Document:

Exhibit 10.21

 

EXECUTION
VERSION

 

TRADEMARK SECURITY AGREEMENT

 

This Intellectual Property
Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”)
is entered into as of May 3, 2019, by and between ROCK CLIFF CAPITAL, LLC (the “Lender”), and HERBAL BRANDS,
INC., a Delaware corporation (“Grantor”).

 

RECITALS

 

A. Grantor
has entered into that certain Loan and Security Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”), with Lender , pursuant to which the Lender will make extensions
of credit to Grantor;

 

B. As
a condition to the Loan Agreement, Grantor is required to enter into this Agreement to further evidence the grant to Lender of
the security interest in its Trademarks to secure the Obligations.

 

AGREEMENT

 

NOW, THEREFORE, Grantor agrees as follows:

 

To secure
the Obligations, Grantor grants and pledges to Lender a security interest in all of Grantor’s Intellectual Property consisting
of Trademarks (including without limitation those Trademarks listed on Exhibit A hereto), and all goodwill connected with
the use thereof and symbolized thereby.

 

This security
interest is granted in conjunction with the security interest granted to Lender under the Loan Agreement. The rights and remedies
of Lender with respect to the security interest are as set forth in the Loan Agreement or as are now or hereafter available to
the Lender as a matter of law or equity, shall be cumulative and concurrent.

 

Grantor
represents and warrants that Exhibit A attached hereto set forth any and all Trademarks necessary for the conduct of its
business in connection with which such Grantor has registered or filed an application with the United States Patent and Trademark
Office.

 

All capitalized
terms used herein without definition shall have the meanings ascribed thereto in the Loan Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed effective as of the date set forth above.

 

	Address of Grantor:	GRANTOR:
	 	HERBAL BRANDS, INC.
	489 Fifth Avenue, 27th Floor	 
	New York, NY 10017	By:	/s/
    Kyle Detwiler
	 	Name:  	Kyle Detwiler
	 	Title:	President

 

[SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT]

 

    

     

    

 

	Address of Lender:	LENDER:
	 	ROCK CLIFF CAPITAL, LLC
	412 West 15th Street, 14th
    Floor	 
	New York, New York 10011	By:	/s/
    Justin Korsant
	 	Name:  	Justin Korsant
	 	Title:	Authorized Signatory

 

[SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT]

 

    

     

    

 

Exhibit A – TRADEMARKS

 

	Trademark	 	Applicant	 	Owner	 	Date Filed	 	Serial #	 	Registration
 Date	 	Registration
	DOCTORCARE PLUS	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	12/9/2011	 	85492092	 	1/21/2014	 	4471375
	DOCTORCAREPLUS RIGHTFOOT	 	SupremeBeing, LLC	 	Herbal Brands, Inc.	 	4/10/2015	 	86594356	 	1/17/2017	 	5125005
	HERBAL CLEAN	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	10/10/1995	 	75003292	 	9/17/1996	 	2001460
	MASTER TEA	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	10/10/1995	 	75003295	 	9/17/1996	 	2001461
	NATURAL TREASURES	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	10/10/1995	 	75003298	 	5/27/1997	 	2064566
	MIRACLE BREAST	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	6/2/1999	 	75719466	 	2/13/2001	 	2428925
	Q CLEAN	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	2/3/2000	 	75909283	 	2/19/2002	 	2539154
	PRETOX	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	2/16/2000	 	75921348	 	2/19/2002	 	2539181
	CLEANSING TABS	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	8/27/2001	 	76305877	 	1/7/2003	 	2671491
	THE FIXX	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	8/25/2001	 	76305376	 	4/8/2003	 	2705331
	TOTAL ECLIPSE	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	4/25/2001	 	76246739	 	8/5/2003	 	2748088
	Q CARBO PLUS	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	5/4/2000	 	76041225	 	8/26/2003	 	2756650
	1 SHOT	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	5/16/2003	 	76514920	 	6/15/2004	 	2853016
	GENTLE CARE	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	2/24/2003	 	76491738	 	6/7/2005	 	2960253
	CLEANSING COCKTAIL	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	2/4/2004	 	78362601	 	1/31/2006	 	3056647
	BUTT DUST	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	6/9/2006	 	78904595	 	7/3/2007	 	3258229
	KEESTER KREAM	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	6/2/2006	 	78899620	 	4/1/2008	 	3407614
	GENTLE CARE	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	8/15/2007	 	77256343	 	6/3/2008	 	3439690
	SIMPLY SLENDER LEMONMADE DIET	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	11/6/2007	 	77322752	 	12/16/2008	 	3547936
	ASSURE DETOX	 	ACME Wholesale,	 	Herbal Brands, Inc.	 	5/29/2008	 	77486563	 	11/3/2009	 	3706285
	ELIMINEX	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	1/4/2010	 	77904716	 	8/3/2010	 	3828156
	RELY	 	ACME Wholesale,	 	Herbal Brands, Inc.	 	8/15/2008	 	77548626	 	12/7/2010	 	3886799
	QTABS	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	7/24/2012	 	85685885	 	4/15/2014	 	4513293
	PURITEX	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	8/14/2015	 	86725995	 	11/7/2017	 	5330195
	ERASE+DETOX	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	8/14/2015	 	86725999	 	11/7/2017	 	5330196
	QUICK TABS	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	10/10/1995	 	75003297	 	1/6/1998	 	2127630
	CHEEKY CLEAN	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	8/21/2006	 	78956938	 	12/4/2007	 	3350403
	FOOT De-FUNK	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	11/17/2017	 	87690092	 	Pending	 	Pending
	FOOT De-FUNK	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	11/17/2017	 	87690103	 	Pending	 	Pendings
	SIMPLY SLENDER	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	1/17/2018	 	87759207	 	Pending	 	Pending
	SIMPLY SLENDER	 	BNG Enterprises,	 	Herbal Brands, Inc.	 	1/17/2018	 	87759237	 	Pending	 	Pending
	FUSION FORMULATIONS	 	Fusion Formulations, Inc. (name corrected to	 	Herbal Brands, Inc.	 	12/11/2007	 	77349390	 	5/5/2009	 	3616950Exhibit 10.22

 

EXECUTION
VERSION

 

PATENT
SECURITY AGREEMENT

 

This
Intellectual Property Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”)
is entered into as of May 3, 2019, by and between ROCK CLIFF CAPITAL, LLC (the “Lender”), and HERBAL BRANDS,
INC., a Delaware corporation (“Grantor”).

