SEC Contract Filing

Filing Date: 2021-04-01

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>ex10-3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.3</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SECOND
NOTE AMENDMENT AGREEMENT</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
SECOND NOTE AMENDMENT AGREEMENT, entered into as of June 23, 2020, (this &ldquo;Second Note Amendment&rdquo;), is among Jay Pharma
Inc., a federally chartered Canadian corporation (&ldquo;Borrower) and Alpha Capital Anstalt (the &ldquo;Noteholder&rdquo;) to
further amend that certain Secured Promissory Note dated January 10, 2020 in the principal amount of $1,500,000 (the &ldquo;Note&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Noteholder and Borrower have agreed for Noteholder to make an advance of US$500,000 to Borrower on the same terms and conditions
as the amount of US$1,500,000 advanced to Borrower on January 10, 2020, including but not limited to the grant of a security interest
and conversion rights.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
CONSIDERATION of the mutual covenants herein contained, and for other good and valuable consideration the receipt and sufficiency
of which is hereby acknowledged, Borrower and Noteholder agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The definition of &ldquo;Loan&rdquo; set forth in the preamble to the Note is hereby amended to be US$2,000,000 of which US$1,500,000
principal amount was advanced January 10, 2020 (&ldquo;Initial Advance&rdquo;) and US$500,000 principal amount is deemed advanced
as of the date of this Second Note Amendment (the &ldquo;June Advance&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Borrower grants Noteholder a security interest and rights with respect to the June Advance as were granted to Borrower with respect
to the Initial Advance pursuant to the Note and the Security Agreement dated January 10, 2020 (the &ldquo;Security Agreement&rdquo;)
entered into in connection with the Note. For the avoidance of doubt, the term &ldquo;Obligations&rdquo; as employed in the Security
Agreement includes the June Advance and all amounts payable in connection with the June Advance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
The Noteholder is granted all of the rights, benefits, and remedies with respect to the June Advance as are held by Noteholder
in connection with the Initial Advance, including but not limited to, the rights set forth in Section 2.01 of the Note with respect
to the Amalgamation Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The Noteholder and Borrower entered into a Securities Purchase Agreement dated as of January 10, 2020 (&ldquo;SPA&rdquo;) with
respect to the purchase for US$3,500,000 of Borrower&rsquo;s Shares and Series A Warrants (as defined in the SPA) upon the conditions
and terms set forth in the SPA. It is hereby agreed that such sum is reduced to US$3,000,000.</FONT></P>

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