Document:

Exhibit 10.2 Employment Agreement Ronald Bain

		

			Exhibit 10.2

		

		
			
		

		
			VAALCO Energy, Inc.
		

		
			9800 Richmond Ave., Suite 700
		

		
			Houston, Texas 77042
		

		
			Tel: (713) 623-0801
		

		
			Ronald Bain
		

		
			Aberdeen  
		

		
			United Kingdom
		

		
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			BY EMAIL: rbain@vaalco.com
		

		
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			January 21, 2022
		

		
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			Dear Ron,
		

		
			Proposed changes to your Executive Employment Agreement
		

		
			Vaalco Energy Inc (“the Company”) is proposing to make certain changes to your terms of employment. The purpose of these changes is to provide greater financial incentives to grow the Company and increase share price. 
		

		
			I have set out below the proposed changes to your Executive Employment Agreement, which was dated 18 June 2021 and effective as of 21 June 2021 (the Contract):
		

			
	
			
				 ·
			

			
	
			
			Paragraph 3.3 “Equity Awards after the Effective Date” the final sentence of the clause (only) shall be deleted and shall be replaced by the following:

		
			The annual long-term incentive award shall be up to seventy-five (75%) of Executive’s Base Salary.
		

		
			The remaining terms of your Contract shall be otherwise unaffected by this change.
		

		
			Kindly confirm your agreement to and acceptance of this variation by signing and returning the attached copy of this letter to Michael G. Silver, General Counsel, by January 31, 2022. The change shall be immediately effective from the date of your signature. You should then keep your signed copy of this letter safe together with your Contract, which shall be amended by this letter.
		

		
			If you have any questions, please contact me.  
		

		
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			Yours sincerely,
		

		
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		/s/    Andrew L. Fawthrop
		

		
			Andrew L. Fawthrop – Chairman of the Compensation Committee
		

		
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			For and on behalf of VAALCO ENERGY INC
		

		
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			I agree that my Contract shall be varied by the revised terms set out in this letter with immediate effect.
		

		
			﻿
		

		
			Signed  /s/   Ronald Bain
		

		
			RONALD BAIN
		

		
			﻿
		

		
			Date: January 27, 2022
		

		
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			﻿EXHIBIT 4.1

 

On AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE
(the “Agreement”), dated as of January 27, 2022, by and among TILRAY BRANDS, INC. (f/k/a TILRAY, INC. (f/k/a APHRIA
INC.)), a corporation duly organized and existing under the laws of the State of Delaware, having its principal office 655 Madison Avenue,
19th Floor, New York, New York, 10065 (the “Company”), COMPUTERSHARE TRUST COMPANY, N.A., a national association duly
organized and existing under the laws of the United States, having a corporate trust office at 6200 South Quebec Street, Greenwood Village,
Colorado 80111 (“Successor Trustee”), and GLAS TRUST COMPANY LLC, a limited liability company duly organized and existing
under the laws of the State of New Hampshire, having a corporate trust office at 3 Second Street, Suite 206, Jersey City, New Jersey 07311
(“Resigning Trustee”).

 

RECITALS:

 

WHEREAS, there are currently $259,240,000 aggregate
principal amount of the Company’s 5.25% Convertible Senior Notes due 2024 (the “Securities”) outstanding under
an Indenture, dated as of April 23, 2019, as supplemented on April 30, 2021 (the “Indenture”), by and between the Company
and Resigning Trustee, pursuant to which the Company originally issued $350,000,000 aggregate principal amount of the Securities; capitalized
terms not defined herein shall have the meanings ascribed to them in the Indenture;

 

WHEREAS, the Company appointed Resigning Trustee as
the trustee (the “Trustee”), note registrar (the “Note Registrar”) and paying agent (the “Paying
Agent”) under the Indenture;

 

WHEREAS, Section 7.09 of the Indenture provides that
the Trustee may at any time resign by giving written notice of such resignation to the Company and to the Holders, effective upon the
acceptance by a successor Trustee of its appointment as a successor Trustee;