 

RECITALS

 

A.
Grantor has entered into that certain Loan and Security Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”), with Lender , pursuant to
which the Lender will make extensions of credit to Grantor;

 

B.
As a condition to the Loan Agreement, Grantor is required to enter into this Agreement to further evidence the grant to
Lender of the security interest in its Patents to secure the Obligations.

 

AGREEMENT

 

NOW,
THEREFORE, Grantor agrees as follows:

 

To
secure the Obligations, Grantor grants and pledges to Lender a security interest in all of Grantor’s Intellectual Property
consisting of Patents (including without limitation those Patents listed on Exhibit A hereto).

 

This
security interest is granted in conjunction with the security interest granted to Lender under the Loan Agreement. The rights
and remedies of Lender with respect to the security interest are as set forth in the Loan Agreement or as are now or hereafter
available to the Lender as a matter of law or equity, shall be cumulative and concurrent.

 

Grantor
represents and warrants that Exhibit A attached hereto set forth any and all Patents necessary for the conduct of its business
in connection with which such Grantor has registered or filed an application with the United States Patent and Trademark Office.

 

All
capitalized terms used herein without definition shall have the meanings ascribed thereto in the Loan Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

  

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed effective as of the date set forth above.

  

	Address of Grantor:	GRANTOR:
	 	 
	489 Fifth Avenue, 27th Floor	HERBAL BRANDS, INC.
	 	 
	New York, NY 10017	By:	/s/
    Kyle Detwiler                
	 	Name: 	 Kyle Detwiler
	 	Title: 	President

 

[SIGNATURE PAGE TO PATENT SECURITY AGREEMENT]

 

     

     

    

   

	Address of Lender:	LENDER:
	 	 
	412 West 15th Street, 14th Floor	ROCK CLIFF CAPITAL, LLC
	 	 
	New York, New York 10011	By:	/s/
    Justin Korsant
	 	Name: 	Justin Korsant
	 	Title:	Authorized Signatory

 

[SIGNATURE PAGE TO PATENT SECURITY AGREEMENT] 

 

     

     

    

 

EXHIBIT
A

 

PATENTS

 

		1.	Patents
Issued

   

	Internal
    Reference	 	Title
    of

    Invention	 	Record
    Owner	 	Application

    Date	 	Issuance
    Date	 	Patent
    Number
	Herbal
    Clean Bottle
	 	Bottle	 	Herbal
    Brands, Inc.	 	October
    8, 2014	 	February
    16, 2016	 	D749,419

 

		2.	Patent
Applications.

 

	Internal
    Reference	 	Title
    of

 Invention	 	Applicant	 	Application
    Date	 	Application
    Number
	Ribbed
    container	 	Container	 	Herbal
    Brands, Inc.	 	December
    8, 2017	 	29/628,963
	Oil
    can container	 	Container	 	Herbal
    Brands, Inc.	 	December
    8, 2017	 	29/628,964Exhibit 10.23

 

EXECUTION COPY

 

SUBORDINATION AGREEMENT

 

THIS SUBORDINATION
AGREEMENT (this “Agreement”), is entered into as of May 10, 2019 (the “Effective Date”),
by and between the creditors listed on Schedule A hereto (each individually and without joint liability and solely in its
capacity as holder of the Senior Notes (as defined below) (individually a “Senior Creditor” and together the
“Senior Creditors”), GLAS Americas LLC, as collateral agent (in such capacity, the “Senior Collateral
Agent”) and ROCK CLIFF CAPITAL LLC, a limited liability company formed under the laws of Delaware (“Subordinated
Creditor”). Capitalized terms used but not otherwise defined herein shall have the meanings given them in Section 1(a)
below.

 

RECITALS

 

A. NORTHERN SWAN
HOLDINGS, INC., a British Columbia corporation (“Company”), NS US Holdings, a Delaware corporation and
direct subsidiary of the Company (“Holdings”) and Herbal Brands, Inc., a Delaware corporation and wholly-owned
direct subsidiary of Holdings (the “Herbal Brands” and collectively with the Company and Holdings, the “Loan
Parties”), are indebted and may become further indebted to Senior Creditors pursuant to one or more notes (the “Senior
Notes”), guaranteed pursuant to that certain Amended and Restated Guarantee dated as of May 10, 2019 by, inter alia,
Holdings and Herbal Brands in favour of the Senior Collateral Agent (as amended, modified, restated, replaced or supplemented
from time to time in accordance with this Agreement, the “Senior Guarantee”), and secured pursuant to that
certain Amended and Restated Pledge Agreement dated as of May 10, 2019, by the Company in favour of the Senior Collateral Agent
(the “Senior Pledge Agreement”).

 

B.
The Company, Holdings and Herbal Brands (Herbal Brands, in such capacity, the “Subordinated Borrower”), have entered
into certain Subordinated Loan Documents with Subordinated Creditor, which are (i) secured by the Subordinated Secured Assets
and (ii) guaranteed by the Subordinated Guaranty.

 

C. Subordinated Creditor
and the Loan Parties desire to obtain Senior Creditors’ consent to the Subordinated Loan Documents, the incurrence of indebtedness
thereunder by Subordinated Borrower and the guaranty of obligations thereunder by the Company, and Subordinated Creditor and Senior
Creditors desire to agree to and to set forth their respective rights, priorities and interests governing their respective relationships
with Company and the collateral for the loans granted pursuant to the Subordinated Loan Documents and the Senior Loan Documents
at all times on and after the Effective Date.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
Loan Parties’ and Subordinated Creditor’s entering into the Subordinated Loan Documents, Subordinated Creditor and
Senior Creditors hereby agree as follows:

 

1. DEFINITIONS; EFFECTIVENESS

 

(a) DEFINITIONS. As used herein, the following
terms shall have the following meanings:

 

“Discharge
of Senior Debt” means all obligations in respect of the Senior Notes and premium, if any, on such obligations shall have
been paid in full (other than contingent indemnification obligations) or converted as provided in Section 3.1, Section 3.2 and
Section 4.6 of the Senior Notes, and all commitments of the Senior Creditors to extend credit under the Senior Notes shall have
been terminated.

