FIRST AMENDMENT TO THE MINUTES OF SETTLEMENT
Exhibit 10.12
FIRST AMENDMENT TO THE MINUTES OF SETTLEMENT
THIS FIRST AMENDMENT TO THE MINUTES OF SETTLEMENT is dated as of the 23rd day of October, 2020 (the “Effective Date”),
BETWEEN:
HOLLYWEED NORTH CANNABIS INC., a company incorporated under the Business Corporations Act (British Columbia) and having its registered office at 000-0000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 (“Hollyweed”)
AND:
XXXX XXXXXXXXX, an individual having an address at 0000 Xxxxxxx Xxxx Xxxxx, Xxxxxxxxxx, Xxxxxxx X0X 0X0 (“Stipancic”)
AND:
XXXXX XXXXXX, an individual having an address at 0000 Xxxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0 (“Xxxxxx”)
AND:
XXXXX XXXXX, an individual having an address at 103 - 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0 (“Susin”)
AND:
XXXXXXX XXXXXXXX, an individual having an address at 0000 Xxxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0 (“Xxxxxxxx”)
(collectively, the “Parties” and each, a “Party”).
WHEREAS:
| A. | The Parties entered into minutes of settlement dated April 20, 2020 (the “Original Agreement”); |
| B. | The Parties have agreed to extend the Semi-Anniversary date (as defined in the Original Agreement) (the “Extension”); |
| C. | The Parties have agreed to amend the Original Agreement to reflect the Extension; and |
| D. | The Parties wish to set out in writing the terms and conditions of such amendment of the Original Agreement. |
NOW THEREFORE in consideration of the mutual covenants and promises herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
| 1. | Definitions. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings given to such terms in the Original Agreement.
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| 2. | Amendments the Original Agreement. The following amendments shall be made to the Original Agreement: |
| a. | The last paragraph under subparagraph 2 on page 3 of the of the Original Agreement shall be amended in its entirety to read as follows: |
“If none of the events listed in this ’subparagraph 2 have occurred on or prior to April 20, 2021 (the “Deadline Date”). HollyWeed shall pay the Base Amount to Stipancic on the Deadline Date. For the purposes hereof, the terms “associates” and “affiliates” have the definitions ascribed thereto under the Ontario Business Corporations Act. Furthermore, if none of the events listed in this subparagraph 2 have occurred on or prior to October 20, 2020, HollyWeed shall pay the Base Amount to Stipancic in increments of a minimum of CDN$20,000 upon receiving each subsequent CDN$l million from financing or sales of HollyWeed shares or assets until the Base Amount is paid in full on or prior to the Deadline Date.”
| 3. | No Other Changes. Except as set forth in this Agreement, the Original Agreement shall remain in full force and effect without any further changes or modifications. |
| 4. | Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario, and the federal laws of Canada applicable therein, and each party irrevocably attorns to the courts of the Province of Ontario, which jurisdiction shall be the sole and exclusive jurisdiction for any disputes or claims in relation to this Agreement and all matters related hereto. |
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| 5. | Counterparts. This Agreement may be executed in any number of counterparts. each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by electronic means shall be equally effective as delivery of a manually executed counterpart thereof. |
IN WITNESS WHEREOF the parties have duly executed this Agreement as of the date first written above.
| HOLLYWEED NORTH CANNABIS, INC. | |||
| By: | /s/ Xxxxx Xxxxxx | ||
| Name: | Xxxxx Xxxxxx | ||
| Title: | President and Director | ||
| /s/ Witness | /s/ Xxxxx Xxxxxx | ||
| Witness | XXXXX XXXXXX | ||
| /s/ Witness | /s/ Xxxxx Xxxxx | ||
| Witness | XXXXX XXXXX | ||
| /s/ Witness | /s/ Xxxxxxx Xxxxxxxx | ||
| Witness | XXXXXXX XXXXXXXX | ||
| /s/ Witness | /s/ Xxxx Xxxxxxxxx | ||
| Witness | XXXX XXXXXXXXX | ||