 

WHEREAS, Section 7.09 of the Indenture provides that,
if the Trustee shall resign, the Company by a Board Resolution shall promptly appoint a successor Trustee by instrument, in duplicate,
executed by order of the Board of Directors;

 

WHEREAS, Section 7.10 of the Indenture provides that
any successor Trustee appointed in accordance with the Indenture shall execute, acknowledge and deliver to the Company and to its predecessor
Trustee an instrument accepting such appointment under the Indenture, and thereupon the resignation of the predecessor Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties
and obligations of the predecessor Trustee;

 

WHEREAS, on November 30, 2021, Resigning Trustee has
given written notice to the Company that it is resigning as Trustee, Note Registrar and Paying Agent under the Indenture;

 

WHEREAS, the Company desires to appoint Successor Trustee
as successor Trustee, Note Registrar and Paying Agent to succeed Resigning Trustee in such capacities under the Indenture; and

 

     

     

    

WHEREAS, Successor Trustee is willing to accept such
appointment as successor Trustee, Note Registrar and Paying Agent under the Indenture;

 

NOW, THEREFORE, the Company, Resigning Trustee and
Successor Trustee, for and in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, hereby consent and agree as follows:

 

1

THE RESIGNING TRUSTEE

 

1.1             
Pursuant to Section 7.09 of the Indenture, Resigning Trustee has by letter notified the Company that Resigning Trustee is resigning
as Trustee, Note Registrar and Paying Agent under the Indenture.

 

1.2             
Resigning Trustee hereby represents and warrants to Successor Trustee that:

 

		(a)	The Indenture, and each amendment and supplemental indenture thereto, if any, was validly and lawfully
executed and delivered by Resigning Trustee and is in full force and effect. Except as set forth herein, the Indenture has not been supplemented
and remains in full force and effect.

 

		(b)	No covenant or condition contained in the Indenture has been waived by Resigning Trustee or, to the knowledge
of responsible officers of Resigning Trustee’s corporate trust department, by the Holders of the percentage in aggregate principal
amount of the Securities required by the Indenture to affect any such waiver.

 

		(c)	To the knowledge of responsible officers of Resigning Trustee’s corporate trust department, there
is no action, suit or proceeding pending or threatened against Resigning Trustee before any court or any governmental authority arising
out of any act or omission of Resigning Trustee as Trustee under the Indenture.

 

		(d)	As of the Transfer Date of this Agreement, Resigning Trustee will hold no moneys or property under the
Indenture.

 

		(e)	Pursuant to Section 2.04 or the Indenture, Resigning Trustee has duly authenticated and delivered $[350,000,000]
aggregate principal amount of Securities, $259,240,000 of which are outstanding as of the Effective Date and interest has been paid through
December 1, 2021, the most recent date on which interest is required to be paid in accordance with the terms of such Securities.

 

		(f)	The registers in which it has registered and transferred registered Securities accurately reflect the
amount of Securities issued and outstanding and the amounts payable thereon.

 

    	 	2	 

     

    

		(g)	Each person who so authenticated the Securities was duly elected, qualified and acting as an officer or
authorized signatory of Resigning Trustee and empowered to authenticate the Securities at the respective times of such authentication
and the signature of such person or persons appearing on such Securities is each such person’s genuine signature.

 

		(h)	This Agreement has been duly authorized, executed and delivered on behalf of Resigning Trustee and constitutes
its legal, valid and binding obligation, enforceable in accordance with its terms.

 

		(i)	Without independent investigation, no responsible officer of Resigning Trustee’s corporate trust
department has received notice from the Company or any Holder that a default or Event of Default has occurred and is continuing, and no
responsible officer of Resigning Trustee’s corporate trust department has actual knowledge that a default or Event of Default has
occurred and is continuing under the Indenture.