 

“Permissible
Securities” means (i) any debt or convertible debt securities of any Loan Party, any of its subsidiaries, or its direct
or indirect parent company, paid or distributed in respect of any Subordinated Debt in any case or proceeding by or against any
Loan Party, any of its subsidiaries, or its direct or indirect parent company, commenced under the United States Bankruptcy Code
or any other insolvency law, the payment of which is subordinated, at least to the extent provided in this Agreement with respect
to the Subordinated Debt, to the payment of all Senior Debt and all other securities issued in exchange thereof and (ii) any convertible
securities, options, capital stock or equity interests of any Loan Party, any of its subsidiaries, or its direct or indirect parent
company, paid or distributed in respect of any Subordinated Debt.

 

    

     

    

 

“Senior Debt”
means any and all indebtedness and obligations for borrowed money (including, without limitation, principal, premium (if any),
interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations) at any time owing by the
Loan Parties to Senior Creditors under the Senior Loan Documents (including, without limitation, the Secured Obligations (as defined
in the Amended and Restated Intercreditor and Collateral Agency Agreement between, inter alia, the Senior Collateral Agent, GLAS
USA LLC, as paying agent, the Company, as issuer, and the Senior Creditors (the “Senior Intercreditor Agreement”))),
including but not limited to such amounts as may accrue or be incurred before or after default or workout or the commencement of
any liquidation, dissolution, bankruptcy, receivership, or reorganization case by or against the Loan Parties, the principal amount
of which shall not exceed the Senior Debt Cap.

 

“Senior Debt
Cap” means principal indebtedness under the Senior Notes in an amount outstanding at any time of up to Seventy Million
U.S. Dollars ($70,000,000).

 

“Senior Loan
Documents” means each of the Senior Notes, the Senior Guarantee, the Senior Pledge Agreement and any other agreement,
security agreement, document, promissory note, UCC financing statement, or instrument executed by the Loan Parties in favor of
Senior Creditors pursuant to or in connection with the Senior Notes, as the same may from time to time be amended, modified, supplemented,
extended, renewed, restated or replaced in accordance with this Agreement.

 

“Subordinated
Debt” means any and all indebtedness and obligations for borrowed money (including, without limitation, principal, premium
(if any), interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations) at any time
owing by the Loan Parties to Subordinated Creditor under the Subordinated Loan Documents (including, without limitation, the Obligations
(as defined in the Subordinated Loan Agreement)), including but not limited to such amounts as may accrue or be incurred before
or after default or workout or the commencement of any liquidation, dissolution, bankruptcy, receivership, or reorganization case
by or against the Loan Parties.

 

“Subordinated
Loan Documents” means (i) that certain Loan and Security Agreement, dated as of May 3, 2019, between Subordinated Borrower
and Subordinated Creditor providing for an aggregate principal amount of up to Eight Million Five Hundred Thousand Dollars ($8,500,000)
(“Subordinated Loan Agreement”), (ii) that certain Guaranty, dated as of May 3, 2019, between Company and Subordinated
Creditor, providing for a guarantee by the Company of Obligations (as defined in the Subordinated Loan Agreement) (the “Subordinated
Guaranty”), (iii) that certain Pledge Agreement, dated as of May 3, 2019 by and between Holdings and Subordinated Creditor
(the “Holdings Pledge Agreement”) and (iv) any other agreement, document, promissory note, financing statement,
or instrument executed by Company in favor of Subordinated Creditor or its agent pursuant to or in connection with the Subordinated
Debt, as the same may from time to time be amended, modified, supplemented, extended, renewed, restated or replaced in accordance
with this Agreement. Any changes to the payment schedule or the maturity of any of the Subordinated Debt that would require payments
of the Subordinated Debt at time or time that is earlier than the payment schedule or maturity pursuant to the Subordinated Loan
Documents as in effect on the Effective Date requires the prior written approval from Senior Creditors.

 

“Subordinated
Secured Assets” means (i) all (a) the Equity Interests in Herbal Brands owned by Holdings set forth on Exhibit B
hereto and (b) all additional or substitute Equity Interests of any class from time to time issued by Herbal Brands to Holdings,
the certificates representing such additional or substitute Equity Interests and all Stock Rights related thereto; and all proceeds
(including Stock Rights) of the foregoing, together with all books and records, computer files, programs, printouts and other computer
materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the foregoing (all
capitalized terms used in this clause (i) and not otherwise defined herein shall have the meaning given such terms in the Holdings
Pledge Agreement) and (ii) all of the following, whether now owned or hereafter acquired by Herbal Brands: all Accounts; all Chattel
Paper; all Commercial Tort Claims; all Contracts; all Deposit Accounts, all Documents; all General Intangibles, including, without
limitation, Intellectual Property; all Goods, Equipment, Inventory and Fixtures; all Instruments, including, without limitation,
all Promissory Notes; all Investment Property; all Letter-of-Credit Rights; all Money; all Securities Accounts; all Supporting
Obligations of Herbal Brands; all other goods and personal property of Herbal Brands, wherever located, whether tangible or intangible,
and whether now owned or hereafter acquired, existing, leased or consigned by or to Herbal Brands; and, to the extent not otherwise
included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for and rents, profits and
products of each of the foregoing (all capitalized terms used in this clause (i) and not otherwise defined herein shall have the
meaning given such terms in the Subordinated Loan Agreement).

 

    2

     

    

 

Unless otherwise specified, all references
in this Agreement to a “Section” shall refer to the corresponding Section in or to this Agreement. The capitalized
term “Senior Collateral” as used in this Agreement has the meaning ascribed to the term “Collateral” in
the Senior Intercreditor Agreement. Other capitalized terms used herein and not otherwise defined herein shall have the meaning
given such terms in the Uniform Commercial Code as in effect in the State of New York, as in effect from time to time (“UCC”).

 

2. SUBORDINATION

 

(a) On the terms and
conditions set forth below, Subordinated Creditor’s right to payment and performance of the Subordinated Debt are hereby
subordinated to Senior Creditors’ right to full payment and performance of the Senior Debt. Subject to and except as set
forth in Section 3, Subordinated Creditor shall not ask, demand, sue for, take or receive from the Loan Parties, by setoff or in
any other manner, the whole or any part of any monies which may now or hereafter be owing by the Loan Parties to Subordinated Creditor,
or be owing by any other person or entity to Subordinated Creditor under a guaranty or similar instrument, on account of the Subordinated
Debt, unless and until the Discharge of Senior Debt.

