreements and obligations of ArcBest Corporation (the “Guarantor”) under the Performance Guaranty are hereby reaffirmed, ratified, brought forward, renewed and extended.  Guarantor hereby ratifies, affirms, reaffirms, acknowledges, and agrees that the Performance Guaranty represents the valid, binding and enforceable obligation of Guarantor.  Guarantor hereby agrees that the Performance Guaranty is and shall remain in full force and effect in favor of the Agent for the benefit of the Secured Parties under the Performance Guaranty, until all obligations owing to the Secured Parties thereunder shall have been satisfied in accordance with its terms.

 

Section 5.                                Agreement in Full Force and Effect/Effectiveness of Amendment.  Except as expressly set forth herein, all terms and conditions of each Transaction Document, as amended, shall remain in full force and effect.  This Amendment shall be effective as of the date first set forth above.

 

Section 6.                                Execution in Counterparts, Effectiveness.  This Amendment may be executed by the parties hereto in several counterparts, each of which shall be executed by the parties hereto and be deemed an original and all of which shall constitute together but one and the same agreement.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.

 

Section 7.                                Governing Law.  This Amendment shall be construed in accordance with the laws of the State of New York, without reference to conflict of law principles, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with the laws of the State of New York.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be executed and delivered by their duly authorized officers as of the date hereof.

 

	
 
    	
ABF FREIGHT FUNDING   LLC, as Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
ABF Freight   System, Inc., its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/ Donald W. Pearson
    
	
 
    	
 
    	
 
    	
Name:
    	
Donald W. Pearson
    
	
 
    	
 
    	
 
    	
Title:
    	
Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ABF FREIGHT   SYSTEM, INC., as Servicer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By 
    	
/s/ Donald W. Pearson
    
	
 
    	
 
    	
Name:
    	
Donald W. Pearson
    
	
 
    	
 
    	
Title:
    	
Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Solely for the purpose   of Section 4:
    
	
 
    	
 
    
	
 
    	
ARCBEST   CORPORATION, f/k/a ARKANSAS BEST CORPORATION, as Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By 
    	
/s/ Donald W. Pearson
    
	
 
    	
 
    	
Name:
    	
Donald W. Pearson
    
	
 
    	
 
    	
Title:
    	
Vice President —   Treasurer
    
							

 

 

	
 
    	
PNC BANK,   NATIONAL ASSOCIATION, as the Lender, the LC Issuer, and as the Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Mark Falcione
    
	
 
    	
 
    	
Name:
    	
Mark Falcione
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President

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