 

1.3             
Resigning Trustee hereby assigns, transfers, delivers and confirms to Successor Trustee all right, title and interest of Resigning
Trustee in and to the trust under the Indenture and all the rights, powers, trusts, privileges, immunities, indemnities, duties and obligations
of the Trustee under the Indenture, including, without limitation, all of its rights to, and all of its security interests in and liens
upon, the collateral, if any, and all other rights of Resigning Trustee with respect to the collateral, if any, pursuant to the transaction
documents. Resigning Trustee shall execute and deliver such further instruments and shall do such other things as Successor Trustee may
reasonably require so as to more fully and certainly vest and confirm in Successor Trustee all the rights, powers, trusts, privileges,
immunities, indemnities, duties and obligations hereby assigned, transferred, delivered and confirmed to Successor Trustee as Trustee,
Note Registrar and Paying Agent. GLAS, in its individual capacity and in its capacity as Resigning Trustee, shall bear no responsibility
or liability for any event, circumstance, condition or action arising on or after the Effective Date with respect to the Securities, the
Indenture, or the transactions contemplated thereby. Each of the parties hereto, to the extent of their applicable indemnification obligations
under the Indenture, expressly agrees and confirms that the Successor Trustee’s right to indemnification, as set forth in the Indenture,
shall apply with respect to any and all losses, claims, costs and expenses that the Successor Trustee suffers, incurs or is threatened
with relating to actions taken or omitted by any Person prior to the Effective Date.

 

1.4             
Resigning Trustee shall deliver to Successor Trustee, as of or promptly after the Effective Date all of the documents listed on
Exhibit A hereto.

 

2

THE COMPANY

 

2.1             
The Company hereby accepts the resignation of Resigning Trustee as Trustee, Note Registrar and Paying Agent under the Indenture.

 

    	 	3	 

     

    

2.2             
The Company hereby appoints Successor Trustee as Trustee, Note Registrar and Paying Agent under the Indenture to succeed to, and
hereby vests Successor Trustee with, all the rights, powers, trusts, privileges, immunities, indemnities, duties and obligations of Resigning
Trustee, Note Registrar and Paying Agent under the Indenture with like effect as if originally named as Trustee, Note Registrar and Paying
Agent in the Indenture.

 

2.3             
Promptly after the Effective Date of this Agreement, Successor Agent, at the instruction and sole expense of the Company shall
cause a notice, substantially in the form of Exhibit B annexed hereto, to be sent to each Holder of the Securities in accordance with
the provisions of Section 7.10 the Indenture.

 

2.4             
The Company hereby represents and warrants to Resigning Trustee and Successor Trustee that:

 

		(a)	The Company is a corporation duly and validly organized and existing pursuant to the laws of the State
of Delaware.

 

		(b)	The Indenture, and each amendment or supplemental indenture thereto, if any, was validly and lawfully
executed and delivered by the Company and is in full force and effect and the Securities were validly issued by the Company. Except as
set forth herein, the Indenture has not been supplemented and remains in full force and effect.

 

		(c)	The Company has performed or fulfilled prior to the date hereof, and will continue to perform and fulfill
after the date hereof, each of its respective covenants, agreements, conditions, obligations and responsibilities under the Indenture.

 

		(d)	No event has occurred and is continuing which is, or after notice or lapse of time would become, an Event
of Default under the Indenture.

 

		(e)	No covenant or condition contained in the Indenture has been waived by the Company or, to the best of
the Company’s knowledge, by Holders of the percentage in aggregate principal amount of the Securities required to affect any such
waiver.

 

		(f)	There is no action, suit or proceeding pending or, to the best of the Company’s knowledge, threatened
against the Company before any court or any governmental authority arising out of any act or omission of the Company under the Indenture.

 

		(g)	The Company has, by a resolution which was duly adopted by the Board of Directors of the Company, and
which is in full force and effect on the date hereof, authorized certain officers of the Company to: (a) accept Resigning Trustee’s
resignation as Trustee, Note Registrar and Paying Agent under the Indenture; (b) appoint Successor Trustee as Trustee, Note Registrar
and Paying Agent under the Indenture; and (c) execute and deliver such agreements, including, without limitation, this Agreement and other
instruments as may be necessary or desirable to effectuate the succession of Successor Trustee as Trustee, Note Registrar and Paying Agent
under the Indenture. Furthermore, this Agreement has been duly authorized, executed and delivered on behalf of the Company and constitutes
its legal, valid and binding obligation, enforceable in accordance with its terms.