 

(b) The subordination
contained in this Agreement is intended solely to define the rights and duties of Subordinated Creditor and Senior Creditors; it
is not intended that the Loan Parties or any other person or entity (including any bankruptcy trustee, receiver, or debtor-in-possession)
shall benefit or derive any rights from it. If the effect of the subordination contained in this Agreement would be to give any
other person or entity a priority status to which that person or entity would not otherwise be entitled, then that provision shall,
to the extent necessary to avoid that priority, be given no effect and the rights and priorities of Senior Creditors and Subordinated
Creditor shall be determined in accordance with applicable law and this Agreement. Nothing in this Agreement shall impair, as among
the Loan Parties and the Senior Creditors and the Subordinated Creditor, the obligations of the Loan Parties, including without
limitation the obligations to pay principal, interest, fees and other amounts, as provided in the Senior Loan Documents and the
Subordinated Loan Documents.

 

(c) Notwithstanding
anything in this Agreement to the contrary, nothing herein shall be deemed to subordinate, waive or restrict the contractual or
other rights of Subordinated Creditor under any warrants or capital stock, including without limitation rights with respect to
any dividends or distributions on any thereof or the proceeds of any thereof, that the Loan Parties may issue to Subordinated Creditor
from time to time, nor shall anything herein restrict the performance of the Loan Parties’ obligations under or with respect
to such warrants or such capital stock or other equity interest. Without limiting the foregoing, (i) the term “Subordinated
Debt” shall not include any liabilities, indebtedness or obligations of the Loan Parties under or with respect to any such
warrants, capital stock or equity interests, (ii) the term “Subordinated Loan Documents” shall not include any agreement,
document, certificate or instrument in favor of Subordinated Creditor pursuant to or in connection with any such warrants, capital
stock or equity interests and (iii) nothing in this Agreement shall prevent the Subordinated Creditor from retaining for its own
account any dividends or distributions on or the proceeds of any of such warrants, capital stock or equity interests.

 

(d) In the event of
the occurrence of an Insolvency Event (as hereinafter defined), this Agreement shall remain in full force and effect in accordance
with Section 510(a) of the United States Bankruptcy Code.

 

3. PERMITTED PAYMENTS; PAYMENT BLOCKAGE

 

(a) Notwithstanding anything to the contrary
contained in Section 2, but subject expressly to Section 3(b), Loan Parties shall be permitted to make, and Subordinated
Creditor shall be permitted to ask, demand, sue for, take or receive from Loan Parties, by setoff or in any other manner, the
following permitted payments (“Permitted Payments”): (i) scheduled repayments of non-accelerated principal
when due under the Subordinated Loan Documents; (ii) payments of accrued interest (including default interest) when due under
the Subordinated Loan Documents; (iii) payment of the Back-End Fee (as defined in the Subordinated Loan Agreement) when due
under the Subordinated Loan Documents (iv) payments of reimbursable expenses, costs and professional fees and expenses as and
when due under the Subordinated Loan Documents; (v) payments in Permissible Securities; and (vi) other payments consented to
in writing by Senior Creditors holding at least 50% aggregate principal amount of the Senior Notes.

 

    3

     

    

 

(b) Notwithstanding anything to the contrary
contained in this Section 3 or elsewhere in this Agreement, if the Senior Collateral Agent delivers to Subordinated Creditor
written notice (a “Blockage Notice”) which states that there has been a default under the Senior Loan
Documents that has not been cured then, during any Blockage Period (as defined below), Subordinated Creditor shall not accept
or receive any payment of any kind of or on account of the Subordinated Debt, unless and until the earlier of (A) the time
Senior Creditors notify Subordinated Creditor in writing that the default by the Loan Parties has been cured by the Loan
Parties or waived by Senior Creditors (and the Senior Creditors agree that they will promptly notify the Subordinated
Creditor of any such cure or waiver), or (B) the expiration of the Blockage Period for such Blockage Notice. Notwithstanding
the foregoing, Subordinated Creditor may accept and retain (i) any distribution to the Loan Parties’ unsecured
creditors constituting the proceeds of the Loan Parties’ assets that are not otherwise subject to Senior
Creditors’ security interest or lien, (ii) payments of accrued interest (including default interest) when due under the
Subordinated Loan Documents, (iii) payments of reimbursable expenses, costs and professional fees and expenses as and when
due under the Subordinated Loan Documents, and (iv) any payments in Permissible Securities.

 

As used herein, “Blockage
Period” means a period of time beginning on the date a Blockage Notice is delivered to Subordinated Creditor and terminating
on the earlier to occur of:

 

(1) 60 days following such date; or

 

(2) the written consent
of Senior Creditors holding at least 50% aggregate principal amount of the Senior Notes to such termination.

 

Senior Creditors shall not issue more than
one (1) Blockage Notice for defaults which do not involve a failure to make a payment of Senior Debt in any period of 365 consecutive
days.

 

4. ENFORCEMENT RIGHTS

 

Notwithstanding anything
to the contrary contained in Section 2, Subordinated Creditor’s rights to accelerate the maturity of the Subordinated Debt,
enforce any claim (including any default remedy) with respect to the Subordinated Debt or the collateral for the Subordinated
Debt, or otherwise to take any action against the Loan Parties or Loan Parties’ property with respect to the Subordinated
Debt shall be subject to any Blockage Period pursuant to Section 3(b); provided, however, notwithstanding the foregoing,
Subordinated Creditor may take any of the following actions: (a) file claims upon the occurrence of an Insolvency Event (as defined
in Section 6 below) pursuant to the terms of Section 6(b); (b) accelerate the maturity of, or demand as immediately due and payable,
all or any portion of the Subordinated Debt (i) upon the occurrence of an Insolvency Event or (ii) at any time after the Senior
Creditors have accelerated the Senior Debt; (c) impose the “Default Rate” (as defined in the Subordinated Loan Agreement)
of interest; (d) provide notice of any default or event of default, even if acceleration is not permitted under this Agreement;
or (e) deliver any notice of exclusive control with respect to any deposit, operating, securities or investment accounts of the
Loan Parties provided that Subordinated Creditor shall not exercise any rights with respect to such accounts in violation of the
terms of this Agreement including, without limitation, withdrawing, disposing or otherwise instructing any person or entity to
post for the account of Subordinated Creditor any cash, funds, securities, entitlements or other property or rights in such accounts
or any proceeds thereof.

 

5. ASSIGNMENT OF SUBORDINATED DEBT

 

Subordinated Creditor
hereby covenants to Senior Creditors that prior to the termination of this Agreement in accordance with Section 12, unless assigned
pursuant to an assignment made expressly subject to this Agreement, the entire Subordinated Debt created in favor of Subordinated
Creditor shall continue to be owing only to Subordinated Creditor, and any collateral security therefor (including, without limitation,
the collateral security granted to Subordinated Creditor pursuant to the Subordinated Loan Documents) shall continue to be held
solely for the benefit of Subordinated Creditor. Any promissory note issued pursuant to the Subordinated Loan Agreement shall be
legended to expressly state that it is subject to this Agreement.

 

    4

     

    

 

6. SENIOR CREDITOR’S PRIORITY

 

In the event of any distribution, division, or application,
partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of the Loan
Parties or the proceeds thereof to the creditors of the Loan Parties, or the readjustment of the Senior Debt and the Subordinated
Debt of the Loan Parties, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of
creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated
Debt, or the application of the property of the Loan Parties to the payment or liquidation thereof, or upon the dissolution, liquidation,
reorganization, or other winding up of the Loan Parties’ business, or upon the sale of all or any substantial part of the
Loan Parties’ property (any of the foregoing being hereinafter referred to as an “Insolvency Event”),
then, and in any such event, Senior Creditors shall be entitled to receive the payment in cash in full of the Senior Debt before
Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance
thereof:

 

(a) All payments and
distributions of any kind or character, whether in cash, property, or securities, in respect of the Subordinated Debt to which
Subordinated Creditor would be entitled if the Subordinated Debt were not subordinated pursuant to this Agreement, other than Permissible
Securities, shall be paid to Senior Creditors and applied in payment of the Senior Debt;

 

(b) Subordinated Creditor
shall file a claim or claims, on the form required in such proceedings, on or before thirty (30) days prior to the last date such
claims or proofs of claim may be filed pursuant to law or the order of any court exercising jurisdiction over such proceeding;
and

 

(c) Notwithstanding
the foregoing, if any payment or distribution of any kind or character, whether in cash, properties or securities, shall be received
by Subordinated Creditor on account of the Subordinated Debt before all of the Senior Debt has been paid in violation of this Agreement,
then such payment or distribution shall be received by Subordinated Creditor in trust for and shall be promptly paid over to Senior
Creditors for application to the payments of amounts due on the Senior Debt until the Discharge of Senior Debt.

 

7. GRANT OF AUTHORITY

 

In the event of the
occurrence of an Insolvency Event, and in order to enable Senior Creditors to enforce their rights hereunder in any of the aforesaid
actions or proceedings, Senior Creditors are hereby irrevocably authorized and empowered, in Senior Creditors’ discretion,
as follows:

 

(a) Senior Creditors
are hereby irrevocably authorized and empowered (in its own name or in the name of Subordinated Creditor or otherwise), but shall
have no obligation, (i) to demand, sue for, collect and receive every payment or distribution referred to in Section 6, and give
acquittance therefor and (ii) (if Subordinated Creditor has failed to file claims or proofs of claim on or before thirty (30) days
prior to the last date such claims or proofs of claim may be filed pursuant to law or the order of any court exercising jurisdiction
over such proceeding) to file claims and proofs of claim, and (iii) to take such other action (including, without limitation, enforcing
any lien securing payment of the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any
of the rights or interests of Senior Creditors hereunder. Subordinated Creditor shall duly and promptly take such action as Senior
Creditors may reasonably request to execute and deliver to Senior Creditors such authorizations, endorsements, assignments, or
other instruments as Senior Creditors may reasonably request in order to enable Senior Creditors to enforce any and all claims
with respect to, and any liens securing payment of, the Subordinated Debt as such enforcement is contemplated herein.

 

(b) To the extent that
payments or distributions on account of the Subordinated Debt are made in property or securities other than cash (other than Permissible
Securities), Subordinated Creditor authorizes Senior Creditors, to sell or dispose of such property or securities on such terms
as are commercially reasonable in the situation in question. Following full payment in cash of the Senior Debt, Senior Creditors
shall remit to Subordinated Creditor (with all necessary endorsements), to the extent of Subordinated Creditor’s interest
therein, all payments and distributions of cash, property, or securities paid to and held by Senior Creditors in excess of the
allowed amount of the Senior Debt.

 

    5

     

    

 

8. AGREEMENTS OF SUBORDINATED CREDITOR

 

In addition to and without limiting the provisions
of Section 7:

 

(a) Until the Discharge
of Senior Debt, Subordinated Creditor shall not commence or join in any involuntary bankruptcy petition or similar judicial proceeding
against the Loan Parties.

 

(b) Notwithstanding
the foregoing, (i) in any proceedings related to an Insolvency Event, Subordinated Creditor may take any action to preserve or
protect the validity and enforceability of its liens so long as no such action is, or could reasonably be expected to be, inconsistent
with the terms of this Agreement, (ii) Subordinated Creditor may file any responsive or defensive pleadings in opposition to any
motion, claim, adversary proceeding or other pleading made by any person or entity objecting to or otherwise seeking the disallowance
of the claims of Subordinated Creditor, including any claims secured by the Subordinated Secured Assets, or the avoidance of any
liens held by Subordinated Creditor or otherwise make any agreements or file any motions pertaining to the Subordinated Debt, in
each case, to the extent not inconsistent with the terms of this Agreement; (iii) Subordinated Creditor may participate in any
assert rights and remedies in any insolvency proceeding against the Loan Parties as an unsecured creditor; and (iv) Subordinated
Creditor may enforce any of its rights and exercise any of its remedies with respect to the Subordinated Secured Assets after the
termination of the period set forth in Section 3(b); and

 

9. PAYMENTS RECEIVED BY SUBORDINATED CREDITOR

 

Should any payment,
distribution, or security be received by Subordinated Creditor upon or with respect to the Subordinated Debt (other than Permitted
Payments) prior to termination of this Agreement in accordance with Section 10, Subordinated Creditor shall receive and hold the
same in trust for the benefit of Senior Creditors and shall forthwith deliver the same to Senior Creditors in precisely the form
received (except for the endorsement or assignment of Subordinated Creditor where necessary) for application to the Senior Debt,
and, until so delivered, the same shall be held in trust by Subordinated Creditor as the property of Senior Creditors.