 

    	 	4	 

     

    

		(h)	The Company has issued $[350,000,000] aggregate principal amount of Securities pursuant to the terms of
the Indenture, $259,240,000 of which are outstanding as of the Effective Date hereof and interest due on such Securities has been paid
through December 1, 2021 , the most recent date on which interest is required to be paid in accordance with the terms of such Securities.

 

		(i)	The Company hereby reaffirms its obligations to Successor Trustee under Section 7.06 of the Indenture.

 

		(j)	The Company acknowledges and reaffirms its obligations to the extent set forth in Section 7.06 of the
Indenture to (i) pay or reimburse Resigning Trustee upon its request for all reasonable expenses, disbursements and advances reasonably
incurred or made by Resigning Trustee in accordance with any of the provisions of the Indenture in any capacity thereunder (including
the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ)
except any such expense, disbursement or advance as shall have been caused by Resigning Trustee’s gross negligence or willful misconduct
and to (ii) indemnify Resigning Trustee (and its affiliates, officers, directors, agents and employees) for, and to hold Resigning Trustee
(and its affiliates, officers, directors, agents and employees) harmless against any loss, claim, damage, liability or expense, incurred
without gross negligence or willful misconduct on the part of Resigning Trustee, its affiliates, officers, directors, agents or employees,
or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of
the Indenture or in any other capacity thereunder, including the costs and expenses of defending themselves against any claim of liability
in the premises.

 

		(k)	All conditions precedent relating to the appointment of Computershare Trust Company, N.A., as Successor
Trustee under the Indenture have been complied with by the Company.

 

		(l)	The Company hereby releases any and all known claims against the Resigning Trustee, and its respective
subagents and affiliates, arising out of, in any way connected with, or as a result of (i) any of their respective performances of their
respective duties under the Indenture, and (ii) the resignation of the Resigning Trustee as Trustee, Note Registrar and Paying Agent under
the Indenture; provided, however, that the foregoing release shall not apply to any claims relating to or caused by Resigning Trustee’s
negligence or willful misconduct.

 

 

 

 

 

    	 	5	 

     

    

2.5             
The Company acknowledges that, in accordance with Section 326 of the USA Patriot Act, Successor Trustee, in order to help fight
the funding of terrorism and prevent money laundering, is required to obtain, verify and record information that identifies each person
or legal entity that establishes a relationship or opens an account with Successor Trustee. The Company agrees that it will provide Successor
Trustee with such information as it may request in order for Successor Trustee to satisfy the requirements of the USA Patriot Act.

 

3

THE SUCCESSOR TRUSTEE

 

3.1             
Successor Trustee hereby represents and warrants to Resigning Trustee and to the Company that:

 

		(a)	Successor Trustee is qualified and eligible under Section 7.08 of the Indenture and applicable law to
act and serve as Trustee under the Indenture.

 

		(b)	This Agreement has been duly authorized, executed and delivered on behalf of Successor Trustee and constitutes
its legal, valid and binding obligation, enforceable in accordance with its terms.

 

3.2             
Successor Trustee hereby accepts its appointment as Successor Trustee, Note Registrar and Paying Agent under the Indenture and
accepts the rights, powers, trusts, privileges, immunities, indemnities, duties and obligations of Resigning Trustee as Trustee, Note
Registrar and Paying Agent under the Indenture, upon the terms and conditions set forth therein, with like effect as if originally named
as Trustee, Note Registrar and Paying Agent under the Indenture.

 

3.3             
References in the Indenture to “Corporate Trust Office” or other similar terms shall be deemed to refer to the designated
corporate trust office of Successor Trustee, which is presently located at Greenwood Village, Colorado.