 

10. SUBORDINATED SECURED ASSETS

 

Subordinated Creditor
and the Loan Parties each acknowledge in favour of the Senior Creditors that Subordinated Creditor has not been granted any security
interest from the Loan Parties or any other Person to secure the Subordinated Debt other than a security interest in the Subordinated
Secured Assets. Subordinated Creditor covenants in favour of the Senior Creditors that during the term of this Agreement it will
not take from any Loan Party (other than Herbal Brands) or any of their affiliates security for the payment of or performance of
obligations in respect of the Subordinated Debt other than the Subordinated Secured Assets. Each of the Loan Parties (other than
Herbal Brands) covenants in favour of the Senior Creditors that during the term of this Agreement, it will not deliver or allow
the delivery by another Loan Party or any of their affiliates to Subordinated Creditor any security for the payment of or performance
of obligations in respect of the Subordinated Debt other than the Subordinated Secured Assets. Should any Loan Party (other than
Herbal Brands) or any of their respective affiliates breach this covenant, each of the Loan Parties and Subordinated Creditor acknowledges
and agrees that all such security shall be void and of no force or effect until the Discharge of Senior Obligations.

 

11. FURTHER ASSURANCES; COOPERATION

 

Subject to Section
17(b), Subordinated Creditor agrees to cooperate with Senior Creditors and to take all actions that Senior Creditors may reasonably
require to enable Senior Creditors to realize the full benefits of this Agreement.

 

12. TERMINATION OR AMENDMENT OF AGREEMENT

 

This Agreement shall
be effective upon its execution by each of Senior Creditors and Subordinated Creditor. After the Effective Date, this Agreement
shall remain in effect and cannot be revoked or amended by Subordinated Creditor, except with the prior written consent of Senior
Creditors holding at least 50% aggregate principal amount of the Senior Notes. Senior Creditors and Subordinated Creditor agree
that no amendment hereto shall be binding upon the Loan Parties or the Senior Collateral Agent unless the Loan Parties or the Senior
Collateral Agent, as applicable, shall have received notice of such amendment. Subject to Section 14, this Agreement shall terminate
upon the date on which both (a) the Discharge of Senior Debt occurs, and (b) the Senior Loan Documents shall have been terminated.

 

    6

     

    

 

13. SUBROGATION

 

If cash or other property
otherwise payable or deliverable to Subordinated Creditor or on account of the Subordinated Debt shall have been applied pursuant
to this Agreement to the payment of the Senior Debt, and if the Discharge of Senior Debt has occurred, then Subordinated Creditor
shall be subrogated to any rights of Senior Creditors to receive further payments or distributions applicable to the Senior Debt
until the Subordinated Debt shall have been fully paid. No such payments or distributions received by Subordinated Creditor by
reason of such subrogation shall, as between the Loan Parties and its creditor other than Senior Creditors, on the one hand, and
Subordinated Creditor, on the other hand, be deemed to be a payment by the Loan Parties on account of the Subordinated Debt owed
to Subordinated Creditor.

 

14. SUBORDINATED CREDITOR’S WAIVERS AND COVENANTS

 

(a) Without limiting
the generality of any other waiver made by Subordinated Creditor in this Agreement, Subordinated Creditor hereby expressly waives
(i) reliance by Senior Creditors upon the subordination and other agreements herein provided, and (ii) any claim that Subordinated
Creditor may now or hereafter have against Senior Creditors arising out of any and all actions that Senior Creditors, in good faith,
take or omit to take (A) with respect to the creation, perfection or continuation of liens in or on any collateral security for
the Senior Debt, (B) with respect to the foreclosure upon, sale, release, or depreciation of, or failure to realize upon, any of
the collateral security for the Senior Debt, (C) with respect to the collection of any claim for all or any part of the Senior
Debt from any account debtors, guarantor or any other third party and (D) with respect to the valuation, use, protection or release
of any collateral security for the Senior Debt.

 

(b) Without limiting
the generality of any other covenant or agreement made by Subordinated Creditor in this Agreement, Subordinated Creditor hereby
covenants and agrees that (i) the Senior Creditors have not made any warranties or representations with respect to the due execution,
legality, validity, completeness or enforceability of the Senior Notes or any of the other Senior Loan Documents, or the collectability
of the Senior Debt; (ii) Subordinated Creditor will not interfere with or in any manner oppose a disposition of any collateral
security for the Senior Debt by Senior Creditors; and (iii) Subordinated Creditor shall endeavor to give Senior Creditors prompt
written notice of the occurrence of any default or event of default under the Subordinated Loan Documents, and shall, simultaneously
with giving any notice of default to the Loan Parties, shall endeavor to provide Senior Creditors with a copy of any notice of
default given to the Loan Parties; provided, that a failure to provide such notices and such copies shall not be deemed to be a
breach of this Agreement.

 

15. REINSTATEMENT OF SENIOR DEBT

 

To the extent that
any Senior Creditor receives payments on or proceeds of any collateral security for the Senior Debt, which payments or proceeds
are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver
or any other party under any bankruptcy law, state or federal law, common law, or equitable cause, then, to the extent of such
payments or proceeds invalidated, declared to be fraudulent or preferential, set aside or required to be repaid, the Senior Debt,
or part thereof, intended to be satisfied shall be revived and continue in full force and effect as if such payments or proceeds
had not been received by such Senior Creditor.

 

16. NO WAIVERS

 

Senior Creditors shall
not be prejudiced in its rights under this Agreement by any act or failure to act of the Loan Parties or Subordinated Creditor
or any noncompliance of the Loan Parties or Subordinated Creditor with any agreement or obligation, regardless of any knowledge
thereof which Senior Creditors may have, or with which Senior Creditors may be charged; no action permitted hereunder that has
been taken by Senior Creditors shall in any way affect or impair the rights or remedies of Senior Creditors in the exercise of
any other right or remedy or shall operate as a waiver thereof; no single or partial exercise by Senior Creditors of any right
or remedy shall preclude any other or further exercise thereof; and no modification or waiver of any of the provisions of this
Agreement shall be binding upon Senior Creditors, in each case except as expressly set forth in a writing duly signed and delivered
by Senior Creditors holding at least 50% aggregate principal amount of the Senior Notes.