 

4

MISCELLANEOUS

 

4.1             
Except as otherwise expressly provided herein or unless the context otherwise requires, all terms used herein which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

4.2             
This Agreement and the resignation, appointment and acceptance effected hereby shall be effective (the “Effective Date”)
as of the close of business on the date hereof, upon the execution and delivery hereof of this Agreement by each of the parties hereto;
provided, however, that the resignation of Resigning Trustee and the appointment of Successor Trustee, as Trustee, Note Registrar and
Paying Agent under the Indenture, shall be effective upon the latest of: (a) 10 calendar days after the date hereof; and (b) 10 calendar
days after receipt by The Depository Trust Company (“DTC”) of both Resigning Trustee’s transfer agency change
notice and Successor Trustee’s transfer agency change notice (the “Transfer Date”).

 

    	 	6	 

     

    

4.3             
The parties hereto agree that as of the Effective Date, all references to the Trustee in the Indenture shall be deemed to refer
to Successor Trustee, and all references to the Paying Agent and Note Registrar under the Indenture shall be deemed to refer to Successor
Trustee, in each such capacity.

 

4.4             
This Agreement does not constitute a waiver by any of the parties hereto of any obligation or liability which Resigning Trustee
may have incurred in connection with its serving as Trustee, Paying Agent or Note Registrar under the Indenture or an assumption by Successor
Trustee of any liability of Resigning Trustee arising out of a breach by Resigning Trustee prior to its resignation of its duties under
the Indenture.

 

4.5             
Resigning Trustee hereby acknowledges payment or provision for payment in full by the Company of compensation for all services
rendered by Resigning Trustee in its capacity as Trustee, Note Registrar and Paying Agent under Section 7.06 of the Indenture and reimbursement
in full by the Company of the expenses, disbursements and advances incurred or made by Resigning Trustee in its capacity as Trustee, Note
Registrar and Paying Agent in accordance with the provisions of the Indenture. Resigning Trustee acknowledges that it relinquishes any
lien it may have upon all property or funds held or collected by it to secure any amounts due it pursuant to the provisions of Section
6.04 of the Indenture. This Agreement does not constitute a waiver or assignment by Resigning Trustee of any compensation, reimbursement,
expenses or indemnity to which it is or may be entitled pursuant to the Indenture. The Company acknowledges its obligation to the extent
set forth in Section 7.06 of the Indenture to indemnify Resigning Trustee for, and to hold Resigning Trustee harmless against, any
loss, liability or expense incurred without gross negligence or willful misconduct on the part of Resigning Trustee and arising out of
or in connection with the acceptance or administration of the trust evidenced by the Indenture (which obligation shall survive the execution
hereof).The parties hereto agree to take reasonable action to confirm, evidence and perfect Successor Trustee’s rights in, or with
respect to, the collateral, if any, pursuant to the transaction documents.

 

4.6             
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts
of laws principles thereof.

 

4.7             
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together
shall constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this Agreement as to the parties hereto and may be used in lieu of the original Agreement
and signature pages for all purposes.

 

    	 	7	 

     

    

4.8             
This Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes and replaces any
and all prior contemporaneous warranties, representations or agreements, whether oral or written, with respect to the subject matter of
this Agreement other than those contained in this Agreement.

 

4.9             
The Company, Resigning Trustee and Successor Trustee hereby acknowledge receipt of an executed counterpart of this Agreement and
the effectiveness thereof.

 

[Remainder of this Page Intentionally Left Blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	8	 

     

    

 

 

4.10         
Unless otherwise provided herein, all notices, requests and other communications to any party hereunder shall be in writing (including
facsimile and electronic transmission in PDF format) and shall be given to such party, addressed to it, as set forth below:

 

	If to the Company:
	
     

    Tilray, Inc.

655 Madison Avenue, 19th Floor

    New York, NY 10065

    Attention: Mitchell Gendel, Global General Counsel

    Email: Mitchell.Gendel@tilray.com

     

     

     

	
     

     

    If to Resigning Trustee:

     

	
    GLAS Trust Company LLC

    3 Second Street, Suite 206

    Jersey City, NJ 07311

    Attention: Transaction Manager for Aphria Inc.