 

    7

     

    

 

17. INFORMATION CONCERNING COMPANY; CREDIT ADMINISTRATION

 

(a) Each of Senior
Creditors and Subordinated Creditor hereby assumes responsibility for keeping itself informed of the financial condition of the
Loan Parties, any and all endorsers and any and all guarantors of the Senior Debt or Subordinated Debt, as applicable, and of all
other circumstances bearing upon the risk of nonpayment of the Senior Debt or the Subordinated Debt that diligent inquiry would
reveal, and each of Senior Creditors and Subordinated Creditor hereby agrees that the other shall not have any duty to advise it
of information known to the other regarding such condition.

 

(b) Subject to Sections
3, 4, 7, 8 and 9, Subordinated Creditor may (i) administer and manage its credit and other relationships with the Loan Parties
in its own best interest, and (ii) amend or extend its agreements with the Loan Parties or enter into additional agreements with
the Loan Parties, all without the consent of or notice to Senior Creditors; provided that neither this Section 17(b) nor
any amendments or additional agreements referred to therein shall impair or affect the subordination of Subordinated Debt or change
the definition of Permitted Payments, Subordinated Debt, Subordinated Creditor, Senior Debt or Senior Creditor.

 

18. NOTICES

 

Except as otherwise
provided herein, all notices and service of process required, contemplated, or permitted hereunder or with respect to the subject
matter hereof shall be in writing, and shall be deemed to have been validly served, given or delivered upon the earlier of: (a)
the first business day after transmission by facsimile or hand delivery or deposit with an nationally recognized overnight express
service or overnight mail delivery service; or (b) the fifth calendar day after deposit in the United States mails, with proper
first class postage prepaid, and shall be addressed to the party to be notified as follows:

 

	 	If to a Senior Creditor:	To the addresses set forth on Schedule A
	 	 	 
	 	If to the Senior Collateral Agent:	GLAS Americas LLC
	 	 	3 Second Street, Suite 206
	 	 	Jersey City, NJ 07311
	 	 	Phone: 201-839-2181
	 	 	Attention: Corporate Trust Administration
	 	 	Email: adam.berman@glas.agency
	 	 	 
	 	If to Subordinated Creditor:	Rock Cliff Capital LLC
	 	 	c/o Long Light Capital, LLC 
	 	 	412 West 15th Street, 14th Floor 
	 	 	New York, New York 10011

 

19. SEVERABILITY

 

Wherever possible,
each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if
any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

20. GOVERNING LAW

 

This Agreement shall be governed by and interpreted
in accordance with the laws of the State of New York without regard to principles or rules that would cause the application of
laws of any other jurisdiction.

 

    8

     

    

 

21. ASSIGNMENT

 

This Agreement shall
be binding upon the Subordinated Creditor and its respective successors and assigns, and shall inure to the benefit of and be enforceable
by each Senior Creditor and its successors and assigns.

 

22. CONSENT

 

Each Senior Creditor
hereby consents to the liens and security interests in the Subordinated Secured Assets and the indebtedness created or to be created
under Subordinated Loan Agreement and agrees that the grant or existence of such liens and security interests in the Subordinated
Secured Assets does not and shall not constitute a default or an event of default under or a breach of the Senior Loan Documents
or this Agreement. Subordinated Creditor hereby consents to the liens and security interests in the collateral for the Senior Debt
and the indebtedness created or to be created under the Senior Notes and agrees that the grant or existence of such liens and security
interests does not and shall not constitute a default or an event of default under the Subordinated Loan Documents.

 

23. WAIVER AND JUDICIAL REFERENCE

 

TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, SUBORDINATED CREDITOR AND SENIOR CREDITOR EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF .ANY CLAIM OR
CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE SENIOR LOAN DOCUMENTS, THE SUBORDINATED LOAN DOCUMENTS OR ANY
CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY, AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT
FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

24. COUNTERPARTS

 

This Agreement and
any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts, and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts
together shall constitute but one and the same instrument.

 

25. ATTORNEYS’ FEES

 

In the event of any
legal action to enforce the rights of a party under this Agreement, the party prevailing in such action shall be entitled, in addition
to such other relief as may be granted, all reasonable costs and expenses, including reasonable attorneys’ fees, incurred
in such action.

 

26. ADDITIONAL AGREEMENTS FOR SENIOR CREDITOR

 

(a) Senior Creditors
and Senior Collateral Agent may administer and manage its credit and other relationships with the Loan Parties in its own best
interest, without notice to or consent of Subordinated Creditor except as expressly set forth in this Agreement. At any time and
from time to time, Senior Creditors may enter into any amendment or agreement with the Loan Parties as Senior Creditors or Senior
Collateral Agent may deem proper, extending the time of payment of or renewing or otherwise altering the terms of all or any of
the obligations constituting Senior Debt or affecting the collateral security for, supporting or underlying any or all of the
Senior Debt, and may exchange, sell, release, surrender or otherwise deal with any such collateral without in any way thereby
impairing or affecting this Agreement, and all such additional agreements and amendments shall be Senior Loan Documents evidencing
the Senior Debt; provided, that the Senior Creditors shall not increase the principal amount under the Senior Creditor
Agreement above the limits set forth in the definition of “Senior Debt; and provided  further, that neither
this Section 26 nor any provision of such agreements shall affect the limitations contained in the definitions of Senior Creditor
or Senior Debt. Upon written request, Senior Creditors or Senior Collateral Agent shall provide Subordinated Creditor with copies
of such amendments and/or agreements with the Loan Parties.

 

(b) Without limiting the generality of any other
covenant or agreement made by Senior Creditors and Senior Collateral Agent in this Agreement, each Senior Creditor and Senior
Collateral Agent hereby covenants and agrees that (i) such Senior Creditor and Senior Collateral Agent shall not contest,
challenge or dispute the validity, attachment, perfection, priority or enforceability of Subordinated Creditor’s
security interest in the Subordinated Collateral, or the validity, priority or enforceability of the Subordinated Debt; and
(ii) such Senior Creditor and Senior Collateral Agent shall endeavor to give Subordinated Creditor prompt written notice of
the occurrence of any default or event of default under the Senior Loan Documents, and shall, simultaneously with giving any
notice of default to the Loan Parties, shall endeavor to provide Subordinated Creditor with a copy of any notice of default
given to the Loan Parties; provided, that a failure to provide such notices and such copies shall not be deemed to be a
breach of this Agreement.

 

[Signature page follows.]

 

    9

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed as of the date first above written. 