    Email: tmgus@glas.agency

     

	
     

    If to Successor Trustee:

     

	
    Computershare Trust Company, N.A.

    6200 South Quebec Street

    Greenwood Village, Colorado 80111

    Attention: Corporate Trust

    Email: corporate.trust@computershare.com

     

 

[Remainder of this Page Intentionally Left Blank;

Signature pages to follow]

 

 

 

 

 

 

 

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement of Resignation, Appointment and Acceptance to be duly executed, all as of the day and year first above written.

 

	 	TILRAY BRANDS, INC. (F/K/A TILRAY, INC.)

                                             

                                             

	 	By:_____________________________________
	 	Name:
	 	Title:
	 	 
	 	GLAS TRUST COMPANY LLC,
	 	
    as Resigning Trustee

     

     

	 	By:_____________________________________
	 	Name:
	 	Title:
	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.,
	 	
    as Successor Trustee

     

     

	 	By:_____________________________________
	 	Name:
	 	Title:

 

 

 

 

 

 

 

 

5.25% Convertible Senior Notes due 2024

     

     

    

EXHIBIT A

Documents to be delivered to Successor Trustee

 

		1.	Executed copy of Indenture and each amendment and supplemental indenture thereto.

 

		2.	File of closing documents from initial issuance.

 

		3.	Collateral, if any, and related documents, if any.

 

		4.	Copies of the most recent of each of the SEC reports delivered by the Company pursuant to Section 4.06
of the Indenture, if any.

 

		5.	A copy of the most recent compliance certificate delivered pursuant to Section 4.08 of the Indenture,
if any.

 

		6.	Certified list of Holders, including certificate detail and all “stop transfers” and the reason
for such “stop transfers” (or, alternatively, if there are a substantial number of registered Holders, the computer tape reflecting
the identity of such Holders), if any.

 

		7.	Copies of any official notices sent by the Trustee to all the Holders of the Securities pursuant to the
terms of the Indenture during the past twelve months and a copy of the most recent Trustee’s annual report to Holders delivered
pursuant to Section of 4.06 the Indenture, if any.

 

		8.	List of documents which, to the knowledge of Resigning Trustee, are required to be furnished but have
not been furnished to Successor Trustee, if any.

 

		9.	Trust account statements (asset & transaction) for the one-year period preceding the date of this
Agreement, if any.

 

		10.	All unissued Security inventory and global notes, if any.

 

		11.	Securities debt service records and conversion records, if any.

 

		12.	Filed, stamped copies of all existing financing statements, if any.

 

 

     

     

    

EXHIBIT B

TILRAY BRANDS, INC. (F/K/A TILRAY INC.)

NOTICE

 

To the Holders of

5.00% Convertible Senior Notes due 2023

 

NOTICE IS HEREBY GIVEN, pursuant to Section 7.10 of
the Indenture, dated as of August 23, 2019 (the “Indenture”), by and between the Company and Trustee, that GLAS
Trust Company LLC has resigned as Trustee, Note Registrar and Paying Agent under the Indenture.

 

Pursuant to Section 7.10 of the Indenture, Computershare
Trust Company, N.A., a national association duly organized and existing under the laws of the United States, has accepted appointment
as successor Trustee, Note Registrar and Paying Agent under the Indenture. The address of the designated corporate trust office of the
successor Trustee is 6200 South Quebec Street, Greenwood Village, Colorado 80111, Attention: Corporate Trust, Email: corporate.trust@computershare.com.
GLAS Trust Company LLC’s resignation as Trustee, Note Registrar and Paying Agent and Computershare Trust Company, N.A.’s appointment
as successor Trustee, Note Registrar and Paying Agent were effective as of the opening of business on January [•] 2022.

 

	Dated: January [•], 2022
	TILRAY BRANDS, INC. (F/K/A TILRAY, INC.)

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