 

	NS CO-INVESTMENT LLC	 
	 	 
	Signature:	/s/
    Owen Littman	 
	Print Name:	Owen Littman	 
	Title:	Authorized Signatory	 

 

	COWEN INVESTMENTS II LLC	 
	 	 
	Signature:	/s/
    Owen Littman	 
	Print Name:	Owen Littman	 
	Title:	Authorized Signatory	 

 

	RIMROCK HIGH INCOME PLUS (MASTER)
    FUND, LTD.
	 	 	 
	Signature:	/s/ Chichester	 
	Print Name:	Chichester 	 
	Title:	MP	 

 

	AC ANSON INVESTMENTS LTD.
	 	 	 
	Signature:	/s/
    Amin Nathoo	 
	Print Name:	Amin Nathoo	 
	Title:	Director	 

 

	ANSON INVESTMENTS MASTER FUND
    LP by its co-investment advisor, Anson Advisors Inc.
	 	 	 
	Signature:	/s/
    Amin Nathoo	 
	Print Name:	Amin Nathoo	 
	Title:	Director	 

 

	ANSON OPPORTUNITIES MASTER FUND
    LP by its co-investment advisor, Anson Advisors Inc.
	 	 	 
	Signature:	/s/
    Amin Nathoo	 
	Print Name:	Amin Nathoo	 
	Title:	Director	 

 

[Signature
Page to Subordination Agreement]

 

     

     

    

 

	ANSON EAST MASTER FUND LP by
    its co-investment advisor, Anson Advisors Inc.
	 	 	 
	Signature:	/s/
    Amin Nathoo	 
	Print Name:	Amin Nathoo	 
	Title:	Director	 

 

	AXIOS GROWTH PARTNERS, LLC	 
	 	 	 
	Signature:	/s/ Nicholas Rutherfurd	 
	Print Name:	Nicholas Rutherfurd	 
	Title:	Principal	 

 

	GLAS AMERICAS LLC	 
	 	 	 
	Signature:	/s/
    Adam Berman	 
	Print Name:	Adam Berman
	 
	Title:	Vice President

	 

 

[Signature
Page to Subordination Agreement]

 

     

     

    

 

	ROCK
                    CLIFF CAPITAL LLC

	 
	 	 	 
	Signature:	/s/
    Justin Korsant	 
	Print
    Name:	Justin
    Korsant	 
	Title:	Authorized
    Signatory	 

 

[Signature
Page to Subordination Agreement]

 

     

     

    

 

	 	Acknowledged and Agreed to by:
	 	 	 
	 	Company:	 
	 	 	 
	 	NORTHERN SWAN HOLDINGS, INC.
	 	 	 
	 	Signature:  	/s/
    Kyle Detwiler
	 	Print Name:	Kyle Detwiler
	 	Title:	CEO
	 	 	 
	 	489 Fifth Ave, Floor 27
	 	New York, NY 10017
	 	Attention: Kyle Detwiler
	 	Email: kyle@northernswan.com
	 	 	 
	 	Holdings:	 
	 	 	 
	 	NS US HOLDINGS, INC.
	 	 	 
	 	Signature:	/s/
    Kyle Detwiler
	 	Print Name:	Kyle Detwiler
	 	Title:	CEO
	 	 	 
	 	489 Fifth Ave, Floor 27
	 	New York, NY 10017
	 	Attention: Kyle Detwiler
	 	Email: kyle@northernswan.com
	 	 	 
	 	Subordinated Borrower:
	 	 	 
	 	HERBAL BRANDS, INC.
	 	 	 
	 	Signature:	/s/ Kyle Detwiler
	 	Print Name:	Kyle Detwiler

	 	Title:	President
	 	 	 
	 	489 Fifth Ave, Floor 27
	 	New York, NY 10017
	 	Attention: Kyle Detwiler
	 	Email: kyle@northernswan.com

 

[Signature
Page to Subordination Agreement]

 

     

     

    

 

SCHEDULE
A

SCHEDULE
OF CONVERTIBLE PURCHASERS

 

	 
Name
	 	Amount of 
 Notes Held	 	 	Notice Address
	NS Co-Investment LLC	 	$2,000,000	 	 	c/o Cowen Inc. 
599 Lexington Ave., 20th Floor 

New York, NY 10022 
Attention: General Counsel / Treasurer

                                                                    Email: Owen.Littman@cowen.com / 

Edward.Zilnicki@cowen.com

	 	 	 	 	 	 
	Cowen Investments II LLC	 	$250,000	 	 	c/o Cowen Inc. 
599 Lexington Ave., 20th Floor 

New York, NY 10022 
Attention: General Counsel / Tresurer

                                                        Email: Owen.Littman@cowen.com / 

Edward.Zilnicki@cowen.com

	 	 	 	 	 	 
	Rimrock High Income Plus (Master) Fund, Ltd.	 	$20,000,000	 	 	Rimrock High Income Plus (Master) Fund, Ltd. 
100 Innovation Drive, Suite 200 
Irvine, California 92617 USA 
Attention: Jeff Bemis 
Email: jbemis@rimrockcapital.com
	 	 	 	 	 	 
	Axios Growth Partners, LLC	 	$2,500,000	 	 	c/o Axios Holdings, LLC 
1266 East Main Street, Suite 4D 

Stamford, CT 06902 
Attention: Nicholas Rutherfurd 

Email: nr@axiosholdings.com
	 	 	 	 	 	 
	Anson Investments Master Fund LP	 	$1,300,000	 	 	207 – 155 University Avenue

 Toronto, Ontario M5H 3B7 

Attention: Amin Nathoo 

operations@ansonfunds.com
	 	 	 	 	 	 
	Anson Opportunities Master Fund LP	 	$300,000	 	 	207 – 155 University Avenue 

Toronto, Ontario M5H 3B7 

Attention: Amin Nathoo 

operations@ansonfunds.com
	 	 	 	 	 	 
	AC Anson Investments Ltd.	 	$400,000	 	 	207 – 155 University Avenue 

Toronto, Ontario M5H 3B7 

Attention: Amin Nathoo 

operations@ansonfunds.com
	 	 	 	 	 	 
	Anson East Master Fund LP	 	$1,000,000	 	 	207 – 155 University Avenue
	 	 	 	 	 	Toronto, Ontario M5H 3B7
	 	 	 	 	 	Attention: Amin Nathoo

                                 operations@ansonfunds.com

	 	 	 	 	 	 
	Total:	 	$27,750,000	 	 	--

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